Carvana's first quarter 2026 revenue rose 52% as retail unit growth of 40% beat expectations.

Carvana reported first quarter revenue of $6.43 billion, up 52% year-over-year, driven by a 40% increase in retail units sold to 187,393. Diluted earnings per share came in at $1.69, beating analyst estimates. The company guided for a sequential increase in both retail units sold and Adjusted EBITDA for the second quarter, expecting to set new company records.

Key Highlights

• Retail units sold grew 40% year-over-year to 187,393, significantly outpacing the broader used car industry and exceeding analyst expectations.
• Total revenue increased 52% to $6.43 billion, while Adjusted EBITDA reached $672 million, though the margin contracted to 10.4% from 11.5% in the prior year.
• Total gross profit per unit (GPU) decreased slightly to $6,783 from $6,938 in the prior year's quarter, a change the company noted was driven by higher reconditioning costs.