Carvana Posts $289 Million Q3 Profit as Vehicle Sales Surge Nearly 40% to a Record

Carvana reported third-quarter net income of $289 million as the online used-car retailer sold nearly 40% more vehicles than it did a year earlier, pushing unit volumes to a record high. Revenue for the quarter beat Wall Street expectations, reflecting strong consumer demand for used vehicles. Profit, however, came in below analyst forecasts even as the top line surpassed them, pointing to some pressure on per-unit margins despite the volume gains.

Shares rose following the report, with investors responding to the revenue beat and the continued momentum in retail unit sales. The results extend a streak of profitable quarters for Carvana, which has rebuilt its business after a near-collapse in 2022 and 2023. The combination of record vehicle sales and a revenue surprise underscores the durability of used-car demand, though the earnings miss signals that scaling profitably at higher volumes remains a work in progress.