Carvana posts record quarterly profit but shares dive as growth slows and per-vehicle earnings slip

Online used-car retailer Carvana reported a record second-quarter adjusted EBITDA of $769 million on July 29, 2026, beating the $766 million average of analyst estimates. However, shares plunged 15% in after-hours trading after the company revealed slower sales growth and a drop in gross profit per unit. Vehicle sales rose 38% year-over-year to more than 197,000 units, marking the slowest growth pace since Q3 2024. CEO Ernest Garcia III emphasized execution as the key driver of future results, noting Carvana has achieved 10 straight quarters as the fastest-growing and most profitable automotive retailer. The company guided full-year adjusted EBITDA to $2.7 billion–$3 billion, below the $2.99 billion analyst consensus midpoint. Carvana’s Tempe, Ariz.-based operations generated $349 million in loan-profit income, accounting for about 68% of net income, though this figure declined slightly from Q1. The stock, already down 21% for the year, extended losses following the earnings miss. Carvana ranks No. 61 on the Transport Topics Top 100 list of North America’s largest private carriers.