Carvana (CVNA) Gross Margin (2016 - 2026)
Carvana (CVNA) recorded quarterly Gross Margin of 19.76% in Q1 2026, up 5.35% quarter-over-quarter from 18.76% in Q4 2025, and down 219.0% on a YoY basis from 16.61% in Q1 2025.
Carvana (CVNA) Gross Margin (2016 - 2026) Analysis & Trends
Carvana's Gross Margin history runs 11 years deep, the most recent figure standing at 19.76% for Q1 2026.
- In Q1 2026, Gross Margin fell 219.0% year-over-year to 19.76%; the TTM figure through Mar 2026 stood at 20.13% (down 152.0% YoY), while the FY2025 annual figure was 20.63%, down 41.0% from the prior year.
- Gross Margin was 19.76% for Q1 2026 at Carvana, up from 18.76% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 22.08% in Q3 2024 to a low of 6.8% in Q4 2022.
- Historically, Gross Margin has averaged 16.86% across 5 years, with a median of 18.76% in 2025.
- The sharpest annual moves came in 2022 and 2023: Gross Margin tumbled 695 bps in 2022, then soared 978 bps in 2023.
- A 5-year view of Gross Margin shows it stood at 6.8% in 2022, then soared by 144 bps to 16.58% in 2023, then climbed by 30 bps to 21.51% in 2024, then slipped by 13 bps to 18.76% in 2025, then gained by 5 bps to 19.76% in 2026.
- The last three Gross Margin figures came in at 19.76% (Q1 2026), 18.76% (Q4 2025), and 20.33% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Uxin | 18.05 Bn | 18.09 Bn | 11.57 Mn | 6.75% |
| 2 | Carvana | 9.49 Bn | 7.89 Bn | 1.27 Bn | 19.76% |
| 3 | Carmax | 6.94 Bn | 6.35 Bn | 605.26 Mn | 10.18% |
| 4 | Lithia Motors | 6.76 Bn | 6.78 Bn | 1.42 Bn | 15.33% |
| 5 | Autonation | 6.51 Bn | 6.45 Bn | 1.21 Bn | 18.48% |
| 6 | Rush Enterprises Inc \Tx\ | 5.19 Bn | 4.97 Bn | 343.80 Mn | 21.60% |
| 7 | Valvoline | 4.57 Bn | 4.48 Bn | 187.00 Mn | 37.12% |
| 8 | Openlane | 3.88 Bn | 3.84 Bn | 256.20 Mn | 48.53% |
| 9 | Group 1 Automotive | 3.69 Bn | 3.65 Bn | 877.90 Mn | 16.24% |
| 10 | Asbury Automotive | 3.63 Bn | 3.60 Bn | 726.90 Mn | 17.67% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 19.76% |
| Dec 31, 2025 | 18.76% |
| Sep 30, 2025 | 20.33% |
| Jun 30, 2025 | 21.98% |
| Mar 31, 2025 | 21.95% |
| Dec 31, 2024 | 21.51% |
| Sep 30, 2024 | 22.08% |
| Jun 30, 2024 | 20.97% |
| Mar 31, 2024 | 19.31% |
| Dec 31, 2023 | 16.58% |
| Sep 30, 2023 | 17.38% |
| Jun 30, 2023 | 16.81% |
| Mar 31, 2023 | 13.09% |
| Dec 31, 2022 | 6.80% |
| Sep 30, 2022 | 10.60% |
| Jun 30, 2022 | 10.20% |
| Mar 31, 2022 | 8.52% |
| Dec 31, 2021 | 13.75% |
| Sep 30, 2021 | 15.03% |
| Jun 30, 2021 | 16.55% |