Carvana (CVNA) Operating Margin (2016 - 2026)
Carvana (CVNA) posted quarterly Operating Margin of 9.22% for Q2 2026, down 134.0% year-over-year from 27.11% in Q2 2025, and up 2.06% quarter-over-quarter from 9.03% in Q1 2026.
Carvana (CVNA) Operating Margin (2016 - 2026) Analysis & Trends
Carvana's Operating Margin history runs 11 years deep, the most recent figure standing at 9.22% for Q2 2026.
- In Q2 2026, Operating Margin fell 134.0% year-over-year to 9.22%; the TTM figure through Jun 2026 stood at 8.93% (down 30.0% YoY), while the FY2025 annual figure was 9.26%, up 202.0% from the prior year.
- Operating Margin for Q2 2026 stood at 9.22%, up from 9.03% in the prior quarter.
- The five-year high for Operating Margin was 10.56% in Q2 2025, with the low at 15.47% in Q4 2022.
- The 5-year median for Operating Margin is 5.85% (2024), against an average of 1.98%.
- The sharpest annual moves came in 2022 and 2023: Operating Margin slumped 1270 bps in 2022, then surged 1391 bps in 2023.
- Carvana's Operating Margin stood at 15.47% in 2022, then jumped by 90 bps to 1.57% in 2023, then soared by 568 bps to 7.33% in 2024, then rose by 3 bps to 7.57% in 2025, then rose by 22 bps to 9.22% in 2026.
- Business Quant data shows CVNA's Operating Margin at 9.22% in Q2 2026, 9.03% in Q1 2026, and 7.57% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Uxin | 78.07 Bn | 78.06 Bn | - | - |
| 2 | Carvana | 51.16 Bn | 48.42 Bn | 1.38 Bn | 9.22% |
| 3 | Penske Automotive | 14.27 Bn | 14.21 Bn | 1.36 Bn | 3.97% |
| 4 | Lithia Motors | 8.57 Bn | 8.21 Bn | 1.50 Bn | 4.58% |
| 5 | Carmax | 8.31 Bn | 7.71 Bn | 854.41 Mn | 2.74% |
| 6 | Autonation | 6.98 Bn | 6.93 Bn | 1.23 Bn | 4.60% |
| 7 | Autozi Internet Technology (Global) | 6.85 Bn | 6.66 Bn | - | - |
| 8 | Rush Enterprises Inc \Tx\ | 6.31 Bn | 6.04 Bn | 361.67 Mn | 5.12% |
| 9 | Valvoline | 4.29 Bn | 4.21 Bn | 214.90 Mn | 20.60% |
| 10 | Openlane | 4.27 Bn | 4.08 Bn | 248.20 Mn | 12.17% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 9.22% |
| Mar 31, 2026 | 9.03% |
| Dec 31, 2025 | 7.57% |
| Sep 30, 2025 | 9.78% |
| Jun 30, 2025 | 10.56% |
| Mar 31, 2025 | 9.31% |
| Dec 31, 2024 | 7.33% |
| Sep 30, 2024 | 9.22% |
| Jun 30, 2024 | 7.60% |
| Mar 31, 2024 | 4.38% |
| Dec 31, 2023 | -1.57% |
| Sep 30, 2023 | 1.73% |
| Jun 30, 2023 | 1.42% |
| Mar 31, 2023 | -5.07% |
| Dec 31, 2022 | -15.47% |
| Sep 30, 2022 | -8.77% |
| Jun 30, 2022 | -8.37% |
| Mar 31, 2022 | -12.27% |
| Dec 31, 2021 | -2.77% |
| Sep 30, 2021 | -0.66% |