Carvana (CVNA) Operating Margin (2016 - 2026)
Carvana (CVNA) recorded quarterly Operating Margin of 9.03% in Q1 2026, up 19.37% quarter-over-quarter from 7.57% in Q4 2025, and down 28.0% on a YoY basis from 12.55% in Q1 2025.
Carvana (CVNA) Operating Margin (2016 - 2026) Analysis & Trends
Carvana's Operating Margin history runs 11 years deep, the most recent figure standing at 9.03% for Q1 2026.
- In Q1 2026, Operating Margin fell 28.0% year-over-year to 9.03%; the TTM figure through Mar 2026 stood at 9.18% (up 76.0% YoY), while the FY2025 annual figure was 9.26%, up 202.0% from the prior year.
- Operating Margin was 9.03% for Q1 2026 at Carvana, up from 7.57% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 10.56% in Q2 2025 to a low of 15.47% in Q4 2022.
- Historically, Operating Margin has averaged 1.55% across 5 years, with a median of 4.38% in 2024.
- The sharpest annual moves came in 2022 and 2023: Operating Margin tumbled 1270 bps in 2022, then soared 1391 bps in 2023.
- A 5-year view of Operating Margin shows it stood at 15.47% in 2022, then surged by 90 bps to 1.57% in 2023, then jumped by 568 bps to 7.33% in 2024, then gained by 3 bps to 7.57% in 2025, then climbed by 19 bps to 9.03% in 2026.
- The last three Operating Margin figures came in at 9.03% (Q1 2026), 7.57% (Q4 2025), and 9.78% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Uxin | 18.05 Bn | 18.09 Bn | 11.57 Mn | -4.90% |
| 2 | Carvana | 9.49 Bn | 7.89 Bn | 1.27 Bn | 9.03% |
| 3 | Carmax | 6.94 Bn | 6.35 Bn | 605.26 Mn | -0.10% |
| 4 | Lithia Motors | 6.76 Bn | 6.78 Bn | 1.42 Bn | 3.62% |
| 5 | Autonation | 6.51 Bn | 6.45 Bn | 1.21 Bn | 4.80% |
| 6 | Rush Enterprises Inc \Tx\ | 5.19 Bn | 4.97 Bn | 343.80 Mn | 5.16% |
| 7 | Valvoline | 4.57 Bn | 4.48 Bn | 187.00 Mn | 17.07% |
| 8 | Openlane | 3.88 Bn | 3.84 Bn | 256.20 Mn | 13.98% |
| 9 | Group 1 Automotive | 3.69 Bn | 3.65 Bn | 877.90 Mn | 4.49% |
| 10 | Asbury Automotive | 3.63 Bn | 3.60 Bn | 726.90 Mn | 4.71% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Jun 30, 2021 | 2.46% |