Carvana (CVNA) Operating Margin (2016 - 2026)
Carvana (CVNA) posted Operating Margin of 9.22% for Q2 2026, up 2.06% on a QoQ basis from 9.03% in Q1 2026, and down 134.0% year-over-year from 27.11% in Q2 2025.
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Carvana (CVNA) Operating Margin (2016 - 2026) Analysis & Trends
Carvana has reported Operating Margin for 11 years, with the latest figure at 9.22% in Q2 2026.
- On a quarterly basis, Operating Margin fell 134.0% year-over-year to 9.22% in Q2 2026; TTM through Jun 2026 was 8.93%, a 30.0% decrease from a year earlier, with the FY2025 full-year figure at 9.26%, up 202.0% from the prior year.
- Operating Margin was 9.22% for Q2 2026 at Carvana, 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.
- Average Operating Margin over 5 years is 1.98%, with a median of 5.85% recorded in 2024.
- The sharpest annual moves came in 2022 and 2023: Operating Margin slumped 1270 bps in 2022, then jumped 1391 bps in 2023.
- Over 5 years, Operating Margin stood at 15.47% in 2022, then soared by 90 bps to 1.57% in 2023, then surged by 568 bps to 7.33% in 2024, then advanced by 3 bps to 7.57% in 2025, then advanced by 22 bps to 9.22% in 2026.
- The last three Operating Margin figures came in at 9.22% (Q2 2026), 9.03% (Q1 2026), and 7.57% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Carvana | 71.60 Bn | 69.97 Bn | 1.38 Bn | 9.22% |
| 2 | Penske Automotive | 13.96 Bn | 13.91 Bn | 1.36 Bn | 3.97% |
| 3 | Carmax | 8.11 Bn | 7.52 Bn | 854.41 Mn | 2.74% |
| 4 | Lithia Motors | 6.96 Bn | 6.62 Bn | 1.50 Bn | 4.58% |
| 5 | Autonation | 5.57 Bn | 5.51 Bn | 1.23 Bn | 4.60% |
| 6 | Sonic Automotive | 5.24 Bn | 5.22 Bn | 616.20 Mn | 3.35% |
| 7 | Uxin | 5.15 Bn | 5.21 Bn | 10.88 Mn | -6.20% |
| 8 | Asbury Automotive | 3.29 Bn | 3.25 Bn | 753.10 Mn | 5.01% |
| 9 | Group 1 Automotive | 2.94 Bn | 2.77 Bn | 860.60 Mn | 3.77% |
| 10 | Marinemax | 1.16 Bn | 996.41 Mn | 218.08 Mn | 6.09% |
Historic Data
Download Data
Historic 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% |