Carvana (CVNA) Operating Margin (2016 - 2026)
Carvana's Operating Margin came in at 8.88% for Q3 2026, down 0.89 percentage points from 9.78% a year earlier and down 0.34 percentage points from the prior quarter.
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Analysis
Carvana (CVNA) Operating Margin (2016 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Carvana reported Operating Margin of 8.74%, down 0.66 percentage points year-over-year; for FY2025, it came in at 9.26%, up 2.02 percentage points from FY2024.
- Operating Margin has increased in each of the last three years, with a five-year change of +15.20 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was 7.24% in FY2024 (+7.98 pp), -0.74% in FY2023 (+16.54 pp), -17.28% in FY2022 (-16.47 pp) and -0.81% in FY2021 (+5.13 pp).
- The five-year range for quarterly Operating Margin is -15.47% (Q4 2022) to 10.56% (Q2 2025).
- Year-over-year, Operating Margin has declined for three consecutive quarters, with an average year-over-year change of +1.88 percentage points over the last eight quarters.
- The fastest year-over-year change in Operating Margin over five years came in Q4 2023 (a gain of 13.91 percentage points), and the weakest in Q4 2022 (a drop of 12.70 percentage points).
- Business Quant data shows CVNA's Operating Margin at 9.22% (Q2 2026), 9.03% (Q1 2026) and 7.57% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,583.91 Bn | 2,583.91 Bn | - | - |
| 2 | Home Depot | 327.32 Bn | 320.57 Bn | 16.12 Bn | 14.29% |
| 3 | Tjx Companies | 155.16 Bn | 132.70 Bn | 5.07 Bn | 13.09% |
| 4 | Lowes Companies | 116.41 Bn | 109.37 Bn | 8.58 Bn | 13.67% |
| 5 | O Reilly Automotive | 72.96 Bn | 72.96 Bn | 2.68 Bn | - |
| 6 | Ross Stores | 72.59 Bn | 55.51 Bn | 2.12 Bn | 17.62% |
| 7 | Target | 69.63 Bn | 64.22 Bn | 8.94 Bn | 9.65% |
| 8 | Autozone | 52.04 Bn | 50.89 Bn | 3.52 Bn | 19.97% |
| 9 | Carvana | 49.71 Bn | 39.29 Bn | 1.52 Bn | 8.88% |
| 10 | JD.com | 36.48 Bn | -83.72 Bn | 8.74 Bn | 1.31% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 8.88% |
| 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% |
API Access
Carvana Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=CVNA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "CVNA", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=CVNA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();