For the year ending 2025-12-31, CVNA had $669M increase in cash & cash equivalents over the period. $889M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,895 | 404 | 150 | -2,894 |
| Depreciation and amortization expense | 275 | 305 | 352 | 261 |
| Goodwill impairment | - | 0 | 0 | 847 |
| Equity-based compensation expense | 96 | 91 | 73 | 69 |
| Deferred income taxes | 2,784 | - | - | - |
| Tax receivable agreement expense | 2,200 | - | - | - |
| Amortization and write-off of debt issuance costs | - | - | - | 27 |
| Loss on disposal of property and equipment | -3 | -12 | -8 | -14 |
| Loss (gain) on debt extinguishment | -16 | -12 | 878 | 0 |
| Payment-in-kind interest expense | 182 | 458 | 184 | - |
| Provision for bad debt and valuation allowance | 15 | 27 | 38 | 23 |
| Amortization and write-off of debt issuance costs | - | - | 24 | - |
| Amortization of debt issuance costs | 10 | 15 | - | - |
| Unrealized loss (gain) on warrants to acquire common stock | 64 | -115 | -3 | 80 |
| Unrealized gain on beneficial interests in securitizations | 12 | 23 | 14 | 6 |
| Originations of finance receivables | 12,807 | 8,329 | 6,041 | 7,214 |
| Proceeds from sale of finance receivables, net | 13,315 | 8,805 | 6,594 | 6,297 |
| Gain on loan sales | 1,193 | 755 | 434 | 411 |
| Principal payments received on finance receivables held for sale | 241 | 188 | 186 | 190 |
| Vehicle inventory | 734 | 455 | -711 | -1,354 |
| Accounts receivable | -49 | 47 | 22 | -145 |
| Other assets | 4 | -15 | -39 | 83 |
| Accounts payable and accrued liabilities | 235 | 260 | -166 | -46 |
| Operating lease right-of-use assets | 3 | -15 | -81 | -21 |
| Operating lease liabilities | -2 | -10 | -71 | 15 |
| Other liabilities | -21 | 45 | -8 | -13 |
| Net cash provided by operating activities | 1,036 | 918 | 803 | -1,324 |
| Purchases of property and equipment | 147 | 91 | 87 | 512 |
| Proceeds from disposal of property and equipment | 2 | 11 | 72 | 44 |
| Payment for acquisitions, net of cash acquired | - | - | - | 2,196 |
| Payments for acquisitions, net of cash acquired | 160 | 0 | 7 | - |
| Purchases of investments | - | - | 0 | 0 |
| Principal payments received on and proceeds from sale of beneficial interests | 75 | 67 | 53 | 81 |
| Net cash (used in) provided by investing activities | -230 | -13 | 31 | -2,583 |
| Proceeds from short-term revolving facilities | 4,018 | 3,096 | 6,709 | 12,982 |
| Payments on short-term revolving facilities | 4,026 | 3,697 | 7,575 | 13,501 |
| Proceeds from issuance of long-term debt | 175 | 191 | 132 | 3,435 |
| Payments on long-term debt | 820 | 577 | 503 | 165 |
| Payments of debt issuance costs | 17 | 4 | 69 | 75 |
| Payments of tax made on behalf of non-controlling members | 4 | - | - | - |
| Net proceeds from issuance of class a common stock and llc units | 536 | 1,264 | 453 | 1,227 |
| Tax receivable agreement payments | 17 | - | - | - |
| Proceeds from equity-based compensation plans | 48 | 7 | 0 | 4 |
| Tax withholdings related to restricted stock units | 30 | 19 | 15 | 8 |
| Net cash (used in) provided by financing activities | -137 | 261 | -868 | 3,899 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 669 | 1,166 | -34 | -8 |
| Cash and cash equivalents at beginning of period | 1,760 | 594 | 628 | 636 |
| Cash and cash equivalents at end of period | 2,429 | 1,760 | 594 | 628 |
CARVANA CO. (CVNA)
CARVANA CO. (CVNA)