For the quarter ending 2026-03-31, CVNA had $83M increase in cash & cash equivalents over the period. $56M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 405 | 951 | 263 | 308 |
| Depreciation and amortization expense | 69 | 69 | 65 | 68 |
| Equity-based compensation expense | 26 | 22 | 24 | 27 |
| Deferred income taxes | -35 | 2,784 | - | - |
| Tax receivable agreement expense | 0 | 2,200 | - | - |
| Loss on disposal of property and equipment | 0 | 0 | -1 | -1 |
| Loss on debt extinguishment | 0 | 0 | -14 | 0 |
| Payment-in-kind interest expense | 0 | 0 | 36 | 74 |
| Provision for bad debt and valuation allowance | 3 | 3 | 2 | 5 |
| Amortization of debt issuance costs | 3 | 4 | 3 | 1 |
| Unrealized loss (gain) on warrants to acquire common stock | 42 | 67 | 120 | 35 |
| Unrealized gain on beneficial interests in securitizations | 2 | 4 | 4 | 1 |
| Originations of finance receivables | 4,254 | 3,627 | 3,434 | 3,086 |
| Proceeds from sale of finance receivables, net | 4,302 | 3,732 | 3,667 | 3,217 |
| Gain on loan sales | 354 | 315 | 331 | 274 |
| Principal payments received on finance receivables held for sale | 62 | 52 | 72 | 69 |
| Vehicle inventory | 247 | 58 | 272 | 518 |
| Accounts receivable | 96 | -105 | 34 | -46 |
| Other assets | 42 | -42 | -6 | 20 |
| Accounts payable and accrued liabilities | 163 | 82 | 117 | 56 |
| Operating lease right-of-use assets | -12 | 5 | 8 | 0 |
| Operating lease liabilities | -13 | 4 | 3 | 1 |
| Other liabilities | -7 | -110 | 35 | 20 |
| Net cash provided by operating activities | 107 | 430 | 345 | 29 |
| Purchases of property and equipment | 51 | 51 | 38 | 31 |
| Proceeds from disposal of property and equipment | 0 | 0 | 1 | 0 |
| Payments for acquisitions, net of cash acquired | 11 | 109 | 27 | 0 |
| Principal payments received on and proceeds from sale of beneficial interests | 31 | 30 | 18 | 12 |
| Net cash used in investing activities | -31 | -130 | -46 | -19 |
| Proceeds from short-term revolving facilities | 1,125 | 954 | 928 | 1,569 |
| Payments on short-term revolving facilities | 1,104 | 968 | 927 | 1,561 |
| Proceeds from issuance of long-term debt | 53 | 47 | 49 | 33 |
| Payments on long-term debt | 20 | 124 | 598 | 21 |
| Payments of debt issuance costs | 1 | 2 | 4 | 10 |
| Payments of tax made on behalf of non-controlling members | 2 | 0 | 0 | 2 |
| Net proceeds from issuance of class a common stock and llc units | - | 0 | 536 | 0 |
| Tax receivable agreement payments | 37 | 0 | 0 | 0 |
| Proceeds from equity-based compensation plans | 1 | 10 | 16 | 17 |
| Tax withholdings related to rsus | 8 | 9 | 8 | 9 |
| Net cash provided by (used in) financing activities | 7 | -92 | -8 | 16 |
| Net increase in cash, cash equivalents and restricted cash | 83 | 208 | 291 | 26 |
| Cash, cash equivalents, and restricted cash at beginning of period | 2,429 | 2,221 | 1,930 | 1,904 |
| Cash, cash equivalents, and restricted cash at end of period | 2,512 | 2,429 | 2,221 | 1,930 |
CARVANA CO. (CVNA)
CARVANA CO. (CVNA)