Carvana Puts Record Numbers On The Dash

Carvana gave investors a record quarter Wednesday night, with numbers that should have proven its comeback story is no longer running on fumes. The online used-car retailer reported first-quarter revenue of $6.43 billion, up 52% from a year earlier, while retail units sold jumped 40% to 187,393. Both were all-time quarterly records for the company, but shares fell slightly in after-hours trading as investors looked past the headline growth and focused on what the report implied for margins, execution, and expectations after the stock’s huge comeback.

The report’s strongest signal came from what Carvana kept after the cars were sold. Carvana reported net income of $405 million, GAAP operating income of $581 million, and adjusted EBITDA of $672 million. That is the kind of combination investors want from a company that spent years trying to prove its vending-machine charm could turn into a durable business. Selling more cars is good. Selling a lot more cars while producing record profitability is the part that made the comeback feel roadworthy.

Carvana said it expects both retail units sold and adjusted EBITDA to increase sequentially in the second quarter, which would put both metrics at new company records. It also said it remains on track to deliver significant growth in both retail units sold and adjusted EBITDA for full-year 2026. For a stock that has already made a dramatic turn from Wall Street cautionary tale to growth favorite, that guidance gave investors another reason to keep buying into the turnaround, even if the immediate stock reaction showed expectations had gotten harder to impress.

Carvana did not just drive through the old survival narrative — it put record numbers on the dash. The company put up record sales, record revenue, record operating income, and record adjusted EBITDA in the same quarter. That does not make the stock cheap, and it does not remove every question about margins, execution, or the broader used-car market. But even with the stock selling off after hours, Carvana made the used-car comeback look like it still has plenty of road left.

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