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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.38B | $6.43B | $5.60B | $5.65B | $4.84B | $4.23B | $3.55B | $3.66B |
| Cost of revenue | $5.99B | $5.16B | $4.55B | $4.50B | $3.78B | $3.30B | $2.78B | $2.85B |
| Gross profit | $1.38B | $1.27B | $1.05B | $1.15B | $1.06B | $929.00M | $763.00M | $807.00M |
| Gross margin | 18.8% | 19.8% | 18.8% | 20.3% | 22.0% | 22.0% | 21.5% | 22.1% |
| Selling, general and administrative | $704.00M | $690.00M | $627.00M | $595.00M | $551.00M | $535.00M | $494.00M | $469.00M |
| Operating expenses | $704.00M | $690.00M | $630.00M | $595.00M | $553.00M | $535.00M | $506.00M | $469.00M |
| Operating income | $680.00M | $581.00M | $421.00M | $553.00M | $511.00M | $394.00M | $257.00M | $338.00M |
| Operating margin | 9.2% | 9.0% | 7.5% | 9.8% | 10.6% | 9.3% | 7.2% | 9.2% |
| EBITDA | $749.00M | $650.00M | $490.00M | $618.00M | $579.00M | $467.00M | $331.00M | $411.00M |
| Interest expense | −$101.00M | −$99.00M | −$98.00M | −$125.00M | −$143.00M | −$139.00M | −$148.00M | −$157.00M |
| Income before taxes | $579.00M | $441.00M | −$1.83B | $259.00M | $308.00M | $375.00M | $156.00M | $147.00M |
| Income taxes | $66.00M | $36.00M | −$2.78B | −$4.00M | $0 | $2.00M | −$3.00M | −$1.00M |
| Net income | $513.00M | $405.00M | $951.00M | $263.00M | $308.00M | $373.00M | $159.00M | $148.00M |
| Net margin | 7.0% | 6.3% | 17.0% | 4.7% | 6.4% | 8.8% | 4.5% | 4.0% |
| EPS, basic | $0.43 | $1.75 | — | $1.08 | $0.27 | $1.61 | $0.12 | $0.69 |
| EPS, diluted | $0.42 | $1.69 | — | $1.03 | $0.26 | $1.51 | $0.29 | $0.64 |
| Diluted shares | 739.96M | 148.09M | — | 146.27M | 716.15M | 142.59M | 272.83M | 133.56M |
Figures describe Carvana shares, not any token. As of Jul 29, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.