Carvana (CVNA)

Market Price (7/28/2026): $63.9 | Market Cap: $45.6 BilInvestor Relations Sector: Consumer Discretionary | Industry: Automotive Retail

Carvana (CVNA)

Market Price (7/28/2026): $63.9
Market Cap: $45.6 Bil
Sector: Consumer Discretionary
Industry: Automotive Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 52%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail. Themes include Online Marketplaces, Direct-to-Consumer Brands, and Last-Mile Delivery.

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 50x

Short seller report
Hindenburg Research report on 1/2/2025.

Key risks
CVNA key risks include [1] its significant reliance on subprime lending and the associated credit risk, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 52%
1	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail. Themes include Online Marketplaces, Direct-to-Consumer Brands, and Last-Mile Delivery.
2	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
3	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 50x
4	Short seller report Hindenburg Research report on 1/2/2025.
5	Key risks CVNA key risks include [1] its significant reliance on subprime lending and the associated credit risk, Show more.

CVNA in ETFs

Weight = CVNA's share of each fund

SPY0.07%

VOO0.07%

IVV0.07%

VTI0.06%

ITOT0.06%

IWB0.06%

RSP0.17%

VUG0.14%

+21 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	7/28/26	2025	2024	2023	2022
Share Price			$63.90	$84.40	$40.67	$10.59	$0.95
Mkt Cap ($ Bil)			45.6	58.8	25.2	5.9	0.5
+ Debt ($ Bil)			5.5	5.6	6.1	6.4	8.1
- Cash ($ Bil)			2.9	2.6	0.9	0.5	0.3
TEV ($ Bil)			48.3	64.4	31.3	12.3	8.6
Valuation Ratios
P/S	1.3	1.6	2.0	3.2	2.0	0.5	0.0
P/EBIT	—	—	-127.0	35.5	35.5	-13.2	-0.4
P/E	28.1	26.5	31.7	93.4	1,481.9	-24.2	-0.6
P/FCF	—	—	61.6	107.6	47.2	33.9	-0.2
Sector Ratios (* = sector average)
P/S *			0.8	0.8	0.9	0.9	0.8
P/EBIT *			9.1	7.9	8.0	8.0	6.5
P/E *			13.2	11.1	11.3	10.7	8.4
P/FCF *			11.6	11.6	12.9	9.3	5.1

FYE: 12/31	Forward FYE		Now
	2027	2026	7/28/26
Share Price			$63.90
Mkt Cap ($ Bil)			45.6
+ Debt ($ Bil)			5.5
- Cash ($ Bil)			2.9
TEV ($ Bil)			48.3
Valuation Ratios
P/S	1.3	1.6	2.0
P/EBIT	—	—	-127.0
P/E	28.1	26.5	31.7
P/FCF	—	—	61.6
Sector Ratios (* = sector average)
P/S *			0.8
P/EBIT *			9.1
P/E *			13.2
P/FCF *			11.6

FYE: 12/31	CVNA [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$22.5 Bil	—
FY 2026 Sales	$27.9 Bil	—
FY 2027 Sales	$35.0 Bil	—
FY 2026 Sales Growth	23.8%	—
FY 2027 Sales Growth	25.6%	13.3%
EARNINGS
LTM Net Income (GAAP) [3]	$1.4 Bil	—
FY 2026 Net Income (Non-GAAP)	$1.7 Bil	—
FY 2027 Net Income (Non-GAAP)	$1.6 Bil	—
FY 2027 Net Income Growth	-5.7%	19.9%
FY 2026 EPS (Non-GAAP)	$1.52	—
FY 2027 EPS (Non-GAAP)	$2.05	—
FY 2027 EPS Growth	34.6%	—
VALUATION
FY 2026 P/S	1.6	1.6
FY 2027 P/S	1.3	—
FY 2026 P/E	26.5	7.6
FY 2027 P/E	28.1	—

[1] CVNA forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	CVNA	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	22.5
Rev Chg Q	52.0%	9.1%
Rev Chg LTM	51.7%	7.8%
Rev Chg 3Y Avg	24.1%	5.9%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	2.1
CFO LTM ($ Bil)	0.9
Net Inc LTM ($ Bil)	1.4
Op Mgn LTM	9.2%	18.4%
CFO/Rev LTM	4.0%	21.5%
Net Inc Mgn	6.4%	13.0%
VALUATION	HIGH
P/S	2.0	3.3
P/CFO	50.1	15.1
P/FCF	61.6	19.9
P/E	31.7	24.2
STABILITY	VERY GOOD
Debt/Equity	0.12	0.20
Cash/Assets	0.21	0.07

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Metric	Value	Date	Source
Retail units sold	155941	9302025	Link
Wholesale vehicle unit sales	80369	9302025	Link
Total gross profit per retail unit	7362	9302025	Link
Retail vehicle gross profit per unit	3456	9302025	Link
Wholesale vehicle gross profit per retail unit	866	9302025	Link
Other gross profit per retail unit	3040	9302025	Link
Markets at end of period (metropolitan statistical areas)	316	9302025	Link
Inventory Selection (year-over-year increase)	nearly 50%	9302025	Link
Net debt to trailing twelve-month adjusted EBITDA ratio	1.5x	9302025	Link

Price Chart

No Events

Why The Stock Moved

Qualitative Assessment

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Updated on 7/27/2026

Carvana (CVNA) stock has remained largely at the same level since 3/31/2026 because of the following key factors:

1. Strong Q1 2026 Performance Offset by Persistent Margin Pressures.

Carvana reported record Q1 2026 results on April 29, 2026, significantly surpassing analyst expectations with retail units increasing 40% year-over-year to 187,393 and total revenue surging 52% to $6.432 billion. The company also achieved record net income of $405 million and Adjusted EBITDA of $672 million, while projecting sequential increases for both metrics in Q2 2026. These robust figures provided support for the stock, preventing a larger decline from its 52-week low of $54.46 on March 30, 2026. However, despite strong top-line growth, profitability faced headwinds, with the Adjusted EBITDA margin declining to 10.4% in Q1 2026 from 11.5% in the prior year, and non-GAAP retail Gross Profit Per Unit (GPU) decreasing by $58 year-over-year. Management further indicated that Q2 2026 retail GPU was expected to decline year-over-year due to factors such as the absence of approximately $100 in prior-year tariff benefits, higher non-vehicle costs, and an estimated $100-$200 headwind from narrower wholesale-to-retail spreads, tempering investor enthusiasm for sustained upward momentum.

2. Mixed Used Car Market Conditions and Persistent Affordability Challenges.

The used-vehicle market in Q2 2026 experienced stabilization following an unusually strong spring, transitioning into a more selective environment with disciplined depreciation. While wholesale used-vehicle prices were up 2.1% year-over-year in June, and retail prices remained elevated, the broader macroeconomic landscape presented challenges. High interest rates, hovering around 7% for new vehicle loans in Q2 2026, continued to create affordability pressure for consumers, leading to increased negative equity on trade-ins, which reached 29.6% in Q2 2026 with an average amount owed exceeding the vehicle's value by $6,884. These conditions constrained consumer purchasing power and limited significant growth in the broader used car market, thereby capping Carvana's stock appreciation despite its operational improvements.

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Stock Movement Drivers

Fundamental Drivers

The 1.9% change in CVNA stock from 3/31/2026 to 7/27/2026 was primarily driven by a 10.8% change in the company's Total Revenues ($ Mil).

(LTM values as of)	3312026	7272026	Change
Stock Price ($)	62.88	64.04	1.9%
Change Contribution By:
Total Revenues ($ Mil)	20,322	22,522	10.8%
Net Income Margin (%)	6.9%	6.4%	-7.6%
P/E Multiple	31.7	31.7	0.1%
Shares Outstanding (Mil)	709	714	-0.7%
Cumulative Contribution			1.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/27/2026

	Return	Correlation
CVNA	1.9%
Market (SPY)	13.6%	49.0%
Sector (XLY)	1.7%	55.0%

Fundamental Drivers

The -24.1% change in CVNA stock from 12/31/2025 to 7/27/2026 was primarily driven by a -66.0% change in the company's P/E Multiple.

(LTM values as of)	12312025	7272026	Change
Stock Price ($)	84.40	64.04	-24.1%
Change Contribution By:
Total Revenues ($ Mil)	18,266	22,522	23.3%
Net Income Margin (%)	3.4%	6.4%	85.8%
P/E Multiple	93.4	31.7	-66.0%
Shares Outstanding (Mil)	696	714	-2.5%
Cumulative Contribution			-24.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/27/2026

	Return	Correlation
CVNA	-24.1%
Market (SPY)	8.7%	51.1%
Sector (XLY)	-7.0%	55.0%

Fundamental Drivers

The -5.0% change in CVNA stock from 6/30/2025 to 7/27/2026 was primarily driven by a -72.1% change in the company's P/E Multiple.

(LTM values as of)	6302025	7272026	Change
Stock Price ($)	67.39	64.04	-5.0%
Change Contribution By:
Total Revenues ($ Mil)	14,844	22,522	51.7%
Net Income Margin (%)	2.7%	6.4%	138.6%
P/E Multiple	113.5	31.7	-72.1%
Shares Outstanding (Mil)	670	714	-6.1%
Cumulative Contribution			-5.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/27/2026

	Return	Correlation
CVNA	-5.0%
Market (SPY)	20.6%	47.5%
Sector (XLY)	2.6%	49.6%

Fundamental Drivers

The 1135.3% change in CVNA stock from 6/30/2023 to 7/27/2026 was primarily driven by a 839.0% change in the company's P/S Multiple.

(LTM values as of)	6302023	7272026	Change
Stock Price ($)	5.18	64.04	1135.3%
Change Contribution By:
Total Revenues ($ Mil)	12,713	22,522	77.2%
P/S Multiple	0.2	2.0	839.0%
Shares Outstanding (Mil)	530	714	-25.7%
Cumulative Contribution			1135.3%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/27/2026

	Return	Correlation
CVNA	1135.3%
Market (SPY)	72.6%	46.7%
Sector (XLY)	33.5%	47.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CVNA Return	-3%	-98%	1017%	284%	108%	-28%	26%
Peers Return	48%	-18%	48%	13%	-7%	16%	119%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	97%
Monthly Win Rates [3]
CVNA Win Rate	50%	17%	67%	75%	67%	14%
Peers Win Rate	65%	45%	57%	55%	48%	49%
S&P 500 Win Rate	75%	42%	67%	75%	67%	43%
Max Drawdowns [4]
CVNA Max Drawdown	-45%	-98%	-53%	-24%	-43%	-41%
Peers Max Drawdown	-21%	-37%	-25%	-19%	-32%	-25%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: KMX, AN, LAD, PAG, GPI. See CVNA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/27/2026 (YTD)

Event	CVNA	S&P 500
2025 US Tariff Shock
% Loss	-42.3%	-18.8%
% Gain to Breakeven	73.4%	23.1%
Time to Breakeven	34 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-41.1%	-9.5%
% Gain to Breakeven	69.7%	10.5%
Time to Breakeven	42 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-38.0%	-6.7%
% Gain to Breakeven	61.3%	7.1%
Time to Breakeven	55 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-94.4%	-24.5%
% Gain to Breakeven	1691.0%	32.4%
Time to Breakeven	738 days	427 days
2020 COVID-19 Crash
% Loss	-72.5%	-33.7%
% Gain to Breakeven	263.8%	50.9%
Time to Breakeven	74 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-45.3%	-19.2%
% Gain to Breakeven	82.8%	23.8%
Time to Breakeven	82 days	105 days

Compare to KMX, AN, LAD, PAG, GPI

In The Past

Carvana's stock fell -42.3% during the 2025 US Tariff Shock. Such a loss loss requires a 73.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	CVNA	S&P 500
2025 US Tariff Shock
% Loss	-42.3%	-18.8%
% Gain to Breakeven	73.4%	23.1%
Time to Breakeven	34 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-41.1%	-9.5%
% Gain to Breakeven	69.7%	10.5%
Time to Breakeven	42 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-38.0%	-6.7%
% Gain to Breakeven	61.3%	7.1%
Time to Breakeven	55 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-94.4%	-24.5%
% Gain to Breakeven	1691.0%	32.4%
Time to Breakeven	738 days	427 days
2020 COVID-19 Crash
% Loss	-72.5%	-33.7%
% Gain to Breakeven	263.8%	50.9%
Time to Breakeven	74 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-45.3%	-19.2%
% Gain to Breakeven	82.8%	23.8%
Time to Breakeven	82 days	105 days
2016-2017 Trump Reflation Bond Selloff
% Loss	-21.4%	-3.7%
% Gain to Breakeven	27.3%	3.9%
Time to Breakeven	9 days	6 days

Compare to KMX, AN, LAD, PAG, GPI

In The Past

Carvana's stock fell -42.3% during the 2025 US Tariff Shock. Such a loss loss requires a 73.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Carvana (CVNA)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Carvana (CVNA) operates as a leading e-commerce platform dedicated to the online buying and selling of used cars throughout the United States. The company's innovative business model centers on providing a fully digital and streamlined car purchasing experience, enabling customers to complete every step—from vehicle research and inspection to financing and acquisition—entirely through their desktop or mobile devices, effectively bypassing traditional physical dealerships.

The core products and services offered by Carvana include a vast online inventory accessible with detailed 360-degree vehicle imaging technology for virtual inspections, integrated options for obtaining financing and warranty coverage, and the ultimate purchase of the chosen vehicle. Carvana differentiates itself by offering convenient scheduling for either home delivery of the purchased vehicle or pick-up at one of its signature vehicle vending machines. Its primary customers are individual consumers across the U.S. seeking a transparent, convenient, and technology-driven alternative for their used car transaction needs.

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Here are a few brief analogies for Carvana:

Amazon for used cars
Wayfair for cars

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Used Car Sales: Carvana operates an e-commerce platform allowing customers to buy and sell pre-owned vehicles online.
Vehicle Financing: The company offers financing solutions to customers for their used car purchases.
Vehicle Warranty: Carvana provides warranty coverage for the vehicles sold through its platform.

```

AI Analysis | Feedback

Carvana (CVNA) sells primarily to **individuals**, not other companies. As an e-commerce platform for buying and selling used cars, its business model is direct-to-consumer.

The company serves several categories of individual customers, including:

Convenience-Oriented Buyers: Customers who prioritize a streamlined, hassle-free car buying experience, avoiding the traditional dealership process, high-pressure sales tactics, and time-consuming paperwork. They value online research, home delivery, and features like Carvana's 7-day money-back guarantee.
Digitally-Savvy Consumers: Individuals who are comfortable conducting significant purchases and transactions entirely online. They appreciate Carvana's digital tools, such as 360-degree vehicle imaging, online financing applications, and the ability to complete the entire purchase process from a desktop or mobile device.
Value and Transparency Seekers: Buyers looking for a wide selection of used vehicles, competitive pricing, and transparent information regarding vehicle condition and history. Carvana's inventory and detailed listings appeal to those who want to make an informed decision without hidden fees or surprises.

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    Ernest Garcia, III President, Chief Executive Officer and Chairman

    Mr. Garcia co-founded Carvana in 2012. Prior to founding Carvana, he held various roles at DriveTime Automotive Group, Inc. from January 2007 to January 2013, including financial strategist, managing director of corporate finance, and Vice President and Treasurer and Director of Quantitative Analytics. DriveTime, a used car business run by his father, Ernest Garcia II, provided the initial funding for Carvana. Carvana was launched as a subsidiary of DriveTime and later spun out in an IPO in 2017. Mr. Garcia began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital from 2005 to 2006, focusing on consumer credit based investments.
    


    Mark Jenkins Chief Financial Officer

    Mr. Jenkins has served as Carvana's Chief Financial Officer since July 2014. Before joining Carvana, he was a professor in the finance department at The Wharton School of the University of Pennsylvania from 2009 to 2014, where his teaching and research focused on consumer and corporate credit markets. From 2001 to 2004, Mr. Jenkins worked at The Brattle Group, an economic consulting firm, where he focused on corporate valuation and demand forecasting in technology markets.
    


    Benjamin Huston Chief Operating Officer

    Mr. Huston co-founded Carvana in 2012 and has served as its Chief Operating Officer since its inception. From 2011 to 2012, he co-founded and served as CEO of Looterang, a card-linking platform. Prior to that, he was an associate at Latham and Watkins, a global law firm, from 2008 to 2011, focusing on regulatory affairs.
    


    Ryan Keeton Chief Brand Officer

    Mr. Keeton co-founded Carvana in 2012 and has served as its Chief Brand Officer since its inception. Prior to joining Carvana, he was a principal at the Montero Group, a strategic consultancy firm, from 2010 to 2012, advising global public and private companies on strategic and business initiatives. From 2008 to 2010, Mr. Keeton was the Director of Strategic Marketing for George P. Johnson, a global marketing agency.
    


    Daniel Gill Chief Product Officer

    Mr. Gill has served as Carvana's Chief Product Officer since March 2015. He co-founded and served as CEO of Huddler from 2007 until the company's acquisition by Wikia (now Fandom) in May 2014. Before that, he was Head of Strategy and Business Development for Inflection from May 2014 to March 2015.

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Carvana (CVNA) faces several key risks to its business model, primarily stemming from its financial structure, regulatory compliance, and operational execution.

Financial and Credit Risk: Carvana carries a significant debt burden, with its profitability substantially tied to auto-loan financing, including a notable portion of subprime originations. Rising interest rates and increasing delinquencies in subprime auto loans pose a material risk to the company's earnings and liquidity. Furthermore, Carvana has faced allegations of accounting improprieties, overstating earnings, and undisclosed related-party transactions, which could impact investor confidence and lead to further scrutiny.
Regulatory and Legal Scrutiny: The company has a history of regulatory challenges and compliance issues at both federal and state levels. These include investigations by the Federal Trade Commission (FTC) and state agencies concerning deceptive advertising practices, financing disclosures, vehicle condition disclosures, and the proper processing of vehicle titles and registrations. Ongoing or new regulatory actions could result in significant fines, operational restrictions, and damage to Carvana's reputation.
Operational Challenges and Customer Satisfaction: Carvana's rapid growth has introduced operational complexities, particularly regarding vehicle reconditioning, quality control, and logistics. Recurring concerns include variability in inspection rigor, leading to higher-than-expected return rates, and customer complaints about post-purchase fees, unclear delivery terms, and issues with obtaining proper vehicle registrations and titles. These operational inefficiencies and customer service issues can impact the company's brand, increase costs, and hinder its ability to scale profitably.

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The clear emerging threat to Carvana is the increasing push by major automotive Original Equipment Manufacturers (OEMs) to establish direct-to-consumer online sales channels for both new and used vehicles. As OEMs seek greater control over the customer lifecycle, they are investing in digital platforms that allow consumers to research, configure, finance, and purchase vehicles directly from the manufacturer, often including home delivery and factory-backed warranties. This trend, already demonstrated by companies like Tesla for new vehicles, could extend more aggressively to the OEMs' own certified pre-owned and trade-in inventory, effectively cutting out third-party online used car retailers like Carvana. OEMs possess significant advantages in terms of brand trust, existing service networks, financing capabilities, and direct access to a continuous supply of their own used vehicles, which could allow them to offer a more integrated and potentially more attractive value proposition to customers.

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Carvana's main product and service is operating an e-commerce platform for buying and selling used cars in the United States. The addressable market for Carvana can be defined by the size of the U.S. used car market, with a significant focus on the growing online segment within this market. The United States used car market generated a revenue of approximately USD 393.79 billion in 2024. It is projected to grow, with estimates suggesting the market will reach around USD 519.05 billion by 2030 and nearly USD 568.31 billion by 2035. Another estimate places the U.S. market at USD 274.59 billion in 2026. Specifically, the online segment of this market represents a substantial portion of Carvana's addressable market. In 2025, online sales constituted nearly 40% of all used car transactions in the U.S. The third-party channel sales segment, which includes online platforms, was valued at USD 72.2 billion in 2024. The online sales channel within the U.S. used car market is projected to grow at a compound annual growth rate (CAGR) of 7.4% between 2026 and 2035.

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Expected Drivers of Future Revenue Growth for Carvana (CVNA)

Over the next 2-3 years, Carvana (CVNA) is expected to drive future revenue growth through several key initiatives and market dynamics:

Expansion of Retail Unit Sales and Market Share: Carvana is actively focused on increasing its retail unit sales, aiming for significant year-over-year growth. This expansion is supported by its relatively low current market share (around 1.5-1.6%) in the fragmented U.S. used car market, indicating substantial room for growth and market penetration. The company has a long-term objective of selling 3 million retail units annually.
Enhancement of Customer Offering and Experience: A continuous improvement in Carvana's customer offering is a core growth driver. This involves providing a wider selection of vehicles, reducing delivery times, and lowering overall costs for customers. The simplification of the transaction process, including leveraging AI-driven platforms, also contributes to a seamless and improved customer experience.
Increasing Brand Awareness, Understanding, and Trust: As Carvana scales its operations and improves its service, there is an ongoing effort to build greater awareness, understanding, and trust in its online car buying and selling model. This increased confidence in the platform is a fundamental long-term growth driver.
Operational Efficiencies and Benefits of Scale: Carvana is focused on leveraging its scale to drive operational efficiencies, which in turn supports revenue growth. This includes optimizing its inventory selection, improving reconditioning centers (IRCs) for higher vehicle throughput, and reducing costs associated with reconditioning, inbound transport, and selling, general, and administrative (SG&A) expenses per unit. The integration of ADESA operations and the development of new "Megasites" are key to these efficiency gains.
Growth in Financing Solutions and Other Revenue Streams (GPU Improvements): Carvana's financing arm is a significant component of its revenue, offering competitive loan options to a broad customer base. The company is also focused on improving its Gross Profit Per Unit (GPU) through various fundamental gains, such as better cost of funds and higher attachment rates on vehicle service contracts and other complementary products. Furthermore, falling auto finance rates could entice more consumers to purchase vehicles, providing a favorable macroeconomic tailwind.

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Share Repurchases

Carvana did not make significant share repurchases in recent years, with a 1-Year Share Buyback Ratio of -11.70% as of September 2025, indicating potential share issuance rather than buybacks.

Share Issuance

In April 2022, Carvana completed a public offering of 15,625,000 shares of its Class A common stock at $80.00 per share, with company executives purchasing a portion of these shares.
In August 2023, Carvana raised $126 million in equity capital from existing shareholders, valuing the Class A common stock at $46.31 per share.
In February 2026, Carvana completed a $1.23 billion follow-on equity offering to support its expansion goals and enhance financial flexibility.

Outbound Investments

Carvana's most significant outbound investment was the acquisition of ADESA in February 2022 for $2.2 billion, which expanded its logistics, auction, and reconditioning capabilities.

Capital Expenditures

Capital expenditures significantly decreased from $512 million in 2022 to $87 million in 2023 and $91 million in 2024, reflecting a strategic shift towards profitability.
Annual capital expenditures were $147 million in 2025.
The focus of capital expenditures has shifted to leveraging existing infrastructure capacity to support future growth and debt reduction. For 2026 and beyond, Carvana is "massively investing in electrification, focusing on systems for reconditioning and charging electric vehicles".

Interactive Breakdown

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Better Bets vs. Carvana (CVNA)

INDUSTRY: Automotive Retail

Higher Op Mgn LTM (Value for CVNA: 9.2%)

ORLY (19.6%)

O'Reilly Automotive

AZO (18.0%)

AutoZone

VVV (15.6%)

Valvoline

DRVN (14.5%)

Driven Brands

PHIN (9.3%)

Phinia

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

VVV (19.9%)

Valvoline

ORLY (16.7%)

O'Reilly Automotive

AZO (15.4%)

AutoZone

KMX (6.9%)

CarMax

MUSA (5.1%)

Murphy USA

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

ORLY (10.5%)

O'Reilly Automotive

BGSI (10.3%)

Boyd Services

AZO (8.2%)

AutoZone

VVV (5.4%)

Valvoline

KMX (4.8%)

CarMax

Higher Total Yield (Value for CVNA: 3.2%)

LAD (9.5%)

Lithia Motors

PAG (9.0%)

Penske Automotive

MUSA (5.3%)

Murphy USA

AZO (4.9%)

AutoZone

ORLY (3.4%)

O'Reilly Automotive

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for CVNA: 24.1% | 2.0x)

DKNG (35.2% | 1.9x)

DraftKings

LCID (30.0% | 1.5x)

Lucid

EVGO (86.8% | 0.5x)

EVgo

MRDN (101.8% | 0.9x)

Meridian

LGCY (25.6% | 1.9x)

Legacy Education

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CVNA: 24.1% | 22.1x)

LVS (29.4% | 9.7x)

Las Vegas Sands

PRSU (49.9% | 19.9x)

Pursuit Attractions and Hospitality

LGCY (25.6% | 13.2x)

Legacy Education

STKS (47.5% | 1.5x)

One Hospitality

Higher Rev Chg LTM (Value for CVNA: 51.7%)

HYLN (191.2%)

Hyliion

SES (179.8%)

SES AI

FWDI (155.8%)

Forward Industries

LCID (61.0%)

Lucid

ELA (54.2%)

Envela

Higher Rev Chg 3Y Avg (Value for CVNA: 24.1%)

RIVN (44.9%)

Rivian Automotive

MELI (38.9%)

MercadoLibre

ONON (30.5%)

LVS (29.4%)

Las Vegas Sands

DASH (27.2%)

DoorDash

Higher Op Mgn LTM (Value for CVNA: 9.2%)

MCD (46.0%)

McDonald's

BKNG (34.3%)

Booking

HD (12.4%)

Home Depot

TJX (12.3%)

TJX Companies

AMZN (11.5%)

Amazon.com

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

MCD (38.4%)

McDonald's

AMZN (20.0%)

Amazon.com

TSLA (18.0%)

Tesla

TJX (12.3%)

TJX Companies

HD (10.8%)

Home Depot

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

BKNG (32.6%)

Booking

MCD (25.6%)

McDonald's

TJX (8.9%)

TJX Companies

HD (8.6%)

Home Depot

TSLA (5.6%)

Tesla

Higher Total Yield (Value for CVNA: 3.2%)

MCD (7.2%)

McDonald's

HD (6.9%)

Home Depot

BKNG (5.0%)

Booking

TJX (4.4%)

TJX Companies

AMZN (3.7%)

Amazon.com

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CVNA: 24.1% | 2.0x)

SLF (24.1% | 1.3x)

Sun Life Financial

LPLA (27.1% | 1.5x)

LPL Financial

SW (58.2% | 0.8x)

Smurfit WestRock

EXE (34.4% | 1.5x)

Expand Energy

SMCI (72.8% | 0.5x)

Super Micro Computer

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CVNA: 24.1% | 22.1x)

NEM (32.1% | 7.0x)

Newmont

APO (41.0% | 9.8x)

Apollo Global Management

AEM (32.5% | 9.5x)

Agnico Eagle Mines

IBKR (28.2% | 4.5x)

Interactive Brokers

AU (40.8% | 7.7x)

Anglogold Ashanti

Higher Rev Chg LTM (Value for CVNA: 51.7%)

MU (85.5%)

Micron Technology

SNDK (82.8%)

SanDisk

NVDA (70.7%)

NVIDIA

PLTR (67.7%)

Palantir Technologies

APH (54.4%)

Amphenol

Higher Rev Chg 3Y Avg (Value for CVNA: 24.1%)

NVDA (121.7%)

NVIDIA

MU (45.3%)

Micron Technology

LLY (37.9%)

Eli Lilly

AVGO (29.3%)

Broadcom

GE (26.2%)

GE Aerospace

Higher Op Mgn LTM (Value for CVNA: 9.2%)

NVDA (64.0%)

NVIDIA

MSFT (46.8%)

Microsoft

PM (37.7%)

Philip Morris International

GOOGL (33.1%)

Alphabet

AAPL (32.6%)

Apple

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

MSFT (53.5%)

Microsoft

NVDA (49.6%)

NVIDIA

GOOGL (41.6%)

Alphabet

PM (33.5%)

Philip Morris International

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

NVDA (47.0%)

NVIDIA

PM (29.9%)

Philip Morris International

AAPL (28.6%)

Apple

MSFT (22.9%)

Microsoft

GOOGL (11.9%)

Alphabet

Higher Total Yield (Value for CVNA: 3.2%)

BRK-B (6.8%)

Berkshire Hathaway

GOOGL (6.4%)

Alphabet

MSFT (5.2%)

Microsoft

META (5.0%)

Meta Platforms

NVDA (3.4%)

NVIDIA

Best Bets in Consumer Discretionary

What You Pay

P/EBIT (Value for CVNA: -127.3x)

ABNB (33.9x)

Airbnb

DUOL (39.7x)

Duolingo

BKNG (16.3x)

Booking

MCD (15.1x)

McDonald's

LOPE (12.3x)

Grand Canyon Education

MCRI (15.8x)

Monarch Casino & Resort

GRMN (23.7x)

Garmin

DECK (10.4x)

Deckers Outdoor

YUM (15.3x)

Yum Brands

EXPE (15.5x)

Expedia

P/E (Value for CVNA: 31.7x)

ABNB (34.9x)

Airbnb

DUOL (14.7x)

Duolingo

BKNG (24.0x)

Booking

MCD (22.2x)

McDonald's

LOPE (17.6x)

Grand Canyon Education

MCRI (19.9x)

Monarch Casino & Resort

GRMN (26.9x)

Garmin

DECK (13.5x)

Deckers Outdoor

YUM (23.6x)

Yum Brands

EXPE (22.8x)

Expedia

What You Get

Rev Chg 3Y Avg (Value for CVNA: 24.1%)

ABNB (13.3%)

Airbnb

DUOL (39.6%)

Duolingo

BKNG (15.2%)

Booking

MCD (5.5%)

McDonald's

LOPE (7.1%)

Grand Canyon Education

MCRI (4.6%)

Monarch Casino & Resort

GRMN (15.6%)

Garmin

DECK (14.7%)

Deckers Outdoor

YUM (7.0%)

Yum Brands

EXPE (7.9%)

Expedia

Rev Chg LTM (Value for CVNA: 51.7%)

ABNB (12.6%)

Airbnb

DUOL (35.5%)

Duolingo

BKNG (15.0%)

Booking

MCD (6.8%)

McDonald's

LOPE (7.4%)

Grand Canyon Education

MCRI (5.8%)

Monarch Casino & Resort

GRMN (15.7%)

Garmin

DECK (9.8%)

Deckers Outdoor

YUM (9.7%)

Yum Brands

EXPE (10.0%)

Expedia

Rev Chg Q (Value for CVNA: 52.0%)

ABNB (17.9%)

Airbnb

DUOL (26.5%)

Duolingo

BKNG (16.2%)

Booking

MCD (9.4%)

McDonald's

LOPE (6.7%)

Grand Canyon Education

MCRI (8.9%)

Monarch Casino & Resort

GRMN (14.2%)

Garmin

DECK (9.6%)

Deckers Outdoor

YUM (15.2%)

Yum Brands

EXPE (14.7%)

Expedia

FCF/Rev 3Y Avg (Value for CVNA: 5.9%)

ABNB (38.7%)

Airbnb

DUOL (35.0%)

Duolingo

BKNG (32.9%)

Booking

MCD (26.5%)

McDonald's

LOPE (22.6%)

Grand Canyon Education

MCRI (21.4%)

Monarch Casino & Resort

GRMN (21.0%)

Garmin

DECK (20.4%)

Deckers Outdoor

YUM (19.1%)

Yum Brands

EXPE (18.9%)

Expedia

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	A Neighbor's Bad News Sinks Carvana	06/18/2026
2	How Low Can CVNA Really Go In A Market Crash?	06/04/2026
3	Carvana Stock In Shambles: Down 21% With 8-Day Losing Streak	05/20/2026
4	Carvana Stock Plummets 17% With 7-Day Losing Streak	05/19/2026
5	Carvana Stock Plummets 16% With 6-Day Losing Streak	05/16/2026
6	Carvana Stock 5-Day Losing Spree: Stock Falls 13%	05/15/2026
7	5-Day Sell-Off Sends Carvana Stock Down 6.5%	05/02/2026
8	Carvana Stock Up 36% in One Month, Wait For A Dip To Buy The Stock	04/30/2026
9	Carvana Earnings Notes	04/28/2026
10	Is 22.6% Fall In Carvana (CVNA) Stock A Buying Opportunity?	03/11/2026
11	ARTICLES
12	S&P 500 Movers \| Winners: GPN, LITE, TER \| Losers: CVNA, HONA, ORCL	07/21/2026
13	S&P 500 Movers \| Winners: CRWD, GS, CVNA \| Losers: IBM, BIIB, HCA	07/15/2026
14	A Neighbor’s Bad News Sinks Carvana	06/18/2026
15	S&P 500 Movers \| Winners: MRNA, HOOD, GEV \| Losers: CVNA, SATS, EFX	06/18/2026
16	S&P 500 Movers \| Winners: MOS, ALB, STX \| Losers: SATS, ADBE, CVNA	06/13/2026

	Title
0	DASHBOARDS
1	A Neighbor's Bad News Sinks Carvana
2	How Low Can CVNA Really Go In A Market Crash?
3	Carvana Stock In Shambles: Down 21% With 8-Day Losing Streak
4	Carvana Stock Plummets 17% With 7-Day Losing Streak
5	Carvana Stock Plummets 16% With 6-Day Losing Streak
6	Carvana Stock 5-Day Losing Spree: Stock Falls 13%
7	5-Day Sell-Off Sends Carvana Stock Down 6.5%
8	Carvana Stock Up 36% in One Month, Wait For A Dip To Buy The Stock
9	Carvana Earnings Notes
10	Is 22.6% Fall In Carvana (CVNA) Stock A Buying Opportunity?
11	ARTICLES
12	S&P 500 Movers \| Winners: GPN, LITE, TER \| Losers: CVNA, HONA, ORCL
13	S&P 500 Movers \| Winners: CRWD, GS, CVNA \| Losers: IBM, BIIB, HCA
14	A Neighbor’s Bad News Sinks Carvana
15	S&P 500 Movers \| Winners: MRNA, HOOD, GEV \| Losers: CVNA, SATS, EFX
16	S&P 500 Movers \| Winners: MOS, ALB, STX \| Losers: SATS, ADBE, CVNA

Trade Ideas

Select ideas related to CVNA.

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Recent Active Movers

Top Gainers

Ticker	Company	Category	1D Rtn	YTD Rtn
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	4.8%	-34.4%
PALL	ETFS Physical Palladium Shares	Commodity	3.8%	-19.5%
AKRE	Akre Focus ETF	Equity	3.6%	-13.5%
IGV	iShares Expanded Tech-Software Sector...	Equity	3.3%	-14.0%
KWEB	KraneShares CSI China Internet ETF	Equity	2.7%	-20.7%
PPLT	ETFS Physical Platinum Shares	Commodity	2.1%	-21.0%
FXI	iShares China Large-Cap ETF	Equity	2.0%	-7.9%
MISL	First Trust Indxx Aerospace & Defense...	Equity	1.7%	3.4%
COWZ	Pacer US Cash Cows 100 ETF	Equity	1.6%	9.9%
ITA	iShares U.S. Aerospace & Defense ETF	Equity	1.6%	13.7%

Top Losers

Ticker	Company	Category	1D Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	-8.7%	80.4%
UNG	United States Natural Gas Fund LP	Commodity	-4.2%	-17.5%
DBC	Invesco DB Commodity Index Tracking Fund	Commodity	-3.6%	29.7%
PDBC	Invesco Optimum Yield Diversified Com...	Commodity	-3.4%	30.9%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	-2.9%	34.5%
BCI	abrdn Bloomberg All Commodity Strateg...	Commodity	-2.6%	22.2%
FXN	First Trust Energy AlphaDEX Fund	Equity	-2.5%	31.0%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-2.3%	63.2%
SMH	VanEck Semiconductor ETF	Equity	-2.3%	52.3%
XLE	State Street Energy Select Sector SPD...	Equity	-2.1%	31.4%

Top Gainers

Ticker	Company	Category	1W Rtn	YTD Rtn
RING	iShares MSCI Global Gold Miners ETF	Equity	7.4%	-11.7%
ITA	iShares U.S. Aerospace & Defense ETF	Equity	6.4%	13.7%
MISL	First Trust Indxx Aerospace & Defense...	Equity	4.7%	3.4%
URA	Global X Uranium ETF	Equity	4.3%	-5.6%
SLV	iShares Silver Trust	Commodity	3.8%	-17.8%
VLUE	iShares MSCI USA Value Factor ETF	Equity	3.4%	43.5%
IYM	iShares U.S. Basic Materials ETF	Equity	3.1%	16.0%
XLI	State Street Industrial Select Sector...	Equity	2.9%	18.4%
PALL	ETFS Physical Palladium Shares	Commodity	2.7%	-19.5%
XLB	State Street Materials Select Sector ...	Equity	2.7%	13.8%

Top Losers

Ticker	Company	Category	1W Rtn	YTD Rtn
MAGS	Roundhill Magnificent Seven ETF	Equity	-5.9%	-4.5%
XLY	State Street Consumer Discretionary S...	Equity	-3.3%	-7.0%
ARKK	ARK Innovation ETF	Equity	-3.2%	-5.7%
ARKW	ARK Next Generation Internet ETF	Equity	-3.0%	-6.3%
XOVR	EntrepreneurShares Series Trust ERSha...	Equity	-2.9%	-7.1%
XLC	State Street Communication Services S...	Equity	-2.8%	-8.3%
MGK	Vanguard Mega Cap Growth ETF	Equity	-2.6%	2.6%
ONEQ	Fidelity Nasdaq Composite Index ETF	Equity	-2.3%	7.6%
VUG	Vanguard Growth ETF	Equity	-2.3%	2.8%
IGV	iShares Expanded Tech-Software Sector...	Equity	-2.2%	-14.0%

Top Gainers

Ticker	Company	Category	1M Rtn	YTD Rtn
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	25.3%	-34.4%
KWEB	KraneShares CSI China Internet ETF	Equity	14.3%	-20.7%
USO	United States Oil Fund LP	Commodity	14.1%	80.4%
FXI	iShares China Large-Cap ETF	Equity	11.4%	-7.9%
FBTC	Fidelity Wise Origin Bitcoin Fund	Cryptocurrency	9.8%	-25.9%
IBIT	iShares Bitcoin Trust ETF	Cryptocurrency	9.7%	-25.9%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	9.3%	34.5%
PALL	ETFS Physical Palladium Shares	Commodity	8.8%	-19.5%
HGER	Harbor Commodity All-Weather Strategy...	Commodity	8.7%	28.7%
AKRE	Akre Focus ETF	Equity	8.0%	-13.5%

Top Losers

Ticker	Company	Category	1M Rtn	YTD Rtn
EWY	iShares MSCI South Korea ETF	Equity	-21.4%	65.8%
SOXX	iShares Semiconductor ETF	Equity	-17.4%	71.5%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-17.2%	63.2%
NASA	Tema Space Innovators ETF	Equity	-15.0%	-10.8%
UNG	United States Natural Gas Fund LP	Commodity	-14.0%	-17.5%
SMH	VanEck Semiconductor ETF	Equity	-13.9%	52.3%
LIT	Global X Lithium & Battery Tech ETF	Equity	-12.5%	5.8%
ICLN	iShares Global Clean Energy ETF	Equity	-12.2%	8.4%
MTUM	iShares MSCI USA Momentum Factor ETF	Equity	-10.9%	20.9%
SPMO	Invesco S&P 500 Momentum ETF	Equity	-9.3%	21.7%

Peer Comparisons

Peers to compare with:

Financials

	CVNA	KMX	AN	LAD	PAG	GPI	Median
Name	Carvana	CarMax	AutoNati.	Lithia M.	Penske A.	Group 1 .
Mkt Price	64.04	58.40	212.20	345.48	215.70	337.43	213.95
Mkt Cap	45.7	8.3	7.4	8.1	14.2	4.0	8.2
Rev LTM	22,522	25,881	27,493	37,728	32,068	22,473	26,687
Op Inc LTM	2,068	-459	1,278	1,394	1,254	956	1,266
FCF LTM	740	1,243	-104	-453	597	326	462
FCF 3Y Avg	862	464	-116	-247	735	224	344
CFO LTM	911	1,784	187	-74	899	628	764
CFO 3Y Avg	977	956	221	83	1,085	473	714

Growth & Margins

	CVNA	KMX	AN	LAD	PAG	GPI	Median
Name	Carvana	CarMax	AutoNati.	Lithia M.	Penske A.	Group 1 .
Rev Chg LTM	51.7%	-1.8%	1.9%	2.5%	-0.9%	7.2%	2.2%
Rev Chg 3Y Avg	24.1%	-4.4%	1.1%	10.0%	4.5%	10.9%	7.2%
Rev Chg Q	52.0%	-1.0%	-2.1%	1.0%	-1.1%	-1.8%	-1.0%
QoQ Delta Rev Chg LTM	10.8%	-0.2%	-0.5%	0.2%	-0.3%	-0.4%	-0.3%
Op Inc Chg LTM	65.4%	-72.1%	1.5%	-9.8%	-8.6%	-0.6%	-4.6%
Op Inc Chg 3Y Avg	251.0%	-22.6%	-12.2%	-7.5%	-4.9%	-3.1%	-6.2%
Op Mgn LTM	9.2%	-1.8%	4.6%	3.7%	3.9%	4.3%	4.1%
Op Mgn 3Y Avg	6.4%	-1.2%	5.0%	4.3%	4.2%	4.8%	4.5%
QoQ Delta Op Mgn LTM	-0.1%	-0.3%	-0.1%	-0.2%	-0.1%	0.0%	-0.1%
CFO/Rev LTM	4.0%	6.9%	0.7%	-0.2%	2.8%	2.8%	2.8%
CFO/Rev 3Y Avg	6.6%	3.7%	0.8%	0.2%	3.4%	2.3%	2.8%
FCF/Rev LTM	3.3%	4.8%	-0.4%	-1.2%	1.9%	1.5%	1.7%
FCF/Rev 3Y Avg	5.9%	1.8%	-0.4%	-0.7%	2.3%	1.1%	1.4%

Valuation

	CVNA	KMX	AN	LAD	PAG	GPI	Median
Name	Carvana	CarMax	AutoNati.	Lithia M.	Penske A.	Group 1 .
Mkt Cap	45.7	8.3	7.4	8.1	14.2	4.0	8.2
P/S	2.0	0.3	0.3	0.2	0.4	0.2	0.3
P/Op Inc	22.1	-18.1	5.8	5.8	11.3	4.2	5.8
P/EBIT	-127.3	6.6	5.3	4.8	9.4	5.4	5.4
P/E	31.7	33.5	10.8	11.4	15.3	12.2	13.8
P/CFO	50.2	4.6	39.5	-109.5	15.8	6.4	11.1
Total Yield	3.2%	3.0%	9.2%	9.5%	9.0%	8.8%	8.9%
Dividend Yield	0.0%	0.0%	0.0%	0.7%	2.5%	0.6%	0.3%
FCF Yield 3Y Avg	3.2%	6.0%	-1.5%	-3.7%	6.8%	5.4%	4.3%
D/E	0.1	2.2	1.4	2.0	0.6	1.4	1.4
Net D/E	0.1	2.2	1.4	1.9	0.6	1.4	1.4

Returns

	CVNA	KMX	AN	LAD	PAG	GPI	Median
Name	Carvana	CarMax	AutoNati.	Lithia M.	Penske A.	Group 1 .
1M Rtn	2.7%	10.7%	10.7%	18.3%	18.4%	11.8%	11.3%
3M Rtn	-21.3%	53.0%	4.0%	25.0%	35.9%	-0.4%	14.5%
6M Rtn	-32.4%	29.4%	0.2%	7.5%	36.9%	-13.3%	3.8%
12M Rtn	-3.6%	-3.8%	4.4%	11.3%	27.4%	-22.3%	0.4%
3Y Rtn	627.4%	-29.2%	34.5%	15.2%	45.2%	35.1%	34.8%
1M Excs Rtn	-4.0%	9.6%	9.7%	15.7%	16.6%	11.4%	10.6%
3M Excs Rtn	-25.2%	49.1%	1.0%	22.4%	32.2%	-4.5%	11.7%
6M Excs Rtn	-39.5%	19.0%	-8.2%	0.4%	30.5%	-20.8%	-3.9%
12M Excs Rtn	-18.3%	-19.5%	-10.5%	-4.1%	14.1%	-34.9%	-14.4%
3Y Excs Rtn	521.7%	-94.7%	-43.5%	-49.2%	-30.5%	-35.3%	-39.4%

Comparison Analyses

	Title
0	Does Carvana Stock Lead the Pack?
1	Carvana vs. General Motors: With Return Forecast Of 34%, General Motors Is A Better Bet
2	Carvana vs. Phillips 66: With Return Forecast Of 3.8%, Phillips 66 Is A Better Bet
3	Carvana vs. Occidental Petroleum: With Return Forecast Of 17%, Occidental Petroleum Is A Better Bet
4	Carvana vs. AutoZone: With Return Forecast Of 7.7%, AutoZone Is A Better Bet
5	Carvana vs. CarMax: With Return Forecast Of 7.1%, CarMax Is A Better Bet
6	Carvana vs. AutoNation: With Return Forecast Of 2.2%, AutoNation Is A Better Bet
7	Carvana vs. O'Reilly Automotive: With Return Forecast Of 14%, O'Reilly Automotive Is A Better Bet
8	Carvana vs. Lithia Motors: With Return Forecast Of 35%, Lithia Motors Is A Better Bet
9	Carvana vs. Air Products & Chemicals: With Return Forecast Of 3.8%, Air Products & Chemicals Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	4/29/2026	2/18/2026	2/19/2025	2/22/2024	2/23/2023	2/24/2022	2/25/2021
Key Financials
Total Revenue	22,522	20,322	13,673	10,771	13,604	12,814	5,587
Gross Profit	4,534	4,192	2,876	1,724	1,246	1,929	794
EBITDA	-88	-110	1,356	1,159	-2,146	-5	-257
Operating Income	2,068	1,881	990	-80	-1,504	-104	-332
Net Income	1,441	1,407	210	450	-1,587	-135	-171
EPS	2.05	2.04	0.34	0.82	-3.15	-0.33	-0.53
Growth Rates
Total Revenue Growth	51.7%	48.6%	26.9%	-20.8%	6.2%	129.4%	41.8%
EBITDA Growth	-105.4%	-108.1%	17.0%	154.0%	-42820.0%	98.1%	-5.8%
Operating Income Growth	65.4%	90.0%	1337.5%	94.7%	-1346.2%	68.7%	-18.6%
Net Income Growth	262.1%	570.0%	-53.3%	128.4%	-1075.6%	21.1%	-48.7%
Margins
Gross Margin	20.1%	20.6%	21.0%	16.0%	9.2%	15.1%	14.2%
EBITDA Margin	-0.4%	-0.5%	9.9%	10.8%	-15.8%	-0.0%	-4.6%
Operating Income Margin	9.2%	9.3%	7.2%	-0.7%	-11.1%	-0.8%	-5.9%
Net Income Margin	6.4%	6.9%	1.5%	4.2%	-11.7%	-1.1%	-3.1%
Cash & Debt
Total Cash	2,902	2,813	2,180	896	755	403	301
Total Debt	5,546	5,521	6,046	6,706	8,816	5,774	1,870
Net Debt / (Cash)	2,644	2,708	3,866	5,810	8,061	5,371	1,569
Cash Flows & CapEx
Net Cash from Operations	911	1,036	918	803	-1,324	-2,594	-608
Total CapEx	-171	-147	-91	-87	-512	-557	-360
Free Cash from Operations	740	889	827	716	-1,836	-3,151	-968
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	4/29/2026	2/18/2026	10/29/2025	7/30/2025	5/7/2025	2/19/2025	10/30/2024	7/31/2024	5/1/2024	2/22/2024	11/2/2023	7/19/2023
Key Financials Quarterly
Total Revenue	6,432	5,603	5,647	4,840	4,232	3,547	3,655	3,410	3,061	2,424	2,773	2,968
Ebitda	609	-1,665	449	519	587	378	377	298	303	45	1,010	140
Operating Income	581	424	552	511	394	260	337	259	134	-38	48	42
Net Income	250	857	151	183	216	79	85	18	28	-114	782	-58
EPS	0.35	1.21	0.22	0.27	0.32	0.12	0.14	0.03	0.05	-0.22	1.41	-0.11
Key Financials TTM
Total Revenue TTM	22,522	20,322	18,266	16,274	14,844	13,673	12,550	11,668	11,226	10,771	11,184	11,797
Ebitda TTM	-88	-110	1,933	1,861	1,640	1,356	1,023	1,656	1,498	1,159	-92	-1,379
Operating Income TTM	2,068	1,881	1,717	1,502	1,250	990	692	403	186	-80	-495	-840
Net Income TTM	1,441	1,407	629	563	398	210	17	714	638	450	-242	-1,307
Growth Rates Quarterly
Total Revenue Growth	52.0%	58.0%	54.5%	41.9%	38.3%	46.3%	31.8%	14.9%	17.5%	-14.6%	-18.1%	-23.6%
EBITDA Growth	3.7%	-540.5%	19.1%	74.2%	93.7%	740.0%	-62.7%	112.9%	941.7%	103.7%	464.6%	154.3%
Operating Income Growth	47.5%	63.1%	63.8%	97.3%	194.0%	784.2%	602.1%	516.7%	201.5%	91.6%	116.2%	112.9%
Net Income Growth	15.7%	984.8%	77.6%	916.7%	671.4%	169.3%	-89.1%	131.0%	117.5%	85.9%	376.3%	75.6%
Margins Quarterly
EBITDA Margin	9.5%	-29.7%	8.0%	10.7%	13.9%	10.7%	10.3%	8.7%	9.9%	1.9%	36.4%	4.7%
Operating Income Margin	9.0%	7.6%	9.8%	10.6%	9.3%	7.3%	9.2%	7.6%	4.4%	-1.6%	1.7%	1.4%
Net Income Margin	3.9%	15.3%	2.7%	3.8%	5.1%	2.2%	2.3%	0.5%	0.9%	-4.7%	28.2%	-2.0%
Cash & Debt
Total Cash	2,902	2,813	2,628	2,323	2,333	2,180	871	542	252	896	544	541
Total Debt	5,546	5,521	5,605	6,109	6,043	6,046	6,145	6,147	6,437	6,706	6,387	8,371
Net Debt / (Cash)	2,644	2,708	2,977	3,786	3,710	3,866	5,274	5,605	6,185	5,810	5,843	7,830
Cash Flows Quarterly
FCF from Operations	107	430	345	29	232	60	403	354	101	-239	599	509
Cash Flows TTM
FCF from Operations TTM	911	1,036	666	724	1,049	918	619	815	970	803	303	-394
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	34.9%	27.5%	36.1%	31.3%	24.4%	15.9%	18.3%	13.2%	6.6%	-2.0%	2.4%	1.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	33.8%	30.5%	28.0%	23.0%	19.5%	15.1%	9.4%	5.0%	2.2%	-0.9%	-6.4%	-8.9%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	20,322	13,673	10,771
Other sales and revenues				741	1,043
Retail vehicle sales, net				10,254	9,851
Wholesale sales and revenues				2,609	1,920
Total	20,322	13,673	10,771	13,604	12,814

Operating Income by Segment

$ Mil	2025	2024
Single Segment	1,881	990
Total	1,881	990

Net Income by Segment

$ Mil	2025	2024
Single Segment	1,895	404
Total	1,895	404

Price Behavior

Price Behavior

Market Price	$64.04
Market Cap ($ Bil)	45.7
First Trading Date	04/28/2017
Distance from 52W High	-33.1%
	50 Days	200 Days
DMA Price	$66.90	$72.42
DMA Trend	down	down
Distance from DMA	-4.3%	-11.6%
	3M	1YR
Volatility	59.1%	62.4%
Downside Capture	280.72	261.58
Upside Capture	124.80	210.01
Correlation (SPY)	45.0%	48.5%

CVNA Betas & Captures as of 6/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.94	1.86	2.19	2.27	2.30	2.48
Up Beta	3.70	3.51	3.43	3.29	2.65	2.47
Down Beta	1.67	1.94	2.12	0.92	2.42	2.29
Up Capture	103%	47%	130%	231%	298%	15000%
Bmk +ve Days	11	24	40	67	140	429
Stock +ve Days	12	20	32	64	134	403
Down Capture	188%	200%	174%	215%	166%	112%
Bmk -ve Days	10	17	23	58	112	321
Stock -ve Days	9	21	31	61	118	346

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CVNA
CVNA	-1.8%	62.2%	0.21	-
Sector ETF (XLY)	0.1%	19.2%	-0.12	50.2%
Equity (SPY)	17.6%	12.7%	1.00	48.3%
Gold (GLD)	20.8%	28.1%	0.66	14.0%
Commodities (DBC)	29.6%	19.5%	1.21	-16.7%
Real Estate (VNQ)	13.9%	14.1%	0.69	9.7%
Bitcoin (BTCUSD)	-46.0%	43.0%	-1.31	25.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CVNA
CVNA	0.6%	111.4%	0.51	-
Sector ETF (XLY)	5.6%	24.0%	0.19	49.2%
Equity (SPY)	13.2%	17.1%	0.59	44.2%
Gold (GLD)	17.2%	18.4%	0.75	5.5%
Commodities (DBC)	9.7%	19.5%	0.38	1.7%
Real Estate (VNQ)	3.3%	18.9%	0.07	35.8%
Bitcoin (BTCUSD)	15.8%	53.5%	0.47	22.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CVNA
CVNA	40.0%	98.8%	0.82	-
Sector ETF (XLY)	11.7%	22.1%	0.49	49.6%
Equity (SPY)	14.9%	17.9%	0.71	43.7%
Gold (GLD)	11.4%	16.1%	0.58	7.5%
Commodities (DBC)	6.9%	18.0%	0.30	8.6%
Real Estate (VNQ)	5.2%	20.7%	0.21	34.3%
Bitcoin (BTCUSD)	58.0%	66.2%	0.98	13.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	7152026
Short Interest: Shares Quantity	76.2 Mil
Short Interest: % Change Since 6302026	3.9%
Average Daily Volume	9.1 Mil
Days-to-Cover Short Interest	8.4 days
Basic Shares Quantity	713.7 Mil
Short % of Basic Shares	10.7%

Returns Analyses

	Title
0	How Low Can CVNA Really Go In A Market Crash?
1	Can Carvana Stock Recover If Markets Fall?
2	Carvana Stock Return Comparison
3	[10/16/2021] Carvana (CVNA) Stock Price Forecast: AI Forecasts CVNA Stock Price To Be Around $310 In A Month (Up 8.1%)
4	Carvana (CVNA) Stock Return: AI Predicts CVNA Average and Excess Return After a Fall or Rise

Earnings Returns History

Updated 6/2/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
4/29/2026	-0.2%	-1.8%	-8.0%
2/18/2026	-7.9%	-7.4%	-18.6%
10/29/2025	-13.8%	-12.5%	6.0%
7/30/2025	17.0%	6.4%	13.1%
5/7/2025	10.2%	17.9%	31.8%
2/19/2025	-12.1%	-17.5%	-34.2%
10/30/2024	19.3%	15.3%	25.6%
7/31/2024	10.0%	-3.4%	12.6%
...
SUMMARY STATS
# Positive	14	13	13
# Negative	10	11	11
Median Positive	20.2%	11.0%	14.8%
Median Negative	-9.0%	-7.4%	-12.5%
Max Positive	40.2%	66.1%	108.3%
Max Negative	-39.0%	-30.4%	-64.5%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
4/29/2026	-0.2%	-1.8%	-8.0%
2/18/2026	-7.9%	-7.4%	-18.6%
10/29/2025	-13.8%	-12.5%	6.0%
7/30/2025	17.0%	6.4%	13.1%
5/7/2025	10.2%	17.9%	31.8%
2/19/2025	-12.1%	-17.5%	-34.2%
10/30/2024	19.3%	15.3%	25.6%
7/31/2024	10.0%	-3.4%	12.6%
5/1/2024	33.8%	31.4%	14.8%
2/22/2024	32.1%	44.9%	64.0%
11/2/2023	7.9%	1.7%	33.9%
7/19/2023	40.2%	10.8%	-4.4%
5/4/2023	24.4%	66.1%	108.3%
2/23/2023	-20.5%	-6.1%	-18.8%
11/3/2022	-39.0%	-30.4%	-50.5%
8/4/2022	40.1%	49.5%	-5.8%
4/20/2022	-10.1%	-28.9%	-64.5%
2/24/2022	21.0%	-2.2%	2.0%
11/4/2021	-0.9%	-4.8%	-12.5%
8/5/2021	2.6%	6.3%	-2.5%
5/6/2021	-5.9%	-15.0%	6.2%
2/25/2021	7.5%	2.4%	-1.8%
10/29/2020	-3.1%	7.0%	30.9%
8/5/2020	28.1%	11.0%	14.0%
SUMMARY STATS
# Positive	14	13	13
# Negative	10	11	11
Median Positive	20.2%	11.0%	14.8%
Median Negative	-9.0%	-7.4%	-12.5%
Max Positive	40.2%	66.1%	108.3%
Max Negative	-39.0%	-30.4%	-64.5%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	04/29/2026	10-Q
12/31/2025	02/18/2026	10-K
09/30/2025	10/29/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	02/19/2025	10-K
09/30/2024	10/30/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/01/2024	10-Q
12/31/2023	02/22/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	07/19/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	02/23/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/04/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
03/31/2026	04/29/2026	10-Q
12/31/2025	02/18/2026	10-K
09/30/2025	10/29/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	02/19/2025	10-K
09/30/2024	10/30/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/01/2024	10-Q
12/31/2023	02/22/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	07/19/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	02/23/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/04/2022	10-Q
03/31/2022	05/10/2022	10-Q
12/31/2021	02/24/2022	10-K
09/30/2021	11/04/2021	10-Q
06/30/2021	08/05/2021	10-Q
03/31/2021	05/06/2021	10-Q
12/31/2020	02/25/2021	10-K
09/30/2020	10/29/2020	10-Q
06/30/2020	08/05/2020	10-Q
03/31/2020	05/06/2020	10-Q
12/31/2019	02/26/2020	10-K
09/30/2019	11/06/2019	10-Q
06/30/2019	08/07/2019	10-Q

Recent Forward Guidance

Updated 7/9/2026

Latest: Q1 2026 Earnings Reported 4/29/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2030 Retail Units Sold		3.00 Mil
2030 Adjusted EBITDA Margin		13.5%

Prior: Q4 2025 Earnings Reported 2/18/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Retail Units Sold						Higher New	Actual: 0.15 Mil for Q4 2025
Q1 2026 Adjusted EBITDA
2026 Retail Units Sold
2026 Adjusted EBITDA						Higher New	Guidance: 2.10 Bil for 2025

Q3 2025 Earnings Reported 10/29/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2025 Retail units sold		0.15 Mil
2025 Adjusted EBITDA	2.00 Bil	2.20 Bil	2.20 Bil	4.8%		Raised	Guidance: 2.10 Bil for 2025

Insider Activity

Updated 7/2/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	7022026	68.34	63,750	4,356,987	70,366,534	Form
2	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	7022026	68.55	50,000	3,427,285	31,445,685	Form
3	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	7022026	68.53	5,000	342,633	9,931,828	Form
4	Platt, Ira J		Direct	Sell	6162026	67.83	15,000	1,017,375	12,647,328	Form
5	Quayle, J Danforth		Direct	Sell	6112026	70.00	14,525	1,016,750	15,047,200	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	7022026	68.34	63,750	4,356,987	70,366,534	Form
2	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	7022026	68.55	50,000	3,427,285	31,445,685	Form
3	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	7022026	68.53	5,000	342,633	9,931,828	Form
4	Platt, Ira J		Direct	Sell	6162026	67.83	15,000	1,017,375	12,647,328	Form
5	Quayle, J Danforth		Direct	Sell	6112026	70.00	14,525	1,016,750	15,047,200	Form
6	Taira, Thomas	President, Special Projects	Direct	Sell	6092026	67.15	5,597	375,839	21,157,286	Form
7	Maroone, Michael E		Family Trust FBO Michael E. Maroone	Sell	6042026	310.76	2	622	82,041	Form
8	Maroone, Michael E		Family Trust FBO Michael E. Maroone	Sell	6042026	411.61	3	1,235	109,488	Form
9	Maroone, Michael E		Family Trust FBO Michael E. Maroone	Buy	6042026	441.36	5	2,207	118,726	Form
10	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	6032026	70.39	50,000	3,519,606	36,306,073	Form
11	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	6032026	70.40	63,750	4,487,763	72,972,363	Form
12	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	6032026	70.42	5,000	352,101	10,771,117	Form
13	Taira, Thomas	President, Special Projects	Direct	Sell	5112026	79.97	5,590	447,031	4,834,329	Form
14	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	5012026	387.19	12,750	4,936,671	81,359,055	Form
15	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	5012026	395.32	1,000	395,320	13,002,470	Form
16	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	5012026	384.96	10,000	3,849,592	40,791,050	Form
17	Taira, Thomas	President, Special Projects	Direct	Sell	4102026	341.00	3,770	1,285,570	19,970,324	Form
18	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	4032026	317.50	1,000	317,500	10,760,392	Form
19	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	4032026	310.35	12,750	3,956,945	61,166,306	Form
20	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	4032026	309.86	10,000	3,098,592	28,793,360	Form
21	Taira, Thomas	President, Special Projects	Direct	Sell	3112026	325.00	953	309,725	21,124,025	Form
22	Quayle, J Danforth		Direct	Sell	3092026	309.97	2,900	898,913	12,991,773	Form
23	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	3032026	324.84	1,000	324,840	11,545,138	Form
24	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	3032026	323.15	12,750	4,120,173	65,146,231	Form
25	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	3032026	322.67	10,000	3,226,678	31,438,169	Form
26	Taira, Thomas	President, Special Projects	Direct	Sell	2112026	398.54	1,047	417,271	26,552,728	Form
27	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	2032026	410.19	12,750	5,229,877	83,192,779	Form
28	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	2032026	411.27	10,000	4,112,740	40,573,005	Form
29	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	2032026	393.04	1,000	393,040	14,617,944	Form
30	Taira, Thomas	President, Special Projects	Direct	Sell	1092026	447.00	1,174	524,778	30,508,644	Form
31	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	1052026	403.02	12,750	5,138,482	82,230,216	Form
32	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	1052026	419.48	1,000	419,480	16,252,333	Form
33	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	1052026	401.94	10,000	4,019,361	40,141,756	Form
34	Gill, Daniel J	Chief Product Officer	Direct	Sell	12122025	475.24	40,000	19,009,696	90,821,674	Form
35	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	12122025	475.00	20,000	9,500,000	47,860,050	Form
36	Breaux, Paul W	See Remarks	Direct	Sell	12122025	475.00	1,527	725,325	32,912,275	Form
37	Taira, Thomas	President, Special Projects	Direct	Sell	12122025	475.00	10,000	4,750,000	33,193,000	Form
38	Breaux, Paul W	See Remarks	Direct	Sell	12122025	475.00	8,473	4,024,675	32,912,275	Form
39	Taira, Thomas	President, Special Projects	Direct	Sell	12102025	435.96	30,952	13,493,901	30,465,036	Form
40	Gill, Daniel J	Chief Product Officer	Direct	Sell	12102025	439.50	80,000	35,160,000	83,991,087	Form
41	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	12102025	439.50	40,000	17,580,000	44,283,141	Form
42	Breaux, Paul W	See Remarks	Direct	Sell	12102025	438.50	20,000	8,770,000	30,383,226	Form
43	Maroone, Michael E		Direct	Sell	12042025	400.34	30,928	12,381,668	57,477,795	Form
44	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	12042025	400.00	10,000	4,000,000	29,784,000	Form
45	Taira, Thomas	President, Special Projects	Direct	Sell	12042025	400.00	25,000	10,000,000	32,332,800	Form
46	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	12022025	372.31	1,000	372,310	14,975,797	Form
47	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	12022025	376.07	12,750	4,794,938	77,066,127	Form
48	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	12022025	377.11	10,000	3,771,126	37,997,109	Form
49	Taira, Thomas	President, Special Projects	Direct	Sell	12022025	375.01	10,000	3,750,100	39,941,190	Form
50	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	12022025	375.04	10,000	3,750,400	31,862,648	Form
51	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	11282025	350.00	10,000	3,500,000	33,235,300	Form
52	Sullivan, Gregory B		Direct	Sell	11122025	340.00	2,500	850,000	13,405,520	Form
53	Taira, Thomas	President, Special Projects	Direct	Sell	11122025	325.00	952	309,400	37,864,775	Form
54	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	11122025	325.03	10,000	3,250,300	34,114,499	Form
55	Sullivan, Gregory B		Direct	Sell	11042025	322.20	2,500	805,500	13,509,202	Form
56	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	11042025	305.00	1,000	305,000	12,769,740	Form
57	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	11042025	324.57	10,000	3,245,724	33,098,924	Form
58	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	11042025	323.35	12,750	4,122,764	66,656,845	Form
59	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	11042025	301.68	32,370	9,765,504	34,831,204	Form
60	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10102025	355.04	1,440	511,256	124,263,691	Form
61	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10102025	355.33	1,440	511,682	159,900,484	Form
62	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10102025	365.57	5,000	1,827,830	128,474,543	Form
63	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10102025	365.64	5,000	1,828,211	165,065,486	Form
64	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10082025	370.22	5,000	1,851,122	131,962,811	Form
65	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10082025	370.46	5,000	1,852,316	169,094,186	Form
66	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10082025	371.98	5,000	1,859,883	134,447,201	Form
67	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10082025	372.16	5,000	1,860,819	171,731,238	Form
68	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10062025	390.33	1,050	409,845	143,032,012	Form
69	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10062025	390.67	1,050	410,200	182,222,338	Form
70	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10062025	380.40	3,950	1,502,565	139,791,774	Form
71	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10062025	380.40	3,950	1,502,595	177,834,938	Form
72	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10062025	393.67	5,000	1,968,350	146,224,791	Form
73	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10062025	393.84	5,000	1,969,219	185,673,727	Form
74	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	10022025	389.27	10,000	3,892,725	40,171,750	Form
75	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	10022025	389.27	12,750	4,963,240	80,720,577	Form
76	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	10022025	390.14	1,000	390,140	16,976,162	Form
77	Breaux, Paul W	See Remarks	Direct	Sell	10022025	398.00	15,000	5,970,000	32,522,968	Form
78	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10022025	392.98	1,901	747,050	147,932,433	Form
79	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10022025	392.98	1,901	747,050	187,230,178	Form
80	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10022025	386.66	3,099	1,198,254	146,288,649	Form
81	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10022025	386.66	3,099	1,198,254	184,954,468	Form
82	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10012025	389.60	297	115,711	148,608,690	Form
83	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10012025	389.71	297	115,745	187,623,944	Form
84	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10012025	379.63	4,703	1,785,387	144,917,811	Form
85	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10012025	379.67	4,703	1,785,568	182,899,042	Form
86	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10012025	390.75	2,400	937,789	150,999,602	Form
87	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10012025	390.75	2,400	937,789	190,074,130	Form
88	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10012025	383.88	2,600	998,078	149,266,366	Form
89	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10012025	384.14	2,600	998,759	187,782,020	Form
90	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9292025	366.53	5,000	1,832,663	143,475,538	Form
91	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9292025	366.53	5,000	1,832,663	180,128,803	Form
92	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9292025	373.89	3,700	1,383,375	148,223,055	Form
93	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9292025	373.89	3,700	1,383,375	185,611,577	Form
94	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9292025	361.29	1,300	469,674	144,565,503	Form
95	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9292025	361.29	1,300	469,674	180,694,234	Form
96	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9252025	373.76	5,000	1,868,818	150,043,656	Form
97	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9252025	373.76	5,000	1,868,818	187,420,016	Form
98	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9252025	392.85	650	255,354	159,671,192	Form
99	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9252025	392.86	651	255,751	198,959,085	Form
100	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9252025	383.72	4,350	1,669,187	156,209,042	Form
101	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9252025	383.72	4,349	1,668,813	194,582,617	Form
102	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9232025	390.08	5,000	1,950,420	160,496,157	Form
103	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9232025	390.20	5,000	1,950,978	199,561,659	Form
104	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9232025	386.69	5,000	1,933,426	161,031,186	Form
105	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9232025	386.71	5,000	1,933,570	199,714,593	Form
106	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9192025	394.36	350	138,026	166,198,476	Form
107	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9192025	394.36	350	138,026	205,634,333	Form
108	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9192025	385.25	4,650	1,791,403	162,493,753	Form
109	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9192025	385.32	4,650	1,791,752	201,057,711	Form
110	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9192025	373.54	5,000	1,867,719	159,294,038	Form
111	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9192025	373.54	5,000	1,867,719	196,648,422	Form
112	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9172025	362.08	5,000	1,810,407	156,216,412	Form
113	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9172025	362.34	5,000	1,811,713	192,563,372	Form
114	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9172025	365.42	5,000	1,827,086	159,482,664	Form
115	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9172025	365.68	5,000	1,828,413	196,166,784	Form
116	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9152025	363.30	1,970	715,705	160,375,974	Form
117	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9152025	363.37	1,970	715,844	196,744,482	Form
118	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9152025	355.35	3,030	1,076,696	157,563,566	Form
119	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9152025	355.56	3,030	1,077,334	193,212,645	Form
120	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9152025	357.08	5,000	1,785,408	159,415,501	Form
121	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9152025	356.25	5,000	1,781,226	194,666,577	Form
122	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9112025	366.98	5,000	1,834,913	165,670,600	Form
123	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9112025	367.13	5,000	1,835,664	202,451,710	Form
124	Platt, Ira J		Trust	Sell	9112025	379.14	14,000	5,307,960	2,741,561	Form
125	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9112025	371.46	5,000	1,857,302	169,549,361	Form
126	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9112025	371.98	5,000	1,859,906	206,985,200	Form
127	Breaux, Paul W	See Remarks	Direct	Sell	9112025	375.00	15,000	5,625,000	31,131,750	Form
128	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9092025	371.28	5,000	1,856,394	171,322,861	Form
129	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9092025	371.45	5,000	1,857,241	208,545,889	Form
130	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9092025	364.66	5,000	1,823,308	170,092,755	Form
131	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9092025	364.82	5,000	1,824,086	206,647,071	Form
132	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9042025	365.70	5,000	1,828,485	172,404,206	Form
133	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9042025	365.78	5,000	1,828,891	209,020,256	Form
134	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9042025	364.51	5,000	1,822,538	173,665,968	Form
135	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9042025	364.78	5,000	1,823,923	210,276,419	Form
136	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	9032025	364.42	12,750	4,646,417	76,012,103	Form
137	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	9032025	364.66	10,000	3,646,585	38,076,187	Form
138	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9032025	364.64	5,000	1,823,213	175,553,513	Form
139	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9032025	364.64	5,000	1,823,213	212,017,769	Form
140	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	9032025	361.04	1,000	361,040	16,303,483	Form
141	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9022025	370.19	5,000	1,850,973	180,077,460	Form
142	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9022025	370.26	5,000	1,851,277	217,132,614	Form
143	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9022025	374.23	5,000	1,871,155	183,912,073	Form
144	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9022025	374.62	5,000	1,873,088	221,563,827	Form
145	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8282025	370.65	5,000	1,853,243	184,004,746	Form
146	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8282025	370.77	5,000	1,853,849	221,141,922	Form
147	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8282025	367.52	5,000	1,837,623	184,291,523	Form
148	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8282025	367.78	5,000	1,838,904	221,198,051	Form
149	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8262025	361.29	5,000	1,806,456	182,972,299	Form
150	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8262025	361.60	5,000	1,808,011	219,290,047	Form
151	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8262025	361.49	100	36,149	184,880,446	Form
152	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8262025	362.18	101	36,580	221,451,339	Form
153	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8262025	353.36	4,900	1,731,457	180,756,998	Form
154	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8262025	353.66	4,899	1,732,563	216,275,450	Form
155	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8222025	338.27	5,000	1,691,342	174,695,320	Form
156	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8222025	338.27	5,000	1,691,342	208,522,158	Form
157	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8222025	335.11	1,890	633,366	174,742,068	Form
158	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8222025	335.15	1,890	633,436	208,276,540	Form
159	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8222025	327.49	3,110	1,018,501	171,386,454	Form
160	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8222025	327.65	3,110	1,019,003	204,236,430	Form
161	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8202025	347.94	5,000	1,739,680	183,167,472	Form
162	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8202025	348.05	5,000	1,740,232	218,030,191	Form
163	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8202025	359.82	5,000	1,799,093	191,222,019	Form
164	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8202025	359.96	5,000	1,799,784	227,291,141	Form
165	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8182025	346.19	5,000	1,730,936	185,708,629	Form
166	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8182025	346.48	5,000	1,732,417	220,515,923	Form
167	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8182025	344.64	5,000	1,723,220	186,604,099	Form
168	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8182025	344.80	5,000	1,724,000	221,168,557	Form
169	Garcia, Ernest C II		Direct	Sell	8142025	349.09	95,087			Form
170	Garcia, Ernest C II		Direct	Sell	8142025	346.26	82,888			Form
171	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8132025	348.47	5,000	1,742,363	190,419,387	Form
172	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8132025	348.47	5,000	1,742,363	225,266,651	Form
173	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8132025	342.00	5,000	1,709,978	188,590,094	Form
174	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8132025	342.14	5,000	1,710,719	222,886,161	Form
175	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8132025	344.47	5,000	1,722,357	191,677,676	Form
176	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8132025	344.81	5,000	1,724,035	226,345,131	Form
177	Garcia, Ernest C II		Direct	Sell	8122025	344.68	50,000			Form
178	Garcia, Ernest C II		Direct	Sell	8122025	348.07	72,500			Form
179	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8112025	346.57	5,000	1,732,840	194,577,174	Form
180	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8112025	346.64	5,000	1,733,211	229,283,041	Form
181	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8112025	357.43	5,000	1,787,159	202,463,626	Form
182	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8112025	357.65	5,000	1,788,232	238,349,856	Form
183	Garcia, Ernest C II		Direct	Sell	8082025	359.63	100,000			Form
184	Garcia, Ernest C II		Direct	Sell	8082025	351.10	100,000			Form
185	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8072025	352.06	5,000	1,760,313	201,182,638	Form
186	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8072025	352.19	5,000	1,760,929	236,471,697	Form
187	Breaux, Paul W	See Remarks	Direct	Sell	8072025	361.96	15,000	5,429,458	35,759,135	Form
188	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8072025	365.33	1,460	533,386	210,592,480	Form
189	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8072025	365.35	1,460	533,411	247,137,382	Form
190	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8072025	351.17	3,540	1,243,136	202,940,234	Form
191	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8072025	351.42	3,540	1,244,020	238,226,346	Form
192	Garcia, Ernest C II		Direct	Sell	8062025	360.20	100,000			Form
193	Garcia, Ernest C II		Direct	Sell	8062025	362.11	100,000			Form
194	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8052025	368.84	1,373	506,420	214,459,507	Form
195	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8052025	369.36	1,373	507,138	251,700,004	Form
196	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8052025	360.95	3,627	1,309,178	210,368,367	Form
197	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8052025	361.19	3,627	1,310,039	246,625,796	Form
198	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8052025	370.66	5,000	1,853,324	217,372,623	Form
199	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8052025	370.66	5,000	1,853,324	254,439,096	Form
200	Breaux, Paul W	See Remarks	Direct	Sell	8042025	367.34	15,000	5,510,100	41,800,353	Form
201	Garcia, Ernest C II		Direct	Sell	8042025	371.30	100,000			Form
202	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	8042025	370.55	10,000	3,705,465	43,300,212	Form
203	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	8042025	371.20	12,750	4,732,738	70,905,690	Form
204	Breaux, Paul W	See Remarks	Direct	Sell	8042025	375.04	18,000	6,750,720	48,592,433	Form
205	Taira, Thomas	President, Special Projects	Direct	Sell	8042025	375.04	10,000	3,750,400	45,064,431	Form
206	Garcia, Ernest C II		Direct	Sell	8042025	409.89	6,624			Form
207	Garcia, Ernest C II		Direct	Sell	8042025	394.16	93,376	36,805,133	2,610,919	Form
208	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	8042025	397.95	40,000	15,917,847	50,481,462	Form
209	Gill, Daniel J	Chief Product Officer	Direct	Sell	8042025	398.91	80,000	31,912,962	78,917,564	Form
210	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	8042025	396.05	37,687	14,925,851	75,653,037	Form
211	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8012025	403.83	1,350	545,169	238,840,755	Form
212	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8012025	403.83	1,350	545,169	279,223,677	Form
213	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8012025	389.63	3,650	1,422,163	230,970,918	Form
214	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8012025	389.63	3,650	1,422,163	269,934,281	Form
215	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8012025	335.09	5,000	1,675,464	199,862,796	Form
216	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8012025	335.45	5,000	1,677,261	233,622,345	Form
217	Garcia, Ernest C II		Direct	Sell	7312025	332.21	50,000			Form
218	Garcia, Ernest C II		Direct	Sell	7312025	338.75	50,000			Form
219	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7302025	334.88	2,883	965,467	201,411,848	Form
220	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7302025	335.07	2,883	966,008	235,031,703	Form
221	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7302025	329.38	2,117	697,295	199,051,225	Form
222	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7302025	329.60	2,117	697,764	232,145,104	Form
223	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7302025	336.10	5,000	1,680,497	203,824,064	Form
224	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7302025	336.36	5,000	1,681,775	237,614,681	Form
225	Garcia, Ernest C II		Direct	Sell	7292025	335.66	50,000			Form
226	Garcia, Ernest C II		Direct	Sell	7292025	335.34	50,000			Form
227	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7282025	331.61	5,000	1,658,071	202,762,216	Form
228	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7282025	331.86	5,000	1,659,280	236,095,635	Form
229	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7282025	332.94	5,000	1,664,717	205,239,616	Form
230	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7282025	332.94	5,000	1,664,717	238,533,954	Form
231	Garcia, Ernest C II		Direct	Sell	7252025	333.91	50,000			Form
232	Garcia, Ernest C II		Direct	Sell	7252025	337.22	50,000			Form
233	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7242025	337.45	5,000	1,687,241	209,703,809	Form
234	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7242025	337.56	5,000	1,687,823	243,532,534	Form
235	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7242025	341.95	5,000	1,709,739	214,209,745	Form
236	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7242025	342.04	5,000	1,710,178	248,468,396	Form
237	Garcia, Ernest C II		Direct	Sell	7232025	342.03	50,000			Form
238	Garcia, Ernest C II		Direct	Sell	7232025	342.96	50,000			Form
239	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7222025	342.93	5,000	1,714,645	216,539,040	Form
240	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7222025	343.02	5,000	1,715,087	250,896,630	Form
241	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7222025	340.93	5,000	1,704,639	216,980,062	Form
242	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7222025	341.14	5,000	1,705,684	251,226,800	Form
243	Garcia, Ernest C II		Direct	Sell	7212025	341.08	50,000			Form
244	Garcia, Ernest C II		Direct	Sell	7212025	352.04	100,000			Form
245	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7182025	349.50	5,000	1,747,503	224,183,606	Form
246	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7182025	349.67	5,000	1,748,374	259,262,826	Form
247	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7182025	353.31	5,000	1,766,529	228,390,981	Form
248	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7182025	353.43	5,000	1,767,152	263,814,585	Form
249	Garcia, Ernest C II		Direct	Sell	7172025	352.40	100,000			Form
250	Garcia, Ernest C II		Direct	Sell	7172025	343.97	50,000			Form
251	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7162025	343.89	5,000	1,719,434	224,021,629	Form
252	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7162025	344.04	5,000	1,720,225	258,529,154	Form
253	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7162025	347.51	5,000	1,737,555	228,120,058	Form
254	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7162025	347.72	5,000	1,738,589	263,027,701	Form
255	Garcia, Ernest C II		Direct	Sell	7152025	349.77	98,528			Form
256	Garcia, Ernest C II		Direct	Sell	7152025	348.75	96,026			Form
257	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7142025	347.20	5,000	1,735,980	229,649,293	Form
258	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7142025	347.37	5,000	1,736,831	264,498,449	Form
259	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7142025	350.31	5,000	1,751,538	233,459,014	Form
260	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7142025	350.51	5,000	1,752,547	268,644,366	Form
261	Garcia, Ernest C II		Direct	Sell	7112025	352.36	100,000			Form
262	Garcia, Ernest C II		Direct	Sell	7112025	350.09	100,000			Form
263	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7102025	348.56	5,000	1,742,802	234,037,368	Form
264	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7102025	348.79	5,000	1,743,966	269,072,968	Form
265	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7102025	359.73	124	44,607	243,353,028	Form
266	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7102025	359.73	124	44,607	279,326,028	Form
267	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7102025	360.42	48	17,300	243,802,505	Form
268	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7102025	360.42	48	17,300	279,844,505	Form
269	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7102025	348.43	4,828	1,682,216	235,751,410	Form
270	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7102025	348.48	4,828	1,682,445	270,631,100	Form
271	Garcia, Ernest C II		Direct	Sell	7092025	353.76	100,000			Form
272	Garcia, Ernest C II		Direct	Sell	7092025	350.63	100,000			Form
273	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7082025	356.73	3,122	1,113,725	243,093,217	Form
274	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7082025	356.73	3,122	1,113,725	278,766,676	Form
275	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7082025	350.46	1,878	658,165	239,912,185	Form
276	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7082025	350.78	1,878	658,770	275,210,998	Form
277	Gill, Daniel J	Chief Product Officer	Direct	Sell	7082025	350.00	7,100	2,485,000	69,241,200	Form
278	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7082025	346.11	5,000	1,730,533	237,581,471	Form
279	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7082025	346.20	5,000	1,730,980	272,262,456	Form
280	Garcia, Ernest C II		Direct	Sell	7072025	341.93	50,000			Form
281	Garcia, Ernest C II		Direct	Sell	7072025	340.07	50,000			Form
282	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7032025	343.91	2,719	935,094	237,793,784	Form
283	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7032025	344.08	2,720	935,905	272,320,802	Form
284	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7032025	340.53	2,281	776,749	236,381,919	Form
285	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7032025	340.61	2,280	776,584	270,496,441	Form
286	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7032025	338.25	5,000	1,691,256	235,571,719	Form
287	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7032025	338.36	5,000	1,691,782	269,480,649	Form
288	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	7032025	338.02	10,000	3,380,194	42,879,452	Form
289	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	7032025	338.36	12,750	4,314,029	71,399,722	Form
290	Garcia, Ernest C II		Direct	Sell	7022025	337.45	50,000			Form
291	Garcia, Ernest C II		Direct	Sell	7022025	327.07	50,000			Form
292	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7012025	335.29	210	70,411	235,185,818	Form
293	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7012025	335.29	210	70,411	268,714,818	Form
294	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7012025	329.25	4,790	1,577,084	231,014,873	Form
295	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7012025	329.55	4,790	1,578,535	264,182,137	Form
296	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7012025	308.15	5,000	1,540,737	217,687,590	Form
297	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7012025	308.32	5,000	1,541,622	248,645,184	Form

Investor Activity (13F)

Updated Jul 28, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
CAS Investment Partners, LLC	$1.4 Bil	81.7%	5	Hold	13F
KPS Global Asset Management UK Ltd	$471.6 Mil	76.2%	4	Hold	13F
Greenoaks Capital Partners LLC	$1.3 Bil	57.5%	10	Hold	13F
Selkirk Management LLC	$114.8 Mil	39.0%	11	Hold	13F
Massachusetts Institute of Technology	$181.8 Mil	31.5%	5	Hold	13F
RV Capital AG	$118.8 Mil	31.1%	13	ADD +24.4%	13F
Spruce House Investment Management LLC	$734.1 Mil	26.2%	11	Hold	13F
Goodnow Investment Group, LLC	$227.7 Mil	24.9%	29	Hold	13F
North Peak Capital Management, LLC	$132.3 Mil	22.0%	7	ADD +7.9%	13F
Dream Peak Capital Ltd	$143.2 Mil	21.2%	6	ADD +927.0%	13F
Thrive Capital Management, LLC	$71.3 Mil	20.7%	5	Hold	13F
Lingotto Investment Management LLP	$801.1 Mil	15.9%	34	TRIM -10.8%	13F
3G Capital Partners LP	$43.2 Mil	15.3%	10	TRIM -8.3%	13F
Dragoneer Investment Group, LLC	$393.9 Mil	13.1%	17	ADD +27.9%	13F
Gavilan Investment Partners LLC	$28.9 Mil	7.8%	14	ADD +7.0%	13F
Styrax Capital, LP	$94.3 Mil	6.6%	17	ADD +33.2%	13F
Sachem Head Capital Management LP	$248.4 Mil	6.0%	19	ADD +26.4%	13F
No Street GP LP	$87.1 Mil	5.8%	31	ADD +15.7%	13F
RDST Capital LLC	$55.0 Mil	5.3%	20	ADD +43.0%	13F
Palestra Capital Management LLC	$125.1 Mil	4.9%	22	ADD +36.0%	13F
Lone Pine Capital LLC	$551.6 Mil	4.4%	36	Hold	13F
Spyglass Capital Management LLC	$52.6 Mil	3.7%	25	TRIM -7.3%	13F
Whale Rock Capital Management LLC	$275.9 Mil	3.6%	35	TRIM -18.0%	13F
Avala Global LP	$70.4 Mil	3.4%	22	Hold	13F
Durable Capital Partners LP	$313.0 Mil	3.2%	37	ADD +7.6%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
D1 Capital Partners L.P.	$210.1 Mil	1.9%	44	New	13F
KR Capital LP	$5.6 Mil	1.1%	49	New	13F
Dream Peak Capital Ltd	$143.2 Mil	21.2%	6	ADD +927.0%	13F
RDST Capital LLC	$55.0 Mil	5.3%	20	ADD +43.0%	13F
Palestra Capital Management LLC	$125.1 Mil	4.9%	22	ADD +36.0%	13F
Styrax Capital, LP	$94.3 Mil	6.6%	17	ADD +33.2%	13F
Dragoneer Investment Group, LLC	$393.9 Mil	13.1%	17	ADD +27.9%	13F
Sachem Head Capital Management LP	$248.4 Mil	6.0%	19	ADD +26.4%	13F
RV Capital AG	$118.8 Mil	31.1%	13	ADD +24.4%	13F
No Street GP LP	$87.1 Mil	5.8%	31	ADD +15.7%	13F
Kinetic Partners Management, LP	$54.2 Mil	3.0%	49	ADD +14.8%	13F
BloombergSen Inc.	$5.4 Mil	0.6%	27	ADD +13.0%	13F
North Peak Capital Management, LLC	$132.3 Mil	22.0%	7	ADD +7.9%	13F
Durable Capital Partners LP	$313.0 Mil	3.2%	37	ADD +7.6%	13F
Gavilan Investment Partners LLC	$28.9 Mil	7.8%	14	ADD +7.0%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	As Of	Filing
Scge Management, L.P.	$87.8 Mil	2.0%	20	Exited	Dec 31, 2025	13F
Electron Capital Partners, LLC	$38.3 Mil	1.8%	40	Exited	Dec 31, 2025	13F
Alta Park Capital, LP	$19.2 Mil	2.3%	34	Exited	Dec 31, 2025	13F
Nishkama Capital, LLC	$16.8 Mil	2.3%	49	Exited	Dec 31, 2025	13F
Rivermont Capital Management LP	$16.2 Mil	3.8%	22	Exited	Dec 31, 2025	13F
Wealth High Governance Capital Ltda	$15.5 Mil	2.9%	46	Exited	Dec 31, 2025	13F
HRTG Gpe, LLC	$12.2 Mil	1.5%	5	Exited	Dec 31, 2025	13F
Deepwater Asset Management, LLC	$11.3 Mil	3.3%	46	Exited	Dec 31, 2025	13F
Whale Rock Capital Management LLC	$275.9 Mil	3.6%	35	TRIM -18.0%	Mar 31, 2026	13F
Lingotto Investment Management LLP	$801.1 Mil	15.9%	34	TRIM -10.8%	Mar 31, 2026	13F
3G Capital Partners LP	$43.2 Mil	15.3%	10	TRIM -8.3%	Mar 31, 2026	13F
Spyglass Capital Management LLC	$52.6 Mil	3.7%	25	TRIM -7.3%	Mar 31, 2026	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
CAS Investment Partners, LLC	$1.4 Bil	81.7%	5	Hold	13F
Greenoaks Capital Partners LLC	$1.3 Bil	57.5%	10	Hold	13F
Lingotto Investment Management LLP	$801.1 Mil	15.9%	34	TRIM -10.8%	13F
Spruce House Investment Management LLC	$734.1 Mil	26.2%	11	Hold	13F
Lone Pine Capital LLC	$551.6 Mil	4.4%	36	Hold	13F
KPS Global Asset Management UK Ltd	$471.6 Mil	76.2%	4	Hold	13F
Dragoneer Investment Group, LLC	$393.9 Mil	13.1%	17	ADD +27.9%	13F
Durable Capital Partners LP	$313.0 Mil	3.2%	37	ADD +7.6%	13F
Whale Rock Capital Management LLC	$275.9 Mil	3.6%	35	TRIM -18.0%	13F
Sachem Head Capital Management LP	$248.4 Mil	6.0%	19	ADD +26.4%	13F
Goodnow Investment Group, LLC	$227.7 Mil	24.9%	29	Hold	13F
D1 Capital Partners L.P.	$210.1 Mil	1.9%	44	New	13F
Massachusetts Institute of Technology	$181.8 Mil	31.5%	5	Hold	13F
Dream Peak Capital Ltd	$143.2 Mil	21.2%	6	ADD +927.0%	13F
North Peak Capital Management, LLC	$132.3 Mil	22.0%	7	ADD +7.9%	13F
Palestra Capital Management LLC	$125.1 Mil	4.9%	22	ADD +36.0%	13F
RV Capital AG	$118.8 Mil	31.1%	13	ADD +24.4%	13F
Selkirk Management LLC	$114.8 Mil	39.0%	11	Hold	13F
Par Capital Management Inc	$109.4 Mil	3.2%	45	Hold	13F
Styrax Capital, LP	$94.3 Mil	6.6%	17	ADD +33.2%	13F
No Street GP LP	$87.1 Mil	5.8%	31	ADD +15.7%	13F
Thrive Capital Management, LLC	$71.3 Mil	20.7%	5	Hold	13F
Avala Global LP	$70.4 Mil	3.4%	22	Hold	13F
RDST Capital LLC	$55.0 Mil	5.3%	20	ADD +43.0%	13F
Kinetic Partners Management, LP	$54.2 Mil	3.0%	49	ADD +14.8%	13F

CVNA Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing CVNA?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What CVNA Makes & Who Pays

TTM figures based on

CVNA Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

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Carvana — Investor Video Playlist

Products & Services

Going BTS at a Carvana Megasite | Under the Hood

Carvana · 2025-07-12

Products & Services

How Carvana’s Megasites Level Up the Whole Business | Under the Hood

Carvana · 2025-07-10

Products & Services

What Makes a Carvana Megasite Mega? Pt. 1 | Under the Hood

Carvana Value Tracker | Hooold featuring Dax Shepard and Kristen Bell

Carvana · 2023-10-27

Leadership

Carvana PitStops (Ep. 5)

Carvana · 2023-09-13

Industry Resources

Consumer Discretionary Resources

Retail Dive

Business of Fashion (BoF)

WWD (Women's Wear Daily)

National Retail Federation (NRF)

McKinsey & Company - Consumer

Mintel Consumer Trends

Automotive Retail Resources

Automotive News

Ward's Auto

CBT News

External Quote Links

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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
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7	FinViz

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Core Cache Last Updated: 7/27/2026

Carvana (CVNA)

Market Price (7/28/2026): $63.9 | Market Cap: $45.6 BilInvestor Relations ↗Sector: Consumer Discretionary | Industry: Automotive Retail

Carvana (CVNA)

Market Price (7/28/2026): $63.9Market Cap: $45.6 BilSector: Consumer DiscretionaryIndustry: Automotive Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

CVNA in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Carvana (CVNA)

Expected Drivers of Future Revenue Growth for Carvana (CVNA)

Interactive Breakdown

Better Bets vs. Carvana (CVNA)

INDUSTRY: Automotive Retail

Higher Op Mgn LTM (Value for CVNA: 9.2%)

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

Higher Total Yield (Value for CVNA: 3.2%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for CVNA: 24.1% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CVNA: 24.1% | 22.1x)

Higher Rev Chg LTM (Value for CVNA: 51.7%)

Higher Rev Chg 3Y Avg (Value for CVNA: 24.1%)

Higher Op Mgn LTM (Value for CVNA: 9.2%)

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

Higher Total Yield (Value for CVNA: 3.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CVNA: 24.1% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CVNA: 24.1% | 22.1x)

Higher Rev Chg LTM (Value for CVNA: 51.7%)

Higher Rev Chg 3Y Avg (Value for CVNA: 24.1%)

Higher Op Mgn LTM (Value for CVNA: 9.2%)

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

Higher Total Yield (Value for CVNA: 3.2%)

Best Bets in Consumer Discretionary

P/EBIT (Value for CVNA: -127.3x)

P/E (Value for CVNA: 31.7x)

Rev Chg 3Y Avg (Value for CVNA: 24.1%)

Rev Chg LTM (Value for CVNA: 51.7%)

Rev Chg Q (Value for CVNA: 52.0%)

FCF/Rev 3Y Avg (Value for CVNA: 5.9%)

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Market Price (7/28/2026): $63.9 | Market Cap: $45.6 BilInvestor Relations Sector: Consumer Discretionary | Industry: Automotive Retail

Market Price (7/28/2026): $63.9
Market Cap: $45.6 Bil
Sector: Consumer Discretionary
Industry: Automotive Retail