Carvana's Stock Price Jumps On The Company's Debt Restructuring Plan

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Cruisin’

Carvana, still eyeing massive growth, climbs on earnings beat

The used car retailer announced its second-quarter earnings after the market close on Wednesday.

7/30/25 3:18PM

Used car retailer Carvana reported its second-quarter earnings after the bell on Wednesday, and the company’s ambitious growth plan is still hitting the gas.

Carvana reported earnings per share of $1.28 on revenue of $4.84 billion and profit of $308 million, beating expectations on every metric. Analysts polled by FactSet expected earnings of $1.17 per share on revenue of $4.58 billion and profit of $267 million.

Carvana shares climbed over 11% in after-hours trading.

The second quarter was the first to feel the effect of tariffs, which experts have expected to ultimately boost used car sales, due to the new vehicle price hike. Carvana sold 143,280 retail units on the quarter, up 41% from last year’s 101,440 units. Wall Street expected more than 142,300 used retail sales.

Rapid expansion is Carvana’s goal: last quarter, the retailer said it’s aiming to sell 3 million retail units annually within 5 to 10 years. That’s more than 5x the figure Wall Street expects Carvana to reach this year (about 566,000 units). To achieve its lofty target, Carvana will need to maintain annual sales growth of between 18% and 43%, implying significant expansion of its market share.

Carvana’s retail success gets it closer to its rival CarMax, which sells significantly more used vehicles to customers despite having a market share of more than $60 billion less than Carvana’s. CarMax sold more than 230,000 retail units in its first quarter, which ended in May.

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Elsewhere in the blog post, Friar spent time addressing the company’s shifting goals, referencing plans to “close the distance between where intelligence is advancing and how individuals, companies, and countries actually adopt and use it.” As has become customary in the AI company press release genre, the CFO was also keen to tout the unending growth of the business, writing:

“Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.”
“Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.”

And, perhaps most importantly for current backers and those keeping an eye on the private company before its rumored mega IPO:

“Revenue followed the same curve growing 3X year over year, or 10X from 2023 to 2025: $2B ARR in 2023, $6B in 2024, and $20B+ in 2025. This is never-before-seen growth at such scale.”

That latest figure has certainly set tongues in the tech world wagging, just as the company announced it would begin rolling out ads to free and ChatGPT Go users. It also puts the chatbot giant a fair way ahead of competitors like Anthropic, the company behind Claude.

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“Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.”
“Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.”

And, perhaps most importantly for current backers and those keeping an eye on the private company before its rumored mega IPO:

“Revenue followed the same curve growing 3X year over year, or 10X from 2023 to 2025: $2B ARR in 2023, $6B in 2024, and $20B+ in 2025. This is never-before-seen growth at such scale.”

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