XML 50 R38.htm IDEA: XBRL DOCUMENT
v3.25.3

Net Earnings Per Share (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Earnings Per Share [Abstract] |
Schedule of the Calculation of Basic and Diluted Net Earnings (Loss) Per Share | The following table presents the calculation of basic and diluted net earnings per share during the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions, except number of shares, which are reflected in thousands, and per share amounts)
Numerator: |  |  |  |  |  |  |
Net income | $ | 263 |  |  | $ | 148 |  |  | $ | 944 |  |  | $ | 245 |
Net income attributable to non-controlling interests | 112 |  |  | 63 |  |  | 394 |  |  | 114 |
Net income attributable to Carvana Co. Class A common stockholders - basic and diluted | $ | 151 |  |  | $ | 85 |  |  | $ | 550 |  |  | $ | 131 |
Denominator: |  |  |  |  |  |  |
Weighted-average shares of Class A common stock outstanding | 139,213 |  |  | 123,883 |  |  | 136,247 |  |  | 119,721 |
Nonvested weighted-average restricted stock awards | — |  |  | — |  |  | — |  |  | (2) |
Weighted-average shares of Class A common stock outstanding - basic | 139,213 |  |  | 123,883 |  |  | 136,247 |  |  | 119,719 |
Dilutive effect of Class A common shares: |  |  |  |  |  |  |
Stock Options (1) | 3,034 |  |  | 3,208 |  |  | 3,272 |  |  | 2,913 |
Restricted Stock Units and Awards (1) | 4,027 |  |  | 6,464 |  |  | 4,581 |  |  | 6,621 |
Weighted-average shares of Class A common stock outstanding - diluted | 146,274 |  |  | 133,555 |  |  | 144,100 |  |  | 129,253 |
Net earnings per share of Class A common stock - basic | $ | 1.08 |  |  | $ | 0.69 |  |  | $ | 4.04 |  |  | $ | 1.09 |
Net earnings per share of Class A common stock - diluted | $ | 1.03 |  |  | $ | 0.64 |  |  | $ | 3.82 |  |  | $ | 1.01 |
(1) Calculated using the treasury stock method, if dilutive.
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Earnings (Loss) Per Share | The following table presents potentially dilutive securities, as of the end of the period, excluded from the computations of diluted net earnings per share of Class A common stock for the three and nine months ended September 30, 2025 and 2024, respectively:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in thousands)
Stock Options (1) | — |  |  | 365 |  |  | 92 |  |  | 371 |
Restricted Stock Units and Awards (1) | 1 |  |  | 5 |  |  | 5 |  |  | 41 |
Class A Units (2) | 76,737 |  |  | 83,323 |  |  | 78,299 |  |  | 84,888 |
Class B Units (2) | 1,337 |  |  | 1,815 |  |  | 1,420 |  |  | 1,797 |
(1) Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive. (2) Represents the weighted-average as-converted LLC units that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration