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Net Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Earnings Per Share | NOTE 13 — NET EARNINGS PER SHARE Basic and diluted net earnings per share is computed by dividing the net earnings attributable to Class A common stockholders by the weighted-average shares of Class A common stock outstanding during the period. Diluted net earnings per share is computed by giving effect to all potentially dilutive shares. Potentially dilutive shares have been excluded from the computation of diluted net earnings per share when their effect is anti-dilutive. Net earnings for all periods presented is attributable only to Class A common stockholders, due to no activity related to convertible preferred stock during those periods. 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. Shares of Class B common stock do not share in the losses or income of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net earnings per share per share of Class B common stock under the two-class method has not been presented. 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.

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