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Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,142 $ 1,716
Restricted cash 79 44
Accounts receivable, net 352 303
Finance receivables held for sale, net 724 612
Vehicle inventory 2,316 1,608
Beneficial interests in securitizations 486 464
Other current assets, including $5 and $4, respectively, due from related parties 166 122
Total current assets 6,265 4,869
Property and equipment, net 2,727 2,773
Operating lease right-of-use assets, including $7 and $13, respectively, from leases with related parties 438 440
Intangible assets, net 35 34
Goodwill 3 0
Other assets 385 368
Total assets 9,853 8,484
Current liabilities:    
Accounts payable and accrued liabilities, including $23 and $17, respectively, due to related parties 1,012 856
Short-term revolving facilities 73 67
Current portion of long-term debt 320 309
Other current liabilities, including $39 and $16, respectively, due to related parties 143 106
Total current liabilities 1,548 1,338
Long-term debt, excluding current portion 4,810 5,256
Operating lease liabilities, excluding current portion, including $5 and $10, respectively, from leases with related parties 402 414
Other liabilities, including $95 and $48, respectively, due to related parties 142 101
Total liabilities 6,902 7,109
Commitments and contingencies (Note 16)
Stockholders' equity:    
Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of September 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 3,145 2,676
Accumulated deficit (866) (1,416)
Total stockholders' equity attributable to Carvana Co. 2,279 1,260
Non-controlling interests 672 115
Total stockholders' equity 2,951 1,375
Total liabilities & stockholders' equity 9,853 8,484
Class A Common Stock    
Stockholders' equity:    
Common stock 0 0
Class B Common Stock    
Stockholders' equity:    
Common stock $ 0 $ 0