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Net Earnings Per Share
 9 Months Ended
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,
2025202420252024
(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 interests112 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 outstanding139,213 123,883 136,247 119,721 
Nonvested weighted-average restricted stock awards— — — (2)
Weighted-average shares of Class A common stock outstanding - basic139,213 123,883 136,247 119,719 
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 - diluted146,274 133,555 144,100 129,253 
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,
2025202420252024
(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.