On July 31, 2024, Carvana Co. released its financial results for the second quarter ended June 30, 2024. The company reported a 33% increase in retail units sold, totaling 101,440 vehicles, and a 15% increase in revenue, reaching $3.410 billion. Gross profit saw a significant rise of 43%, amounting to $715 million, with a gross profit per unit (GPU) of $7,049, marking an increase of $529. The net income margin improved to 1.4%, with net income totaling $48 million. Adjusted EBITDA also saw a substantial increase, reaching $355 million with a margin of 10.4%, both setting company records. Carvana attributes its success to the completion of 22 projects aimed at improving unit economics, resulting in nearly $2,000 of gains over the past four quarters. The company's focus on customer-centric solutions and ambitious execution has positioned it as the second-largest used automotive retailer with just 1% market share, highlighting the potential for further growth. Carvana's conference call to discuss these results is scheduled for the same day as the announcement.

On July 31, 2024, Carvana Co. released its financial results for the second quarter ended June 30, 2024. The company reported a 33% increase in retail units sold, totaling 101,440 vehicles, and a 15% increase in revenue, reaching $3.410 billion. Gross profit saw a significant rise of 43%, amounting to $715 million, with a gross profit per unit (GPU) of $7,049, marking an increase of $529. The net income margin improved to 1.4%, with net income totaling $48 million. Adjusted EBITDA also saw a substantial increase, reaching $355 million with a margin of 10.4%, both setting company records. Carvana attributes its success to the completion of 22 projects aimed at improving unit economics, resulting in nearly $2,000 of gains over the past four quarters. The company's focus on customer-centric solutions and ambitious execution has positioned it as the second-largest used automotive retailer with just 1% market share, highlighting the potential for further growth. Carvana's conference call to discuss these results is scheduled for the same day as the announcement.