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©2025 Carvana, LLC J.P. Morgan Auto Conference August 12, 2025
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2Confidential Document ©2025 Carvana, LLC Safe Harbor Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Carvanaʼs current expectations and projections with respect to, among other things, our financial condition, results of operations, plans, objectives, future performance, and business. These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "outlook," "plan," "potential," "project," "projection," "seek," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. Forward-looking statements include all statements that are not historical facts, including expectations regarding forecasted results; financial and operational goals, including goals regarding retail units sold and Adjusted EBITDA margin; and growth drivers, including expected additional locations and potential infrastructure capacity utilization. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Among these factors are risks related to: our ability to realize expected benefits from our business strategy and utilize our available infrastructure capacity; the larger automotive ecosystem, including consumer demand, global supply chain challenges, tariffs, and other macroeconomic issues; our substantial indebtedness; our ability to effectively manage our rapid growth; the seasonal and other fluctuations in our quarterly operating results; the highly competitive industry in which we participate; the changes in prices of new and used vehicles; and the other risks identified under the “Risk Factorsˮ section in our Annual Report on Form 10K for the fiscal year ended December 31, 2024. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. Carvana does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. Market and Industry Data This presentation includes information concerning economic conditions, the Companyʼs industry, the Companyʼs markets and the Companyʼs competitive position that is based on a variety of sources, including information from independent industry analysts and publications, as well as Carvanaʼs own estimates and research. Carvanaʼs estimates are derived from publicly available information released by third party sources, as well as data from its internal research, and are based on such data and the Companyʼs knowledge of its industry, which the Company believes to be reasonable. The independent industry publications used in this presentation were not prepared on the Companyʼs behalf. While the Company is not aware of any misstatements regarding any information in this presentation, forecasts, assumptions, expectations, beliefs, estimates and projects involve risk and uncertainties and are subject to change based on various factors.
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3Confidential Document ©2025 Carvana, LLC Q2 2025 Highlights Q2 results demonstrate the earnings power of our vertically-integrated business model: ● Retail units sold set a new company record (143,280) and grew 41% year-over-year ● Net income of $308 million, Net income margin of 6.4% ● GAAP Operating income of $511 million, GAAP Operating margin of 10.6% ● Adjusted EBITDA of $601 million, Adjusted EBITDA margin of 12.4%
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4Confidential Document ©2025 Carvana, LLC Best Offering Drives Industry-Leading Growth and Margins Our industry-leading growth and profitability have once again made us the most profitable automotive retailer as measured by Adjusted EBITDA margin. 1 All data points are as of Q2 2025 or most recently reported fiscal quarter.
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5Confidential Document ©2025 Carvana, LLC The Most Profitable Auto Retailer With our Q2 results, we now also lead the industry in GAAP Operating income and Net income dollars. 1 All data points are as of Q2 2025 or most recently reported fiscal quarter.
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6Confidential Document ©2025 Carvana, LLC Investment in each of our three growth drivers creates a positive feedback loop that has powered our growth in the past and will drive us towards achieving our next objective of selling 3 million used retail units at an Adjusted EBITDA Margin of 13.5% within 5 to 10 years. Fundamental Drivers of Growth
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7Confidential Document ©2025 Carvana, LLC A Clear Path For Further Efficient Scaling Our real estate footprint today can support ~3 million annual units over time as we fully build out inspection and reconditioning center capabilities at ADESA facilities.
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8Confidential Document ©2025 Carvana, LLC Our Strategy Is Working
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©2025 Carvana, LLC 9Confidential Document Appendix
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10Confidential Document ©2025 Carvana, LLC Non-GAAP Financial Measures As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles (“GAAPˮ) with and discuss forward looking guidance with certain non-GAAP financial measurements that are used by management, and which we believe are useful to investors, as supplemental operational measurements to evaluate our financial performance. These measurements should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measurements, and such measurements may not be comparable to similarly-titled measurements reported by other companies. Rather, these measurements should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements included in publicly filed reports in their entirety and not rely solely on any one, single financial measurement or communication. We refer to the following non-GAAP measures in this presentation: Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is defined as net income (loss) plus (minus) income tax provision, interest expense, net, other expense (income), net, loss on debt extinguishment, other operating expense, net, depreciation and amortization expense in cost of sales and SG&A expenses, share-based compensation expense in cost of sales and SG&A expenses, and restructuring expense in cost of sales and SG&A expenses, minus revenue related to our Root Warrants. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of total revenues. We believe that these metrics are useful measures to us and to our investors because they exclude certain financial, capital structure, and non-cash items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations, in part because they may vary widely across time and within our industry independent of the performance of our core operations. We believe that excluding these items enables us to more effectively evaluate our performance period-over-period and relative to our competitors.
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11Confidential Document ©2025 Carvana, LLC Non-GAAP Financial Measures