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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Sharon Zackfia | William Blair | 12 | 0% |
| Rajat Gupta | JPMorgan | 12 | 0% |
| Daniela Haigian | Morgan Stanley | 11 | 18% |
| Brian Nagel | Oppenheimer | 10 | 0% |
| Jeff Licht | Stephens | 10 | 0% |
| Chris Bottiglieri | BNP Paribas | 8 | 0% |
| Marvin Fong | BTIG | 8 | 0% |
| Mike Montani | Evercore ISI | 7 | 0% |
| Mike McGovern | Bank of America | 7 | 0% |
| Chris Pierce | Needham | 7 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| William Blair | 1 | 12 | 0% |
| JPMorgan | 1 | 12 | 0% |
| Morgan Stanley | 1 | 11 | 18% |
| Oppenheimer | 1 |
| 10 |
| 0% |
| Stephens | 1 | 10 | 0% |
| BNP Paribas | 1 | 8 | 0% |
| BTIG | 1 | 8 | 0% |
| Needham | 1 | 7 | 0% |
Carvana delivered Q1 FY2026 revenue of $6.432 billion, up 52%, with record retail unit growth of 40% to 187,393 units. Net income reached $405 million at a 6.3% net income margin, and adjusted EBITDA hit a new record of $672 million at a 10.4% margin. Reconditioning efficiency recovered after a Q4 setback, and strong SG&A leverage delivered a $170 per-unit reduction. Full-year 2026 guidance was reiterated for significant growth in both retail units sold and adjusted EBITDA.
Margin | Competitive Dynamics | Demand | Pricing | Cost Pressure | Innovation & R&D | Revenue Growth | Credit | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 3 | 3 | 3 | 2 | 3 | 4 | 4 |
| 2025Q1 | 6 | 5 | 1 | 3 | 1 | 1 | 5 | 3 |
| 2025Q2 | 9 | 6 | 7 | 2 | 1 | 2 | 4 | 3 |
| 2025Q3 | 7 | 4 | 6 | 2 | 3 | 5 | 2 | 4 |
| 2025Q4 | 7 | 5 | 5 | 5 | 3 | 3 | 3 | 1 |
| 2026Q1 | 7 | 8 | 4 | 5 | 9 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 6 | 6 | 9 | 7 | 7 | 7 |
| Competitive Dynamics | 3 | 5 | 6 | 4 | 5 | 8 |
| Demand | 3 | 1 | 7 | 6 | 5 | 4 |
| Pricing | 3 | 3 | 2 | 2 | 5 | 5 |
| Cost Pressure | 2 | 1 | 1 | 3 | 3 | 9 |
| Innovation & R&D | 3 | 1 | 2 | 5 | 3 | 4 |
| Revenue Growth | 4 | 5 | 4 | 2 | 3 | |
| Credit | 4 | 3 | 3 | 4 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CVNA Carvana Co. | 8 | +52.0% | |
| CPRT Copart | 5 | +2.1% |