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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Rajat Gupta | JPMorgan | 14 questions · 14% challenging |
| Sharon Zackfia | William Blair | 14 questions · 0% challenging |
| Daniela Haigian | Morgan Stanley | 13 questions · 15% challenging |
| Jeff Lick | Stephens | 12 questions · 8% challenging |
| Brian Nagel | Oppenheimer | 11 questions · 0% challenging |
| Marvin Fong | BTIG | 9 questions · 0% challenging |
| Chris Pierce | Needham | 9 questions · 0% challenging |
| John Colantuoni | Jefferies | 8 questions · 13% challenging |
| Michael McGovern | Bank of America | 8 questions · 0% challenging |
| Chris Bottiglieri | BNP Paribas | 8 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| William Blair | 1 analyst | 14 questions · 0% challenging |
| JPMorgan | 1 analyst | 14 questions · 14% challenging |
| Morgan Stanley | 1 analyst | 13 questions · 15% challenging |
| Stephens | 1 analyst | 12 questions · 8% challenging |
| Oppenheimer | 1 analyst | 11 questions · 0% challenging |
| Needham | 1 analyst | 9 questions · 0% challenging |
| BTIG | 1 analyst | 9 questions · 0% challenging |
| Jefferies | 1 analyst | 8 questions · 13% challenging |
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 | Revenue Growth | Innovation & R&D | Credit | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 3 | 3 | 3 | 2 | 4 | 3 | 4 |
| 2025Q1 | 6 | 5 | 1 | 3 | 1 | 5 | 1 | 3 |
| 2025Q2 | 9 | 6 | 7 | 2 | 1 | 4 | 2 | 3 |
| 2025Q3 | 7 | 4 | 6 | 2 | 3 | 2 | 5 | 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 |
| Revenue Growth | 4 | 5 | 4 | 2 | 3 | |
| Innovation & R&D | 3 | 1 | 2 | 5 | 3 | 4 |
| Credit | 4 | 3 | 3 | 4 | 1 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.55B | +46.3% | $0.11 | +156.1% | 20.4% | 7.6% | 2.2% | $36M |
| FY2025 Q1 | $4.23B | +38.3% | $0.30 | +504.0% | 21.0% | 9.3% | 5.1% | $205M |
| FY2025 Q2 | $4.84B | +41.9% | $0.26 | +814.3% | 21.2% | 10.6% | 3.8% | $-2M |
| FY2025 Q3 | $5.65B | +54.5% | $0.21 | +60.9% | 20.3% | 9.8% | 2.7% | $307M |
| FY2025 Q4 | $5.60B | +58.0% | $1.19 | +964.3% | 18.8% | 7.6% | 15.3% | $379M |
| FY2026 Q1Selected | $6.43B | +52.0% | $0.34 | +12.6% | 19.8% | 9.0% | 3.9% | $56M |
| FY2026 Q2 | $7.38B | +52.4% | $0.42 | +64.1% | 18.8% | 9.2% | 4.2% | $187M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q1 2026Earnings call Apr 29, 2026
FY2026 Q1 in brief
Carvana delivered Q1 FY2026 revenue of $6.432 billion, up 52%, with record retail unit growth of 40% to 187,393 units.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Carvana Co. (CVNA), FY2026 Q1: 8/10. Scores: Carvana Co.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CVNA daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY +52.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What CVNA and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We also continue to scale our embedded insurance offering with Carvana now surpassing 200,000 policies sold.”
Root's embedded insurance partnership with Carvana surpassed 200,000 policies sold, a growing point-of-sale distribution channel.
“I think you guys are up to maybe 6 or 7 Chrysler dealerships.”
An analyst notes Carvana has acquired roughly 6-7 Chrysler franchised dealerships as it experiments with new-car retail; management says the effort is still early.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CVNA Carvana Co. | 8 | +52.0% | |
| CPRT Copart | 3 | -3.6% |