Carvana (NYSE:CVNA) topped Wall Street’s top- and bottom-line expectations for the fourth quarter while guiding for another “strong” year in 2025.
Carvana, as it has in the past, gave a broad guidance outlook for this year that includes growth in both retail units sold and adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, including sequential increases in both during the first quarter.
Carvana said it sold 416,348 retail vehicles last year, up roughly 33% from the year before, for record total annual revenue of $13.67 billion in 2024. Its total gross profit per unit for the fourth quarter and full year was $6,671 and $6,908, respectively. Both metrics were up nearly $1,400 from 2023.
Earnings per share proved 56 cents vs. 29 cents expected, on revenues of $3.55 billion vs. $3.31 billion expected, up 46% from $2.42 billion in the prior-year period. Full-year 2024 revenue came in at $13.67 billion, up almost 27% from $10.77 billion in 2023.
For 2024, the Tempe, Arizona-based company reported adjusted EBITDA of $1.38 billion and net income of roughly $404 million. That includes adjusted EBITDA of $359 million and net income of $159 million during the fourth quarter. Fourth-quarter net income marks major improvement from a loss of $200 million in the same period a year earlier.
CVNA shares took a header late Thursday morning, dropping $45.89, or 16.3%, to $235.93.
