Carvana Co. Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,895	404	150	-2,894	-287
Depreciation & Amortization	275	305	352	261	105
Stock-Based Compensation	96	91	73	69	39
Other Adjustments	-1,502	-285	-984	595	-873
Change in Receivables	49	-47	-22	145	-148
Changes in Inventories	-734	-455	711	1,354	-2,086
Changes in Accounts Payable	235	260	-166	-46	247
Changes in Other Operating Activities	722	645	689	-808	409
Operating Cash Flow	1,036	918	803	-1,324	-2,594
Operating Cash Flow Growth	12.85%	14.32%	-	-	-
Capital Expenditures	-147	-91	-87	-512	-557
Sale of Property, Plant & Equipment	2	11	72	44	-
Purchases of Investments	-	-	-	-	-126
Proceeds from Sale of Investments	75	67	53	81	56
Payments for Business Acquisitions	-160	-	-7	-2,196	-
Investing Cash Flow	-230	-13	31	-2,583	-627
Short-Term Debt Issued	4,018	3,096	6,709	12,982	14,600
Short-Term Debt Repaid	-4,026	-3,697	-7,575	-13,501	-12,587
Net Short-Term Debt Issued (Repaid)	-8	-601	-866	-519	2,013
Long-Term Debt Issued	175	191	132	3,435	1,650
Long-Term Debt Repaid	-820	-577	-503	-165	-73
Net Long-Term Debt Issued (Repaid)	-645	-386	-371	3,270	1,577
Issuance of Common Stock	584	1,271	453	1,231	2
Repurchase of Common Stock	-30	-19	-15	-8	-40
Net Common Stock Issued (Repurchased)	554	1,252	438	1,223	-38
Other Financing Activities	-38	-4	-69	-75	-24
Financing Cash Flow	-137	261	-868	3,899	3,528
Net Cash Flow	669	1,166	-34	-8	307
Free Cash Flow	889	827	716	-1,836	-3,151
Free Cash Flow Growth	7.50%	15.50%	-	-	-
FCF Margin	4.37%	6.05%	6.65%	-13.50%	-24.59%
Free Cash Flow Per Share	3.96	6.26	3.57	-18.21	-38.05
Levered Free Cash Flow	1,105	-113	712	1,413	1,573
Unlevered Free Cash Flow	-3,654	1,664	1,430	-2,103	-1,986

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.