Carvana Q1 Earnings Beat, Shares Up 10%

Carvana reported Q1 adjusted EPS $1.69 beating $1.56 estimate, revenue $6.43B vs $6.02B estimate, 52% YoY increase.
Net income $405M (6.3% of revenue) and record adjusted EBITDA $672M (10.4% margin) with GAAP operating income $581M.
Retail unit sales hit record 187,393 units, a 40% YoY rise, marking sixth consecutive quarter of ≥40% growth.
Shares surged over 10% in pre‑market trading; Carvana projects sequential unit and EBITDA growth in Q2 and FY2026 without specific guidance.