CVNA · Carvana Q2 FY2026 earnings call record财报电话会记录

“Our midterm goal is to build this machine to sell 3 million cars per year at 13.5% adjusted EBITDA margin by 2030 to 2035.”

“We expect revenue growth to be more in line with retail unit growth in Q3.”

“Non-GAAP Wholesale GPU decreased by $158, driven by our 38% retail units sold growth outpacing wholesale gross profits.”

“Adjusted EBITDA margin was 10.4%, a decrease from 12.4%, primarily driven by increased retail revenue per unit resulting from the traditional gross revenue treatment mentioned previously.”

“In Q2, we again reduced our net debt to trailing 12-month adjusted EBITDA ratio to 1.0x our strongest financial position ever.”

“Two, adjusted EBITDA of $2.7 billion-$3.0 billion for the full year 2026, an increase from $2.24 billion last year.”

“How much of the risk is hedged, and how do you think about holding margin versus holding rates steady for consumers?”

“I think if you do the math on passing back rate to customers, it's probably a good estimate is maybe $4-$5 per basis point that we pass back to our customers in rate.”

“The other thing that I just get very excited about this quarter is the fact that in two large regions representing approximately a third of the country, we grew 54%, and we're growing at 54% in those very large regions, despite the fact that at the company level, we're almost ticking over $30 billion annual revenue run rate.”

“The fact that we're at this scale and level of profitability, and we've got major regions that are growing at 54%, to me, just got me very fired up this quarter.”

“Why would you give money back to customers in the face of those constraints?”

“I think, again, all of the signs point to us that just say if we can build the cars that our customers want, whether we think about that in aggregate or if we think about that in segments, if we can build the cars that they want and we can deliver great experience to them through our machine, the demand is there and the economics are there.”