Carvana free cash flow CVNA

Cash from operations less capital spending, by quarter and over the last twelve months, from 2016.

Last 12 months, to Jun 30, 2026: $929M
Latest quarter, Q2 FY26: $187M
Fiscal year 2025: $889M; +7% on the year before

Carvana's free cash flow was $929M over the twelve months to Jun 30, 2026, up 51% on a year earlier.

In its latest quarter, Q2 FY26, it was $187M.

Free cash flow over time

Open the interactive chart, with overlays and comparisons

Fiscal year by fiscal year

Fiscal year	Free cash flow	Change
FY2025	$889M	+7%
FY2024	$827M	+16%
FY2023	$716M	n/a
FY2022	−$1.8B	n/a
FY2021	−$3.2B	n/a
FY2020	−$968.2M	n/a
FY2019	−$987.7M	n/a
FY2018	−$558M	n/a
FY2017	−$278.4M	n/a
FY2016	n/a	n/a

Each fiscal year is the twelve months to its fourth quarter.

Quarter by quarter

Quarter	Ended	Free cash flow	On a year earlier	Last 12 months
Q2 FY26	Jun 30, 2026	$187M	n/a	$929M
Q1 FY26	Mar 31, 2026	$56M	−73%	$740M
Q4 FY25	Dec 31, 2025	$379M	+953%	$889M
Q3 FY25	Sep 30, 2025	$307M	−18%	$546M
Q2 FY25	Jun 30, 2025	−$2M	−101%	$615M
Q1 FY25	Mar 31, 2025	$205M	+147%	$949M
Q4 FY24	Dec 31, 2024	$36M	n/a	$827M
Q3 FY24	Sep 30, 2024	$376M	−35%	$534M
Q2 FY24	Jun 30, 2024	$332M	−32%	$738M
Q1 FY24	Mar 31, 2024	$83M	n/a	$897M
Q4 FY23	Dec 31, 2023	−$257M	n/a	$716M
Q3 FY23	Sep 30, 2023	$580M	n/a	$173M

Against its peers

Companies in Auto - Dealerships nearest Carvana's size, closest first, today.

Company	Free cash flow yield
CVNACarvana	1.5%
PAGPenske Automotive	n/m
RRyder System	6.6%
MUSAMurphy USA	5.5%
KMXCarmax	n/m
LADLithia Motors	−7.8%
Peer median	5.5%

Where Carvana ranks

#9of 10Car dealers with the highest free cash flow yield

What the free cash flow tells you

Cash from operations minus capital spending. The cash the company could hand back or reinvest.

Seasonal and lumpy quarter to quarter. The TTM view is the one to trust.

More on Carvana

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.