CARVANA CO. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$20.3B
Gross margin	20.6%
Operating income	$1.9B
Net income	$1.4B
Diluted EPS	$8.45
Cash & equivalents	$2.3B
Total assets	$13.2B
Long-term debt	$4.9B

Key takeaway

Carvana reported $20.3 billion in revenue and $1.4 billion in net income for fiscal 2025, marking a profitable year at scale.

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Beneath the surface

Net income of $1.4 billion contrasts sharply with a pre-tax loss, as the filing shows IncomeLossIncludingPortionAttributableToNoncontrollingInterest of -$890 million offset by an income tax benefit of $2.785 billion, largely driven by a $2.316 billion deferred federal tax benefit and a $1.946 billion swing from a valuation allowance release—an unusual, non-cash driver of reported profitability.

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