Carvana Co-A 2025年度报告

OUR MISSION IS TOCHANGE THE WAY PEOPLEBUY AND SELL CARS. To our valued shareholders, In our investor relations jargon, we oftencall this concept “fundamental gains,”which is probably a term you feel like weuse too much. There is a good chancethat’s true, but repetition is the right errorwhen discipline is the goal. In 2015, we passed 100 people insideCarvana and decided it was time tostart to proactively manage our culturesystematically. The first step was the founding team sittingtogether around a whiteboard and writingout the key ideas that had helped us comeup with Carvana and that were shapingwhat it was becoming. In the last 13 years, we are proud of allthe fundamental pie that we’ve made. Wehave the highest customer satisfactionin our industry. We give our customersthe largest selection. We give them thefastest and simplest experiences. And theyare rewarding us with the fastest growthin the industry. That’s a lot of pie for ourcustomers. One of the ideas we started with that daywas the idea of “making the pie bigger.”This isn’t a novel idea, but I think it’s oftenthe foundation of great companies and themost productive form of idealism. Every group of people is limited by theamount of time and energy they have. Wecan only do so much, and this means manythings. Time is pretty inflexible, so it meanswe need to surround ourselves with high-energy people. It means we need to createan environment that enables efficientcollaboration. It means we need to builda culture and a mission that is energizing.And it means we need to prioritizeaggressively. We are now a team of about 25,000 people.We’ve fought battles together. We’veenjoyed good times. We’ve suffered hardtimes. We’ve watched the people around usbuild families and careers. And we’ve hadfun along the way. At least most of the time.That’s a lot of Carvana team pie. In 2025, we achieved about 2x the AdjustedEBITDA margins of the rest of our industryand we grew at over 40%. And our futureis even more exciting: we have positivefeedback in our business, we have the mostscalable business model in our industry,and we have a stack of technology,process, people, and infrastructure that isextremely difficult to replicate. Investor pie. “Making the pie bigger” is a useful framefor general prioritization, and we believeit leads to greater value creation thatcompounds over time, but it often resultsin lower immediate payoff, which is whatmakes it so hard to consistently do. Likemany forms of value creation, this meansit often comes down to a consistent set ofbeliefs and the discipline to keep taking thepath that makes the pie the biggest. But we’re still cooking (don’t worry, thismetaphor will end soon). In the last year,we added 20,000 cars of selection to ourinventory, we reduced customer interestrates on car loans by ~1%, we sped updelivery times by over a day, we reducedboth frequency and duration of deliverydelays by over 10% each, and we reducedthe shipping fees that customers pay forcars outside their free shipping radius.All that happened at the same time thatwe increased Adjusted EBITDA margin bynearly 100 basis points. But Carvana of today includes a culture ofmaking the pie bigger and that bodes wellfor Carvana of tomorrow. In the last year, we made tremendousprogress that we are extremely proud of,but we are nowhere near done improvingthe Carvana machine, and we have a lotof building to do. Both things continue toenergize us. The march continues, That’s a lot of incremental value to createin just one year. A fun way to think aboutthe power of that progress is to think aboutCarvana from a year ago having to competewith Carvana from today. Ernie Carvana of today is the most formidableversion of Carvana yet. We are clearly positioned to achieve ourgoal of selling 3 million cars per year at a13.5% Adjusted EBITDA margin by 2030 to2035, and we believe the biggest obstaclestanding between us and our goal isdisciplined execution. And this will continue to be difficult. Ourstack of technology, process, people, andinfrastructure carries meaning that is bothgood and bad. The negative part is that wecan’t just turn on servers to match demand.We have to manage people, executeprocesses, move things, and make physicalinvestments to enable our growth. And thegood part is that nobody else can just turnon servers to catch up to us either. Overall,that’s a trade that we will take. Great ExperienceSucha simple, fast, and easyexperience. Will use themagain in the future. Theyeliminated all the headachesof going to a dealership, andwasting hours of dealingwith a sales person. Alreadyrecommended to everyone Iknow. Thanks again. Via carvana.com | December 2025 WHAT OURCUSTOMERSARE SAYING 245,000+CUSTOMER REVIEWSON CARVANA.COM 4.7AVERAGE STAR RATING The easiest auto purchaseever!Simple, well outlinedprocess without surprises -so much smoother than mylast auto purchase. Staff waspolite, gracious & thorough.Will definitely recommendCarvana to family & fr