Carvana 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Quarterly Period Ended June30, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _____ to ______ Commission File Number: 001-38073 CARVANA CO. (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☒No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of July27, 2026, the registrant had 719,916,415 shares of Class A common stock outstanding and 380,547,355 shares of Class B common stock outstanding. INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Item 1.Financial StatementsUnaudited Condensed Consolidated Balance Sheets as of June30, 2026 and December31, 20251Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June30, 2026 and 20252Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June30, 2026 and 20253Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June30, 2026 and 20255Notes to Unaudited Condensed Consolidated Financial Statements6Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations37Item 3.Quantitative and Qualitative Disclosures about Market Risk54Item 4.Controls and Procedures54 Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits CARVANA CO. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(In millions, except number of shares, which are reflected in thousands, and par values) CARVANA CO. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited, in millions) CARVANA CO. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) NOTE 1 — BUSINESS ORGANIZATION Description of Business Carvana Co. and its wholly-owned subsidiary Carvana Co. Sub LLC (collectively, "Carvana Co.", and together with its consolidated subsidiaries, the"Company"), is the leading e-commerce platform for buying and selling used cars. The Company is transforming the used car sales experience by givingconsumers what they want - a wide selection, great value and quality, transparent pricing, and a simple, no pressure transaction. Primarily using the Company'swebsite or mobile application, customers can complete all phases of a used vehicle transaction, including financing their purchase, trading in their currentvehicle, and purchasing complementary products such as vehicle service contracts ("VSC"), GAP waiver coverage, and auto insurance. Each element of theCompany's business, from inventory procurement to fulfillment and overall ease of the online transaction, has been built for this singular purpose. Organization Carvana Co. is a holding company that was formed as a Delaware corporation on November29, 2016, for the purpose of completing its initial publicoffering ("IPO") and related transactions in order to operate the business of Carvana Group, LLC and its subsidiaries (collectively, "Carvana Group").Substantially all of the Company's assets and liabilities represent the assets and liabilities of Carvana Group, except the Company's Senior Secured Notes andSenior Unsecured Notes (each as defined in Note 9 — Debt Instruments) which were i