The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included within the Company's most recent Annual Report on Form 10-K filed on February 18, 2026.

The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring items) necessary to present fairly the Company’s financial position as of September 30, 2026, results of operations, changes in stockholders' equity, and cash flows for the three and nine months ended September 30, 2026 and 2025. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations.

On May 5, 2026, the Company's stockholders approved a five-for-one forward stock split of the Company's Class A common stock and Class B common stock (the "Stock Split"), which was effected on May 8, 2026 through the filing of a Certificate of Amendment to the Company's Amended and Restated Certificate of Incorporation. Stockholders of record as of May 6, 2026 received four additional shares of Class A common stock or Class B common stock, as applicable, for each share held. In connection with the Stock Split, the number of authorized shares of Class A common stock increased from 500 million to 2.5 billion and the number of authorized shares of Class B common stock increased from 125 million to 625 million. The par value of $0.001 per share was not adjusted and an amount equal to the par value of the additional shares resulting from the Stock Split was reclassified from additional paid-in capital to common stock. All share and per share data throughout this Quarterly Report on Form 10-Q, including weighted-average shares outstanding, earnings per share, equity-based compensation awards, and LLC unit participation thresholds, have been retroactively adjusted to give effect to the Stock Split for all periods presented.

Historically, the Company's capital and liquidity needs have been primarily satisfied through its debt and equity financings, operating cash flows, and short-term revolving facilities. During the three months ended September 30, 2026, the Company (i) entered into a $1.66 billion Term Loan B facility, and used the proceeds therefrom, together with cash on hand, to redeem in full its 2030 Senior Secured Notes; (ii) further amended the Ally MPSA to increase the commitment by Ally (each as defined in Note 7 — Finance Receivable Sale Agreements) to purchase up to $8 billion of principal balance of finance receivables through July 2027; (iii) extended and upsized by $500 million one of its definitive loan purchase agreements through January 2028, with a further automatic extension to July 2028 if the full commitment has not yet been purchased by January 2028; and (iv) extended one of its short-term revolving credit facilities through August 2027.

The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. Certain accounting estimates involve significant judgments, assumptions and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period, which management considers to be critical accounting estimates. The judgments, assumptions and estimates used by management are based on historical experience, management’s experience, and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of the Company's assets and liabilities and the results of operations.

Business segments are defined as components of an enterprise about which discrete financial information is available that is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing operating performance. The Company operates and manages an integrated business with the overall objective of increasing the number of retail units sold and total gross profit per retail unit. Because of this, the Company has determined that it currently operates with one operating segment and therefore one reportable segment. The CODM is the chief executive officer and focuses on consolidated results, specifically consolidated net income, in assessing operating performance and allocating resources. Furthermore, the Company offers similar products and services and uses similar processes to sell those products and services to similar classes of customers throughout the United States ("U.S."). The amounts presented in each revenue line item in the accompanying unaudited condensed consolidated statements of operations represent categories of revenue disaggregated by product and customer type. The measure of segment assets is reported on the accompanying unaudited condensed consolidated balance sheets as total assets. Substantially all revenue is generated and all assets are held in the U.S. for all periods presented.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

	(in millions)
Net sales and operating revenues	$	8,040	$	5,647	$	21,848	$	14,719
Cost of sales	6,519		4,499		17,672		11,578
Gross profit	1,521		1,148		4,176		3,141
Compensation and benefits	255		209		737		609
Advertising	152		102		391		258
Market occupancy	18		17		55		49
Logistics	68		43		170		118
Other (1)	312		224		846		647

Other operating expense, net	2		1		2		3
Operating income	714		552		1,975		1,457
Interest expense, net	98		125		298		407
Loss on debt extinguishment	53		14		53		16
Other expense, net	11		154		52		92
Net income before income taxes	552		259		1,572		942
Income tax provision (benefit)	69		(4)		171		(2)
Net income	$	483	$	263	$	1,401	$	944

The Company is currently evaluating the impact of ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and ASU 2025-06, Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software on the presentation of its consolidated financial statements and accompanying notes.