Basic and diluted net earnings per share is computed by dividing the net earnings attributable to Class A common stockholders by the weighted-average shares of Class A common stock outstanding during the period. Diluted net earnings per share is computed by giving effect to all potentially dilutive shares. Potentially dilutive shares have been excluded from the computation of diluted net earnings per share when their effect is anti-dilutive. Net earnings for all periods presented is attributable only to Class A common stockholders, due to no activity related to convertible preferred stock during those periods. All amounts have been adjusted to give retroactive effect to the Stock Split for all periods presented.


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

	(in millions, except number of shares, which are reflected in thousands, and per share amounts)
Numerator:
Net income	$	483	$	263	$	1,401	$	944
Net income attributable to non-controlling interests	194		112		552		394
Net income attributable to Carvana Co. Class A common stockholders - basic and diluted	$	289	$	151	$	849	$	550



Denominator:


Weighted-average shares of Class A common stock outstanding - basic	720,857		696,066		717,456		681,236
Dilutive effect of Class A common shares:
Stock Options (1)	12,446		15,172		12,780		16,359
Restricted Stock Units (1)	6,607		20,136		9,815		22,906


Weighted-average shares of Class A common stock outstanding - diluted	739,910		731,374		740,051		720,501


Net earnings per share of Class A common stock - basic	$	0.40	$	0.22	$	1.18	$	0.81
Net earnings per share of Class A common stock - diluted	$	0.39	$	0.21	$	1.15	$	0.76

Shares of Class B common stock do not share in the losses or income of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net earnings per share of Class B common stock under the two-class method has not been presented.

The following table presents potentially dilutive securities, as of the end of the period, excluded from the computations of diluted net earnings per share of Class A common stock for the three and nine months ended September 30, 2026 and 2025:


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

	(in thousands)
Stock Options (1)	—	—	—	458
Restricted Stock Units (1)	784	4	796	24
Class A Units (2)	380,647	383,683	380,674	391,493
Class B Units (2)	6,484	6,683	6,488	7,098

(1) Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive.