v3.26.3
Net Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Schedule of the Calculation of Basic and Diluted Net Earnings Per Share
The following table presents the calculation of basic and diluted net earnings per share during the three and nine months ended September 30, 2026 and 2025:

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(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 interests194 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 - basic720,857696,066717,456681,236
Dilutive effect of Class A common shares:
Stock Options (1)
12,44615,17212,78016,359
Restricted Stock Units (1)
6,60720,1369,81522,906
Weighted-average shares of Class A common stock outstanding - diluted739,910731,374740,051720,501
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 
(1) Calculated using the treasury stock method, if dilutive.
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Earnings Per Share
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,
2026202520262025
(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.
(2) Represents the weighted-average as-converted LLC units that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive.