Carvana is an online marketplace where people buy, sell, and finance used cars entirely over the internet, with home delivery or pickup at its trademarked glass car vending machines. Founded in 2012 as a spin-off of DriveTime, the company's name blends "car" and "nirvana," meant to evoke a stress-free car-buying experience. Shoppers pick up vehicles by inserting a giant coin into the vending tower, which then retrieves their car from the glass structure.
Carvana enters $1.66B Term Loan B facility to refinance 2030 Secured Notes
Carvana Co. entered a Credit Agreement on August 14, 2026, for a $1.66 billion senior secured term loan B facility maturing August 14, 2033.
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Net proceeds will redeem all outstanding 9.0%/11.0%/13.0% Cash/PIK Senior Secured Notes due 2030, with redemptions scheduled for August 15 and August 22, 2026.
The Term Loan B Facility is priced at 99.75% of par and bears interest at Term SOFR plus 2.25% or base rate plus 1.25%.
The facility amortizes in quarterly installments of 0.25% of original principal, with the balance due at maturity; no financial covenant is included.
Barclays Bank PLC serves as administrative agent, and the obligations are guaranteed by certain material domestic subsidiaries and secured by collateral.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
Carvana stockholders approve 5-for-1 stock split and 2026 Omnibus Incentive Plan at annual meeting
Michael Maroone and Neha Parikh were elected as Class III directors for three-year terms expiring at the 2029 annual meeting.
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At the May 5, 2026 annual meeting, Carvana stockholders approved a five-for-one forward stock split of Class A and Class B common stock, effective May 7, 2026 at 9:30 a.m. ET, with split-adjusted trading expected to begin May 8, 2026.
Stockholders approved the Carvana Co. 2026 Omnibus Incentive Plan, with 730,926,830 votes for and 89,832,196 against.
The say-on-pay advisory vote on named executive officer compensation passed with 803,726,520 votes for.
Grant Thornton LLP was ratified as independent auditor for 2026, and a stockholder proposal was not approved.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · 5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits
Carvana Q1 2026 revenue up 52% to $6.432B, retail units up 40%
Retail units sold totaled 187,393, a 40% increase year-over-year.
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Revenue totaled $6.432 billion, a 52% increase year-over-year.
Total gross profit was $1.271 billion, up 37%; gross profit per unit was $6,783, down $155.
Net income was $405 million (6.3% margin, down from 8.8%); Adjusted EBITDA was $672 million (10.4% margin, down from 11.5%).
For Q2 2026, the company expects sequential increases in retail units sold and Adjusted EBITDA, and remains on track for significant growth in both metrics in FY 2026.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits