Company / Gross Margin
Carvana Gross Margin History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Gross Margin
20.6%
FY2025
5-year range
9.2% / 21.0%
FY2021-FY2025
Trend
-1.9%
vs FY2024
Sector context
#85 of 109
Consumer Discretionary
What the data says
Carvana's gross margin of 20.6% is lower than 78% of companies in the Consumer Discretionary sector (FY2025). Gross Margin has fluctuated over the past 10 years, ranging from 5.3% in FY2016 to 21.0% in FY2024.
Based on SEC 10-K filings.
20.6% in FY2025 with a 5-year CAGR of +6.4%.
Improved from 16.0% to 20.6% over the past 2 years.
Consumer Discretionary sector context is included.
Gross Margin over time
Growth rates
- 3-Year Change
- +11.5pp
- 5-Year Change
- +6.4pp
- 10-Year Change
- -
Sector benchmark
Bottom 22% in Consumer DiscretionaryTop 78% of 109This company 20.6% Sector average 36.1%
▼
-42.9% below sector average
Key checks
Key Insights
- In FY2025, gross margin decreased 1.9% year-over-year.
- Currently 15.5pp below the Consumer Discretionary sector average.
- Peak gross margin was recorded in FY2024.
- Lowest gross margin in the period was in FY2016.
Company context
Key Data Points
- Low earnings quality (accrual-heavy earnings)
- Strong return on equity: 37.7%
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Gross MarginValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | 20.6% | -1.9% |
| FY2024 | 21.0% | +31.4% |
| FY2023 | 16.0% | +74.8% |
| FY2022 | 9.2% | -39.1% |
| FY2021 | 15.0% | +5.9% |
| FY2020 | 14.2% | +10.4% |
| FY2019 | 12.9% | +27.9% |
| FY2018 | 10.1% | +26.9% |
| FY2017 | 7.9% | +50.8% |
| FY2016 | 5.3% | +409.3% |
As of FY2025 · SEC 10-K · Updated Feb 28, 2026