Carvana (CVNA) sold a record 197,325 retail vehicles in the second quarter, up 38% from a year earlier, after 187,393 units in the first quarter, a slower year-over-year pace than the 40% increase reported in that prior period.

The online used-car retailer said the result was still an all-time high and that it again outpaced an industry that was down year-over-year. It described the quarter as another period in which it was both the fastest-growing and the most profitable automotive retailer, a streak it said had now reached 10 straight quarters.

Revenue totaled $7.376 billion, matching the 52% year-over-year growth rate the company posted in the first quarter. Retail vehicle sales, net, were $5.507 billion. Wholesale sales and revenues were $1.343 billion, and other sales and revenues were $526 million. Wholesale vehicle unit sales were 105,052.

Gross profit was $1.384 billion. GAAP total gross profit per unit was $7,014, down $412 from a year earlier; non-GAAP total GPU was $7,125. Sequentially, GAAP and non-GAAP total GPU rose $231 and $214 from the first quarter’s $6,783 and $6,911. The company said GAAP and non-GAAP total GPU were in line with its expectations in aggregate, with a shift between retail GPU, which it attributed to higher industry retail prices after FTC guidance requiring dealers to include mandatory dealer fees in advertised prices, and other GPU, which it attributed to higher benchmark rates. It said it followed the market on retail pricing and kept customer-facing interest rates stable.

Net income was $513 million, or $0.42 a share on a diluted basis, with a 7.0% net income margin. GAAP operating income was $680 million. Adjusted EBITDA was $769 million, for a 10.4% margin, down from 12.4% a year earlier. The company said the quarter crossed $2 billion and $3 billion annual net income and Adjusted EBITDA run rates for the first time.

Selling, general and administrative expenses were $704 million. Logistics costs were $54 million and other SG&A costs were $274 million.

Regions where production growth exceeded the company average also delivered above-average retail unit growth, while regions where production lagged generally saw below-average retail growth. The company integrated retail production at three additional ADESA locations in the quarter, bringing integrated sites to 19, and began construction of its first full ADESA buildout, which it expects will begin producing vehicles in early 2027. Its current footprint gives it fully built-out annual capacity for approximately 1.5 million retail units, with real estate to support annual retail production of 3 million units.

Vehicle inventory was $3.263 billion at June 30, 2026, versus $2.408 billion at year-end 2025. Cash and cash equivalents were $2.630 billion. Total liquidity resources were $7.024 billion.

The company expects a sequential increase in retail units sold in the third quarter compared with the second, and Adjusted EBITDA of $2.7 billion to $3.0 billion for the full year 2026, an increase from $2.24 billion last year, as long as the environment remains stable. It remains on the path to selling 3 million cars per year and to achieving a 13.5% Adjusted EBITDA margin by 2030 to 2035.