Carvana shares are down 31% year to date at $58.11, while CarMax is up 34%, AutoNation is down 23%, and the SPDR S&P Retail ETF is up 3%. In Q2 2026 Carvana sold a record 197,325 retail units, up 38%, on $7.38 billion in revenue, but gross profit per unit fell $412 and adjusted EBITDA margin slipped to 10.4% from 12.4%. Long-term debt of $4.85 billion and rising benchmark rates also squeezed financing profit. The company raised its full-year 2026 adjusted EBITDA guidance to $2.7 billion to $3 billion and targets 3 million cars a year at a 13.5% adjusted EBITDA margin by 2030 to 2035. The article says the Q3 report due later this month will show whether profit per vehicle improves.
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