[US Stock Market Movement] Carvana surged on October 29: Q3 revenue exceeded expectations, retail sales hit a record, and the used car e-commerce platform performed strongly

Carvana surges on October 29 — Analysis

Keywords: Q3 revenue beats expectations, record retail sales volume, used car e-commerce

1. On October 28, Carvana announced its financial results for the third quarter of 2026 ending September 30. Revenue reached $8.04 billion, a 42% year-on-year increase, exceeding analysts' expectations of $7.7 billion. Retail sales volume reached 217,385 vehicles, up 39% year-on-year and setting a company record. Adjusted EBITDA was $800 million, an increase of $163 million year-on-year, also a record. Net profit was $483 million, up $220 million year-on-year.

2. On October 28, the company projected quarter-on-quarter growth in retail volumes for Q4 and expects full-year 2026 adjusted EBITDA to be at the high end of the previous $2.7 billion to $3.0 billion guidance range.

3. On October 29, several institutions updated their ratings, with target price ranges between $72 and $100. Deutsche Bank maintained a Buy rating and raised its target price from $80 to $85. BofA Securities maintained a Hold rating and raised its target price from $70 to $72.

(Disclaimer: This content is compiled by AI technology from publicly available information for reference only and does not constitute investment advice.)