Carvana Co.

Filing receipts

“Interest Expense, Net Interest expense, net decreased by $40 million to $99 million during the three months ended March 31, 2026 compared to $139 million during the three months ended March 31, 2025, primarily due to lower interest on the Senior Secured Notes as a result of the repurchases and redemption of the 2028 Senior Secured Notes and the lower cash interest rate on the 2031 Senior Secured Notes.”

“Cash provided by operating activities was $107 million and $232 million during the three months ended March 31, 2026 and 2025, respectively, a decrease in cash provided by operating activities of $125 million, primarily due to an investment in vehicle inventory as we grow retail unit sales and acquire more vehicles from customers, partially offset by an increase in accounts payable and accrued liabilities also driven by the increase in retail unit sales and production during the three months ended March 31, 2026.”

“The average selling price of our wholesale units is primarily driven by the mix of vehicles we sell to wholesalers, as well as general supply and demand conditions in the applicable wholesale vehicle market, including the level of depreciation in the wholesale vehicle market.”