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Sankey diagram of Carvana Co.. A complete text table follows the diagram.
Retail and wholesale vehicle throughput bring customers onto the platform; financing and ancillary products deepen the economics of each retail sale.
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All Sankey flows are reported GAAP amounts or direct differences between each reported revenue and gross-profit stream. Unit counts and gross-profit-per-unit measures in annotations are reported filing operating metrics.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Retail vehicle sales | 1 | $4.8B | 187,393 vehicles sold online |
| Wholesale marketplace | 1 | $1.1B | 83,574 wholesale units sold |
| Financing & other products | 1 | $526M | Loans, protection products and ancillary revenue |
| Retail vehicle acquisition & reconditioning cost | 2 | $4.2B | Direct difference to retail gross profit |
| Retail vehicle gross profit | 2 | $593M | $3,165 per retail unit |
| Wholesale vehicle cost | 2 | $926M | Direct difference to wholesale gross profit |
| Wholesale gross profit | 2 | $152M | $1,328 per wholesale unit |
| Financing & other gross profit | 2 | $526M | $2,807 per retail unit |
| Total gross profit | 3 | $1.3B | $6,783 per retail unit |
| Run, market & expand the platform | 4 | $690M | Selling, general & administrative |
| Operating income | 4 | $581M | 9.0% of revenue |
| Net interest expense | 5 | $99M | Reported financing cost |
| Other expense | 5 | $41M | Includes warrant remeasurement |
| Income before tax | 5 | $441M | Reported pretax result |
| Income tax | 6 | $36M | Reported provision |
| Consolidated net income | 6 | $405M | 6.3% of revenue |
| Noncontrolling interests | 7 | $155M | Reported ownership attribution |
| Net income attributable to Carvana | 7 | $250M | $1.69 per diluted Class A share |
| From | To | Value |
|---|---|---|
| Retail vehicle sales | Retail vehicle acquisition & reconditioning cost | $4.2B |
| Retail vehicle sales | Retail vehicle gross profit | $593M |
| Wholesale marketplace | Wholesale vehicle cost | $926M |
| Wholesale marketplace | Wholesale gross profit | $152M |
| Financing & other products | Financing & other gross profit | $526M |
| Retail vehicle gross profit | Total gross profit | $593M |
| Wholesale gross profit | Total gross profit | $152M |
| Financing & other gross profit | Total gross profit | $526M |
| Total gross profit | Run, market & expand the platform | $690M |
| Total gross profit | Operating income | $581M |
| Operating income | Net interest expense | $99M |
| Operating income | Other expense | $41M |
| Operating income | Income before tax | $441M |
| Income before tax | Income tax | $36M |
| Income before tax | Consolidated net income | $405M |
| Consolidated net income | Noncontrolling interests | $155M |
| Consolidated net income | Net income attributable to Carvana | $250M |