What happened?
Shares of online used car dealer Carvana (NYSE: CVNA) jumped 17.3% in the morning session after the company reported record third-quarter 2026 financial results and guided full-year adjusted EBITDA toward the high end of its forecast range.
According to a company press release, Carvana posted revenue of $8.04 billion for the period ended September 30, 2026, powered by retail sales of 217,385 units. The company achieved net income of $483 million, record operating income of $714 million, and a record $800 million in adjusted EBITDA. Management projected full-year 2026 adjusted EBITDA toward the upper end of its $2.7 billion to $3.0 billion target range.
Demonstrating operational efficiency and robust transaction volume, the results reinforced market confidence in the company's sustained earnings power.
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What is the market telling us
Carvana’s shares are extremely volatile and have had 46 moves greater than 5% over the last year. But moves this big are rare even for Carvana and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 15 days ago when the stock dropped 6% on the news that the major indices pulled back and tech-oriented equities fell as the Bureau of Labor Statistics reported a hotter-than-expected September inflation print, pushing Treasury yields higher.
Carvana is down 15% since the beginning of the year, and at $68.03 per share, it is trading 28.9% below its 52-week high of $95.69 from January 2026. Despite the year-to-date decline, investors who bought $1,000 worth of Carvana’s shares 5 years ago would now be looking at an investment worth $1,122.
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