v3.25.3

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 2,142	$ 1,716
Restricted cash	79	44
Accounts receivable, net	352	303
Finance receivables held for sale, net	724	612
Vehicle inventory	2,316	1,608
Beneficial interests in securitizations	486	464
Other current assets, including $5 and $4, respectively, due from related parties	166	122
Total current assets	6,265	4,869
Property and equipment, net	2,727	2,773
Operating lease right-of-use assets, including $7 and $13, respectively, from leases with related parties	438	440
Intangible assets, net	35	34
Goodwill	3	0
Other assets	385	368
Total assets	9,853	8,484
Current liabilities:
Accounts payable and accrued liabilities, including $23 and $17, respectively, due to related parties	1,012	856
Short-term revolving facilities	73	67
Current portion of long-term debt	320	309
Other current liabilities, including $39 and $16, respectively, due to related parties	143	106
Total current liabilities	1,548	1,338
Long-term debt, excluding current portion	4,810	5,256
Operating lease liabilities, excluding current portion, including $5 and $10, respectively, from leases with related parties	402	414
Other liabilities, including $95 and $48, respectively, due to related parties	142	101
Total liabilities	6,902	7,109
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of September 30, 2025 and December 31, 2024	0	0
Additional paid-in capital	3,145	2,676
Accumulated deficit	(866)	(1,416)
Total stockholders' equity attributable to Carvana Co.	2,279	1,260
Non-controlling interests	672	115
Total stockholders' equity	2,951	1,375
Total liabilities & stockholders' equity	9,853	8,484
Class A Common Stock
Stockholders' equity:
Common stock	0	0
Class B Common Stock
Stockholders' equity:
Common stock	$ 0	$ 0

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

CARVANA CO. 10-Q