Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities:
Net income	$ 405	$ 373
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	69	73
Equity-based compensation expense	26	23
Deferred income taxes	35	(1)
Tax receivable agreement expense	0	40
Loss on disposal of property and equipment	0	1
Loss on debt extinguishment	0	2
Payment-in-kind interest expense	0	72
Provision for bad debt and valuation allowance	3	5
Amortization of debt issuance costs	3	2
Unrealized loss (gain) on warrants to acquire common stock	42	(158)
Unrealized gain on beneficial interests in securitizations	(2)	(3)
Changes in finance receivable related assets:
Originations of finance receivables	(4,254)	(2,660)
Proceeds from sale of finance receivables, net	4,302	2,699
Gain on loan sales	(354)	(273)
Principal payments received on finance receivables held for sale	62	48
Other changes in assets and liabilities:
Vehicle inventory	(247)	114
Accounts receivable	(96)	(68)
Other assets	(42)	(31)
Accounts payable and accrued liabilities	163	(20)
Operating lease right-of-use assets	12	10
Operating lease liabilities	(13)	(10)
Other liabilities	(7)	(6)
Net cash provided by operating activities	107	232
Cash Flows from Investing Activities:
Purchases of property and equipment	(51)	(27)
Proceeds from disposal of property and equipment	0	1
Payments for acquisitions, net of cash acquired	(11)	(24)
Principal payments received on and proceeds from sale of beneficial interests	31	15
Net cash used in investing activities	(31)	(35)
Cash Flows from Financing Activities:
Proceeds from short-term revolving facilities	1,125	567
Payments on short-term revolving facilities	(1,104)	(570)
Proceeds from issuance of long-term debt	53	46
Payments on long-term debt	(20)	(77)
Payments of debt issuance costs	(1)	(1)
Payments of tax made on behalf of non-controlling members	(2)	(2)
Tax receivable agreement payments	(37)	(17)
Proceeds from equity-based compensation plans	1	5
Tax withholdings related to RSUs	(8)	(4)
Net cash provided by (used in) financing activities	7	(53)
Net increase in cash, cash equivalents and restricted cash	83	144
Cash, cash equivalents, and restricted cash at beginning of period	2,429	1,760
Cash, cash equivalents, and restricted cash at end of period	$ 2,512	$ 1,904

CARVANA CO. 10-Q