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Statement
Assets, liabilities and equity aligned across the annual filing history, in USD millions.
Assets
+55.6% YoYReported for FY 2025
Liabilities
+26.6% YoYReported for FY 2025
Equity
+173.1% YoYReported for FY 2025
Equity mix
+12.6 ppEquity share of the capital base
Table view
Balance sheet, reported dollar amounts — FY 2025
Every figure is the balance as filed. Each filing badge opens the SEC index page for that fiscal year.
Structure
Assets plotted against the liabilities and equity stack, so you can see how the balance sheet is financed.
Liabilities and equity stack to the capital base; assets are the dashed reference line.
Composition
The same split read as a share of total capital rather than in absolute dollars.
Percentages are measured against total capital for each fiscal year.
Trend
How assets, liabilities and equity have moved across the annual balance sheet window.
Switching between bar and line keeps the selected year order.
Commentary
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Earlier AI snapshot · Generated Aug 4, 2026. The filing-backed figures above are the current source of truth.
Carvana’s balance sheet shows a clear improvement in financial position over the five-year period, though with some volatility. Total assets moved from $7.0 billion in 2021 to $13.2 billion in 2025, more than doubling overall, with the largest jump occurring in 2025. Liabilities also increased over time, rising from $6.5 billion in 2021 to $9.0 billion in 2025, but they did not grow as quickly as assets in the latest year. As a result, equity strengthened materially: after moving from positive $0.5 billion in 2021 to negative $1.1 billion in 2022 and negative $0.4 billion in 2023, stockholders’ equity recovered to $1.3 billion in 2024 and then $3.4 billion in 2025. The main pattern is a shift from a stressed balance sheet to a more stable capital structure. The negative equity in 2022–2023 suggests the company had been under significant leverage and asset pressure, which is notable for a used-car retailer because the business is typically capital-intensive and sensitive to inventory financing, interest rates, and vehicle-market cycles. The sharp rebound in 2024–2025 likely reflects improved profitability, capital raising, or balance-sheet repair, and indicates that Carvana entered 2025 in a much stronger equity position than in prior years.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.