Carvana Co. (CVNA)

Outperform Recap: Q1 2026

Recon Recovers, Records Across the P&L, Q2 Records Guided — Upgrading to Outperform from Hold

Hold Recap: Q4 2025

FY25 Closes at the High End But Q4 Recon Cost Stumble + No FY26 Framework Drive an 8% Sell-Off — Maintaining Hold

Hold Recap: Q3 2025

Revenue Records, Margin Slips, EPS Misses — First Real Test of the Sustainability Question; Maintaining Hold

Hold Recap: Q2 2025

Record Print, Industry-Leading Margins, Guide Raised — Initiating at Hold on Stretched Valuation