Overview
- Shares logged a 12th straight advance to a record close of $467.67, adding more than $33 billion in market value over the run.
- S&P Dow Jones Indices confirmed the company will enter the S&P 500 on Dec. 22, a change that is expected to trigger passive fund buying and heavier trading.
- Operational metrics improved sharply, with Q3 2025 revenue up 55% year over year to $5.65 billion and adjusted EBITDA of $637 million for an 11.3% margin.
- Forbes places Carvana’s market capitalization above $100 billion, while valuation multiples near 92 times earnings and 96 times free cash flow outpace broad market averages.
- The surge caps a reversal from a 2022 near-collapse, bolstered by analyst upgrades and a painful squeeze for bears, with S3 Partners estimating $8.44 billion in short losses since the stock’s lows.