Carvana Co. reported record second-quarter results, bolstering its case as one of the fastest-growing online automotive retailers. Revenue jumped 42% from a year earlier to $4.84 billion, topping Wall Street’s $4.56 billion consensus, while retail vehicle sales rose 41% to 143,280 units. Net income surged to $308 million, yielding a 6.4% margin compared with $48 million a year ago. Adjusted EBITDA reached $601 million, or a 12.4% margin, and operating income climbed to $511 million. Management said the scale of its vertically integrated, e-commerce model drove “records in every key financial metric.” Looking ahead, the Phoenix-based company expects a sequential increase in retail units during the third quarter and now projects full-year 2025 adjusted EBITDA of $2.0 billion to $2.2 billion, up from $1.38 billion last year. Carvana reiterated its longer-term ambition to sell about three million vehicles annually. The stock rose roughly 13%–14% in late trading after the results. The earnings beat follows a series of analyst actions, including Oppenheimer’s July 25 upgrade to Outperform with a $450 price target and Wedbush’s price-target increase to $320 earlier this week, although both Wedbush and DA Davidson remain Neutral on the shares.