Can Carvana’s Earnings Propel Stock Further? Analysts Bullish Leading In

Carvana's stock (NYSE:CVNA) has been a hugely impressive performer over recent years, with this year's gains of 81.5% only part of the turnaround story. The company, a disruptive force in the online used car market, is poised to release its third-quarter 2025 earnings report today, after the closing bell, and analysts continue to remain bullish on the name.

The street is expecting an EPS of $1.32 on revenues of $5.1 billion. This represents a significant leap compared to the same quarter last year, continuing the turnaround for the company, which has faced scrutiny over its debt load and cash burn in the recent past. The projected EPS figure marks a staggering 106.25% increase year-over-year, a testament to Carvana's ability to scale.

Recent analyst activity has been overwhelmingly positive. Jefferies upgraded Carvana to a “Buy” rating earlier this month, citing the company's potential to dominate the online used car market. JPMorgan echoed this sentiment, adding Carvana to its “Positive Catalyst Watch” list, signaling expectations of strong quarterly results. These endorsements have undoubtedly contributed to the stock's upward momentum.

Adding to the positive narrative, Carvana's expansion of same-day delivery services demonstrates a commitment to improving customer satisfaction and streamlining the car buying process. This initiative not only enhances the customer experience but also strengthens Carvana's competitive edge in the increasingly crowded online marketplace.

While Carvana has established a strong presence in the online used car market, it faces competition from established players like CarMax and AutoNation, as well as emerging online platforms. Despite this, the turnaround in sentiment since the end of 2022 has been nothing short of astounding.

Carvana's stock has gained 8,100% since the start of 2023, climbing from under $5, to the current level at $364.30. Sentiment and momentum are clearly with CVNA, although the $375 level has acted as some resistance in recent attempts higher. JP Morgan's new price target of $490 matches that of Citi, whilst Morgan Stanley and BTIG both hold $450 targets on the name. If the street is right, there could well be more to come from this story.