Carvana (CVNA) Q4-25 earnings: The $685M tax windfall & the cost of "backsliding"

Carvana posted a record $951M in net income, but beneath the headline lies a massive non-cash tax windfall and admitted operational struggles.In ~10 minutes:* Record 163k retail units sold, though revenue dipped slightly. 📉* $685M of the profit came from a one-time tax asset release.* Adjusted EBITDA margin fell to 9.1% (down from 11.3% in Q3).* CEO admits "backsliding" on efficiency cost them ~$220/unit.* Management slams recent short reports as "100% inaccurate."While the unit volume is undeniable, the "machine" is creaking under the pressure of 43% inventory growth. We unpack whether the dip in real margins is a temporary growing pain or a return to bad habits.Carvana Co. (CVNA) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.