Carvana advertising spend, FY2025

Carvana (CVNA) reported $363M of advertising expense for the fiscal year ended Dec 31, 2025. That is 1.8% of revenue of $20.3B. Up 58.5% from FY2024.

Ad spend, FY2025
$363M
year ended Dec 31, 2025
Change vs prior year
+58.5%
vs FY2024
Share of revenue
1.8%
of $20.3B revenue
Rank by ad spend
#153
of 336 companies

Key facts

  • The highest year on file is FY2022 at $490M; FY2025 is 26% below it.
  • Largest increase +152.3% in FY2016; largest cut -53.5% in FY2023.
  • Ad spend has risen 2 years in a row.
  • Ad spend is 1.8% of revenue, down from 5.1% in FY2020.
  • Carvana spends more on advertising than 55% of the 336 US-listed companies tracked. Its ad-to-revenue ratio is below the median of 5.2%.

Ad spend by fiscal year

$0 $200M $400M $600M FY2015 (ended 2015-12-31): $10.7M 2015 FY2016 (ended 2016-12-31): $27M FY2017 (ended 2017-12-31): $55.7M 2017 FY2018 (ended 2018-12-31): $111M FY2019 (ended 2019-12-31): $204M 2019 FY2020 (ended 2020-12-31): $286M FY2021 (ended 2021-12-31): $479M 2021 FY2022 (ended 2022-12-31): $490M FY2023 (ended 2023-12-31): $228M 2023 FY2024 (ended 2024-12-31): $229M FY2025 (ended 2025-12-31): $363M 2025 $363M

Ad spend as % of revenue

0% 3% 5% 8% 10% FY2015 (ended 2015-12-31): 8.2% 2015 FY2016 (ended 2016-12-31): 7.4% FY2017 (ended 2017-12-31): 6.5% 2017 FY2018 (ended 2018-12-31): 5.7% FY2019 (ended 2019-12-31): 5.2% 2019 FY2020 (ended 2020-12-31): 5.1% FY2021 (ended 2021-12-31): 3.7% 2021 FY2022 (ended 2022-12-31): 3.6% FY2023 (ended 2023-12-31): 2.1% 2023 FY2024 (ended 2024-12-31): 1.7% FY2025 (ended 2025-12-31): 1.8% 2025 1.8%

History

Download CSV
Fiscal year Period end Ad spend YoY Revenue Ad / revenue Tag Filing
FY2025 Dec 31, 2025 $363M +58.5% $20.3B 1.8% AdvertisingExpense 10-K Feb 18, 2026
FY2024 Dec 31, 2024 $229M +0.4% $13.7B 1.7% AdvertisingExpense 10-K Feb 18, 2026
FY2023 Dec 31, 2023 $228M -53.5% $10.8B 2.1% AdvertisingExpense 10-K Feb 18, 2026
FY2022 Dec 31, 2022 $490M +2.3% $13.6B 3.6% AdvertisingExpense 10-K Feb 19, 2025
FY2021 Dec 31, 2021 $479M +67.5% $12.8B 3.7% AdvertisingExpense 10-K Feb 22, 2024
FY2020 Dec 31, 2020 $286M +40.2% $5.6B 5.1% AdvertisingExpense 10-K Feb 23, 2023
FY2019 Dec 31, 2019 $204M +83.5% $3.9B 5.2% AdvertisingExpense 10-K Feb 24, 2022
FY2018 Dec 31, 2018 $111M +99.6% $2B 5.7% AdvertisingExpense 10-K Feb 25, 2021
FY2017 Dec 31, 2017 $55.7M +106.3% $859M 6.5% AdvertisingExpense 10-K Feb 26, 2020
FY2016 Dec 31, 2016 $27M +152.3% $365M 7.4% AdvertisingExpense 10-K Feb 27, 2019
FY2015 Dec 31, 2015 $10.7M n/a $130M 8.2% AdvertisingExpense 10-K Mar 6, 2018

What the figure is

Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).

Compared with similar spenders

The 6 companies closest to Carvana in latest-year ad spend.

Rank Company Ad spend Ad / revenue YoY Fiscal year
151 QVC Group $369M 4.4% +18.3% FY2025
152 Chipotle Mexican Grill $364M 3.1% +27.3% FY2025
153 Carvana $363M 1.8% +58.5% FY2025
154 Goodyear Tire & Rubber $362M 2.0% +10.7% FY2025
155 e.l.f. Beauty $361M 22.1% +28.3% FY2026
156 Lionsgate Studios $361M 13.7% +21.7% FY2026
157 PENN Entertainment $358M 5.1% -21.5% FY2025

Full ranking of 336 companies · Biggest increases #16

Questions

How much does Carvana spend on advertising?

Carvana spent $363M on advertising in fiscal 2025, the year ended Dec 31, 2025, according to its 10-K filed Feb 18, 2026.

What percentage of revenue does Carvana spend on advertising?

1.8% of revenue in fiscal 2025 ($363M of $20.3B). The median across the 336 companies tracked is 5.2%.

Is Carvana spending more on advertising?

Yes. Ad spend rose 58.5% in fiscal 2025 from fiscal 2024. It has risen 2 years in a row.

How does Carvana rank by advertising spend?

#153 of 336 US-listed companies with $100M or more in ad spend, ranked on each company's latest fiscal year.

What does Carvana's advertising figure include?

Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).

Source

Filing
10-K for FY2025, filed Feb 18, 2026
Accession number
0001690820-26-000009
Company
CARVANA CO., CIK 1690820, SIC 5500 (Retail-Auto Dealers & Gasoline Stations)
Data
SEC EDGAR XBRL company facts, retrieved Nov 4, 2026. Methodology.
Cite
Carvana advertising spend, FY2015-FY2025. Aleksei Trudov, io.trudov.com, from SEC EDGAR XBRL company facts (latest: 10-K filed Feb 18, 2026), retrieved Nov 4, 2026. https://io.trudov.com/company/carvana/advertising-spend/
Download
CSV, all years · CSV, all 336 companies