1. Multiple New Advertisers.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

1. New Advertisers.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

1. Returning Advertisers.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

• New: KMX’s 3Q26-equivalent earnings, released on September 29, 2026.

• CVNA’s 2Q26 earnings, released on July 29, 2026.

  • (+ CVNA’s 3Q26 unit & growth estimates from Clarity Markets.)

In general, the purpose of this report is to:

1. Create more-even comparisons. Required given the different reporting practices and periods between the two companies (where other online resources do not have these exact comparisons available, which can lead to making incorrect comparisons and conclusions).

2. Determine how well one is doing versus the other, under the many different components of their unit economics, and why (including areas where Carvana or CarMax is doing something fundamentally different, such as in finance GPU).

I will also start a new thread in the Substack Chat to discuss this more.

The Full PDF Report

The PDF below contains the complete CVNA vs KMX report.

There are 74 slides covering the following comparisons in graphs / tables:

1. Units: Retail units, retail QoQ and YoY growth rates, wholesale vehicle, and wholesale marketplace units.

   1. Includes CVNA’s estimated 3Q26 units and growth rates from Clarity Markets.

2. Adj EBITDA: Adj EBITDA per unit, margins, recurring adj EBITDA, and total adj EBITDA.

3. GPU: Total GPU, Hindenburg comments, finance GPU and why so different, finance GPU adjusted for loan sales, wholesale GPU, retail GPU, ASP, and other GPU.

   1. Regarding differences in finance GPU, at least one point is shared that is under discussed by others.

4. SG&A: Total SG&A, SG&A per retail unit, and advertising expenses.

5. DA and SBC: Depreciation and amortization, and stock based comp.

Enjoy.

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1. Two New Partnerships.

2. Returning Advertisers.

3. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

1. New Advertisers.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

1. New and Returning Advertisers.

   1. Including large and attractive.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

1. Returning Advertisers.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

• KMX’s 2Q26-equivalent earnings, released on June 17, 2026.

• New: CVNA’s 2Q26 earnings, released on July 29, 2026.

In general, the purpose of this report is to:

1. Create more-even comparisons. Required given the different reporting practices and periods between the two companies (where other online resources do not have these exact comparisons available, which can lead to making incorrect comparisons and conclusions).

2. Determine how well one is doing versus the other, under the many different components of their unit economics, and why (including areas where Carvana or CarMax is doing something fundamentally different, such as in finance GPU).

I will also start a new thread in the Substack Chat to discuss this more.

As a reminder, I sent out the Carvana 2Q26 post-earnings analysis last month, which focused on just Carvana, including metrics / visuals not included here.

The Full PDF Report

The PDF below contains the complete CVNA vs KMX report.

There are 76 slides covering the following comparisons in graphs / tables:

1. Units: Retail units, retail QoQ and YoY growth rates, wholesale vehicle, and wholesale marketplace units.

2. Adj EBITDA: Adj EBITDA per unit, margins, recurring adj EBITDA, and total adj EBITDA.

3. GPU: Total GPU, Hindenburg comments, finance GPU and why so different, finance GPU adjusted for loan sales, wholesale GPU, retail GPU, ASP, and other GPU.

   1. Regarding differences in finance GPU, at least one point is shared that is under discussed by others.

4. SG&A: Total SG&A, SG&A per retail unit, and advertising expenses.

5. DA and SBC: Depreciation and amortization, and stock based comp.

Enjoy.

Read more

1. New and Returning Advertisers.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

In the quick research note below, I discuss why it’s likely too cheap.

Enjoy.

HGV, the Buyback Machine

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1. Many New and Returning Advertisers.

   1. Including large and attractive.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

1. New and returning Advertisers.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

1. Returning Advertisers.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

In this week’s report:

1. Changes to Wells Fargo Deals Eligibility.

2. Chase App Update.

3. New and Returning Advertisers.

4. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

1. Analysis of 2Q26 Earnings.

2. New and Returning Advertisers.

   1. Including large and attractive.

3. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

The purpose of this analysis is to:

• Focus on the latest QoQ and YoY changes.

• Create visuals / metrics / summaries not readily available within Carvana’s reporting / supplemental tables or from other sources.

  • Such as incremental profit per retail unit which is insightful.

  • Recurring figures that require adjusting reported numbers.

  • Attention to debt, interest, CapEx.

  • Changes and trends of components of GPU, SG&A, DA.

  • and more.

I will also be comparing these latest figures to CarMax soon.

The Full PDF Report

The 65-page slide deck below for 2Q26 contains graphs and tables on the following:

1. Adj EBITDA: Adj EBITDA per retail unit, margins, recurring adj EBITDA, total adj EBITDA, and QoQ and YoY comparisons on a GAAP and non-GAAP basis.

2. Incremental Profit: In total and on a per retail unit basis, by separating out the overhead and advertising costs.

3. Interest, CapEx, and Debt: Comparisons of interest / CapEx / debt to adj EBITDA, net debt trends, and leverage ratios.

4. Total GPU vs SG&A: As-report and on a recurring basis.

5. Components of Total GPU: Retail GPU, wholesale GPU, other / finance GPU, and finance GPU adjusted for loan-sale timing.

6. SG&A: Total SG&A, SG&A per retail unit, and advertising expenses.

7. DA and SBC: Total depreciation and amortization, DA per retail unit, DA by retail / wholesale / SG&A, and total stock based comp and on a per unit basis.

8. Units: Retail unit trends and YoY / QoQ growth rates, and comparisons to wholesale vehicle and marketplace units.

9. Summaries: YoY and QoQ changes, both on GAAP and non-GAAP basis.

Enjoy.

Read more

1. New and Returning Advertisers.

   1. Including large and attractive.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

1. New Advertiser.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more

1. New and Returning Advertisers.

   1. Including large and attractive.

2. Updated WoW, QoQ, and YoY Numbers.

   1. Total offers.

   2. Total advertiser count.

   3. Large and attractive advertisers.

   4. CDLX vs CMS and AmEx-sourced offers %.

   5. and more.

Reminder: Additional notes and thoughts are shared in the Substack Chat (such as those that are more time sensitive, as well as additional commentary on the reports).

Read more