In Q1'26, Carvana's (CVNA) net income reached $405M USD, marking a robust increase from $216M in Q1'25 and continuing the positive momentum observed in recent quarters. This latest data point reflects sustained profitability, up significantly from the $857M peak in Q4'25, and underscores the company's improving financial health amid ongoing operational efficiencies. Over the period from Q2'23 to Q1'26, net income exhibited high volatility, starting with a loss of -$58M in Q2'23, surging to a $782M profit in Q3'23, then fluctuating with losses and modest gains through Q4'24 before stabilizing into consistent profitability from Q1'25 onward, culminating in $405M. Year-over-year growth was particularly strong in Q1'25 (671%), Q2'25 (917%), and Q4'25 (985%), though it moderated to 87.5% in Q1'26, indicating a maturing growth trajectory with overall positive trends driven by revenue expansion and cost controls. The bar chart highlights these swings, while the overlaid YoY line shows recovery from early declines to sustained double-digit gains.