In Q1'26, Carvana's (CVNA) Gross Margin stood at 19.8%, Operating Margin at 9.0%, and Net Profit Margin at 6.3%, reflecting a stabilization in profitability metrics following recent fluctuations, with gross margins remaining robust while net margins moderated from the prior quarter's peak. Over the period from Q2'23 to Q1'26, the chart reveals a generally upward trend in all margins, with Gross Margin improving from 16.8% to a high of 22.1% in Q3'24 before settling around 20%, indicating enhanced cost efficiencies in core operations. Operating Margin shifted from modest positives and a Q4'23 dip to -1.5% into consistent growth, peaking at 10.6% in Q2'25, driven by operational leverage. Net Profit Margin exhibited higher volatility, swinging from -2.0% in Q2'23 to a standout 28.2% in Q3'23 and 15.3% in Q4'25, before easing to 6.3% in Q1'26, underscoring improving but uneven bottom-line performance amid market dynamics. The line chart highlights key inflection points, such as the post-Q4'23 recovery across metrics, with net margins showing the most pronounced variability due to one-time factors, while gross margins provide a stable foundation for overall profitability gains.