As of Q4'25, Carvana's latest data shows ROE at 0.25%, ROA at 0.06%, and ROIC at -0.02%. This indicates a modest improvement in return on equity and assets, while return on invested capital has turned slightly negative. From Q1'23 to Q4'25, the chart reveals considerable volatility across all three metrics. ROE experienced a sharp spike in Q3'23 (2.31%) followed by a significant drop, then gradually recovered to end higher in Q4'25. ROA and ROIC both transitioned from negative or near-zero values in early 2023 to positive territory through most of 2024 and 2025, with ROA peaking at 0.06% and ROIC turning negative again at the end of the period. Overall, the trend suggests improving operational efficiency, though the negative ROIC in the latest quarter highlights ongoing capital allocation challenges. The data covers the period from Q1'23 to Q4'25.