Carvana Is Up 27% in April: What’s Driving the Rally?
Carvana's stock has risen 27% since early April, driven by its Q4 2025 earnings beating expectations and an analyst upgrade from Stephens. The company's inclusion in the S&P 500 and favorable macro conditions for used vehicles have also contributed to the rally.
Carvana's stock price has surged 27% since early April to around $400. The online used-car retailer's Q4 2025 earnings report delivered EPS of $4.22 against a $1.09 consensus and revenue of $5.60 billion, up 58% year over year. Stephens recently raised its Carvana price target to $519 from $454 at Overweight. Carvana's inclusion in the S&P 500 has added a structural bid, and elevated new-car prices and tariff concerns are pushing buyers toward used vehicles. The company now runs 16 integrated ADESA production facilities and plans 6 to 8 new ADESA integrations in 2026. Carvana trades at a P/E ratio of 48x with a forward multiple of 59x and carries $4.83 billion in long-term debt.
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