DFRIDebt-Funded Revenue Index
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Carvana CVNA

How much of Carvana's U.S. consumer revenue is funded by new credit? Read the estimate, then inspect the evidence.

2026-Q1 · estimated DFR% of U.S. consumer revenue
20.26%
Midpoint with 80% bandTier 1–3Provenance
Estimated DFR% band: 16.61% to 24.08%, midpoint 20.26% 16.61% 20.26% 24.08%
Low16.61%Midpoint20.26%High24.08%

Estimated 80% band · share of U.S. consumer revenue

View chart data and provenance
Text equivalent for the current estimated DFR% band for Carvana.
Period2026-Q1
Estimated 80% band16.61% to 24.08% of U.S. consumer revenue
Estimated midpoint20.26% of U.S. consumer revenue
EvidenceTier 1–3
ProvenanceCompany evidence and assumptions

Estimated midpoint: $915 million debt-funded consumer revenue / $4,532 million estimated U.S. consumer revenue.

2026-Q1 · share of estimated debt-funded revenue
Tier 1 59.0%Tier 2 37.4%Tier 3 3.6%
View chart data and provenance
Text equivalent for the evidence-tier decomposition of estimated debt-funded revenue.
ComponentShareMeaning
Tier 159.0%Observed company financing link
Tier 237.4%Category-mapped allocation
Tier 33.6%Fungible proportional allocation
ProvenanceCompany evidence and registered assumptions
Tier definitions
T1 — Observed
A company disclosure directly links financing to sales.
T2 — Category-mapped
Credit is mapped to spending categories, then to companies using registered weights.
T3 — Fungible
Credit that cannot be assigned directly is allocated broadly by estimated consumer revenue, with the widest uncertainty.

Tier percentages show how the estimate was constructed—not confidence scores. Full methodology

2026-Q1 · multiple of Tier 3 baseline
13.02x
Evidence LiftDefinition

DFR% midpoint divided by this company's 1.56% pure-fungibility baseline.

Evidence-supported

HistoryEvidenceAssumptionsSensitivity

History

2026-05-22 · 2026-Q1 refresh

Estimated 1.34%–1.75% of U.S. consumer revenue
Midpoint 1.53%

UPDATED_TTM_FROM_10Q · Versioned source record

2026-08-19 · 2026-Q2 refresh

Estimated 11.78%–16.81% of U.S. consumer revenue
Midpoint 14.23%

UPDATED_TTM_FROM_10Q · Versioned source record

2026-08-19 · 2026-Q2 refresh

Estimated 11.78%–16.82% of U.S. consumer revenue
Midpoint 14.24%

UPDATED_TTM_FROM_10Q · Versioned source record

2026-08-19 · 2026-Q2 refresh

Estimated 11.78%–16.82% of U.S. consumer revenue
Midpoint 14.24%

UPDATED_TTM_FROM_10Q · Versioned source record

2026-11-06 · 2026-Q3 refresh

Estimated 20.07%–28.73% of U.S. consumer revenue
Midpoint 24.31%

UPDATED_TTM_FROM_10Q · Versioned source record

2026-08-06 · 2026-Q1 methodology snapshot

Estimated 16.61%–24.08% of U.S. consumer revenue
Midpoint 20.26%

VERSIONED_BASELINE · Versioned source record

Versioned estimated DFR% bands for Carvana 2026-05-222026-Q1 refresh · Estimated 1.34%–1.75% · UPDATED_TTM_FROM_10Q2026-08-192026-Q2 refresh · Estimated 11.78%–16.81% · UPDATED_TTM_FROM_10Q2026-08-192026-Q2 refresh · Estimated 11.78%–16.82% · UPDATED_TTM_FROM_10Q2026-08-192026-Q2 refresh · Estimated 11.78%–16.82% · UPDATED_TTM_FROM_10Q2026-11-062026-Q3 refresh · Estimated 20.07%–28.73% · UPDATED_TTM_FROM_10Q2026-08-062026-Q1 methodology snapshot · Estimated 16.61%–24.08% · VERSIONED_BASELINE
View chart data and provenance
Text equivalent for every versioned estimated DFR% band in the history chart.
Effective dateRecordEstimated lowEstimated midpointEstimated highStatus and provenance
2026-05-222026-Q1 refresh1.34% of U.S. consumer revenue1.53% of U.S. consumer revenue1.75% of U.S. consumer revenueUPDATED_TTM_FROM_10Q · Versioned source record
2026-08-192026-Q2 refresh11.78% of U.S. consumer revenue14.23% of U.S. consumer revenue16.81% of U.S. consumer revenueUPDATED_TTM_FROM_10Q · Versioned source record
2026-08-192026-Q2 refresh11.78% of U.S. consumer revenue14.24% of U.S. consumer revenue16.82% of U.S. consumer revenueUPDATED_TTM_FROM_10Q · Versioned source record
2026-08-192026-Q2 refresh11.78% of U.S. consumer revenue14.24% of U.S. consumer revenue16.82% of U.S. consumer revenueUPDATED_TTM_FROM_10Q · Versioned source record
2026-11-062026-Q3 refresh20.07% of U.S. consumer revenue24.31% of U.S. consumer revenue28.73% of U.S. consumer revenueUPDATED_TTM_FROM_10Q · Versioned source record
2026-08-062026-Q1 methodology snapshot16.61% of U.S. consumer revenue20.26% of U.S. consumer revenue24.08% of U.S. consumer revenueVERSIONED_BASELINE · Versioned source record

Refresh records are append-only. A new filing adds a record; it never replaces the earlier band.

Evidence

InputEvidenceTier
Financing-to-sales link“Finance receivables include installment contracts the Company originates to its customers to facilitate vehicle sales.” Specific SEC filingTier 1
Revenue denominatorPinned SEC XBRL filing; U.S. consumer share is registered as an assumption.Tier 2

Assumptions

Sensitivity

Top five assumptions by absolute correlation with the estimated band.

  1. A-T1-CVNA-FINANCE-001 — increases the estimate; absolute correlation 0.855.
  2. A-T2-NONREV-AUTO-002 — increases the estimate; absolute correlation 0.377.
  3. A-DEN-CVNA-001 — decreases the estimate; absolute correlation 0.344.
  4. A-T2-REV-GENERAL-001 — increases the estimate; absolute correlation 0.048.
  5. A-T3-REV-FUNGIBLE-001 — increases the estimate; absolute correlation 0.023.