Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Carvana has staged one of the more striking operating recoveries in U.S. auto retail.</li><li>After spending years associated with heavy debt, restructuring concerns, and questions around the sustainability of its business model, the online used-car retailer is now growing faster than the broader industry while generating substantial profits.</li><li>In the second quarter of 2026, retail units sold jumped 38% year over year to 197,325, while revenue climbed 52% to a record $7.38 billion.</li></ul>

Carvana has staged one of the more striking operating recoveries in U.S. auto retail.After spending years associated with heavy debt, restructuring concerns, and questions around the sustainability of its business model, the online used-car retailer is now growing faster than the broader industry while generating substantial profits.In the second quarter of 2026, retail units sold jumped 38% year over year to 197,325, while revenue climbed 52% to a record $7.38 billion.

Carvana’s $3 Billion Profit Engine Is Humming—But Rates Could Hit The Brakes!

<ul><li>Carvana’s second quarter performance reflects continued growth in sales volume alongside evolving profitability and operational dynamics.</li><li>The company reported retail units sold reaching nearly 200,000 vehicles in the quarter, a 38% year-over-year increase and a new company record, positioning Carvana at approximately 2% of the used car market share and 1.5% of the total auto retail market.</li><li>Revenue increased 52% year-over-year to $7.376 billion, partially influenced by a change in gross revenue recognition related to certain vehicle acquisitions.</li></ul>

Carvana’s second quarter performance reflects continued growth in sales volume alongside evolving profitability and operational dynamics.The company reported retail units sold reaching nearly 200,000 vehicles in the quarter, a 38% year-over-year increase and a new company record, positioning Carvana at approximately 2% of the used car market share and 1.5% of the total auto retail market.Revenue increased 52% year-over-year to $7.376 billion, partially influenced by a change in gross revenue recognition related to certain vehicle acquisitions.

Carvana’s 54% Regional Sales Surge: The Expansion Strategy Wall Street Is Watching!

<ul><li>Carvana reported a strong first quarter of 2026, characterized by record operational and financial metrics alongside sustained growth momentum.</li><li>The company sold a record 187,000 vehicles in the quarter, marking a 40% year-over-year increase and its ninth consecutive quarter of leading retail unit growth in the automotive retail sector.</li><li>Total revenue rose by 52% to $6.432 billion, a figure influenced by traditional gross revenue treatment related to vehicle acquisitions from a major marketplace partner.</li></ul>

Carvana reported a strong first quarter of 2026, characterized by record operational and financial metrics alongside sustained growth momentum.The company sold a record 187,000 vehicles in the quarter, marking a 40% year-over-year increase and its ninth consecutive quarter of leading retail unit growth in the automotive retail sector.Total revenue rose by 52% to $6.432 billion, a figure influenced by traditional gross revenue treatment related to vehicle acquisitions from a major marketplace partner.

Carvana: A 40% Unit Jump That Came With A Record And A Margin Warning!

<ul><li>The latest pullback in Carvana has been framed by some as a routine earnings wobble.</li><li>The company missed adjusted EBITDA expectations, reconditioning costs ran hot, and margins dipped.</li><li>Management called it growing pains.</li></ul>

The latest pullback in Carvana has been framed by some as a routine earnings wobble.The company missed adjusted EBITDA expectations, reconditioning costs ran hot, and margins dipped.Management called it growing pains.

Carvana Just Proved This Isn’t A Dip — It’s A STRUCTURAL SHIFT!

<ul><li>Carvana's recent earnings call provides a comprehensive view of its performance for the third quarter of 2025.</li><li>The company reported strong growth in multiple key areas, setting new records for retail units sold, revenue, adjusted EBITDA, and GAAP operating income.</li><li>Retail units sold increased by 44% year-over-year, reaching 155,941, while revenue rose by 55% to a new high of $5.647 billion, indicative of higher selling prices and strategic partnerships.</li></ul>

Carvana's recent earnings call provides a comprehensive view of its performance for the third quarter of 2025.The company reported strong growth in multiple key areas, setting new records for retail units sold, revenue, adjusted EBITDA, and GAAP operating income.Retail units sold increased by 44% year-over-year, reaching 155,941, while revenue rose by 55% to a new high of $5.647 billion, indicative of higher selling prices and strategic partnerships.

Carvana Co: Expansion Into EVs, Franchise Dealership Acquisitions & Key Growth Levers!

United States

Carvana Co. operates an online platform for buying used cars. The Company offers test drives, vehicle financing, and car reviews. Carvana serves customers in the United States.

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Carvana (CVNA US)

Carvana’s $3 Billion Profit Engine Is Humming—But Rates Could Hit The Brakes!

Carvana has staged one of the more striking operating recoveries in U.S. auto retail. After spending years associated with heavy debt,...

Baptista Research

Carvana’s 54% Regional Sales Surge: The Expansion Strategy Wall Street Is Watching!

Carvana’s second quarter performance reflects continued growth in sales volume alongside evolving profitability and operational dynamics. The...

Baptista Research

Carvana: A 40% Unit Jump That Came With A Record And A Margin Warning!

Carvana reported a strong first quarter of 2026, characterized by record operational and financial metrics alongside sustained growth...

Baptista Research

Carvana Just Proved This Isn’t A Dip — It’s A STRUCTURAL SHIFT!

The latest pullback in Carvana has been framed by some as a routine earnings wobble. The company missed adjusted EBITDA expectations,...

Baptista Research

Carvana Co: Expansion Into EVs, Franchise Dealership Acquisitions & Key Growth Levers!

Carvana's recent earnings call provides a comprehensive view of its performance for the third quarter of 2025. The company reported strong growth...

Baptista Research

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