New York, Feb 18, 2026, 13:50 EST — Regular session
- CVNA climbed roughly 3.5% in afternoon trading, with investors setting up ahead of the company’s earnings report after the bell.
- Options are pricing in about a 13.5% swing by week-end tied to the report.
- T. Rowe Price disclosed a 12.6% stake in Carvana as of Dec. 31, according to a new filing.
Carvana Co (CVNA) finished Wednesday up roughly 3.5% at $363.35, swinging between a low of $339.16 and a high of $366.25 during a choppy morning session.
Quarterly numbers from the online used-car retailer hit after the closing bell. With traders piling into short-term options before the release, the mood has stayed edgy. Intraday stock swings only added to the tension.
Unit demand, financing terms, and per-vehicle profit margins are under the microscope—investors want straight answers, no curveballs. With this name, guidance carries the weight.
Options trading is signaling a potential move of around 13.5% either way for the shares by week’s end, based on what traders are shelling out for puts and calls tied to the earnings report. With the stock finishing Tuesday around $351, that suggests a possible range from $304 up to $398. (Investopedia)
Carvana plans to post its results after the market closes, with a conference call set for 5:30 p.m. ET. (Carvana Investors)
In an updated Schedule 13G filing, T. Rowe Price Associates disclosed holding 17,787,942 shares in Carvana, giving the firm a 12.6% stake in the company as of Dec. 31. (SEC)
TipRanks figures show analysts looking for earnings per share around $1.13, with revenue pegged at $5.26 billion. Bank of America’s Mike McGovern kept his buy call but trimmed his target down to $460 from $515, citing slower trade-ins and tougher competition that could pressure gross profit per unit. Over at JPMorgan, Rajat Gupta also stuck to his buy, describing Carvana’s vertically integrated setup as a “key moat that is hard to disrupt.” Jefferies’ John Colantuoni is holding his $550 target; his web-scrape model suggests retail units could hit roughly 164,000, which tops the consensus. (TipRanks)
CarMax shares jumped 8.6%, leading a broader move higher in used-car and auto retail stocks. AutoNation added 2.5%. ACV Auctions climbed 4.1%. The S&P 500 tracker SPY gained 0.7%, while QQQ, which tracks the Nasdaq 100, advanced 1.1%.
The setup has a downside, too. Should Carvana fall short on volume or margin numbers—or if management stays vague on the hot topics investors are pressing—the options market that’s been bracing for a sharp move could quickly flip into a trapdoor.
Investors are eyeing the upcoming earnings release after the bell, then tuning in for the 5:30 p.m. ET call. They’ll be parsing commentary for any 2026 guidance on unit growth, gross profit per unit, and funding costs.
