CVNA — what changed in the latest 10-Q
A section-by-section comparison of CVNA's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-28 vs the prior 10-Q · 2026-07-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +23 | −20 | ~48 | 89 |
| Market risk (Item 3) | Text added/removed | +5 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | +2 | −3 | 0 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~2 | 1 |
| Other information | Text added/removed | +2 | −4 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-28
Three Months Ended September 30,Nine Months Ended September 30,
We generally seek to sell the loans we originate to securitization trusts we sponsor and establish or to financing partners. The securitization trusts issue asset-backed securities, some of which are collateralized by the finance receivables that we sell to the securitization trusts. We also sell th…
The number of loans we originate is driven by the number of retail vehicles sold and the percentage of our sales for which we provide financing, which is influenced by the financing terms we offer our customers relative to alternatives available to the customer. The average principal balance is driv…
Three Months Ended September 30,Nine Months Ended September 30,
Nine months ended September 30, 2026 versus 2025. Wholesale gross profit increased by $86 million to $464 million during the nine months ended September 30, 2026, compared to $378 million during the nine months ended September 30,
Text removed vs the prior filing · source: 10-Q · 2026-07-29
We generally seek to sell the loans we originate to securitization trusts we sponsor and establish or to financing partners. The securitization trusts issue asset-backed securities, some of which are collateralized by the finance receivables that we sell to the securitization trusts. We also sell th…
Master Purchase and Sale Agreement (as defined in Note 7 — Finance Receivable Sale Agreements of our financial statements included in Part I, Item 1, Financial Statements of this Quarterly Report on Form 10-Q the "Ally MPSA"), and through fixed pool loan sales, with financing partners who generally …
The number of loans we originate is driven by the number of retail vehicles sold and the percentage of our sales for which we provide financing, which is influenced by the financing terms we offer our customers relative to alternatives available to the customer. The average principal balance is driv…
Six months ended June 30, 2026 versus 2025. Wholesale gross profit increased by $67 million to $310 million during the six months ended June 30, 2026, compared to $243 million during the six months ended June 30, 2025. This increase was primarily driven by an increase in wholesale units sold to 188,…
Other operating expense, net was less than $1 million during each of the three and six months ended June 30, 2026 and $2 million during each of the three and six months ended June 30, 2025.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-10-28
As of September 30, 2026, we are exposed to potential losses arising from adverse changes in interest rates related to the Term Loan B, which bears interest at a floating rate based on one-month Term SOFR. To manage a portion of this exposure, we entered into an interest rate swap under which we pay…
rate swap instrument is designated as a cash flow hedge, with the objective of managing the exposure to interest rate risk by converting a portion of the Term Loan B's floating interest rate payments to a fixed interest rate.
As of September 30, 2026, the Term Loan B had an outstanding principal amount of $1.660 billion and bore interest at Term SOFR plus 2.25%. A one percentage point increase or decrease in the one month Term SOFR would result in an approximately $17 million increase or decrease, respectively, in annual…
See Note 9 — Debt Instruments and Note 17 — Fair Value of Financial Instruments, included in Part I, Item 1, Financial Statements, of this Quarterly Report on Form 10-Q, which is incorporated into this item by reference.
The Company transacted the swap with a single counterparty, a major financial institution, and is therefore exposed to a concentration of credit risk with respect to that counterparty. The Company monitors the counterparty’s credit standing.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-10-28
Under the supervision and with the participation of our management, including the chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securit…
There were no changes to our internal controls over financial reporting that occurred during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Text removed vs the prior filing · source: 10-Q · 2026-07-29
Under the supervision and with the participation of our management, including the chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securit…
period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of such date. Our disclosure controls and procedures are designed to ensure that information…
There were no changes to our internal controls over financial reporting that occurred during the three months ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-28
On August 28, 2026, Stephen Palmer, the Company's principal accounting officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a "10b5-1 Plan"), providing for the potential sale of up to 60,000 shares of Class A common sto…
On September 10, 2026, Benjamin Huston, the Company's Chief Operating Officer, modified his previously disclosed 10b5-1 Plan to provide for the sale of up to 1,442,565 shares of Class A common stock obtained from the exercise of vested stock options between the first potential sale date of December …
Text removed vs the prior filing · source: 10-Q · 2026-07-29
On July 27, 2026, we amended our Ally Master Purchase and Sale Agreement to, among other things, increase the commitment by Ally to purchase up to $8.0 billion of principal balances of finance receivables between July 27, 2026 and July 26, 2027 on substantially similar terms as the preceding Ally MP…
On June 15, 2026, Gregory Sullivan, a member of the Company's board of directors, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a "10b5-1 Plan"). Mr. Sullivan's 10b5-1 Plan provides for the potential sale of up to 142,140…
Also on June 15, 2026, Thomas Taira, the Company's President of Special Projects, modified his previously disclosed 10b5-1 Plan, entered into on July 31, 2025. Mr. Taira's amended 10b5-1 Plan provides for the potential sale of up to 200,000
shares of Class A common stock obtained from the exercise of vested stock options, as well as 100% of any net shares of Class A common stock received, after tax withholding, in connection with certain previously awarded RSUs that vest between July 1, 2026 and December 1, 2027, representing approxima…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice