Total revenue of $8.040 billion beat the $7,709 million estimate by 4.3%. No EPS comparison is available: the release discloses no earnings per share.
Guidance narrowed upward without the range moving: full-year adjusted EBITDA is now expected in the higher end of the unchanged $2.7 to $3.0 billion range, with Q4 framed only as a sequential increase in retail units sold.
Volume and margin moved together: 217,385 retail units, up 39% year over year, with a 10.0% adjusted EBITDA margin and an 8.9% GAAP operating margin on $714 million of operating income.
Net income of $483 million is up $220 million year over year on a 6.0% net income margin.
The one thing that matters: growth has stopped costing margin. 39% unit growth came with $714 million of GAAP operating income and an 8.9% operating margin, close to the 10.0% adjusted EBITDA margin — but the release withholds EPS, GPU and cash flow, so the per-unit economics sit in the shareholder letter.
Key metrics
Metric
Reported
Prior year
Change
Retail units sold
217,385 retail units
—
+39% YoY
Net Income
$483 million
—
up $220 Million YoY
Net Income margin
6.0%
—
—
Adjusted EBITDA
$800 million
—
up $163 Million YoY
GAAP Operating Income
$714 million
—
—
GAAP Operating margin
8.9%
—
—
Guidance changes
Item
New guidance
Prior guidance
Full year 2026 Adjusted EBITDA
in the higher end of our previously communicated range of $2.7 to $3.0 billion for the full year 2026
$2.7 - $3.0 Billion range for full year 2026
Q4 2026 retail units sold
A sequential increase in retail units sold
—
Quality of earnings
The non-GAAP headline is not doing much work. GAAP operating income of $714 million on an 8.9% margin sits close to the $800 million of adjusted EBITDA on a 10.0% margin, an unusually small gap for a company that adds back D&A and share-based compensation.
The bridge below operating income is not verifiable here. Net income of $483 million on a 6.0% margin against a 10.0% adjusted EBITDA margin implies meaningful interest, tax and non-cash charges, none of which the release discloses.
Growth is stated as organic throughout: 217,385 retail units, up 39%, and revenue up 42%, with no acquisition contribution cited in either figure.
Gotchas & watch items
The guidance move is softer than it reads: the $2.7 to $3.0 billion full-year adjusted EBITDA range is unchanged, only the expected position within it moved, and the fourth-quarter unit outlook carries no number at all.
This release is a summary, not a results statement: revenue of $8.040 billion, net income of $483 million, adjusted EBITDA of $800 million and 217,385 units are the only figures, with the income statement, GPU detail and cash flow deferred to the shareholder letter.