Carvana Co. (Carvana (CVNA)) stock is having a good Wednesday. The company officially announced it will release its second-quarter 2026 financial results on July 29, after the market closes. That scheduling has refocused investors on what management has been hinting at for months: record-breaking numbers.

During the first-quarter earnings call, CFO Mark Jenkins laid out a pretty optimistic vision. “Looking toward second quarter and assuming the environment remains stable, we expect a sequential increase in both retail units sold and adjusted EBITDA, leading to all-time company records on both metrics,” Jenkins said. He added, “We remain on track to deliver significant growth in both retail units sold and adjusted EBITDA in full year 2026.”

That’s the kind of forward guidance that gets people excited. But it’s worth noting that CVNA is still trading about 27% below its 52-week high of $97.38. So the stock has some ground to make up.

Wall Street Estimates and Forecasts

For the upcoming report, analysts are looking for earnings per share of 43 cents and quarterly revenue of $6.87 billion. Carvana makes its money through three main channels: selling used vehicles, selling wholesale vehicles, and other stuff like originating loans. The used car business is the big one, and the market will be watching closely to see if margins are holding up.

Short Interest Dynamics

Here’s an interesting wrinkle: short interest in Carvana actually increased during the most recent reporting period, climbing from 72.22 million shares to 74.85 million shares. That means 14.08% of the company’s publicly available float is now held by short sellers. Based on average daily trading volume of 9.98 million shares, it would take short sellers about 7.5 days to cover their positions completely. That’s a decent squeeze potential if the earnings report surprises to the upside.

Critical Levels To Watch For CVNA Stock

Technically, Carvana is trying to stabilize after a rough patch. The stock saw a death cross back in March—when the 50-day moving average crossed below the 200-day moving average—and that bearish signal still looms. Even after today’s rally, CVNA is trading about 1% below its 50-day SMA ($71.02) and 4% below its 200-day SMA ($73.23). So there’s overhead supply to contend with. Momentum is neutral, with the RSI at 53.89.

Key levels to watch: resistance around $75, which is a round number near the longer-term moving averages where rallies have stalled before. On the downside, support sits at $61.50, a nearby floor that’s held recently.

CVNA Stock Price Activity: Carvana shares were up 7.08% at $70.48 at the time of publication on Wednesday.