CARVANA CO. (CVNA) — what changed in its 10-K risk factors

Item 1A Risk Factors, 10-K 2026-02-18 vs 2025-02-19. The material changes, ranked.

• Escalated Tariff risk significantly expanded to explicitly call out U.S. import tariffs on vehicles and parts, plus uncertainty around tariff changes affecting supply costs and consumer behavior — "changes to the import tariffs implemented by the U.S. on vehicles and parts, and uncertainty regarding the same, may change vehicle supply or the supply or cost of important vehicle parts and components"
• Escalated Geopolitical risk broadened to add new flashpoints, specifically naming U.S.-Venezuela military action and Latin America conditions alongside existing Ukraine/Middle East/China-Taiwan references — "conditions in Latin America following the recent U.S. military action in Venezuela"
• Escalated EV/autonomous vehicle risk sharpened to include explicit financial harm to consumers, adding that new technologies may make "certain used vehicles more expensive or less desirable" (prior language omitted the cost/desirability consequence)
• New Interest rate risk added as a discrete, named threat to consumer affordability — "elevated and volatile interest rates have pressured and may again pressure consumer affordability and monthly payments, which may reduce demand for used vehicles"
• New Artificial intelligence explicitly added as a named risk category in the summary risk-factor list — "our use of artificial intelligence technology" (absent from prior filing's equivalent list)