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CVNA

Carvana Co.Close $64.10EOD only
Max Pain
$76.00
Next expiry Jun 18, 2026
Expected Move
±$4.46
7.0% from close
Price Gap
+11.90
Distance to max pain
IV Rank
65
High premium
P/C OI
0.86
Slightly call-heavy
Consensus
4.0/10
Consensus signal
Published snapshot: Jun 12, 2026 close
End-of-day snapshot

This page reflects CVNA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Jun 12, 2026 close
CVNA Earnings Report
Analysis based on market close June 15, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Earnings Verdict

CVNA 44d to earnings. IV elevated with upward slope. 80% beat rate bullish, but spot below $74 max pain and heavy put flow warn of downside. Gamma floor at $60.

Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 6.9% from MP; +1 VIX 16
Most important: Spot below max pain ($74) and near-term put flow suggest short-term bearish pressure; high beat rate and call OI wall at $80+ cap upside.
📈80% beat rate historically favors upside
⚠️Put/call volume ratio 1.32, near-term put activity elevated
📊Max pain $74 for near expiry, spot at $69.28 below it

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bearish
Spot vs MP
Below
Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,904 (12.9% below spot)

Earnings Overview

Next earnings: 2026-07-29 (44 days)explicit

Expected moves:

  • 2026-06-18 (3d): ±$4.09 (5.9%)
  • 2026-06-26 (11d): ±$6.88 (10.0%)
  • 2026-07-02 (17d): ±$8.45 (12.3%)

IV Setup

Term structure: Upward sloping: 3d 5.9%, 11d 10.0%, 17d 12.3%

Crush estimate: Estimated post-earnings IV crush 20-30%

Skew: Put volume elevated at $58 7/17; call OI concentrated $80-$100

Historical Context

Beat rate: 80% (4/5 quarters)

Avg move vs expected: Not available

Directional bias: Bullish based on 80% historical beat rate

Key Levels

1$60.00 gamma flip
2EM guardrails: 2d $64.82/$72.99
3Max pain pins: $74 (2026-06-18); $67 (2026-06-26); $66 (2026-07-02)

Flow Highlights

Unusual put volume at $58 strike expiring 2026-07-17 (vol/OI 2.3)

Hedging or bearish bet below $60 support

Call buying at $68-$71 strikes for June/July expirations

Speculative upside positioning ahead of earnings

Strategies

Put Calendar on CVNA
Sell 2026-06-26 $60.00 put / buy 2026-07-24 $60.00 put
Debit: $1.67-$2.05
Max loss: $2.05
Max gain: Variable
BE: Path-dependent
Trigger: Monitor IV; exit if spot nears $60 or IV flattens. Consider rolling if term structure inverts.
Upward sloping IV favors short-term put sale vs long-term put buy; defined risk aligns with downside warnings. Outranks short strangle due to limited risk and term structure capture.
Outperforms: Sell 11d put, buy 39d put at same strike to profit from decay differential and IV slope.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short Strangle on CVNA
Sell 2026-06-26 $60.00 put + sell $74.00 call
Credit: $1.99-$2.44
Max loss: Unlimited
Max gain: $2.44
BE: 57.56 / 76.44
Trigger: Set stop-loss on IV expansion or breach of strikes. Roll if spot approaches $74 or $60.
High IV allows premium collection but unlimited risk and mixed signals lower rank. Viable if spot stays near $70.
Outperforms: Sell OTM call & put to collect premium from high IV, betting on low realized volatility.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Spot below max pain $74, risk of drift lower.
!High IV poses crush risk post-earnings.
!Gamma flip at $60 if spot drops further.

What to Watch

?Price action at $64.82/$72.99 EM guardrails.
?OI changes at $80 call wall.
?Volume at $58 put strike for hedging activity.
How to Use These Reports
This earnings reflects the market close on June 15, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.