Carvana COO sells 10,000 shares after option exercise

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Rhea-AI Filing Summary

Carvana Co. Chief Operating Officer Benjamin E. Huston exercised stock options for 10,000 shares of Class A Common Stock at an exercise price of $10.07 per share on March 2, 2026, then sold 10,000 shares in multiple open-market trades at volume-weighted average prices ranging from $318.12 to $327.47 per share under a pre-arranged Rule 10b5-1 trading plan adopted on December 13, 2024. On March 1, 2026, 1,220 shares were withheld to cover taxes upon vesting of restricted stock units at $334.16 per share. Following these transactions, he directly owned 97,432 shares of Carvana Class A Common Stock.

Insider Trade Summary

Exercise and Sale: 10,000 shares ($3.13M approx. pre-tax spread)

Exercise and Sale 13 txns

Insider HUSTON BENJAMIN E.

Role Chief Operating Officer

Sold 10,000 shs ($3.23M)

Approx. gross sale proceeds $3.23M

Approx. exercise cost $101K

Approx. pre-tax spread $3.13M

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	10,000	$0.00	$0.00
Exercise	Class A Common Stock	10,000	$10.07	$101K
Sale	Class A Common Stock	440	$318.12	$140K
Sale	Class A Common Stock	520	$319.11	$166K
Sale	Class A Common Stock	974	$320.15	$312K
Sale	Class A Common Stock	983	$321.17	$316K
Sale	Class A Common Stock	1,715	$322.30	$553K
Sale	Class A Common Stock	2,168	$323.16	$701K
Sale	Class A Common Stock	1,400	$324.14	$454K
Sale	Class A Common Stock	1,280	$325.15	$416K
Sale	Class A Common Stock	440	$326.57	$144K
Sale	Class A Common Stock	80	$327.47	$26K
Exercise Price or Tax Liability	Class A Common Stock	1,220	$334.16	$408K

Holdings After Transaction: Stock Options (Right to Buy) — 318,513 contracts (Direct); Class A Common Stock — 97,432 shares (Direct)

Footnotes (14)

F1. Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units pursuant to various awards.
F2. The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
F3. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
F4. This transaction was executed in multiple trades at prices ranging from $317.57 to $318.56, inclusive.
F5. This transaction was executed in multiple trades at prices ranging from $318.59 to $319.56, inclusive.
F6. This transaction was executed in multiple trades at prices ranging from $319.65 to $320.63 inclusive.
F7. This transaction was executed in multiple trades at prices ranging from $320.71 to $321.70, inclusive.
F8. This transaction was executed in multiple trades at prices ranging from $321.71 to $322.70, inclusive.
F9. This transaction was executed in multiple trades at prices ranging from $322.71 to $323.70, inclusive.
F10. This transaction was executed in multiple trades at prices ranging from $323.71 to $324.68, inclusive.
F11. This transaction was executed in multiple trades at prices ranging from $324.73 to $325.71 inclusive.
F12. This transaction was executed in multiple trades at prices ranging from $326.20 to $327.18 inclusive.
F13. This transaction was executed in multiple trades at prices ranging from $327.20 to $327.74, inclusive.
F14. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vested 25% on April 1, 2024 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

FAQ

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What insider transactions did Carvana (CVNA) COO Benjamin Huston report?

Carvana COO Benjamin Huston exercised options for 10,000 Class A shares and sold 10,000 shares in open-market trades. The transactions occurred on March 2, 2026, under a Rule 10b5-1 plan, with additional shares withheld for taxes from restricted stock unit vesting.

How many Carvana (CVNA) shares did the COO sell and at what prices?

The COO sold 10,000 Carvana Class A shares in several open-market trades. Reported volume-weighted average sale prices ranged from $318.12 to $327.47 per share, with detailed price ranges for each trade provided for regulators, the company, and shareholders upon request.

Did Carvana (CVNA) COO Benjamin Huston exercise stock options in this Form 4?

Yes. Benjamin Huston exercised stock options for 10,000 shares of Carvana Class A Common Stock at an exercise price of $10.07 per share. These non-qualified stock options began vesting April 1, 2024, and continue vesting monthly for three years, subject to his continued service.

What is a Rule 10b5-1 trading plan and how does it relate to this Carvana (CVNA) filing?

The filing states the option exercises and sales were executed under a Rule 10b5-1 plan adopted on December 13, 2024. Such plans pre-schedule trades, allowing insiders to systematically transact shares, helping separate personal trading decisions from day-to-day market or company developments.

How many Carvana (CVNA) shares does the COO own after these transactions?

After completing the reported option exercise, open-market sales, and tax-withholding disposition, Benjamin Huston directly owns 97,432 shares of Carvana Class A Common Stock. This figure reflects his direct holdings as reported following the March 1 and March 2, 2026, transactions in the Form 4.

Why were 1,220 Carvana (CVNA) shares disposed of in a tax-withholding transaction?

The filing notes 1,220 shares of Class A Common Stock were withheld to cover taxes upon vesting of restricted stock units. This tax-withholding disposition occurred on March 1, 2026, at $334.16 per share, representing shares retained by the issuer to satisfy related tax obligations.

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Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 03/03/2026 - 05:40 PM EST

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HUSTON BENJAMIN E.

(Last)

(First)

(Middle)

C/O CARVANA CO.

300 E. RIO SALADO PARKWAY

(Street)

TEMPE

85281

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CARVANA CO. [ CVNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	03/01/2026		F		1,220⁽¹⁾	D	$334.16	97,432	D
Class A Common Stock	03/02/2026		M		10,000⁽²⁾	A	$10.07	107,432	D
Class A Common Stock	03/02/2026		S		440⁽²⁾	D	$318.12⁽³⁾⁽⁴⁾	106,992	D
Class A Common Stock	03/02/2026		S		520⁽²⁾	D	$319.11⁽³⁾⁽⁵⁾	106,472	D
Class A Common Stock	03/02/2026		S		974⁽²⁾	D	$320.15⁽³⁾⁽⁶⁾	105,498	D
Class A Common Stock	03/02/2026		S		983⁽²⁾	D	$321.17⁽³⁾⁽⁷⁾	104,515	D
Class A Common Stock	03/02/2026		S		1,715⁽²⁾	D	$322.3⁽³⁾⁽⁸⁾	102,800	D
Class A Common Stock	03/02/2026		S		2,168⁽²⁾	D	$323.16⁽³⁾⁽⁹⁾	100,632	D
Class A Common Stock	03/02/2026		S		1,400⁽²⁾	D	$324.14⁽³⁾⁽¹⁰⁾	99,232	D
Class A Common Stock	03/02/2026		S		1,280⁽²⁾	D	$325.15⁽³⁾⁽¹¹⁾	97,952	D
Class A Common Stock	03/02/2026		S		440⁽²⁾	D	$326.57⁽³⁾⁽¹²⁾	97,512	D
Class A Common Stock	03/02/2026		S		80⁽²⁾	D	$327.47⁽³⁾⁽¹³⁾	97,432	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options (Right to Buy)	$10.07	03/02/2026		M⁽²⁾			10,000	04/01/2024⁽¹⁴⁾	02/22/2033	Class A Common Stock	10,000	$0	318,513	D

Explanation of Responses:

1. Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units pursuant to various awards.

2. The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").

3. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

4. This transaction was executed in multiple trades at prices ranging from $317.57 to $318.56, inclusive.

5. This transaction was executed in multiple trades at prices ranging from $318.59 to $319.56, inclusive.

6. This transaction was executed in multiple trades at prices ranging from $319.65 to $320.63 inclusive.

7. This transaction was executed in multiple trades at prices ranging from $320.71 to $321.70, inclusive.

8. This transaction was executed in multiple trades at prices ranging from $321.71 to $322.70, inclusive.

9. This transaction was executed in multiple trades at prices ranging from $322.71 to $323.70, inclusive.

10. This transaction was executed in multiple trades at prices ranging from $323.71 to $324.68, inclusive.

11. This transaction was executed in multiple trades at prices ranging from $324.73 to $325.71 inclusive.

12. This transaction was executed in multiple trades at prices ranging from $326.20 to $327.18 inclusive.

13. This transaction was executed in multiple trades at prices ranging from $327.20 to $327.74, inclusive.

14. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vested 25% on April 1, 2024 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Benjamin E. Huston	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR