[Form 4] Carvana Co. Insider Trading Activity

Insider Trade Summary

Exercise and Sale: 80,000 shares ($23.08M approx. pre-tax spread)

Exercise and Sale 13 txns

Insider GILL DANIEL J.

Role Chief Product Officer

Sold 80,000 shs ($31.91M)

Approx. gross sale proceeds $31.91M

Approx. exercise cost $8.83M

Approx. pre-tax spread $23.08M

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Class A Common Stock	1,371	$367.78	$504K
Exercise	Stock Options (Right to Buy)	15,058	$0.00	$0.00
Exercise	Stock Options (Right to Buy)	24,942	$0.00	$0.00
Exercise	Stock Options (Right to Buy)	31,679	$0.00	$0.00
Exercise	Stock Options (Right to Buy)	8,321	$0.00	$0.00
Exercise	Class A Common Stock	15,058	$10.07	$152K
Exercise	Class A Common Stock	24,942	$88.62	$2.21M
Exercise	Class A Common Stock	31,679	$126.40	$4.00M
Exercise	Class A Common Stock	8,321	$296.05	$2.46M
Sale	Class A Common Stock	12,570	$393.72	$4.95M
Sale	Class A Common Stock	900	$398.25	$358K
Sale	Class A Common Stock	9,454	$399.31	$3.78M
Sale	Class A Common Stock	57,076	$400.00	$22.83M

Holdings After Transaction: Stock Options (Right to Buy) — 255,073 contracts (Direct); Class A Common Stock — 196,461 shares (Direct)

Footnotes (9)

1. F1. 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").
2. F2. This transaction was executed in multiple trades at prices ranging from $397.68 to $398.64, inclusive. 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.
3. F3. This transaction was executed in multiple trades at prices ranging from $398.88 to $399.52, inclusive. 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. F4. This transaction was executed in multiple trades at prices ranging from $399.99 to $400.00, inclusive. 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.
5. F5. 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.
6. F6. 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.
7. F7. 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, 2021 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.
8. F8. 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, 2023 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.
9. F9. 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, 2022 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

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Accepted by SEC EDGAR 08/04/2025 - 05:18 PM Learn about SEC filing dates

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).

X

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^*

GILL DANIEL J.

(Last) (First) (Middle)

C/O CARVANA CO.

300 E. RIO SALADO PARKWAY

(Street)

TEMPE AZ 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 Product Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/31/2025		M		15,058(1)	A	$10.07	212,890	D
Class A Common Stock	07/31/2025		M		24,942(1)	A	$88.62	237,832	D
Class A Common Stock	07/31/2025		M		31,679(1)	A	$126.4	269,511	D
Class A Common Stock	07/31/2025		M		8,321(1)	A	$296.05	277,832	D
Class A Common Stock	07/31/2025		S		12,570(1)	D	$393.72	265,262	D
Class A Common Stock	07/31/2025		S		900(1)	D	$398.25(2)	264,362	D
Class A Common Stock	07/31/2025		S		9,454(1)	D	$399.31(3)	254,908	D
Class A Common Stock	07/31/2025		S		57,076(1)	D	$400(4)	197,832	D
Class A Common Stock	08/01/2025		F		1,371(5)	D	$367.78	196,461	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$10.07	07/31/2025		M(1)			15,058	04/01/2024(6)	02/22/2033	Class A Common Stock	15,058	$0	235,728	D
Stock Options (Right to Buy)	$88.62	07/31/2025		M(1)			24,942	04/01/2021(7)	02/14/2030	Class A Common Stock	24,942	$0	0	D
Stock Options (Right to Buy)	$126.4	07/31/2025		M(1)			31,679	04/01/2023(8)	02/21/2032	Class A Common Stock	31,679	$0	11,766	D
Stock Options (Right to Buy)	$296.05	07/31/2025		M(1)			8,321	04/01/2022(9)	02/17/2031	Class A Common Stock	8,321	$0	7,579	D

Explanation of Responses:

1. 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").

2. This transaction was executed in multiple trades at prices ranging from $397.68 to $398.64, inclusive. 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.

3. This transaction was executed in multiple trades at prices ranging from $398.88 to $399.52, inclusive. 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 $399.99 to $400.00, inclusive. 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.

5. 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.

6. 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.

7. 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, 2021 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

8. 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, 2023 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

9. 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, 2022 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 Daniel J. Gill	08/04/2025
	** 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.