Carvana (NYSE: CVNA) COO Huston exercises stock options and sells shares

Q: What insider transaction did Carvana (CVNA) report for its COO on December 1, 2025?

Carvana reported that its Chief Operating Officer, Benjamin E. Huston , exercised 10,000 stock options for Class A common stock at an exercise price of $10.07 per share on 12/01/2025 , and conducted related share sales the same day.

Q: How many Carvana (CVNA) shares did the COO beneficially own after the reported Form 4 trades?

After the reported transactions on 12/01/2025 , Benjamin E. Huston beneficially owned 100,758 shares of Carvana Class A common stock in direct ownership.

Q: At what prices did Carvana COO Benjamin Huston sell CVNA shares on December 1, 2025?

The COO sold multiple blocks of Class A common stock on 12/01/2025 at volume-weighted average prices including $370.70 , $373.10 , $374.03 , $375.14 , $375.97 , $377.04 , $378.09 , $379.02 , $380.01 , $381.17 , and $381.91 , each backed by detailed price ranges.

Q: How many Carvana stock options does the COO hold after the December 2025 transactions?

Following the reported activity, Benjamin E. Huston held 408,513 stock options beneficially, including options with a $10.07 exercise price and an expiration date of 02/22/2033 .

Q: Why were 1,219 Carvana shares withheld in the COO's Form 4 filing?

The figure of 1,219 shares represents Class A common stock withheld for taxes upon vesting of restricted stock units from various awards.

Q: What are the vesting terms for the Carvana stock options exercised by the COO?

The non-qualified stock options exercised on 12/01/2025 vested 25% on April 1, 2024 and then vested monthly over the following three years , subject to his continued service with Carvana.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Carvana Co.'s Chief Operating Officer, Benjamin E. Huston, reported several equity transactions dated 12/01/2025. He exercised 10,000 stock options with an exercise price of $10.07 per share, converting them into Class A common stock. On the same day, he sold multiple blocks of Class A shares in open-market transactions at volume-weighted average prices generally between the high $370s and low $380s per share, executed in numerous trades within disclosed price ranges.

The filing also shows 1,219 shares of Class A common stock withheld to cover taxes upon vesting of restricted stock units from various awards. After the reported transactions, Huston directly beneficially owned 100,758 shares of Carvana Class A common stock and held 408,513 stock options beneficially. The option exercises and related sales were carried out under a Rule 10b5-1 trading plan adopted on December 13, 2024.

Insider Trade Summary

Net Seller: 10,000 shares ($3,771,126)

Net Sell 14 txns

Insider HUSTON BENJAMIN E.

Role Chief Operating Officer

Sold 10,000 shs ($3.77M)

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	10,000	$0.00	--
Tax Withholding	Class A Common Stock	1,219	$375.26	$457K
Exercise	Class A Common Stock	10,000	$10.07	$101K
Sale	Class A Common Stock	40	$370.70	$15K
Sale	Class A Common Stock	640	$373.10	$239K
Sale	Class A Common Stock	584	$374.03	$218K
Sale	Class A Common Stock	1,876	$375.14	$704K
Sale	Class A Common Stock	1,240	$375.97	$466K
Sale	Class A Common Stock	1,160	$377.04	$437K
Sale	Class A Common Stock	1,490	$378.09	$563K
Sale	Class A Common Stock	1,508	$379.02	$572K
Sale	Class A Common Stock	480	$380.01	$182K
Sale	Class A Common Stock	822	$381.17	$313K
Sale	Class A Common Stock	160	$381.91	$61K

Holdings After Transaction: Stock Options (Right to Buy) — 408,513 shares (Direct); Class A Common Stock — 100,758 shares (Direct)

Footnotes (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. 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"). 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. This transaction was executed in multiple trades at prices ranging from $372.48 to $373.47, inclusive. This transaction was executed in multiple trades at prices ranging from $373.53 to $374.52 inclusive. This transaction was executed in multiple trades at prices ranging from $374.54 to $375.53, inclusive. This transaction was executed in multiple trades at prices ranging from $375.54 to $376.50, inclusive. This transaction was executed in multiple trades at prices ranging from $376.55 to $377.44 inclusive. This transaction was executed in multiple trades at prices ranging from $377.59 to $378.57, inclusive. This transaction was executed in multiple trades at prices ranging from $378.60 to $379.54, inclusive. This transaction was executed in multiple trades at prices ranging from $379.61 to $380.59, inclusive. This transaction was executed in multiple trades at prices ranging from $380.72 to $381.65 inclusive. This transaction was executed in multiple trades at prices ranging from $381.79 to $382.06, inclusive. 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.

Form 4 Insider Transactions: What Each Field Means →

12/02/2025 - 06:50 PM

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)
12/01/2025

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)
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	12/01/2025		F		1,219⁽¹⁾	D	$375.26	100,758	D
Class A Common Stock	12/01/2025		M		10,000⁽²⁾	A	$10.07	110,758	D
Class A Common Stock	12/01/2025		S		40⁽²⁾	D	$370.7	110,718	D
Class A Common Stock	12/01/2025		S		640⁽²⁾	D	$373.1⁽³⁾⁽⁴⁾	110,078	D
Class A Common Stock	12/01/2025		S		584⁽²⁾	D	$374.03⁽³⁾⁽⁵⁾	109,494	D
Class A Common Stock	12/01/2025		S		1,876⁽²⁾	D	$375.14⁽³⁾⁽⁶⁾	107,618	D
Class A Common Stock	12/01/2025		S		1,240⁽²⁾	D	$375.97⁽³⁾⁽⁷⁾	106,378	D
Class A Common Stock	12/01/2025		S		1,160⁽²⁾	D	$377.04⁽³⁾⁽⁸⁾	105,218	D
Class A Common Stock	12/01/2025		S		1,490⁽²⁾	D	$378.09⁽³⁾⁽⁹⁾	103,728	D
Class A Common Stock	12/01/2025		S		1,508⁽²⁾	D	$379.02⁽³⁾⁽¹⁰⁾	102,220	D
Class A Common Stock	12/01/2025		S		480⁽²⁾	D	$380.01⁽³⁾⁽¹¹⁾	101,740	D
Class A Common Stock	12/01/2025		S		822⁽²⁾	D	$381.17⁽³⁾⁽¹²⁾	100,918	D
Class A Common Stock	12/01/2025		S		160⁽²⁾	D	$381.91⁽³⁾⁽¹³⁾	100,758	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	12/01/2025		M⁽²⁾			10,000	04/01/2024⁽¹⁴⁾	02/22/2033	Class A Common Stock	10,000	$0	408,513	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 $372.48 to $373.47, inclusive.

5. This transaction was executed in multiple trades at prices ranging from $373.53 to $374.52 inclusive.

6. This transaction was executed in multiple trades at prices ranging from $374.54 to $375.53, inclusive.

7. This transaction was executed in multiple trades at prices ranging from $375.54 to $376.50, inclusive.

8. This transaction was executed in multiple trades at prices ranging from $376.55 to $377.44 inclusive.

9. This transaction was executed in multiple trades at prices ranging from $377.59 to $378.57, inclusive.

10. This transaction was executed in multiple trades at prices ranging from $378.60 to $379.54, inclusive.

11. This transaction was executed in multiple trades at prices ranging from $379.61 to $380.59, inclusive.

12. This transaction was executed in multiple trades at prices ranging from $380.72 to $381.65 inclusive.

13. This transaction was executed in multiple trades at prices ranging from $381.79 to $382.06, 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	12/02/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Carvana (CVNA) report for its COO on December 1, 2025?

Carvana reported that its Chief Operating Officer, Benjamin E. Huston, exercised 10,000 stock options for Class A common stock at an exercise price of $10.07 per share on 12/01/2025, and conducted related share sales the same day.

How many Carvana (CVNA) shares did the COO beneficially own after the reported Form 4 trades?

After the reported transactions on 12/01/2025, Benjamin E. Huston beneficially owned 100,758 shares of Carvana Class A common stock in direct ownership.

At what prices did Carvana COO Benjamin Huston sell CVNA shares on December 1, 2025?

The COO sold multiple blocks of Class A common stock on 12/01/2025 at volume-weighted average prices including $370.70, $373.10, $374.03, $375.14, $375.97, $377.04, $378.09, $379.02, $380.01, $381.17, and $381.91, each backed by detailed price ranges.

How many Carvana stock options does the COO hold after the December 2025 transactions?

Following the reported activity, Benjamin E. Huston held 408,513 stock options beneficially, including options with a $10.07 exercise price and an expiration date of 02/22/2033.

Were the Carvana (CVNA) insider sales by the COO under a Rule 10b5-1 trading plan?

Yes. The filing states that the reported option exercises and sales were effected under a Rule 10b5-1 trading plan adopted by Benjamin E. Huston on December 13, 2024.

Why were 1,219 Carvana shares withheld in the COO's Form 4 filing?

The figure of 1,219 shares represents Class A common stock withheld for taxes upon vesting of restricted stock units from various awards.

What are the vesting terms for the Carvana stock options exercised by the COO?

The non-qualified stock options exercised on 12/01/2025 vested 25% on April 1, 2024 and then vested monthly over the following three years, subject to his continued service with Carvana.