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CVNA insider Ryan Keeton exercises options, reports multiple share sales

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Carvana (CVNA) reported insider activity by Chief Brand Officer Ryan S. Keeton. On 10/31/2025, he exercised 13,190 stock options at an exercise price of $44.21 (coded M), acquiring Class A shares. That same day, he sold shares in multiple tranches (coded S) at volume‑weighted average prices of $300.38, $301.34, $303.17, $304.16, and $305.31, with the filing noting each tranche comprised multiple trades within stated ranges.

On 11/01/2025, 498 shares were withheld for taxes upon RSU vesting at $306.54 (coded F). Following these transactions, Keeton directly beneficially owned 114,958 Class A shares.

Positive

  • None.

Negative

  • None.
Insider KEETON RYAN S.
Role Chief Brand Officer
Sold 32,370 shs ($9.77M)
Type Security Shares Price Value
Tax Withholding Class A Common Stock 498 $306.54 $153K
Exercise Stock Options (Right to Buy) 13,190 $0.00 --
Exercise Class A Common Stock 13,190 $44.21 $583K
Sale Class A Common Stock 9,689 $300.38 $2.91M
Sale Class A Common Stock 14,512 $301.34 $4.37M
Sale Class A Common Stock 4,732 $303.17 $1.43M
Sale Class A Common Stock 1,630 $304.16 $496K
Sale Class A Common Stock 1,807 $305.31 $552K
Holdings After Transaction: Class A Common Stock — 114,958 shares (Direct); Stock Options (Right to Buy) — 0 shares (Direct)
Footnotes (1)
  1. 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 $300.01 to $300.97, inclusive. This transaction was executed in multiple trades at prices ranging from $301.01 to $301.83, inclusive. This transaction was executed in multiple trades at prices ranging from $302.62 to $303.61, inclusive. This transaction was executed in multiple trades at prices ranging from $303.62 to $304.59, inclusive. This transaction was executed in multiple trades at prices ranging from $304.68 to $305.65, inclusive. 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 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, 2019 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 →
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*
KEETON RYAN S.
(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 Brand Officer
3. Date of Earliest Transaction (Month/Day/Year)
10/31/2025
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 10/31/2025 M 13,190 A $44.21 147,826 D
Class A Common Stock 10/31/2025 S 9,689 D $300.38(1)(2) 138,137 D
Class A Common Stock 10/31/2025 S 14,512 D $301.34(1)(3) 123,625 D
Class A Common Stock 10/31/2025 S 4,732 D $303.17(1)(4) 118,893 D
Class A Common Stock 10/31/2025 S 1,630 D $304.16(1)(5) 117,263 D
Class A Common Stock 10/31/2025 S 1,807 D $305.31(1)(6) 115,456 D
Class A Common Stock 11/01/2025 F 498(7) D $306.54 114,958 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) $44.21 10/31/2025 M 13,190 04/01/2019(8) 07/28/2028 Class A Common Stock 13,190 $0 0 D
Explanation of Responses:
1. 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.
2. This transaction was executed in multiple trades at prices ranging from $300.01 to $300.97, inclusive.
3. This transaction was executed in multiple trades at prices ranging from $301.01 to $301.83, inclusive.
4. This transaction was executed in multiple trades at prices ranging from $302.62 to $303.61, inclusive.
5. This transaction was executed in multiple trades at prices ranging from $303.62 to $304.59, inclusive.
6. This transaction was executed in multiple trades at prices ranging from $304.68 to $305.65, inclusive.
7. 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.
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, 2019 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 Ryan S. Keeton 11/04/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Carvana (CVNA) report?

Ryan S. Keeton exercised 13,190 options at $44.21 on 10/31/2025 and sold shares the same day at VWAPs of $300.38 to $305.31.

What is Ryan S. Keeton’s role at Carvana (CVNA)?

He is an Officer, serving as Chief Brand Officer.

How many CVNA shares does the insider own after the transactions?

He beneficially owned 114,958 Class A shares directly after the reported transactions.

Were options exercised in this Form 4 for CVNA?

Yes. 13,190 stock options were exercised at an exercise price of $44.21 (code M) on 10/31/2025.

At what prices were CVNA shares sold by the insider?

Volume‑weighted average sale prices were reported at $300.38, $301.34, $303.17, $304.16, and $305.31.

What does the code F indicate in the CVNA filing?

Code F reflects shares withheld for taxes on RSU vesting: 498 shares at $306.54 on 11/01/2025.

Does the filing note trade price ranges for the sales?

Yes. Each sale tranche was executed in multiple trades within stated ranges (e.g., $300.01–$300.97, $301.01–$301.83, and others).