[Form 4] Carvana Co. Insider Trading Activity

Rhea-AI Filing Summary

Daniel J. Gill, Chief Product Officer of Carvana Co. (CVNA), reported a non‑derivative disposition on 09/01/2025 where 1,338 shares of Class A common stock were disposed of under code F at a price of $371.92 per share. The filing states these shares were withheld to satisfy taxes upon vesting of restricted stock units. After the withholding, Mr. Gill beneficially owned 195,123 shares, held directly. The Form 4 was signed by Paul Breaux by power of attorney on 09/03/2025.

Positive

• Disclosure includes specific transaction details: date (09/01/2025), transaction code (F), price ($371.92), and shares withheld (1,338).
• Filing appears timely and properly signed by a power of attorney on 09/03/2025.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine tax‑withholding disposition on vested RSUs; disclosure appears complete and timely.

The filing documents a standard tax withholding event where 1,338 shares were withheld upon RSU vesting rather than an open‑market sale. The report includes transaction code F, the per‑share price of $371.92, resulting beneficial ownership of 195,123 shares, and a power‑of‑attorney signature within two days. For governance review, this is a routine insider administrative transaction and does not indicate a change in executive holdings strategy or control.

Securities Analyst

TL;DR: Small, administrative disposition; limited market impact given the nature of the withholding.

The Form 4 shows a disposition tied explicitly to tax withholding on vested restricted stock units, not a discretionary sale. The transaction price is disclosed at $371.92 per share and the resulting direct beneficial ownership is 195,123 shares. The documentation and timing (transaction 09/01/2025, POA signature 09/03/2025) comply with Section 16 reporting requirements. This event is informational for share count tracking but is not a material change to ownership position in isolation.

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
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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^*

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)
09/01/2025

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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/01/2025		F		1,338(1)	D	$371.92	195,123	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

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.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Daniel J. Gill	09/03/2025
	** 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.

FAQ

What did Daniel J. Gill (CVNA) report on the Form 4?

The Form 4 reports a disposition of 1,338 Class A shares on 09/01/2025 related to tax withholding upon RSU vesting.

What price was used for the transaction reported by CVNA insider Daniel J. Gill?

The reported price per share for the disposition is $371.92.

How many CVNA shares does Daniel J. Gill beneficially own after the reported transaction?

Following the withholding, Mr. Gill beneficially owns 195,123 shares, held directly.

When was the Form 4 for CVNA signed and who signed it?

The Form 4 was signed on 09/03/2025 by Paul Breaux, by power of attorney for Daniel J. Gill.

What was the reason given for the 1,338 share disposition on the CVNA Form 4?

The filing states the shares were withheld for taxes upon vesting of restricted stock units.