CVNA CFO trades under 10b5-1 plan; post-trade ownership 206,142

Rhea-AI Filing Summary

Carvana (CVNA) CFO Mark W. Jenkins reported insider transactions. On 11/01/2025, 1,220 Class A shares were withheld for taxes at $306.54. On 11/03/2025, he exercised stock options for 10,000 shares at $10.07, 2,000 at $42.03, and 750 at $51.97, then executed multiple open‑market sales.

Sales on 11/03/2025 were made in numerous trades with volume‑weighted average prices across disclosed ranges from $303.98 to $334.52, pursuant to a Rule 10b5‑1 plan adopted August 5, 2024. Following these transactions, beneficial ownership was 206,142 Class A shares (direct).

Insights

Equity compensation and insider transactions analyst

Routine Form 4: option exercises and scheduled sales.

The CFO exercised vested options at strike prices of $10.07, $42.03, and $51.97 on 11/03/2025, and sold shares in multiple trades with disclosed price ranges. A prior tax withholding of 1,220 shares at $306.54 occurred on 11/01/2025.

The filing states the exercises and sales were made under a Rule 10b5‑1 plan adopted on August 5, 2024, indicating pre‑arranged trading. Post‑transaction direct beneficial ownership is 206,142 Class A shares. This is administratively informative and does not, by itself, alter the company’s operating outlook.

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^*

JENKINS MARK W.

(Last) (First) (Middle)

C/O CARVANA CO.

300 E. RIO SALADO PKWY

(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 Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/01/2025

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	11/01/2025		F		1,220(1)	D	$306.54	206,142	D
Class A Common Stock	11/03/2025		M		10,000(2)	A	$10.07	216,142	D
Class A Common Stock	11/03/2025		M		2,000(2)	A	$42.03	218,142	D
Class A Common Stock	11/03/2025		M		750(2)	A	$51.97	218,892	D
Class A Common Stock	11/03/2025		S(2)		120	D	$304.34(3)(4)	218,772	D
Class A Common Stock	11/03/2025		S(2)		750	D	$305	218,022	D
Class A Common Stock	11/03/2025		S(2)		40	D	$306.33	217,982	D
Class A Common Stock	11/03/2025		S(2)		320	D	$308.48(3)(5)	217,662	D
Class A Common Stock	11/03/2025		S(2)		280	D	$309.74(3)(6)	217,382	D
Class A Common Stock	11/03/2025		S(2)		440	D	$310.89(3)(7)	216,942	D
Class A Common Stock	11/03/2025		S(2)		240	D	$311.96(3)(8)	216,702	D
Class A Common Stock	11/03/2025		S(2)		480	D	$312.91(3)(9)	216,222	D
Class A Common Stock	11/03/2025		S(2)		280	D	$314.51(3)(10)	215,942	D
Class A Common Stock	11/03/2025		S(2)		263	D	$315.84(3)(11)	215,679	D
Class A Common Stock	11/03/2025		S(2)		212	D	$316.73(3)(12)	215,467	D
Class A Common Stock	11/03/2025		S(2)		200	D	$317.82(3)(13)	215,267	D
Class A Common Stock	11/03/2025		S(2)		40	D	$318.6	215,227	D
Class A Common Stock	11/03/2025		S(2)		340	D	$320.38(3)(14)	214,887	D
Class A Common Stock	11/03/2025		S(2)		120	D	$321.05(3)(15)	214,767	D
Class A Common Stock	11/03/2025		S(2)		200	D	$324.02(3)(16)	214,567	D
Class A Common Stock	11/03/2025		S(2)		689	D	$325.06(3)(17)	213,878	D
Class A Common Stock	11/03/2025		S(2)		1,160	D	$326.06(3)(18)	212,718	D
Class A Common Stock	11/03/2025		S(2)		1,400	D	$326.99(3)(19)	211,318	D
Class A Common Stock	11/03/2025		S(2)		1,256	D	$328.2(3)(20)	210,062	D
Class A Common Stock	11/03/2025		S(2)		845	D	$329.24(3)(21)	209,217	D
Class A Common Stock	11/03/2025		S(2)		1,236	D	$330.11(3)(22)	207,981	D
Class A Common Stock	11/03/2025		S(2)		280	D	$331.31(3)(23)	207,701	D
Class A Common Stock	11/03/2025		S(2)		359	D	$332.57(3)(24)	207,342	D
Class A Common Stock	11/03/2025		S(2)		1,080	D	$333.7(3)(25)	206,262	D
Class A Common Stock	11/03/2025		S(2)		120	D	$334.31(3)(26)	206,142	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	11/03/2025		M(2)			10,000	04/01/2024(27)	02/22/2033	Class A Common Stock	10,000	$0	188,513	D
Stock Options (Right to Buy)	$42.03	11/03/2025		M(2)			2,000	04/01/2025(28)	01/24/2034	Class A Common Stock	2,000	$0	58,703	D
Stock Options (Right to Buy)	$51.97	11/03/2025		M(2)			750	04/01/2025(28)	02/13/2034	Class A Common Stock	750	$0	22,346	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 August 5, 2024.

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 $303.98 to $304.52, inclusive.

5. This transaction was executed in multiple trades at prices ranging from $308.00 to $308.86, inclusive.

6. This transaction was executed in multiple trades at prices ranging from $309.42 to $310.17, inclusive.

7. This transaction was executed in multiple trades at prices ranging from $310.53 to $311.43, inclusive.

8. This transaction was executed in multiple trades at prices ranging from $311.53 to $312.46, inclusive.

9. This transaction was executed in multiple trades at prices ranging from $312.53 to $313.35, inclusive.

10. This transaction was executed in multiple trades at prices ranging from $314.00 to $314.99, inclusive.

11. This transaction was executed in multiple trades at prices ranging from $315.33 to $316.30, inclusive.

12. This transaction was executed in multiple trades at prices ranging from $316.37 to $317.23, inclusive.

13. This transaction was executed in multiple trades at prices ranging from $317.41 to $318.06, inclusive.

14. This transaction was executed in multiple trades at prices ranging from $319.83 to $320.78, inclusive.

15. This transaction was executed in multiple trades at prices ranging from $320.83 to $321.22, inclusive.

16. This transaction was executed in multiple trades at prices ranging from $323.39 to $324.37, inclusive.

17. This transaction was executed in multiple trades at prices ranging from $324.56 to $325.50, inclusive.

18. This transaction was executed in multiple trades at prices ranging from $325.56 to $326.47, inclusive.

19. This transaction was executed in multiple trades at prices ranging from $326.60 to $327.56 inclusive.

20. This transaction was executed in multiple trades at prices ranging from $327.71 to $328.70, inclusive.

21. This transaction was executed in multiple trades at prices ranging from $328.75 to $329.74, inclusive.

22. This transaction was executed in multiple trades at prices ranging from $329.85 to $330.77, inclusive.

23. This transaction was executed in multiple trades at prices ranging from $331.09 to $331.80, inclusive.

24. This transaction was executed in multiple trades at prices ranging from $332.10 to $333.05, inclusive.

25. This transaction was executed in multiple trades at prices ranging from $333.15 to $334.08, inclusive.

26. This transaction was executed in multiple trades at prices ranging from $334.17 to $334.52, inclusive.

27. 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.

28. 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, 2025 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 Mark W. Jenkins	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.

FAQ

What did Carvana (CVNA) disclose in this Form 4?

The CFO reported option exercises on 11/03/2025 and multiple open‑market sales, plus a 1,220‑share tax withholding on 11/01/2025.

How many CVNA options did the CFO exercise and at what prices?

He exercised 10,000 shares at $10.07, 2,000 at $42.03, and 750 at $51.97 on 11/03/2025.

Were the CVNA share sales under a 10b5-1 plan?

Yes. The filing states the option exercises and sales were effected under a Rule 10b5‑1 trading plan adopted August 5, 2024.

What prices were the CVNA shares sold for on 11/03/2025?

Sales occurred in multiple trades with volume‑weighted average prices across ranges from $303.98 to $334.52.

How many CVNA shares does the CFO own after these transactions?

Direct beneficial ownership following the reported transactions is 206,142 Class A shares.

What was the purpose of the 1,220 CVNA shares on 11/01/2025?

They were withheld to cover taxes upon RSU vesting, per the filing’s explanation.