[Form 4] CARVANA CO. Insider Trading Activity

Carvana Co. Chief Financial Officer Mark W. Jenkins exercised stock options and sold shares in a pre-planned transaction.

Rhea-AI Filing Summary

Carvana Co. Chief Financial Officer Mark W. Jenkins exercised stock options and sold shares in a pre-planned transaction. On April 1, 2026, he exercised options covering 12,750 shares of Class A Common Stock at exercise prices of $10.07, $42.03, and $51.97 per share.

The company withheld 4,508 shares to cover tax obligations tied to restricted stock unit vesting, and Jenkins sold 12,750 shares in multiple open-market trades at prices generally between about $295 and $321 per share under a Rule 10b5-1 trading plan adopted on August 5, 2024. Following these transactions, he directly holds 197,089 shares of Carvana Class A Common Stock.

Insights

Equity compensation analyst

CFO executes pre-planned option exercises and modest share sales.

Carvana CFO Mark W. Jenkins exercised stock options on 12,750 shares of Class A Common Stock at strike prices of $10.07, $42.03, and $51.97 on April 1, 2026. These are non-qualified options with standard multi-year vesting schedules.

To cover tax obligations from restricted stock unit vesting, 4,508 shares were withheld by the issuer. Jenkins then sold 12,750 shares in a series of open-market trades at prices ranging roughly from $295.41 to $321.05 per share, executed under a Rule 10b5-1 trading plan adopted on August 5, 2024, indicating the timing was pre-scheduled.

After these transactions, Jenkins directly owns 197,089 shares of Class A Common Stock. The sale volume is relatively small compared with his remaining stake, and the presence of a 10b5-1 plan and tax withholding suggests these moves are largely routine equity compensation and liquidity management rather than a major change in his exposure to Carvana.

Insider Trade Summary 10b5-1

Exercise and Sale: 12,750 shares ($3.73M approx. pre-tax spread)

Exercise and Sale 29 txns

Insider JENKINS MARK W.

Role Chief Financial Officer

Sold 12,750 shs ($3.96M)

Approx. gross sale proceeds $3.96M

Approx. exercise cost $224K

Approx. pre-tax spread $3.73M

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	10,000	$0.00	$0.00
Exercise	Stock Options (Right to Buy)	2,000	$0.00	$0.00
Exercise	Stock Options (Right to Buy)	750	$0.00	$0.00
Exercise Price or Tax Liability	Class A Common Stock	4,508	$312.09	$1.41M
Exercise	Class A Common Stock	10,000	$10.07	$101K
Exercise	Class A Common Stock	2,000	$42.03	$84K
Exercise	Class A Common Stock	750	$51.97	$39K
Sale	Class A Common Stock	200	$295.84	$59K
Sale	Class A Common Stock	160	$296.88	$48K
Sale	Class A Common Stock	120	$298.75	$36K
Sale	Class A Common Stock	280	$300.36	$84K
Sale	Class A Common Stock	280	$301.53	$84K
Sale	Class A Common Stock	663	$302.41	$200K
Sale	Class A Common Stock	177	$303.81	$54K
Sale	Class A Common Stock	280	$305.01	$85K
Sale	Class A Common Stock	120	$306.74	$37K
Sale	Class A Common Stock	600	$307.72	$185K
Sale	Class A Common Stock	920	$308.71	$284K
Sale	Class A Common Stock	760	$309.69	$235K
Sale	Class A Common Stock	1,174	$310.78	$365K
Sale	Class A Common Stock	2,929	$311.72	$913K
Sale	Class A Common Stock	1,017	$312.79	$318K
Sale	Class A Common Stock	1,000	$313.80	$314K
Sale	Class A Common Stock	572	$314.80	$180K
Sale	Class A Common Stock	388	$315.88	$123K
Sale	Class A Common Stock	40	$316.38	$13K
Sale	Class A Common Stock	910	$317.61	$289K
Sale	Class A Common Stock	80	$320.27	$26K
Sale	Class A Common Stock	80	$321.05	$26K

Holdings After Transaction: Stock Options (Right to Buy) — 205,812 contracts (Direct); Class A Common Stock — 197,089 shares (Direct)

Footnotes (24)

1. F1. 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. F2. 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. F3. 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 $295.41 to $296.23 inclusive.
5. F5. This transaction was executed in multiple trades at prices ranging from $296.55 to $297.29, inclusive.
6. F6. This transaction was executed in multiple trades at prices ranging from $298.47 to $299.27, inclusive.
7. F7. This transaction was executed in multiple trades at prices ranging from $299.85 to $300.45, inclusive.
8. F8. This transaction was executed in multiple trades at prices ranging from $300.94 to $301.90 inclusive.
9. F9. This transaction was executed in multiple trades at prices ranging from $302.09 to $303.06 inclusive.
10. F10. This transaction was executed in multiple trades at prices ranging from $303.28 to $304.23 inclusive.
11. F11. This transaction was executed in multiple trades at prices ranging from $304.47 to $305.30, inclusive.
12. F12. This transaction was executed in multiple trades at prices ranging from $306.17 to $307.12, inclusive.
13. F13. This transaction was executed in multiple trades at prices ranging from $307.20 to $308.16 inclusive.
14. F14. This transaction was executed in multiple trades at prices ranging from $308.22 to $309.17 inclusive.
15. F15. This transaction was executed in multiple trades at prices ranging from $309.23 to $310.19 inclusive.
16. F16. This transaction was executed in multiple trades at prices ranging from $310.25 to $311.21 inclusive.
17. F17. This transaction was executed in multiple trades at prices ranging from $311.25 to $312.24 inclusive.
18. F18. This transaction was executed in multiple trades at prices ranging from $312.30 to $313.25 inclusive.
19. F19. This transaction was executed in multiple trades at prices ranging from $313.32 to $314.29 inclusive.
20. F20. This transaction was executed in multiple trades at prices ranging from $315.37 to $316.32 inclusive.
21. F21. This transaction was executed in multiple trades at prices ranging from $317.50 to $318.47 inclusive.
22. F22. This transaction was executed in multiple trades at prices ranging from $320.05 to $320.49 inclusive.
23. F23. 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.
24. F24. 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.

Key Figures

Options exercised: 12,750 shares Shares sold: 12,750 shares Tax-withheld shares: 4,508 shares +5 more

8 metrics

Options exercised 12,750 shares Stock option exercises on April 1, 2026

Shares sold 12,750 shares Open-market sales on April 1, 2026

Tax-withheld shares 4,508 shares Withheld for RSU-related taxes

Post-transaction holdings 197,089 shares Class A Common Stock held directly after trades

Option strike price 1 $10.07/share Non-qualified stock options exercised

Option strike price 2 $42.03/share Non-qualified stock options exercised

Option strike price 3 $51.97/share Non-qualified stock options exercised

Sale price range example $295.41–$321.05/share Multiple trades as detailed in footnotes

Key Terms

Rule 10b5-1 trading plan, restricted stock units, non-qualified stock options, volume weighted average sale price, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

restricted stock units financial

"withheld for taxes upon vesting of restricted stock units pursuant to various awards"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

non-qualified stock options financial

"The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock"

Non-qualified stock options are a type of employee benefit that gives individuals the right to buy company shares at a set price, usually lower than the market value, within a certain period. Unlike other options that may have special tax advantages, these options are taxed as income when exercised, which can affect how much money the employee or investor ultimately gains. They are important because they can influence company compensation strategies and impact the financial outcomes for employees and investors.

volume weighted average sale price financial

"The price reported above reflects the volume weighted average sale price."

open-market sale financial

"Sale in open market or private transaction"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

FAQ

What did Carvana (CVNA) CFO Mark Jenkins do in this Form 4 filing?

Carvana CFO Mark W. Jenkins exercised stock options for 12,750 shares of Class A Common Stock and sold 12,750 shares in open-market trades. He also had 4,508 shares withheld to cover taxes tied to restricted stock unit vesting.

How many Carvana (CVNA) shares does the CFO hold after these transactions?

After the reported transactions, Carvana CFO Mark W. Jenkins directly owns 197,089 shares of Class A Common Stock. This figure reflects his position following the option exercises, tax-withholding share reduction, and multiple open-market sales disclosed in the Form 4.

At what prices did the Carvana (CVNA) CFO sell his shares?

The CFO sold 12,750 shares of Carvana Class A Common Stock in multiple open-market trades at prices generally ranging from about $295.41 to $321.05 per share. Individual sales were executed across narrower price bands, as detailed in the accompanying footnotes.

Were the Carvana (CVNA) CFO’s trades part of a Rule 10b5-1 trading plan?

Yes. A footnote states the reported option exercises and sales were effected under a Rule 10b5-1 trading plan adopted by the CFO on August 5, 2024. Such plans pre-schedule trades, reducing the significance of day-to-day timing decisions.

What stock option exercise prices applied in the Carvana (CVNA) CFO Form 4?

The CFO exercised options on Carvana Class A Common Stock at strike prices of $10.07, $42.03, and $51.97 per share. These options were non-qualified grants with vesting beginning on April 1, 2024 and April 1, 2025, then monthly thereafter.

Why were some Carvana (CVNA) shares withheld in the CFO’s Form 4?

The Form 4 explains that 4,508 shares of Carvana Class A Common Stock were withheld for taxes upon vesting of restricted stock units from various awards. This tax-withholding disposition is coded as an F transaction and is not an open-market sale.

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Accepted by SEC EDGAR 04/03/2026 - 04:28 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^*

JENKINS MARK W.

(Last) (First) (Middle)

C/O CARVANA CO.

300 E. RIO SALADO PKWY

(Street)

TEMPE ARIZONA 85281

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	04/01/2026		F(1)		4,508	D	$312.09	197,089	D
Class A Common Stock	04/01/2026		M(2)		10,000	A	$10.07	207,089	D
Class A Common Stock	04/01/2026		M(2)		2,000	A	$42.03	209,089	D
Class A Common Stock	04/01/2026		M(2)		750	A	$51.97	209,839	D
Class A Common Stock	04/01/2026		S(2)		200	D	$295.84(3)(4)	209,639	D
Class A Common Stock	04/01/2026		S(2)		160	D	$296.88(3)(5)	209,479	D
Class A Common Stock	04/01/2026		S(2)		120	D	$298.75(3)(6)	209,359	D
Class A Common Stock	04/01/2026		S(2)		280	D	$300.36(3)(7)	209,079	D
Class A Common Stock	04/01/2026		S(2)		280	D	$301.53(3)(8)	208,799	D
Class A Common Stock	04/01/2026		S(2)		663	D	$302.41(3)(9)	208,136	D
Class A Common Stock	04/01/2026		S(2)		177	D	$303.81(3)(10)	207,959	D
Class A Common Stock	04/01/2026		S(2)		280	D	$305.01(3)(11)	207,679	D
Class A Common Stock	04/01/2026		S(2)		120	D	$306.74(3)(12)	207,559	D
Class A Common Stock	04/01/2026		S(2)		600	D	$307.72(3)(13)	206,959	D
Class A Common Stock	04/01/2026		S(2)		920	D	$308.71(3)(14)	206,039	D
Class A Common Stock	04/01/2026		S(2)		760	D	$309.69(3)(15)	205,279	D
Class A Common Stock	04/01/2026		S(2)		1,174	D	$310.78(3)(16)	204,105	D
Class A Common Stock	04/01/2026		S(2)		2,929	D	$311.72(3)(17)	201,176	D
Class A Common Stock	04/01/2026		S(2)		1,017	D	$312.79(3)(18)	200,159	D
Class A Common Stock	04/01/2026		S(2)		1,000	D	$313.8(3)(19)	199,159	D
Class A Common Stock	04/01/2026		S(2)		572	D	$314.8(3)(13)	198,587	D
Class A Common Stock	04/01/2026		S(2)		388	D	$315.88(3)(20)	198,199	D
Class A Common Stock	04/01/2026		S(2)		40	D	$316.38	198,159	D
Class A Common Stock	04/01/2026		S(2)		910	D	$317.61(3)(21)	197,249	D
Class A Common Stock	04/01/2026		S(2)		80	D	$320.27(3)(22)	197,169	D
Class A Common Stock	04/01/2026		S(2)		80	D	$321.05	197,089	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	04/01/2026		M(2)			10,000	04/01/2024(23)	02/22/2033	Class A Common Stock	10,000	$0	138,513	D
Stock Options (Right to Buy)	$42.03	04/01/2026		M(2)			2,000	04/01/2025(24)	01/24/2034	Class A Common Stock	2,000	$0	48,703	D
Stock Options (Right to Buy)	$51.97	04/01/2026		M(2)			750	04/01/2025(24)	02/13/2034	Class A Common Stock	750	$0	18,596	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 $295.41 to $296.23 inclusive.

5. This transaction was executed in multiple trades at prices ranging from $296.55 to $297.29, inclusive.

6. This transaction was executed in multiple trades at prices ranging from $298.47 to $299.27, inclusive.

7. This transaction was executed in multiple trades at prices ranging from $299.85 to $300.45, inclusive.

8. This transaction was executed in multiple trades at prices ranging from $300.94 to $301.90 inclusive.

9. This transaction was executed in multiple trades at prices ranging from $302.09 to $303.06 inclusive.

10. This transaction was executed in multiple trades at prices ranging from $303.28 to $304.23 inclusive.

11. This transaction was executed in multiple trades at prices ranging from $304.47 to $305.30, inclusive.

12. This transaction was executed in multiple trades at prices ranging from $306.17 to $307.12, inclusive.

13. This transaction was executed in multiple trades at prices ranging from $307.20 to $308.16 inclusive.

14. This transaction was executed in multiple trades at prices ranging from $308.22 to $309.17 inclusive.

15. This transaction was executed in multiple trades at prices ranging from $309.23 to $310.19 inclusive.

16. This transaction was executed in multiple trades at prices ranging from $310.25 to $311.21 inclusive.

17. This transaction was executed in multiple trades at prices ranging from $311.25 to $312.24 inclusive.

18. This transaction was executed in multiple trades at prices ranging from $312.30 to $313.25 inclusive.

19. This transaction was executed in multiple trades at prices ranging from $313.32 to $314.29 inclusive.

20. This transaction was executed in multiple trades at prices ranging from $315.37 to $316.32 inclusive.

21. This transaction was executed in multiple trades at prices ranging from $317.50 to $318.47 inclusive.

22. This transaction was executed in multiple trades at prices ranging from $320.05 to $320.49 inclusive.

23. 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.

24. 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	04/03/2026
	** 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.
* Form 4: SEC 1474 (03-26)