Carvana COO Huston exercises 20,000 options, sells 20,000 shares

Carvana Co. executive Benjamin E. Huston, the Chief Operating Officer, reported insider transactions in Class A common stock.

Rhea-AI Filing Summary

Carvana Co. executive Benjamin E. Huston, the Chief Operating Officer, reported insider transactions in Class A common stock. On 12/12/2025, he exercised stock options to acquire 20,000 shares at an exercise price of $10.07 per share, then sold 20,000 shares on the same day at a reported price of $475 per share. After these transactions, he directly owned 100,758 shares of Class A common stock.

He also continued to hold 348,513 stock options following the reported activity. The filing notes that the option exercises and sales were carried out under a Rule 10b5-1 trading plan adopted on December 13, 2024, which is a pre-arranged program for trading company stock.

Insider Trade Summary

Exercise and Sale: 20,000 shares ($9.30M approx. pre-tax spread)

Exercise and Sale 3 txns

Insider HUSTON BENJAMIN E.

Role Chief Operating Officer

Sold 20,000 shs ($9.50M)

Approx. gross sale proceeds $9.50M

Approx. exercise cost $201K

Approx. pre-tax spread $9.30M

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	20,000	$0.00	$0.00
Exercise	Class A Common Stock	20,000	$10.07	$201K
Sale	Class A Common Stock	20,000	$475.00	$9.50M

Holdings After Transaction: Stock Options (Right to Buy) — 348,513 contracts (Direct); Class A Common Stock — 100,758 shares (Direct)

Footnotes (2)

1. F1. 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").
2. F2. 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.

FAQ

What insider transaction did Carvana (CVNA) report for COO Benjamin E. Huston?

The COO exercised 20,000 stock options for Class A common stock at $10.07 per share on 12/12/2025 and sold 20,000 shares the same day at $475 per share.

How many Carvana (CVNA) shares does the COO own after this Form 4 filing?

After the reported transactions, the COO directly owned 100,758 shares of Carvana Class A common stock.

How many stock options does the Carvana (CVNA) COO still hold?

Following the transactions, the COO held 348,513 stock options giving the right to buy Carvana Class A common stock.

At what price were the Carvana (CVNA) stock options exercised?

The reported stock options were exercised at an exercise price of $10.07 per share for Carvana Class A common stock.

Were the Carvana (CVNA) COO’s trades made under a Rule 10b5-1 plan?

Yes. The option exercises and share sales were effected under a Rule 10b5-1 trading plan adopted on December 13, 2024.

How did the COO’s Carvana (CVNA) stock options vest?

The non-qualified stock options vested 25% on April 1, 2024 and monthly thereafter for the following three years, subject to continued service with Carvana.

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Accepted by SEC EDGAR 12/12/2025 - 06:02 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^*

HUSTON BENJAMIN E.

(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 Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

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	12/12/2025		M		20,000(1)	A	$10.07	120,758	D
Class A Common Stock	12/12/2025		S		20,000(1)	D	$475	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$10.07	12/12/2025		M(1)			20,000	04/01/2024(2)	02/22/2033	Class A Common Stock	20,000	$0	348,513	D

Explanation of Responses:

1. 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").

2. 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	12/12/2025
	** 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.