Carvana CFO sells 63,750 shares after option exercise

Carvana’s CFO exercised options for 63,750 shares, sold an equivalent amount, and had 7,016 shares withheld for taxes under a pre-arranged Rule 10b5-1 plan.

Rhea-AI Filing Summary

CARVANA CO. (CVNA) Chief Financial Officer Mark W. Jenkins reported multiple equity transactions dated September 1, 2026. He exercised non-qualified stock options for 63,750 shares of Class A Common Stock at exercise prices of $2.01, $8.41, and $10.39 per share, and sold 63,750 shares in open-market transactions around $71–$72 per share. In addition, 7,016 shares of Class A Common Stock were withheld to satisfy tax liabilities upon vesting of restricted stock units. All reported option exercises and related sales were effected under a Rule 10b5-1 trading plan adopted on August 5, 2024, and a footnote states that prior Form 4 reporting left certain options incorrectly unmarked as exercised, with this filing correcting the amounts of unexercised options.

Insider Trade Summary 10b5-1

Exercise and Sale: 63,750 shares ($4.34M approx. pre-tax spread)

Exercise and Sale 9 txns

Insider JENKINS MARK W.

Role Chief Financial Officer

Sold 63,750 shs ($4.56M)

Approx. gross sale proceeds $4.56M

Approx. exercise cost $224K

Approx. pre-tax spread $4.34M

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy) F2, F6, F7	50,000	$0.00	$0.00
Exercise	Stock Options (Right to Buy) F2, F8, F7	10,000	$0.00	$0.00
Exercise	Stock Options (Right to Buy) F2, F8, F7	3,750	$0.00	$0.00
Tax Withholding	Class A Common Stock F1	7,016	$72.18	$506K
Exercise	Class A Common Stock F2	50,000	$2.01	$100K
Exercise	Class A Common Stock F2	10,000	$8.41	$84K
Exercise	Class A Common Stock F2	3,750	$10.39	$39K
Sale	Class A Common Stock F2, F3, F4	37,406	$71.36	$2.67M
Sale	Class A Common Stock F2, F3, F5	26,344	$71.83	$1.89M

Holdings After Transaction: Stock Options (Right to Buy) — 710,310 contracts (Direct); Class A Common Stock — 1,149,518 shares (Direct)

Footnotes (8)

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 $70.68 to $71.67 inclusive.
5. F5. This transaction was executed in multiple trades at prices ranging from $71.68 to $72.18 inclusive.
6. F6. 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.
7. F7. Due to a scrivener's error, certain stock options were not appropriately marked as exercised in the Reporting Person's Form 4, filed with the SEC on August 4, 2026. The amounts reported in this column reflect the corrected amounts of unexercised stock options.
8. F8. 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: 63,750 shares Shares Sold: 63,750 shares Tax Withholding Shares: 7,016 shares +5 more

8 metrics

Options Exercised 63,750 shares Total stock options exercised into Class A Common Stock on September 1, 2026

Shares Sold 63,750 shares Class A Common Stock sold in two open-market transactions on September 1, 2026

Tax Withholding Shares 7,016 shares Shares withheld to cover tax liabilities upon RSU vesting

Exercise Price 1 $2.01 per share Non-qualified stock options exercised into 50,000 shares

Exercise Price 2 $8.41 per share Non-qualified stock options exercised into 10,000 shares

Exercise Price 3 $10.39 per share Non-qualified stock options exercised into 3,750 shares

Sale Prices $71.36 and $71.83 per share Volume-weighted average prices for two sale transactions on September 1, 2026

10b5-1 Plan Adoption Date August 5, 2024 Date CFO adopted the Rule 10b5-1 trading plan governing these trades

Key Terms

Rule 10b5-1 trading plan, non-qualified stock options, restricted stock units, 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.

non-qualified stock options financial

"The non-qualified stock options representing the right to purchase"

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.

restricted stock units financial

"shares of Class A Common Stock withheld for taxes upon vesting of restricted stock units"

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.

volume weighted average sale price financial

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

scrivener's error regulatory

"Due to a scrivener's error, certain stock options were not appropriately marked"

FAQ

What did Carvana (CVNA) CFO Mark W. Jenkins report in this Form 4?

He reported exercising non-qualified stock options for 63,750 shares of Class A Common Stock and selling 63,750 shares in open-market transactions on September 1, 2026, plus 7,016 shares withheld to cover tax liabilities on vesting restricted stock units.

At what prices were the Carvana (CVNA) options exercised and shares sold?

The options were exercised at $2.01, $8.41, and $10.39 per share. The reported sales occurred at volume-weighted average prices of about $71.36 and $71.83 per share, with trades executed in ranges between $70.68 and $72.18.

How many Carvana (CVNA) shares were withheld for taxes in this filing?

A total of 7,016 shares of Carvana Class A Common Stock were withheld. A footnote explains these shares represent stock withheld to satisfy tax liabilities upon vesting of restricted stock units from various awards.

Were Carvana (CVNA) CFO Mark W. Jenkins’ trades made under a Rule 10b5-1 plan?

Yes. A footnote states that the reported option exercises and related sales were effected pursuant to a Rule 10b5-1 trading plan adopted by Mark W. Jenkins on August 5, 2024.

Does this Carvana (CVNA) Form 4 mention any correction of earlier reports?

Yes. A footnote explains that due to a scrivener’s error, certain stock options were not properly marked as exercised in a Form 4 filed on August 4, 2026, and that the amounts now shown reflect corrected unexercised option balances.

What types of securities are involved in this Carvana (CVNA) Form 4?

The filing involves non-qualified stock options (rights to buy Class A Common Stock) and underlying Class A Common Stock. It also references restricted stock units whose vesting led to shares being withheld for tax liabilities.

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Available on EDGAR 09/03/2026 - 06:15 PM Accepted by SEC EDGAR 09/03/2026 - 06:10 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)
09/01/2026

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	09/01/2026		F(1)		7,016	D	$72.18	1,149,518	D
Class A Common Stock	09/01/2026		M(2)		50,000	A	$2.01	1,199,518	D
Class A Common Stock	09/01/2026		M(2)		10,000	A	$8.41	1,209,518	D
Class A Common Stock	09/01/2026		M(2)		3,750	A	$10.39	1,213,268	D
Class A Common Stock	09/01/2026		S(2)		37,406	D	$71.36(3)(4)	1,175,862	D
Class A Common Stock	09/01/2026		S(2)		26,344	D	$71.83(3)(5)	1,149,518	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)	$2.01	09/01/2026		M(2)			50,000	04/01/2024(6)	02/22/2033	Class A Common Stock	50,000	$0	442,565(7)	D
Stock Options (Right to Buy)	$8.41	09/01/2026		M(2)			10,000	04/01/2025(8)	01/24/2034	Class A Common Stock	10,000	$0	193,515(7)	D
Stock Options (Right to Buy)	$10.39	09/01/2026		M(2)			3,750	04/01/2025(8)	02/13/2034	Class A Common Stock	3,750	$0	74,230(7)	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 $70.68 to $71.67 inclusive.

5. This transaction was executed in multiple trades at prices ranging from $71.68 to $72.18 inclusive.

6. 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.

7. Due to a scrivener's error, certain stock options were not appropriately marked as exercised in the Reporting Person's Form 4, filed with the SEC on August 4, 2026. The amounts reported in this column reflect the corrected amounts of unexercised stock options.

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, 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	09/03/2026
	** 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)