Carvana (CVNA) CFO exercises options and sells 12,750 shares under 10b5-1 plan

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Carvana Co. Chief Financial Officer Mark W. Jenkins reported a series of equity transactions involving the company’s Class A Common Stock. On April 29, 2026, 22,231 shares were acquired as vested RSUs, with 9,193 shares withheld to cover taxes, and the balance added to his holdings.

On May 1, 2026, he exercised stock options to acquire 12,750 shares at exercise prices of $51.97, $42.03, and $10.07 per share, then sold 12,750 shares in open-market transactions at prices including $400.04 and $378.56 per share.

These option exercises and related sales were executed under a pre-arranged Rule 10b5-1 trading plan. Following the reported transactions, Jenkins directly holds 222,877 shares of Carvana Class A Common Stock.

Insider Trade Summary 10b5-1

Net Seller: 12,750 shares ($4,936,671)

Net Sell 28 txns

Insider JENKINS MARK W.

Role Chief Financial Officer

Sold 12,750 shs ($4.94M)

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	10,000	$0.00	--
Exercise	Stock Options (Right to Buy)	2,000	$0.00	--
Exercise	Stock Options (Right to Buy)	750	$0.00	--
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	440	$378.56	$167K
Sale	Class A Common Stock	1,120	$379.53	$425K
Sale	Class A Common Stock	1,200	$380.53	$457K
Sale	Class A Common Stock	840	$381.36	$320K
Sale	Class A Common Stock	1,281	$382.60	$490K
Sale	Class A Common Stock	480	$383.70	$184K
Sale	Class A Common Stock	558	$385.21	$215K
Sale	Class A Common Stock	599	$386.17	$231K
Sale	Class A Common Stock	441	$387.23	$171K
Sale	Class A Common Stock	440	$388.34	$171K
Sale	Class A Common Stock	519	$389.17	$202K
Sale	Class A Common Stock	722	$390.33	$282K
Sale	Class A Common Stock	520	$391.35	$204K
Sale	Class A Common Stock	240	$392.35	$94K
Sale	Class A Common Stock	160	$393.44	$63K
Sale	Class A Common Stock	200	$394.55	$79K
Sale	Class A Common Stock	2,790	$395.33	$1.10M
Sale	Class A Common Stock	120	$397.06	$48K
Sale	Class A Common Stock	40	$398.05	$16K
Sale	Class A Common Stock	40	$400.04	$16K
Grant/Award	Class A Common Stock	22,231	$0.00	--
Tax Withholding	Class A Common Stock	9,193	$396.59	$3.65M

Holdings After Transaction: Stock Options (Right to Buy) — 128,513 shares (Direct, null); Class A Common Stock — 220,127 shares (Direct, null)

Footnotes (1)

Represents restricted stock units ("RSUs") granted on January 24, 2024 under the Reporting Person's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Person, dated January 24, 2024. The performance condition for the RSUs reported herein has been met, and all RSUs reported herein vested on April 29, 2026. Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of RSUs under the Performance Restricted Stock Unit Award Agreement. 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. 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. This transaction was executed in multiple trades at prices ranging from $377.98 to $378.95 inclusive. This transaction was executed in multiple trades at prices ranging from $379.01 to $380.00 inclusive. This transaction was executed in multiple trades at prices ranging from $380.04 to $381.03 inclusive. This transaction was executed in multiple trades at prices ranging from $381.04 to $381.94 inclusive. This transaction was executed in multiple trades at prices ranging from $382.19 to $383.11 inclusive. This transaction was executed in multiple trades at prices ranging from $383.41 to $384.10 inclusive. This transaction was executed in multiple trades at prices ranging from $384.65 to $385.64 inclusive. This transaction was executed in multiple trades at prices ranging from $385.69 to $386.64 inclusive. This transaction was executed in multiple trades at prices ranging from $386.75 to $387.68 inclusive. This transaction was executed in multiple trades at prices ranging from $387.77 to $388.72 inclusive. This transaction was executed in multiple trades at prices ranging from $388.80 to $389.73 inclusive. This transaction was executed in multiple trades at prices ranging from $389.80 to $390.74 inclusive. This transaction was executed in multiple trades at prices ranging from $390.91 to $391.77 inclusive. This transaction was executed in multiple trades at prices ranging from $392.08 to $392.70 inclusive. This transaction was executed in multiple trades at prices ranging from $393.13 to $393.99 inclusive. This transaction was executed in multiple trades at prices ranging from $394.18 to $394.85 inclusive. This transaction was executed in multiple trades at prices ranging from $395.32 to $396.05 inclusive. This transaction was executed in multiple trades at prices ranging from $396.78 to $397.43 inclusive. 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. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vests 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

Shares sold: 12,750 shares Option exercise shares: 12,750 shares Exercise prices: $51.97, $42.03, $10.07 per share +4 more

7 metrics

Shares sold 12,750 shares Class A Common Stock sold in open-market transactions on May 1, 2026

Option exercise shares 12,750 shares Shares acquired through stock option exercises on May 1, 2026

Exercise prices $51.97, $42.03, $10.07 per share Strike prices for non-qualified stock options exercised into Class A shares

RSUs vested 22,231 shares Performance RSUs vesting on April 29, 2026

Shares withheld for taxes 9,193 shares Class A shares withheld upon RSU vesting to cover tax obligations

Post-transaction holdings 222,877 shares Direct ownership of Class A Common Stock after reported transactions

Representative sale price $400.04 per share Price for one tranche of May 1, 2026 open-market sales

Key Terms

restricted stock units ("RSUs"), Rule 10b5-1 trading plan, non-qualified stock options, tax-withholding disposition, +1 more

5 terms

restricted stock units ("RSUs") financial

"Represents restricted stock units ("RSUs") granted on January 24, 2024 under the Reporting Person's Performance Restricted Stock Unit Award Agreement"

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

Rule 10b5-1 trading plan regulatory

"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."

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 for the exercise price Class A Common Stock of the Issuer vested 25% on April 1, 2024"

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.

tax-withholding disposition financial

"Payment of exercise price or tax liability by delivering securities"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

volume weighted average sale price financial

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

Form 4 Insider Transactions: What Each Field Means →

05/01/2026 - 07:01 PM

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).

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)
04/29/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	04/29/2026		A		22,231⁽¹⁾	A	$0	219,320	D
Class A Common Stock	04/29/2026		F		9,193⁽²⁾	D	$396.59	210,127	D
Class A Common Stock	05/01/2026		M⁽³⁾		10,000	A	$10.07	220,127	D
Class A Common Stock	05/01/2026		M⁽³⁾		2,000	A	$42.03	222,127	D
Class A Common Stock	05/01/2026		M⁽³⁾		750	A	$51.97	222,877	D
Class A Common Stock	05/01/2026		S⁽³⁾		440	D	$378.56⁽⁴⁾⁽⁵⁾	222,437	D
Class A Common Stock	05/01/2026		S⁽³⁾		1,120	D	$379.53⁽⁴⁾⁽⁶⁾	221,317	D
Class A Common Stock	05/01/2026		S⁽³⁾		1,200	D	$380.53⁽⁴⁾⁽⁷⁾	220,117	D
Class A Common Stock	05/01/2026		S⁽³⁾		840	D	$381.36⁽⁴⁾⁽⁸⁾	219,277	D
Class A Common Stock	05/01/2026		S⁽³⁾		1,281	D	$382.6⁽⁴⁾⁽⁹⁾	217,996	D
Class A Common Stock	05/01/2026		S⁽³⁾		480	D	$383.7⁽⁴⁾⁽¹⁰⁾	217,516	D
Class A Common Stock	05/01/2026		S⁽³⁾		558	D	$385.21⁽⁴⁾⁽¹¹⁾	216,958	D
Class A Common Stock	05/01/2026		S⁽³⁾		599	D	$386.17⁽⁴⁾⁽¹²⁾	216,359	D
Class A Common Stock	05/01/2026		S⁽³⁾		441	D	$387.23⁽⁴⁾⁽¹³⁾	215,918	D
Class A Common Stock	05/01/2026		S⁽³⁾		440	D	$388.34⁽⁴⁾⁽¹⁴⁾	215,478	D
Class A Common Stock	05/01/2026		S⁽³⁾		519	D	$389.17⁽⁴⁾⁽¹⁵⁾	214,959	D
Class A Common Stock	05/01/2026		S⁽³⁾		722	D	$390.33⁽⁴⁾⁽¹⁶⁾	214,237	D
Class A Common Stock	05/01/2026		S⁽³⁾		520	D	$391.35⁽⁴⁾⁽¹⁷⁾	213,717	D
Class A Common Stock	05/01/2026		S⁽³⁾		240	D	$392.35⁽⁴⁾⁽¹⁸⁾	213,477	D
Class A Common Stock	05/01/2026		S⁽³⁾		160	D	$393.44⁽⁴⁾⁽¹⁹⁾	213,317	D
Class A Common Stock	05/01/2026		S⁽³⁾		200	D	$394.55⁽⁴⁾⁽²⁰⁾	213,117	D
Class A Common Stock	05/01/2026		S⁽³⁾		2,790	D	$395.33⁽⁴⁾⁽²¹⁾	210,327	D
Class A Common Stock	05/01/2026		S⁽³⁾		120	D	$397.06⁽⁴⁾⁽²²⁾	210,207	D
Class A Common Stock	05/01/2026		S⁽³⁾		40	D	$398.05	210,167	D
Class A Common Stock	05/01/2026		S⁽³⁾		40	D	$400.04	210,127	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options (Right to Buy)	$10.07	05/01/2026		M⁽³⁾			10,000	04/01/2024⁽²³⁾	02/22/2033	Class A Common Stock	10,000	$0	128,513	D
Stock Options (Right to Buy)	$42.03	05/01/2026		M⁽³⁾			2,000	04/01/2025⁽²⁴⁾	01/24/2034	Class A Common Stock	2,000	$0	46,703	D
Stock Options (Right to Buy)	$51.97	05/01/2026		M⁽³⁾			750	04/01/2025⁽²⁴⁾	02/13/2034	Class A Common Stock	750	$0	17,846	D

Explanation of Responses:

1. Represents restricted stock units ("RSUs") granted on January 24, 2024 under the Reporting Person's Performance Restricted Stock Unit Award Agreement between Carvana Co. and the Reporting Person, dated January 24, 2024. The performance condition for the RSUs reported herein has been met, and all RSUs reported herein vested on April 29, 2026.

2. Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of RSUs under the Performance Restricted Stock Unit Award Agreement.

3. 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.

4. 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.

5. This transaction was executed in multiple trades at prices ranging from $377.98 to $378.95 inclusive.

6. This transaction was executed in multiple trades at prices ranging from $379.01 to $380.00 inclusive.

7. This transaction was executed in multiple trades at prices ranging from $380.04 to $381.03 inclusive.

8. This transaction was executed in multiple trades at prices ranging from $381.04 to $381.94 inclusive.

9. This transaction was executed in multiple trades at prices ranging from $382.19 to $383.11 inclusive.

10. This transaction was executed in multiple trades at prices ranging from $383.41 to $384.10 inclusive.

11. This transaction was executed in multiple trades at prices ranging from $384.65 to $385.64 inclusive.

12. This transaction was executed in multiple trades at prices ranging from $385.69 to $386.64 inclusive.

13. This transaction was executed in multiple trades at prices ranging from $386.75 to $387.68 inclusive.

14. This transaction was executed in multiple trades at prices ranging from $387.77 to $388.72 inclusive.

15. This transaction was executed in multiple trades at prices ranging from $388.80 to $389.73 inclusive.

16. This transaction was executed in multiple trades at prices ranging from $389.80 to $390.74 inclusive.

17. This transaction was executed in multiple trades at prices ranging from $390.91 to $391.77 inclusive.

18. This transaction was executed in multiple trades at prices ranging from $392.08 to $392.70 inclusive.

19. This transaction was executed in multiple trades at prices ranging from $393.13 to $393.99 inclusive.

20. This transaction was executed in multiple trades at prices ranging from $394.18 to $394.85 inclusive.

21. This transaction was executed in multiple trades at prices ranging from $395.32 to $396.05 inclusive.

22. This transaction was executed in multiple trades at prices ranging from $396.78 to $397.43 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 vests 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	05/01/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

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

Carvana CFO Mark W. Jenkins reported RSU vesting, stock option exercises, tax-withholding share dispositions, and open-market sales of Class A Common Stock, all detailed for April 29 and May 1, 2026, including resulting direct ownership of 222,877 shares after the transactions.

How many Carvana (CVNA) shares did the CFO sell and at what prices?

Mark Jenkins sold 12,750 shares of Carvana Class A Common Stock in open-market transactions. Reported per-share prices include $400.04, $398.05, $397.06, $395.33 and $378.56, with several sales executed in multiple trades within stated price ranges described in the filing’s footnotes.

What stock options did the Carvana (CVNA) CFO exercise in this filing?

Jenkins exercised non-qualified stock options covering 12,750 shares of Class A Common Stock. The underlying exercise prices were $51.97, $42.03, and $10.07 per share, reflecting previously granted options that had vested under their respective schedules before the May 1, 2026 exercises.

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

Yes. A footnote states the reported option exercises and related stock sales were effected under a Rule 10b5-1 trading plan adopted on August 5, 2024, indicating these transactions were pre-arranged rather than newly timed discretionary trades based on short-term market developments.

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

Following the reported RSU vesting, tax withholding, option exercises, and open-market sales, Mark Jenkins directly owns 222,877 shares of Carvana Class A Common Stock. This figure reflects his updated direct position as of the dates covered in the Form 4 transactions.

What RSU activity for Carvana (CVNA) stock is disclosed for the CFO?

The filing shows 22,231 RSUs granted under a January 24, 2024 Performance Restricted Stock Unit Award vested on April 29, 2026. Of these, 9,193 shares of Class A Common Stock were withheld to cover taxes, with the remaining vested shares added to Jenkins’ direct holdings.