Carvana (NYSE: CVNA) CFO sells 63,750 shares, exercises options

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Carvana Co. Chief Financial Officer Mark W. Jenkins reported a mix of option exercises, tax withholding and share sales in Carvana Class A Common Stock. On July 1, 2026, he sold 63,750 shares in open-market transactions at prices reported between $65.18 and $70.43 per share.

On the same date, he exercised stock options covering 63,750 shares of Class A Common Stock at exercise prices of $2.01, $8.41 and $10.39 per share. A total of 7,014 shares was withheld to cover tax obligations upon vesting of restricted stock units.

The filing notes these option exercises and related sales were effected under a Rule 10b5-1 trading plan adopted on August 5, 2024. Following the reported transactions, Jenkins directly holds 1,029,580 shares of Carvana Class A Common Stock.

Insights

Routine 10b5-1 option exercises with net selling, modest vs holdings.

CFO Mark W. Jenkins exercised stock options for 63,750 Carvana Class A shares at relatively low strike prices of $2.01, $8.41 and $10.39, then sold 63,750 shares in open-market trades on July 1, 2026. This pattern reflects a classic exercise-and-sell sequence.

The filing shows 7,014 shares withheld for taxes upon RSU vesting, a non-market disposition. Importantly, footnotes state the option exercises and sales were carried out under a Rule 10b5-1 trading plan adopted on August 5, 2024, indicating transactions were pre-scheduled rather than opportunistic.

After all activity, Jenkins still directly owns 1,029,580 shares, so the net disposition is small relative to his remaining stake. With 0 derivative positions listed as remaining in this filing, his exposure is now primarily through common shares. Overall, this looks like routine liquidity and tax management rather than a thesis-changing move.

Insider Trade Summary 10b5-1

Net Seller: 63,750 shares ($4,356,987)

Net Sell 13 txns

Insider JENKINS MARK W.

Role Chief Financial Officer

Sold 63,750 shs ($4.36M)

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	50,000	$0.00	--
Exercise	Stock Options (Right to Buy)	10,000	$0.00	--
Exercise	Stock Options (Right to Buy)	3,750	$0.00	--
Tax Withholding	Class A Common Stock	7,014	$67.87	$476K
Exercise	Class A Common Stock	50,000	$2.01	$100K
Exercise	Class A Common Stock	10,000	$8.41	$84K
Exercise	Class A Common Stock	3,750	$10.39	$39K
Sale	Class A Common Stock	6,710	$65.18	$437K
Sale	Class A Common Stock	4,560	$66.07	$301K
Sale	Class A Common Stock	5,960	$67.49	$402K
Sale	Class A Common Stock	21,130	$68.14	$1.44M
Sale	Class A Common Stock	9,840	$69.22	$681K
Sale	Class A Common Stock	15,550	$70.43	$1.10M

Holdings After Transaction: Stock Options (Right to Buy) — 542,565 shares (Direct, null); Class A Common Stock — 1,029,580 shares (Direct, null)

Footnotes (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. 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 $64.73 to $65.70 inclusive. This transaction was executed in multiple trades at prices ranging from $65.73 to $66.65 inclusive. This transaction was executed in multiple trades at prices ranging from $66.76 to $67.75 inclusive. This transaction was executed in multiple trades at prices ranging from $67.76 to $68.75 inclusive. This transaction was executed in multiple trades at prices ranging from $68.76 to $69.75 inclusive. This transaction was executed in multiple trades at prices ranging from $69.76 to $70.72 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 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

Shares sold: 63,750 shares Options exercised: 63,750 shares Tax withholding shares: 7,014 shares +4 more

7 metrics

Shares sold 63,750 shares Class A Common Stock sold in open-market trades on July 1, 2026

Options exercised 63,750 shares Class A Common Stock underlying options exercised on July 1, 2026

Tax withholding shares 7,014 shares Shares withheld for taxes upon RSU vesting

Post-transaction holdings 1,029,580 shares Direct ownership of Carvana Class A Common Stock after transactions

Option exercise price $2.01 per share Non-qualified stock options into Class A Common Stock

Option exercise price $8.41 per share Non-qualified stock options into Class A Common Stock

Option exercise price $10.39 per share Non-qualified stock options into Class A Common Stock

Key Terms

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

4 terms

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.

restricted stock units financial

"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."

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 of the Issuer vested 25% on April 1, 2024 and monthly thereafter for the following three years"

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."

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 05:23 PM Accepted by SEC EDGAR 07/02/2026 - 05:23 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)
07/01/2026

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)
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	07/01/2026		F⁽¹⁾		7,014	D	$67.87	1,029,580	D
Class A Common Stock	07/01/2026		M⁽²⁾		50,000	A	$2.01	1,079,580	D
Class A Common Stock	07/01/2026		M⁽²⁾		10,000	A	$8.41	1,089,580	D
Class A Common Stock	07/01/2026		M⁽²⁾		3,750	A	$10.39	1,093,330	D
Class A Common Stock	07/01/2026		S⁽²⁾		6,710	D	$65.18⁽³⁾⁽⁴⁾	1,086,620	D
Class A Common Stock	07/01/2026		S⁽²⁾		4,560	D	$66.07⁽³⁾⁽⁵⁾	1,082,060	D
Class A Common Stock	07/01/2026		S⁽²⁾		5,960	D	$67.49⁽³⁾⁽⁶⁾	1,076,100	D
Class A Common Stock	07/01/2026		S⁽²⁾		21,130	D	$68.14⁽³⁾⁽⁷⁾	1,054,970	D
Class A Common Stock	07/01/2026		S⁽²⁾		9,840	D	$69.22⁽³⁾⁽⁸⁾	1,045,130	D
Class A Common Stock	07/01/2026		S⁽²⁾		15,550	D	$70.43⁽³⁾⁽⁹⁾	1,029,580	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)	$2.01	07/01/2026		M⁽²⁾			50,000	04/01/2024⁽¹⁰⁾	02/22/2033	Class A Common Stock	50,000	$0	542,565	D
Stock Options (Right to Buy)	$8.41	07/01/2026		M⁽²⁾			10,000	04/01/2025⁽¹¹⁾	01/24/2034	Class A Common Stock	10,000	$0	213,515	D
Stock Options (Right to Buy)	$10.39	07/01/2026		M⁽²⁾			3,750	04/01/2025⁽¹¹⁾	02/13/2034	Class A Common Stock	3,750	$0	81,730	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 $64.73 to $65.70 inclusive.

5. This transaction was executed in multiple trades at prices ranging from $65.73 to $66.65 inclusive.

6. This transaction was executed in multiple trades at prices ranging from $66.76 to $67.75 inclusive.

7. This transaction was executed in multiple trades at prices ranging from $67.76 to $68.75 inclusive.

8. This transaction was executed in multiple trades at prices ranging from $68.76 to $69.75 inclusive.

9. This transaction was executed in multiple trades at prices ranging from $69.76 to $70.72 inclusive.

10. 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.

11. 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	07/02/2026
	** 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 insider transactions did Carvana (CVNA) CFO Mark W. Jenkins report?

CFO Mark W. Jenkins reported exercising options for 63,750 Carvana Class A shares and selling 63,750 shares in open-market trades on July 1, 2026, plus 7,014 shares withheld to cover tax obligations tied to restricted stock unit vesting.

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

Jenkins sold 63,750 shares of Carvana Class A Common Stock in open-market transactions at reported prices between $65.18 and $70.43 per share, based on individual transaction entries and related price footnotes in the insider trading disclosure.

What stock options did the Carvana (CVNA) CFO exercise in this Form 4?

He exercised options covering 63,750 shares of Class A Common Stock, with exercise prices of $2.01, $8.41 and $10.39 per share. These non-qualified stock options relate to prior equity awards that vested over time, subject to his continued service with Carvana.

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

Following the reported option exercises, tax withholding and share sales, CFO Mark W. Jenkins directly owns 1,029,580 shares of Carvana Class A Common Stock, according to the post-transaction ownership figure disclosed in the Form 4 filing’s non-derivative holdings table.

Were the Carvana (CVNA) CFO’s sales under a Rule 10b5-1 plan?

Yes. A footnote states the reported option exercises and related sales were effected under a Rule 10b5-1 trading plan adopted by Jenkins on August 5, 2024. Such plans pre-schedule trades, indicating the timing was arranged in advance rather than discretionary.

Why were 7,014 Carvana (CVNA) shares withheld in the CFO’s Form 4?

The filing explains that 7,014 shares of Carvana Class A Common Stock were withheld for taxes upon vesting of restricted stock units. This F-code transaction reflects tax payment using shares, not an open-market sale, and is standard for equity-based compensation.