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Carvana (NYSE: CVNA) CPO reports option exercises and stock sales

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Carvana Co.’s Chief Product Officer, Daniel J. Gill, reported multiple option exercises and stock sales on December 8, 2025. He exercised several tranches of stock options to acquire Class A common stock at exercise prices ranging from $10.07 to $296.05 per share. On the same date, he sold a total of 80,000 Class A shares in two transactions at prices of $429 and $450 per share. After these transactions, he directly beneficially owned 191,106 shares of Carvana Class A common stock. The filing notes that the option exercises and sales were carried out under a Rule 10b5-1 trading plan adopted on December 13, 2024.

Positive

  • None.

Negative

  • None.
Insider GILL DANIEL J.
Role Chief Product Officer
Sold 80,000 shs ($35.16M)
Type Security Shares Price Value
Exercise Stock Options (Right to Buy) 34,826 $0.00 --
Exercise Stock Options (Right to Buy) 25,283 $0.00 --
Exercise Stock Options (Right to Buy) 9,597 $0.00 --
Exercise Stock Options (Right to Buy) 2,715 $0.00 --
Exercise Stock Options (Right to Buy) 7,579 $0.00 --
Exercise Class A Common Stock 34,826 $10.07 $351K
Exercise Class A Common Stock 25,283 $42.03 $1.06M
Exercise Class A Common Stock 9,597 $51.97 $499K
Exercise Class A Common Stock 2,715 $126.40 $343K
Exercise Class A Common Stock 7,579 $296.05 $2.24M
Sale Class A Common Stock 40,000 $429.00 $17.16M
Sale Class A Common Stock 40,000 $450.00 $18.00M
Holdings After Transaction: Stock Options (Right to Buy) — 200,902 shares (Direct); Class A Common Stock — 225,932 shares (Direct)
Footnotes (1)
  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"). 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 vest 25% on April 1, 2025 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. 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, 2023 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, 2022 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.
Form 4 Insider Transactions: What Each Field Means →
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*
GILL DANIEL J.
(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 Product Officer
3. Date of Earliest Transaction (Month/Day/Year)
12/08/2025
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 12/08/2025 M 34,826(1) A $10.07 225,932 D
Class A Common Stock 12/08/2025 M 25,283(1) A $42.03 251,215 D
Class A Common Stock 12/08/2025 M 9,597(1) A $51.97 260,812 D
Class A Common Stock 12/08/2025 M 2,715(1) A $126.4 263,527 D
Class A Common Stock 12/08/2025 M 7,579(1) A $296.05 271,106 D
Class A Common Stock 12/08/2025 S 40,000(1) D $429 231,106 D
Class A Common Stock 12/08/2025 S 40,000(1) D $450 191,106 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 12/08/2025 M(1) 34,826 04/01/2024(2) 02/22/2033 Class A Common Stock 34,826 $0 200,902 D
Stock Options (Right to Buy) $42.03 12/08/2025 M(1) 25,283 04/01/2025(3) 01/24/2034 Class A Common Stock 25,283 $0 61,401 D
Stock Options (Right to Buy) $51.97 12/08/2025 M(1) 9,597 04/01/2025(4) 02/13/2034 Class A Common Stock 9,597 $0 56,211 D
Stock Options (Right to Buy) $126.4 12/08/2025 M(1) 2,715 04/01/2023(5) 02/21/2032 Class A Common Stock 2,715 $0 9,051 D
Stock Options (Right to Buy) $296.05 12/08/2025 M(1) 7,579 04/01/2022(6) 02/17/2031 Class A Common Stock 7,579 $0 0 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.
3. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vest 25% on April 1, 2025 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.
4. 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.
5. 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, 2023 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.
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, 2022 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 Daniel J. Gill 12/10/2025
** 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.

Source: View Original Filing on SEC EDGAR