Carvana SEC Filings

Carvana (CVNA) reported stronger Q3 2025 results. Net sales and operating revenues were $5,647 million, up from $3,655 million a year ago. Gross profit rose to $1,148 million from $807 million, and operating income increased to $552 million from $337 million. Net income attributable to Carvana Co. was $151 million versus $85 million, with diluted EPS of $1.03 (up from $0.64).

Interest expense declined to $125 million from $157 million. Cash and cash equivalents were $2,142 million as of September 30, 2025, compared with $1,716 million at year-end 2024. Long-term debt (excluding current portion) decreased to $4,810 million from $5,256 million, aided by the voluntary redemption of $559 million of 2028 Senior Secured Notes.

The company extended and upsized two short-term revolving facilities and added a new facility to fund up to $600 million of finance receivables through March 2027. In October, it executed two separate loan purchase agreements allowing up to $4 billion each of finance receivables through late 2027 and expanded Ally’s commitment to purchase up to $6 billion between October 28, 2025 and October 27, 2026. As of October 27, 2025, Class A shares outstanding were 141,423,193 and Class B were 76,119,471.

Carvana (CVNA) furnished an update on operations by announcing financial results for the fiscal quarter ended September 30, 2025. The company issued a shareholder letter and a press release, furnished as Exhibits 99.1 and 99.2, and plans to host a conference call on October 29, 2025 to discuss the quarter.

The information under Item 2.02 is furnished and not deemed filed under the Exchange Act. A cover page interactive data file is included as Exhibit 104.

Insider sales under a 10b5-1 plan: The filing shows that Ernest C. Garcia III, CEO, director and 10% owner of Carvana Co. (CVNA), disposed of a total of 920,696 shares of Class A common stock on 10/09/2025 under a Rule 10b5-1 plan adopted on 12/13/2024. Sales were executed in multiple trades at volume-weighted average prices reported between $348.19 and $361.17 with per-trade VWAPs listed (examples: $348.44, $350.63, $358.96, $362). The shares are held indirectly in two trusts for which he serves as Investment Trustee. The form is signed by a power of attorney on 10/10/2025.

Insider sale of 920,696 Class A shares reported by Ernest C. Garcia III on 10/08/2025. The sales were executed in multiple trades at prices roughly between $361.91 and $370.32, with a reported volume‑weighted average price of $362.58 for certain lots. The transactions were made under a Rule 10b5-1 trading plan adopted on 12/13/2024. Shares are held indirectly through two trusts for which Mr. Garcia is trustee; the Form 4 shows reduced beneficial ownership totals following the disposals.

Insider sales by Carvana CEO/Director Ernest C. Garcia III were reported on a Form 4 showing multiple disposals of Class A common stock executed on 10/07/2025. The filings state the sales were made under a Rule 10b5-1 trading plan adopted on 12/13/2024. The report lists many small blocks sold across a range of prices (roughly $363.20 to $375.00 per share) and shows an aggregate disposition figure of 920,696 shares marked as disposed. The sales were executed in multiple trades and the reporting person holds shares indirectly through two trusts where he serves as trustee.

Ernest C. Garcia III, CEO, director and 10% owner of Carvana Co. (CVNA), reported multiple open-market sales of Class A common stock on 10/06/2025. The filings show a total of 920,696 shares sold in separate blocks at volume-weighted average prices in the mid-$360s to mid-$370s per share. The reporting person states the sales were executed under a Rule 10b5-1 trading plan adopted on 12/13/2024, and the Form 4 was signed by power of attorney on 10/08/2025. Shares are held indirectly through two trusts for which he is investment trustee; each sale line shows the remaining beneficial ownership in those trusts.

Ernest C. Garcia III, listed as CEO, Director and a >10% owner of Carvana Co. (CVNA), reported multiple sales of Class A common stock effected under a Rule 10b5-1 trading plan. The transactions on 10/03/2025 show aggregate reported disposals of 920,696 shares across several blocks at volume‑weighted prices in the roughly $387.33 to $393.22 range. The shares sold were held indirectly by two trusts for which he serves as Investment Trustee and Co‑Administrative Trustee. The filing was signed by a power of attorney on 10/06/2025. The filer states availability to provide trade‑by‑trade details to regulators or the issuer.

Insider sales by Carvana executive Ernest C. Garcia III were reported on a Form 4 showing the disposition of 920,696 shares of Class A common stock on 10/03/2025. The filings state the sales were executed under a Rule 10b5-1 trading plan adopted on 12/13/2024 and that the reported prices reflect the volume-weighted average sale price.

The transactions were broken into multiple trades with execution prices ranging from $373.98 to $387.19 across several tranches; specific VWAP figures and narrower ranges are listed per tranche (example VWAP shown $374.64). The Form 4 is signed by power of attorney on 10/06/2025. The report lists the Reporting Person as a director, 10% owner and Chief Executive Officer and shows shares held indirectly via two trusts for which he is trustee.

Ernest C. Garcia III, CEO and director of Carvana Co. (CVNA), reported multiple planned sales of Class A common stock under a Rule 10b5-1 trading plan adopted 12/13/2024. The Form 4 lists a series of dispositions executed on 10/02/2025 across many trades, reducing holdings reported for trusts tied to Mr. Garcia by a total of 920,696 shares sold at volume-weighted average prices in the roughly $388–$397 range. The seller is listed as the reporting person acting through two trusts where he serves as trustee; all sales are shown as indirect holdings and were carried out per the disclosed 10b5-1 plan. The filing is signed by a POA on behalf of Mr. Garcia on 10/06/2025.