T. Rowe Price (NYSE: TROW) holds 12.6% of Carvana (CVNA)

Rhea-AI Filing Summary

T. Rowe Price Associates, Inc. filed an amended Schedule 13G reporting a significant ownership position in Carvana Co. common stock. As of December 31, 2025, it reported beneficial ownership of 17,787,942 shares, representing 12.6% of Carvana’s common stock.

T. Rowe Price reported sole power to vote 17,482,430 shares and sole power to dispose of 17,726,838 shares, with no shared voting or dispositive power. The firm states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Carvana, and it expressly denies being the beneficial owner of the securities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

CARVANA CO

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

146869102

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 146869102

1

Names of Reporting Persons

T. Rowe Price Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 17,482,430.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 17,726,838.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,787,942.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CARVANA CO
(b)	Address of issuer's principal executive offices: 300 E. RIO SALADO PARKWAY, TEMPE, AZ, 85281
Item 2.
(a)	Name of person filing: T. Rowe Price Associates, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 146869102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 17787942
(b)	Percent of class: 12.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 17482430
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 17726838
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Associates, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	02/17/2026

FAQ

What did T. Rowe Price disclose about Carvana (CVNA) in this Schedule 13G/A?

T. Rowe Price Associates, Inc. disclosed a large ownership stake in Carvana common stock. The filing reports beneficial ownership of 17,787,942 shares, reflecting a 12.6% interest in the company as of December 31, 2025, under a passive Schedule 13G framework.

How many Carvana (CVNA) shares does T. Rowe Price report owning?

T. Rowe Price reports beneficial ownership of 17,787,942 Carvana common shares. The filing further notes sole voting power over 17,482,430 shares and sole dispositive power over 17,726,838 shares, indicating extensive control over how most of these shares are voted and potentially sold.

What percentage of Carvana (CVNA) does T. Rowe Price’s stake represent?

T. Rowe Price’s reported holdings represent 12.6% of Carvana’s outstanding common stock. This level of ownership classifies the firm as a significant shareholder, triggering the Schedule 13G reporting requirement for passive institutional investors under SEC rules.

Is T. Rowe Price seeking to influence control of Carvana (CVNA)?

T. Rowe Price states the securities were acquired and are held in the ordinary course of business. The firm specifically indicates they were not acquired and are not held to change or influence control of Carvana, consistent with a passive investment stance under Schedule 13G.

What voting and dispositive powers does T. Rowe Price have over Carvana (CVNA) shares?

T. Rowe Price reports sole power to vote or direct the vote for 17,482,430 Carvana shares. It also reports sole power to dispose or direct the disposition of 17,726,838 shares, with no shared voting or shared dispositive power reported in the ownership breakdown.

Does T. Rowe Price admit beneficial ownership of the Carvana (CVNA) shares?

T. Rowe Price expressly denies being the beneficial owner of the Carvana securities despite reporting them. The firm notes the shares are held in the ordinary course of its investment advisory business and states the filing should not be construed as an admission of beneficial ownership.