The Vanguard Group (NYSE: CVNA) reports 11.86% Carvana ownership

Rhea-AI Filing Summary

The Vanguard Group filed an amended beneficial ownership report showing its holdings in Carvana Co common stock as of 12/31/2025. Vanguard reports beneficial ownership of 16,783,099 shares, representing 11.86 % of Carvana’s outstanding common stock.

Vanguard has 0 shares with sole voting power and 890,436 shares with shared voting power. It has sole dispositive power over 15,388,166 shares and shared dispositive power over 1,394,933 shares. Vanguard states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Carvana.

Insights

Equity ownership analyst

Vanguard reports an 11.86 % passive stake in Carvana common stock.

The Vanguard Group discloses beneficial ownership of 16,783,099 Carvana common shares, representing 11.86 % of the class as of 12/31/2025. This crosses the 5 % threshold that requires public reporting of large positions in U.S. equities.

The filing breaks down control over the position: Vanguard has sole voting power over 0 shares and shared voting power over 890,436 shares, while holding sole dispositive power over 15,388,166 shares and shared dispositive power over 1,394,933 shares. It identifies itself as an investment adviser and notes that its clients, including registered investment companies and other managed accounts, have the economic rights to dividends and sale proceeds, with no single other person exceeding 5 % of the class.

Vanguard certifies that the position is held in the ordinary course of business and is not for the purpose of changing or influencing control of Carvana Co. This characterizes the stake as a passive institutional investment under the relevant rules, rather than an activist or control-oriented position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

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

The Vanguard Group

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

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 890,436.00
7	Sole Dispositive Power 15,388,166.00
8	Shared Dispositive Power 1,394,933.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,783,099.00

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)

11.86 %

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: 1930 W Rio Salado Pkwy, Tempe, AZ, 85281
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(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: 16783099
(b)	Percent of class: 11.86 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 890436
	(iii) Sole power to dispose or to direct the disposition of: 15388166
	(iv) Shared power to dispose or to direct the disposition of: 1394933
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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
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.

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.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	01/07/2026

FAQ

How many Carvana (CVNA) shares does The Vanguard Group report owning?

The Vanguard Group reports beneficial ownership of 16,783,099 shares of Carvana Co common stock as of 12/31/2025.

What percentage of Carvana (CVNA) does Vanguard’s stake represent?

Vanguard’s reported holdings represent 11.86 % of Carvana Co’s outstanding common stock.

Does Vanguard have voting and dispositive power over its Carvana (CVNA) shares?

Vanguard reports 0 shares with sole voting power and 890,436 with shared voting power, and sole dispositive power over 15,388,166 shares plus shared dispositive power over 1,394,933 shares.

Is Vanguard’s Carvana (CVNA) position passive or aimed at influencing control?

Vanguard certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Carvana.

Who ultimately benefits from Vanguard’s Carvana (CVNA) holdings?

Vanguard states its clients, including registered investment companies and other managed accounts, have the right to receive dividends and sale proceeds from the securities reported.

What type of reporting person is Vanguard in this Carvana (CVNA) filing?

Vanguard identifies its type of reporting person as IA, indicating it is filing as an investment adviser.