Carvana (CVNA) CFO exercises options, sells 12,750 shares under plan

Rhea-AI Filing Summary

Carvana Co. Chief Financial Officer Mark W. Jenkins reported option exercises, share sales, and tax-related share withholding. On March 2, 2026, he exercised stock options covering 12,750 shares of Class A Common Stock through multiple “M” code transactions and acquired those shares at exercise prices ranging from $10.07 to $51.97 per share.

On the same date, he sold an aggregate of 12,750 shares of Class A Common Stock in open-market “S” transactions at prices between roughly $318.35 and $327.21, pursuant to a Rule 10b5-1 trading plan adopted on August 5, 2024. On March 1, 2026, 1,220 shares were withheld to cover taxes upon vesting of restricted stock units. After these transactions, he directly owned 201,597 shares of Class A Common Stock.

Insider Trade Summary

Net Seller: 12,750 shares ($4,120,173)

Net Sell 17 txns

Insider JENKINS MARK W.

Role Chief Financial Officer

Sold 12,750 shs ($4.12M)

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	10,000	$0.00	--
Exercise	Stock Options (Right to Buy)	2,000	$0.00	--
Exercise	Stock Options (Right to Buy)	750	$0.00	--
Exercise	Class A Common Stock	10,000	$10.07	$101K
Exercise	Class A Common Stock	2,000	$42.03	$84K
Exercise	Class A Common Stock	750	$51.97	$39K
Sale	Class A Common Stock	560	$318.35	$178K
Sale	Class A Common Stock	485	$319.36	$155K
Sale	Class A Common Stock	1,040	$320.28	$333K
Sale	Class A Common Stock	828	$321.23	$266K
Sale	Class A Common Stock	2,160	$322.42	$696K
Sale	Class A Common Stock	1,877	$323.37	$607K
Sale	Class A Common Stock	4,430	$324.65	$1.44M
Sale	Class A Common Stock	850	$325.28	$276K
Sale	Class A Common Stock	400	$326.48	$131K
Sale	Class A Common Stock	120	$327.21	$39K
Tax Withholding	Class A Common Stock	1,220	$334.16	$408K

Holdings After Transaction: Stock Options (Right to Buy) — 148,513 shares (Direct); Class A Common Stock — 211,597 shares (Direct)

Footnotes (1)

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 $317.76 to $318.73 inclusive. This transaction was executed in multiple trades at prices ranging from $318.76 to $319.75, inclusive. This transaction was executed in multiple trades at prices ranging from $319.78 to $320.77, inclusive. This transaction was executed in multiple trades at prices ranging from $320.83 to $321.73, inclusive. This transaction was executed in multiple trades at prices ranging from $321.91 to $322.87 inclusive. This transaction was executed in multiple trades at prices ranging from $322.91 to $323.89 inclusive. This transaction was executed in multiple trades at prices ranging from $323.94 to $324.90, inclusive. This transaction was executed in multiple trades at prices ranging from $324.97 to $325.71, inclusive. This transaction was executed in multiple trades at prices ranging from $326.14 to $326.88, inclusive. This transaction was executed in multiple trades at prices ranging from $327.16 to $327.28 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.

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^*

JENKINS MARK W.

(Last) (First) (Middle)

C/O CARVANA CO.

300 E. RIO SALADO PKWY

(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 Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

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	03/01/2026		F		1,220(1)	D	$334.16	201,597	D
Class A Common Stock	03/02/2026		M		10,000(2)	A	$10.07	211,597	D
Class A Common Stock	03/02/2026		M		2,000(2)	A	$42.03	213,597	D
Class A Common Stock	03/02/2026		M		750(2)	A	$51.97	214,347	D
Class A Common Stock	03/02/2026		S(2)		560	D	$318.35(3)(4)	213,787	D
Class A Common Stock	03/02/2026		S(2)		485	D	$319.36(3)(5)	213,302	D
Class A Common Stock	03/02/2026		S(2)		1,040	D	$320.28(3)(6)	212,262	D
Class A Common Stock	03/02/2026		S(2)		828	D	$321.23(3)(7)	211,434	D
Class A Common Stock	03/02/2026		S(2)		2,160	D	$322.42(3)(8)	209,274	D
Class A Common Stock	03/02/2026		S(2)		1,877	D	$323.37(3)(9)	207,397	D
Class A Common Stock	03/02/2026		S(2)		4,430	D	$324.65(3)(10)	202,967	D
Class A Common Stock	03/02/2026		S(2)		850	D	$325.28(3)(11)	202,117	D
Class A Common Stock	03/02/2026		S(2)		400	D	$326.48(3)(12)	201,717	D
Class A Common Stock	03/02/2026		S(2)		120	D	$327.21(3)(13)	201,597	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	03/02/2026		M(2)			10,000	04/01/2024(14)	02/22/2033	Class A Common Stock	10,000	$0	148,513	D
Stock Options (Right to Buy)	$42.03	03/02/2026		M(2)			2,000	04/01/2025(15)	01/24/2034	Class A Common Stock	2,000	$0	50,703	D
Stock Options (Right to Buy)	$51.97	03/02/2026		M(2)			750	04/01/2025(15)	02/13/2034	Class A Common Stock	750	$0	19,346	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 $317.76 to $318.73 inclusive.

5. This transaction was executed in multiple trades at prices ranging from $318.76 to $319.75, inclusive.

6. This transaction was executed in multiple trades at prices ranging from $319.78 to $320.77, inclusive.

7. This transaction was executed in multiple trades at prices ranging from $320.83 to $321.73, inclusive.

8. This transaction was executed in multiple trades at prices ranging from $321.91 to $322.87 inclusive.

9. This transaction was executed in multiple trades at prices ranging from $322.91 to $323.89 inclusive.

10. This transaction was executed in multiple trades at prices ranging from $323.94 to $324.90, inclusive.

11. This transaction was executed in multiple trades at prices ranging from $324.97 to $325.71, inclusive.

12. This transaction was executed in multiple trades at prices ranging from $326.14 to $326.88, inclusive.

13. This transaction was executed in multiple trades at prices ranging from $327.16 to $327.28 inclusive.

14. 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.

15. 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	03/03/2026
	** 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.

FAQ

What insider transactions did Carvana (CVNA) CFO Mark W. Jenkins report?

Carvana CFO Mark W. Jenkins exercised options, sold shares, and had shares withheld for taxes. He exercised options into 12,750 Class A shares, sold 12,750 shares in open-market trades, and had 1,220 shares withheld to satisfy tax obligations tied to restricted stock unit vesting.

How many Carvana (CVNA) shares does the CFO hold after these Form 4 transactions?

After the reported transactions, the CFO directly holds 201,597 Class A shares. This balance reflects option exercises, open-market sales, and tax-related share withholding reported for early March 2026, as disclosed in the Form 4 ownership totals.

Were Carvana (CVNA) CFO Mark Jenkins’ share sales under a Rule 10b5-1 plan?

Yes. The option exercises and share sales were executed under a Rule 10b5-1 trading plan. A footnote states the plan was adopted by Mark W. Jenkins on August 5, 2024, and governed the March 2, 2026 transactions reported.

What prices did the Carvana (CVNA) CFO receive for his Class A share sales?

The reported sale prices ranged from about $318.35 to $327.21 per share. Multiple trades were executed within narrower bands, each with volume-weighted average sale prices detailed across several footnotes describing the price ranges for individual transactions.

Why were 1,220 Carvana (CVNA) shares disposed of in a code “F” transaction?

The 1,220 shares were withheld to cover tax obligations on restricted stock units. A footnote explains these Class A shares were retained by the issuer upon RSU vesting to satisfy taxes, rather than being sold in the open market.

How did Carvana (CVNA) CFO’s options vest that were exercised in this Form 4?

The non-qualified stock options vested 25% on specified April 1 dates and monthly thereafter. One grant began vesting April 1, 2024, and another April 1, 2025, each continuing monthly for three years, conditioned on his continued service with Carvana.