CARVANA CO. — Director's Dealing 2025

Sep 4, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-09-01

Reporting Person: JENKINS MARK W. (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-09-01	Class A Common Stock	F	1219	$371.92	Disposed	208581	Direct
2025-09-02	Class A Common Stock	M	10000	$10.07	Acquired	218581	Direct
2025-09-02	Class A Common Stock	M	2000	$42.03	Acquired	220581	Direct
2025-09-02	Class A Common Stock	M	750	$51.97	Acquired	221331	Direct
2025-09-02	Class A Common Stock	S	400	$357.08	Disposed	220931	Direct
2025-09-02	Class A Common Stock	S	500	$358.89	Disposed	220431	Direct
2025-09-02	Class A Common Stock	S	700	$359.69	Disposed	219731	Direct
2025-09-02	Class A Common Stock	S	1050	$360.96	Disposed	218681	Direct
2025-09-02	Class A Common Stock	S	503	$361.89	Disposed	218178	Direct
2025-09-02	Class A Common Stock	S	1080	$363.17	Disposed	217098	Direct
2025-09-02	Class A Common Stock	S	1180	$364.15	Disposed	215918	Direct
2025-09-02	Class A Common Stock	S	1000	$365.24	Disposed	214918	Direct
2025-09-02	Class A Common Stock	S	4161	$366.33	Disposed	210757	Direct
2025-09-02	Class A Common Stock	S	1552	$367.18	Disposed	209205	Direct
2025-09-02	Class A Common Stock	S	524	$368.47	Disposed	208681	Direct
2025-09-02	Class A Common Stock	S	100	$369.17	Disposed	208581	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-09-02	Stock Options (Right to Buy)	$10.07	M	10000	Disposed	2033-02-22	Class A Common Stock (10000)	Direct
2025-09-02	Stock Options (Right to Buy)	$42.03	M	2000	Disposed	2034-01-24	Class A Common Stock (2000)	Direct
2025-09-02	Stock Options (Right to Buy)	$51.97	M	750	Disposed	2034-02-13	Class A Common Stock (750)	Direct

Footnotes

F1: 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.

F2: 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.

F3: This transaction was executed in multiple trades at prices ranging from $356.84 to $357.81, inclusive. 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.

F4: This transaction was executed in multiple trades at prices ranging from $358.21 to $359.13, inclusive. 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.

F5: This transaction was executed in multiple trades at prices ranging from $359.42 to $360.15, inclusive. 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.

F6: This transaction was executed in multiple trades at prices ranging from $360.49 to $361.04 inclusive. 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.

F7: This transaction was executed in multiple trades at prices ranging from $361.62 to $362.02, inclusive. 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.

F8: This transaction was executed in multiple trades at prices ranging from $362.75 to $363.73, inclusive. 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.

F9: This transaction was executed in multiple trades at prices ranging from $363.76 to $364.59, inclusive. 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.

F10: This transaction was executed in multiple trades at prices ranging from $364.86 to $365.71, inclusive. 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.

F11: This transaction was executed in multiple trades at prices ranging from $365.88 to $366.83, inclusive. 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.

F12: This transaction was executed in multiple trades at prices ranging from $366.89 to $367.62, inclusive. 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.

F13: This transaction was executed in multiple trades at prices ranging from $368.01 to $368.97, inclusive. 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.

F14: 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.

F15: 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.