CARVANA CO. — Director's Dealing 2025

Aug 4, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-07-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-31	Class A Common Stock	M	17687	$296.05	Acquired	228707	Direct
2025-07-31	Class A Common Stock	S	12556	$393.72	Disposed	216151	Direct
2025-07-31	Class A Common Stock	S	17687	$396.05	Disposed	198464	Direct
2025-07-31	Class A Common Stock	S	300	$399.22	Disposed	198164	Direct
2025-07-31	Class A Common Stock	S	7144	$400	Disposed	191020	Direct
2025-08-01	Class A Common Stock	M	10000	$10.07	Acquired	201020	Direct
2025-08-01	Class A Common Stock	M	2000	$42.03	Acquired	203020	Direct
2025-08-01	Class A Common Stock	M	750	$51.97	Acquired	203770	Direct
2025-08-01	Class A Common Stock	S	800	$365.91	Disposed	202970	Direct
2025-08-01	Class A Common Stock	S	1400	$366.02	Disposed	201570	Direct
2025-08-01	Class A Common Stock	S	1697	$367.85	Disposed	199873	Direct
2025-08-01	Class A Common Stock	S	1100	$368.82	Disposed	198773	Direct
2025-08-01	Class A Common Stock	S	2082	$369.94	Disposed	196691	Direct
2025-08-01	Class A Common Stock	S	500	$370.85	Disposed	196191	Direct
2025-08-01	Class A Common Stock	S	1000	$372.41	Disposed	195191	Direct
2025-08-01	Class A Common Stock	S	1121	$373.34	Disposed	194070	Direct
2025-08-01	Class A Common Stock	S	800	$374.42	Disposed	193270	Direct
2025-08-01	Class A Common Stock	S	700	$375.63	Disposed	192570	Direct
2025-08-01	Class A Common Stock	S	200	$377.37	Disposed	192370	Direct
2025-08-01	Class A Common Stock	S	400	$378.55	Disposed	191970	Direct
2025-08-01	Class A Common Stock	S	950	$380.74	Disposed	191020	Direct
2025-08-01	Class A Common Stock	F	1220	$367.78	Disposed	189800	Direct
2025-08-04	Class A Common Stock	C	20000	—	Acquired	209800	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-31	Stock Options (Right to Buy)	$296.05	M	17687	Disposed	2031-02-14	Class A Common Stock (17687)	Direct
2025-08-01	Stock Options (Right to Buy)	$10.07	M	10000	Disposed	2033-02-22	Class A Common Stock (10000)	Direct
2025-08-01	Stock Options (Right to Buy)	$42.03	M	2000	Disposed	2034-01-24	Class A Common Stock (2000)	Direct
2025-08-01	Stock Options (Right to Buy)	$51.97	M	750	Disposed	2034-02-13	Class A Common Stock (750)	Direct
2025-08-04	Class B Units	$4.878	C	25403	Disposed		Class A Common Stock (20000)	Direct

Footnotes

F1: The reported unit conversions, option exercises, and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 5, 2024.

F2: This transaction was executed in multiple trades at prices ranging from $399.00 to $399.43, 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.

F3: This transaction was executed in multiple trades at prices ranging from $365.45 to $366.43, 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 $366.47 to $367.32, 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 $367.51 to $368.44, 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 $368.52 to $369.27, 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 $369.55 to $370.25, 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 $370.75 to $371.05, 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 $371.89 to $372.86, 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 $372.89 to $373.85, 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 $374.06 to $374.86, 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 $375.26 to $376.14, 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 $377.08 to $377.66, 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: This transaction was executed in multiple trades at prices ranging from $378.32 to $378.80, 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.

F15: This transaction was executed in multiple trades at prices ranging from $380.70 to $380.88, 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.

F16: 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.

F17: Pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement"), holders of Class B Units may
exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined
in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F18: The Reporting Person was granted the 200,000 Class B Units on March 24, 2015 with a participation threshold of $4.878, 40,000 of which vested on March 1, 2016 and 3,333 of which vested on the first of each month thereafter. The Class B Units have no expiration date.

F19: 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, 2022 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

F20: 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.

F21: 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.