=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-04-01
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: CARVANA CO. (CVNA)
CIK: 0001690820
--- Reporting Owner ---
Name: HUSTON BENJAMIN E.
CIK: 0001700537
Role: Officer (Chief Operating Officer)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-04-01 | Code: F (Payment of exercise/tax)
Shares: -4,508 | Price: $312.09
Total Value: $1,406,901.72
Shares Owned After: 92,924 | Ownership: D (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.
[Transaction #2]
Security: Class A Common Stock
Date: 2026-04-01 | Code: M (Exercise of derivative)
Shares: +10,000 | Price: $10.07
Total Value: $100,700.00
Shares Owned After: 102,924 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[Transaction #3]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -120 | Price: $295.99
Total Value: $35,518.80
Shares Owned After: 102,804 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $295.55 to $296.22 inclusive.
[Transaction #4]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -200 | Price: $296.75
Total Value: $59,350.00
Shares Owned After: 102,604 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $296.55 to $297.10, inclusive.
[Transaction #5]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -80 | Price: $298.91
Total Value: $23,912.80
Shares Owned After: 102,524 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $298.46 to $299.35 inclusive.
[Transaction #6]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -320 | Price: $300.43
Total Value: $96,137.60
Shares Owned After: 102,204 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $299.86 to $300.66, inclusive.
[Transaction #7]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -320 | Price: $301.62
Total Value: $96,518.40
Shares Owned After: 101,884 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $301.00 to $301.95, inclusive.
[Transaction #8]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -395 | Price: $302.69
Total Value: $119,562.55
Shares Owned After: 101,489 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $302.16 to $303.04, inclusive.
[Transaction #9]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -125 | Price: $303.96
Total Value: $37,995.00
Shares Owned After: 101,364 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $303.28 to $304.21, inclusive.
[Transaction #10]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -240 | Price: $304.92
Total Value: $73,180.80
Shares Owned After: 101,124 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $304.32 to $305.20 inclusive.
[Transaction #11]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -40 | Price: $305.76
Total Value: $12,230.40
Shares Owned After: 101,084 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[Transaction #12]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -360 | Price: $307.30
Total Value: $110,628.00
Shares Owned After: 100,724 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $306.94 to $307.56, inclusive.
[Transaction #13]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -840 | Price: $308.47
Total Value: $259,114.80
Shares Owned After: 99,884 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $307.98 to $308.87, inclusive.
[Transaction #14]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -720 | Price: $309.45
Total Value: $222,804.00
Shares Owned After: 99,164 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $309.06 to $309.81, inclusive.
[Transaction #15]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -784 | Price: $310.61
Total Value: $243,518.24
Shares Owned After: 98,380 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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 $310.07 to $311.05, inclusive.
[Transaction #16]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -2,296 | Price: $311.59
Total Value: $715,410.64
Shares Owned After: 96,084 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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] This transaction was executed in multiple trades at prices ranging from $311.08 to $312.04, inclusive.
[Transaction #17]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -1,240 | Price: $312.59
Total Value: $387,611.60
Shares Owned After: 94,844 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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.
[F17] This transaction was executed in multiple trades at prices ranging from $312.16 to $313.13, inclusive.
[Transaction #18]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -560 | Price: $313.60
Total Value: $175,616.00
Shares Owned After: 94,284 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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.
[F18] This transaction was executed in multiple trades at prices ranging from $313.16 to $314.13, inclusive.
[Transaction #19]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -680 | Price: $314.53
Total Value: $213,880.40
Shares Owned After: 93,604 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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.
[F19] This transaction was executed in multiple trades at prices ranging from $314.16 to $315.04, inclusive.
[Transaction #20]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -360 | Price: $315.66
Total Value: $113,637.60
Shares Owned After: 93,244 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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.
[F20] This transaction was executed in multiple trades at prices ranging from $315.18 to $316.12, inclusive.
[Transaction #21]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -80 | Price: $316.30
Total Value: $25,304.00
Shares Owned After: 93,164 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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.
[F21] This transaction was executed in multiple trades at prices ranging from $316.19 to $316.40, inclusive.
[Transaction #22]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -120 | Price: $317.98
Total Value: $38,157.60
Shares Owned After: 93,044 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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.
[F22] This transaction was executed in multiple trades at prices ranging from $317.48 to $318.47, inclusive.
[Transaction #23]
Security: Class A Common Stock
Date: 2026-04-01 | Code: S (Open market sale)
Shares: -120 | Price: $320.86
Total Value: $38,503.20
Shares Owned After: 92,924 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F3] 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.
[F23] This transaction was executed in multiple trades at prices ranging from $320.49 to $321.05 inclusive.
--- Derivative Transactions ---
[Transaction #1]
Security: Stock Options (Right to Buy)
Date: 2026-04-01 | Code: M (Exercise of derivative)
Shares: -10,000 | Price: $0.00
Exercisable: N/A | Expires: 2033-02-22
Shares Owned After: 308,513 | Ownership: D (Direct)
Footnotes:
[F2] The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
[F24] 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.
--- Footnotes (Complete Index) ---
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.
F10: This transaction was executed in multiple trades at prices ranging from $303.28 to $304.21, inclusive.
F11: This transaction was executed in multiple trades at prices ranging from $304.32 to $305.20 inclusive.
F12: This transaction was executed in multiple trades at prices ranging from $306.94 to $307.56, inclusive.
F13: This transaction was executed in multiple trades at prices ranging from $307.98 to $308.87, inclusive.
F14: This transaction was executed in multiple trades at prices ranging from $309.06 to $309.81, inclusive.
F15: This transaction was executed in multiple trades at prices ranging from $310.07 to $311.05, inclusive.
F16: This transaction was executed in multiple trades at prices ranging from $311.08 to $312.04, inclusive.
F17: This transaction was executed in multiple trades at prices ranging from $312.16 to $313.13, inclusive.
F18: This transaction was executed in multiple trades at prices ranging from $313.16 to $314.13, inclusive.
F19: This transaction was executed in multiple trades at prices ranging from $314.16 to $315.04, inclusive.
F2: The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").
F20: This transaction was executed in multiple trades at prices ranging from $315.18 to $316.12, inclusive.
F21: This transaction was executed in multiple trades at prices ranging from $316.19 to $316.40, inclusive.
F22: This transaction was executed in multiple trades at prices ranging from $317.48 to $318.47, inclusive.
F23: This transaction was executed in multiple trades at prices ranging from $320.49 to $321.05 inclusive.
F24: 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.
F3: 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 $295.55 to $296.22 inclusive.
F5: This transaction was executed in multiple trades at prices ranging from $296.55 to $297.10, inclusive.
F6: This transaction was executed in multiple trades at prices ranging from $298.46 to $299.35 inclusive.
F7: This transaction was executed in multiple trades at prices ranging from $299.86 to $300.66, inclusive.
F8: This transaction was executed in multiple trades at prices ranging from $301.00 to $301.95, inclusive.
F9: This transaction was executed in multiple trades at prices ranging from $302.16 to $303.04, inclusive.
--- Signature ---
/s/ /s/ Paul Breaux, by Power of Attorney for Benjamin E. Huston (2026-04-03)
