Ernest C. Garcia II - 01 May 2026 Form 4 Insider Report for CARVANA CO. (CVNA)

Reporting relationship: 10%+ Owner
Issuer ticker: CVNA
Reported as of: 01 May 2026
Net transaction value: -$136,115,000
SEC form: 4
Accepted by SEC: 01 May 2026, 18:20:20 UTC
Prior SEC filing: 14 Aug 2025
Source filing: View source filing
Reporting owner signature: /s/ Ernest C. Garcia II

Key filing fact

Ernest C. Garcia II filed Form 4 for CARVANA CO. (CVNA) on 01 May 2026.

Key facts

This page summarizes Ernest C. Garcia II's Form 4 filing for CARVANA CO. (CVNA).
2 reported transactions and 2 derivative rows are listed below.
Accepted by SEC: 01 May 2026, 18:20.

Change

Previous filing in this sequence was filed on 14 Aug 2025.
Current net transaction value: -$136,115,000.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001017608 Primary reporting owner

GARCIA ERNEST C. II

Relationship: 10%+ Owner
Address: 1720 W. RIO SALADO PARKWAY, SUITE A, TEMPE
Signature: /s/ Ernest C. Garcia II
Signature date: 01 May 2026

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

CVNA transaction Derivative

Covered Call Option (Obligation to Sell)

Expiration of short derivative position

Transaction value
Shares: -4,000,000
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 17 Apr 2026
Ownership: ECG II SPE, LLC
Underlying class: Class A Common Stock
Underlying amount: 4,000,000
Exercise price: $400.00
Footnotes: F1, F2, F3

CVNA transaction Derivative

Covered Call Option (Obligation to Sell)

Sale

Transaction value: $136,115,000
Shares: -2,000,000
Change %: -50%
Price: $68.06
Shares after: 2,000,000
Date: 01 May 2026
Ownership: ECG II SPE, LLC
Underlying class: Class A Common Stock
Underlying amount: 2,000,000
Exercise price: $450.00
Footnotes: F1, F4, F5

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 5 footnotes

Footnote F1

The covered call options represented the option holder's right to purchase, and the option seller's obligation to sell, the underlying shares at the specified strike price. The covered call options were held directly by ECG II SPE, LLC ("E-SPE"), an entity wholly owned and controlled by Mr. Garcia.

Footnote F2

This Form 4 is being filed on a voluntary basis to report, in advance, the expiration of the covered call options that would otherwise be reportable on Form 5 for the year ended December 31, 2026.

Footnote F3

On May 9, 2025, E-SPE entered into a European-style covered call option transaction with an unaffiliated third-party purchaser. Under the terms of the transaction, E-SPE sold 4,000,000 covered call options, each referencing one share of the Issuer's Class A common stock, exercisable only on the expiration date, with an expiration date of April 17, 2026. In exchange for selling these options, E-SPE received a cash premium of $24.75 per option, which was paid in May 2025. The options were out of the money on the expiration date and expired without being exercised.

Footnote F4

On May 1, 2026, E-SPE entered into a European-style covered call option transaction with an unaffiliated third-party purchaser. Under the terms of this transaction, E-SPE sold 4,000,000 covered call options, comprised of 2,000,000 covered call options with an exercise price of $450.00 and 2,000,000 covered call options with an exercise price of $500.00, each referencing one share of the Issuer's Class A common stock, with an expiration date of May 21, 2027. In exchange for selling these options, E-SPE received a cash premium of $68.0575 per option.

Footnote F5

E-SPE pledged 4,000,000 shares of the Issuer's Class B common stock and 5,000,000 units of Carvana Group, LLC Class A units (collectively, the "Pledged Shares") to secure its obligations under the transaction. During the term of the pledge, E-SPE retains the right to vote the Pledged Shares and retains investment/dispositive power over the Pledged Shares, subject to the terms of the pledge arrangements.