Insider trade

Officer sold ~$18M of CVNA shares in the open market

Traded Dec 8, 2025 · Filed Dec 11, 2025

~$18M
Approx. value · 40K sh @ $450.00: 191K
Holds after · shares reported: −28.7%
stock since the trade · S&P 500 +14.0%, $89.60 → $63.88 on Oct 6

Why it stands out

Carvana's Chief Product Officer sold $18M of Carvana shares. The filing says it was made under a pre-arranged trading plan.

Written from the filing's own figures. OQRO describes what was reported and never tells you what to buy or sell

View the official recordSEC Form 4 — Statement of Changes in Beneficial Ownership

All the details

Dates, kept separate

Transaction date: Dec 8, 2025
Reporting period: Not applicable
Filed with the SEC: Dec 11, 2025

Officer$1M+Pre-arranged plan referenced

Context

Classification

open market sale

Code S — open-market or private sale

Absolute commitment

~$18,000,000

Shares × reported transaction price

Timing vs results

40 days after results of Oct 29, 2025, 72 days before results of Feb 18, 2026

Results dates are the company's own 8-K (Item 2.02). Many companies only let insiders trade in a window after results

Price at the time

Closed at $89.60 on Dec 8, 2025, at its 52-week high, after a 28% rise over the previous 30 trading days

52-week range $32.51 (Apr 4, 2025) to $89.60 (Dec 8, 2025), 100% of the way up, from 250 adjusted closes. 30 trading days earlier: $70.24 on Oct 24, 2025. Describes the past only, not a forecast

Planned / mechanical clue

Footnote references a pre-arranged trading plan (Rule 10b5-1)

Only flagged when a footnote says so; never inferred

After it was reported

After	Stock	S&P 500	Difference
7 days	−1.5%	−1.8%	+0.4%
30 days	−1.7%	+0.9%	−2.6%
90 days	−34.5%	−1.9%	−32.7%
180 days	−26.4%	+7.0%	−33.3%

Past results only. Not a forecast.

Source receipt

Record ID: 0001700538-25-000013
Filed / recorded: Dec 11, 2025, 3:49 AM UTC
Added to OQRO: Oct 2, 2026, 12:27 PM UTC
Parser: form4-xml-v1
Data quality: Verified: identifiers matched exactly
Issuer: CARVANA CO.
Issuer CIK: 1690820
Ticker: CVNA
Reporting person: Daniel J. Gill
Relationship: Officer
Officer title: Chief Product Officer
Security: Class A Common Stock
Table: Non-derivative (Table I)
Transaction date: Dec 8, 2025
Transaction code: S
Shares / units: 40,000
Price per share: $450.00
Acquired / disposed: Disposed (D)
Shares owned after: 191,106
Ownership form: Direct
Amendment: No

Footnotes from the filing

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").