Tearsheet

Carvana (CVNA)

Market Price (5/5/2026): $376.01 | Market Cap: $53.7 Bil
Sector: Consumer Discretionary | Industry: Automotive Retail

Carvana (CVNA)

Market Price (5/5/2026): $376.01
Market Cap: $53.7 Bil
Sector: Consumer Discretionary
Industry: Automotive Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 52%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail. Themes include Online Marketplaces, Direct-to-Consumer Brands, and Last-Mile Delivery.

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 59x

Short seller report
Hindenburg Research report on 1/2/2025.

Key risks
CVNA key risks include [1] its significant reliance on subprime lending and the associated credit risk, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 52%
1	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail. Themes include Online Marketplaces, Direct-to-Consumer Brands, and Last-Mile Delivery.
2	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
3	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 59x
4	Short seller report Hindenburg Research report on 1/2/2025.
5	Key risks CVNA key risks include [1] its significant reliance on subprime lending and the associated credit risk, Show more.

Valuation, Metrics & Events

	5/5/26	2025	2024	2023	2022
Share Price CYE	$376.01	$422.02	$203.36	$52.94	$4.74
Market Cap CYE ($ Bil)	53.7	59.8	26.5	6.0	0.5
Total Debt ($ Bil)	5.5	5.5	6.0	6.7	8.8
Total Cash ($ Bil)	2.9	2.8	2.2	0.9	0.8
Enterprise Value ($ Bil)	56.3	65.3	32.5	12.7	9.3
Valuation Ratios
P/S TTM	2.4	2.9	1.9	0.6	0.0
P/EBIT TTM	-149.5	-155.4	25.2	7.5	-0.2
P/E TTM	37.2	42.5	126.1	13.4	-0.3
P/FCF TTM	72.5	67.3	32.0	8.4	-0.3
Sector Ratios
P/S TTM (Sector)	0.8	0.9	0.9	0.9	0.8
P/EBIT TTM (Sector)	8.1	7.9	8.0	7.6	5.5
P/E TTM (Sector)	11.9	11.0	10.9	9.9	7.3
P/FCF TTM (Sector)	9.9	11.3	11.2	8.7	5.4

	5/5/26	2025	2024
Share Price CYE	$376.01	$422.02	$203.36
Market Cap CYE ($ Bil)	53.7	59.8	26.5
Total Debt ($ Bil)	5.5	5.5	6.0
Total Cash ($ Bil)	2.9	2.8	2.2
Enterprise Value ($ Bil)	56.3	65.3	32.5
Valuation Ratios
P/S TTM	2.4	2.9	1.9
P/EBIT TTM	-149.5	-155.4	25.2
P/E TTM	37.2	42.5	126.1
P/FCF TTM	72.5	67.3	32.0
Sector Ratios
P/S TTM (Sector)	0.8	0.9	0.9
P/EBIT TTM (Sector)	8.1	7.9	8.0
P/E TTM (Sector)	11.9	11.0	10.9
P/FCF TTM (Sector)	9.9	11.3	11.2

	CVNA	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	22.5
Rev Chg Q	52.0%	8.2%
Rev Chg LTM	51.7%	6.9%
Rev Chg 3Y Avg	24.1%	5.6%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	2.1
CFO LTM ($ Bil)	0.9
Net Inc LTM ($ Bil)	1.4
Op Mgn LTM	9.2%	18.6%
CFO/Rev LTM	4.0%	20.9%
Net Inc Mgn	6.4%	12.9%
VALUATION	HIGH
P/S	2.4	3.3
P/CFO	58.9	15.2
P/FCF	72.5	19.3
P/E	37.2	24.3
STABILITY	VERY GOOD
Debt/Equity	0.10	0.21
Cash/Assets	0.21	0.07

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Metric	Value	Date	Source
Retail units sold	155941	9302025	Link
Wholesale vehicle unit sales	80369	9302025	Link
Total gross profit per retail unit	7362	9302025	Link
Retail vehicle gross profit per unit	3456	9302025	Link
Wholesale vehicle gross profit per retail unit	866	9302025	Link
Other gross profit per retail unit	3040	9302025	Link
Markets at end of period (metropolitan statistical areas)	316	9302025	Link
Inventory Selection (year-over-year increase)	nearly 50%	9302025	Link
Net debt to trailing twelve-month adjusted EBITDA ratio	1.5x	9302025	Link

Recent
4/29/2026	Earnings Release	Rev: $6.0 Bil (A) vs. $6.0 Bil (E) EPS: 1.69 (A) vs. $1.58 (E)
Upcoming
5/07/2026	Stock Split	Ratio: 5-for-1
7/29/2026	Earnings Release	Rev: $6.0 Bil (E) EPS: $2.02 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Carvana (CVNA) stock has lost about 5% since 1/31/2026 because of the following key factors:

1. Carvana's Q4 2025 earnings report, released on February 18, 2026, revealed an adjusted EBITDA margin decline to 9.1% from 10.1% year-over-year, primarily due to elevated reconditioning costs at newly opened ADESA vehicle inspection and reconditioning centers. This news led to a nearly 16% drop in the stock price in one day. The company's CFO, Mark Jenkins, indicated that these cost pressures were expected to continue into Q1 2026, which further contributed to investor caution.

2. Broader macroeconomic factors and a bearish market sentiment towards growth stocks contributed to the stock's underperformance. Geopolitical events, specifically "America's attack on Iran and the ongoing economic uncertainty," were cited as factors pressing down on growth stocks, including Carvana, during February and March 2026.

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Stock Movement Drivers

Fundamental Drivers

The -6.1% change in CVNA stock from 1/31/2026 to 5/4/2026 was primarily driven by a -58.0% change in the company's P/E Multiple.

(LTM values as of)	1312026	5042026	Change
Stock Price ($)	401.11	376.55	-6.1%
Change Contribution By:
Total Revenues ($ Mil)	18,266	22,522	23.3%
Net Income Margin (%)	3.4%	6.4%	85.8%
P/E Multiple	88.8	37.3	-58.0%
Shares Outstanding (Mil)	139	143	-2.5%
Cumulative Contribution			-6.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/4/2026

	Return	Correlation
CVNA	-6.1%
Market (SPY)	3.6%	64.7%
Sector (XLY)	-2.7%	57.7%

Fundamental Drivers

The 22.8% change in CVNA stock from 10/31/2025 to 5/4/2026 was primarily driven by a 85.8% change in the company's Net Income Margin (%).

(LTM values as of)	10312025	5042026	Change
Stock Price ($)	306.54	376.55	22.8%
Change Contribution By:
Total Revenues ($ Mil)	18,266	22,522	23.3%
Net Income Margin (%)	3.4%	6.4%	85.8%
P/E Multiple	67.8	37.3	-45.0%
Shares Outstanding (Mil)	139	143	-2.5%
Cumulative Contribution			22.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/4/2026

	Return	Correlation
CVNA	22.8%
Market (SPY)	5.5%	54.8%
Sector (XLY)	-1.5%	51.6%

Fundamental Drivers

The 54.1% change in CVNA stock from 4/30/2025 to 5/4/2026 was primarily driven by a 316.6% change in the company's Net Income Margin (%).

(LTM values as of)	4302025	5042026	Change
Stock Price ($)	244.35	376.55	54.1%
Change Contribution By:
Total Revenues ($ Mil)	13,673	22,522	64.7%
Net Income Margin (%)	1.5%	6.4%	316.6%
P/E Multiple	151.5	37.3	-75.4%
Shares Outstanding (Mil)	130	143	-8.8%
Cumulative Contribution			54.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/4/2026

	Return	Correlation
CVNA	54.1%
Market (SPY)	30.4%	45.6%
Sector (XLY)	20.3%	44.6%

Fundamental Drivers

The 5325.8% change in CVNA stock from 4/30/2023 to 5/4/2026 was primarily driven by a 4317.3% change in the company's P/S Multiple.

(LTM values as of)	4302023	5042026	Change
Stock Price ($)	6.94	376.55	5325.8%
Change Contribution By:
Total Revenues ($ Mil)	13,604	22,522	65.6%
P/S Multiple	0.1	2.4	4317.3%
Shares Outstanding (Mil)	106	143	-25.8%
Cumulative Contribution			5325.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/4/2026

	Return	Correlation
CVNA	5325.8%
Market (SPY)	78.7%	43.0%
Sector (XLY)	63.2%	43.8%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CVNA Return	-3%	-98%	1017%	284%	108%	-9%	60%
Peers Return	48%	-18%	48%	13%	-7%	-3%	84%
S&P 500 Return	27%	-19%	24%	23%	16%	6%	92%
Monthly Win Rates [3]
CVNA Win Rate	50%	17%	67%	75%	67%	20%
Peers Win Rate	65%	45%	57%	55%	48%	36%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
CVNA Max Drawdown	-15%	-98%	-7%	-23%	-20%	-33%
Peers Max Drawdown	-3%	-31%	-2%	-14%	-23%	-15%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: KMX, AN, LAD, PAG, GPI. See CVNA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/4/2026 (YTD)

Event	CVNA	S&P 500
2025 US Tariff Shock
% Loss	-42.3%	-18.8%
% Gain to Breakeven	73.4%	23.1%
Time to Breakeven	34 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-41.1%	-9.5%
% Gain to Breakeven	69.7%	10.5%
Time to Breakeven	42 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-38.0%	-6.7%
% Gain to Breakeven	61.3%	7.1%
Time to Breakeven	55 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-94.4%	-24.5%
% Gain to Breakeven	1691.0%	32.4%
Time to Breakeven	738 days	427 days
2020 COVID-19 Crash
% Loss	-72.5%	-33.7%
% Gain to Breakeven	263.8%	50.9%
Time to Breakeven	74 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-45.3%	-19.2%
% Gain to Breakeven	82.8%	23.7%
Time to Breakeven	82 days	105 days

Compare to KMX, AN, LAD, PAG, GPI

In The Past

Carvana's stock fell -42.3% during the 2025 US Tariff Shock. Such a loss loss requires a 73.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	CVNA	S&P 500
2025 US Tariff Shock
% Loss	-42.3%	-18.8%
% Gain to Breakeven	73.4%	23.1%
Time to Breakeven	34 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-41.1%	-9.5%
% Gain to Breakeven	69.7%	10.5%
Time to Breakeven	42 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-38.0%	-6.7%
% Gain to Breakeven	61.3%	7.1%
Time to Breakeven	55 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-94.4%	-24.5%
% Gain to Breakeven	1691.0%	32.4%
Time to Breakeven	738 days	427 days
2020 COVID-19 Crash
% Loss	-72.5%	-33.7%
% Gain to Breakeven	263.8%	50.9%
Time to Breakeven	74 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-45.3%	-19.2%
% Gain to Breakeven	82.8%	23.7%
Time to Breakeven	82 days	105 days
2016-2017 Trump Reflation Bond Selloff
% Loss	-21.4%	-3.7%
% Gain to Breakeven	27.3%	3.9%
Time to Breakeven	9 days	6 days

Compare to KMX, AN, LAD, PAG, GPI

In The Past

Carvana's stock fell -42.3% during the 2025 US Tariff Shock. Such a loss loss requires a 73.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Carvana (CVNA)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Carvana Co., together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. The company's platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices. Carvana Co. was founded in 2012 and is headquartered in Tempe, Arizona.

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Here are a few brief analogies for Carvana:

Amazon for used cars
Wayfair for cars

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Used Car Sales: Carvana operates an e-commerce platform allowing customers to buy and sell pre-owned vehicles online.
Vehicle Financing: The company offers financing solutions to customers for their used car purchases.
Vehicle Warranty: Carvana provides warranty coverage for the vehicles sold through its platform.

```

AI Analysis | Feedback

Carvana (CVNA) sells primarily to **individuals**, not other companies. As an e-commerce platform for buying and selling used cars, its business model is direct-to-consumer.

The company serves several categories of individual customers, including:

Convenience-Oriented Buyers: Customers who prioritize a streamlined, hassle-free car buying experience, avoiding the traditional dealership process, high-pressure sales tactics, and time-consuming paperwork. They value online research, home delivery, and features like Carvana's 7-day money-back guarantee.
Digitally-Savvy Consumers: Individuals who are comfortable conducting significant purchases and transactions entirely online. They appreciate Carvana's digital tools, such as 360-degree vehicle imaging, online financing applications, and the ability to complete the entire purchase process from a desktop or mobile device.
Value and Transparency Seekers: Buyers looking for a wide selection of used vehicles, competitive pricing, and transparent information regarding vehicle condition and history. Carvana's inventory and detailed listings appeal to those who want to make an informed decision without hidden fees or surprises.

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    Ernest Garcia, III President, Chief Executive Officer and Chairman

    Mr. Garcia co-founded Carvana in 2012. Prior to founding Carvana, he held various roles at DriveTime Automotive Group, Inc. from January 2007 to January 2013, including financial strategist, managing director of corporate finance, and Vice President and Treasurer and Director of Quantitative Analytics. DriveTime, a used car business run by his father, Ernest Garcia II, provided the initial funding for Carvana. Carvana was launched as a subsidiary of DriveTime and later spun out in an IPO in 2017. Mr. Garcia began his career as an associate in the Principal Transactions Group at RBS Greenwich Capital from 2005 to 2006, focusing on consumer credit based investments.
    


    Mark Jenkins Chief Financial Officer

    Mr. Jenkins has served as Carvana's Chief Financial Officer since July 2014. Before joining Carvana, he was a professor in the finance department at The Wharton School of the University of Pennsylvania from 2009 to 2014, where his teaching and research focused on consumer and corporate credit markets. From 2001 to 2004, Mr. Jenkins worked at The Brattle Group, an economic consulting firm, where he focused on corporate valuation and demand forecasting in technology markets.
    


    Benjamin Huston Chief Operating Officer

    Mr. Huston co-founded Carvana in 2012 and has served as its Chief Operating Officer since its inception. From 2011 to 2012, he co-founded and served as CEO of Looterang, a card-linking platform. Prior to that, he was an associate at Latham and Watkins, a global law firm, from 2008 to 2011, focusing on regulatory affairs.
    


    Ryan Keeton Chief Brand Officer

    Mr. Keeton co-founded Carvana in 2012 and has served as its Chief Brand Officer since its inception. Prior to joining Carvana, he was a principal at the Montero Group, a strategic consultancy firm, from 2010 to 2012, advising global public and private companies on strategic and business initiatives. From 2008 to 2010, Mr. Keeton was the Director of Strategic Marketing for George P. Johnson, a global marketing agency.
    


    Daniel Gill Chief Product Officer

    Mr. Gill has served as Carvana's Chief Product Officer since March 2015. He co-founded and served as CEO of Huddler from 2007 until the company's acquisition by Wikia (now Fandom) in May 2014. Before that, he was Head of Strategy and Business Development for Inflection from May 2014 to March 2015.

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Carvana (CVNA) faces several key risks to its business model, primarily stemming from its financial structure, regulatory compliance, and operational execution.

Financial and Credit Risk: Carvana carries a significant debt burden, with its profitability substantially tied to auto-loan financing, including a notable portion of subprime originations. Rising interest rates and increasing delinquencies in subprime auto loans pose a material risk to the company's earnings and liquidity. Furthermore, Carvana has faced allegations of accounting improprieties, overstating earnings, and undisclosed related-party transactions, which could impact investor confidence and lead to further scrutiny.
Regulatory and Legal Scrutiny: The company has a history of regulatory challenges and compliance issues at both federal and state levels. These include investigations by the Federal Trade Commission (FTC) and state agencies concerning deceptive advertising practices, financing disclosures, vehicle condition disclosures, and the proper processing of vehicle titles and registrations. Ongoing or new regulatory actions could result in significant fines, operational restrictions, and damage to Carvana's reputation.
Operational Challenges and Customer Satisfaction: Carvana's rapid growth has introduced operational complexities, particularly regarding vehicle reconditioning, quality control, and logistics. Recurring concerns include variability in inspection rigor, leading to higher-than-expected return rates, and customer complaints about post-purchase fees, unclear delivery terms, and issues with obtaining proper vehicle registrations and titles. These operational inefficiencies and customer service issues can impact the company's brand, increase costs, and hinder its ability to scale profitably.

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The clear emerging threat to Carvana is the increasing push by major automotive Original Equipment Manufacturers (OEMs) to establish direct-to-consumer online sales channels for both new and used vehicles. As OEMs seek greater control over the customer lifecycle, they are investing in digital platforms that allow consumers to research, configure, finance, and purchase vehicles directly from the manufacturer, often including home delivery and factory-backed warranties. This trend, already demonstrated by companies like Tesla for new vehicles, could extend more aggressively to the OEMs' own certified pre-owned and trade-in inventory, effectively cutting out third-party online used car retailers like Carvana. OEMs possess significant advantages in terms of brand trust, existing service networks, financing capabilities, and direct access to a continuous supply of their own used vehicles, which could allow them to offer a more integrated and potentially more attractive value proposition to customers.

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Carvana's main product and service is operating an e-commerce platform for buying and selling used cars in the United States. The addressable market for Carvana can be defined by the size of the U.S. used car market, with a significant focus on the growing online segment within this market. The United States used car market generated a revenue of approximately USD 393.79 billion in 2024. It is projected to grow, with estimates suggesting the market will reach around USD 519.05 billion by 2030 and nearly USD 568.31 billion by 2035. Another estimate places the U.S. market at USD 274.59 billion in 2026. Specifically, the online segment of this market represents a substantial portion of Carvana's addressable market. In 2025, online sales constituted nearly 40% of all used car transactions in the U.S. The third-party channel sales segment, which includes online platforms, was valued at USD 72.2 billion in 2024. The online sales channel within the U.S. used car market is projected to grow at a compound annual growth rate (CAGR) of 7.4% between 2026 and 2035.

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Expected Drivers of Future Revenue Growth for Carvana (CVNA)

Over the next 2-3 years, Carvana (CVNA) is expected to drive future revenue growth through several key initiatives and market dynamics:

Expansion of Retail Unit Sales and Market Share: Carvana is actively focused on increasing its retail unit sales, aiming for significant year-over-year growth. This expansion is supported by its relatively low current market share (around 1.5-1.6%) in the fragmented U.S. used car market, indicating substantial room for growth and market penetration. The company has a long-term objective of selling 3 million retail units annually.
Enhancement of Customer Offering and Experience: A continuous improvement in Carvana's customer offering is a core growth driver. This involves providing a wider selection of vehicles, reducing delivery times, and lowering overall costs for customers. The simplification of the transaction process, including leveraging AI-driven platforms, also contributes to a seamless and improved customer experience.
Increasing Brand Awareness, Understanding, and Trust: As Carvana scales its operations and improves its service, there is an ongoing effort to build greater awareness, understanding, and trust in its online car buying and selling model. This increased confidence in the platform is a fundamental long-term growth driver.
Operational Efficiencies and Benefits of Scale: Carvana is focused on leveraging its scale to drive operational efficiencies, which in turn supports revenue growth. This includes optimizing its inventory selection, improving reconditioning centers (IRCs) for higher vehicle throughput, and reducing costs associated with reconditioning, inbound transport, and selling, general, and administrative (SG&A) expenses per unit. The integration of ADESA operations and the development of new "Megasites" are key to these efficiency gains.
Growth in Financing Solutions and Other Revenue Streams (GPU Improvements): Carvana's financing arm is a significant component of its revenue, offering competitive loan options to a broad customer base. The company is also focused on improving its Gross Profit Per Unit (GPU) through various fundamental gains, such as better cost of funds and higher attachment rates on vehicle service contracts and other complementary products. Furthermore, falling auto finance rates could entice more consumers to purchase vehicles, providing a favorable macroeconomic tailwind.

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Share Repurchases

Carvana did not make significant share repurchases in recent years, with a 1-Year Share Buyback Ratio of -11.70% as of September 2025, indicating potential share issuance rather than buybacks.

Share Issuance

In April 2022, Carvana completed a public offering of 15,625,000 shares of its Class A common stock at $80.00 per share, with company executives purchasing a portion of these shares.
In August 2023, Carvana raised $126 million in equity capital from existing shareholders, valuing the Class A common stock at $46.31 per share.
In February 2026, Carvana completed a $1.23 billion follow-on equity offering to support its expansion goals and enhance financial flexibility.

Outbound Investments

Carvana's most significant outbound investment was the acquisition of ADESA in February 2022 for $2.2 billion, which expanded its logistics, auction, and reconditioning capabilities.

Capital Expenditures

Capital expenditures significantly decreased from $512 million in 2022 to $87 million in 2023 and $91 million in 2024, reflecting a strategic shift towards profitability.
Annual capital expenditures were $147 million in 2025.
The focus of capital expenditures has shifted to leveraging existing infrastructure capacity to support future growth and debt reduction. For 2026 and beyond, Carvana is "massively investing in electrification, focusing on systems for reconditioning and charging electric vehicles".

Interactive Breakdown

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DASH (27.8%)

DoorDash

Higher Op Mgn LTM (Value for CVNA: 9.2%)

MCD (46.1%)

McDonald's

BKNG (34.3%)

Booking

HD (13.0%)

Home Depot

TJX (11.9%)

TJX Companies

AMZN (11.5%)

Amazon.com

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

MCD (39.2%)

McDonald's

AMZN (20.0%)

Amazon.com

TSLA (16.9%)

Tesla

TJX (11.4%)

TJX Companies

HD (10.6%)

Home Depot

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

BKNG (32.6%)

Booking

MCD (26.7%)

McDonald's

HD (8.4%)

Home Depot

TJX (8.1%)

TJX Companies

TSLA (7.2%)

Tesla

Higher Total Yield (Value for CVNA: 2.7%)

HD (7.6%)

Home Depot

MCD (6.8%)

McDonald's

BKNG (5.7%)

Booking

TJX (4.3%)

TJX Companies

AMZN (3.1%)

Amazon.com

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CVNA: 24.1% | 2.4x)

MFC (33.3% | 1.2x)

Manulife Financial

SLF (322.2% | 1.0x)

Sun Life Financial

ACGL (26.5% | 1.7x)

Arch Capital

LPLA (27.1% | 1.4x)

LPL Financial

EXE (34.4% | 1.7x)

Expand Energy

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CVNA: 24.1% | 26.0x)

LLY (37.9% | 25.3x)

Eli Lilly

MU (45.3% | 23.1x)

Micron Technology

APH (28.9% | 25.3x)

Amphenol

NEM (30.0% | 8.7x)

Newmont

AEM (32.5% | 11.7x)

Agnico Eagle Mines

Higher Rev Chg LTM (Value for CVNA: 51.7%)

MU (85.5%)

Micron Technology

SNDK (82.8%)

SanDisk

NVDA (65.5%)

NVIDIA

PLTR (56.2%)

Palantir Technologies

APH (54.4%)

Amphenol

Higher Rev Chg 3Y Avg (Value for CVNA: 24.1%)

NVDA (101.8%)

NVIDIA

MU (45.3%)

Micron Technology

LLY (37.9%)

Eli Lilly

PLTR (33.9%)

Palantir Technologies

AVGO (26.2%)

Broadcom

Higher Op Mgn LTM (Value for CVNA: 9.2%)

NVDA (60.4%)

NVIDIA

MSFT (46.8%)

Microsoft

AVGO (41.5%)

Broadcom

GOOGL (32.7%)

Alphabet

AAPL (32.6%)

Apple

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

MSFT (53.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

GOOGL (41.3%)

Alphabet

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.6%)

Apple

MSFT (22.9%)

Microsoft

GOOGL (15.2%)

Alphabet

Higher Total Yield (Value for CVNA: 2.7%)

MSFT (4.9%)

Microsoft

META (4.9%)

Meta Platforms

GOOGL (3.7%)

Alphabet

AAPL (3.4%)

Apple

WMT (2.8%)

Walmart

Best Bets in Consumer Discretionary

What You Pay

P/EBIT (Value for CVNA: -149.7x)

ABNB (33.0x)

Airbnb

BKNG (14.4x)

Booking

DUOL (37.7x)

Duolingo

LOPE (14.2x)

Grand Canyon Education

MCRI (15.2x)

Monarch Casino & Resort

ALSN (12.1x)

Allison Transmission

PRDO (9.6x)

Perdoceo Education

GRMN (23.3x)

Garmin

DECK (10.4x)

Deckers Outdoor

PLNT (12.5x)

Planet Fitness

P/E (Value for CVNA: 37.3x)

ABNB (33.4x)

Airbnb

BKNG (21.3x)

Booking

DUOL (12.3x)

Duolingo

LOPE (20.2x)

Grand Canyon Education

MCRI (19.1x)

Monarch Casino & Resort

ALSN (17.4x)

Allison Transmission

PRDO (13.4x)

Perdoceo Education

GRMN (26.5x)

Garmin

DECK (13.5x)

Deckers Outdoor

PLNT (23.8x)

Planet Fitness

What You Get

Rev Chg 3Y Avg (Value for CVNA: 24.1%)

ABNB (13.4%)

Airbnb

BKNG (15.2%)

Booking

DUOL (41.1%)

Duolingo

LOPE (7.1%)

Grand Canyon Education

MCRI (4.6%)

Monarch Casino & Resort

ALSN (3.1%)

Allison Transmission

PRDO (7.4%)

Perdoceo Education

GRMN (15.6%)

Garmin

DECK (14.7%)

Deckers Outdoor

PLNT (12.2%)

Planet Fitness

Rev Chg LTM (Value for CVNA: 51.7%)

ABNB (10.3%)

Airbnb

BKNG (15.0%)

Booking

DUOL (38.7%)

Duolingo

LOPE (7.4%)

Grand Canyon Education

MCRI (5.8%)

Monarch Casino & Resort

ALSN (-6.7%)

Allison Transmission

PRDO (24.2%)

Perdoceo Education

GRMN (15.7%)

Garmin

DECK (9.2%)

Deckers Outdoor

PLNT (12.1%)

Planet Fitness

Rev Chg Q (Value for CVNA: 52.0%)

ABNB (12.0%)

Airbnb

BKNG (16.2%)

Booking

DUOL (35.0%)

Duolingo

LOPE (6.7%)

Grand Canyon Education

MCRI (8.9%)

Monarch Casino & Resort

ALSN (-7.4%)

Allison Transmission

PRDO (20.0%)

Perdoceo Education

GRMN (14.2%)

Garmin

DECK (7.1%)

Deckers Outdoor

PLNT (10.5%)

Planet Fitness

FCF/Rev 3Y Avg (Value for CVNA: 5.9%)

ABNB (39.2%)

Airbnb

BKNG (32.9%)

Booking

DUOL (32.1%)

Duolingo

LOPE (22.6%)

Grand Canyon Education

MCRI (21.4%)

Monarch Casino & Resort

ALSN (21.4%)

Allison Transmission

PRDO (21.2%)

Perdoceo Education

GRMN (21.0%)

Garmin

DECK (20.8%)

Deckers Outdoor

PLNT (17.8%)

Planet Fitness

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	5-Day Sell-Off Sends Carvana Stock Down 6.5%	05/02/2026
2	Carvana Stock Up 36% in One Month, Wait For A Dip To Buy The Stock	04/30/2026
3	Carvana Earnings Notes	04/28/2026
4	Is 22.6% Fall In Carvana (CVNA) Stock A Buying Opportunity?	03/11/2026
5	The Bear Case: How CVNA Behaves During Market Shocks	03/11/2026
6	Is 24.4% Fall In Carvana (CVNA) Stock A Buying Opportunity?	02/19/2026
7	Carvana Stock (-14%): Short-Seller Report Ignites Governance Fears	01/29/2026
8	Can Carvana Stock Recover If Markets Fall?	01/29/2026
9	CVNA Stock Falls -9.4% With A 5-day Losing Spree On Profit-Taking Fears	01/03/2026
10	ARTICLES
11	5-Day Sell-Off Sends Carvana Stock Down -6.5%	05/02/2026
12	How Will Carvana Stock React To Its Upcoming Earnings?	04/28/2026
13	The Credibility Gap: Why Carvana’s Best Quarter In Years Led To Its Steepest Sell-Off	03/20/2026
14	S&P 500 Movers \| Winners: LYB, SNDK, CIEN \| Losers: CVNA, OTIS, CHTR	03/19/2026
15	Is Carvana Stock’s 23% Drop A Bargain?	03/11/2026

	Title
0	DASHBOARDS
1	5-Day Sell-Off Sends Carvana Stock Down 6.5%
2	Carvana Stock Up 36% in One Month, Wait For A Dip To Buy The Stock
3	Carvana Earnings Notes
4	Is 22.6% Fall In Carvana (CVNA) Stock A Buying Opportunity?
5	The Bear Case: How CVNA Behaves During Market Shocks
6	Is 24.4% Fall In Carvana (CVNA) Stock A Buying Opportunity?
7	Carvana Stock (-14%): Short-Seller Report Ignites Governance Fears
8	Can Carvana Stock Recover If Markets Fall?
9	CVNA Stock Falls -9.4% With A 5-day Losing Spree On Profit-Taking Fears
10	ARTICLES
11	5-Day Sell-Off Sends Carvana Stock Down -6.5%
12	How Will Carvana Stock React To Its Upcoming Earnings?
13	The Credibility Gap: Why Carvana’s Best Quarter In Years Led To Its Steepest Sell-Off
14	S&P 500 Movers \| Winners: LYB, SNDK, CIEN \| Losers: CVNA, OTIS, CHTR
15	Is Carvana Stock’s 23% Drop A Bargain?

Trade Ideas

Select ideas related to CVNA.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
FUN_4302026_Short_Squeeze	04302026	FUN	Six Flags Entertainment	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	0.0%	0.0%	0.0%
MGM_4242026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	04242026	MGM	MGM Resorts International	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-1.5%	-1.5%	-1.5%
WEN_4242026_Short_Squeeze	04242026	WEN	Wendy's	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-2.5%	-2.5%	-5.3%
WHR_4102026_Short_Squeeze	04102026	WHR	Whirlpool	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-0.8%	-0.8%	-4.8%
SKY_4022026_Dip_Buyer_FCFYield	04022026	SKY	Champion Homes	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.1%	3.1%	-1.2%
CVNA_4302022_Insider_Buying_45D_2Buy_200K	04302022	CVNA	Carvana	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	-75.0%	-88.0%	-93.6%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
GBTG	Global Business Travel	4.8	57.5%	22.1%
CRCL	Circle Internet	28.4	19.9%	50.7%
CELC	Celcuity	7.6	15.4%	45.4%
ABSI	Absci	0.8	14.2%	61.0%
CGEM	Cullinan Therapeutics	0.9	14.2%	48.2%
IOVA	Iovance Biotherapeutics	1.6	13.2%	41.0%
ZBIO	Zenas BioPharma	1.1	11.4%	-40.6%
AXTI	AXT	4.7	10.4%	548.3%
BTGO	BitGo	1.3	10.3%	-37.8%
MIRM	Mirum Pharmaceuticals	5.5	9.6%	33.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CCOI	Cogent Communications	0.8	-29.3%	-24.0%
ULH	Universal Logistics	0.4	-28.0%	6.8%
FWRD	Forward Air	0.5	-24.0%	-35.1%
GXO	GXO Logistics	5.3	-17.7%	-12.1%
FBYD	Falcons Beyond Global	0.6	-16.2%	-9.6%
NSSC	NAPCO Security Technologies	1.4	-15.2%	-4.7%
CABO	Cable One	0.4	-13.6%	-42.6%
BZH	Beazer Homes USA	0.5	-12.6%	-11.1%
MOVE	Corvex	0.9	-10.9%	114.1%
UPS	United Parcel Service	81.8	-10.5%	-1.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BAND	Bandwidth	1.4	86.7%	191.4%
GBTG	Global Business Travel	4.8	62.2%	22.1%
MXL	MaxLinear	6.8	51.2%	348.2%
AXTI	AXT	4.7	51.1%	548.3%
FIVN	Five9	1.8	40.9%	16.4%
NVCR	NovoCure	1.9	35.7%	30.9%
KFRC	Kforce	0.7	34.7%	41.5%
TEAM	Atlassian	24.6	34.6%	-42.5%
TWLO	Twilio	28.9	33.0%	33.3%
NUTX	Nutex Health	1.0	32.8%	-10.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ERAS	Erasca	2.9	-47.0%	172.6%
VISN	Vistance Networks	2.7	-36.7%	-33.0%
CABO	Cable One	0.4	-35.1%	-42.6%
CCOI	Cogent Communications	0.8	-33.7%	-24.0%
ULH	Universal Logistics	0.4	-32.0%	6.8%
FWRD	Forward Air	0.5	-29.0%	-35.1%
CBIO	Crescent Biopharma	0.5	-28.7%	51.1%
MOVE	Corvex	0.9	-27.0%	114.1%
IDCC	InterDigital	7.0	-24.6%	-13.9%
OPCH	Option Care Health	3.3	-24.3%	-33.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MXL	MaxLinear	6.8	334.5%	348.2%
BAND	Bandwidth	1.4	149.4%	191.4%
BE	Bloom Energy	76.2	112.8%	232.2%
OGN	Organon	3.5	108.5%	85.4%
LWLG	Lightwave Logic	2.1	106.1%	387.3%
WOLF	Wolfspeed	1.0	105.7%	106.4%
INBX	Inhibrx Biosciences	2.0	101.4%	62.0%
AXTI	AXT	4.7	100.6%	548.3%
FCEL	FuelCell Energy	0.6	97.3%	78.1%
IHRT	iHeartMedia	1.0	95.2%	47.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ERAS	Erasca	2.9	-43.1%	172.6%
VISN	Vistance Networks	2.7	-34.0%	-33.0%
CABO	Cable One	0.4	-33.0%	-42.6%
LCID	Lucid	2.2	-32.8%	-36.7%
QDEL	QuidelOrtho	0.8	-28.0%	-56.5%
TSCO	Tractor Supply	17.1	-26.3%	-35.1%
ASTS	AST SpaceMobile	19.5	-26.1%	-5.8%
PATK	Patrick Industries	2.8	-25.7%	-21.2%
VRDN	Viridian Therapeutics	1.3	-25.4%	-54.8%
ULH	Universal Logistics	0.4	-24.9%	6.8%

Peer Comparisons

Peers to compare with:

Financials

	CVNA	KMX	AN	LAD	PAG	GPI	Median
Name	Carvana	CarMax	AutoNati.	Lithia M.	Penske A.	Group 1 .
Mkt Price	376.55	36.88	202.66	282.02	164.91	330.00	242.34
Mkt Cap	53.8	5.2	7.0	6.6	10.8	3.9	6.8
Rev LTM	22,522	25,881	27,493	37,728	32,068	22,473	26,687
Op Inc LTM	2,068	-459	1,278	1,394	1,254	956	1,266
FCF LTM	740	1,243	-104	-453	597	326	462
FCF 3Y Avg	862	464	-116	-247	735	224	344
CFO LTM	911	1,784	187	-74	899	628	764
CFO 3Y Avg	977	956	221	83	1,085	473	714

Growth & Margins

	CVNA	KMX	AN	LAD	PAG	GPI	Median
Name	Carvana	CarMax	AutoNati.	Lithia M.	Penske A.	Group 1 .
Rev Chg LTM	51.7%	-1.8%	1.9%	2.5%	-0.9%	7.2%	2.2%
Rev Chg 3Y Avg	24.1%	-4.4%	1.1%	10.0%	4.5%	10.9%	7.2%
Rev Chg Q	52.0%	-1.0%	-2.1%	1.0%	-1.1%	-1.8%	-1.0%
QoQ Delta Rev Chg LTM	10.8%	-0.2%	-0.5%	0.2%	-0.3%	-0.4%	-0.3%
Op Inc Chg LTM	65.4%	-72.1%	1.5%	-9.8%	-8.6%	-0.6%	-4.6%
Op Inc Chg 3Y Avg	251.0%	-22.6%	-12.2%	-7.5%	-4.9%	-3.1%	-6.2%
Op Mgn LTM	9.2%	-1.8%	4.6%	3.7%	3.9%	4.3%	4.1%
Op Mgn 3Y Avg	6.4%	-1.2%	5.0%	4.3%	4.2%	4.8%	4.5%
QoQ Delta Op Mgn LTM	-0.1%	-0.3%	-0.1%	-0.2%	-0.1%	0.0%	-0.1%
CFO/Rev LTM	4.0%	6.9%	0.7%	-0.2%	2.8%	2.8%	2.8%
CFO/Rev 3Y Avg	6.6%	3.7%	0.8%	0.2%	3.4%	2.3%	2.8%
FCF/Rev LTM	3.3%	4.8%	-0.4%	-1.2%	1.9%	1.5%	1.7%
FCF/Rev 3Y Avg	5.9%	1.8%	-0.4%	-0.7%	2.3%	1.1%	1.4%

Valuation

	CVNA	KMX	AN	LAD	PAG	GPI	Median
Name	Carvana	CarMax	AutoNati.	Lithia M.	Penske A.	Group 1 .
Mkt Cap	53.8	5.2	7.0	6.6	10.8	3.9	6.8
P/S	2.4	0.2	0.3	0.2	0.3	0.2	0.2
P/Op Inc	26.0	-11.4	5.5	4.7	8.6	4.1	5.1
P/EBIT	-149.7	4.1	5.1	3.9	7.2	5.3	4.6
P/E	37.3	21.2	10.4	9.3	11.7	12.0	11.8
P/CFO	59.0	2.9	37.7	-89.4	12.1	6.2	9.1
Total Yield	2.7%	4.7%	9.7%	11.6%	11.0%	9.0%	9.3%
Dividend Yield	0.0%	0.0%	0.0%	0.8%	2.4%	0.7%	0.3%
FCF Yield 3Y Avg	4.6%	7.4%	-1.8%	-3.7%	7.2%	5.2%	4.9%
D/E	0.1	3.5	1.5	2.4	0.8	1.4	1.5
Net D/E	0.0	3.5	1.5	2.4	0.8	1.4	1.5

Returns

	CVNA	KMX	AN	LAD	PAG	GPI	Median
Name	Carvana	CarMax	AutoNati.	Lithia M.	Penske A.	Group 1 .
1M Rtn	20.0%	-10.6%	2.5%	12.0%	10.4%	0.2%	6.5%
3M Rtn	-7.7%	-17.6%	-1.3%	-13.8%	5.6%	-6.1%	-6.9%
6M Rtn	13.3%	-10.8%	2.2%	-8.1%	5.6%	-15.9%	-3.0%
12M Rtn	46.5%	-44.7%	14.7%	-4.2%	8.3%	-19.6%	2.1%
3Y Rtn	4,102.6%	-47.8%	52.1%	33.3%	28.5%	52.4%	42.7%
1M Excs Rtn	10.6%	-19.9%	-6.9%	2.6%	1.0%	-9.2%	-2.9%
3M Excs Rtn	-10.9%	-20.9%	-4.5%	-17.0%	2.4%	-9.3%	-10.1%
6M Excs Rtn	17.9%	-17.5%	-2.0%	-15.5%	-1.4%	-21.9%	-8.8%
12M Excs Rtn	21.0%	-72.2%	-12.7%	-31.8%	-19.0%	-46.7%	-25.4%
3Y Excs Rtn	4,956.0%	-121.7%	-20.4%	-44.3%	-44.8%	-24.1%	-34.2%

Comparison Analyses

	Title
0	Does Carvana Stock Lead the Pack?
1	Carvana vs. General Motors: With Return Forecast Of 34%, General Motors Is A Better Bet
2	Carvana vs. Phillips 66: With Return Forecast Of 3.8%, Phillips 66 Is A Better Bet
3	Carvana vs. Occidental Petroleum: With Return Forecast Of 17%, Occidental Petroleum Is A Better Bet
4	Carvana vs. AutoZone: With Return Forecast Of 7.7%, AutoZone Is A Better Bet
5	Carvana vs. CarMax: With Return Forecast Of 7.1%, CarMax Is A Better Bet
6	Carvana vs. AutoNation: With Return Forecast Of 2.2%, AutoNation Is A Better Bet
7	Carvana vs. O'Reilly Automotive: With Return Forecast Of 14%, O'Reilly Automotive Is A Better Bet
8	Carvana vs. Lithia Motors: With Return Forecast Of 35%, Lithia Motors Is A Better Bet
9	Carvana vs. Air Products & Chemicals: With Return Forecast Of 3.8%, Air Products & Chemicals Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	4/29/2026	2/18/2026	2/19/2025	2/22/2024	2/23/2023	2/24/2022	2/25/2021
Key Financials
Total Revenue	22,522	20,322	13,673	10,771	13,604	12,814	5,587
EBITDA	-88	-110	1,356	1,159	-2,146	-5	-257
Operating Income	2,068	1,881	990	-80	-1,504	-104	-332
Net Income	1,441	1,407	210	450	-1,587	-135	-171
EPS	10.23	10.22	1.72	4.12	-15.74	-1.63	-2.63
Growth Rates
Total Revenue Growth	51.7%	48.6%	26.9%	-20.8%	6.2%	129.4%	41.8%
EBITDA Growth	-105.4%	-108.1%	17.0%	154.0%	-42820.0%	98.1%	-5.8%
Operating Income Growth	65.4%	90.0%	1337.5%	94.7%	-1346.2%	68.7%	-18.6%
Net Income Growth	262.1%	570.0%	-53.3%	128.4%	-1075.6%	21.1%	-48.7%
Margins
EBITDA Margin	-0.4%	-0.5%	9.9%	10.8%	-15.8%	-0.0%	-4.6%
Operating Income Margin	9.2%	9.3%	7.2%	-0.7%	-11.1%	-0.8%	-5.9%
Net Income Margin	6.4%	6.9%	1.5%	4.2%	-11.7%	-1.1%	-3.1%
Cash & Debt
Total Cash	2,902	2,813	2,180	896	755	403	301
Total Debt	5,546	5,521	6,046	6,706	8,816	5,774	1,870
Net Debt / (Cash)	2,644	2,708	3,866	5,810	8,061	5,371	1,569
Cash Flows
Net Cash from Operations	911	1,036	918	803	-1,324	-2,594	-608
Free Cash from Operations	740	889	827	716	-1,836	-3,151	-968
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	4/29/2026	2/18/2026	10/29/2025	7/30/2025	5/7/2025	2/19/2025	10/30/2024	7/31/2024	5/1/2024	2/22/2024	11/2/2023	7/19/2023
Key Financials Quarterly
Total Revenue	6,432	5,603	5,647	4,840	4,232	3,547	3,655	3,410	3,061	2,424	2,773	2,968
Ebitda	609	-1,665	449	519	587	378	377	298	303	45	1,010	140
Operating Income	581	424	552	511	394	260	337	259	134	-38	48	42
Net Income	250	857	151	183	216	79	85	18	28	-114	782	-58
EPS	1.75	6.05	1.08	1.35	1.61	0.61	0.69	0.15	0.24	-1.12	7.05	-0.55
Key Financials TTM
Total Revenue TTM	22,522	20,322	18,266	16,274	14,844	13,673	12,550	11,668	11,226	10,771	11,184	11,797
Ebitda TTM	-88	-110	1,933	1,861	1,640	1,356	1,023	1,656	1,498	1,159	-92	-1,379
Operating Income TTM	2,068	1,881	1,717	1,502	1,250	990	692	403	186	-80	-495	-840
Net Income TTM	1,441	1,407	629	563	398	210	17	714	638	450	-242	-1,307
Growth Rates Quarterly
Total Revenue Growth	52.0%	58.0%	54.5%	41.9%	38.3%	46.3%	31.8%	14.9%	17.5%	-14.6%	-18.1%	-23.6%
EBITDA Growth	3.7%	-540.5%	19.1%	74.2%	93.7%	740.0%	-62.7%	112.9%	941.7%	103.7%	464.6%	154.3%
Operating Income Growth	47.5%	63.1%	63.8%	97.3%	194.0%	784.2%	602.1%	516.7%	201.5%	91.6%	116.2%	112.9%
Net Income Growth	15.7%	984.8%	77.6%	916.7%	671.4%	169.3%	-89.1%	131.0%	117.5%	85.9%	376.3%	75.6%
Margins Quarterly
EBITDA Margin	9.5%	-29.7%	8.0%	10.7%	13.9%	10.7%	10.3%	8.7%	9.9%	1.9%	36.4%	4.7%
Operating Income Margin	9.0%	7.6%	9.8%	10.6%	9.3%	7.3%	9.2%	7.6%	4.4%	-1.6%	1.7%	1.4%
Net Income Margin	3.9%	15.3%	2.7%	3.8%	5.1%	2.2%	2.3%	0.5%	0.9%	-4.7%	28.2%	-2.0%
Cash & Debt
Total Cash	2,902	2,813	2,628	2,323	2,333	2,180	871	542	252	896	544	541
Total Debt	5,546	5,521	5,605	6,109	6,043	6,046	6,145	6,147	6,437	6,706	6,387	8,371
Net Debt / (Cash)	2,644	2,708	2,977	3,786	3,710	3,866	5,274	5,605	6,185	5,810	5,843	7,830
Cash Flows Quarterly
FCF from Operations	107	430	345	29	232	60	403	354	101	-239	599	509
Cash Flows TTM
FCF from Operations TTM	911	1,036	666	724	1,049	918	619	815	970	803	303	-394
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	34.9%	27.5%	36.1%	31.3%	24.4%	15.9%	18.3%	13.2%	6.6%	-2.0%	2.4%	1.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	33.8%	30.5%	28.0%	23.0%	19.5%	15.1%	9.4%	5.0%	2.2%	-0.9%	-6.4%	-8.9%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	13,673	10,771
Other sales and revenues			741	1,043	401
Retail vehicle sales, net			10,254	9,851	4,741
Wholesale sales and revenues			2,609	1,920	445
Total	13,673	10,771	13,604	12,814	5,587

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	990
Total	990

Net Income by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	404
Total	404

Price Behavior

Price Behavior

Market Price	$376.55
Market Cap ($ Bil)	53.8
First Trading Date	04/28/2017
Distance from 52W High	-21.3%
	50 Days	200 Days
DMA Price	$339.01	$368.29
DMA Trend	indeterminate	down
Distance from DMA	11.1%	2.2%
	3M	1YR
Volatility	60.4%	60.0%
Downside Capture	2.02	1.24
Upside Capture	253.10	213.54
Correlation (SPY)	64.3%	45.5%

CVNA Betas & Captures as of 4/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	2.69	2.49	2.61	2.74	2.18	2.69
Up Beta	3.22	3.32	3.09	2.80	2.02	2.51
Down Beta	7.74	2.66	1.47	1.69	2.71	2.19
Up Capture	245%	272%	309%	513%	364%	101098%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	12	22	33	69	139	406
Down Capture	-223%	164%	243%	221%	160%	113%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	10	21	31	56	112	344

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CVNA
CVNA	43.9%	59.8%	0.84	-
Sector ETF (XLY)	19.7%	18.8%	0.82	45.2%
Equity (SPY)	29.7%	12.5%	1.83	46.1%
Gold (GLD)	39.6%	27.2%	1.21	4.2%
Commodities (DBC)	50.7%	18.0%	2.18	-11.7%
Real Estate (VNQ)	12.1%	13.5%	0.60	10.3%
Bitcoin (BTCUSD)	-19.0%	42.2%	-0.39	23.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CVNA
CVNA	4.2%	111.1%	0.54	-
Sector ETF (XLY)	6.6%	23.8%	0.24	49.1%
Equity (SPY)	12.8%	17.1%	0.59	44.0%
Gold (GLD)	20.1%	17.9%	0.91	4.5%
Commodities (DBC)	14.1%	19.1%	0.60	2.9%
Real Estate (VNQ)	3.3%	18.8%	0.08	36.2%
Bitcoin (BTCUSD)	7.3%	56.2%	0.34	21.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CVNA
CVNA	41.7%	99.6%	0.84	-
Sector ETF (XLY)	12.6%	22.0%	0.53	49.6%
Equity (SPY)	14.9%	17.9%	0.71	43.7%
Gold (GLD)	13.4%	15.9%	0.70	7.1%
Commodities (DBC)	9.7%	17.7%	0.46	9.6%
Real Estate (VNQ)	5.6%	20.7%	0.23	34.6%
Bitcoin (BTCUSD)	67.1%	66.9%	1.06	13.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	4152026
Short Interest: Shares Quantity	14.3 Mil
Short Interest: % Change Since 3312026	-7.6%
Average Daily Volume	2.6 Mil
Days-to-Cover Short Interest	5.4 days
Basic Shares Quantity	142.7 Mil
Short % of Basic Shares	10.0%

Returns Analyses

	Title
0	The Bear Case: How CVNA Behaves During Market Shocks
1	Can Carvana Stock Recover If Markets Fall?
2	Carvana Stock Return Comparison
3	[10/16/2021] Carvana (CVNA) Stock Price Forecast: AI Forecasts CVNA Stock Price To Be Around $310 In A Month (Up 8.1%)
4	Carvana (CVNA) Stock Return: AI Predicts CVNA Average and Excess Return After a Fall or Rise

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
4/29/2026	-0.2%
2/18/2026	-7.9%	-7.4%	-18.6%
10/29/2025	-13.8%	-12.5%	6.0%
7/30/2025	17.0%	6.4%	13.1%
5/7/2025	10.2%	17.9%	31.8%
2/19/2025	-12.1%	-17.5%	-34.2%
10/30/2024	19.3%	15.3%	25.6%
7/31/2024	10.0%	-3.4%	12.6%
...
SUMMARY STATS
# Positive	14	12	13
# Negative	9	10	9
Median Positive	18.1%	10.9%	25.6%
Median Negative	-7.9%	-6.7%	-12.5%
Max Positive	40.2%	66.1%	108.3%
Max Negative	-39.0%	-30.4%	-50.5%

	Forward Returns
4/29/2026	-0.2%
2/18/2026	-7.9%	-7.4%	-18.6%
10/29/2025	-13.8%	-12.5%	6.0%
7/30/2025	17.0%	6.4%	13.1%
5/7/2025	10.2%	17.9%	31.8%
2/19/2025	-12.1%	-17.5%	-34.2%
10/30/2024	19.3%	15.3%	25.6%
7/31/2024	10.0%	-3.4%	12.6%
2/22/2024	32.1%	44.9%	64.0%
11/2/2023	7.9%	1.7%	33.9%
7/19/2023	40.2%	10.8%	-4.4%
5/4/2023	24.4%	66.1%	108.3%
2/23/2023	-20.5%	-6.1%	-18.8%
11/3/2022	-39.0%	-30.4%	-50.5%
8/4/2022	40.1%	49.5%	-5.8%
2/24/2022	21.0%	-2.2%	2.0%
11/4/2021	-0.9%	-4.8%	-12.5%
8/5/2021	2.6%	6.3%	-2.5%
5/6/2021	-5.9%	-15.0%	6.2%
2/25/2021	7.5%	2.4%	-1.8%
10/29/2020	-3.1%	7.0%	30.9%
8/5/2020	28.1%	11.0%	14.0%
5/6/2020	7.2%	-1.4%	27.1%
SUMMARY STATS
# Positive	14	12	13
# Negative	9	10	9
Median Positive	18.1%	10.9%	25.6%
Median Negative	-7.9%	-6.7%	-12.5%
Max Positive	40.2%	66.1%	108.3%
Max Negative	-39.0%	-30.4%	-50.5%

SEC Filings

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Report Date	Filing Date	Filing
03/31/2026	04/29/2026	10-Q
12/31/2025	02/18/2026	10-K
09/30/2025	10/29/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	02/19/2025	10-K
09/30/2024	10/30/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/01/2024	10-Q
12/31/2023	02/22/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	07/19/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	02/23/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/04/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 4/29/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2030 Retail Units Sold		3.00 Mil
2030 Adjusted EBITDA Margin		13.5%

Prior: Q4 2025 Earnings Reported 2/18/2026

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Insider Activity

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	5012026	387.19	12,750	4,936,671	81,359,055	Form
2	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	5012026	395.32	1,000	395,320	13,002,470	Form
3	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	5012026	384.96	10,000	3,849,592	40,791,050	Form
4	Taira, Thomas	President, Special Projects	Direct	Sell	4102026	341.00	3,770	1,285,570	19,970,324	Form
5	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	4032026	317.50	1,000	317,500	10,760,392	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	5012026	387.19	12,750	4,936,671	81,359,055	Form
2	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	5012026	395.32	1,000	395,320	13,002,470	Form
3	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	5012026	384.96	10,000	3,849,592	40,791,050	Form
4	Taira, Thomas	President, Special Projects	Direct	Sell	4102026	341.00	3,770	1,285,570	19,970,324	Form
5	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	4032026	317.50	1,000	317,500	10,760,392	Form
6	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	4032026	310.35	12,750	3,956,945	61,166,306	Form
7	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	4032026	309.86	10,000	3,098,592	28,793,360	Form
8	Taira, Thomas	President, Special Projects	Direct	Sell	3112026	325.00	953	309,725	21,124,025	Form
9	Quayle, J Danforth		Direct	Sell	3092026	309.97	2,900	898,913	12,991,773	Form
10	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	3032026	324.84	1,000	324,840	11,545,138	Form
11	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	3032026	323.15	12,750	4,120,173	65,146,231	Form
12	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	3032026	322.67	10,000	3,226,678	31,438,169	Form
13	Taira, Thomas	President, Special Projects	Direct	Sell	2112026	398.54	1,047	417,271	26,552,728	Form
14	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	2032026	410.19	12,750	5,229,877	83,192,779	Form
15	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	2032026	411.27	10,000	4,112,740	40,573,005	Form
16	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	2032026	393.04	1,000	393,040	14,617,944	Form
17	Taira, Thomas	President, Special Projects	Direct	Sell	1092026	447.00	1,174	524,778	30,508,644	Form
18	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	1052026	403.02	12,750	5,138,482	82,230,216	Form
19	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	1052026	419.48	1,000	419,480	16,252,333	Form
20	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	1052026	401.94	10,000	4,019,361	40,141,756	Form
21	Gill, Daniel J	Chief Product Officer	Direct	Sell	12122025	475.24	40,000	19,009,696	90,821,674	Form
22	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	12122025	475.00	20,000	9,500,000	47,860,050	Form
23	Breaux, Paul W	See Remarks	Direct	Sell	12122025	475.00	1,527	725,325	32,912,275	Form
24	Taira, Thomas	President, Special Projects	Direct	Sell	12122025	475.00	10,000	4,750,000	33,193,000	Form
25	Breaux, Paul W	See Remarks	Direct	Sell	12122025	475.00	8,473	4,024,675	32,912,275	Form
26	Taira, Thomas	President, Special Projects	Direct	Sell	12102025	435.96	30,952	13,493,901	30,465,036	Form
27	Gill, Daniel J	Chief Product Officer	Direct	Sell	12102025	439.50	80,000	35,160,000	83,991,087	Form
28	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	12102025	439.50	40,000	17,580,000	44,283,141	Form
29	Breaux, Paul W	See Remarks	Direct	Sell	12102025	438.50	20,000	8,770,000	30,383,226	Form
30	Maroone, Michael E		Direct	Sell	12042025	400.34	30,928	12,381,668	57,477,795	Form
31	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	12042025	400.00	10,000	4,000,000	29,784,000	Form
32	Taira, Thomas	President, Special Projects	Direct	Sell	12042025	400.00	25,000	10,000,000	32,332,800	Form
33	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	12022025	372.31	1,000	372,310	14,975,797	Form
34	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	12022025	376.07	12,750	4,794,938	77,066,127	Form
35	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	12022025	377.11	10,000	3,771,126	37,997,109	Form
36	Taira, Thomas	President, Special Projects	Direct	Sell	12022025	375.01	10,000	3,750,100	39,941,190	Form
37	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	12022025	375.04	10,000	3,750,400	31,862,648	Form
38	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	11282025	350.00	10,000	3,500,000	33,235,300	Form
39	Sullivan, Gregory B		Direct	Sell	11122025	340.00	2,500	850,000	13,405,520	Form
40	Taira, Thomas	President, Special Projects	Direct	Sell	11122025	325.00	952	309,400	37,864,775	Form
41	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	11122025	325.03	10,000	3,250,300	34,114,499	Form
42	Sullivan, Gregory B		Direct	Sell	11042025	322.20	2,500	805,500	13,509,202	Form
43	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	11042025	305.00	1,000	305,000	12,769,740	Form
44	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	11042025	324.57	10,000	3,245,724	33,098,924	Form
45	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	11042025	323.35	12,750	4,122,764	66,656,845	Form
46	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	11042025	301.68	32,370	9,765,504	34,831,204	Form
47	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10102025	355.04	1,440	511,256	124,263,691	Form
48	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10102025	355.33	1,440	511,682	159,900,484	Form
49	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10102025	365.57	5,000	1,827,830	128,474,543	Form
50	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10102025	365.64	5,000	1,828,211	165,065,486	Form
51	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10082025	370.22	5,000	1,851,122	131,962,811	Form
52	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10082025	370.46	5,000	1,852,316	169,094,186	Form
53	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10082025	371.98	5,000	1,859,883	134,447,201	Form
54	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10082025	372.16	5,000	1,860,819	171,731,238	Form
55	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10062025	390.33	1,050	409,845	143,032,012	Form
56	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10062025	390.67	1,050	410,200	182,222,338	Form
57	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10062025	380.40	3,950	1,502,565	139,791,774	Form
58	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10062025	380.40	3,950	1,502,595	177,834,938	Form
59	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10062025	393.67	5,000	1,968,350	146,224,791	Form
60	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10062025	393.84	5,000	1,969,219	185,673,727	Form
61	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	10022025	389.27	10,000	3,892,725	40,171,750	Form
62	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	10022025	389.27	12,750	4,963,240	80,720,577	Form
63	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	10022025	390.14	1,000	390,140	16,976,162	Form
64	Breaux, Paul W	See Remarks	Direct	Sell	10022025	398.00	15,000	5,970,000	32,522,968	Form
65	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10022025	392.98	1,901	747,050	147,932,433	Form
66	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10022025	392.98	1,901	747,050	187,230,178	Form
67	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10022025	386.66	3,099	1,198,254	146,288,649	Form
68	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10022025	386.66	3,099	1,198,254	184,954,468	Form
69	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10012025	389.60	297	115,711	148,608,690	Form
70	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10012025	389.71	297	115,745	187,623,944	Form
71	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10012025	379.63	4,703	1,785,387	144,917,811	Form
72	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10012025	379.67	4,703	1,785,568	182,899,042	Form
73	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10012025	390.75	2,400	937,789	150,999,602	Form
74	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10012025	390.75	2,400	937,789	190,074,130	Form
75	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	10012025	383.88	2,600	998,078	149,266,366	Form
76	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	10012025	384.14	2,600	998,759	187,782,020	Form
77	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9292025	366.53	5,000	1,832,663	143,475,538	Form
78	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9292025	366.53	5,000	1,832,663	180,128,803	Form
79	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9292025	373.89	3,700	1,383,375	148,223,055	Form
80	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9292025	373.89	3,700	1,383,375	185,611,577	Form
81	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9292025	361.29	1,300	469,674	144,565,503	Form
82	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9292025	361.29	1,300	469,674	180,694,234	Form
83	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9252025	373.76	5,000	1,868,818	150,043,656	Form
84	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9252025	373.76	5,000	1,868,818	187,420,016	Form
85	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9252025	392.85	650	255,354	159,671,192	Form
86	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9252025	392.86	651	255,751	198,959,085	Form
87	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9252025	383.72	4,350	1,669,187	156,209,042	Form
88	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9252025	383.72	4,349	1,668,813	194,582,617	Form
89	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9232025	390.08	5,000	1,950,420	160,496,157	Form
90	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9232025	390.20	5,000	1,950,978	199,561,659	Form
91	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9232025	386.69	5,000	1,933,426	161,031,186	Form
92	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9232025	386.71	5,000	1,933,570	199,714,593	Form
93	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9192025	394.36	350	138,026	166,198,476	Form
94	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9192025	394.36	350	138,026	205,634,333	Form
95	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9192025	385.25	4,650	1,791,403	162,493,753	Form
96	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9192025	385.32	4,650	1,791,752	201,057,711	Form
97	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9192025	373.54	5,000	1,867,719	159,294,038	Form
98	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9192025	373.54	5,000	1,867,719	196,648,422	Form
99	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9172025	362.08	5,000	1,810,407	156,216,412	Form
100	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9172025	362.34	5,000	1,811,713	192,563,372	Form
101	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9172025	365.42	5,000	1,827,086	159,482,664	Form
102	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9172025	365.68	5,000	1,828,413	196,166,784	Form
103	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9152025	363.30	1,970	715,705	160,375,974	Form
104	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9152025	363.37	1,970	715,844	196,744,482	Form
105	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9152025	355.35	3,030	1,076,696	157,563,566	Form
106	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9152025	355.56	3,030	1,077,334	193,212,645	Form
107	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9152025	357.08	5,000	1,785,408	159,415,501	Form
108	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9152025	356.25	5,000	1,781,226	194,666,577	Form
109	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9112025	366.98	5,000	1,834,913	165,670,600	Form
110	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9112025	367.13	5,000	1,835,664	202,451,710	Form
111	Platt, Ira J		Trust	Sell	9112025	379.14	14,000	5,307,960	2,741,561	Form
112	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9112025	371.46	5,000	1,857,302	169,549,361	Form
113	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9112025	371.98	5,000	1,859,906	206,985,200	Form
114	Breaux, Paul W	See Remarks	Direct	Sell	9112025	375.00	15,000	5,625,000	31,131,750	Form
115	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9092025	371.28	5,000	1,856,394	171,322,861	Form
116	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9092025	371.45	5,000	1,857,241	208,545,889	Form
117	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9092025	364.66	5,000	1,823,308	170,092,755	Form
118	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9092025	364.82	5,000	1,824,086	206,647,071	Form
119	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9042025	365.70	5,000	1,828,485	172,404,206	Form
120	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9042025	365.78	5,000	1,828,891	209,020,256	Form
121	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9042025	364.51	5,000	1,822,538	173,665,968	Form
122	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9042025	364.78	5,000	1,823,923	210,276,419	Form
123	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	9032025	364.42	12,750	4,646,417	76,012,103	Form
124	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	9032025	364.66	10,000	3,646,585	38,076,187	Form
125	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9032025	364.64	5,000	1,823,213	175,553,513	Form
126	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9032025	364.64	5,000	1,823,213	212,017,769	Form
127	Palmer, Stephen R	Vice President of Accounting	Direct	Sell	9032025	361.04	1,000	361,040	16,303,483	Form
128	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9022025	370.19	5,000	1,850,973	180,077,460	Form
129	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9022025	370.26	5,000	1,851,277	217,132,614	Form
130	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	9022025	374.23	5,000	1,871,155	183,912,073	Form
131	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	9022025	374.62	5,000	1,873,088	221,563,827	Form
132	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8282025	370.65	5,000	1,853,243	184,004,746	Form
133	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8282025	370.77	5,000	1,853,849	221,141,922	Form
134	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8282025	367.52	5,000	1,837,623	184,291,523	Form
135	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8282025	367.78	5,000	1,838,904	221,198,051	Form
136	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8262025	361.29	5,000	1,806,456	182,972,299	Form
137	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8262025	361.60	5,000	1,808,011	219,290,047	Form
138	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8262025	361.49	100	36,149	184,880,446	Form
139	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8262025	362.18	101	36,580	221,451,339	Form
140	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8262025	353.36	4,900	1,731,457	180,756,998	Form
141	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8262025	353.66	4,899	1,732,563	216,275,450	Form
142	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8222025	338.27	5,000	1,691,342	174,695,320	Form
143	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8222025	338.27	5,000	1,691,342	208,522,158	Form
144	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8222025	335.11	1,890	633,366	174,742,068	Form
145	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8222025	335.15	1,890	633,436	208,276,540	Form
146	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8222025	327.49	3,110	1,018,501	171,386,454	Form
147	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8222025	327.65	3,110	1,019,003	204,236,430	Form
148	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8202025	347.94	5,000	1,739,680	183,167,472	Form
149	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8202025	348.05	5,000	1,740,232	218,030,191	Form
150	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8202025	359.82	5,000	1,799,093	191,222,019	Form
151	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8202025	359.96	5,000	1,799,784	227,291,141	Form
152	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8182025	346.19	5,000	1,730,936	185,708,629	Form
153	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8182025	346.48	5,000	1,732,417	220,515,923	Form
154	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8182025	344.64	5,000	1,723,220	186,604,099	Form
155	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8182025	344.80	5,000	1,724,000	221,168,557	Form
156	Garcia, Ernest C II		Direct	Sell	8142025	349.09	95,087			Form
157	Garcia, Ernest C II		Direct	Sell	8142025	346.26	82,888			Form
158	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8132025	348.47	5,000	1,742,363	190,419,387	Form
159	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8132025	348.47	5,000	1,742,363	225,266,651	Form
160	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8132025	342.00	5,000	1,709,978	188,590,094	Form
161	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8132025	342.14	5,000	1,710,719	222,886,161	Form
162	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8132025	344.47	5,000	1,722,357	191,677,676	Form
163	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8132025	344.81	5,000	1,724,035	226,345,131	Form
164	Garcia, Ernest C II		Direct	Sell	8122025	344.68	50,000			Form
165	Garcia, Ernest C II		Direct	Sell	8122025	348.07	72,500			Form
166	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8112025	346.57	5,000	1,732,840	194,577,174	Form
167	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8112025	346.64	5,000	1,733,211	229,283,041	Form
168	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8112025	357.43	5,000	1,787,159	202,463,626	Form
169	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8112025	357.65	5,000	1,788,232	238,349,856	Form
170	Garcia, Ernest C II		Direct	Sell	8082025	359.63	100,000			Form
171	Garcia, Ernest C II		Direct	Sell	8082025	351.10	100,000			Form
172	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8072025	352.06	5,000	1,760,313	201,182,638	Form
173	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8072025	352.19	5,000	1,760,929	236,471,697	Form
174	Breaux, Paul W	See Remarks	Direct	Sell	8072025	361.96	15,000	5,429,458	35,759,135	Form
175	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8072025	365.33	1,460	533,386	210,592,480	Form
176	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8072025	365.35	1,460	533,411	247,137,382	Form
177	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8072025	351.17	3,540	1,243,136	202,940,234	Form
178	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8072025	351.42	3,540	1,244,020	238,226,346	Form
179	Garcia, Ernest C II		Direct	Sell	8062025	360.20	100,000			Form
180	Garcia, Ernest C II		Direct	Sell	8062025	362.11	100,000			Form
181	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8052025	368.84	1,373	506,420	214,459,507	Form
182	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8052025	369.36	1,373	507,138	251,700,004	Form
183	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8052025	360.95	3,627	1,309,178	210,368,367	Form
184	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8052025	361.19	3,627	1,310,039	246,625,796	Form
185	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8052025	370.66	5,000	1,853,324	217,372,623	Form
186	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8052025	370.66	5,000	1,853,324	254,439,096	Form
187	Breaux, Paul W	See Remarks	Direct	Sell	8042025	367.34	15,000	5,510,100	41,800,353	Form
188	Garcia, Ernest C II		Direct	Sell	8042025	371.30	100,000			Form
189	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	8042025	370.55	10,000	3,705,465	43,300,212	Form
190	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	8042025	371.20	12,750	4,732,738	70,905,690	Form
191	Breaux, Paul W	See Remarks	Direct	Sell	8042025	375.04	18,000	6,750,720	48,592,433	Form
192	Taira, Thomas	President, Special Projects	Direct	Sell	8042025	375.04	10,000	3,750,400	45,064,431	Form
193	Garcia, Ernest C II		Direct	Sell	8042025	409.89	6,624			Form
194	Garcia, Ernest C II		Direct	Sell	8042025	394.16	93,376	36,805,133	2,610,919	Form
195	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	8042025	397.95	40,000	15,917,847	50,481,462	Form
196	Gill, Daniel J	Chief Product Officer	Direct	Sell	8042025	398.91	80,000	31,912,962	78,917,564	Form
197	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	8042025	396.05	37,687	14,925,851	75,653,037	Form
198	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8012025	403.83	1,350	545,169	238,840,755	Form
199	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8012025	403.83	1,350	545,169	279,223,677	Form
200	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8012025	389.63	3,650	1,422,163	230,970,918	Form
201	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8012025	389.63	3,650	1,422,163	269,934,281	Form
202	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	8012025	335.09	5,000	1,675,464	199,862,796	Form
203	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	8012025	335.45	5,000	1,677,261	233,622,345	Form
204	Garcia, Ernest C II		Direct	Sell	7312025	332.21	50,000			Form
205	Garcia, Ernest C II		Direct	Sell	7312025	338.75	50,000			Form
206	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7302025	334.88	2,883	965,467	201,411,848	Form
207	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7302025	335.07	2,883	966,008	235,031,703	Form
208	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7302025	329.38	2,117	697,295	199,051,225	Form
209	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7302025	329.60	2,117	697,764	232,145,104	Form
210	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7302025	336.10	5,000	1,680,497	203,824,064	Form
211	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7302025	336.36	5,000	1,681,775	237,614,681	Form
212	Garcia, Ernest C II		Direct	Sell	7292025	335.66	50,000			Form
213	Garcia, Ernest C II		Direct	Sell	7292025	335.34	50,000			Form
214	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7282025	331.61	5,000	1,658,071	202,762,216	Form
215	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7282025	331.86	5,000	1,659,280	236,095,635	Form
216	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7282025	332.94	5,000	1,664,717	205,239,616	Form
217	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7282025	332.94	5,000	1,664,717	238,533,954	Form
218	Garcia, Ernest C II		Direct	Sell	7252025	333.91	50,000			Form
219	Garcia, Ernest C II		Direct	Sell	7252025	337.22	50,000			Form
220	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7242025	337.45	5,000	1,687,241	209,703,809	Form
221	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7242025	337.56	5,000	1,687,823	243,532,534	Form
222	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7242025	341.95	5,000	1,709,739	214,209,745	Form
223	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7242025	342.04	5,000	1,710,178	248,468,396	Form
224	Garcia, Ernest C II		Direct	Sell	7232025	342.03	50,000			Form
225	Garcia, Ernest C II		Direct	Sell	7232025	342.96	50,000			Form
226	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7222025	342.93	5,000	1,714,645	216,539,040	Form
227	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7222025	343.02	5,000	1,715,087	250,896,630	Form
228	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7222025	340.93	5,000	1,704,639	216,980,062	Form
229	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7222025	341.14	5,000	1,705,684	251,226,800	Form
230	Garcia, Ernest C II		Direct	Sell	7212025	341.08	50,000			Form
231	Garcia, Ernest C II		Direct	Sell	7212025	352.04	100,000			Form
232	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7182025	349.50	5,000	1,747,503	224,183,606	Form
233	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7182025	349.67	5,000	1,748,374	259,262,826	Form
234	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7182025	353.31	5,000	1,766,529	228,390,981	Form
235	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7182025	353.43	5,000	1,767,152	263,814,585	Form
236	Garcia, Ernest C II		Direct	Sell	7172025	352.40	100,000			Form
237	Garcia, Ernest C II		Direct	Sell	7172025	343.97	50,000			Form
238	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7162025	343.89	5,000	1,719,434	224,021,629	Form
239	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7162025	344.04	5,000	1,720,225	258,529,154	Form
240	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7162025	347.51	5,000	1,737,555	228,120,058	Form
241	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7162025	347.72	5,000	1,738,589	263,027,701	Form
242	Garcia, Ernest C II		Direct	Sell	7152025	349.77	98,528			Form
243	Garcia, Ernest C II		Direct	Sell	7152025	348.75	96,026			Form
244	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7142025	347.20	5,000	1,735,980	229,649,293	Form
245	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7142025	347.37	5,000	1,736,831	264,498,449	Form
246	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7142025	350.31	5,000	1,751,538	233,459,014	Form
247	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7142025	350.51	5,000	1,752,547	268,644,366	Form
248	Garcia, Ernest C II		Direct	Sell	7112025	352.36	100,000			Form
249	Garcia, Ernest C II		Direct	Sell	7112025	350.09	100,000			Form
250	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7102025	348.56	5,000	1,742,802	234,037,368	Form
251	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7102025	348.79	5,000	1,743,966	269,072,968	Form
252	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7102025	359.73	124	44,607	243,353,028	Form
253	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7102025	359.73	124	44,607	279,326,028	Form
254	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7102025	360.42	48	17,300	243,802,505	Form
255	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7102025	360.42	48	17,300	279,844,505	Form
256	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7102025	348.43	4,828	1,682,216	235,751,410	Form
257	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7102025	348.48	4,828	1,682,445	270,631,100	Form
258	Garcia, Ernest C II		Direct	Sell	7092025	353.76	100,000			Form
259	Garcia, Ernest C II		Direct	Sell	7092025	350.63	100,000			Form
260	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7082025	356.73	3,122	1,113,725	243,093,217	Form
261	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7082025	356.73	3,122	1,113,725	278,766,676	Form
262	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7082025	350.46	1,878	658,165	239,912,185	Form
263	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7082025	350.78	1,878	658,770	275,210,998	Form
264	Gill, Daniel J	Chief Product Officer	Direct	Sell	7082025	350.00	7,100	2,485,000	69,241,200	Form
265	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7082025	346.11	5,000	1,730,533	237,581,471	Form
266	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7082025	346.20	5,000	1,730,980	272,262,456	Form
267	Garcia, Ernest C II		Direct	Sell	7072025	341.93	50,000			Form
268	Garcia, Ernest C II		Direct	Sell	7072025	340.07	50,000			Form
269	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7032025	343.91	2,719	935,094	237,793,784	Form
270	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7032025	344.08	2,720	935,905	272,320,802	Form
271	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7032025	340.53	2,281	776,749	236,381,919	Form
272	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7032025	340.61	2,280	776,584	270,496,441	Form
273	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7032025	338.25	5,000	1,691,256	235,571,719	Form
274	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7032025	338.36	5,000	1,691,782	269,480,649	Form
275	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	7032025	338.02	10,000	3,380,194	42,879,452	Form
276	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	7032025	338.36	12,750	4,314,029	71,399,722	Form
277	Garcia, Ernest C II		Direct	Sell	7022025	337.45	50,000			Form
278	Garcia, Ernest C II		Direct	Sell	7022025	327.07	50,000			Form
279	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7012025	335.29	210	70,411	235,185,818	Form
280	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7012025	335.29	210	70,411	268,714,818	Form
281	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7012025	329.25	4,790	1,577,084	231,014,873	Form
282	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7012025	329.55	4,790	1,578,535	264,182,137	Form
283	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	7012025	308.15	5,000	1,540,737	217,687,590	Form
284	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	7012025	308.32	5,000	1,541,622	248,645,184	Form
285	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6272025	312.87	5,000	1,564,329	222,585,206	Form
286	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6272025	313.13	5,000	1,565,628	254,082,629	Form
287	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6272025	324.96	5,000	1,624,797	232,813,947	Form
288	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6272025	325.26	5,000	1,626,316	265,557,934	Form
289	Garcia, Ernest C II		Direct	Sell	6262025	325.15	4,971			Form
290	Garcia, Ernest C II		Direct	Sell	6262025	325.81	50,000			Form
291	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6252025	324.96	5,000	1,624,797	234,438,744	Form
292	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6252025	325.26	5,000	1,626,316	267,184,251	Form
293	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6252025	309.74	5,000	1,548,700	225,007,526	Form
294	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6252025	309.74	5,000	1,548,700	255,981,526	Form
295	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6232025	312.96	5,000	1,564,801	228,911,609	Form
296	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6232025	312.96	5,000	1,564,801	260,207,629	Form
297	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6232025	300.61	5,000	1,503,059	221,382,539	Form
298	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6232025	128.78	5,000	643,919	107,719,905	Form
299	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6172025	302.53	3,560	1,077,007	224,307,802	Form
300	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6172025	302.60	3,560	1,077,261	254,620,980	Form
301	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6172025	307.42	5,000	1,537,106	229,028,794	Form
302	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6172025	307.42	5,000	1,537,106	259,770,914	Form
303	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6132025	327.93	5,000	1,639,671	245,950,658	Form
304	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6132025	328.07	5,000	1,640,329	278,855,978	Form
305	Sullivan, Gregory B		Direct	Sell	6132025	332.23	5,000	1,661,150	14,760,314	Form
306	Garcia, Ernest C II		Direct	Sell	6132025	330.76	50,000			Form
307	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6132025	338.56	5,000	1,692,822	255,616,142	Form
308	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6132025	338.70	5,000	1,693,505	289,589,430	Form
309	Garcia, Ernest C II		Direct	Sell	6132025	337.46	50,000			Form
310	Sullivan, Gregory B		Direct	Sell	6112025	339.43	2,500	848,575	16,777,346	Form
311	Sullivan, Gregory B		Direct	Sell	6112025	343.91	2,500	859,775	17,858,558	Form
312	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6112025	339.11	2,724	923,729	257,721,753	Form
313	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6112025	339.39	2,724	924,509	291,878,851	Form
314	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6112025	333.21	2,276	758,379	254,145,049	Form
315	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6112025	333.26	2,276	758,506	287,513,841	Form
316	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	6112025	340.68	11,276	3,841,508	46,546,427	Form
317	Garcia, Ernest C II		Direct	Sell	6112025	336.47	50,000			Form
318	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6112025	338.26	5,000	1,691,322	258,772,287	Form
319	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6112025	338.26	5,000	1,691,322	292,598,730	Form
320	Garcia, Ernest C II		Direct	Sell	6112025	330.27	50,000			Form
321	Gill, Daniel J	Chief Product Officer	Direct	Sell	6092025	350.60	25,400	8,905,114	70,033,463	Form
322	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	6092025	350.00	20,000	7,000,000	67,283,650	Form
323	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	6092025	350.62	20,000	7,012,411	48,411,582	Form
324	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6092025	342.06	4,069	1,391,829	263,702,242	Form
325	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6092025	342.19	4,069	1,392,355	298,020,352	Form
326	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6092025	347.97	931	323,964	267,939,968	Form
327	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6092025	347.97	931	323,964	302,737,367	Form
328	Taira, Thomas	President, Special Projects	Direct	Sell	6092025	350.29	10,000	3,502,900	45,829,842	Form
329	Garcia, Ernest C II		Direct	Sell	6092025	346.99	100,000			Form
330	Platt, Ira J		Direct	Sell	6092025	344.00	5,674	1,951,856	8,980,120	Form
331	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6092025	344.32	5,000	1,721,588	266,846,090	Form
332	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6092025	344.58	5,000	1,722,883	301,504,525	Form
333	Breaux, Paul W	See Remarks	Direct	Sell	6092025	348.00	20,000	6,960,000	51,622,320	Form
334	Garcia, Ernest C II		Direct	Sell	6092025	344.70	50,000			Form
335	Garcia, Ernest C II		Direct	Sell	6052025	339.58	50,000			Form
336	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6052025	338.87	3,402	1,152,851	264,863,542	Form
337	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6052025	338.98	3,402	1,153,219	298,846,557	Form
338	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6052025	344.58	1,598	550,645	268,775,412	Form
339	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6052025	344.72	1,598	550,864	303,354,470	Form
340	Garcia, Ernest C II		Direct	Sell	6052025	335.05	50,000			Form
341	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6052025	337.59	5,000	1,687,968	265,010,989	Form
342	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6052025	337.69	5,000	1,688,440	298,853,830	Form
343	Gill, Daniel J	Chief Product Officer	Direct	Sell	6052025	340.00	32,500	11,050,000	67,917,040	Form
344	Garcia, Ernest C II		Direct	Sell	6032025	325.94	50,000			Form
345	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	6032025	326.45	10,000	3,264,471	45,073,856	Form
346	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	6032025	326.52	12,750	4,163,172	62,770,517	Form
347	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	6032025	325.21	5,000	1,626,070	256,918,986	Form
348	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	6032025	325.34	5,000	1,626,702	289,552,984	Form
349	Gill, Daniel J	Chief Product Officer	Direct	Sell	6032025	330.30	32,500	10,734,750	65,979,407	Form
350	Garcia, Ernest C II		Direct	Sell	6032025	325.16	50,000			Form
351	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	6032025	325.13	26,753	8,698,203	48,539,958	Form
352	Taira, Thomas	President, Special Projects	Direct	Sell	6032025	325.18	10,000	3,251,800	46,015,897	Form
353	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	6032025	326.03	51,380	16,751,622	52,843,249	Form
354	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5302025	324.40	2,050	665,029	290,341,868	Form
355	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5302025	324.80	1,036	336,493	258,216,046	Form
356	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5302025	320.85	3,964	1,271,849	255,407,990	Form
357	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5302025	320.00	2,200	704,004	287,057,570	Form
358	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust	Sell	5302025	319.08	750	239,310	286,559,685	Form
359	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5302025	318.55	5,000	1,592,768	254,842,835	Form
360	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5302025	318.91	3,582	1,142,342	287,020,711	Form
361	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5302025	317.65	1,418	450,428	286,943,410	Form
362	Gill, Daniel J	Chief Product Officer	Direct	Sell	5302025	320.00	32,500	10,400,000	64,347,840	Form
363	Breaux, Paul W	See Remarks	Direct	Sell	5302025	323.00	20,000	6,460,000	48,163,822	Form
364	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5282025	314.55	5,000	1,572,736	253,210,417	Form
365	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5282025	314.55	5,000	1,572,736	284,665,127	Form
366	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5282025	308.55	5,000	1,542,746	249,924,820	Form
367	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5282025	308.55	5,000	1,542,753	280,781,019	Form
368	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5282025	301.09	5,000	1,505,426	245,384,412	Form
369	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5282025	301.09	5,000	1,505,426	275,492,929	Form
370	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5232025	300.05	5,000	1,500,250	246,041,000	Form
371	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5232025	300.42	5,000	1,502,100	276,386,400	Form
372	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5202025	301.13	5,000	1,505,666	248,434,964	Form
373	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5202025	301.86	5,000	1,509,300	279,220,500	Form
374	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5202025	300.18	5,000	1,500,900	249,149,400	Form
375	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5202025	301.05	5,000	1,505,259	279,978,174	Form
376	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5202025	300.10	5,000	1,500,500	250,583,500	Form
377	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5202025	300.21	5,000	1,501,050	280,696,350	Form
378	Keeton, Ryan S	Chief Brand Officer	Direct	Sell	5162025	300.00	13,137	3,941,100	44,520,600	Form
379	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5162025	302.27	5,000	1,511,343	253,905,641	Form
380	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5162025	303.43	5,000	1,517,133	285,221,004	Form
381	Taira, Thomas	President, Special Projects	Direct	Sell	5162025	300.00	20,878	6,263,400	45,452,700	Form
382	Jenkins, Mark W	Chief Financial Officer	Direct	Sell	5162025	300.00	20,000	6,000,000	58,037,700	Form
383	Gill, Daniel J	Chief Product Officer	Direct	Sell	5162025	305.00	65,000	19,825,000	61,331,535	Form
384	Garcia, Ernest C Iii	Chief Executive Officer	Ernest Irrevocable 2004 Trust III	Sell	5162025	303.44	5,000	1,517,220	256,410,234	Form
385	Garcia, Ernest C Iii	Chief Executive Officer	Ernest C. Garcia III Multi-Generational Trust III	Sell	5162025	304.50	5,000	1,522,500	287,752,500	Form
386	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	5162025	300.00	26,753	8,025,900	44,788,200	Form
387	Quayle, J Danforth		Direct	Sell	5152025	304.24	11,614	3,533,443	12,751,611	Form
388	Breaux, Paul W	See Remarks	Direct	Sell	5152025	298.00	30,000	8,940,000	44,435,972	Form
389	Maroone, Michael E		Direct	Sell	5122025	273.44	9,000	2,460,946	39,239,504	Form
390	Gill, Daniel J	Chief Product Officer	Direct	Sell	5122025	281.43	70,166	19,746,629	56,591,375	Form
391	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	5122025	275.00	14,989	4,121,975	41,055,850	Form
392	Taira, Thomas	President, Special Projects	Direct	Sell	5122025	277.86	35,000	9,725,000	43,487,144	Form
393	Huston, Benjamin E	Chief Operating Officer	Direct	Sell	5052025	253.56	10,000	2,535,610	35,319,530	Form
394	Taira, Thomas	President, Special Projects	Direct	Sell	5052025	260.00	5,000	1,300,000	44,592,340	Form

CVNA Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Diversification Alternatives

How Is The Market Pricing CVNA?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What CVNA Makes & Who Pays

TTM figures based on

CVNA Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Carvana (CVNA)

Market Price (5/5/2026): $376.01 | Market Cap: $53.7 BilSector: Consumer Discretionary | Industry: Automotive Retail

Carvana (CVNA)

Market Price (5/5/2026): $376.01Market Cap: $53.7 BilSector: Consumer DiscretionaryIndustry: Automotive Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Carvana (CVNA)

Expected Drivers of Future Revenue Growth for Carvana (CVNA)

Interactive Breakdown

Better Bets vs. Carvana (CVNA)

INDUSTRY: Automotive Retail

Higher Op Mgn LTM (Value for CVNA: 9.2%)

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

Higher Total Yield (Value for CVNA: 2.7%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for CVNA: 24.1% | 2.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CVNA: 24.1% | 26.0x)

Higher Rev Chg LTM (Value for CVNA: 51.7%)

Higher Rev Chg 3Y Avg (Value for CVNA: 24.1%)

Higher Op Mgn LTM (Value for CVNA: 9.2%)

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

Higher Total Yield (Value for CVNA: 2.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CVNA: 24.1% | 2.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CVNA: 24.1% | 26.0x)

Higher Rev Chg LTM (Value for CVNA: 51.7%)

Higher Rev Chg 3Y Avg (Value for CVNA: 24.1%)

Higher Op Mgn LTM (Value for CVNA: 9.2%)

Higher CFO/Rev LTM (Value for CVNA: 4.0%)

Higher FCF/Rev LTM (Value for CVNA: 3.3%)

Higher Total Yield (Value for CVNA: 2.7%)

Best Bets in Consumer Discretionary

P/EBIT (Value for CVNA: -149.7x)

P/E (Value for CVNA: 37.3x)

Rev Chg 3Y Avg (Value for CVNA: 24.1%)

Rev Chg LTM (Value for CVNA: 51.7%)

Rev Chg Q (Value for CVNA: 52.0%)

FCF/Rev 3Y Avg (Value for CVNA: 5.9%)

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Market Price (5/5/2026): $376.01 | Market Cap: $53.7 Bil
Sector: Consumer Discretionary | Industry: Automotive Retail

Market Price (5/5/2026): $376.01
Market Cap: $53.7 Bil
Sector: Consumer Discretionary
Industry: Automotive Retail