<SEC-DOCUMENT>0001700548-25-000077.txt : 20250917
<SEC-HEADER>0001700548-25-000077.hdr.sgml : 20250917
<ACCEPTANCE-DATETIME>20250917201018
ACCESSION NUMBER:		0001700548-25-000077
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250916
FILED AS OF DATE:		20250917
DATE AS OF CHANGE:		20250917

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GARCIA ERNEST C. III
		CENTRAL INDEX KEY:			0001700548
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38073
		FILM NUMBER:		251321514

	MAIL ADDRESS:	
		STREET 1:		300 E RIO SALADO PKWY
		CITY:			TEMPE
		STATE:			AZ
		ZIP:			85281

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARVANA CO.
		CENTRAL INDEX KEY:			0001690820
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				814549921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		300 E. RIO SALADO PARKWAY
		CITY:			TEMPE
		STATE:			AZ
		ZIP:			85281
		BUSINESS PHONE:		(480) 719-8809

	MAIL ADDRESS:	
		STREET 1:		300 E. RIO SALADO PARKWAY
		CITY:			TEMPE
		STATE:			AZ
		ZIP:			85281
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1758154215.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2025-09-16</periodOfReport>

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        <issuerCik>0001690820</issuerCik>
        <issuerName>CARVANA CO.</issuerName>
        <issuerTradingSymbol>CVNA</issuerTradingSymbol>
    </issuer>

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            <rptOwnerName>GARCIA ERNEST C. III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CARVANA CO.</rptOwnerStreet1>
            <rptOwnerStreet2>300 E. RIO SALADO PARKWAY</rptOwnerStreet2>
            <rptOwnerCity>TEMPE</rptOwnerCity>
            <rptOwnerState>AZ</rptOwnerState>
            <rptOwnerZipCode>85281</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
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    </reportingOwner>

    <aff10b5One>1</aff10b5One>

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                    <footnoteId id="F1"/>
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                    <footnoteId id="F3"/>
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        <nonDerivativeTransaction>
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                    <footnoteId id="F5"/>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-09-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
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                    <footnoteId id="F1"/>
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                <transactionPricePerShare>
                    <value>361.95</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F7"/>
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                <transactionAcquiredDisposedCode>
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                    <footnoteId id="F4"/>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
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            </transactionDate>
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                    <footnoteId id="F1"/>
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                    <footnoteId id="F8"/>
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                    <footnoteId id="F5"/>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>766</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>362.88</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F9"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
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                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
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            </transactionDate>
            <transactionCoding>
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                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>767</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>363.11</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F10"/>
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                <transactionAcquiredDisposedCode>
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                </directOrIndirectOwnership>
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                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
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            </transactionDate>
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                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>514</value>
                    <footnoteId id="F1"/>
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                <transactionPricePerShare>
                    <value>364.33</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F11"/>
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                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Ernest Irrevocable 2004 Trust III</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
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            </transactionDate>
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                <transactionCode>S</transactionCode>
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                    <footnoteId id="F1"/>
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                <transactionPricePerShare>
                    <value>364.80</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F12"/>
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                    <value>Ernest C. Garcia III Multi-Generational Trust III</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
                <value>2025-09-16</value>
            </transactionDate>
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                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>186</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>365.30</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F13"/>
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                <sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>I</value>
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                    <value>Ernest Irrevocable 2004 Trust III</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>187</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>365.78</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F14"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
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                <sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Ernest C. Garcia III Multi-Generational Trust III</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-09-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>50</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>366.47</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>431440</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Ernest Irrevocable 2004 Trust III</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-09-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>366.47</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>531440</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Ernest C. Garcia III Multi-Generational Trust III</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>921926</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.</footnote>
        <footnote id="F2">The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.</footnote>
        <footnote id="F3">This transaction was executed in multiple trades at prices ranging from $359.74 to $360.55 inclusive.</footnote>
        <footnote id="F4">These shares of Class A Common Stock are held directly by the Ernest Irrevocable 2004 Trust III (the &quot;Irrevocable Trust&quot;). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust.</footnote>
        <footnote id="F5">These shares of Class A Common Stock are held directly by the Ernest C. Garcia III Multi-Generational Trust III (the &quot;Multi-Generational Trust&quot;). The Reporting Person is the Investment Trustee
and Co-Administrative Trustee of the Multi-Generational Trust.</footnote>
        <footnote id="F6">This transaction was executed in multiple trades at prices ranging from $360.75 to $361.74, inclusive.</footnote>
        <footnote id="F7">This transaction was executed in multiple trades at prices ranging from $361.78 to $362.21, inclusive.</footnote>
        <footnote id="F8">This transaction was executed in multiple trades at prices ranging from $362.21 to $362.77, inclusive.</footnote>
        <footnote id="F9">This transaction was executed in multiple trades at prices ranging from $362.80 to $363.00, inclusive.</footnote>
        <footnote id="F10">This transaction was executed in multiple trades at prices ranging from $363.00 to $363.40, inclusive.</footnote>
        <footnote id="F11">This transaction was executed in multiple trades at prices ranging from $364.00 to $364.63, inclusive.</footnote>
        <footnote id="F12">This transaction was executed in multiple trades at prices ranging from $364.63 to $364.99, inclusive.</footnote>
        <footnote id="F13">This transaction was executed in multiple trades at prices ranging from $365.00 to $365.67, inclusive.</footnote>
        <footnote id="F14">This transaction was executed in multiple trades at prices ranging from $365.67 to $365.87, inclusive.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III</signatureName>
        <signatureDate>2025-09-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
