New York, Feb 12, 2026, 13:38 EST — Regular session
- Carvana shares were down nearly 5% in afternoon trade, extending a steep slide from Wednesday
- A U.S. court order in the company’s securities litigation forced production of withheld email attachments tied to DriveTime
- Investors are bracing for Carvana’s Feb. 18 results after the market close
Carvana Co shares fell again on Thursday, down 4.9% at $346.36 in afternoon trading, after swinging between $328.88 and $370.28 in a volatile session.
The drop keeps attention on a legal fight that is creeping into the stock tape ahead of next week’s earnings. Investors have treated Carvana as a headline stock for weeks, and discovery disputes do not help.
What matters now is timing. The company reports in six days, and the court record is moving at the same time. That mix can push traders to de-risk fast, then buy back just as fast.
A court order signed on Feb. 10 by U.S. Magistrate Judge John Z. Boyle granted plaintiffs’ motion to compel compliance in In re Carvana Co Securities Litigation, directing “Garcia Sr.” to produce email attachments he had been withholding under a March 2025 electronic discovery order. The order says that if any part of a communication or its attachments is responsive, the “entire communication and attachments will be produced,” aside from privileged material. (Justia Dockets & Filings)
The order also points to an existing protective framework that lets parties mark materials confidential and restricts how discovery can be used outside the case. That limits who sees the documents, but it does not erase the risk of more courtroom noise.
Carvana fell about 10% on Wednesday as investors turned jittery ahead of the earnings report and amid the legal pressure, Investing.com reported. (Investing)
The company has said it will report fourth-quarter and full-year 2025 results after the market closes on Wednesday, Feb. 18, and will host a conference call and webcast at 5:30 p.m. ET. (Carvana Investors)
Wall Street will be watching the usual numbers — retail units sold and gross profit per unit, a measure of how much money the company makes per vehicle after direct costs — and whether the company’s costs and financing trends cooperate. Zacks Equity Research put consensus-style expectations at earnings of about $1.10 per share on revenue around $5.19 billion. (Finviz)
A separate filing showed some insider selling as the stock churned. Carvana executive Thomas Taira sold 1,047 Class A shares at $398.54 on Feb. 9 under a Rule 10b5-1 plan — a pre-set trading program meant to reduce the appearance of trades based on inside information — and held 66,625 shares after the sale, the Form 4 showed. (SEC)
But the downside case is straightforward: more court skirmishes land in the middle of earnings week, and the stock’s risk premium rises. Any stumble in results, or a cautious tone on demand and unit economics, could deepen the pullback.
The next hard catalyst is Feb. 18, when Carvana posts results after the close and management takes questions on the call. Investors will also track whether the discovery dispute produces another round of filings before then.
