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    CarMax Reports Second Quarter Fiscal Year 2026 Results

    9/25/25 6:50:00 AM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary
    Get the next $KMX alert in real time by email

    CarMax, Inc. (NYSE: KMX) today reported results for the second quarter ended August 31, 2025.

    Second Quarter Highlights:(1)

    • Retail used unit sales decreased 5.4% and comparable store used unit sales decreased 6.3%; wholesale units decreased 2.2%.
    • Solid unit margins with gross profit per retail used unit of $2,216, gross profit per wholesale unit of $993, and Extended Protection Plans (EPP) margin per retail unit of $576, all in line with the prior year's second quarter.
    • Bought 293,000 vehicles from consumers and dealers, a decrease of 2.4%.
      • 262,000 vehicles were purchased from consumers, down 2.7%
      • 31,000 vehicles were purchased through dealers, up 0.2%
    • SG&A decreased 1.6% to $601.1 million.
    • Established plans for incremental SG&A reductions of at least $150 million over the next 18 months.
    • CarMax Auto Finance (CAF) income decreased 11.2% to $102.6 million as an increase in the provision for loan losses outweighed growth in the net interest margin percentage.
    • Net earnings per diluted share of $0.64 versus $0.85 a year ago.
    • Repurchased $180.0 million in shares of common stock, continuing our accelerated quarterly pace compared to fiscal year 2025.
    • Launched a new brand positioning campaign in late August. The new "Wanna Drive?" tagline brings the omni-channel experience to life and emphasizes that CarMax customers are empowered to buy their way, with clarity, confidence and control.

    (1) Comparisons to the prior year's second quarter unless otherwise stated

    CEO Commentary:

    "While this was a challenging quarter, we remain confident in our long-term strategy and the strength of the earnings model that we have built. We are excited about the recent launch of our new brand positioning campaign `Wanna Drive?' that brings our differentiated omni-channel experience to life and underscores our ongoing commitment to empowering the customer. Also, we will continue to drive SG&A efficiency, targeting at least $150 million in incremental SG&A reductions over the next 18 months," said Bill Nash, president and chief executive officer.

    Second Quarter Business Performance Review:

    Sales. Combined retail and wholesale used vehicle unit sales were 338,031, a decrease of 4.1% from the prior year's second quarter.

    Total retail used vehicle unit sales decreased 5.4% to 199,729 compared to the prior year's second quarter. Comparable store used unit sales decreased 6.3% from the prior year's second quarter. Total retail used vehicle revenues decreased 7.2% compared with the prior year's second quarter, primarily driven by the decrease in retail used units sold.

    Total wholesale vehicle unit sales decreased 2.2% to 138,302 versus the prior year's second quarter. Total wholesale revenues declined 0.4% compared with the prior year's second quarter driven by the decrease in wholesale units sold, partially offset by an increase in the average wholesale selling price of approximately $125 per unit or 1.6%.

    We bought 293,000 vehicles from consumers and dealers, down 2.4% compared to last year's second quarter. Of these vehicles, 262,000 were bought from consumers and 31,000 were bought through dealers, a decrease of 2.7% and an increase of 0.2%, respectively, from last year's second quarter.

    Other sales and revenues decreased by 4.2%, or $7.6 million, compared with the second quarter of fiscal 2025, primarily reflecting a decrease in EPP revenues driven by a decrease in retail unit sales.

    Our digital capabilities supported 80% of retail unit sales. Omni sales(2) were 68% and online retail sales(3) accounted for 12% of retail unit sales.

    Gross Profit. Total gross profit was $717.7 million, down 5.6% versus last year's second quarter. Retail used vehicle gross profit decreased 7.6% and retail gross profit per used unit was $2,216, in line with the prior year's second quarter.

    Wholesale vehicle gross profit decreased 0.4% versus the prior year's second quarter. Gross profit per unit was $993, consistent with last year's second quarter.

    Other gross profit decreased 4.2% primarily reflecting a reduction in EPP revenues due to lower retail unit sales.

    SG&A. Compared with the second quarter of fiscal 2025, SG&A expenses decreased 1.6% or $9.5 million to $601.1 million, primarily driven by a reduction in share-based compensation, which largely reflected changes in the company's share price. The continued realization of expense efficiencies were offset by cost pressures in the quarter. SG&A as a percent of gross profit was 83.8% in the second quarter compared to 80.3% in the prior year's second quarter, driven by the decline in gross profit.

    We have established plans for SG&A reductions of at least $150 million over the next 18 months. We expect to realize some of these savings in fiscal 2026, with the vast majority materializing in our exit rate by the end of fiscal 2027.

    CarMax Auto Finance.(4) CAF income decreased 11.2% to $102.6 million as an increase in the provision for loan losses outweighed growth in CAF's net interest margin percentage. This quarter's provision for loan losses was $142.2 million compared to $112.6 million in the prior year's second quarter. The provision for loan losses in the second quarter of fiscal 2026 included an increase of $71.3 million in our estimate of lifetime losses on existing loans, primarily due to worsening performance among the 2022 and 2023 vintages. Despite the worsening performance, these vintages remain highly profitable. As a result of the previously disclosed tightening of CAF's underwriting standards, the vintages originated after April 2024 are performing in line with expectations. The remaining $70.9 million reflected our estimate of lifetime losses on current quarter originations. There was a reduction in this quarter's provision due to the release of $15.7 million for the allowance previously recorded for loans that are now classified as held for sale.

    As of August 31, 2025, the allowance for loan losses of $507.3 million was 3.02% of auto loans held for investment, up from 2.76% as of May 31, 2025.

    CAF's total interest margin percentage, which represents the spread between interest and fees charged to consumers and our funding costs, was 6.6% of average auto loans outstanding, which includes held for investment and held for sale, up 50 basis points from the prior year's second quarter. After the effect of 3-day payoffs, CAF financed 42.6% of units sold in the current quarter, up from 42.0% in the prior year's second quarter. CAF's weighted average contract rate was 11.2% in the quarter, down from 11.5% the second quarter last year.

    Subsequent to the end of the second quarter, on September 24, 2025, we executed our second non-prime securitization transaction this calendar year. This was upsized to $900 million in total notes and for the first time included the sale of most of the residual financial interest in the transaction to third party investors, thus resulting in off-balance sheet treatment. We expect the gain on sale to be approximately $25 million to $30 million in third quarter income. We also expect to receive approximately $40 million to $45 million in additional CAF income related to servicing fees and the retained beneficial interest over the life of the transaction. Going forward, there will be no loss allowance or provision for this pool of loans.

    Share Repurchase Activity. During the second quarter of fiscal year 2026, we repurchased 2.9 million shares of common stock for $180.0 million. As of August 31, 2025, we had $1.56 billion remaining available for repurchase under the outstanding authorization.

    Location Openings. During the second quarter of fiscal 2026, we opened three new store locations in Tuscaloosa, Alabama, El Cajon, California, and Hagerstown, Maryland. We also opened one stand-alone reconditioning/auction center located in New Kent County, Virginia supporting the Richmond metro market.

    (2)

     

    An omni retail unit sale is defined as a sale where customers complete at least one, but not all, of the four activities listed in note (3) below online. An omni retail unit sale also includes additional steps that can be completed online, including pre-qualifying for financing, setting appointments and signing up for notifications of cars coming soon.

    (3)

     

    An online retail sale is defined as a sale where the customer completes all four of these major transactional activities online: reserving the vehicle; financing the vehicle, if needed; trading-in or opting out of a trade in; and creating an online sales order.

    (4)

     

    Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions.

    Supplemental Financial Information

    Amounts and percentage calculations may not total due to rounding.

    Sales Components

     

    Three Months Ended August 31

     

    Six Months Ended August 31

    (In millions)

     

    2025

     

     

     

    2024

     

    Change

     

     

    2025

     

     

     

    2024

     

     

    Change

    Used vehicle sales

    $

    5,270.7

     

     

    $

    5,677.1

     

    (7.2

    )%

     

    $

    11,374.2

     

     

    $

    11,354.6

     

     

    0.2

    %

    Wholesale vehicle sales

     

    1,149.6

     

     

     

    1,154.5

     

    (0.4

    )%

     

     

    2,402.3

     

     

     

    2,410.9

     

     

    (0.4

    )%

    Other sales and revenues:

     

     

     

     

     

     

     

     

     

     

     

    Extended protection plan revenues

     

    115.1

     

     

     

    121.4

     

    (5.2

    )%

     

     

    246.8

     

     

     

    240.2

     

     

    2.7

    %

    Third-party finance (fees)/income, net

     

    (0.8

    )

     

     

    1.4

     

    (153.4

    )%

     

     

    (1.5

    )

     

     

    (0.2

    )

     

    (549.1

    )%

    Advertising & subscription revenues (1)

     

    37.9

     

     

     

    34.3

     

    10.3

    %

     

     

    74.4

     

     

     

    69.0

     

     

    7.8

    %

    Other

     

    22.2

     

     

     

    24.9

     

    (10.4

    )%

     

     

    45.1

     

     

     

    52.5

     

     

    (14.0

    )%

    Total other sales and revenues

     

    174.4

     

     

     

    182.0

     

    (4.2

    )%

     

     

    364.8

     

     

     

    361.5

     

     

    0.9

    %

    Total net sales and operating revenues

    $

    6,594.7

     

     

    $

    7,013.5

     

    (6.0

    )%

     

    $

    14,141.2

     

     

    $

    14,126.9

     

     

    0.1

    %

     

    (1) Excludes intercompany revenues that have been eliminated in consolidation.

    Unit Sales

     

    Three Months Ended August 31

     

    Six Months Ended August 31

     

    2025

     

    2024

     

    Change

     

    2025

     

    2024

     

    Change

    Used vehicles

    199,729

     

    211,020

     

    (5.4) %

     

    429,939

     

    422,152

     

    1.8 %

    Wholesale vehicles

    138,302

     

    141,458

     

    (2.2) %

     

    287,819

     

    289,143

     

    (0.5) %

    Average Selling Prices

     

    Three Months Ended August 31

     

    Six Months Ended August 31

     

     

    2025

     

     

    2024

     

    Change

     

     

    2025

     

     

    2024

     

    Change

    Used vehicles

    $

    25,993

     

    $

    26,245

     

    (1.0

    )%

     

    $

    26,061

     

    $

    26,386

     

    (1.2

    )%

    Wholesale vehicles

    $

    7,891

     

    $

    7,768

     

    1.6

    %

     

    $

    7,926

     

    $

    7,935

     

    (0.1

    )%

    Vehicle Sales Changes

     

    Three Months Ended August 31

     

    Six Months Ended August 31

     

    2025

    2024

     

    2025

    2024

    Used vehicle units

    (5.4) %

    5.1 %

     

    1.8 %

    0.8 %

    Used vehicle revenues

    (7.2) %

    1.5 %

     

    0.2 %

    (2.1) %

     

     

     

     

     

     

    Wholesale vehicle units

    (2.2) %

    (0.3) %

     

    (0.5) %

    (4.5) %

    Wholesale vehicle revenues

    (0.4) %

    (12.7) %

     

    (0.4) %

    (15.0) %

    Comparable Store Used Vehicle Sales Changes (1)

     

    Three Months Ended August 31

     

    Six Months Ended August 31

     

    2025

    2024

     

    2025

    2024

    Used vehicle units

    (6.3) %

    4.3 %

     

    0.9 %

    0.1 %

    Used vehicle revenues

    (7.1) %

    (0.2) %

     

    (0.2) %

    (3.3) %

    (1)

     

    Stores are added to the comparable store base beginning in their fourteenth full month of operation. Comparable store calculations include results for a set of stores that were included in our comparable store base in both the current and corresponding prior year periods.

    Used Vehicle Financing Penetration by Channel (Before the Impact of 3-day Payoffs) (1)

     

    Three Months Ended August 31

     

    Six Months Ended August 31

     

    2025

    2024

     

    2025

    2024

    CAF (2)

    45.2 %

    44.6 %

     

    44.8 %

    45.0 %

    Tier 2 (3)

    16.5 %

    17.7 %

     

    17.1 %

    18.2 %

    Tier 3 (4)

    7.3 %

    6.7 %

     

    7.7 %

    7.1 %

    Other (5)

    31.0 %

    31.0 %

     

    30.4 %

    29.7 %

    Total

    100.0 %

    100.0 %

     

    100.0 %

    100.0 %

    (1)

     

    Calculated as used vehicle units financed for respective channel as a percentage of total used units sold.

    (2)

     

    Includes CAF's Tier 2 and Tier 3 loan originations, which represent approximately 2% of total used units sold.

    (3)

     

    Third-party finance providers who generally pay us a fee or to whom no fee is paid.

    (4)

     

    Third-party finance providers to whom we pay a fee.

    (5)

     

    Represents customers arranging their own financing and customers that do not require financing.

    Selected Operating Ratios

     

    Three Months Ended August 31

     

    Six Months Ended August 31

    (In millions)

     

    2025

    % (1)

     

     

    2024

    % (1)

     

     

    2025

    % (1)

     

     

    2024

    % (1)

    Net sales and operating revenues

    $

    6,594.7

    100.0

     

    $

    7,013.5

    100.0

     

    $

    14,141.2

    100.0

     

    $

    14,126.9

    100.0

    Gross profit

    $

    717.7

    10.9

     

    $

    760.5

    10.8

     

    $

    1,611.3

    11.4

     

    $

    1,552.4

    11.0

    CarMax Auto Finance income

    $

    102.6

    1.6

     

    $

    115.6

    1.6

     

    $

    244.3

    1.7

     

    $

    262.6

    1.9

    Selling, general, and administrative expenses

    $

    601.1

    9.1

     

    $

    610.6

    8.7

     

    $

    1,260.7

    8.9

     

    $

    1,249.1

    8.8

    Interest expense

    $

    28.5

    0.4

     

    $

    27.0

    0.4

     

    $

    55.5

    0.4

     

    $

    58.4

    0.4

    Earnings before income taxes

    $

    127.1

    1.9

     

    $

    177.8

    2.5

     

    $

    410.2

    2.9

     

    $

    384.5

    2.7

    Net earnings

    $

    95.4

    1.4

     

    $

    132.8

    1.9

     

    $

    305.8

    2.2

     

    $

    285.2

    2.0

    (1)  

    Calculated as a percentage of net sales and operating revenues.

    Gross Profit (1)

     

    Three Months Ended August 31

     

    Six Months Ended August 31

    (In millions)

     

    2025

     

     

    2024

     

    Change

     

     

    2025

     

     

    2024

     

    Change

    Used vehicle gross profit

    $

    442.6

     

    $

    478.8

     

    (7.6

    )%

     

    $

    996.8

     

    $

    974.3

     

    2.3

    %

    Wholesale vehicle gross profit

     

    137.3

     

     

    137.9

     

    (0.4

    )%

     

     

    293.9

     

     

    295.0

     

    (0.4

    )%

    Other gross profit

     

    137.8

     

     

    143.8

     

    (4.2

    )%

     

     

    320.6

     

     

    283.1

     

    13.2

    %

    Total

    $

    717.7

     

    $

    760.5

     

    (5.6

    )%

     

    $

    1,611.3

     

    $

    1,552.4

     

    3.8

    %

    (1)

     

    Amounts are net of intercompany eliminations.

    Gross Profit per Unit (1)

     

    Three Months Ended August 31

     

    Six Months Ended August 31

     

    2025

    2024

     

    2025

    2024

     

    $ per unit(2)

    %(3)

    $ per unit(2)

    %(3)

     

    $ per unit(2)

    %(3)

    $ per unit(2)

    %(3)

    Used vehicle gross profit per unit

    $

    2,216

    8.4

    $

    2,269

    8.4

     

    $

    2,318

    8.8

    $

    2,308

    8.6

    Wholesale vehicle gross profit per unit

    $

    993

    11.9

    $

    975

    11.9

     

    $

    1,021

    12.2

    $

    1,020

    12.2

    Other gross profit per unit

    $

    690

    79.0

    $

    682

    79.0

     

    $

    746

    87.9

    $

    671

    78.3

    (1)

     

    Amounts are net of intercompany eliminations.

    (2)

     

    Calculated as category gross profit divided by its respective units sold, except the other category, which is divided by total used units sold.

    (3)

     

    Calculated as a percentage of its respective sales or revenue.

    SG&A Expenses (1)

     

    Three Months Ended August 31

     

    Six Months Ended August 31

    (In millions)

     

    2025

     

     

     

    2024

     

     

    Change

     

     

    2025

     

     

     

    2024

     

     

    Change

    Compensation and benefits:

     

     

     

     

     

     

     

     

     

     

     

    Compensation and benefits, excluding share-based compensation expense

    $

    323.4

     

     

    $

    321.3

     

     

    0.6

    %

     

    $

    672.4

     

     

    $

    649.4

     

     

    3.5

    %

    Share-based compensation expense

     

    22.4

     

     

     

    32.1

     

     

    (30.1

    )%

     

     

    68.0

     

     

     

    79.2

     

     

    (14.1

    )%

    Total compensation and benefits (2)

    $

    345.8

     

     

    $

    353.4

     

     

    (2.2

    )%

     

    $

    740.4

     

     

    $

    728.6

     

     

    1.6

    %

    Occupancy costs

     

    74.1

     

     

     

    74.7

     

     

    (0.8

    )%

     

     

    143.0

     

     

     

    145.3

     

     

    (1.6

    )%

    Advertising expense

     

    63.7

     

     

     

    63.0

     

     

    1.2

    %

     

     

    131.7

     

     

     

    134.7

     

     

    (2.3

    )%

    Other overhead costs (3)

     

    117.5

     

     

     

    119.5

     

     

    (1.7

    )%

     

     

    245.6

     

     

     

    240.5

     

     

    2.2

    %

    Total SG&A expenses

    $

    601.1

     

     

    $

    610.6

     

     

    (1.6

    )%

     

    $

    1,260.7

     

     

    $

    1,249.1

     

     

    0.9

    %

    SG&A as a % of gross profit

     

    83.8

    %

     

     

    80.3

    %

     

    3.5

    %

     

     

    78.2

    %

     

     

    80.5

    %

     

    (2.3

    )%

    (1)

     

    Amounts are net of intercompany eliminations.

    (2)

     

    Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales.

    (3)

     

    Includes IT expenses, non-CAF bad debt, insurance, preopening and relocation costs, travel, charitable contributions and other administrative expenses.

    Components of CAF Income and Other CAF Information

     

    Three Months Ended August 31

     

    Six Months Ended August 31

    (In millions)

     

    2025

     

     

    2024

     

     

     

    2025

     

     

    2024

     

    Interest margin:

     

     

     

     

     

    Interest and fee income

    $

    489.8

     

    $

    464.5

     

     

    $

    975.2

     

    $

    917.0

     

    Interest expense

     

    (199.2

    )

     

    (193.7

    )

     

     

    (396.7

    )

     

    (376.0

    )

    Total interest margin

     

    290.6

     

     

    270.8

     

     

     

    578.5

     

     

    541.0

     

    Provision for loan losses

     

    (142.2

    )

     

    (112.6

    )

     

     

    (243.9

    )

     

    (193.8

    )

    Total interest margin after provision for loan losses

     

    148.4

     

     

    158.2

     

     

     

    334.6

     

     

    347.2

     

    Total direct expenses

     

    (45.8

    )

     

    (42.6

    )

     

     

    (90.3

    )

     

    (84.6

    )

    CarMax Auto Finance income

    $

    102.6

     

    $

    115.6

     

     

    $

    244.3

     

    $

    262.6

     

     

     

     

     

     

     

    Average auto loans outstanding (1)

    $

    17,734.5

     

    $

    17,728.8

     

     

    $

    17,727.2

     

    $

    17,640.0

     

    Total interest margin as a percent of average auto loans outstanding

     

    6.6

    %

     

    6.1

    %

     

     

    6.5

    %

     

    6.1

    %

     

     

     

     

     

     

    Net auto loans originated (1)

    $

    2,039.6

     

    $

    2,159.7

     

     

    $

    4,358.0

     

    $

    4,425.5

     

    Net penetration rate (1)

     

    42.6

    %

     

    42.0

    %

     

     

    42.1

    %

     

    42.6

    %

    Weighted average contract rate (1)

     

    11.2

    %

     

    11.5

    %

     

     

    11.3

    %

     

    11.4

    %

     

     

     

     

     

     

    Ending allowance for loan losses

    $

    507.3

     

    $

    500.8

     

     

    $

    507.3

     

    $

    500.8

     

     

     

     

     

     

     

    (1)  

    Includes auto loans held for investment and auto loans held for sale.

    Earnings Highlights

     

    Three Months Ended August 31

     

    Six Months Ended August 31

    (In millions except per share data)

     

    2025

     

     

    2024

     

    Change

     

     

    2025

     

     

    2024

     

    Change

    Net earnings

    $

    95.4

     

    $

    132.8

     

    (28.2

    )%

     

    $

    305.8

     

    $

    285.2

     

    7.2

    %

    Diluted weighted average shares outstanding

     

    149.6

     

     

    156.5

     

    (4.4

    )%

     

     

    151.1

     

     

    157.1

     

    (3.8

    )%

    Net earnings per diluted share

    $

    0.64

     

    $

    0.85

     

    (24.7

    )%

     

    $

    2.02

     

    $

    1.82

     

    11.0

    %

    Conference Call Information

    We will host a conference call for investors at 9:00 a.m. ET today, September 25, 2025. Domestic investors may access the call at 1-800-225-9448 (international callers dial 1-203-518-9708). The conference I.D. for both domestic and international callers is 3171396. A live webcast of the call will be available on our investor information home page at investors.carmax.com. An investor presentation is also available on the website.

    A replay of the webcast will be available on the company's website at investors.carmax.com through December 17, 2025, or via telephone (for approximately one week) by dialing 1-800-839-1247 (or 1-402-220-0470 for international access) and entering the conference ID 3171396.

    Third Quarter Fiscal 2026 Earnings Release Date

    We currently plan to release results for the third quarter ending November 30, 2025, on Thursday, December 18, 2025, before the opening of trading on the New York Stock Exchange. We plan to host a conference call for investors at 9:00 a.m. ET on that date. Information on this conference call will be available on our investor information home page at investors.carmax.com in early December 2025.

    About CarMax

    CarMax, the nation's largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year that ended February 28, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in auto loans during fiscal 2025, adding to its nearly $18 billion portfolio. CarMax has more than 250 store locations, over 30,000 associates, and is proud to have been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to helping its communities thrive and reducing the environmental footprint of its operations. Learn more in the 2025 Responsibility Report. For more information, visit www.carmax.com.

    Forward-Looking Statements

    We caution readers that the statements contained in this release that are not statements of historical fact, including statements about our future business plans, operations, challenges, opportunities or prospects, including without limitation any statements or factors regarding expected operating capacity, sales, inventory, market share, financial and operational targets and goals, revenue, margins, expenses, liquidity, loan originations, capital expenditures, share repurchase plans, debt obligations or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as "anticipate," "believe," "could," "enable," "estimate," "expect," "focused on," "intend," "may," "outlook," "plan," "positioned," "predict," "should," "target," "will" and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management's current knowledge, expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following:

    • Changes in the competitive landscape and/or our failure to successfully adjust to such changes.
    • Changes in general or regional U.S. economic conditions, including economic downturns, inflationary pressures, fluctuating interest rates, tariffs or the effect of trade policies, and the potential impact of international events.
    • Changes in the availability or cost of capital and working capital financing, including changes related to the asset-backed securitization market.
    • Events that damage our reputation or harm the perception of the quality of our brand.
    • Significant changes in prices of new and used vehicles.
    • A reduction in the availability of or access to sources of inventory or a failure to expeditiously liquidate inventory.
    • Our inability to realize the benefits associated with our omni-channel platform or initiatives designed to leverage evolving technologies, including AI.
    • Factors related to geographic and sales growth, including the inability to effectively manage our growth.
    • Our inability to recruit, develop and retain associates and maintain positive associate relations.
    • The loss of key associates from our store, regional or corporate management teams or a significant increase in labor costs.
    • Changes in economic conditions or other factors that result in greater credit losses for CAF's portfolio of auto loans than anticipated.
    • The failure or inability to realize the benefits associated with our strategic investments.
    • Changes in consumer credit availability provided by our third-party finance providers.
    • Changes in the availability of extended protection plan products from third-party providers.
    • The performance of the third-party vendors we rely on for key components of our business.
    • Adverse conditions affecting one or more automotive manufacturers.
    • The inaccuracy of estimates and assumptions used in the preparation of our financial statements, or the effect of new accounting requirements or changes to U.S. generally accepted accounting principles.
    • The failure or inability to adequately protect our intellectual property.
    • The occurrence of severe weather events.
    • The failure or inability to meet our environmental goals or satisfy related disclosure requirements.
    • Factors related to the geographic concentration of our stores.
    • Security breaches or other events that result in the misappropriation, loss or other unauthorized disclosure of confidential customer, associate or corporate information.
    • The failure of or inability to sufficiently enhance key information systems.
    • Factors related to the regulatory and legislative environment in which we operate.
    • The effect of evolving regulations, disclosure requirements, standards and expectations relating to environmental, social and governance matters.
    • The effect of various litigation matters.
    • The volatility in the market price for our common stock.

    For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at investors.carmax.com. Requests for information may also be made to the Investor Relations Department by email to [email protected] or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

    CARMAX, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF EARNINGS

    (UNAUDITED)

     

     

    Three Months Ended August 31

     

    Six Months Ended August 31

    (In thousands except per share data)

     

    2025

     

    %(1)

     

    2024

     

    %(1)

     

     

    2025

     

     

    %(1)

     

     

    2024

     

     

    %(1)

    SALES AND OPERATING REVENUES:

     

     

     

     

     

     

     

     

     

     

     

     

    Used vehicle sales

    $

    5,270,712

     

    79.9

     

    $

    5,677,081

     

    80.9

     

    $

    11,374,152

     

     

    80.4

     

    $

    11,354,557

     

     

    80.4

    Wholesale vehicle sales

     

    1,149,568

     

    17.4

     

     

    1,154,465

     

    16.5

     

     

    2,402,306

     

     

    17.0

     

     

    2,410,904

     

     

    17.1

    Other sales and revenues

     

    174,404

     

    2.6

     

     

    181,983

     

    2.6

     

     

    364,767

     

     

    2.6

     

     

    361,465

     

     

    2.6

    NET SALES AND OPERATING REVENUES

     

    6,594,684

     

    100.0

     

     

    7,013,529

     

    100.0

     

     

    14,141,225

     

     

    100.0

     

     

    14,126,926

     

     

    100.0

    COST OF SALES:

     

     

     

     

     

     

     

     

     

     

     

     

    Used vehicle cost of sales

     

    4,828,095

     

    73.2

     

     

    5,198,315

     

    74.1

     

     

    10,377,352

     

     

    73.4

     

     

    10,380,294

     

     

    73.5

    Wholesale vehicle cost of sales

     

    1,012,248

     

    15.3

     

     

    1,016,590

     

    14.5

     

     

    2,108,415

     

     

    14.9

     

     

    2,115,901

     

     

    15.0

    Other cost of sales

     

    36,675

     

    0.6

     

     

    38,157

     

    0.5

     

     

    44,169

     

     

    0.3

     

     

    78,369

     

     

    0.6

    TOTAL COST OF SALES

     

    5,877,018

     

    89.1

     

     

    6,253,062

     

    89.2

     

     

    12,529,936

     

     

    88.6

     

     

    12,574,564

     

     

    89.0

    GROSS PROFIT

     

    717,666

     

    10.9

     

     

    760,467

     

    10.8

     

     

    1,611,289

     

     

    11.4

     

     

    1,552,362

     

     

    11.0

    CARMAX AUTO FINANCE INCOME

     

    102,638

     

    1.6

     

     

    115,580

     

    1.6

     

     

    244,288

     

     

    1.7

     

     

    262,550

     

     

    1.9

    Selling, general, and administrative expenses

     

    601,093

     

    9.1

     

     

    610,562

     

    8.7

     

     

    1,260,736

     

     

    8.9

     

     

    1,249,140

     

     

    8.8

    Depreciation and amortization

     

    67,285

     

    1.0

     

     

    63,901

     

    0.9

     

     

    133,024

     

     

    0.9

     

     

    125,770

     

     

    0.9

    Interest expense

     

    28,453

     

    0.4

     

     

    27,021

     

    0.4

     

     

    55,523

     

     

    0.4

     

     

    58,383

     

     

    0.4

    Other income

     

    (3,624

    )

    (0.1

    )

     

    (3,281

    )

    —

     

     

    (3,933

    )

     

    —

     

     

    (2,865

    )

     

    —

    Earnings before income taxes

     

    127,097

     

    1.9

     

     

    177,844

     

    2.5

     

     

    410,227

     

     

    2.9

     

     

    384,484

     

     

    2.7

    Income tax provision

     

    31,719

     

    0.5

     

     

    45,035

     

    0.6

     

     

    104,468

     

     

    0.7

     

     

    99,235

     

     

    0.7

    NET EARNINGS

    $

    95,378

     

    1.4

     

    $

    132,809

     

    1.9

     

    $

    305,759

     

     

    2.2

     

    $

    285,249

     

     

    2.0

    WEIGHTED AVERAGE COMMON SHARES:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    149,291

     

     

     

    155,866

     

     

     

     

    150,714

     

     

     

     

     

    156,513

     

     

     

    Diluted

     

    149,637

     

     

     

    156,526

     

     

     

     

    151,122

     

     

     

     

     

    157,116

     

     

     

    NET EARNINGS PER SHARE:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

    $

    0.64

     

     

    $

    0.85

     

     

     

    $

    2.03

     

     

     

     

    $

    1.82

     

     

     

    Diluted

    $

    0.64

     

     

    $

    0.85

     

     

     

    $

    2.02

     

     

     

     

    $

    1.82

     

     

     

    (1)

     

    Percents are calculated as a percentage of net sales and operating revenues and may not total due to rounding.

    CARMAX, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (UNAUDITED)

     

     

     

    As of

     

     

    August 31

     

    February 28

     

    August 31

    (In thousands except share data)

     

    2025

     

     

     

    2025

     

     

    2024

    ASSETS

     

     

     

     

     

     

    CURRENT ASSETS:

     

     

     

     

     

     

    Cash and cash equivalents

    $

    540,374

     

     

    $

    246,960

     

    $

    524,667

     

    Restricted cash from collections on auto loans held for investment

     

    618,792

     

     

     

    559,118

     

     

    572,630

     

    Accounts receivable, net

     

    173,556

     

     

     

    188,733

     

     

    228,112

     

    Auto loans held for sale

     

    921,928

     

     

     

    —

     

     

    —

     

    Inventory

     

    3,149,570

     

     

     

    3,934,622

     

     

    3,397,746

     

    Other current assets

     

    137,798

     

     

     

    148,203

     

     

    135,901

     

    TOTAL CURRENT ASSETS

     

    5,542,018

     

     

     

    5,077,636

     

     

    4,859,056

     

    Auto loans held for investment, net

     

    16,386,236

     

     

     

    17,242,789

     

     

    17,413,589

     

    Property and equipment, net

     

    3,969,003

     

     

     

    3,841,833

     

     

    3,763,089

     

    Deferred income taxes

     

    105,729

     

     

     

    140,332

     

     

    126,883

     

    Operating lease assets

     

    476,367

     

     

     

    493,355

     

     

    495,783

     

    Goodwill

     

    141,258

     

     

     

    141,258

     

     

    141,258

     

    Other assets

     

    459,033

     

     

     

    467,003

     

     

    496,160

     

    TOTAL ASSETS

    $

    27,079,644

     

     

    $

    27,404,206

     

    $

    27,295,818

     

     

     

     

     

     

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

     

     

     

    CURRENT LIABILITIES:

     

     

     

     

     

     

    Accounts payable

    $

    913,350

     

     

    $

    977,845

     

    $

    1,008,044

     

    Accrued expenses and other current liabilities

     

    477,994

     

     

     

    529,926

     

     

    483,922

     

    Accrued income taxes

     

    4,871

     

     

     

    87,526

     

     

    34,063

     

    Current portion of operating lease liabilities

     

    57,948

     

     

     

    59,335

     

     

    57,959

     

    Current portion of long-term debt

     

    216,855

     

     

     

    16,821

     

     

    21,771

     

    Current portion of non-recourse notes payable

     

    581,018

     

     

     

    526,518

     

     

    550,045

     

    TOTAL CURRENT LIABILITIES

     

    2,252,036

     

     

     

    2,197,971

     

     

    2,155,804

     

    Long-term debt, excluding current portion

     

    1,369,764

     

     

     

    1,570,296

     

     

    1,588,260

     

    Non-recourse notes payable, excluding current portion

     

    16,447,623

     

     

     

    16,567,044

     

     

    16,516,943

     

    Operating lease liabilities, excluding current portion

     

    463,844

     

     

     

    481,963

     

     

    473,158

     

    Other liabilities

     

    345,855

     

     

     

    343,944

     

     

    382,044

     

    TOTAL LIABILITIES

     

    20,879,122

     

     

     

    21,161,218

     

     

    21,116,209

     

     

     

     

     

     

     

     

    Commitments and contingent liabilities

     

     

     

     

     

     

    SHAREHOLDERS' EQUITY:

     

     

     

     

     

     

    Common stock, $0.50 par value; 350,000,000 shares authorized; 147,673,338 and 153,319,678 shares issued and outstanding as of August 31, 2025 and February 28, 2025, respectively

     

    73,837

     

     

     

    76,660

     

     

    77,666

     

    Capital in excess of par value

     

    1,873,377

     

     

     

    1,891,012

     

     

    1,856,385

     

    Accumulated other comprehensive (loss) income

     

    (21,306

    )

     

     

    3,080

     

     

    9,057

     

    Retained earnings

     

    4,274,614

     

     

     

    4,272,236

     

     

    4,236,501

     

    TOTAL SHAREHOLDERS' EQUITY

     

    6,200,522

     

     

     

    6,242,988

     

     

    6,179,609

     

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

    $

    27,079,644

     

     

    $

    27,404,206

     

    $

    27,295,818

     

     

     

     

     

     

     

    CARMAX, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (UNAUDITED)

     

     

    Six Months Ended August 31

    (In thousands)

     

    2025

     

     

     

    2024

     

    OPERATING ACTIVITIES:

     

     

     

    Net earnings

    $

    305,759

     

     

    $

    285,249

     

    Adjustments to reconcile net earnings to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

     

    163,715

     

     

     

    141,964

     

    Share-based compensation expense

     

    71,255

     

     

     

    82,703

     

    Provision for loan losses

     

    243,904

     

     

     

    193,798

     

    Provision for cancellation reserves

     

    41,897

     

     

     

    49,302

     

    Deferred income tax provision (benefit)

     

    42,424

     

     

     

    (11,789

    )

    Other

     

    1,393

     

     

     

    2,039

     

    Net decrease (increase) in:

     

     

     

    Accounts receivable, net

     

    15,177

     

     

     

    (6,959

    )

    Auto loans held for sale

     

    (921,928

    )

     

     

    —

     

    Inventory

     

    785,052

     

     

     

    280,324

     

    Other current assets

     

    6,331

     

     

     

    111,438

     

    Auto loans held for investment, net

     

    612,649

     

     

     

    (595,543

    )

    Other assets

     

    (13,889

    )

     

     

    (9,486

    )

    Net (decrease) increase in:

     

     

     

    Accounts payable, accrued expenses and other current liabilities and accrued income taxes

     

    (230,470

    )

     

     

    23,474

     

    Other liabilities

     

    (38,232

    )

     

     

    (45,100

    )

    NET CASH PROVIDED BY OPERATING ACTIVITIES

     

    1,085,037

     

     

     

    501,414

     

    INVESTING ACTIVITIES:

     

     

     

    Capital expenditures

     

    (268,204

    )

     

     

    (213,123

    )

    Proceeds from disposal of property and equipment

     

    348

     

     

     

    130

     

    Purchases of investments

     

    (5,765

    )

     

     

    (3,091

    )

    Sales and returns of investments

     

    1,155

     

     

     

    621

     

    NET CASH USED IN INVESTING ACTIVITIES

     

    (272,466

    )

     

     

    (215,463

    )

    FINANCING ACTIVITIES:

     

     

     

    Proceeds from issuances of long-term debt

     

    87,000

     

     

     

    —

     

    Payments on long-term debt

     

    (94,955

    )

     

     

    (306,274

    )

    Cash paid for debt issuance costs

     

    (13,279

    )

     

     

    (12,985

    )

    Payments on finance lease obligations

     

    (7,105

    )

     

     

    (9,056

    )

    Issuances of non-recourse notes payable

     

    6,848,169

     

     

     

    6,971,000

     

    Payments on non-recourse notes payable

     

    (6,911,012

    )

     

     

    (6,742,743

    )

    Repurchase and retirement of common stock

     

    (384,873

    )

     

     

    (213,305

    )

    Equity issuances

     

    8,349

     

     

     

    30,296

     

    NET CASH USED IN FINANCING ACTIVITIES

     

    (467,706

    )

     

     

    (283,067

    )

    Increase in cash, cash equivalents, and restricted cash

     

    344,865

     

     

     

    2,884

     

    Cash, cash equivalents, and restricted cash at beginning of year

     

    960,310

     

     

     

    1,250,410

     

    CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD

    $

    1,305,175

     

     

    $

    1,253,294

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250925135715/en/

    Investors:

    David Lowenstein, Vice President, Investor Relations

    [email protected], (804) 747-0422 x7865

    Media:

    [email protected], (855) 887-2915

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    Recent Analyst Ratings for
    $KMX

    DatePrice TargetRatingAnalyst
    9/29/2025Buy → Neutral
    Seaport Research Partners
    9/26/2025Outperform → Perform
    Oppenheimer
    9/26/2025$52.00Outperform → In-line
    Evercore ISI
    9/25/2025Outperform → Neutral
    Wedbush
    8/6/2025$58.00Underweight → Neutral
    Analyst
    7/17/2025$75.00Buy
    The Benchmark Company
    7/1/2025$80.00Overweight
    Morgan Stanley
    5/19/2025$90.00Outperform
    Wedbush
    More analyst ratings

    $KMX
    Press Releases

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    CarMax Reports Second Quarter Fiscal Year 2026 Results

    CarMax, Inc. (NYSE: KMX) today reported results for the second quarter ended August 31, 2025. Second Quarter Highlights:(1) Retail used unit sales decreased 5.4% and comparable store used unit sales decreased 6.3%; wholesale units decreased 2.2%. Solid unit margins with gross profit per retail used unit of $2,216, gross profit per wholesale unit of $993, and Extended Protection Plans (EPP) margin per retail unit of $576, all in line with the prior year's second quarter. Bought 293,000 vehicles from consumers and dealers, a decrease of 2.4%. 262,000 vehicles were purchased from consumers, down 2.7% 31,000 vehicles were purchased through dealers, up 0.2% SG&A decreased 1

    9/25/25 6:50:00 AM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    CarMax Earns Top Honors in 2025: Recently Ranked #6 on Fortune's Best Workplaces in Retail and #38 on PEOPLE's Companies That Care List

    RICHMOND, Virginia, Sept. 24, 2025 (GLOBE NEWSWIRE) -- CarMax (NYSE:KMX) has been named to Fortune magazine's 2025 Fortune Best Workplaces in Retail™ list for the 11th consecutive year, ranking #6 in the large company category. CarMax was also recently honored by Great Place To Work® and PEOPLE magazine as one of the 2025 PEOPLE® Companies that Care, ranking #38 and marking the company's fifth appearance on the list. These recognitions, as well as other awards achieved this year, highlight CarMax's people-first culture and commitment to helping its communities thrive. "We are incredibly proud of CarMax's associates for their dedication to each other, our customers, and our communities,"

    9/24/25 9:35:00 AM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    CarMax Announces Second Quarter Conference Call

    CarMax, Inc. (NYSE:KMX) will report its financial results for the second quarter ended August 31, 2025 before the market opens on September 25, 2025, and it will host a conference call with investors at 9:00 a.m. ET to discuss these results. Participants on the call will include Bill Nash, president and CEO, Enrique Mayor-Mora, executive vice president, CFO and Jon Daniels, executive vice president, CarMax Auto Finance. The live conference call can be accessed by dialing (800) 225-9448 (or (203) 518-9708 for international access) and entering the conference ID 3171396. A live audio webcast also will be available at investors.carmax.com. A replay of the webcast will be available on the c

    9/4/25 5:00:00 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    $KMX
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    CarMax downgraded by Seaport Research Partners

    Seaport Research Partners downgraded CarMax from Buy to Neutral

    9/29/25 9:49:12 AM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    CarMax downgraded by Oppenheimer

    Oppenheimer downgraded CarMax from Outperform to Perform

    9/26/25 8:04:21 AM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    CarMax downgraded by Evercore ISI with a new price target

    Evercore ISI downgraded CarMax from Outperform to In-line and set a new price target of $52.00

    9/26/25 8:04:21 AM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    $KMX
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    Director Steenrod Mitchell D bought $85,137 worth of shares (1,300 units at $65.49), increasing direct ownership by 4% to 33,577 units (SEC Form 4)

    4 - CARMAX INC (0001170010) (Issuer)

    4/25/25 4:08:42 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    $KMX
    SEC Filings

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    SEC Form 10-Q filed by CarMax Inc

    10-Q - CARMAX INC (0001170010) (Filer)

    9/26/25 12:04:40 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    CarMax Inc filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

    8-K - CARMAX INC (0001170010) (Filer)

    9/25/25 7:07:31 AM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    CarMax Inc filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

    8-K - CARMAX INC (0001170010) (Filer)

    6/26/25 4:15:36 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    $KMX
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    SVP, Gen Counsel & Secretary Stuckey John M Iii gifted 70 shares, decreasing direct ownership by 4% to 1,667 units (SEC Form 4)

    4 - CARMAX INC (0001170010) (Issuer)

    7/9/25 4:23:30 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    SVP, Gen Counsel & Secretary Stuckey John M Iii gifted 90 shares, decreasing direct ownership by 5% to 1,737 units (SEC Form 4)

    4 - CARMAX INC (0001170010) (Issuer)

    7/7/25 4:58:07 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    EVP, CAF Daniels Jon G sold $108,786 worth of shares (1,540 units at $70.64), decreasing direct ownership by 36% to 2,779 units (SEC Form 4)

    4 - CARMAX INC (0001170010) (Issuer)

    7/3/25 4:11:39 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    $KMX
    Financials

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    CarMax Reports Second Quarter Fiscal Year 2026 Results

    CarMax, Inc. (NYSE: KMX) today reported results for the second quarter ended August 31, 2025. Second Quarter Highlights:(1) Retail used unit sales decreased 5.4% and comparable store used unit sales decreased 6.3%; wholesale units decreased 2.2%. Solid unit margins with gross profit per retail used unit of $2,216, gross profit per wholesale unit of $993, and Extended Protection Plans (EPP) margin per retail unit of $576, all in line with the prior year's second quarter. Bought 293,000 vehicles from consumers and dealers, a decrease of 2.4%. 262,000 vehicles were purchased from consumers, down 2.7% 31,000 vehicles were purchased through dealers, up 0.2% SG&A decreased 1

    9/25/25 6:50:00 AM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    CarMax Announces Second Quarter Conference Call

    CarMax, Inc. (NYSE:KMX) will report its financial results for the second quarter ended August 31, 2025 before the market opens on September 25, 2025, and it will host a conference call with investors at 9:00 a.m. ET to discuss these results. Participants on the call will include Bill Nash, president and CEO, Enrique Mayor-Mora, executive vice president, CFO and Jon Daniels, executive vice president, CarMax Auto Finance. The live conference call can be accessed by dialing (800) 225-9448 (or (203) 518-9708 for international access) and entering the conference ID 3171396. A live audio webcast also will be available at investors.carmax.com. A replay of the webcast will be available on the c

    9/4/25 5:00:00 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    CarMax Reports First Quarter Fiscal Year 2026 Results

    CarMax, Inc. (NYSE:KMX) today reported results for the first quarter ended May 31, 2025. First Quarter Highlights:(1) Net earnings per diluted share increased 42.3% to $1.38 from $0.97 a year ago. Retail used unit sales increased 9.0% and comparable store used unit sales increased 8.1%; wholesale units increased 1.2%. Total gross profit increased 12.8% to $893.6 million, driven by higher unit volumes and strong unit margin performance. Record high gross profit per retail used unit of $2,407, up $60 per unit Historically strong gross profit per wholesale unit of $1,047, down $17 per unit Extended Protection Plans (EPP) margin per retail unit of $572, an increase of $9 pe

    6/20/25 6:50:00 AM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    $KMX
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    SEC Form SC 13G/A filed by CarMax Inc (Amendment)

    SC 13G/A - CARMAX INC (0001170010) (Subject)

    2/13/24 5:00:59 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    SEC Form SC 13G/A filed by CarMax Inc (Amendment)

    SC 13G/A - CARMAX INC (0001170010) (Subject)

    2/13/24 1:59:23 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary

    SEC Form SC 13G/A filed by CarMax Inc (Amendment)

    SC 13G/A - CARMAX INC (0001170010) (Subject)

    2/9/24 5:46:33 PM ET
    $KMX
    Retail-Auto Dealers and Gas Stations
    Consumer Discretionary