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Carmax Inc (KMX) stock

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NYSE: KMX NYSE Automotive Retail Next results ~December 17, 2026

C+ Fundamentals grade

Carmax Inc is a US-listed company in the automotive retail industry. Its financial year ends in February.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$45

Valuation models combined (3)

Base case. Range ~$43–$46. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Carmax Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Carmax files

Where Carmax stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $27.6bn, up 4.8% on a year earlier, faster than -1.6% a quarter earlier. Free-cash-flow margin rose to 4.1% from 2.6% a year earlier. The diluted share count is down 6.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $-31.36 a share, against a share price of $53.41.

Source: 10-Q filed September 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 17, 2026 (estimated)

Carmax Inc's trailing-twelve-month revenue grew 4.8% year on year, with a free-cash-flow margin of 4.1%. Where it stands out: change in growth rate of +6.4pp ranks 3 of 23 automotive retail companies we cover. Where it lags: long-term debt as % of assets of 64.4% ranks 19 of 19 automotive retail companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 67.3% while net income fell 43.9%: a 111pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 6.4 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 6.4% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 12.5% over 90 days.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 1.2 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 64.4% ranks 19 of 19 automotive retail companies we cover (median 28.4%).
  • Below peers: gross margin. Gross margin of 10.3% ranks 18 of 20 automotive retail companies we cover (median 27.7%).

Latest results: FY2027 Q2

Filed September 30, 2026
Earnings per share
$1.16 against an average estimate of $0.73: beat by 58.6%
Revenue
$7.88bn, up 19.5% on a year earlier
Share reaction
-2.5% in the first session after the results on September 29, 2026, against -0.4% for the S&P 500
Guidance given
targeted SG&A reductions in exit rate savings $200m (by the end of fiscal 2027)
Next report
December 17, 2026; average EPS estimate $0.47

Carmax's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week+7.2%
  • 1 month+2.7%
  • This year+46.0%
  • 1 year+34.6%
  • 5 years-61.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$27.6B
Net margin
1.1%
EPS (TTM, diluted)
$2.04

Growth

Revenue growth
+4.8%
Change in growth rate
+6.4 pts
Share count change
−6.4%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
4.1%
Stock pay % of revenue
0.4%

Earnings

Last results
September 29, 2026
Next results (est.)
December 22, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Leadership
  3. Announcement
  4. Results
  5. Guidance
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Carmax Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Our value per share comes from a discounted-cash-flow model of Carmax Inc's free cash flow after stock-based pay ( $794M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Carmax Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$43 ~$29–$64 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$46 ~$29–$72 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$46 ~$39–$56 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$45 ~$43–$46 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Carmax Inc with Automotive Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$46.26$64.54$61.92$62.10$87.31$119.51$109.33$69.04$79.00$82.97$43.17$56.42
Market value$9.5bn$12.4bn$11.4bn$10.9bn$14.6bn$19.7bn$18.1bn$11.0bn$12.5bn$12.9bn$6.4bn$8.1bn
+ Net debt (− = net cash)$10.9bn$12.5bn$13.5bn$14.5bn$15.3bn$15.0bn$18.6bn$18.1bn$18.2bn$18.5bn$17.9bn$17.2bn
Enterprise value$20.4bn$24.9bn$24.9bn$25.5bn$29.9bn$34.7bn$36.7bn$29.1bn$30.7bn$31.4bn$24.3bn$25.3bn
Multiples
Price / sales 0.6x0.8x0.7x0.6x0.7x1.0x0.6x0.4x0.5x0.5x0.2x0.3x
Price / earnings 15.3x19.8x17.2x13.0x16.4x26.4x15.7x22.8x26.2x25.9x25.8x27.6x
Price / free cash flow —————39.2x—12.8x—82.7x5.1x7.0x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard Carmax's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Cash operating profit has been a median 2.7% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 11.4%, moving by 1.6 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Net margin has been a median 3.1%; its worst year was 1.1%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 5 of 10 years, at a median -0.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.6% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (39 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 17, 2026, before the open. Analysts expect revenue of $6.7bn and EPS of $0.47 (range $0.32 to $0.77) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.23 +92% $29.0bn +12%
Next $3.53 +9% $29.4bn +1%

Next year's EPS estimate has moved +12.5% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +18.2% on 90 days ago. In the last 30 days, 12 analysts raised Carmax Inc's forecast and 0 cut it.

Consensus EPS forecast Carmax Inc, last 90 days
$2.50 $3.00 $3.50 $4.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.73 Current fiscal year, 60 days ago: $2.73 Current fiscal year, 30 days ago: $2.73 Current fiscal year, 7 days ago: $3.23 Current fiscal year, Now: $3.23 $3.23 Next fiscal year, 90 days ago: $3.14 Next fiscal year, 60 days ago: $3.13 Next fiscal year, 30 days ago: $3.13 Next fiscal year, 7 days ago: $3.53 Next fiscal year, Now: $3.53 $3.53

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.73$3.14
60 days ago $2.73$3.13
30 days ago $2.73$3.13
7 days ago $3.23$3.53
Now $3.23$3.53

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $0.73 $1.16 +58.6%
May 2026 $0.94 $1.31 +38.8%
Feb 2026 $0.22 −$0.85 −479.7%
Nov 2025 $0.32 $0.43 +36.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 29, 2026
  • targeted SG&A reductions in exit rate savings by the end of fiscal 2027 about $200m Maintained
    “We remain on track to achieve targeted SG&A reductions of $200 million in exit rate savings by the end of fiscal 2027.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Carmax Inc's revenue by +4.8% next year and +2.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.8%, weight 69%) and the company's own record (+2.8%, weight 31%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy420%
Hold1575%
Sell15%

Monthly trend

  1. Oct 202641520
  2. Sep 2026215220
  3. Aug 2026214219
  4. Jul 2026314219

Counts of recommendations published by analysts covering Carmax Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.0%
of tradable shares
Days to cover
2.69
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
28,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +34.6%

$41.91 on October 31, 2025 to $56.42

ThenNowEffect
Revenue (last 12 months) $26.4bn $27.6bn +4.8%
Net margin 2.0% 1.1% −46.4%
P/E multiple 12.3x 27.6x +124.4%
Share count 153m 143m +6.9%

Biggest factor: p/e multiple.

Last 3 years −15.8%

$66.97 on November 3, 2023 to $56.42

ThenNowEffect
Revenue (last 12 months) $27.0bn $27.6bn +2.4%
Net margin 1.7% 1.1% −37.0%
P/E multiple 23.4x 27.6x +17.9%
Share count 159m 143m +10.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KMX+38%−53%+26%+7%−53%+46%
Industry peers (median)+38%−16%+16%−3%−14%−10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KMX75%25%50%58%25%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KMX−18%−57%−30%−23%−65%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 80% from November 9, 2021 to November 6, 2025. Getting back needed a 402% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$30.88 – $64.22
From 52-week high
−12.1%
vs 50-day average
−1.0%
vs 200-day average
+14.2%
Volatility (1 year)
52%
Beta vs S&P 500
1.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±9.2%
After a week
4 up, 8 down
typical move ±8.8%
After a month
4 up, 8 down
typical move ±10.2%
Results releasedNext dayS&P 500 next day5 days21 days
September 29, 2026 −2.5% −0.4% −2.2% −4.5%
June 17, 2026 +3.0% −0.2% +1.5% +7.3%
April 14, 2026 −17.5% +2.0% −20.5% −24.5%
December 18, 2025 −6.3% +1.7% −4.4% +18.7%
November 6, 2025 −20.7% −1.0% −14.8% −3.8%
September 25, 2025 −21.4% +0.1% −19.2% −22.4%
June 20, 2025 +4.4% +0.8% +3.5% −1.2%
April 10, 2025 −14.6% −2.7% −19.3% −13.7%
December 19, 2024 +3.5% +1.2% +2.9% +0.7%
September 26, 2024 +3.8% +0.3% −0.4% −3.3%
June 21, 2024 +2.6% −0.5% +2.8% +12.6%
April 11, 2024 −9.9% −0.6% −14.4% −9.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Carmax Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Carmax Inc
$25.5B $26B $26.5B $27B $27.5B $28B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $26.6B Revenue (TTM), FY24 Q4: $26.5B Revenue (TTM), FY25 Q1: $26B Revenue (TTM), FY25 Q2: $25.9B Revenue (TTM), FY25 Q3: $26B Revenue (TTM), FY25 Q4: $26.4B Revenue (TTM), FY26 Q1: $26.8B Revenue (TTM), FY26 Q2: $26.4B Revenue (TTM), FY26 Q3: $25.9B Revenue (TTM), FY26 Q4: $25.9B Revenue (TTM), FY27 Q1: $26.3B Revenue (TTM), FY27 Q2: $27.6B $27.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $26.6B
FY24 Q4 $26.5B
FY25 Q1 $26B
FY25 Q2 $25.9B
FY25 Q3 $26B
FY25 Q4 $26.4B
FY26 Q1 $26.8B
FY26 Q2 $26.4B
FY26 Q3 $25.9B
FY26 Q4 $25.9B
FY27 Q1 $26.3B
FY27 Q2 $27.6B
Revenue growth, TTM YoY Carmax Inc
-20% -10% 0% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -15.9% Revenue growth, TTM YoY, FY24 Q4: -10.6% Revenue growth, TTM YoY, FY25 Q1: -7.5% Revenue growth, TTM YoY, FY25 Q2: -4.0% Revenue growth, TTM YoY, FY25 Q3: -2.5% Revenue growth, TTM YoY, FY25 Q4: -0.7% Revenue growth, TTM YoY, FY26 Q1: 3.2% Revenue growth, TTM YoY, FY26 Q2: 1.8% Revenue growth, TTM YoY, FY26 Q3: -0.1% Revenue growth, TTM YoY, FY26 Q4: -1.8% Revenue growth, TTM YoY, FY27 Q1: -1.6% Revenue growth, TTM YoY, FY27 Q2: 4.8% 4.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -15.9%
FY24 Q4 -10.6%
FY25 Q1 -7.5%
FY25 Q2 -4.0%
FY25 Q3 -2.5%
FY25 Q4 -0.7%
FY26 Q1 3.2%
FY26 Q2 1.8%
FY26 Q3 -0.1%
FY26 Q4 -1.8%
FY27 Q1 -1.6%
FY27 Q2 4.8%
FCF margin (TTM) Carmax Inc
-5% 0% 5% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: -2.6% FCF margin (TTM), FY24 Q4: -0.0% FCF margin (TTM), FY25 Q1: 0.4% FCF margin (TTM), FY25 Q2: 2.1% FCF margin (TTM), FY25 Q3: 1.3% FCF margin (TTM), FY25 Q4: 0.6% FCF margin (TTM), FY26 Q1: 2.0% FCF margin (TTM), FY26 Q2: 2.6% FCF margin (TTM), FY26 Q3: 7.5% FCF margin (TTM), FY26 Q4: 4.8% FCF margin (TTM), FY27 Q1: 3.8% FCF margin (TTM), FY27 Q2: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 -2.6%
FY24 Q4 -0.0%
FY25 Q1 0.4%
FY25 Q2 2.1%
FY25 Q3 1.3%
FY25 Q4 0.6%
FY26 Q1 2.0%
FY26 Q2 2.6%
FY26 Q3 7.5%
FY26 Q4 4.8%
FY27 Q1 3.8%
FY27 Q2 4.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Feb 2010 2011 Feb 2011 2012 Feb 2012 2013 Feb 2013 2014 Feb 2014 2015 Feb 2015 2016 Feb 2016 2017 Feb 2017 2018 Feb 2018 2019 Feb 2019 2020 Feb 2020 2021 Feb 2021 2022 Feb 2022 2023 Feb 2023 2024 Feb 2024 2025 Feb 2025 2026 Feb 2026 LTM Aug 2026
Income
Revenue 7.5 9.0 10.0 11.0 12.6 14.3 15.1 15.9 17.1 18.2 20.3 19.0 31.9 29.7 26.5 26.4 25.9 27.6
Gross profit 1.1 1.3 1.4 1.5 1.6 1.9 2.0 2.2 2.3 2.5 2.7 2.4 3.3 2.8 2.7 2.9 2.8 2.8
Net income 0.3 0.4 0.4 0.4 0.5 0.6 0.6 0.6 0.7 0.8 0.9 0.7 1.2 0.5 0.5 0.5 0.2 0.3
Diluted EPS $1.24 $1.65 $1.79 $1.87 $2.16 $2.73 $3.03 $3.26 $3.60 $4.79 $5.33 $4.52 $6.97 $3.03 $3.02 $3.21 $1.68 $2.04
Growth (year on year)
Revenue +7.1% +20.2% +11.5% +9.6% +14.7% +13.5% +6.2% +4.8% +7.8% +6.2% +11.8% −6.7% +68.3% −6.9% −10.6% −0.7% −1.8% +4.8%
Net income — +35.9% +9.6% +5.0% +13.4% +21.3% +4.4% +0.6% +5.9% +26.8% +5.5% −15.9% +54.1% −57.9% — — — —
Diluted EPS — +33.1% +8.5% +4.5% +15.5% +26.4% +11.0% +7.6% +10.4% +33.1% +11.3% −15.2% +54.2% −56.5% — — — —
Margins
Gross margin 14.7% 14.5% 13.8% 13.4% 13.1% 13.2% 13.3% 13.8% 13.6% 13.6% 13.4% 12.6% 10.3% 9.4% 10.2% 11.0% 10.8% 10.3%
Net margin 3.7% 4.2% 4.1% 4.0% 3.9% 4.2% 4.1% 3.9% 3.9% 4.6% 4.4% 3.9% 3.6% 1.6% 1.8% 1.9% 1.0% 1.1%
Free-cash-flow margin 0.5% −0.9% −2.3% −9.3% −7.3% −9.0% −2.9% −5.5% −2.2% −0.8% −2.8% 2.7% −9.0% 2.9% −0.0% 0.6% 4.8% 4.1%
Cash flow
Cash from operations 0.1 −0.0 −0.1 −0.8 −0.6 −1.0 −0.1 −0.5 −0.1 0.2 −0.2 0.7 −2.5 1.3 0.5 0.6 1.8 1.6
Capital spending 0.0 0.1 0.2 0.2 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.2 0.3 0.4 0.5 0.5 0.5 0.5
Free cash flow 0.0 −0.1 −0.2 −1.0 −0.9 −1.3 −0.4 −0.9 −0.4 −0.1 −0.6 0.5 −2.9 0.9 −0.0 0.2 1.2 1.1
Stock-based pay 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay −0.0 −0.1 −0.3 −1.1 −1.0 −1.4 −0.5 −1.0 −0.4 −0.2 −0.7 0.4 −3.0 0.8 −0.1 0.0 1.1 1.0
Balance sheet
Cash 0.0 0.0 0.4 0.4 0.6 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.3 0.6 0.2 0.1 0.2
Total debt 0.1 4.4 5.1 6.2 7.6 9.4 11.0 12.5 13.5 14.6 15.4 15.1 18.7 18.4 18.8 18.7 18.1 17.4
Net debt (negative = net cash) 0.1 4.4 4.6 5.8 7.0 9.4 10.9 12.5 13.5 14.5 15.3 15.0 18.6 18.1 18.2 18.5 17.9 17.2
Diluted shares 222m 228m 231m 232m 228m 219m 206m 192m 184m 176m 167m 165m 165m 160m 159m 156m 148m 143m
Returned to shareholders
Buybacks — 0.0 0.0 0.2 0.3 0.9 1.0 0.6 0.6 0.9 0.6 0.2 0.6 0.3 0.1 0.4 0.6 0.3
Total returned — 0.0 0.0 0.2 0.3 0.9 1.0 0.6 0.6 0.9 0.6 0.2 0.6 0.3 0.1 0.4 0.6 0.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · August 31, 2026
What it owns · $26.1bn
Short-term assets $5.1bnLonger-term assets $21.0bn
What it owes, and who funded it · $26.1bn
Short-term liabilities $2.2bnLonger-term liabilities $17.6bnShareholders' equity $6.3bn
  • Short-term assets cover short-term liabilities $5.1bn of assets due within a year against $2.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.1bn short-term assets against $17.6bn of longer-dated liabilities.
  • More cash than debt $171m of cash against $17.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 276% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 347% to 276% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $17.4bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Carmax Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$261M
Returned to shareholders
23%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−6.4%
year over year
Total shareholder yield
3.3%
dividends 0.0% + buybacks 3.3% of market value
Sales & admin spending
8.9%
of revenue

Competitors: side by side with peers

Closest by revenue in automotive retail
Last 12 months unless stated KMX CVNA AN PAG MUSA GPI Median
Revenue, last 12 months $27.6bn $27.5bn $27.4bn $32.6bn $23.3bn $21.8bn $8.6bn
Revenue growth, last 12 months 4.8% 50.3% −1.8% 1.4% 20.2% −3.4% −0.8%
Revenue growth, 3-year average 0.8% 34.9% 0.7% 3.6% 2.1% 7.6% 2.1%
Revenue growth, latest quarter 19.5% 42.4% −0.4% 4.5% 34.8% −6.7% 1.2%
Gross margin 10.3% 19.0% 17.7% 16.0% — 15.9% 23.4%
Operating margin — 8.7% 4.6% 3.7% 4.2% 3.6% 3.7%
Operating margin, 3-year average — 7.9% 4.7% 4.0% 3.9% 4.0% 4.0%
Net margin 1.1% 6.2% 2.6% 2.8% 2.9% 1.7% 1.3%
Cash from operations / revenue 5.8% 4.8% 1.1% 2.5% 4.9% 2.2% 2.5%
Free-cash-flow margin 4.1% 4.1% 0.1% 1.5% 2.9% 1.0% 1.1%
Free-cash-flow margin, 3-year average 3.0% 3.8% −0.5% 2.1% 2.3% 1.0% 2.2%
Stock pay / revenue 0.4% 0.4% 0.2% 0.1% 0.1% 0.1% 0.3%
Change in share count −6.4% 16.7% −11.1% −1.1% −6.6% −7.7% −1.1%

Median of all 23 companies we cover in automotive retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 automotive retail companies
Measure Company Peer median Rank
Revenue growth Growth 4.8% -0.8% 8 of 23
Change in growth rate Growth +6.4pp -0.5pp 3 of 23
Gross margin Profitability 10.3% 27.7% 18 of 20
Net margin Profitability 1.1% 1.3% 13 of 23
Free-cash-flow margin Cash generation 4.1% 1.1% 5 of 23
Stock pay as % of revenue Cash generation 0.4% 0.3% 14 of 22
Long-term debt as % of assets Balance sheet 64.4% 28.4% 19 of 19
Change in share count Balance sheet -6.4% -1.1% 5 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to February 28, 2026
Products and services
Line of business Revenue Share YoY
Used Vehicles $20.7B 80.0% ▼ 1.8%
Wholesale Vehicles $4.5B 17.4% ▼ 1.8%
Other $674M 2.6% ▼ 1.8%
Extendedprotectionplan Domain $449M 66.6% ▼ 0.7%
Advertising Subscription Revenues Domain $145M 21.4% ▲ 3.7%
Service Domain $76.6M 11.4% ▼ 8.2%
Other Domain $13.1M 1.9% ▼ 2.2%
Thirdpartyfinancefees Domain -$8.7M -1.3% —

From Carmax Inc's 10-K filed April 15, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.8B
Institutions reporting
551
Shares held vs prior quarter
▼ 3.7%
Positions opened / closed
83 / 80

Top buyers and sellers, Q2 2026: 217 institutions bought and 335 sold ; the biggest buyer was Hawk Ridge Capital Management LP (+2.8M shares) and the biggest seller AQR Capital Management LLC (−3.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $904M 17.1M 11.6% ▼ 1.0%
Vanguard Portfolio Management LLC $385M 7.3M 4.9% ▲ 0.1%
AQR Capital Management LLC $349M 6.6M 4.5% ▼ 34.2%
Vanguard Capital Management LLC $340M 6.4M 4.4% ▲ 0.5%
SRS Investment Management, LLC $313M 5.9M 4.0% ▲ 4.8%
Two Sigma Investments, LP $308M 5.8M 4.0% ▲ 9.1%
State Street Corp $273M 5.2M 3.5% ▲ 5.6%
Dimensional Fund Advisors LP $263M 5.0M 3.4% ▲ 16.4%
Jupiter Topco LLC $246M 4.6M 3.1% —
Primecap Management Co $231M 4.4M 3.0% 0.0%
D. E. Shaw & Co., Inc. $173M 3.3M 2.2% ▲ 12.3%
American Century Companies Inc $172M 3.3M 2.2% ▲ 133.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Carmax Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 5 trades by 5 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $1M net buying
Insider Date Trade Shares Price Value
Shinder Marcella Director June 25, 2026 Buy 574 $52.01 $29,854
Chawla Sona Director June 25, 2026 Buy 2,000 $53.39 $106,780
Oneil Mark F Director June 24, 2026 Buy 4,800 $52.36 $251,328
Barr Keith President and CEO June 22, 2026 Buy 9,400 $53.01 $498,294
Bensen Peter J Director June 22, 2026 Buy 2,500 $52.20 $130,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 22 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Carmax Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded August 19, 2026, filed September 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 13, 2025, filed February 11, 2025
  • David B. McKinley(R-WV 1):Sale (full), $1,001 - $15,000, traded September 21, 2022, filed October 12, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 22, 2026 estimated from the company's past filing pattern, not announced

  • September 29, 2026
  • June 17, 2026
  • April 14, 2026
  • December 18, 2025
  • November 6, 2025
  • September 25, 2025

Recent SEC filings

Data status

When each part of this page on Carmax Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Carmax Inc in brief

What does Carmax Inc do?
Carmax Inc is a US-listed company in the automotive retail industry. Its financial year ends in February.
What is Carmax Inc's stock ticker?
Carmax Inc trades under the ticker KMX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Carmax Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Carmax Inc reported revenue of $27.6B, 4.8% higher than a year earlier, according to its SEC filings.
What is Carmax Inc's free cash flow?
Carmax Inc's free-cash-flow margin is 4.1% of revenue over the trailing twelve months, ranking 5 of the 23 automotive retail companies we cover.
Who are Carmax Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Carmax Inc buying back stock, and does it pay a dividend?
Carmax Inc spent $261M on share repurchases over the trailing twelve months, and its diluted share count fell 6.4% over the year.
What is Carmax Inc's market cap?
On November 2, 2026, Carmax Inc's market capitalisation was about $8.1B, with a price-to-earnings ratio of 27.6 and net debt of $17.2B. Market figures come from third-party market data and may be delayed.
How much debt does Carmax Inc have?
Carmax Inc's debt-to-equity ratio is 275.6%, from its latest balance sheet (347.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Carmax Inc's competitors?
In our Automotive Retail peer group, the companies closest to Carmax Inc are Carvana, Autonation, Inc., Penske Automotive Group, Inc., Murphy USA Inc. and Group 1 Automotive Inc. The side-by-side comparison below sets their revenue, margins and growth against Carmax Inc's.
Are insiders buying or selling Carmax Inc stock?
Over the last 12 months, Carmax Inc's directors and officers reported 5 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Carmax Inc's next earnings date?
Around December 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Carmax Inc announces its own schedule.