Logo

KMX

CarMax, Inc.

KMX

CarMax, Inc. • NYSE
$38.66 ▲ 1.20% (+0.46)
Market Cap $5.89 B
52w High $91.25
52w Low $30.26
Dividend Yield 0%
P/E 11.34
Volume 1.37M
Outstanding Shares 152.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $6.595B ▼ $601.093M ▼ $95.378M ▼ 1.446% ▼ $0.64 ▼ $349.384M ▼
Q1-2026 $7.547B ▲ $659.643M ▼ $210.381M ▲ 2.788% ▲ $1.38 ▲ $587.484M ▲
Q4-2025 $6.003B ▼ $767.444M ▲ $89.866M ▼ 1.497% ▼ $0.58 ▼ $414.013M ▼
Q3-2025 $6.223B ▼ $575.764M ▼ $125.441M ▼ 2.016% ▲ $0.8 ▼ $460.458M ▼
Q2-2025 $7.014B $610.562M $132.809M 1.894% $0.85 $471.285M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $540.374M ▲ $27.08B ▼ $20.879B ▼ $6.201B ▼
Q1-2026 $262.819M ▲ $27.386B ▼ $21.099B ▼ $6.287B ▲
Q4-2025 $246.96M ▼ $27.404B ▲ $21.161B ▲ $6.243B ▲
Q3-2025 $271.91M ▼ $27.297B ▲ $21.086B ▼ $6.211B ▲
Q2-2025 $524.667M $27.296B $21.116B $6.18B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $95.378M ▼ $785.494M ▲ $-131.277M ▲ $-338.281M ▼ $315.936M ▲ $654.026M ▲
Q1-2026 $210.381M ▲ $299.543M ▲ $-141.189M ▼ $-129.425M ▼ $28.929M ▲ $162.807M ▲
Q4-2025 $89.866M ▼ $146.377M ▲ $-113.077M ▲ $-48.826M ▲ $-15.526M ▲ $18.76M ▲
Q3-2025 $125.441M ▼ $-23.352M ▼ $-132.462M ▼ $-121.644M ▲ $-277.458M ▼ $-150.551M ▼
Q2-2025 $132.809M $619.103M $-109.593M $-170.683M $338.827M $509.894M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Used Vehicles
Used Vehicles
 $4.89Bn ▲$4.84Bn ▼$6.10Bn ▲$5.27Bn ▼
Wholesale Vehicles
Wholesale Vehicles
 $1.17Bn ▲$1.01Bn ▼$1.25Bn ▲$1.15Bn ▼

Five-Year Company Overview

Income Statement

Income Statement CarMax’s sales surged earlier in the period during the used-car boom and have drifted down since, but not dramatically. Revenue is now relatively stable at a lower level than the peak. Profitability has been more volatile: operating profit dipped into a small loss a few years ago, then bounced back, but margins remain much thinner than during the boom. Net earnings have settled into a modest, steady range rather than high-growth mode. Overall, the income statement shows a mature business adjusting to a tougher pricing and interest-rate environment, with decent but not spectacular profitability.

Balance Sheet

Balance Sheet The balance sheet shows a large, asset-heavy business with substantial debt, which is typical for a company that also finances vehicles. Debt makes up a big share of the funding, but it has been fairly stable, while shareholder equity has been slowly building over time. Cash on hand is relatively small, so liquidity depends more on access to financing markets and steady cash generation than on large cash reserves. In short, leverage is meaningful but appears managed and supported by a growing equity base.

Cash Flow

Cash Flow Cash generation has been uneven. Operating cash flow swung sharply negative in the past when working capital needs spiked, but has since returned to positive territory, though not at very strong levels. Free cash flow has been positive in most years, but with some thin or slightly negative periods when inventory and lending activity absorbed cash. Capital spending is steady but not excessive, suggesting a focus on maintaining and selectively expanding the footprint rather than heavy expansion. Overall, cash flow is adequate but sensitive to swings in used-car supply, demand, and financing conditions.

Competitive Edge

Competitive Edge CarMax holds a leading position in the U.S. used-car market, backed by a well-known brand, a national store network, and its own financing arm. Its no-haggle, transparent pricing and broad selection support strong customer trust. The integrated model—retail, wholesale auctions, and in-house finance—creates multiple profit streams and a lot of data. This scale and data advantage are difficult for smaller rivals to match. However, the company still faces intense competition from traditional dealers, online-only platforms, and automakers’ certified pre-owned programs, all within a cyclical, rate-sensitive industry.

Innovation and R&D

Innovation and R&D CarMax has been investing heavily in technology rather than classic lab-style R&D. Its strengths are in data and AI: tools that price cars, manage inventory, and personalize recommendations, plus virtual assistants that help customers and employees. The omnichannel platform lets buyers move smoothly between online and in-store experiences, supported by features like 360-degree car views and digital financing. The firm is modernizing its data systems, exploring generative AI, and integrating the Edmunds acquisition to deepen its online reach. It is also preparing for more electric vehicles, both on the lot and in service capabilities. These efforts could strengthen its moat, but they require ongoing spending and strong execution.

Summary

CarMax looks like a scale player in a cyclical, competitive market that has transitioned from boom times to a more normalized, margin-pressured environment. Revenues have leveled off after an earlier spike, and profits, while positive, are thinner and more volatile than they once were. The balance sheet carries significant debt but also shows gradually rising equity, reflecting retained earnings over time. Cash flow is generally positive but can be lumpy, especially when inventory and financing needs shift. Strategically, CarMax’s main advantages are its brand, national footprint, integrated financing, and strong data and technology capabilities. Its ongoing investments in digital tools, AI, and EV readiness position it to remain a key player, but results will continue to be influenced by interest rates, used-car pricing, and competitive pressure from both physical and online rivals.

NEWS

November 30, 2025 · 7:46 AM UTC

KMX LAWSUIT: BFA Law Reminds CarMax, Inc. Investors the Company has been Sued for Securities Fraud and to Contact BFA Law by January 2 Deadline

Read more

November 29, 2025 · 9:56 PM UTC

ROSEN, A GLOBAL AND LEADING LAW FIRM, Encourages CarMax, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action First Filed by the Firm - KMX

Read more

November 29, 2025 · 11:11 AM UTC

KMX Equity Alert: Kessler Topaz Meltzer & Check, LLP Alerts Shareholders of Securities Fraud Class Action Lawsuit Filed against CarMax, Inc. (KMX)

Read more

November 29, 2025 · 8:33 AM UTC

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of CarMax

Read more

November 29, 2025 · 6:31 AM UTC

KMX STOCK: Lose Money on Your CarMax, Inc. Investment? Contact BFA Law about the Pending Securities Class Action before January 2 Deadline

Read more