CARMAX INC

Listed Company

KMXCIK 0001170010NYSELarge AcceleratedRetail-Auto Dealers & Gasoline StationsVirginiaFY ends Feb 28

Period

FY 2026

Revenue

$25.88B

Net Income

$247.29M

Total Assets

$26.37B

Equity

$5.89B

Shares Out

141.82M

Op. Cash Flow

$1.78B

Business

CarMax Inc. is a retailer of used vehicles and related automotive services that delivers a no-haggle, omni-channel car buying and selling experience. It offers a broad selection of quality used cars, wholesale auctions, vehicle reconditioning and repair, extended protection plans and financing products. The company reports two primary segments: CarMax Sales Operations, which handles merchandising, purchasing and retail services, and CarMax Auto Finance, which originates and services retail customer loans. It distributes vehicles and services nationwide through physical stores, digital platforms, a mobile app, customer experience centers and wholesale auctions.

Summary from filing dated 2025-04-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-02-28	FY 2025 2025-02-28	FY 2024 2024-02-29	FY 2023 2023-02-28	FY 2022 2022-02-28
NET SALES AND OPERATING REVENUES	25,881	26,353	26,536	29,685	31,900
TOTAL COST OF SALES	23,075	23,456	23,823	26,885	28,613
GROSS PROFIT	2,807	2,898	2,713	2,800	3,288
CARMAX AUTO FINANCE INCOME	563	582	568	663	802
Selling, General and Administrative Expense	2,453	2,435	2,286	2,487	2,325
Depreciation, Depletion and Amortization, Nonproduction	274	255	239	228	212
Interest expense	110	108	125	120	94
Goodwill, Impairment Loss	141	0	0	—	—
Nonoperating Income (Expense)	7	12	−10	−9	−35
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	383	669	642	637	1,492
Income tax provision	136	169	162	152	341
Net earnings	247	501	479	485	1,151
Basic (in shares)	147	155	158	159	162
Diluted (in shares)	148	156	159	160	165
Basic (in dollars per share)	1.68	3.22	3.03	3.05	7.09
Diluted (in dollars per share)	1.68	3.21	3.02	3.03	6.97

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-02-28	FY 2025 2025-02-28	FY 2024 2024-02-29	FY 2023 2023-02-28	FY 2022 2022-02-28
Cash and cash equivalents	123	247	574	315	103
Restricted cash from collections on auto loans held for investment	592	559	507	471	548
Accounts receivable, net	204	189	221	299	561
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	100	0	—	—	—
Inventory	4,137	3,935	3,678	3,726	5,125
Other current assets	154	148	247	231	213
TOTAL CURRENT ASSETS	5,310	5,078	5,227	5,041	6,549
Auto loans held for investment, net of allowance for loan losses of $453,027 and $458,730 as of February 28, 2026 and February 28, 2025, respectively	15,952	17,243	17,012	16,342	15,290
Property and equipment, net	4,070	3,842	3,666	3,431	3,209
Deferred income taxes	78	140	99	81	121
Operating lease assets	460	493	521	546	537
Goodwill	0	141	141	141	141
Other assets	497	467	532	601	491
TOTAL ASSETS	26,368	27,404	27,197	26,183	26,338
Accounts payable	1,118	978	934	827	938
Accrued expenses and other current liabilities	475	530	524	479	533
Accrued income taxes	2	88	0	—	0
Current portion of operating lease liabilities	57	59	57	53	44
Current portion of long-term debt	217	17	313	112	11
Current portion of non-recourse notes payable	545	527	484	468	521
TOTAL CURRENT LIABILITIES	2,415	2,198	2,312	1,938	2,047
Long-term debt, excluding current portion	2,006	1,570	1,602	1,909	3,255
Non-recourse notes payable, excluding current portion	15,254	16,567	16,357	15,866	14,920
Operating lease liabilities, excluding current portion	465	482	496	524	523
Other liabilities	339	344	355	332	357
TOTAL LIABILITIES	20,479	21,161	21,123	20,570	21,103
Commitments and contingent liabilities	—	—	—	—	—
Common stock, $0.50 par value; 350,000,000 shares authorized; 141,799,070 and 153,319,678 shares issued and outstanding as of February 28, 2026 and February 28, 2025, respectively	71	77	79	79	81
Capital in excess of par value	1,810	1,891	1,809	1,713	1,677
Accumulated other comprehensive (loss) income	−34	3	59	98	−46
Retained earnings	4,042	4,272	4,127	3,723	3,524
TOTAL SHAREHOLDERS EQUITY	5,889	6,243	6,074	5,613	5,235
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	26,368	27,404	27,197	26,183	26,338

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-02-28	FY 2025 2025-02-28	FY 2024 2024-02-29	FY 2023 2023-02-28	FY 2022 2022-02-28
Depreciation and amortization	346	295	260	265	273
Share-based compensation expense	99	135	120	86	109
Provision for loan losses	391	335	311	317	142
Provision for cancellation reserves	76	98	80	98	115
Deferred income tax provision (benefit)	74	−24	−5	−7	15
Proceeds from Sale, Loan, Held-for-Sale	909	0	0	—	—
Other	9	21	9	5	−19
Accounts receivable, net	−16	32	78	262	−288
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, Reconciliation to Cash Flow, Period Increase (Decrease)	−100	0	0	—	—
Inventory	−202	−257	48	1,398	−1,967
Other current assets	−8	109	40	103	−81
Auto loans held for investment, net	−31	−566	−981	−1,369	−1,942
Other assets	−32	−19	−14	−52	−32
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	−44	72	119	−198	175
Accounts payable, accrued expenses and other	−75	−107	−86	−110	−200
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	1,784	624	459	1,283	−2,549
Proceeds from disposal of property and equipment	−541	−468	−465	−423	−309
Proceeds from Sale of Property, Plant, and Equipment	418,000	333,000	1	5	260,000
Purchases of investments	−10	−11	−6	−13	−25
Sales and returns of investments	3	17	3	4	38
Principal payments received on beneficial interests	8	0	0	—	—
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation	−540	−461	−467	−426	−524
Proceeds from issuances of long-term debt	1,538	523	135	3,021	7,684
Payments on long-term debt	−914	−837	−246	−4,275	−5,753
Cash paid for debt issuance costs	−24	−21	−22	−20	−20
Finance Lease, Principal Payments	−15	−17	−17	−12	−12
Issuances of non-recourse notes payable	13,060	12,968	12,380	14,334	14,328
Payments on non-recourse notes payable	−14,353	−12,716	−11,873	−13,441	−12,626
Repurchase and retirement of common stock	−643	−428	−94	−334	−576
Equity issuances	8	74	45	17	80
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation	−1,341	−454	308	−710	3,105
(Decrease) increase in cash, cash equivalents, and restricted cash	−97	−290	299	147	32

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