CARMAX INC Segments Disclosure
| Year Ended February 29, 2024 | ||||||||||||||
| (In thousands) | CarMax Sales Operations | Other | Eliminations | Total | ||||||||||
| Sales and operating revenues | $ | 26,400,256 | $ | 135,784 | $ | — | $ | 26,536,040 | ||||||
| Intersegment sales and operating revenues | — | 34,779 | (34,779) | — | ||||||||||
| Total sales and operating revenues | $ | 26,400,256 | $ | 170,563 | $ | (34,779) | $ | 26,536,040 | ||||||
Depreciation and amortization (1) | $ | 1,614 | $ | 19,678 | $ | — | $ | 21,292 | ||||||
| Gross profit | $ | 2,615,286 | $ | 102,544 | $ | (4,621) | $ | 2,713,209 | ||||||
Reconciliation to Consolidated Earnings Before Taxes: | ||||||||||||||
| CAF Income | 568,271 | |||||||||||||
| Selling, general and administrative expenses | (2,286,378) | |||||||||||||
Depreciation and amortization (2) | (239,028) | |||||||||||||
| Interest expense | (124,750) | |||||||||||||
| Other income (expense) | 10,271 | |||||||||||||
| Earnings before income taxes | $ | 641,595 | ||||||||||||
| Year Ended February 28, 2023 | ||||||||||||||
| (In thousands) | CarMax Sales Operations | Other | Eliminations | Total | ||||||||||
| Sales and operating revenues | $ | 29,551,617 | $ | 133,256 | $ | — | $ | 29,684,873 | ||||||
| Intersegment sales and operating revenues | — | 28,038 | (28,038) | — | ||||||||||
| Total sales and operating revenues | $ | 29,551,617 | $ | 161,294 | $ | (28,038) | $ | 29,684,873 | ||||||
Depreciation and amortization (1) | $ | 1,499 | $ | 14,263 | $ | — | $ | 15,762 | ||||||
| Gross profit | $ | 2,704,398 | $ | 101,138 | $ | (5,333) | $ | 2,800,203 | ||||||
| Reconciliation to Consolidated Earnings Before Taxes: | ||||||||||||||
| CAF Income | 663,404 | |||||||||||||
| Selling, general and administrative expenses | (2,487,357) | |||||||||||||
Depreciation and amortization (2) | (228,449) | |||||||||||||
| Interest expense | (120,398) | |||||||||||||
| Other income (expense) | 9,401 | |||||||||||||
| Earnings before income taxes | $ | 636,804 | ||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Apr 15, 2024 | Showing above |
| 2023 | Apr 13, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.