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Stock research / United States / KMX · Retail-Auto Dealers & Gasoline Stations · NYSE

Carmax Inc. (KMX)

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Carmax Inc. (KMX) reported revenue of $7.9 billion for Q2 FY2027, the quarter ended 31 August 2026, up 19.5% on the same quarter a year earlier. Net income was $165 million, up 73.3% on the year, and diluted earnings per share $1.16. The figures are the company's own, from the 10-Q it filed with the SEC on 30 September 2026.

Revenue$7.9 billionup 19.5%
Net income$165 millionup 73.3%
Diluted EPS$1.16
QuarterQ2 FY2027ended 31 August 2026

Carmax (KMX) in brief

Carmax (KMX) reported revenue of $25.9 billion for fiscal 2026, the year ended 28 February 2026, down 1.8% on the year before.
Read moreNet income was $247 million and diluted earnings per share $1.68. Revenue was $26.4 billion in fiscal 2025, $26.5 billion in fiscal 2024, $29.7 billion in fiscal 2023 and $31.9 billion in fiscal 2022. Net income in the same years was $501 million, $479 million, $485 million and $1.2 billion. Over the twelve months to 31 August 2026, Carmax reported revenue of $27.6 billion and net income of $292 million. Revenue grew 6.4% a year, compounded, over the five years to fiscal 2026. Carmax had 142 million shares outstanding at the latest filed count. At 31 August 2026 it carried $17.4 billion of debt and $171 million of cash. At the close of 9 October 2026 the market cap of Carmax was $7.5 billion, 25.7 times its earnings over the last twelve months.

Ratios

From the filings

ROE4.6%
ROCEn/a
Operating marginn/a
Net margin1.1%
FCF margin4.1%
Interest covern/a
Debt to equity2.76
Cash conversion5.47
Share count, 1 year-3.9%
Sales CAGR, 3 years-4.5%
Profit CAGR, 3 years-20.1%
EPS, TTM$2.05

At the close of 9 October 2026

Price$52.61
Market cap$7.5 billion
Stock P/E25.66
Price to book1.18
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales0.27
52-week high$64.22
52-week low$30.88
Price, 1 year19.3%
Price CAGR, 3 years-9.1%
Price CAGR, 5 years-16.6%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the total debt Carmax Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
KMXgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on KMX

Filings22 in twelve months: 12 current reports (8-K), about 8 officer or director change; 5 results of operations; 2 regulation FD disclosure; 1 shareholder vote; 1 new financial obligation
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.7 by open interest at the 9 October 2026 close; the straddle prices a 4.5% move to 16 October 2026
13F holders10 of the followed funds hold it; largest Two Sigma Investments; 7 Schedule 13D or 13G filings in twelve months
Insider trading0 sales and 6 purchases on Form 4 in twelve months
Congress1 House trade disclosed in six months
Short interest10.8 million shares short, 2.39 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *Q1 FY2027Q2 FY2027
Revenue6,1495,6277,1137,0146,2236,0037,5476,5955,7945,9468,0147,878
Cost of revenue5,5365,0406,3226,2535,5465,3356,6535,8775,2045,3417,1597,078
Gross profit613586792760678668894718590605854799
Gross margin10%10%11%11%11%11%12%11%10%10%11%10%
SG&A560581639611576610660601581611635629
Interest expense31.331.431.427.025.424.127.128.526.128.833.831.8
Pre-tax income11165.520717816611828312783.9-111259223
Tax rate26%23%26%25%25%24%26%25%26%n/a28%26%
Net income82.050.315213312589.921095.462.2-121186165
Net margin1%1%2%2%2%1%3%1%1%-2%2%2%
Diluted EPS$0.52$0.32$0.97$0.85$0.81$0.58$1.38$0.64$0.43-$0.85$1.31$1.16
Operating cash flow210310-118619-23.41463007851,253-55417.6883
Capital expenditure14511010410912712813713114013310377.1
Free cash flow64.8200-222510-15118.81636541,113-687-85.7806
Buybacks40.149.810710611698.920418120454.32.30.3
Shares outstanding158m158m156m155m154m153m151m148m143m142m142m142m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2015 †FY2016FY2017FY2018FY2019FY2020 †FY2021 †FY2022FY2023FY2024FY2025FY2026TTM
Revenue14,26915,15015,87517,12018,17320,32018,95031,90029,68526,53626,35325,88127,631
Cost of revenue12,38113,13113,69214,79115,69317,59816,57128,61326,88523,82323,45623,07524,782
Gross profit1,8882,0192,1832,3292,4812,7222,3793,2882,8002,7132,8982,8072,849
Gross margin13.2%13.3%13.8%13.6%13.6%13.4%12.6%10.3%9.4%10.2%11.0%10.8%10.3%
Selling, general and administrative1,2581,3521,4891,6171,7301,7501,7042,3252,4872,2862,4352,4532,456
Interest expense24.536.456.470.775.883.086.294.1120125108110121
Pre-tax income9691,0101,0061,0641,1131,1619651,492637642669383455
Income tax372387379399270273218341152162169136162
Effective tax rate38.4%38.3%37.7%37.6%24.3%23.5%22.6%22.9%23.9%25.3%25.2%35.5%35.7%
Net income5976236276648428887471,151485479501247292
Net margin4.2%4.1%3.9%3.9%4.6%4.4%3.9%3.6%1.6%1.8%1.9%1.0%1.1%
Diluted EPS$2.73$3.03$3.26$3.60$4.79$5.33$4.52$6.97$3.03$3.02$3.21$1.68$2.05
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2015 †FY2016FY2017FY2018FY2019FY2020 †FY2021 †FY2022FY2023FY2024FY2025FY2026TTM
Operating cash flow-968n/an/a-80.5163-237668-2,5491,2834596241,7841,599
Capital expenditure310316418297305332165309423465468541453
Free cash flow-1,278n/an/a-377-142-569503-2,858861-6.71561,2431,146
Free cash flow margin-9.0%n/an/a-2.2%-0.8%-2.8%2.7%-9.0%2.9%-0.0%0.6%4.8%4.1%
Cash from investingn/an/an/a-302-309-389-128-524-426-467-461-540-438
Cash from financingn/an/an/a413186687-4243,105-710308-454-1,341-1,551
Depreciation and amortisation115137169180182216242273265260295346326
Share-based compensation81.951.191.661.975.010912210985.612013599.0102
Buybacks92498456458090556823057633494.1428643261
Diluted shares, weighted219m206m192m184m176m167m165m165m160m159m156m148m142m
Shares outstanding at period end209m195m187m180m167m163m163m161m158m158m153m142m142m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2015 †FY2016FY2017FY2018FY2019FY2020 †FY2021 †FY2022FY2023FY2024FY2025FY2026TTM
Funded by
Shareholders' equity3,1572,9053,1093,3173,3573,7694,3655,2355,6136,0746,2435,8896,305
Debt9,10910,65812,19413,14314,19815,40315,09818,73418,38218,78318,70718,05117,403
Operating lease liabilitiesn/an/an/an/a0.0441424523524496482465439
Finance lease liabilitiesn/an/an/an/an/a79.3120145165199189176181
Other liabilities9329199771,0271,1631,3911,5351,7001,4991,6451,7831,7871,742
Total liabilities and equity13,19814,48216,27917,48618,71821,08221,54226,33826,18327,19727,40426,36826,068
Owned
Fixed assets1,8632,1622,5182,6672,8283,0693,0563,2093,4313,6663,8424,0704,079
Goodwill10.1n/an/an/an/an/a0.71411411411410.0n/a
Intangible assetsn/an/an/an/an/an/an/a206191176160145n/a
Trading assets9.213.616.519.419.322.724.024.022.724.327.533.734.2
Cash and equivalents27.637.438.444.546.958.2132103315574247123171
Receivables138132152133140191239561299221189204225
Inventory2,0871,9322,2612,3912,5192,8463,1575,1253,7263,6783,9354,1373,855
Other assets9,06410,20511,29312,23113,16414,89514,93316,96918,05718,71718,86317,65517,706
Total assets13,19814,48216,27917,48618,71821,08221,54226,33826,18327,19727,40426,36826,068
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded5.5%6.4%-4.5%4.8%
Profit growth, compounded-8.8%-19.8%-20.1%-43.9%
Return on equity, average15.7%10.1%6.7%4.2%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Carmax's revenue in fiscal 2026?

Carmax (KMX) reported revenue of $25.9 billion for fiscal 2026, the year ended 28 February 2026, down 1.8% on the year before.

How much did Carmax earn in fiscal 2026?

Net income was $247 million for fiscal 2026, and diluted earnings per share $1.68.

What is Carmax's P/E ratio?

At the close of 9 October 2026, Carmax traded at 25.7 times its earnings over the twelve months to 31 August 2026.

What is Carmax's market cap?

The market cap of Carmax was $7.5 billion at the close of 9 October 2026.

How much debt does Carmax have?

At 31 August 2026 Carmax carried $17.4 billion of debt and $171 million of cash.

Peers: Retail

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Carvana Co. CVNA$47.2 billion36.8838.9%8.9%54.0%1.21n/a
Copart Inc. CPRT$25.3 billion17.6316.3%35.4%0.4%0.00n/a
Caseys General Stores Inc. CASY$23.9 billion31.1218.9%8.3%13.8%0.570.2%
Penske Automotive Group, Inc. PAG$12.9 billion14.4615.6%n/a0.6%0.892.6%
Murphy USA Inc. MUSA$9.7 billion16.0878.9%4.3%10.3%2.770.4%
Carmax Inc. KMX$7.5 billion25.664.6%n/a4.8%2.76n/a
Lithia Motors Inc. LAD$6.4 billion9.6211.2%4.1%2.1%1.800.8%
Autonation, Inc. AN$5.2 billion7.2934.3%4.8%-0.1%1.58n/a
Openlane, Inc. OPLN$4.5 billionn/a12.8%11.5%11.8%1.540.0%
Rush Enterprises Inc. \Tx\ RUSHA$3.6 billion13.4111.4%5.1%-5.9%0.531.7%
Asbury Automotive Group Inc. ABG$3.0 billion6.2713.0%4.4%4.1%0.77n/a
Group 1 Automotive Inc. GPI$2.8 billion9.679.8%3.1%0.8%1.140.9%
All 67 in Retail
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Amazon.com Inc. AMZN$2.83 trillion21.1124.5%12.1%15.8%0.24n/a
Walmart Inc. WMT$883.5 billion40.2022.5%4.4%6.2%0.410.8%
Costco Wholesale Corp. COST$419.7 billion45.6125.8%3.9%10.1%0.110.6%
Home Depot, Inc. HD$290.2 billion20.3585.6%12.4%2.5%2.643.2%
TJX Companies Inc. TJX$152.8 billion25.6557.0%n/a7.7%0.181.2%
CVS Health Corp. CVS$110.1 billion22.806.1%2.0%7.4%0.753.1%
Lowe's Companies Inc. LOW$104.3 billion15.72n/a11.4%8.2%n/a2.6%
Sherwin Williams Co. SHW$77.5 billion29.4369.7%n/a5.8%3.131.0%
ROSS Stores, Inc. ROST$71.1 billion26.9339.4%13.7%14.0%0.150.7%
O'Reilly Automotive, Inc. ORLY$70.6 billion27.54n/a19.6%8.5%n/an/a
Target Corp. TGT$69.8 billion15.9624.6%5.6%2.0%0.803.0%
Fastenal Co. FAST$58.2 billion43.0133.2%20.3%12.5%0.031.8%
Autozone Inc. AZO$48.0 billion20.21n/a18.0%5.7%n/an/a
Carvana Co. CVNA$47.2 billion36.8838.9%8.9%54.0%1.21n/a
JD.com, Inc. JD *$37.2 billion14.088.7%0.2%13.0%0.333.9%
Kroger Co. KR$36.4 billion33.5018.6%1.4%1.6%2.632.3%
Williams Sonoma Inc. WSM$28.5 billion24.7555.1%19.2%2.2%0.001.2%
Dollar General Corp. DG$28.1 billion16.5518.3%5.6%4.8%0.491.9%
Copart Inc. CPRT$25.3 billion17.6316.3%35.4%0.4%0.00n/a
Ulta Beauty, Inc. ULTA$24.4 billion20.7945.8%12.5%11.2%0.130.0%
Caseys General Stores Inc. CASY$23.9 billion31.1218.9%8.3%13.8%0.570.2%
Dollar Tree, Inc. DLTR$22.3 billion14.4847.1%11.0%8.2%0.86n/a
Best Buy Co., Inc. BBY$18.3 billion14.4840.0%4.1%1.4%0.364.4%
CDW Corp. CDW$17.8 billion17.0944.2%7.1%7.4%1.971.8%
Tractor Supply Co. TSCO$17.6 billion17.5538.5%8.5%4.0%0.822.8%
Burlington Stores, Inc. BURL$17.4 billion24.8535.7%7.7%10.9%0.95n/a
Penske Automotive Group, Inc. PAG$12.9 billion14.4615.6%n/a0.6%0.892.6%
BJ's Wholesale Club Holdings, Inc. BJ$12.5 billion21.5627.1%3.8%9.1%0.18n/a
Dick'S Sporting Goods, Inc. DKS$12.3 billion14.6714.7%5.5%53.5%0.333.5%
GameStop Corp. GME$11.9 billion17.5014.5%13.5%-7.7%0.680.4%
Five Below, Inc. FIVE$11.8 billion19.2925.0%14.7%25.6%0.000.0%
Murphy USA Inc. MUSA$9.7 billion16.0878.9%4.3%10.3%2.770.4%
FirstCash Holdings, Inc. FCFS$9.3 billion24.3916.7%12.8%21.6%1.010.7%
GAP Inc. GAP$8.2 billion6.9331.6%11.0%1.1%0.382.8%
Chewy, Inc. CHWY$7.8 billion28.7373.9%2.5%5.9%1.60n/a
Carmax Inc. KMX$7.5 billion25.664.6%n/a4.8%2.76n/a
Urban Outfitters Inc. URBN$7.0 billion12.8419.9%11.3%11.0%0.00n/a
Victoria's Secret & Co. VSXY$6.6 billion18.4438.2%7.9%10.3%0.98n/a
Lithia Motors Inc. LAD$6.4 billion9.6211.2%4.1%2.1%1.800.8%
Sprouts Farmers Market, Inc. SFM$6.1 billion12.4833.5%7.4%7.2%0.07n/a
Abercrombie & Fitch Co. ANF$6.1 billion12.2139.6%13.7%4.7%0.000.0%
Albertsons Companies, Inc. ACI$5.9 billion152.504.1%0.7%2.7%5.224.9%
Macy's, Inc. M$5.9 billion8.3015.2%5.0%0.3%0.493.2%
Autonation, Inc. AN$5.2 billion7.2934.3%4.8%-0.1%1.58n/a
Pricesmart Inc. PSMT$5.2 billion32.4111.5%4.5%10.2%0.130.7%
Ollie's Bargain Outlet Holdings, Inc. OLLI$5.1 billion19.0614.4%12.3%14.4%0.001.2%
Floor & Decor Holdings, Inc. FND$4.9 billion21.169.3%6.4%2.4%0.08n/a
Insight Enterprises Inc. NSIT$4.8 billion23.9613.1%4.6%2.7%0.92n/a
Openlane, Inc. OPLN$4.5 billionn/a12.8%11.5%11.8%1.540.0%
Signet Jewelers Ltd. SIG$4.1 billion12.1219.3%6.8%0.6%0.001.3%
Boot Barn Holdings, Inc. BOOT$3.6 billion15.1817.9%13.6%17.6%0.00n/a
Rush Enterprises Inc. \Tx\ RUSHA$3.6 billion13.4111.4%5.1%-5.9%0.531.7%
Bath & Body Works, Inc. BBWI$3.5 billion4.52n/a16.7%-2.2%n/a4.6%
Academy Sports & Outdoors, Inc. ASO$3.3 billion8.9218.2%9.6%3.7%0.230.2%
American Eagle Outfitters Inc. AEO$3.0 billion9.4119.1%7.8%9.2%0.032.8%
Asbury Automotive Group Inc. ABG$3.0 billion6.2713.0%4.4%4.1%0.77n/a
Group 1 Automotive Inc. GPI$2.8 billion9.679.8%3.1%0.8%1.140.9%
Ezcorp Inc. EZPW$2.7 billion16.1313.6%13.9%28.6%0.45n/a
Advance Auto Parts Inc. AAP$2.5 billion30.883.7%2.7%-1.3%1.502.4%
Kohls Corp. KSS$2.3 billion8.886.5%3.8%-2.9%0.322.5%
Buckle Inc. BKE$2.3 billion10.1845.2%20.8%6.2%0.0010.0%
RH RH$2.2 billion20.8292.7%10.0%3.3%19.69n/a
Sonic Automotive Inc. SAH$1.9 billion9.6520.7%3.3%5.3%1.710.4%
Sally Beauty Holdings, Inc. SBH$1.5 billion8.2822.1%8.4%1.1%0.94n/a
Grocery Outlet Holding Corp. GO$1.2 billionn/a-46.7%-7.9%5.1%0.62n/a
Marinemax Inc. HZO$1.2 billion373.930.4%3.0%-5.4%0.35n/a
Winmark Corp. WINA$1.0 billion26.50n/a62.3%3.8%n/a1.1%
12 companies share its SEC industry code (Retail-Auto Dealers & Gasoline Stations); the rest are the names nearest in size in its wider industry, Retail, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q31 August 202630 September 2026EDGAR
10-Q31 May 202624 June 2026EDGAR
10-K28 February 202615 April 2026EDGAR
10-Q30 November 202523 December 2025EDGAR
10-Q31 August 202526 September 2025EDGAR
10-Q31 May 202526 June 2025EDGAR
10-K28 February 202511 April 2025EDGAR
10-Q30 November 20247 January 2025EDGAR
10-Q31 August 202427 September 2024EDGAR
10-Q31 May 202427 June 2024EDGAR

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