CARMAX INC KMX
CarMax, Inc. delivers an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process. We are the nation's largest retailer of used vehicles, and we sold 780,684 used vehicles at retail during the fiscal year ended February 28, 2026. We are also one of the nation's largest operators of wholesale vehicle auctions, with 538,203 vehicles sold during fiscal 2026, and one of the nation's largest providers of used vehicle financing, servicing approximately 1.0 million customer accounts in our $16.37 billion portfolio of auto loans as of February 28, 2026. Our omni-channel experience provides a common platform across all of CarMax that leverages our scale, national footprint and infrastructure and empowers our customers to buy a vehicle on their terms, whether online, in-store or through a seamless combination of both. Our associates, stores, technology and digital capabilities seamlessly tied together enable us to provide the most customer-centric car buying and selling experience, a key differentiator in a large and fragmented market.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.88B | $26.35B | $26.54B | $29.68B | $31.90B | $18.95B | $20.32B | $18.17B | $17.12B | $15.88B |
| Cost of revenue | $23.07B | $23.46B | $23.82B | $26.88B | $28.61B | $16.57B | $17.60B | $15.69B | $14.79B | $13.69B |
| Gross profit | $2.81B | $2.90B | $2.71B | $2.80B | $3.29B | $2.38B | $2.72B | $2.48B | $2.33B | $2.18B |
| SG&A | $2.45B | $2.44B | $2.29B | $2.49B | $2.33B | $1.70B | $1.75B | $1.73B | $1.62B | $1.49B |
| Interest expense | $110.4M | $107.9M | $124.8M | $120.4M | $94.1M | $86.2M | $83.0M | $75.8M | $70.7M | $56.4M |
| Pre-tax income | $383.4M | $669.4M | $641.6M | $636.8M | $1.49B | $965.3M | $1.16B | $1.11B | $1.06B | $1.01B |
| Income tax | $136.1M | $168.8M | $162.4M | $152.0M | $341.0M | $218.3M | $272.6M | $270.4M | $399.5M | $379.4M |
| Net income | $247.0M | $501.0M | $479.0M | $485.0M | $1.15B | $746.9M | $888.4M | $842.4M | $664.1M | $627.0M |
| EPS, basic | 1.68 | 3.22 | 3.03 | 3.05 | 7.09 | 4.58 | 5.39 | 4.83 | 3.64 | 3.29 |
| EPS, diluted | 1.68 | 3.21 | 3.02 | 3.03 | 6.97 | 4.52 | 5.33 | 4.79 | 3.60 | 3.26 |
| Shares, diluted (wtd. avg.) | $147.6M | $156.1M | $158.7M | $159.8M | $165.2M | $165.1M | $166.8M | $175.9M | $184.5M | $192.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $122.8M | $247.0M | $574.1M | $951.0M | $803.6M | $771.9M | $656.4M | $595.4M | $554.9M | $523.9M |
| Receivables | $204.5M | $188.7M | $221.2M | $298.8M | $561.0M | $239.1M | $191.1M | $139.8M | $133.3M | $152.4M |
| Inventory | $4.14B | $3.93B | $3.68B | $3.73B | $5.12B | $3.16B | $2.85B | $2.52B | $2.39B | $2.26B |
| Total current assets | $5.31B | $5.08B | $5.23B | $5.04B | $6.55B | $4.12B | $3.66B | $3.21B | $3.06B | $2.87B |
| Property, plant and equipment | $4.07B | $3.84B | $3.67B | $3.43B | $3.21B | $3.06B | $3.07B | $2.83B | $2.67B | $2.52B |
| Goodwill | $0 | $141.3M | $141.3M | $141.3M | $141.3M | $653.0K | — | — | — | — |
| Other intangibles | $144.9M | $160.3M | $175.7M | $191.1M | $206.5M | — | — | — | — | — |
| Total assets | $26.37B | $27.40B | $27.20B | $26.18B | $26.34B | $21.54B | $21.08B | $18.72B | $17.49B | $16.28B |
| Accounts payable | $1.12B | $977.8M | $933.7M | $826.6M | $937.7M | $799.3M | $737.1M | $593.2M | $529.7M | $495.0M |
| Short-term debt | $217.3M | $16.8M | $313.3M | $111.9M | $11.2M | $9.9M | $9.3M | $10.2M | — | — |
| Total current liabilities | $2.41B | $2.20B | $2.31B | $1.94B | $2.05B | $1.70B | $1.53B | $1.31B | $1.17B | $1.11B |
| Long-term debt | $17.26B | $18.14B | $17.96B | $17.78B | $18.18B | $14.62B | $14.94B | $13.78B | — | — |
| Total liabilities | $20.48B | $21.16B | $21.12B | $20.57B | $21.10B | $17.18B | $17.31B | $15.36B | $14.17B | $13.17B |
| Retained earnings | $4.04B | $4.27B | $4.13B | $3.72B | $3.52B | $2.89B | $2.49B | $2.10B | $2.05B | $1.88B |
| Total equity | $5.89B | $6.24B | $6.07B | $5.61B | $5.24B | $4.36B | $3.77B | $3.36B | $3.32B | $3.11B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.78B | $624.4M | $458.6M | $1.28B | -$2.55B | $667.8M | -$236.6M | $163.0M | -$80.5M | -$455.3M |
| Depreciation and amortisation | $346.0M | $294.8M | $260.4M | $265.2M | $273.2M | $242.2M | $215.8M | $182.2M | $179.9M | $168.9M |
| Stock-based compensation | $99.0M | $134.7M | $119.7M | $85.6M | $109.2M | $121.9M | $108.9M | $75.0M | $61.9M | $91.6M |
| Capital expenditure | $541.0M | $467.9M | $465.3M | $422.7M | $308.5M | $164.5M | $331.9M | $304.6M | $296.8M | $418.1M |
| Investing cash flow | -$540.0M | -$461.0M | -$467.0M | -$425.8M | -$523.7M | -$128.2M | -$389.4M | -$308.5M | -$301.9M | -$420.0M |
| Financing cash flow | -$1.34B | -$453.5M | $307.8M | -$710.2M | $3.10B | -$424.0M | $687.0M | $186.0M | $413.4M | $921.9M |
| Buybacks | $642.8M | $428.5M | $94.1M | $333.9M | $576.5M | $229.9M | $567.7M | $904.7M | $579.6M | $564.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001170010-26-000045.
Others in SIC 5500
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| LAD | LITHIA MOTORS INC | $8.50B | 12.0x | 4.0% |
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| OPLN | OPENLANE, Inc. | $4.35B | — | 8.2% |