CarMaxKMXEarnings & Financial Report
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
Revenue
$6.0B
Gross Profit
$667.9M
Operating Profit
$118.4M
Net Profit
$89.9M
Gross Margin
11.1%
Operating Margin
2.0%
Net Margin
1.5%
YoY Growth
6.7%
EPS
$0.58
CarMax Q4 FY2025 Financial Summary
CarMax reported revenue of $6.0B (up 6.7% YoY) for Q4 FY2025, with a net profit of $89.9M (up 78.8% YoY) (1.5% margin). Cost of goods sold was $5.3B, operating expenses totaled $549.5M.
Key Financial Metrics
| Total Revenue | $6.0B |
|---|---|
| Net Profit | $89.9M |
| Gross Margin | 11.1% |
| Operating Margin | 2.0% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
CarMax Q4 FY2025 revenue of $6.0B breaks down across 7 segments, led by Used Vehicles at $4.8B (80.6% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Used Vehicles | $4.8B | 80.6% |
| Wholesale Vehicles | $1.0B | 16.8% |
| Other | $159.0M | 2.6% |
| Extendedprotectionplan Domain | $106.0M | 1.8% |
| Advertising Subscription Revenues Domain | $34.2M | 0.6% |
| Service Domain | $18.6M | 0.3% |
| Other Domain | $2.3M | 0.0% |
CarMax Revenue by Segment — Quarterly Trend
CarMax revenue by segment across the last 4 reported quarters, showing how each business line (such as Used Vehicles and Wholesale Vehicles) has evolved quarter over quarter.
| Segment | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 |
|---|---|---|---|---|
| Used Vehicles | $4.5B | $5.3B | $4.8B | $4.8B |
| Wholesale Vehicles | $1.1B | $1.1B | $1.0B | $1.0B |
| Other | $150.6M | $174.4M | $1.4B | $159.0M |
| Extendedprotectionplan Domain | $96.6M | $115.1M | $105.3M | $106.0M |
| Advertising Subscription Revenues Domain | $35.1M | $37.9M | $35.0M | $34.2M |
CarMax Annual Revenue by Year
CarMax annual revenue history includes year-by-year totals (for example, 2025 revenue was $26.4B).
| Year | Annual Revenue |
|---|---|
| 2025 | $26.4B |
| 2024 | $26.5B |
CarMax Quarterly Revenue & Net Profit History
CarMax results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q3 FY2026 | $5.8B | -6.9% | $62.2M | 1.1% |
| Q2 FY2026 | $6.6B | -6.0% | $95.4M | 1.4% |
| Q1 FY2026 | $7.5B | +6.1% | $210.4M | 2.8% |
| Q4 FY2025 | $6.0B | +6.7% | $89.9M | 1.5% |
| Q3 FY2025 | $6.2B | +1.2% | $125.4M | 2.0% |
| Q2 FY2025 | $7.0B | -0.9% | $132.8M | 1.9% |
| Q1 FY2025 | $7.1B | -7.5% | $152.4M | 2.1% |
| Q4 FY2024 | $5.6B | -1.7% | $50.3M | 0.9% |
Income Statement
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.63B | $7.11B | $7.01B | $6.22B | $6.00B | $7.55B | $6.59B | $5.79B |
| YoY Growth | -1.7% | -7.5% | -0.9% | 1.2% | 6.7% | 6.1% | -6.0% | -6.9% |
Balance Sheet
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $27.20B | $27.24B | $27.30B | $27.30B | $27.40B | $27.39B | $27.08B | $25.56B |
| Liabilities | $21.12B | $21.08B | $21.12B | $21.09B | $21.16B | $21.10B | $20.88B | $19.50B |
| Equity | $6.07B | $6.17B | $6.18B | $6.21B | $6.24B | $6.29B | $6.20B | $6.06B |
Cash Flow
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $309.6M | $-117.7M | $619.1M | $-23.4M | $146.4M | $299.5M | $785.5M | $1.25B |