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Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and CarMax (KMX). Click either name above to swap in a different company.
Athene Holding Ltd. is the larger business by last-quarter revenue ($8.1B vs $5.8B, roughly 1.4× CarMax). Athene Holding Ltd. runs the higher net margin — 6.4% vs 1.1%, a 5.4% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs -6.9%). Over the past eight quarters, Athene Holding Ltd.'s revenue compounded faster (19.2% CAGR vs 1.5%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
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.
ATHS vs KMX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $5.8B |
| Net Profit | $523.0M | $62.2M |
| Gross Margin | — | 10.2% |
| Operating Margin | 16.9% | — |
| Net Margin | 6.4% | 1.1% |
| Revenue YoY | 115.1% | -6.9% |
| Net Profit YoY | -48.5% | -50.4% |
| EPS (diluted) | — | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.1B | $5.8B | ||
| Q3 25 | $8.0B | $6.6B | ||
| Q2 25 | $5.4B | $7.5B | ||
| Q1 25 | $4.2B | $6.0B | ||
| Q4 24 | $3.8B | $6.2B | ||
| Q3 24 | $6.5B | $7.0B | ||
| Q2 24 | $4.7B | $7.1B | ||
| Q1 24 | $5.7B | $5.6B |
| Q4 25 | $523.0M | $62.2M | ||
| Q3 25 | $1.3B | $95.4M | ||
| Q2 25 | $464.0M | $210.4M | ||
| Q1 25 | $465.0M | $89.9M | ||
| Q4 24 | $1.0B | $125.4M | ||
| Q3 24 | $625.0M | $132.8M | ||
| Q2 24 | $629.0M | $152.4M | ||
| Q1 24 | $1.2B | $50.3M |
| Q4 25 | — | 10.2% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 11.1% | ||
| Q1 24 | — | 10.4% |
| Q4 25 | 16.9% | — | ||
| Q3 25 | 26.8% | — | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 22.3% | 2.0% | ||
| Q4 24 | 30.4% | 2.7% | ||
| Q3 24 | 25.7% | 2.5% | ||
| Q2 24 | 22.0% | 2.9% | ||
| Q1 24 | 31.1% | 1.2% |
| Q4 25 | 6.4% | 1.1% | ||
| Q3 25 | 15.7% | 1.4% | ||
| Q2 25 | 8.7% | 2.8% | ||
| Q1 25 | 11.1% | 1.5% | ||
| Q4 24 | 26.8% | 2.0% | ||
| Q3 24 | 9.6% | 1.9% | ||
| Q2 24 | 13.5% | 2.1% | ||
| Q1 24 | 20.8% | 0.9% |
| Q4 25 | — | $0.43 | ||
| Q3 25 | — | $0.64 | ||
| Q2 25 | — | $1.38 | ||
| Q1 25 | — | $0.58 | ||
| Q4 24 | — | $0.81 | ||
| Q3 24 | — | $0.85 | ||
| Q2 24 | — | $0.97 | ||
| Q1 24 | — | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $204.9M |
| Total DebtLower is stronger | $7.8B | $16.6B |
| Stockholders' EquityBook value | $20.5B | $6.1B |
| Total Assets | $442.2B | $25.6B |
| Debt / EquityLower = less leverage | 0.38× | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $204.9M | ||
| Q3 25 | — | $540.4M | ||
| Q2 25 | — | $262.8M | ||
| Q1 25 | — | $247.0M | ||
| Q4 24 | — | $271.9M | ||
| Q3 24 | — | $524.7M | ||
| Q2 24 | — | $218.9M | ||
| Q1 24 | $15.3B | $574.1M |
| Q4 25 | $7.8B | $16.6B | ||
| Q3 25 | $7.9B | $17.8B | ||
| Q2 25 | $7.9B | $18.0B | ||
| Q1 25 | $6.3B | $18.1B | ||
| Q4 24 | $6.3B | $18.1B | ||
| Q3 24 | $5.7B | $18.1B | ||
| Q2 24 | $5.7B | $18.2B | ||
| Q1 24 | $5.7B | $18.0B |
| Q4 25 | $20.5B | $6.1B | ||
| Q3 25 | $20.4B | $6.2B | ||
| Q2 25 | $18.1B | $6.3B | ||
| Q1 25 | $17.5B | $6.2B | ||
| Q4 24 | $16.4B | $6.2B | ||
| Q3 24 | $17.4B | $6.2B | ||
| Q2 24 | $15.0B | $6.2B | ||
| Q1 24 | $14.8B | $6.1B |
| Q4 25 | $442.2B | $25.6B | ||
| Q3 25 | $429.9B | $27.1B | ||
| Q2 25 | $405.3B | $27.4B | ||
| Q1 25 | $381.5B | $27.4B | ||
| Q4 24 | $363.3B | $27.3B | ||
| Q3 24 | $355.0B | $27.3B | ||
| Q2 24 | $332.6B | $27.2B | ||
| Q1 24 | $320.6B | $27.2B |
| Q4 25 | 0.38× | 2.74× | ||
| Q3 25 | 0.38× | 2.87× | ||
| Q2 25 | 0.43× | 2.86× | ||
| Q1 25 | 0.36× | 2.91× | ||
| Q4 24 | 0.39× | 2.92× | ||
| Q3 24 | 0.33× | 2.93× | ||
| Q2 24 | 0.38× | 2.95× | ||
| Q1 24 | 0.39× | 2.96× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $1.3B |
| Free Cash FlowOCF − Capex | — | $1.1B |
| FCF MarginFCF / Revenue | — | 19.2% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 5.82× | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $1.3B | ||
| Q3 25 | $636.0M | $785.5M | ||
| Q2 25 | $1.1B | $299.5M | ||
| Q1 25 | $426.0M | $146.4M | ||
| Q4 24 | $386.0M | $-23.4M | ||
| Q3 24 | $780.0M | $619.1M | ||
| Q2 24 | $525.0M | $-117.7M | ||
| Q1 24 | $185.0M | $309.6M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $654.0M | ||
| Q2 25 | — | $162.8M | ||
| Q1 25 | — | $18.8M | ||
| Q4 24 | — | $-150.6M | ||
| Q3 24 | — | $509.9M | ||
| Q2 24 | — | $-221.6M | ||
| Q1 24 | — | $199.8M |
| Q4 25 | — | 19.2% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | -3.1% | ||
| Q1 24 | — | 3.6% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | 5.82× | 20.14× | ||
| Q3 25 | 0.51× | 8.24× | ||
| Q2 25 | 2.28× | 1.42× | ||
| Q1 25 | 0.92× | 1.63× | ||
| Q4 24 | 0.38× | -0.19× | ||
| Q3 24 | 1.25× | 4.66× | ||
| Q2 24 | 0.83× | -0.77× | ||
| Q1 24 | 0.16× | 6.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATHS
Segment breakdown not available.
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
