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Side-by-side financial comparison of CarMax (KMX) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $4.0B, roughly 1.5× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 1.1%, a 29.9% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $1.1B). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs 1.5%).
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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
KMX vs NTES — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.8B | $4.0B |
| Net Profit | $62.2M | $1.2B |
| Gross Margin | 10.2% | 64.1% |
| Operating Margin | — | 28.3% |
| Net Margin | 1.1% | 31.0% |
| Revenue YoY | -6.9% | — |
| Net Profit YoY | -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 | $5.8B | — | ||
| Q3 25 | $6.6B | $4.0B | ||
| Q2 25 | $7.5B | $3.9B | ||
| Q1 25 | $6.0B | $4.0B | ||
| Q4 24 | $6.2B | — | ||
| Q3 24 | $7.0B | $3.7B | ||
| Q2 24 | $7.1B | $3.5B | ||
| Q1 24 | $5.6B | $3.7B |
| Q4 25 | $62.2M | — | ||
| Q3 25 | $95.4M | $1.2B | ||
| Q2 25 | $210.4M | $1.3B | ||
| Q1 25 | $89.9M | $1.5B | ||
| Q4 24 | $125.4M | — | ||
| Q3 24 | $132.8M | $955.7M | ||
| Q2 24 | $152.4M | $939.6M | ||
| Q1 24 | $50.3M | $1.1B |
| Q4 25 | 10.2% | — | ||
| Q3 25 | 10.9% | 64.1% | ||
| Q2 25 | 11.8% | 64.7% | ||
| Q1 25 | 11.1% | 64.1% | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 10.8% | 62.9% | ||
| Q2 24 | 11.1% | 62.9% | ||
| Q1 24 | 10.4% | 63.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | 28.3% | ||
| Q2 25 | — | 32.5% | ||
| Q1 25 | 2.0% | 36.2% | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 2.5% | 27.3% | ||
| Q2 24 | 2.9% | 27.4% | ||
| Q1 24 | 1.2% | 28.4% |
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.4% | 31.0% | ||
| Q2 25 | 2.8% | 32.6% | ||
| Q1 25 | 1.5% | 36.6% | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 1.9% | 25.6% | ||
| Q2 24 | 2.1% | 26.8% | ||
| Q1 24 | 0.9% | 29.1% |
| 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 | $31.3B |
| Total DebtLower is stronger | $16.6B | — |
| Stockholders' EquityBook value | $6.1B | $160.8B |
| Total Assets | $25.6B | $214.5B |
| Debt / EquityLower = less leverage | 2.74× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $204.9M | — | ||
| Q3 25 | $540.4M | $31.3B | ||
| Q2 25 | $262.8M | $54.4B | ||
| Q1 25 | $247.0M | $41.7B | ||
| Q4 24 | $271.9M | — | ||
| Q3 24 | $524.7M | $20.2B | ||
| Q2 24 | $218.9M | $19.0B | ||
| Q1 24 | $574.1M | $43.0B |
| Q4 25 | $16.6B | — | ||
| Q3 25 | $17.8B | — | ||
| Q2 25 | $18.0B | — | ||
| Q1 25 | $18.1B | — | ||
| Q4 24 | $18.1B | — | ||
| Q3 24 | $18.1B | — | ||
| Q2 24 | $18.2B | — | ||
| Q1 24 | $18.0B | — |
| Q4 25 | $6.1B | — | ||
| Q3 25 | $6.2B | $160.8B | ||
| Q2 25 | $6.3B | $154.0B | ||
| Q1 25 | $6.2B | $147.8B | ||
| Q4 24 | $6.2B | — | ||
| Q3 24 | $6.2B | $135.6B | ||
| Q2 24 | $6.2B | $134.2B | ||
| Q1 24 | $6.1B | $130.5B |
| Q4 25 | $25.6B | — | ||
| Q3 25 | $27.1B | $214.5B | ||
| Q2 25 | $27.4B | $208.5B | ||
| Q1 25 | $27.4B | $200.9B | ||
| Q4 24 | $27.3B | — | ||
| Q3 24 | $27.3B | $184.9B | ||
| Q2 24 | $27.2B | $183.3B | ||
| Q1 24 | $27.2B | $195.1B |
| Q4 25 | 2.74× | — | ||
| Q3 25 | 2.87× | — | ||
| Q2 25 | 2.86× | — | ||
| Q1 25 | 2.91× | — | ||
| Q4 24 | 2.92× | — | ||
| Q3 24 | 2.93× | — | ||
| Q2 24 | 2.95× | — | ||
| Q1 24 | 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 | $1.3B | $1.8B |
| Free Cash FlowOCF − Capex | $1.1B | $1.8B |
| FCF MarginFCF / Revenue | 19.2% | 44.7% |
| Capex IntensityCapex / Revenue | 2.4% | 1.0% |
| Cash ConversionOCF / Net Profit | 20.14× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $1.9B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | — | ||
| Q3 25 | $785.5M | $1.8B | ||
| Q2 25 | $299.5M | $1.5B | ||
| Q1 25 | $146.4M | $1.7B | ||
| Q4 24 | $-23.4M | — | ||
| Q3 24 | $619.1M | $1.5B | ||
| Q2 24 | $-117.7M | $898.8M | ||
| Q1 24 | $309.6M | $1.3B |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $654.0M | $1.8B | ||
| Q2 25 | $162.8M | $1.5B | ||
| Q1 25 | $18.8M | $1.6B | ||
| Q4 24 | $-150.6M | — | ||
| Q3 24 | $509.9M | $1.5B | ||
| Q2 24 | $-221.6M | $875.6M | ||
| Q1 24 | $199.8M | $1.3B |
| Q4 25 | 19.2% | — | ||
| Q3 25 | 9.9% | 44.7% | ||
| Q2 25 | 2.2% | 38.3% | ||
| Q1 25 | 0.3% | 40.4% | ||
| Q4 24 | -2.4% | — | ||
| Q3 24 | 7.3% | 38.9% | ||
| Q2 24 | -3.1% | 25.0% | ||
| Q1 24 | 3.6% | 34.0% |
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.0% | 1.0% | ||
| Q2 25 | 1.8% | 0.7% | ||
| Q1 25 | 2.1% | 1.6% | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 1.6% | 1.4% | ||
| Q2 24 | 1.5% | 0.7% | ||
| Q1 24 | 2.0% | 1.5% |
| Q4 25 | 20.14× | — | ||
| Q3 25 | 8.24× | 1.47× | ||
| Q2 25 | 1.42× | 1.20× | ||
| Q1 25 | 1.63× | 1.15× | ||
| Q4 24 | -0.19× | — | ||
| Q3 24 | 4.66× | 1.58× | ||
| Q2 24 | -0.77× | 0.96× | ||
| Q1 24 | 6.16× | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
