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Side-by-side financial comparison of CarMax (KMX) and PayPal (PYPL). Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $5.8B, roughly 1.5× CarMax). PayPal runs the higher net margin — 16.6% vs 1.1%, a 15.5% gap on every dollar of revenue. On growth, PayPal posted the faster year-over-year revenue change (3.7% vs -6.9%). PayPal produced more free cash flow last quarter ($2.2B vs $1.1B). Over the past eight quarters, PayPal's revenue compounded faster (6.2% 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.
PayPalPYPLEarnings & Financial Report
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.
KMX vs PYPL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.8B | $8.7B |
| Net Profit | $62.2M | $1.4B |
| Gross Margin | 10.2% | — |
| Operating Margin | — | 17.4% |
| Net Margin | 1.1% | 16.6% |
| Revenue YoY | -6.9% | 3.7% |
| Net Profit YoY | -50.4% | 28.2% |
| EPS (diluted) | $0.43 | $1.53 |
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 | $8.7B | ||
| Q3 25 | $6.6B | $8.4B | ||
| Q2 25 | $7.5B | $8.3B | ||
| Q1 25 | $6.0B | $7.8B | ||
| Q4 24 | $6.2B | $8.4B | ||
| Q3 24 | $7.0B | $7.8B | ||
| Q2 24 | $7.1B | $7.9B | ||
| Q1 24 | $5.6B | $7.7B |
| Q4 25 | $62.2M | $1.4B | ||
| Q3 25 | $95.4M | $1.2B | ||
| Q2 25 | $210.4M | $1.3B | ||
| Q1 25 | $89.9M | $1.3B | ||
| Q4 24 | $125.4M | $1.1B | ||
| Q3 24 | $132.8M | $1.0B | ||
| Q2 24 | $152.4M | $1.1B | ||
| Q1 24 | $50.3M | $888.0M |
| 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 | — | 17.4% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | — | 18.1% | ||
| Q1 25 | 2.0% | 19.6% | ||
| Q4 24 | 2.7% | 17.2% | ||
| Q3 24 | 2.5% | 17.7% | ||
| Q2 24 | 2.9% | 16.8% | ||
| Q1 24 | 1.2% | 15.2% |
| Q4 25 | 1.1% | 16.6% | ||
| Q3 25 | 1.4% | 14.8% | ||
| Q2 25 | 2.8% | 15.2% | ||
| Q1 25 | 1.5% | 16.5% | ||
| Q4 24 | 2.0% | 13.4% | ||
| Q3 24 | 1.9% | 12.9% | ||
| Q2 24 | 2.1% | 14.3% | ||
| Q1 24 | 0.9% | 11.5% |
| Q4 25 | $0.43 | $1.53 | ||
| Q3 25 | $0.64 | $1.30 | ||
| Q2 25 | $1.38 | $1.29 | ||
| Q1 25 | $0.58 | $1.29 | ||
| Q4 24 | $0.81 | $1.09 | ||
| Q3 24 | $0.85 | $0.99 | ||
| Q2 24 | $0.97 | $1.08 | ||
| Q1 24 | $0.31 | $0.83 |
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 | $10.4B |
| Total DebtLower is stronger | $16.6B | — |
| Stockholders' EquityBook value | $6.1B | $20.3B |
| Total Assets | $25.6B | $80.2B |
| Debt / EquityLower = less leverage | 2.74× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $204.9M | $10.4B | ||
| Q3 25 | $540.4M | $10.8B | ||
| Q2 25 | $262.8M | $10.0B | ||
| Q1 25 | $247.0M | $11.2B | ||
| Q4 24 | $271.9M | $10.8B | ||
| Q3 24 | $524.7M | $11.9B | ||
| Q2 24 | $218.9M | $13.6B | ||
| Q1 24 | $574.1M | $14.3B |
| 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 | $20.3B | ||
| Q3 25 | $6.2B | $20.2B | ||
| Q2 25 | $6.3B | $20.2B | ||
| Q1 25 | $6.2B | $20.3B | ||
| Q4 24 | $6.2B | $20.4B | ||
| Q3 24 | $6.2B | $20.2B | ||
| Q2 24 | $6.2B | $20.6B | ||
| Q1 24 | $6.1B | $20.7B |
| Q4 25 | $25.6B | $80.2B | ||
| Q3 25 | $27.1B | $79.8B | ||
| Q2 25 | $27.4B | $79.8B | ||
| Q1 25 | $27.4B | $81.3B | ||
| Q4 24 | $27.3B | $81.6B | ||
| Q3 24 | $27.3B | $83.5B | ||
| Q2 24 | $27.2B | $84.0B | ||
| Q1 24 | $27.2B | $83.3B |
| 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 | $2.4B |
| Free Cash FlowOCF − Capex | $1.1B | $2.2B |
| FCF MarginFCF / Revenue | 19.2% | 25.2% |
| Capex IntensityCapex / Revenue | 2.4% | 2.2% |
| Cash ConversionOCF / Net Profit | 20.14× | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | $1.9B | $5.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $2.4B | ||
| Q3 25 | $785.5M | $2.0B | ||
| Q2 25 | $299.5M | $898.0M | ||
| Q1 25 | $146.4M | $1.2B | ||
| Q4 24 | $-23.4M | $2.4B | ||
| Q3 24 | $619.1M | $1.6B | ||
| Q2 24 | $-117.7M | $1.5B | ||
| Q1 24 | $309.6M | $1.9B |
| Q4 25 | $1.1B | $2.2B | ||
| Q3 25 | $654.0M | $1.7B | ||
| Q2 25 | $162.8M | $692.0M | ||
| Q1 25 | $18.8M | $964.0M | ||
| Q4 24 | $-150.6M | $2.2B | ||
| Q3 24 | $509.9M | $1.4B | ||
| Q2 24 | $-221.6M | $1.4B | ||
| Q1 24 | $199.8M | $1.8B |
| Q4 25 | 19.2% | 25.2% | ||
| Q3 25 | 9.9% | 20.4% | ||
| Q2 25 | 2.2% | 8.3% | ||
| Q1 25 | 0.3% | 12.4% | ||
| Q4 24 | -2.4% | 26.2% | ||
| Q3 24 | 7.3% | 18.4% | ||
| Q2 24 | -3.1% | 17.3% | ||
| Q1 24 | 3.6% | 22.9% |
| Q4 25 | 2.4% | 2.2% | ||
| Q3 25 | 2.0% | 3.0% | ||
| Q2 25 | 1.8% | 2.5% | ||
| Q1 25 | 2.1% | 2.5% | ||
| Q4 24 | 2.0% | 2.4% | ||
| Q3 24 | 1.6% | 2.2% | ||
| Q2 24 | 1.5% | 2.0% | ||
| Q1 24 | 2.0% | 2.0% |
| Q4 25 | 20.14× | 1.66× | ||
| Q3 25 | 8.24× | 1.58× | ||
| Q2 25 | 1.42× | 0.71× | ||
| Q1 25 | 1.63× | 0.90× | ||
| Q4 24 | -0.19× | 2.14× | ||
| Q3 24 | 4.66× | 1.60× | ||
| Q2 24 | -0.77× | 1.35× | ||
| Q1 24 | 6.16× | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
