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Side-by-side financial comparison of CarMax (KMX) and Ulta Beauty (ULTA), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $2.9B, roughly 2.0× Ulta Beauty). Ulta Beauty runs the higher net margin — 1.1% vs 8.1%, a 7.0% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (12.9% vs -6.9%). CarMax produced more free cash flow last quarter ($1.1B vs $-81.6M). Over the past eight quarters, Ulta Beauty's revenue compounded faster (6.3% 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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
KMX vs ULTA — Head-to-Head
Income Statement — Q3 2026 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $5.8B | $2.9B |
| Net Profit | $62.2M | $230.9M |
| Gross Margin | 10.2% | 40.4% |
| Operating Margin | — | 10.8% |
| Net Margin | 1.1% | 8.1% |
| Revenue YoY | -6.9% | 12.9% |
| Net Profit YoY | -50.4% | -4.7% |
| EPS (diluted) | $0.43 | $5.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $5.8B | $2.9B | ||
| Q3 25 | $6.6B | $2.8B | ||
| Q2 25 | $7.5B | $2.8B | ||
| Q1 25 | $6.0B | — | ||
| Q4 24 | $6.2B | $2.5B | ||
| Q3 24 | $7.0B | $2.6B | ||
| Q2 24 | $7.1B | $2.7B | ||
| Q1 24 | $5.6B | $3.6B |
| Q4 25 | $62.2M | $230.9M | ||
| Q3 25 | $95.4M | $260.9M | ||
| Q2 25 | $210.4M | $305.1M | ||
| Q1 25 | $89.9M | — | ||
| Q4 24 | $125.4M | $242.2M | ||
| Q3 24 | $132.8M | $252.6M | ||
| Q2 24 | $152.4M | $313.1M | ||
| Q1 24 | $50.3M | $394.4M |
| Q4 25 | 10.2% | 40.4% | ||
| Q3 25 | 10.9% | 39.2% | ||
| Q2 25 | 11.8% | 39.1% | ||
| Q1 25 | 11.1% | — | ||
| Q4 24 | 10.9% | 39.7% | ||
| Q3 24 | 10.8% | 38.3% | ||
| Q2 24 | 11.1% | 39.2% | ||
| Q1 24 | 10.4% | 37.7% |
| Q4 25 | — | 10.8% | ||
| Q3 25 | — | 12.4% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 2.7% | 12.6% | ||
| Q3 24 | 2.5% | 12.9% | ||
| Q2 24 | 2.9% | 14.7% | ||
| Q1 24 | 1.2% | 14.5% |
| Q4 25 | 1.1% | 8.1% | ||
| Q3 25 | 1.4% | 9.4% | ||
| Q2 25 | 2.8% | 10.7% | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 2.0% | 9.6% | ||
| Q3 24 | 1.9% | 9.9% | ||
| Q2 24 | 2.1% | 11.5% | ||
| Q1 24 | 0.9% | 11.1% |
| Q4 25 | $0.43 | $5.14 | ||
| Q3 25 | $0.64 | $5.78 | ||
| Q2 25 | $1.38 | $6.70 | ||
| Q1 25 | $0.58 | — | ||
| Q4 24 | $0.81 | $5.14 | ||
| Q3 24 | $0.85 | $5.30 | ||
| Q2 24 | $0.97 | $6.47 | ||
| Q1 24 | $0.31 | $8.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $204.9M | $204.9M |
| Total DebtLower is stronger | $16.6B | — |
| Stockholders' EquityBook value | $6.1B | $2.6B |
| Total Assets | $25.6B | $7.0B |
| Debt / EquityLower = less leverage | 2.74× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $204.9M | $204.9M | ||
| Q3 25 | $540.4M | $242.7M | ||
| Q2 25 | $262.8M | $454.6M | ||
| Q1 25 | $247.0M | — | ||
| Q4 24 | $271.9M | $177.8M | ||
| Q3 24 | $524.7M | $414.0M | ||
| Q2 24 | $218.9M | $524.6M | ||
| Q1 24 | $574.1M | $766.6M |
| 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 | $2.6B | ||
| Q3 25 | $6.2B | $2.6B | ||
| Q2 25 | $6.3B | $2.4B | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $6.2B | $2.3B | ||
| Q3 24 | $6.2B | $2.3B | ||
| Q2 24 | $6.2B | $2.3B | ||
| Q1 24 | $6.1B | $2.3B |
| Q4 25 | $25.6B | $7.0B | ||
| Q3 25 | $27.1B | $6.6B | ||
| Q2 25 | $27.4B | $6.0B | ||
| Q1 25 | $27.4B | — | ||
| Q4 24 | $27.3B | $6.0B | ||
| Q3 24 | $27.3B | $5.7B | ||
| Q2 24 | $27.2B | $5.6B | ||
| Q1 24 | $27.2B | $5.7B |
| 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. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.3B | $5.6M |
| Free Cash FlowOCF − Capex | $1.1B | $-81.6M |
| FCF MarginFCF / Revenue | 19.2% | -2.9% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 2.4% | 3.1% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 20.14× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | $1.9B | $-92.2M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.3B | $5.6M | ||
| Q3 25 | $785.5M | $96.5M | ||
| Q2 25 | $299.5M | $220.0M | ||
| Q1 25 | $146.4M | — | ||
| Q4 24 | $-23.4M | — | ||
| Q3 24 | $619.1M | $199.5M | ||
| Q2 24 | $-117.7M | $159.3M | ||
| Q1 24 | $309.6M | $1.1B |
| Q4 25 | $1.1B | $-81.6M | ||
| Q3 25 | $654.0M | $19.6M | ||
| Q2 25 | $162.8M | $141.0M | ||
| Q1 25 | $18.8M | — | ||
| Q4 24 | $-150.6M | — | ||
| Q3 24 | $509.9M | $104.3M | ||
| Q2 24 | $-221.6M | $68.3M | ||
| Q1 24 | $199.8M | $994.0M |
| Q4 25 | 19.2% | -2.9% | ||
| Q3 25 | 9.9% | 0.7% | ||
| Q2 25 | 2.2% | 4.9% | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | -2.4% | — | ||
| Q3 24 | 7.3% | 4.1% | ||
| Q2 24 | -3.1% | 2.5% | ||
| Q1 24 | 3.6% | 28.0% |
| Q4 25 | 2.4% | 3.1% | ||
| Q3 25 | 2.0% | 2.8% | ||
| Q2 25 | 1.8% | 2.8% | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 1.6% | 3.7% | ||
| Q2 24 | 1.5% | 3.3% | ||
| Q1 24 | 2.0% | 3.5% |
| Q4 25 | 20.14× | 0.02× | ||
| Q3 25 | 8.24× | 0.37× | ||
| Q2 25 | 1.42× | 0.72× | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | -0.19× | — | ||
| Q3 24 | 4.66× | 0.79× | ||
| Q2 24 | -0.77× | 0.51× | ||
| Q1 24 | 6.16× | 2.84× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
ULTA
Segment breakdown not available.
