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Friday 6 November 2026
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CarMax, Inc.
KMX Consumer Cyclical Auto & Truck Dealerships
CarMax, Inc.’s revenue for fiscal 2026 (year ended February 2026) was $25.9 billion, down 1.79% from fiscal 2025.
- Revenue
- +19.5%
- EPS
- +81.3%
- Free cash flow
- +23.2%
- Total debt
- −6.82%
Quarter to August 2026, against a year earlier
52.81
2.33
−4.23%
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Analyst price targets
Free accountTen years at a glance Fiscal years to February
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Aug ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 15,875 | 17,120 | 18,173 | 20,320 | 18,950 | 31,900 | 29,685 | 26,536 | 26,353 | 25,881 | 27,631 | +5.6% | 29,028 | 29,394 | 30,278 | +5.4% | |
| Gross margin, % | 13.75 | 13.60 | 13.65 | 13.40 | 12.55 | 10.31 | 9.43 | 10.22 | 11.00 | 10.84 | 10.31 | (2.9) pt | ||||||
| EBT | 1,006 | 1,064 | 1,113 | 1,161 | 965 | 1,492 | 637 | 642 | 669 | 383 | 455 | (10.2%) | ||||||
| EBT margin, % | 6.34 | 6.21 | 6.12 | 5.71 | 5.09 | 4.68 | 2.15 | 2.42 | 2.54 | 1.48 | 1.65 | (4.9) pt | ||||||
| Net income | 627 | 664 | 842 | 888 | 747 | 1,151 | 485 | 479 | 501 | 247 | 292 | (9.8%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 83.40 | 93.73 | 104.17 | 123.27 | 116.13 | 196.42 | 186.93 | 167.72 | 169.66 | 175.75 | 194.69 | +8.6% | |||||
| Earnings | 3.29 | 3.64 | 4.83 | 5.39 | 4.58 | 7.09 | 3.05 | 3.03 | 3.22 | 1.68 | 2.05 | (7.2%) | ||||||
| Cash flow | (2.39) | (0.44) | 0.93 | (1.44) | 4.09 | (15.70) | 8.08 | 2.90 | 4.02 | 12.11 | 11.27 | n/m | ||||||
| Capex | (2.19) | (1.62) | (1.74) | (2.01) | (1.00) | (1.90) | (2.63) | (2.93) | (3.01) | (3.67) | (3.19) | +5.9% | ||||||
| Free cash flow | (4.58) | (2.07) | (0.81) | (3.45) | 3.10 | (17.60) | 5.45 | (0.03) | 1.01 | 8.44 | 8.08 | n/m | ||||||
| Book value | 16.33 | 18.16 | 19.24 | 22.86 | 26.75 | 32.24 | 35.35 | 38.39 | 40.19 | 39.99 | 44.42 | +10.5% | ||||||
| Shares, m | 190 | 183 | 174 | 165 | 163 | 162 | 159 | 158 | 155 | 147 | 144 | (2.8%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 19.56 | 17.06 | 12.88 | 16.68 | 26.50 | 15.44 | 22.71 | 26.07 | 25.85 | 26.13 | 25.76 | 20.9 | |||||
| P/S | 0.77 | 0.66 | 0.60 | 0.73 | 1.05 | 0.56 | 0.37 | 0.47 | 0.49 | 0.24 | 0.27 | 0.6 | ||||||
| P/B | 3.95 | 3.41 | 3.23 | 3.92 | 4.54 | 3.39 | 1.95 | 2.06 | 2.06 | 1.05 | 1.19 | 3.0 | ||||||
| EV/Sales | 1.49 | 1.38 | 1.33 | 1.44 | 1.78 | 1.11 | 0.95 | 1.12 | 1.15 | 0.89 | 0.85 | 1.3 | ||||||
| EV/FCF | (27.17) | (62.63) | (171.19) | (51.37) | 66.94 | (12.35) | 32.41 | (5,561.19) | 192.79 | 18.44 | 20.52 | (557.5) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (455) | (81) | 163 | (237) | 668 | (2,549) | 1,283 | 459 | 624 | 1,784 | 1,599 | n/m | |||||
| Capex | (417) | (297) | (304) | (332) | (163) | (308) | (418) | (464) | (468) | (541) | (453) | +2.9% | ||||||
| Free cash flow | (872) | (377) | (141) | (568) | 505 | (2,858) | 866 | (5) | 157 | 1,243 | 1,146 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,768 | 1,887 | 1,903 | 2,129 | 2,418 | 4,502 | 3,103 | 2,914 | 2,880 | 2,896 | 2,915 | +5.6% | |||||
| Net debt | 11,751 | 12,675 | 13,299 | 14,414 | 14,001 | 17,535 | 17,101 | 17,192 | 17,348 | 16,763 | 16,028 | +4.0% | ||||||
| Shareholders’ equity | 3,109 | 3,317 | 3,357 | 3,769 | 4,365 | 5,235 | 5,613 | 6,074 | 6,243 | 5,889 | 6,305 | +7.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 4.08 | 3.93 | 4.65 | 4.46 | 3.50 | 4.81 | 1.85 | 1.80 | 1.83 | 0.92 | 1.10 | (3.2) pt | |||||
| ROIC | 4.47 | 4.43 | 4.46 | 4.26 | 3.55 | 4.26 | 2.06 | 2.03 | 2.09 | 1.38 | 1.58 | (3.1) pt | ||||||
| ROE | 20.85 | 20.67 | 25.25 | 24.94 | 18.37 | 23.99 | 8.94 | 8.20 | 8.13 | 4.08 | 4.68 | (16.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 24,344 | 25,110 | 25,946 | 27,050 | 26,889 | 32,647 | 30,621 | 29,836 | 30,048 | 27,796 | — | +1.5% | |||||
| Revenue/emp, $m | 0.65 | 0.68 | 0.70 | 0.75 | 0.70 | 0.98 | 0.97 | 0.89 | 0.88 | 0.93 | — | +4.0% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Feb 2026 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2024
| CarMax Sales Operations | 26,400 | 99.49% |
|---|---|---|
| Other Operating | 136 | 0.51% |
| Gross margin | 10.22% | |
| Operating margin | 2.85% | |
| Pre-tax margin | 2.42% |
CarMax, Inc. vs peers in Auto & Truck Dealerships (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PAG Penske Automotive Group, Inc. | $13.9B | 15.5× | 16.1× | +4.50% (above 0%: growing) | +4.24% (above 0%: growing) | −28.97% (below 0%: shrinking) | 15.73% | 3.60% | Compare |
| KMX CarMax, Inc. | $7.5B | 25.8× | 17.2× | +19.46% (above 0%: growing) | +81.25% (above 0%: growing) | +23.18% (above 0%: growing) | 10.15% | 3.00% | |
| LAD Lithia Motors, Inc. | $6.8B | 9.1× | 8.2× | +2.80% (above 0%: growing) | +53.54% (above 0%: growing) | +39.80% (above 0%: growing) | 15.04% | 4.22% | Compare |
| AN AutoNation, Inc. | $6.0B | 9.0× | 8.5× | −0.39% (below 0%: shrinking) | −13.81% (below 0%: shrinking) | +8.79% (above 0%: growing) | 17.23% | 4.49% | Compare |
| RUSHA Rush Enterprises, Inc. | $5.7B | 19.1× | 17.7× | +12.35% (above 0%: growing) | +19.02% (above 0%: growing) | −56.15% (below 0%: shrinking) | 18.31% | 5.11% | Compare |
| VVV Valvoline | $4.6B | 44.7× | 31.9× | +24.05% (above 0%: growing) | +15.91% (above 0%: growing) | +110.31% (above 0%: growing) | 39.46% | 20.60% | Compare |
| OPLN OPENLANE, Inc. | $4.4B | — (loss-making) | 29.6× | +12.60% (above 0%: growing) | +38.46% (above 0%: growing) | +44.62% (above 0%: growing) | 44.89% | 17.57% | Compare |
| RUSHB Rush Enterprises, Inc. | $3.9B | 26.1× | 17.7× | −1.61% (below 0%: shrinking) | 0.00% | −56.15% (below 0%: shrinking) | 19.04% | 5.12% | Compare |
| ABG Asbury Automotive Group, Inc. | $3.7B | 8.2× | 7.5× | −8.07% (below 0%: shrinking) | −22.18% (below 0%: shrinking) | −28.85% (below 0%: shrinking) | 16.57% | 4.68% | Compare |
| Median of peers | $5.1B | 15.5× | 16.9× | +3.65% | +10.07% | −10.03% | 17.77% | 4.90% |
From the latest earnings call
- CFO Enrique Mayor-Mora attributed comparable-unit growth roughly equally to CarMax’s own pricing and operational actions and to greater enforcement of advertised-price rules.
- CEO Keith Barr said CarMax is passing reconditioning savings to customers, while CFO Enrique Mayor-Mora expects a smaller annual decline in retail profit per vehicle than previously outlined.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
103.72%
Held by the ten largest
51.25%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 17.09m | 12.04% | −165.37k |
| Vanguard | 14.89m | 10.49% | +56.95k |
| AQR Capital Management | 6.57m | 4.63% | −3.41m |
| SRS Investment Management, LLC | 5.92m | 4.17% | +271.19k |
| Two Sigma | 5.83m | 4.11% | +484.87k |
| State Street | 5.16m | 3.63% | +271.22k |
| Dimensional Fund Advisors | 4.97m | 3.51% | +699.11k |
| Jupiter Topco | 4.65m | 3.27% | +4.65m |
| PRIMECAP Management | 4.36m | 3.07% | +870.00 |
| D. E. Shaw | 3.28m | 2.31% | +359.69k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 12 May 2026
Ownership
Directors and executive officers, together
1.01%
BlackRock, Inc.(a)50 Hudson YardsNew York, NY
11.80%
AQR Capital Management, LLC(b)One Greenwich Plaza, Suite
5.60%
Vanguard Capital Management LLC(c)100 Vanguard BoulevardMalvern, PA
5.30%
Vanguard Portfolio Management LLC(d)100 Vanguard BoulevardMalvern, PA
5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
CarMax, Inc. (KMX) Latest News
5 Nov
3 Nov
29 Oct
20 Oct
15 Oct
8 Oct
5 Oct
30 Sep
KMX metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
CarMax buys and sells used vehicles in the United States. It sells cars to individual consumers at fixed, no-haggle prices and offers financing, protection plans and repair services alongside them. Customers can shop online, visit a store or combine the two. They can also sell a vehicle to CarMax without buying another one.
The company appraises vehicles from consumers and dealers. It reconditions those that meet its retail standards and sells vehicles that do not meet those standards to licensed dealers through wholesale auctions. CarMax owns the vehicles it sells at those auctions, rather than acting only as an intermediary.