CarMax, Inc.

KMX

Consumer CyclicalMid CapUS Equities · NYSE / NASDAQ

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Company Profile

CarMax, Inc., through its subsidiaries, operates as a retailer of used vehicles and related products in the United States. The company operates in two segments: CarMax Sales Operations and CarMax Auto Finance. The CarMax Sales Operations segment offers customers a range of makes and models of used vehicles, including domestic, imported, and luxury vehicles, as well as hybrid and electric vehicles; used vehicle auctions; extended protection plans to customers at the time of sale; and reconditioning and vehicle repair services. The CarMax Auto Finance segment provides financing alternatives for retail customers across a range of credit spectrum and arrangements with various financial institutions. The company was founded in 1993 and is based in Richmond, Virginia.

Valuation

Market Cap$6.7B

Current Price$52.07as of Jun 23, 2026

P/E Ratio26.91

P/B Ratio1.13

EV / EBITDA15.58

EV / Sales0.97

Profitability

Operating Margin-1.6%

Net Profit Margin1.0%

EBITDA Margin6.2%

Returns

ROE4.2%

ROCE-1.7%

ROIC %-

ROA0.9%

Solvency

Current Ratio2.20

Debt / Equity3.15

Debt / Assets0.70

CFO / Net Profit7.21

Price History▼ 22.48% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2026

Revenue$25.9B▼ 1.8%

EBITDA$1.6B▼ 12.3%

Net Profit$247M▼ 50.6%

Cash from Ops (CFO)$1.8B▲ 185.7%

Free Cash Flow (FCF)$1.2B▲ 694.2%

Revenue CAGR 3Y-4.5%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-20.1%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2026	$25.9B	$1.6B	$247M	$1.2B	4.2%	-1.8%	-50.6%
2025	$26.4B	$1.8B	$501M	$157M	8.0%	-0.7%	4.5%
2024	$26.5B	$1.7B	$479M	$-7M	7.9%	-10.6%	-1.1%
2023	$29.7B	$1.3B	$485M	$861M	8.6%	-	-
2022	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025	2026
Total Revenue	-	29,684.87	26,536.04	26,353.42	25,881.13
Operating Revenue	-	29,024.08	25,898.08	25,667.11	25,206.92
Cost Of Revenue	-	26,884.67	23,822.83	23,455.52	23,074.54
Gross Profit	-	2,800.20	2,713.21	2,897.90	2,806.59
Operating Expense	-	3,111.15	2,918.93	3,118.42	3,216.35
Selling General And Administration	-	2,550.20	2,352.90	2,511.30	2,533.80
Total Expenses	-	29,995.82	26,741.76	26,573.94	26,290.89
Operating Income	-	-310.95	-205.72	-220.52	-409.76
EBITDA	-	1,332.73	1,665.46	1,835.30	1,608.99
Normalized EBITDA	-	1,332.73	1,665.46	1,835.30	1,750.25
EBIT	-	1,067.50	1,405.04	1,540.50	1,263.03
Interest Income	-	1,441.50	1,677.40	1,853.90	1,864.20
Interest Expense	-	430.70	763.45	871.14	879.59
Net Interest Income	-	938.40	837.05	901.46	941.51
Other Non Operating Income Expenses	-	9.40	10.27	-11.62	-7.07
Other Income Expense	-	9.40	10.27	-11.62	-148.32
Interest Income Non Operating	-	1,441.50	1,677.40	1,853.90	1,864.20
Interest Expense Non Operating	-	430.70	763.45	871.14	879.59
Net Non Operating Interest Income Expense	-	938.40	837.05	901.46	941.51
Pretax Income	-	636.80	641.60	669.36	383.43
Tax Provision	-	152.04	162.39	168.80	136.14
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	0	0	-50.15
Net Income Continuous Operations	-	484.76	479.20	500.56	247.29
Net Income From Continuing And Discontinued Operation	-	484.76	479.20	500.56	247.29
Net Income From Continuing Operation Net Minority Interest	-	484.76	479.20	500.56	247.29
Net Income	-	484.76	479.20	500.56	247.29
Net Income Common Stockholders	-	484.76	479.20	500.56	247.29
Net Income Including Noncontrolling Interests	-	484.76	479.20	500.56	247.29
Normalized Income	-	484.76	479.20	500.56	338.40
Diluted NI Availto Com Stockholders	-	484.76	479.20	500.56	247.29
Basic Average Shares	-	158.80	158.22	155.33	147.26
Diluted Average Shares	-	159.77	158.71	156.06	147.61
Reconciled Depreciation	-	265.22	260.41	294.80	345.96
Reconciled Cost Of Revenue	-	26,863.40	23,817.94	23,433.14	23,019.93
Total Unusual Items	-	-	0	0	-141.26
Total Unusual Items Excluding Goodwill	-	-	0	0	-141.26
Special Income Charges	-	-	0	0	-141.26
Impairment Of Capital Assets	-	-	0	0	141.26
Depreciation Amortization Depletion Income Statement	-	243.95	255.53	272.42	291.35
Depreciation And Amortization In Income Statement	-	243.95	255.53	272.42	291.35
General And Administrative Expense	-	2,261.70	2,088.50	2,250.60	2,250.80
Other Gand A	-	565.60	409.70	472.80	479.10
Salaries And Wages	-	1,428.80	1,407.40	1,492.50	1,466.20
Rent Expense Supplemental	-	267.30	271.40	285.30	305.50
Total Other Finance Cost	-	72.40	76.90	81.30	43.10
Other Operating Expenses	141.70	317	310.50	334.70	-
Provision For Doubtful Accounts	-	317	310.50	334.70	391.20
Selling And Marketing Expense	-	288.50	264.40	260.70	283
Rent And Landing Fees	-	267.30	271.40	285.30	305.50

Peer Comparison

Consumer Cyclical sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
CarMax, Inc.this co.	KMX	$6.7B	26.91↑ premium	1.13	4.2%	15.58
Life Time Group Holdings, Inc.	LTH	$7.2B	19.39	2.32	12.0%	14.40
Urban Outfitters, Inc.	URBN	$6.5B	14.06	2.32	16.5%	9.68
LKQ Corporation	LKQ	$6.4B	10.60	0.98	9.3%	7.75
Mohawk Industries, Inc.	MHK	$6.4B	17.34

Learn while you research

Hand-picked academy chapters to deepen your understanding of CarMax, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Leverage Ratios

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2026

$25.9B

$1.6B

$247M

$1.2B

4.2%

-1.8%

-50.6%

2025

$26.4B

$1.8B

$501M

$157M

8.0%

-0.7%

4.5%

2024

$26.5B

$1.7B

$479M

$-7M

7.9%

-10.6%

-1.1%

2023

$29.7B

$1.3B

$485M

$861M

8.6%

2022

Metric

2022

2023

2024

2025

2026

Total Revenue

29,684.87

26,536.04

26,353.42

25,881.13

Operating Revenue

29,024.08

25,898.08

25,667.11

25,206.92

Cost Of Revenue

26,884.67

23,822.83

23,455.52

23,074.54

Gross Profit

2,800.20

2,713.21

2,897.90

2,806.59

Operating Expense

3,111.15

2,918.93

3,118.42

3,216.35

Selling General And Administration

2,550.20

2,352.90

2,511.30

2,533.80

Total Expenses

29,995.82

26,741.76

26,573.94

26,290.89

Operating Income

-310.95

-205.72

-220.52

-409.76

EBITDA

1,332.73

1,665.46

1,835.30

1,608.99

Normalized EBITDA

1,332.73

1,665.46

1,835.30

1,750.25

EBIT

1,067.50

1,405.04

1,540.50

1,263.03

Interest Income

1,441.50

1,677.40

1,853.90

1,864.20

Interest Expense

430.70

763.45

871.14

879.59

Net Interest Income

938.40

837.05

901.46

941.51

Other Non Operating Income Expenses

9.40

10.27

-11.62

-7.07

Other Income Expense

9.40

10.27

-11.62

-148.32

Interest Income Non Operating

1,441.50

1,677.40

1,853.90

1,864.20

Interest Expense Non Operating

430.70

763.45

871.14

879.59

Net Non Operating Interest Income Expense

938.40

837.05

901.46

941.51

Pretax Income

636.80

641.60

669.36

383.43

Tax Provision

152.04

162.39

168.80

136.14

Tax Rate For Calcs

Tax Effect Of Unusual Items

-50.15

Net Income Continuous Operations

484.76

479.20

500.56

247.29

Net Income From Continuing And Discontinued Operation

484.76

479.20

500.56

247.29

Net Income From Continuing Operation Net Minority Interest

484.76

479.20

500.56

247.29

Net Income

484.76

479.20

500.56

247.29

Net Income Common Stockholders

484.76

479.20

500.56

247.29

Net Income Including Noncontrolling Interests

484.76

479.20

500.56

247.29

Normalized Income

484.76

479.20

500.56

338.40

Diluted NI Availto Com Stockholders

484.76

479.20

500.56

247.29

Basic Average Shares

158.80

158.22

155.33

147.26

Diluted Average Shares

159.77

158.71

156.06

147.61

Reconciled Depreciation

265.22

260.41

294.80

345.96

Reconciled Cost Of Revenue

26,863.40

23,817.94

23,433.14

23,019.93

Total Unusual Items

-141.26

Total Unusual Items Excluding Goodwill

-141.26

Special Income Charges

-141.26

Impairment Of Capital Assets

141.26

Depreciation Amortization Depletion Income Statement

243.95

255.53

272.42

291.35

Depreciation And Amortization In Income Statement

243.95

255.53

272.42

291.35

General And Administrative Expense

2,261.70

2,088.50

2,250.60

2,250.80

Other Gand A

565.60

409.70

472.80

479.10

Salaries And Wages

1,428.80

1,407.40

1,492.50

1,466.20

Rent Expense Supplemental

267.30

271.40

285.30

305.50

Total Other Finance Cost

72.40

76.90

81.30

43.10

Other Operating Expenses

141.70

317

310.50

334.70

Provision For Doubtful Accounts

317

310.50

334.70

391.20

Selling And Marketing Expense

288.50

264.40

260.70

283

Rent And Landing Fees

267.30

271.40

285.30

305.50

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

CarMax, Inc.this co.

KMX

$6.7B

26.91↑ premium

1.13

4.2%

15.58

Life Time Group Holdings, Inc.

LTH

$7.2B

19.39

2.32

12.0%

14.40

Urban Outfitters, Inc.

URBN

$6.5B

14.06

2.32

16.5%

9.68

LKQ Corporation

LKQ

$6.4B

10.60

0.98

9.3%

7.75

Mohawk Industries, Inc.

MHK

$6.4B

17.34

CarMax, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

CarMax, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on