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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
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 |
|---|---|---|---|---|---|---|---|
| 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% | -6.9% | -57.9% |
| 2022 | $31.9B | $2.1B | $1.2B | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 31,900.41 | 29,684.87 | 26,536.04 | 26,353.42 |
| Cost Of Revenue | 28,612.87 | 26,884.67 | 23,822.83 | 23,455.52 |
| Gross Profit | 3,287.54 | 2,800.20 | 2,713.21 | 2,897.90 |
| Operating Expense | 2,735.96 | 3,111.15 | 2,918.93 | 3,118.42 |
| Operating Income | 551.59 | -310.95 | -205.72 | -220.52 |
| EBITDA | 2,088.43 | 1,332.73 | 1,665.46 | 1,835.30 |
| EBIT | 1,815.24 | 1,067.50 | 1,405.04 | 1,540.50 |
| Pretax Income | 1,492.35 | 636.80 | 641.60 | 669.36 |
| Tax Provision | 341.05 | 152.04 | 162.39 | 168.80 |
| Net Income | 1,151.30 | 484.76 | 479.20 | 500.56 |
| Net Income Common Stockholders | 1,151.30 | 484.76 | 479.20 | 500.56 |
| Total Expenses | 31,348.83 | 29,995.82 | 26,741.76 | 26,573.94 |
| Interest Expense | 322.90 | 430.70 | 763.45 | 871.14 |
| Interest Income | 1,296.80 | 1,441.50 | 1,677.40 | 1,853.90 |
| Selling General And Administration | 2,375.70 | 2,550.20 | 2,352.90 | 2,511.30 |
| Normalized EBITDA | 2,088.43 | 1,332.73 | 1,665.46 | 1,835.30 |
| Normalized Income | 1,151.30 | 484.76 | 479.20 | 500.56 |
| Market Cap | 5,427.48 | 5,427.48 | 5,427.48 | 5,427.48 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CarMax, Inc.this co. | KMX | $5.9B | 10.84↓ discount | 0.87 | 8.0% | 13.30 |
| Mohawk Industries, Inc. | MHK | $6.7B | 17.82 | 0.79 | 4.4% | 7.19 |
| Brinker International, Inc. | EAT | $6.2B | 15.76 | 16.28 | 103.3% | 10.72 |
| Acushnet Holdings Corp. | GOLF | $5.9B | 30.47 | 7.33 | 24.1% | 18.74 |
| Rush Enterprises, Inc. | RUSHA | $5.9B | 22.24 |
| 2.66 |
| 12.0% |
| 10.97 |
| Boot Barn Holdings, Inc. | BOOT | $5.1B | 28.36 | 4.54 | 16.0% | 18.50 |
| Atmus Filtration Technologies Inc. | ATMU | $5.1B | 24.51 | 13.43 | 54.8% | 16.56 |
| Champion Homes, Inc. | SKY | $4.7B | 23.09 | 2.97 | 12.8% | 13.33 |
| Frontdoor, Inc. | FTDR | $4.5B | 16.91 | 17.82 | 105.4% | 9.76 |
| Peer Median | - | 22.66 | 5.93 | 20.0% | 12.15 | |