CarMax Inc. (KMX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2027, filed Jun 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the KMX SEC filings page.
CarMax Inc. (KMX) reported $26.3B in revenue over the twelve months to May 31, 2026, down 1.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
CarMax runs an inventory-heavy, thin-margin model where cash generation and reported earnings can diverge sharply.
The earnings-to-cash relationship flipped in FY2026: operating cash flow reached$1.8B while net income was$247M . In FY2025, those figures were$624M and$501M , respectively, making the latest profit figure a poor proxy for cash produced; the supplied aggregates do not identify whether working capital or noncash items drove the gap.
Gross margin was
FY2026 free cash flow was
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of CarMax Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for CarMax Inc., and counted as zero in the overall score.
CarMax Inc.'s revenue declined 1.8% year-over-year, from $26.4B to $25.9B. This contraction results in a growth score of 27/100.
CarMax Inc. has elevated debt relative to equity (D/E of 2.93), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 22/100, reflecting increased financial risk.
CarMax Inc.'s current ratio of 2.20 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.
CarMax Inc. has a free cash flow margin of 4.8%, earning a moderate score of 35/100. The company generates positive cash flow after capital investments, but with room for improvement.
Not available for CarMax Inc., and counted as zero in the overall score.
CarMax Inc. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, CarMax Inc. generates $7.22 in operating cash flow ($1.8B OCF vs $247.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
CarMax Inc. generated $8.0B in revenue in Q1 2027. This represents an increase of 6.2% from the same quarter a year earlier. Against the prior quarter it is up 34.8%.
CarMax Inc. reported $185.6M in net income in Q1 2027. This represents a decrease of 11.8% from the same quarter a year earlier. Against the prior quarter it is up 253.4%.
CarMax Inc. earned $1.31 per diluted share (EPS) in Q1 2027. This represents a decrease of 5.1% from the same quarter a year earlier. Against the prior quarter it is up 267.9%.
Not reported for Q1 2027.
Cash & Balance Sheet
CarMax Inc. recorded an outflow of $85.7M in free cash flow in Q1 2027, representing a cash shortfall after capex. This represents a decrease of 152.7% from the same quarter a year earlier. Against the prior quarter it is up 87.5%.
CarMax Inc. held $132.2M in cash against $17.6B in long-term debt as of Q1 2027.
Not reported for Q1 2027.
Margins & Returns
CarMax Inc.'s gross margin was 10.7% in Q1 2027, indicating the percentage of revenue retained after direct costs. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.
CarMax Inc.'s net profit margin was 2.3% in Q1 2027, showing the share of revenue converted to profit. This is down 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.3 percentage points.
CarMax Inc.'s ROE was 3.0% in Q1 2027, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.1 percentage points.
Not reported for Q1 2027.
Capital Allocation
CarMax Inc. spent $2.3M on share buybacks in Q1 2027, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 98.9% from the same quarter a year earlier. Against the prior quarter it is down 95.8%.
CarMax Inc. invested $103.3M in capex in Q1 2027, funding long-term assets and infrastructure. This represents a decrease of 24.4% from the same quarter a year earlier. Against the prior quarter it is down 22.3%.
Not reported for Q1 2027.
KMX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.0B+6.2% | $5.9B-1.0% | $5.8B-6.9% | $6.6B-6.0% | $7.5B+6.1% | $6.0B+6.7% | $6.2B+1.2% | $7.0B-0.9% |
| Cost of Revenue | $7.2B+7.6% | $5.3B+0.1% | $5.2B-6.2% | $5.9B-6.0% | $6.7B+5.2% | $5.3B+5.8% | $5.5B+0.2% | $6.3B-1.9% |
| Gross Profit | $854.4M-4.4% | $605.3M-9.4% | $590.0M-12.9% | $717.7M-5.6% | $893.6M+12.8% | $667.9M+13.9% | $677.6M+10.6% | $760.5M+9.1% |
| SG&A Expenses | $635.2M-3.7% | $611.3M+0.1% | $581.4M+1.0% | $601.1M-1.6% | $659.6M+3.3% | $610.5M+5.1% | $575.8M+2.8% | $610.6M+4.2% |
| Interest Expense | $33.8M+24.9% | $28.8M+19.1% | $26.1M+2.8% | $28.5M+5.3% | $27.1M-13.7% | $24.1M-23.2% | $25.4M-18.7% | $27.0M-14.4% |
| Income Tax | $72.9M+0.2% | $10.0M-64.9% | $21.7M-47.2% | $31.7M-29.6% | $72.7M+34.2% | $28.5M+87.2% | $41.0M+43.7% | $45.0M+13.6% |
| Net Income | $185.6M-11.8% | -$121.0M-234.0% | $62.2M-50.4% | $95.4M-28.2% | $210.4M+38.0% | $90.3M+80.4% | $125.4M+53.0% | $132.8M+11.9% |
| EPS (Basic) | $1.31-5.1% | -$0.79-233.9% | $0.43-46.9% | $0.64-24.7% | $1.38+42.3% | $0.59+84.4% | $0.81+55.8% | $0.85+13.3% |
| EPS (Diluted) | $1.31-5.1% | -$0.78-232.2% | $0.43-46.9% | $0.64-24.7% | $1.38+42.3% | $0.59+84.4% | $0.81+55.8% | $0.85+13.3% |
| Diluted Shares (Avg) | 142M-6.9% | N/A | 146M-6.1% | 150M-4.4% | 153M-3.2% | N/A | 155M-2.2% | 157M-1.7% |
Not reported in any period shown, so not listed: R&D Expenses, Operating Income, EBITDA.
KMX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $26.6B-2.8% | $26.4B-3.8% | $25.6B-6.4% | $27.1B-0.8% | $27.4B+0.5% | $27.4B+0.8% | $27.3B+0.5% | $27.3B0.0% |
| Current Assets | $5.8B+7.0% | $5.3B+4.6% | $4.2B-12.9% | $5.5B+14.1% | $5.5B+9.7% | $5.1B-2.9% | $4.8B-5.7% | $4.9B-9.8% |
| Cash & Equivalents | $132.2M-49.7% | $122.8M-50.3% | $204.9M-24.6% | $540.4M+3.0% | $262.8M+20.0% | $247.0M-57.0% | $271.9M-55.1% | $524.7M+0.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $4.1B+12.1% | $4.1B+5.1% | $3.1B-14.7% | $3.1B-7.3% | $3.6B-3.9% | $3.9B+7.0% | $3.7B+0.7% | $3.4B-11.5% |
| Accounts Receivable | $263.9M+31.8% | $204.5M+8.3% | $151.1M-29.3% | $173.6M-23.9% | $200.3M-5.7% | $188.7M-14.7% | $213.6M+0.6% | $228.1M-16.1% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | $0-100.0% | $141.3M0.0% | $141.3M0.0% | $141.3M0.0% | $141.3M0.0% | $141.3M0.0% | $141.3M0.0% |
| Total Liabilities | $20.5B-2.8% | $20.5B-3.2% | $19.5B-7.5% | $20.9B-1.1% | $21.1B+0.1% | $21.2B+0.2% | $21.1B-0.2% | $21.1B-0.8% |
| Current Liabilities | $2.2B-5.3% | $2.4B+9.9% | $2.1B+0.4% | $2.3B+4.5% | $2.3B+14.7% | $2.2B-4.9% | $2.1B+0.7% | $2.2B-7.1% |
| Non-Current Liabilities | $18.4B-2.5% | $18.1B-4.7% | $17.4B-8.4% | $18.6B-1.8% | $18.8B-1.4% | $19.0B+0.8% | $19.0B-0.3% | $19.0B-0.1% |
| Long-Term Debt | $17.6B-2.5% | $17.3B-4.8% | $16.6B-8.6% | $17.8B-1.6% | $18.0B-1.2% | $18.1B+1.0% | $18.1B-0.1% | $18.1B+0.1% |
| Total Equity | $6.1B-2.7% | $5.9B-5.7% | $6.1B-2.4% | $6.2B+0.3% | $6.3B+1.9% | $6.2B+2.8% | $6.2B+2.8% | $6.2B+2.9% |
| Retained Earnings | $4.2B-2.2% | $4.0B-5.4% | $4.2B-1.6% | $4.3B+0.9% | $4.3B+3.1% | $4.3B+3.5% | $4.3B+3.6% | $4.2B+4.1% |
KMX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $17.6M-94.1% | -$554.3M-478.7% | $1.3B+5466.0% | $785.5M+26.9% | $299.5M+354.5% | $146.4M-52.7% | -$23.4M-111.1% | $619.1M+398.6% |
| Depreciation & Amortization | $92.9M+16.4% | $93.8M+21.0% | $68.9M+6.9% | $67.3M+5.3% | $79.8M+15.2% | $77.5M+15.8% | $64.5M+6.4% | $63.9M+8.6% |
| Stock-Based Compensation | $41.9M-10.7% | N/A | $16.6M-33.5% | $24.8M-29.6% | $47.0M-2.3% | N/A | $24.9M+15.3% | $35.2M+4.6% |
| Capital Expenditures | $103.3M-24.4% | $133.0M+4.2% | $139.8M+9.9% | $131.5M+20.4% | $136.7M+31.6% | $127.6M+16.2% | $127.2M-12.4% | $109.2M+48.7% |
| Free Cash Flow | -$85.7M-152.7% | -$687.3M-3763.6% | $1.1B+839.5% | $654.0M+28.3% | $162.8M+173.5% | $18.8M-90.6% | -$150.6M-332.2% | $509.9M+905.4% |
| Investing Cash Flow | -$99.6M+29.4% | -$128.8M-13.9% | -$138.8M-4.8% | -$131.3M-19.8% | -$141.2M-33.4% | -$113.1M-3.0% | -$132.5M+8.9% | -$109.6M-46.1% |
| Financing Cash Flow | $90.5M+169.9% | $633.1M+1396.6% | -$1.5B-1138.6% | -$338.3M-98.2% | -$129.4M-15.2% | -$48.8M+76.7% | -$121.6M-310.3% | -$170.7M-171.0% |
| Share Buybacks | $2.3M-98.9% | $54.3M-45.0% | $203.6M+75.1% | $180.8M+69.9% | $204.0M+90.9% | $98.9M+98.5% | $116.3M+189.6% | $106.5M+50114.6% |
Not reported in any period shown, so not listed: Dividends Paid.
KMX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.7%-1.2pp | 10.2%-0.9pp | 10.2%-0.7pp | 10.9%0.0pp | 11.8%+0.7pp | 11.1%+0.7pp | 10.9%+0.9pp | 10.8%+1.0pp |
| Net Margin | 2.3%-0.5pp | -2.0%-3.5pp | 1.1%-0.9pp | 1.5%-0.4pp | 2.8%+0.7pp | 1.5%+0.6pp | 2.0%+0.7pp | 1.9%+0.2pp |
| Return on Equity | 3.0%-0.3pp | -2.1%-3.5pp | 1.0%-1.0pp | 1.5%-0.6pp | 3.4%+0.9pp | 1.5%+0.6pp | 2.0%+0.7pp | 2.1%+0.2pp |
| Return on Assets | 0.7%-0.1pp | -0.5%-0.8pp | 0.2%-0.2pp | 0.4%-0.1pp | 0.8%+0.2pp | 0.3%+0.1pp | 0.5%+0.2pp | 0.5%+0.1pp |
| Current Ratio | 2.70+0.3x | 2.20-0.1x | 1.99-0.3x | 2.46+0.2x | 2.39-0.1x | 2.310.0x | 2.30-0.2x | 2.25-0.1x |
| Debt-to-Equity | 2.870.0x | 2.930.0x | 2.73-0.2x | 2.87-0.1x | 2.86-0.1x | 2.91-0.1x | 2.92-0.1x | 2.93-0.1x |
| Asset Turnover | 0.300.0x | 0.230.0x | 0.230.0x | 0.240.0x | 0.280.0x | 0.220.0x | 0.230.0x | 0.260.0x |
| FCF Margin | -1.1%-3.2pp | -11.6%-11.9pp | 19.2%+21.6pp | 9.9%+2.6pp | 2.2%+5.3pp | 0.3%-3.2pp | -2.4%-3.5pp | 7.3%+6.6pp |
Not reported in any period shown, so not listed: Operating Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| CarMax Inc. KMX | FY2026 | $25.9B | $247.0M | 0.9% | $8.8B | 25/100 |
| Lithia Motors, Inc. LAD | FY2025 | $37.6B | $819.6M | 2.2% | $7.9B | 42/100 |
| AutoNation, Inc. AN | FY2025 | $27.6B | $649.1M | 2.4% | $6.7B | 41/100 |
| Group 1 Automotive, Inc. GPI | FY2025 | $22.6B | $325.2M | 1.4% | $3.3B | 49/100 |
| Asbury Automotive Group, Inc. ABG | FY2025 | $18.0B | $492.0M | 2.7% | $3.7B | 44/100 |
| Valvoline Inc. VVV | FY2025 | $1.7B | $210.7M | 12.3% | $3.9B | 48/100 |
Where CarMax Inc. Ranks
Frequently Asked Questions
What is CarMax Inc.'s annual revenue?
CarMax Inc. (KMX) reported $25.9B in total revenue for fiscal year 2026. This represents a -1.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is CarMax Inc.'s revenue growing?
CarMax Inc. (KMX) revenue declined by 1.8% year-over-year, from $26.4B to $25.9B in fiscal year 2026.
Is CarMax Inc. profitable?
Yes, CarMax Inc. (KMX) reported a net income of $247.0M in fiscal year 2026, with a net profit margin of 0.9%.
How much debt does CarMax Inc. have?
As of fiscal year 2026, CarMax Inc. (KMX) had $122.8M in cash and equivalents against $17.3B in long-term debt.
What is CarMax Inc.'s gross margin?
CarMax Inc. (KMX) had a gross margin of 10.8% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is CarMax Inc.'s net profit margin?
CarMax Inc. (KMX) had a net profit margin of 0.9% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is CarMax Inc.'s return on equity (ROE)?
CarMax Inc. (KMX) has a return on equity of 4.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is CarMax Inc.'s free cash flow?
CarMax Inc. (KMX) generated $1.2B in free cash flow during fiscal year 2026. This represents a 694.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is CarMax Inc.'s operating cash flow?
CarMax Inc. (KMX) generated $1.8B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are CarMax Inc.'s total assets?
CarMax Inc. (KMX) had $26.4B in total assets as of fiscal year 2026, including both current and long-term assets.
What are CarMax Inc.'s capital expenditures?
CarMax Inc. (KMX) invested $541.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is CarMax Inc.'s current ratio?
CarMax Inc. (KMX) had a current ratio of 2.20 as of fiscal year 2026, which is generally considered healthy.
What is CarMax Inc.'s debt-to-equity ratio?
CarMax Inc. (KMX) had a debt-to-equity ratio of 2.93 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is CarMax Inc.'s return on assets (ROA)?
CarMax Inc. (KMX) had a return on assets of 0.9% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is CarMax Inc.'s P/E ratio?
CarMax Inc. (KMX) trades at 39.4x earnings, its market capitalization divided by net income of $222.2M net income, trailing 12 months to May 31, 2026. The market capitalization is $8.8B as of Sep 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is CarMax Inc.'s price-to-sales ratio?
CarMax Inc. (KMX) trades at 0.3x sales, its market capitalization divided by revenue of $26.3B revenue, trailing 12 months to May 31, 2026. The market capitalization is $8.8B as of Sep 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is CarMax Inc.'s Piotroski F-Score?
CarMax Inc. (KMX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are CarMax Inc.'s earnings high quality?
CarMax Inc. (KMX) has an earnings quality ratio of 7.22x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is CarMax Inc.?
CarMax Inc. (KMX) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.