AQR reports 5.59% CarMax (KMX) stake in new Schedule 13G filing

Rhea-AI Filing Summary

AQR Capital Management, LLC and AQR Capital Management Holdings, LLC report a significant passive ownership stake in CarMax Inc. They disclose beneficial ownership of 7,930,345 shares of CarMax common stock, representing 5.59% of the class as of the event date.

The firms report no sole voting or dispositive power over these shares, but shared voting power and shared dispositive power over all 7,930,345 shares. They state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of CarMax.

Insights

Equity ownership & governance analyst

AQR reports a 5.59% passive stake in CarMax common stock.

AQR Capital Management, LLC and its parent, AQR Capital Management Holdings, LLC, report beneficial ownership of 7,930,345 CarMax shares, equal to 5.59% of the common stock. Both entities have shared voting and dispositive power, with no sole authority disclosed.

The filing is on Schedule 13G, which is used for large positions held in the ordinary course of business. The certification explicitly states the stake was not acquired to change or influence control of CarMax Inc., indicating a passive investment posture.

The stake size makes AQR a notable institutional holder, but the passive certification and lack of control intent frame this as a standard institutional ownership disclosure. Subsequent ownership reports may show whether this percentage increases, decreases, or remains stable after the 12/31/2025 event date.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

CARMAX INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

143130102

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 143130102

1

Names of Reporting Persons

AQR Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,930,345.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,930,345.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,930,345.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.59 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 143130102

1

Names of Reporting Persons

AQR Capital Management Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,930,345.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,930,345.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,930,345.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.59 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CARMAX INC
(b)	Address of issuer's principal executive offices: 12800 TUCKAHOE CREEK PARKWAY, RICHMOND, VIRGINIA 23238
Item 2.
(a)	Name of person filing: AQR Capital Management, LLC AQR Capital Management Holdings, LLC
(b)	Address or principal business office or, if none, residence: ONE GREENWICH PLAZA SUITE 130 Greenwich, Connecticut 06830
(c)	Citizenship: AQR Capital Management, LLC - UNITED STATES AQR Capital Management Holdings, LLC - UNITED STATES
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 143130102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,930,345
(b)	Percent of class: 5.59 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0
	(ii) Shared power to vote or to direct the vote: AQR Capital Management, LLC - 7,930,345 AQR Capital Management Holdings, LLC - 7,930,345
	(iii) Sole power to dispose or to direct the disposition of: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: AQR Capital Management, LLC - 7,930,345 AQR Capital Management Holdings, LLC - 7,930,345
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 2(a) above.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AQR Capital Management, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	02/13/2026

AQR Capital Management Holdings, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	02/13/2026

Exhibit Information

AQR Capital Management Holdings, LLC and AQR Capital Management, LLC hereby agree that this Schedule 13G is filed on behalf of each of the parties. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC.

FAQ

How many CarMax (KMX) shares does AQR Capital report owning?

AQR Capital Management, LLC and its parent report beneficial ownership of 7,930,345 CarMax common shares. This position gives them shared voting and shared dispositive power over those shares, making AQR a significant institutional holder in the company’s equity.

What percentage of CarMax (KMX) does AQR Capital’s 13G filing represent?

The filing states AQR beneficially owns 5.59% of CarMax’s common stock. This crosses the 5% reporting threshold, requiring a Schedule 13G disclosure, and signals that AQR is a notable, though certified passive, institutional shareholder in the company.

Is AQR Capital’s CarMax (KMX) stake reported as passive or active?

The stake is reported as passive. AQR certifies the CarMax securities were acquired and are held in the ordinary course of business and not to change or influence control, which is consistent with using Schedule 13G instead of the activist-focused Schedule 13D.

Does AQR Capital have sole or shared voting power over its CarMax (KMX) shares?

AQR reports zero sole voting power and 7,930,345 shares of shared voting power. It also reports the same number of shares with shared dispositive power, indicating decisions on voting and selling are shared rather than controlled by a single reporting entity.

Which AQR entities are listed as reporting persons in the CarMax (KMX) Schedule 13G?

The filing names AQR Capital Management, LLC and AQR Capital Management Holdings, LLC as reporting persons. It also notes that AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC, and the Schedule 13G is filed on behalf of both entities.

What is the event date for AQR Capital’s reported CarMax (KMX) ownership?

The Schedule 13G lists an event date of 12/31/2025. This date reflects when AQR’s beneficial ownership position in CarMax triggered the reporting requirement, based on crossing or being above the 5% ownership threshold at that time.