CarMax, Inc.
Financial Performance
CarMax Revenue & Financials
Revenue
$25.9B (FY2026)
Market Cap
$9.1B
Net Income
$247.3M
Employees
27,796
What is CarMax's revenue?
CarMax had $25.9B in revenue for fiscal year 2026, down 1.8% from 2025. Net income was $247.3M.
- Latest revenue
- $25.9B (FY2026)
- Year-over-year
- -1.8%
- Growth rate (CAGR)
- 5.6% over 9 years
- Peak revenue
- $31.9B (FY2022)
- Years of data
- 10
- Employees
- 27,796
- How much profit does CarMax make?
- CarMax reported net income of $247.3M for fiscal year 2026. sec.gov
- How many employees does CarMax have?
- CarMax has about 27,796 employees.
Financial Analysis
CarMax's revenue is large but its margins are thin: in fiscal 2026 it booked $25.88 billion of net sales and operating revenues, $2.81 billion of gross profit (10.8%), $562.7 million of CAF income, and $2.45 billion of SG&A, leaving $247.3 million of net earnings ($1.68 per diluted share, or $2.91 adjusted). That compares with $26.35 billion of revenue and $500.6 million of net earnings in fiscal 2025, and a peak of $29.68 billion of revenue in fiscal 2023. The fourth quarter of fiscal 2026 included a $141.3 million non-cash goodwill impairment, wiping out the goodwill on the balance sheet. CarMax repurchased $631.8 million of stock in fiscal 2026, paused buybacks in Q4, and said in September 2026 it would resume them in Q3 fiscal 2027 after Q2 net earnings of $165.3 million on $7.9 billion of revenue. CarMax is the largest used-car retailer in the United States, sustaining a strong market valuation typically over $10 billion.
Revenue Trend Analysis
YoY Change
-1.8%
9-Year CAGR
+5.6%
Peak Year
2022
Trend
Volatile
CarMax, Inc. has 10 full fiscal year figures on this page, compounding at +5.6% annually over 9 years. The most recent year saw a 1.8% decline versus the prior year. Annual revenue peaked in fiscal year 2022 at $31.9B. Of 9 comparable year-over-year steps, 4 showed growth and 5 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2026 | $25.9B | $247.3M | -1.8% | CarMax FY2026 earnings release and Form 10-K Fiscal year ended February 28, 2026. Net earnings fell 50.6%, including a $141.3M goodwill impairment and $49.8M of restructuring charges. |
| FY2025 | $26.4B | $500.6M | -0.7% | CarMax FY2026 Form 10-K comparative data Fiscal 2025 net sales and operating revenues were $26.353B and net earnings were $500.6M. |
| FY2024 | $26.5B | $479.2M | -10.6% | CarMax FY2026 Form 10-K comparative data Fiscal 2024 net sales and operating revenues were $26.536B. |
| FY2023 | $29.7B | $484.8M | -6.9% | CarMax FY2026 Form 10-K comparative data CarMax revenue peaked at $29.685B in fiscal 2023 before affordability and credit pressure hit used-vehicle demand. |
| FY2022 | $31.9B | $1.2B | +68.3% | CarMax, Inc. annual report (Form 10-K, SEC EDGAR, filed 2024-04-15) Fiscal year ended 2022-02-28. |
| FY2021 | $19B | $746.9M | -6.7% | CarMax, Inc. annual report (Form 10-K, SEC EDGAR, filed 2023-04-13) Fiscal year ended 2021-02-28. |
| FY2020 | $20.3B | $888.4M | +11.8% | CarMax, Inc. annual report (Form 10-K, SEC EDGAR, filed 2022-04-14) Fiscal year ended 2020-02-29. |
| FY2019 | $18.2B | $842.4M | +6.1% | CarMax, Inc. annual report (Form 10-K, SEC EDGAR, filed 2021-04-20) Fiscal year ended 2019-02-28. |
| FY2018 | $17.1B | $664.1M | +7.8% | CarMax, Inc. annual report (Form 10-K, SEC EDGAR, filed 2020-04-21) Fiscal year ended 2018-02-28. |
| FY2017 | $15.9B | $627M | — | CarMax, Inc. annual report (Form 10-K, SEC EDGAR, filed 2019-04-19) Fiscal year ended 2017-02-28. |
Click any row to see year details.
CarMax, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2026ended Feb 28, 2026 | $1.8B | $541M | $26.4B | $20.5B | $1.2B | Form 10-K |
| FY2025ended Feb 28, 2025 | $624.4M | $467.9M | $27.4B | $21.2B | $156.5M | Form 10-K |
| FY2024ended Feb 29, 2024 | $458.6M | $465.3M | $27.2B | $21.1B | -$6.7M | Form 10-K |
| FY2023ended Feb 28, 2023 | $1.3B | $422.7M | $26.2B | $20.6B | $860.6M | Form 10-K |
| FY2022ended Feb 28, 2022 | -$2.5B | $308.5M | $26.3B | $21.1B | -$2.9B | Form 10-K |
| FY2021ended Feb 28, 2021 | $667.8M | $164.5M | $21.5B | $17.2B | $503.2M | Form 10-K |
| FY2020ended Feb 29, 2020 | -$236.6M | $331.9M | $21.1B | $17.3B | -$568.5M | Form 10-K |
| FY2019ended Feb 28, 2019 | $163M | $304.6M | $18.7B | $15.4B | -$141.7M | Form 10-K |
| FY2018ended Feb 28, 2018 | -$80.5M | $296.8M | $17.5B | $14.2B | -$377.4M | Form 10-K |
| FY2017ended Feb 28, 2017 | — | $418.1M | $16.3B | $13.2B | — | Form 10-K |
Keep researching CarMax
CarMax Revenue and Financial FAQ
What was CarMax's total net revenue in recent fiscal years?
CarMax reported revenue of $25.88 billion for fiscal 2026, down from $26.35 billion in fiscal 2025 and a peak of $29.68 billion in fiscal 2023. Q2 fiscal 2027 revenue rose 19.5% to $7.9 billion.
What is CarMax's average gross profit per retail used vehicle sold?
CarMax earned $2,253 of gross profit per retail used vehicle in fiscal 2026, versus $2,311 in fiscal 2025. It fell to $2,105 in Q2 fiscal 2027 as CarMax cut prices to drive volume.
What is CarMax's average gross profit per wholesale vehicle sold?
Wholesale gross profit per unit was $974 in fiscal 2026 and $1,024 in fiscal 2025, falling to $858 in Q2 fiscal 2027.
How much annual income does CarMax Auto Finance (CAF) generate?
CarMax Auto Finance earned $562.7 million in fiscal 2026 versus $581.7 million in fiscal 2025, and $135.6 million in Q2 fiscal 2027, up 32.1%.
How does CarMax finance its auto loan originations via asset-backed securitizations?
CarMax Auto Finance bundles consumer auto loans into public asset-backed securities (ABS) issued to institutional investors, transferring credit risk and raising low-cost funding to continuously originate new customer auto loans.
What is CarMax's market capitalization on the NYSE?
CarMax's market capitalization was about $9.1 billion in September 2026, based on roughly 142 million shares outstanding at the end of fiscal 2026.
Does CarMax pay a cash dividend or focus on share repurchases?
CarMax does not pay a dividend. It returns capital through buybacks: it repurchased $631.8 million of stock in fiscal 2026, paused in Q4, and plans to resume in Q3 fiscal 2027.
What was CarMax net income in fiscal 2026?
CarMax's fiscal 2026 net earnings were $247.3 million, or $1.68 per diluted share, down 50.6%. Excluding the goodwill impairment and restructuring charges, adjusted EPS was $2.91.
Is CarMax profitable?
Yes, but their profits are highly sensitive to massive fluctuations in used-car prices. When used car prices skyrocketed during the pandemic, they made billions; when prices rapidly crashed, their margins were severely compressed.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "CarMax Revenue & Financials." CorpDigest, https://corpdigest.com/company/carmax/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>CarMax reported $25.9B in revenue (FY2026).</strong><br>Source: <a href="https://corpdigest.com/company/carmax/financials" target="_blank" rel="noopener">CorpDigest — CarMax financials</a></div>Related Financial Audits
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