CarMax vs Samsung: Revenue, Profit and Business Model
CarMax reported $25.9B of revenue in FY2026 and $247.3M of net income. Samsung reported ~$236.9B of revenue in FY2025 and ~$31.4B of net income.
Latest financial snapshot
Financial summary
CarMax
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.
Samsung
Samsung's earnings follow the memory cycle. Revenue fell from ~$215 billion (KRW 302.2 trillion) in 2022 to ~$184 billion (KRW 258.9 trillion) in 2023 during a chip downturn, then recovered to ~$214 billion (KRW 300.9 trillion) in 2024 and ~$237 billion (KRW 333.6 trillion) in 2025, when net income reached about $31.5 billion (KRW 44.3 trillion). In 2026, AI server demand created a memory shortage. Q1 operating profit of ~$40.6 billion (KRW 57.2 trillion) exceeded the full-year 2025 total, and Q2 reached ~$63.5 billion (KRW 89.5 trillion) on ~$122 billion (KRW 171.5 trillion) revenue. Higher memory costs also squeezed Samsung's own devices: the MX and Networks unit lost ~$497 million (KRW 0.7 trillion) in Q2 2026 on ~$23.6 billion (KRW 33.2 trillion) revenue.
Revenue and profit by year
CarMax
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $25.9B | $247.3M | 1.0% | -1.8% | Source |
| FY2025 | $26.4B | $500.6M | 1.9% | -0.7% | Source |
| FY2024 | $26.5B | $479.2M | 1.8% | -10.6% | Source |
| FY2023 | $29.7B | $484.8M | 1.6% | -6.9% | Source |
| FY2022 | $31.9B | $1.2B | 3.6% | +68.3% | Source |
| FY2021 | $19B | $746.9M | 3.9% | -6.7% | Source |
| FY2020 | $20.3B | $888.4M | 4.4% | +11.8% | Source |
| FY2019 | $18.2B | $842.4M | 4.6% | +6.1% | Source |
| FY2018 | $17.1B | $664.1M | 3.9% | +7.8% | Source |
| FY2017 | $15.9B | $627M | 3.9% | — | Source |
Samsung
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$236.9B | ~$31.4B | 13.3% | +10.9% | Source |
| FY2024 | ~$213.6B | ~$23.9B | 11.2% | +16.2% | Source |
| FY2023 | ~$183.8B | ~$10.3B | 5.6% | -14.3% | Source |
| FY2022 | ~$214.6B | ~$38.9B | 18.1% | +8.1% | Source |
| FY2021 | ~$198.5B | ~$27.9B | 14.0% | — | Source |
Where the revenue comes from
CarMax
- Retail Used Vehicle Sales80.0%
$20.70 billion in fiscal 2026 from 780,684 units; $2,253 gross profit per unit.
- Wholesale Vehicle Sales17.4%
$4.50 billion in fiscal 2026 from 538,203 units sold at CarMax's dealer auctions; $974 gross profit per unit.
- Extended Protection Plans1.7%
$448.7 million of EPP commission revenue in fiscal 2026 from service plans and GAP products.
- Advertising, Subscriptions & Other0.9%
$144.5 million of Edmunds advertising and subscription revenue plus $89.7 million of other revenue, net of third-party finance fees, in fiscal 2026.
- CarMax Auto Finance Income
Reported separately
$562.7 million of CAF income in fiscal 2026 (2.2% of revenue equivalent), reported below gross profit rather than as revenue.
Samsung
- Memory semiconductors
- Foundry and system LSI
- Galaxy smartphones and mobile devices
- Display panels
- TVs and appliances
- Network equipment
- Harman automotive and audio
Business model and strategy
CarMax
How it makes money
CarMax buys used vehicles from consumers (whether or not they buy a car), from dealers, and at auctions, reconditions the ones that meet its retail standard, and sells them at fixed prices online, in stores, or through a mix of both. Vehicles that do not meet the retail standard are sold to licensed dealers in CarMax's online wholesale auctions.
Growth strategy
Keith Barr's 'Shift into GEAR' plan has four pillars: Great Offering (price competitively across demand cycles and grow saleable inventory), Easy Experience (connect digital tools with in-store service to lift conversion), Add Value (grow CAF and EPP profitability), and Run Lean (cut reconditioning, logistics, and SG&A costs).
Competitive advantage
CarMax's advantage is scale combined with vertical integration. It appraises and buys well over a million vehicles a year from consumers and dealers, which feeds both its retail lots and its own wholesale auctions, and it owns the reconditioning, logistics, pricing, and financing steps that pure marketplaces outsource.
Samsung
How it makes money
Samsung earns money from two groups of businesses. Device Solutions (DS) makes and sells memory (DRAM, HBM, NAND), System LSI chips such as Exynos processors and ISOCELL image sensors, and contract foundry manufacturing.
Growth strategy
Samsung's growth plan centers on AI memory: ramping HBM4 for Nvidia and AMD accelerators, developing HBM4E, and adding DRAM capacity at Pyeongtaek. In foundry it is pursuing 2nm gate-all-around production and building its Taylor, Texas fab to win customers from TSMC. On the device side it relies on Galaxy AI features, foldables and premium TVs to defend share against Apple and Chinese brands.
Competitive advantage
Samsung's edge is manufacturing scale and breadth. It is the largest memory producer and one of only three major DRAM makers, alongside SK hynix and Micron. That lets it capture pricing upswings like the 2026 AI-driven shortage.
Questions about CarMax vs Samsung
Which company has higher revenue — CarMax, Inc. or Samsung Electronics Co., Ltd.?
CarMax, Inc. reported $25.9B (FY2026), while Samsung Electronics Co., Ltd. reported ~$236.9B (FY2025). By last reported revenue, Samsung Electronics Co., Ltd. is the larger business, with CarMax, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of CarMax, Inc. vs Samsung Electronics Co., Ltd.?
CarMax, Inc.'s market capitalisation stands at $9.1B, while Samsung Electronics Co., Ltd.'s is $1.33T. Samsung Electronics Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to CarMax, Inc..
Which is more financially efficient — CarMax, Inc. or Samsung Electronics Co., Ltd.?
CarMax, Inc. generates $931k / employee in revenue per employee, while Samsung Electronics Co., Ltd. generates $914k / employee. CarMax, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do CarMax, Inc. and Samsung Electronics Co., Ltd. make money?
CarMax, Inc. and Samsung Electronics Co., Ltd. generate revenue in fundamentally different ways. CarMax, Inc.: CarMax buys used vehicles from consumers (whether or not they buy a car), from dealers, and at auctions, reconditions the ones that meet its retail standard, and sells them at fixed prices online, in stores, or through a mix of both. Samsung Electronics Co., Ltd.: Samsung earns money from two groups of businesses.
Which company is valued higher relative to revenue — CarMax, Inc. or Samsung Electronics Co., Ltd.?
On a price-to-sales (P/S) basis, CarMax, Inc. trades at 0.4x P/S and Samsung Electronics Co., Ltd. at 5.6x P/S. Samsung Electronics Co., Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to CarMax, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is CarMax, Inc. bigger than Samsung Electronics Co., Ltd.?
By last reported revenue, Samsung Electronics Co., Ltd. (~$236.9B (FY2025)) is the larger company compared to CarMax, Inc. ($25.9B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the CarMax vs Samsung overview