NYSE : KMX
CarMax, Inc. — Financial statements
Consumer Discretionary · Auto & Truck Dealerships · United States
Last price 55.58 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.89B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
CarMax, Inc. (KMX) reported revenue of 29.46B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 27.63B | 25.88B | 26.35B | 26.54B | 29.68B | 31.90B |
| Other Revenue | 1.83B | 1.87B | 1.85B | 1.68B | 1.44B | 1.30B |
| Revenue | 29.46B | 27.76B | 28.21B | 28.21B | 31.13B | 33.20B |
| Cost of Revenue | 24.78B | 23.07B | 23.46B | 23.82B | 26.88B | 28.61B |
| Gross Profit | 3.44B | 3.37B | 3.48B | 3.28B | 3.46B | 4.09B |
| Selling, General & Admin | 2.41B | 2.40B | 2.44B | 2.35B | 2.49B | 2.33B |
| Operating Expenses | 2.69B | 2.68B | 2.69B | 2.59B | 2.72B | 2.54B |
| Operating Income | 756.75M | 691.95M | 788.92M | 688.87M | 747.80M | 1.55B |
| Interest Expense | -120.51M | -110.39M | -107.94M | -124.75M | -120.40M | -94.09M |
| Other Non Operating Income (Expenses) | 9.65M | -7.07M | -11.62M | 10.27M | 9.40M | 34.57M |
| EBT Excluding Unusual Items | 645.89M | 574.49M | 669.36M | 574.39M | 636.80M | 1.49B |
| Merger & Restructuring Charges | -49.80M | -49.80M | ||||
| Impairment of Goodwill | -141.26M | -141.26M | ||||
| Legal Settlements | 67.20M | |||||
| Pretax Income | 454.83M | 383.43M | 669.36M | 641.60M | 636.80M | 1.49B |
| Income Tax Expense | 162.38M | 136.14M | 168.80M | 162.39M | 152.04M | 341.05M |
| Net Income | 292.44M | 247.29M | 500.56M | 479.20M | 484.76M | 1.15B |
| Net Income to Common | 292.44M | 247.29M | 500.56M | 479.20M | 484.76M | 1.15B |
| Shares Outstanding (Basic) | 142.84M | 147.26M | 155.33M | 158.22M | 158.80M | 162.41M |
| Shares Outstanding (Diluted) | 143.20M | 147.61M | 156.06M | 158.71M | 159.77M | 165.18M |
| EPS (Basic) | 2.05 | 1.68 | 3.22 | 3.03 | 3.05 | 7.09 |
| EPS (Diluted) | 2.05 | 1.68 | 3.21 | 3.02 | 3.03 | 6.97 |
| Free Cash Flow | 1.15B | 1.24B | 156.50M | -6.69M | 860.62M | -2.86B |
| Free Cash Flow Per Share | 8.00 | 8.42 | 1.00 | -0.04 | 5.39 | -17.30 |
| Gross Margin | 11.69% | 12.14% | 12.34% | 11.63% | 11.13% | 12.32% |
| Operating Margin | 2.57% | 2.49% | 2.80% | 2.44% | 2.40% | 4.67% |
| Profit Margin | 0.99% | 0.89% | 1.77% | 1.70% | 1.56% | 3.47% |
| Free Cash Flow Margin | 3.89% | 4.48% | 0.56% | -0.02% | 2.77% | -8.61% |
| EBITDA | 1.13B | 1.04B | 1.08B | 949.29M | 1.01B | 1.83B |
| EBITDA Margin | 3.83% | 3.74% | 3.84% | 3.36% | 3.26% | 5.50% |
| D&A For EBITDA | 370.35M | 345.96M | 294.80M | 260.41M | 265.22M | 273.19M |
| EBIT | 756.75M | 691.95M | 788.92M | 688.87M | 747.80M | 1.55B |
| EBIT Margin | 2.57% | 2.49% | 2.80% | 2.44% | 2.40% | 4.67% |
| Effective Tax Rate | 35.70% | 35.51% | 25.22% | 25.31% | 23.88% | 22.85% |
| Advertising Expenses | 284.30M | 261.90M | 265.60M | 295.60M | 332.20M |
Balance sheet
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 170.53M | 122.83M | 246.96M | 574.14M | 314.76M | 102.72M |
| Cash & Short-Term Investments | 170.53M | 122.83M | 246.96M | 574.14M | 314.76M | 102.72M |
| Receivables | 224.63M | 204.45M | 188.73M | 221.15M | 298.78M | 560.98M |
| Inventory | 3.85B | 4.14B | 3.93B | 3.68B | 3.73B | 5.12B |
| Finance Div. Loans and Leases | 106.54M | 100.49M | ||||
| Finance Div. Other Current Assets | 604.92M | 592.03M | 559.12M | |||
| Restricted Cash | 506.65M | 470.89M | 548.10M | |||
| Other Current Assets | 146.90M | 153.59M | 148.20M | 246.58M | 230.79M | 212.92M |
| Total Current Assets | 5.11B | 5.31B | 5.08B | 5.23B | 5.04B | 6.55B |
| Property, Plant & Equipment | 4.52B | 4.53B | 4.34B | 4.19B | 3.98B | 3.75B |
| Long-Term Investments | 137.00M | 131.00M | 137.30M | 133.20M | 108.50M | |
| Goodwill | 141.26M | 141.26M | 141.26M | 141.26M | ||
| Finance Div. Loans and Leases Long-Term | 15.81B | 15.95B | 17.24B | 17.01B | 16.34B | 15.29B |
| Long-Term Deferred Tax Assets | 81.87M | 78.48M | 140.33M | 98.79M | 80.74M | 120.93M |
| Other Long-Term Assets | 546.61M | 359.92M | 336.00M | 394.76M | 467.79M | 382.16M |
| Total Assets | 26.07B | 26.37B | 27.40B | 27.20B | 26.18B | 26.34B |
| Accounts Payable | 989.46M | 1.12B | 977.85M | 933.71M | 826.59M | 937.72M |
| Accrued Expenses | 419.50M | 265.62M | 324.41M | 252.79M | 213.58M | 301.98M |
| Current Portion of Long-Term Debt | 589.38M | 705.25M | 543.34M | 797.45M | 579.47M | 532.27M |
| Current Portion of Leases | 75.23M | 130.85M | 74.35M | 78.04M | 72.08M | 54.49M |
| Current Income Taxes Payable | 32.14M | 2.02M | 87.53M | |||
| Other Current Liabilities | 87.90M | 193.10M | 190.50M | 250.30M | 246.60M | 221.00M |
| Total Current Liabilities | 2.19B | 2.41B | 2.20B | 2.31B | 1.94B | 2.05B |
| Long-Term Debt | 16.30B | 16.83B | 17.65B | 17.44B | 17.25B | 17.65B |
| Long-Term Leases | 1.10B | 1.07B | 1.16B | 1.21B | 1.21B | 1.19B |
| Pension & Post-Retirement Benefits | 7.83M | 8.39M | 13.85M | 27.70M | 68.73M | |
| Other Long-Term Liabilities | 164.52M | 155.63M | 146.34M | 142.29M | 139.55M | 143.17M |
| Total Liabilities | 19.76B | 20.48B | 21.16B | 21.12B | 20.57B | 21.10B |
| Common Stock | 70.97M | 70.90M | 76.66M | 78.81M | 79.04M | 80.53M |
| Additional Paid-In Capital | 1.85B | 1.81B | 1.89B | 1.81B | 1.71B | 1.68B |
| Retained Earnings | 4.39B | 4.04B | 4.27B | 4.13B | 3.72B | 3.52B |
| Comprehensive Income & Other | -5.68M | -34.13M | 3.08M | 59.28M | 97.87M | -46.42M |
| Shareholders' Equity | 6.30B | 5.89B | 6.24B | 6.07B | 5.61B | 5.24B |
| Total Liabilities & Equity | 26.07B | 26.37B | 27.40B | 27.20B | 26.18B | 26.34B |
| Total Debt | 18.07B | 18.74B | 19.43B | 19.53B | 19.12B | 19.43B |
| Net Cash (Debt) | -17.90B | -18.61B | -19.18B | -18.96B | -18.80B | -19.33B |
| Net Cash Per Share | -125.00 | -126.10 | -122.90 | -119.44 | -117.67 | -117.01 |
| Filing Date Shares Outstanding | 141.94M | 141.82M | 152.68M | 157.39M | 158.09M | 160.54M |
| Total Common Shares Outstanding | 141.93M | 141.80M | 153.32M | 157.61M | 158.08M | 161.05M |
| Working Capital | 2.91B | 2.90B | 2.88B | 2.91B | 3.10B | 4.50B |
| Book Value Per Share | 44.42 | 41.53 | 40.72 | 38.54 | 35.51 | 32.51 |
| Tangible Book Value | 6.30B | 5.89B | 6.10B | 5.93B | 5.47B | 5.09B |
| Tangible Book Value Per Share | 44.42 | 41.53 | 39.80 | 37.64 | 34.61 | 31.63 |
| Land | 1.29B | 1.20B | 1.18B | 1.01B | 986.92M | |
| Buildings | 2.93B | 2.68B | 2.61B | 2.45B | 2.29B | |
| Machinery | 643.65M | 607.67M | 586.81M | 559.93M | 520.41M | |
| Construction In Progress | 260.01M | 300.14M | 117.35M | 156.93M | 113.09M | |
| Leasehold Improvements | 375.80M | 366.84M | 361.85M | 356.97M | 331.00M |
Cash flow statement
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 292.44M | 247.29M | 500.56M | 479.20M | 484.76M | 1.15B |
| Depreciation & Amortization | 370.35M | 345.96M | 294.80M | 260.41M | 265.22M | 273.19M |
| Asset Writedown & Restructuring Costs | 141.26M | 141.26M | ||||
| Stock-Based Compensation | 102.07M | 99.02M | 134.71M | 119.72M | 85.59M | 109.20M |
| Other Operating Activities | 1.56B | 1.07B | 94.76M | 84.76M | 96.36M | 110.79M |
| Change in Accounts Receivable | -50.38M | -15.72M | 32.42M | 77.63M | 262.20M | -288.19M |
| Change in Inventory | -705.21M | -202.38M | -256.55M | 48.07M | 1.40B | -1.97B |
| Change in Accounts Payable | 135.12M | -43.78M | 71.71M | 118.51M | -197.69M | 175.11M |
| Change in Other Net Operating Assets | -605.47M | -246.89M | -582.63M | -1.04B | -1.43B | -2.26B |
| Operating Cash Flow | 1.60B | 1.78B | 624.44M | 458.62M | 1.28B | -2.55B |
| Capital Expenditures | -453.23M | -540.99M | -467.94M | -465.31M | -422.71M | -308.53M |
| Sale of Property, Plant & Equipment | 323.00K | 418.00K | 333.00K | 1.35M | 5.19M | 260.00K |
| Cash Acquisitions | -241.56M | |||||
| Divestitures | 12.30M | |||||
| Investment in Securities | -3.00M | -7.01M | 6.60M | -3.04M | -8.25M | 13.79M |
| Other Investing Activities | 18.06M | 7.54M | ||||
| Investing Cash Flow | -437.84M | -540.04M | -461.00M | -467.00M | -425.77M | -523.75M |
| Long-Term Debt Issued | 14.60B | 13.49B | 12.51B | 17.35B | 22.01B | |
| Total Debt Issued | 17.48B | 14.60B | 13.49B | 12.51B | 17.35B | 22.01B |
| Long-Term Debt Repaid | -15.28B | -13.57B | -12.14B | -17.73B | -18.39B | |
| Total Debt Repaid | -18.75B | -15.28B | -13.57B | -12.14B | -17.73B | -18.39B |
| Net Debt Issued (Repaid) | -1.27B | -682.60M | -77.57M | 378.74M | -373.56M | 3.62B |
| Issuance of Common Stock | 82.00K | 8.35M | 73.74M | 44.77M | 17.09M | 79.81M |
| Repurchase of Common Stock | -260.53M | -642.79M | -428.45M | -94.09M | -333.93M | -576.48M |
| Other Financing Activities | -22.11M | -24.23M | -21.25M | -21.63M | -19.78M | -20.13M |
| Financing Cash Flow | -1.55B | -1.34B | -453.54M | 307.79M | -710.18M | 3.10B |
| Net Cash Flow | -389.39M | -97.46M | -290.10M | 299.41M | 147.39M | 31.67M |
| Free Cash Flow | 1.15B | 1.24B | 156.50M | -6.69M | 860.62M | -2.86B |
| Free Cash Flow Margin | 3.89% | 4.48% | 0.56% | -0.02% | 2.77% | -8.61% |
| Free Cash Flow Per Share | 8.00 | 8.42 | 1.00 | -0.04 | 5.39 | -17.30 |
| Levered Free Cash Flow | 632.31M | -88.67M | 354.98M | 494.25M | 1.87B | -1.22B |
| Unlevered Free Cash Flow | 707.63M | -19.68M | 422.45M | 572.22M | 1.94B | -1.16B |
| Cash Interest Paid | 106.45M | 106.45M | 104.93M | 123.55M | 122.15M | 91.69M |
| Cash Income Tax Paid | 171.83M | 171.83M | 69.60M | 164.61M | 152.63M | 373.23M |
| Change in Working Capital | -1.23B | -508.78M | -735.05M | -796.00M | 34.38M | -4.34B |
Ratios
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.07B | 6.12B | 12.76B | 12.48B | 10.91B | 17.68B |
| Enterprise Value | 25.97B | 23.96B | 31.91B | 31.58B | 29.19B | 36.34B |
| Last Close Price | 55.58 | 43.17 | 82.97 | 79.00 | 69.04 | 109.33 |
| PE Ratio | 27.78 | 24.75 | 25.49 | 26.03 | 22.51 | 15.35 |
| Forward PE | 17.06 | 18.32 | 21.46 | 24.01 | 26.46 | 15.50 |
| PS Ratio | 0.28 | 0.22 | 0.45 | 0.44 | 0.35 | 0.53 |
| PB Ratio | 1.25 | 1.04 | 2.04 | 2.05 | 1.94 | 3.38 |
| P/TBV Ratio | 1.29 | 1.04 | 2.09 | 2.10 | 1.99 | 3.47 |
| P/FCF Ratio | 7.09 | 4.92 | 81.54 | 12.68 | ||
| P/OCF Ratio | 5.08 | 3.43 | 20.44 | 27.20 | 8.50 | |
| PEG Ratio | 0.69 | 2.59 | 1.35 | 1.31 | 3.00 | 0.98 |
| EV/Sales Ratio | 0.88 | 0.86 | 1.13 | 1.12 | 0.94 | 1.09 |
| EV/EBITDA Ratio | 23.09 | 23.09 | 29.44 | 33.27 | 28.81 | 19.91 |
| EV/EBIT Ratio | 34.39 | 34.63 | 40.45 | 45.84 | 39.03 | 23.42 |
| EV/FCF Ratio | 22.70 | 19.28 | 203.90 | 33.92 | ||
| Debt / Equity Ratio | 2.87 | 3.18 | 3.11 | 3.22 | 3.41 | 3.71 |
| Debt / EBITDA Ratio | 12.64 | 13.95 | 14.19 | 16.00 | 14.93 | 9.46 |
| Debt / FCF Ratio | 15.77 | 15.08 | 124.13 | 22.21 | ||
| Net Debt / Equity Ratio | 2.84 | 3.16 | 3.07 | 3.12 | 3.35 | 3.69 |
| Net Debt / EBITDA Ratio | 15.88 | 17.93 | 17.70 | 19.97 | 18.56 | 10.59 |
| Net Debt / FCF Ratio | 15.62 | 14.98 | 122.55 | -2,833.48 | 21.85 | -6.76 |
| Asset Turnover | 1.11 | 1.03 | 1.03 | 1.06 | 1.19 | 1.39 |
| Inventory Turnover | 7.08 | 5.72 | 6.16 | 6.43 | 6.08 | 6.91 |
| Quick Ratio | 0.18 | 0.14 | 0.20 | 0.34 | 0.32 | 0.32 |
| Current Ratio | 2.33 | 2.20 | 2.31 | 2.26 | 2.60 | 3.20 |
| Return on Equity (ROE) | 4.68% | 4.08% | 8.13% | 8.20% | 8.94% | 23.98% |
| Return on Assets (ROA) | 1.78% | 1.61% | 1.81% | 1.61% | 1.78% | 4.05% |
| Return on Invested Capital (ROIC) | 1.98% | 1.79% | 2.34% | 2.08% | 2.33% | 5.39% |
| Return on Capital Employed (ROCE) | 3.20% | 2.90% | 3.10% | 2.80% | 3.10% | 6.40% |
| Earnings Yield | 3.60% | 4.04% | 3.92% | 3.84% | 4.44% | 6.51% |
| FCF Yield | 14.11% | 20.30% | 1.23% | -0.05% | 7.89% | -16.17% |
| Buyback Yield / Dilution | 6.44% | 5.41% | 1.67% | 0.67% | 3.27% | -0.03% |