Skip to content
stoqly

CarMax

KMX NYSE Automotive Retail Financials FY2017–FY2026

CarMax's revenue fell 1.8% to $25.9 billion in fiscal 2026. Its net margin was 1.0%, down from 1.9% a year earlier. Free cash flow was $1.2 billion, up 694.2%. It paid out $643 million in dividends and buybacks, 52% of free cash flow. The diluted share count fell 5.4%.

Last close · Oct 23, 2026

$51.55

2.7%
Value it Compare
Revenue Total sales reported in the income statement.
$25.9B
1.8% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$247M
50.6%
Free cash flow Cash from operations minus capital spending.
$1.2B
694.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
1.3%
1.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
24.3x
On $2.12 EPS (TTM)

What CarMax does

No business description yet.

Legal name
CARMAX, INC.
Fiscal year ends
February 28, 2026
Latest annual report
—
Accession · CIK
0001170010-26-000021
0001170010

Revenue and margins

CarMax had $25.9B of revenue in fiscal 2026, down 1.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew −7.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.2B in fiscal 2026, 4.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

CarMax returned $643M to shareholders in fiscal 2026, 52% of free cash flow. The diluted share count fell 5.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value CarMax yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$17.3B and divides by 147.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 24.3x · peers 10.1x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably CarMax can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $103M$230M$484M$127M$123M
Debt incl. finance leases $18.3B$18.0B$18.2B$18.3B$17.5B
Net debt / EBITDA 9.8x17.3x17.2x17.0x20.6x
Debt / equity 3.5x3.2x3.0x2.9x3.0x
Interest coverage 16.9x6.3x6.1x7.2x4.5x
Current ratio 3.2x2.6x2.3x2.3x2.2x
Quick ratio 0.7x0.7x0.7x0.5x0.5x
Total assets $26.3B$26.2B$27.2B$27.4B$26.4B
Total liabilities $21.1B$20.6B$21.1B$21.2B$20.5B
Shareholders' equity $5.2B$5.6B$6.1B$6.2B$5.9B
Net debt (− = net cash) $18.2B$17.7B$17.7B$18.2B$17.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.3M

5 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 25, 2026 Marcella ShinderDirector Bought 574 $52.01 $0.0M Form 4
Jun 25, 2026 Sona ChawlaDirector Bought 2,000 $53.39 $0.1M Form 4
Jun 24, 2026 Mark F ONeilDirector Bought 9,600 $52.36 $0.5M Form 4
Jun 22, 2026 Keith BarrPresident and CEO, Director Bought 9,400 $53.01 $0.5M Form 4
Jun 22, 2026 Peter J BensenDirector Bought 2,500 $52.20 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 98 / 95 / 9
Accruals ratio 0.1%−0.5%−5.7%
Altman Z'' 1.691.701.65

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
CarMax KMX $7.3B −1.8% — 4.8% 1.3% 24.3x 5
AutoNation AN $5.4B 3.2% 4.5% −0.7% 14.7% 7.5x 6 Compare →
Group 1 Automotive GPI $2.9B 13.2% 3.3% 1.9% 8.6% 10.1x 5 Compare →
Penske Automotive Group PAG $14.0B −0.2% 4.0% 2.1% 12.8% 15.4x 6 Compare →
Carvana CVNA $42.8B 48.6% 9.3% 4.4% 24.6% — 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $15.9B $17.1B $18.2B $20.3B $19.0B $31.9B $29.7B $26.5B $26.4B $25.9B
Gross profit $2.2B $2.3B $2.5B $2.7B $2.4B $3.3B $2.8B $2.7B $2.9B $2.8B
Interest expense $56.4M $70.7M $75.8M $83.0M $86.2M $94.1M $120M $125M $108M $110M
Pretax income $1.0B $1.1B $1.1B $1.2B $965M $1.5B $637M $642M $669M $383M
Income tax $379M $400M $270M $273M $218M $341M $152M $162M $169M $136M
Net income $627M $664M $842M $888M $747M $1.2B $485M $479M $501M $247M
Diluted EPS $3.26 $3.60 $4.79 $5.33 $4.52 $6.97 $3.03 $3.02 $3.21 $1.68
Diluted shares 0.19B 0.18B 0.18B 0.17B 0.17B 0.17B 0.16B 0.16B 0.16B 0.15B
Cash flow
Cash from operations −$455M −$80.5M $163M −$237M $668M −$2.5B $1.3B $459M $624M $1.8B
Capital expenditure $418M $297M $305M $332M $165M $309M $423M $465M $468M $541M
Free cash flow −$873M −$377M −$142M −$569M $503M −$2.9B $861M −$6.7M $157M $1.2B
Depreciation and amortization $169M $180M $182M $216M $242M $273M $265M $260M $295M $346M
Stock-based compensation $91.6M $61.9M $75.0M $109M $122M $109M $85.6M $120M $135M $99.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $242M $0.0M $0.0M $0.0M $0.0M
Share buybacks $564M $580M $905M $568M $230M $577M $334M $94.1M $429M $643M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $564M $580M $905M $568M $230M $576M $334M $94.1M $428M $643M
Balance sheet
Cash and short-term investments $38.4M $44.5M $46.9M $58.2M $132M $103M $230M $484M $127M $123M
Total debt $12.5B $13.5B $13.8B $14.9B $14.6B $18.2B $17.8B $18.0B $18.1B $17.3B
Finance lease liabilities $0.0M $0.0M $0.0M $84.4M $130M $156M $184M $220M $204M $192M
Current assets $2.9B $3.1B $3.2B $3.7B $4.1B $6.5B $5.0B $5.2B $5.1B $5.3B
Current liabilities $1.1B $1.2B $1.3B $1.5B $1.7B $2.0B $1.9B $2.3B $2.2B $2.4B
Inventory $2.3B $2.4B $2.5B $2.8B $3.2B $5.1B $3.7B $3.7B $3.9B $4.1B
Property and equipment, net $2.5B $2.7B $2.8B $3.1B $3.1B $3.2B $3.4B $3.7B $3.8B $4.1B
Total assets $16.3B $17.5B $18.7B $21.1B $21.5B $26.3B $26.2B $27.2B $27.4B $26.4B
Total liabilities $13.2B $14.2B $15.4B $17.3B $17.2B $21.1B $20.6B $21.1B $21.2B $20.5B
Shareholders' equity $3.1B $3.3B $3.4B $3.8B $4.4B $5.2B $5.6B $6.1B $6.2B $5.9B
Margins
Gross margin 13.8% 13.6% 13.7% 13.4% 12.6% 10.3% 9.4% 10.2% 11.0% 10.8%
EBITDA margin 7.8% 7.7% 7.5% 7.2% 6.8% 5.8% 3.4% 3.9% 4.1% 3.2%
Net margin 4.0% 3.9% 4.6% 4.4% 3.9% 3.6% 1.6% 1.8% 1.9% 1.0%
FCF margin −5.5% −2.2% −0.8% −2.8% 2.7% −9.0% 2.9% −0.0% 0.6% 4.8%
Returns
Return on capital 4.5% 4.4% 5.3% 5.3% 4.3% 5.8% 2.5% 2.4% 2.4% 1.3%
Return on capital employed 7.4% 7.2% 7.1% 6.7% 5.3% 7.2% 3.1% 3.1% 3.1% 2.0%
Return on equity 20.9% 20.7% 25.3% 24.9% 18.4% 24.0% 8.9% 8.2% 8.1% 4.1%
Return on assets 4.1% 3.9% 4.7% 4.5% 3.5% 4.8% 1.9% 1.8% 1.8% 0.9%
Growth
Revenue growth 4.8% 7.8% 6.2% 11.8% −6.7% 68.3% −7.0% −10.6% −0.7% −1.8%
Net income growth 0.6% 5.9% 26.9% 5.5% −15.9% 54.1% −57.9% −1.2% 4.5% −50.6%
EPS growth 7.6% 10.4% 33.1% 11.3% −15.2% 54.2% −56.5% −0.3% 6.3% −47.7%
FCF growth — — — — — −667.9% — −100.8% — 694.2%
Share count change −6.5% −4.0% −4.7% −5.2% −1.0% 0.0% −3.3% −0.7% −1.7% −5.4%
Financial health
Net debt / EBITDA 10.2x 10.2x 10.0x 10.3x 11.3x 9.8x 17.3x 17.2x 17.0x 20.6x
Debt / equity 4.0x 4.1x 4.1x 4.0x 3.4x 3.5x 3.2x 3.0x 2.9x 3.0x
Interest coverage 18.8x 16.0x 15.7x 15.0x 12.2x 16.9x 6.3x 6.1x 7.2x 4.5x
Current ratio 2.6x 2.6x 2.5x 2.4x 2.4x 3.2x 2.6x 2.3x 2.3x 2.2x
Quick ratio 0.6x 0.6x 0.5x 0.5x 0.6x 0.7x 0.7x 0.7x 0.5x 0.5x
Capital allocation
Capex / revenue 2.6% 1.7% 1.7% 1.6% 0.9% 1.0% 1.4% 1.8% 1.8% 2.1%
Stock comp / revenue 0.6% 0.4% 0.4% 0.5% 0.6% 0.3% 0.3% 0.5% 0.5% 0.4%
Payouts / FCF — — — — 45.7% — 38.8% — 273.8% 51.7%
Quality scores
Piotroski F-score 4.0 4.0 6.0 4.0 5.0 4.0 5.0 5.0 8.0 5.0
Altman Z'' 1.8 1.8 1.7 1.7 1.8 2.2 1.7 1.7 1.7 1.7
Accruals ratio 7.0% 4.4% 3.8% 5.7% 0.4% 15.5% −3.0% 0.1% −0.5% −5.7%

Source: SEC EDGAR XBRL filings (CIK 0001170010). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open