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CarMax (KMX) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 30, 2026 · CarMax (KMX) Q2 FY27 earnings results →

Q2 FY27 Revenue up 20% year over year to $7.9B · 2¢ of every $1 of revenue kept as net profit · operating margin 2.8%

CarMax made $7.9B in Q2 FY27 (+20% Y/Y): Used vehicle sales $6.3B, Wholesale vehicle sales $1.4B, Extended protection plan revenues $142M. Operating margin 2.8%, net earnings $165M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 30, 2026.

Revenue$7.9B
Year over year+20%
Operating margin2.8%
Net earnings$165M
Operating cash flow$883M

Drawing the Sankey…

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CarMax Q2 FY27 revenue breakdown: Sankey diagram of revenue (Used vehicle sales, Wholesale vehicle sales, Extended protection plan revenues, Advertising & subscription revenues), costs, profit and cash flow
CarMax Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $7.9B in Q2 FY27, up 19% year over year and down 2% from the previous quarter. Used vehicle sales was the largest line at 80% of revenue. Used vehicle sales added $1.0B year over year (up 20%), 81% of the total change. Advertising & subscription revenues declined 4%.

Gross margin was 10.1%, down 0.7 points from Q2 FY26. Operating profit was $0.22B, a 2.8% margin (up 0.9 points year over year). Of the extra revenue versus Q2 FY26, 7% reached operating profit, above the 2% margin then. Operating expenses fell 2% while revenue rose 19%. Net earnings were $0.17B, up 73% year over year. The effective tax rate was 25.9%.

Operating cash flow was $0.88B (up 12% year over year), 534% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.59B. Capital expenditures of $0.08B left free cash flow of $0.81B.

Quarterly history

CarMax revenue by quarterCarMax revenue by quarter$6.0BQ4 FY25$7.5BQ1 FY26$6.6BQ2 FY26$5.8BQ3 FY26$5.9BQ4 FY26$8.0BQ1 FY27$7.9BQ2 FY27
CarMax net earnings by quarterCarMax net earnings by quarter$89.9MQ4 FY25$210MQ1 FY26$95.4MQ2 FY26$62.2MQ3 FY26−$121MQ4 FY26$186MQ1 FY27$165MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 30, 2026$7.9B+20%2.8%$165M$883M
Q1 FY2710-QJun 24, 2026$8.0B+6%3.2%$186M$17.6M
Q4 FY2610-KApr 15, 2026$5.9B-1%-1.9%−$121M−$554M
Q3 FY2610-QDec 23, 2025$5.8B-7%1.4%$62.2M$1.3B
Q2 FY2610-QSep 26, 2025$6.6B-6%1.9%$95.4M$785M
Q1 FY2610-QJun 26, 2025$7.5B+6%3.8%$210M$300M
Q4 FY2510-KApr 11, 2025$6.0B+7%2.0%$89.9M$146M

Charts

CarMax: revenue growth, year over year and quarter over quarterCarMax: revenue growth, year over year and quarter over quarterY/YQ/Q+7%Q4 FY25+6%+26%Q1 FY26-6%-13%Q2 FY26-7%-12%Q3 FY26-1%+3%Q4 FY26+6%+35%Q1 FY27+20%-2%Q2 FY27
Latest (Q2 FY27): Y/Y +20%, Q/Q -2%.
CarMax: where the cash came from (+) and went (−), TTM to Q2 FY27CarMax: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$1.6BOther financing−$1.3BCapital spending−$453MCash drawn (+) / kept (−)$389MBuybacks−$261MNet borrowing (+) / repaid (−)−$16.4MOther investing$15.1MAsset & business sales$323KShares issued$82K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
CarMax: profit against cash, quarter by quarterCarMax: profit against cash, quarter by quarterNet incomeOperating cash flow$125M−$23.4MQ3 FY25$89.9M$146MQ4 FY25$210M$300MQ1 FY26$95.4M$785MQ2 FY26$62.2M$1.3BQ3 FY26−$121M−$554MQ4 FY26$186M$17.6MQ1 FY27$165M$883MQ2 FY27
Latest (Q2 FY27): Net income $165M, Operating cash flow $883M.
CarMax: diluted shares by fiscal yearCarMax: diluted shares by fiscal year165MFY21165MFY22160MFY23159MFY24156MFY25148MFY26
-10.6% since FY21: buybacks shrank the count.
CarMax in its industry: growth against margin (16 companies, SIC 5500)CarMax in its industry: growth against margin (16 companies, SIC 5500)revenue growth, year over year →↑ operating marginmedian +8%median 4%LADPAGCVNAANMUSACASYGPIABGSAHRUSHACWHCPRTOPLNCRMTNXXTKMX (+20%, 3%)
Retail-Auto Dealers & Gasoline Stations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About CarMax

CarMax, Inc. delivers an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process. We are the nation’s largest retailer of used vehicles, and we sold 780,684 used vehicles at retail during the fiscal year ended February 28, 2026. We are also one of the nation’s largest operators of wholesale vehicle auctions, with 538,203 vehicles sold during fiscal 2026, and one of the nation’s largest providers of used vehicle financing, servicing approximately 1.0 million customer accounts in our $16.37 billion portfolio of auto loans as of February 28, 2026.

In its own words, from its 10-K, filed Apr 15, 2026.

CarMax against its Retail-Auto Dealers & Gasoline Stations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +20% against the peers' median +4%. Operating margin: 2.8% against the peers' median 4.2%.

CompanyQuarterRevenueY/YOp. margin
KMX CarMaxQ2 FY27$7.9B+20%2.8%
LAD Lithia MotorsQ3 2026$9.9B+3%4.2%
PAG Penske Automotive GroupQ3 2026$8.4B+4%3.6%
CVNA CarvanaQ3 2026$8.0B+42%8.9%
AN AutonationQ3 2026$7.0B-0.4%4.5%
MUSA Murphy USAQ3 2026$6.9B+35%3.8%
CASY Caseys General StoresQ1 FY27$5.7B+24%6.1%
GPI Group 1 AutomotiveQ3 2026$5.4B-7%3.7%
ABG Asbury Automotive GroupQ3 2026$4.4B-8%4.7%

Source: CarMax 10-Q on SEC EDGAR · CIK 1170010 · Retail-Auto Dealers & Gasoline Stations

13F: who owns KMX and who is buying

Largest holders of KMX (13F)Largest holders of KMX (13F)BlackRock$904MVanguard Group$583MVanguard Portfolio Management LLC$385MAQR Capital Management LLC$349MVanguard Capital Management LLC$340MSRS Investment Management, LLC$313MTwo Sigma Investments, LP$308MState Street$273MDimensional Fund Advisors LP$263MJupiter Topco LLC$246M
Funds' net buying of KMX by quarter (13F)Funds' net buying of KMX by quarter (13F)−$417M2024-09−$707M2024-12$103M2025-03−$21.2M2025-06−$490M2025-09$161M2025-12$248M2026-03−$317M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on KMX

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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