Filing Flows › CarMax (KMX) › Q1 FY27 › vs Q4 FY26
CarMax (KMX) Q1 FY27 vs Q4 FY26 (quarter over quarter)
CarMax's revenue rose $2.1B (+35%) from $5.9B in Q4 FY26 to $8.0B in Q1 FY27. The biggest changes: Used vehicle sales +$1.6B (+34%); Wholesale vehicle sales +$420M (+42%); Total other sales and revenues +$34.7M (+22%). Gross margin 10.7% against 10.2% (+0.5 pts).
CarMax, Q1 FY27: revenue $8.0B (+6% year over year), operating margin 3.2%, net earnings $186M, operating cash flow $17.6M. The chart draws each line against Q4 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q4 FY26 | Change | |
|---|---|---|---|
| Gross margin | 10.7% | 10.2% | +0.5 pts |
| Operating margin | 3.2% | -1.9% | +5.1 pts |
| Net margin | 2.3% | -2.0% | +4.3 pts |
Every line
| Line | Q1 FY27 | Q4 FY26 | Change | % |
|---|---|---|---|---|
| Extended protection plan revenues | $134M | $105M | $28.2M | +27% |
| Advertising & subscription revenues | $36.7M | $35.0M | $1.7M | +5% |
| Service revenues | $24.2M | $19.4M | $4.8M | +25% |
| Total other sales and revenues | $194M | $160M | $34.7M | +22% |
| Used vehicle sales | $6.4B | $4.8B | $1.6B | +34% |
| Wholesale vehicle sales | $1.4B | $1.0B | $420M | +42% |
| Other | $4.7M | $3.3M | $1.4M | +42% |
| Revenue | $8.0B | $5.9B | $2.1B | +35% |
| Gross profit | $854M | $605M | $249M | +41% |
| Cost of revenue | $7.2B | $5.3B | $1.8B | +34% |
| Operating profit | $259M | −$111M | $369M | — |
| Operating expenses | $596M | $716M | −$120M | -17% |
| Pre-tax earnings | $259M | −$111M | $369M | — |
| Net earnings | $186M | −$121M | $306M | — |
| Income tax | $72.9M | $10.0M | $62.9M | +629% |
| Operating cash sources | $320M | −$15.3M | $336M | — |
| Depreciation & amortization | $92.9M | $93.8M | −$869K | -0.9% |
| Share-based compensation | $41.9M | $11.7M | $30.3M | +260% |
| Working capital & other | $303M | $539M | −$236M | -44% |
| Operating cash flow | $17.6M | −$554M | $572M | — |
| Capital expenditures | $103M | $133M | −$29.7M | -22% |
| Negative free cash flow (OCF − capex) | $85.7M | $687M | −$602M | -88% |
Questions
How much did CarMax's revenue grow quarter over quarter in Q1 FY27?
CarMax's revenue rose $2.1B (+35%) from $5.9B in Q4 FY26 to $8.0B in Q1 FY27.
What drove CarMax's revenue change in Q1 FY27?
Used vehicle sales +$1.6B (+34%); Wholesale vehicle sales +$420M (+42%); Total other sales and revenues +$34.7M (+22%).