Filing Flows › CarMax (KMX) › Q1 FY27
CarMax (KMX) Q1 FY27 earnings results (first quarter fiscal 2027)
10-Q filed Jun 24, 2026
CarMax (KMX) reported revenue of $8.0B for the first quarter fiscal 2027 (Q1 FY27), +6% from a year earlier and +35% from the quarter before. Operating margin was 3.2%, net earnings $186M (2.3% of revenue).
CarMax, Q1 FY27: revenue $8.0B (+6% year over year), operating margin 3.2%, net earnings $186M, operating cash flow $17.6M. The chart follows the revenue to costs, profit and cash.
| Q1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.0B | +35% | +6% |
| Gross profit | $854M | +41% | -4% |
| Operating profit | $259M | — | -9% |
| Net earnings | $186M | — | -12% |
| Operating cash flow | $17.6M | — | -94% |
What changed
Revenue was $8.0B in Q1 FY27, up 6% year over year and up 35% from the previous quarter. Used vehicle sales was the largest line at 80% of revenue. Used vehicle sales added $0.29B year over year (up 5%), 62% of the total change.
Gross margin was 10.7%, down 1.2 points from Q1 FY26. Operating profit was $0.26B, a 3.2% margin (down 0.5 points year over year). Operating profit fell $0.02B even though revenue rose $0.47B versus Q1 FY26, so costs grew faster than sales. Operating expenses fell 2% while revenue rose 6%. Net earnings were $0.19B, down 12% year over year. The effective tax rate was 28.2%.
Operating cash flow was $0.02B (down 94% year over year), 9% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.30B. Capital expenditures of $0.10B exceeded it, leaving free cash flow of −$0.09B.
Questions
What was CarMax's revenue in the first quarter fiscal 2027?
CarMax (KMX) reported revenue of $8.0B for the first quarter fiscal 2027 (Q1 FY27), +6% from a year earlier and +35% from the quarter before.
Was CarMax profitable in the first quarter fiscal 2027?
Operating profit was $259M (3.2% of revenue) and net earnings $186M.
Source: CarMax 10-Q on SEC EDGAR.