Filing Flows › CarMax (KMX) › Q2 FY27 › vs Q1 FY27
CarMax (KMX) Q2 FY27 vs Q1 FY27 (quarter over quarter)
CarMax's revenue fell $136M (-2%) from $8.0B in Q1 FY27 to $7.9B in Q2 FY27. The biggest changes: Used vehicle sales −$80.4M (-1%); Wholesale vehicle sales −$69.1M (-5%); Extended protection plan revenues +$8.1M (+6%). Gross margin 10.1% against 10.7% (-0.5 pts).
CarMax, Q2 FY27: revenue $7.9B (+20% year over year), operating margin 2.8%, net earnings $165M, operating cash flow $883M. The chart draws each line against Q1 FY27, the increases inside each band.
Margins
| Q2 FY27 | Q1 FY27 | Change | |
|---|---|---|---|
| Gross margin | 10.1% | 10.7% | -0.5 pts |
| Operating margin | 2.8% | 3.2% | -0.4 pts |
| Net margin | 2.1% | 2.3% | -0.2 pts |
| Free cash flow margin | 10.2% | -1.1% | +11.3 pts |
Every line
| Line | Q2 FY27 | Q1 FY27 | Change | % |
|---|---|---|---|---|
| Used vehicle sales | $6.3B | $6.4B | −$80.4M | -1% |
| Wholesale vehicle sales | $1.4B | $1.4B | −$69.1M | -5% |
| Extended protection plan revenues | $142M | $134M | $8.1M | +6% |
| Advertising & subscription revenues | $36.3M | $36.7M | −$400K | -1% |
| Service revenues | $26.8M | $24.2M | $2.6M | +11% |
| Other | $5.5M | $4.7M | $800K | +17% |
| Revenue | $7.9B | $8.0B | −$136M | -2% |
| Gross profit | $799M | $854M | −$55.0M | -6% |
| Cost of revenue | $7.1B | $7.2B | −$80.7M | -1% |
| Operating profit | $223M | $259M | −$35.5M | -14% |
| Operating expenses | $576M | $596M | −$19.5M | -3% |
| Pre-tax earnings | $223M | $259M | −$35.5M | -14% |
| Net earnings | $165M | $186M | −$20.3M | -11% |
| Income tax | $57.8M | $72.9M | −$15.2M | -21% |
| Depreciation & amortization | $95.2M | $92.9M | $2.3M | +2% |
| Share-based compensation | $32.4M | $41.9M | −$9.6M | -23% |
| Working capital & other | $590M | −$303M | $893M | — |
| Operating cash flow | $883M | $17.6M | $865M | 50× |
| Free cash flow (OCF − capex) | $806M | −$85.7M | $892M | — |
| Capital expenditures | $77.1M | $103M | −$26.2M | -25% |
Questions
How much did CarMax's revenue grow quarter over quarter in Q2 FY27?
CarMax's revenue fell $136M (-2%) from $8.0B in Q1 FY27 to $7.9B in Q2 FY27.
What drove CarMax's revenue change in Q2 FY27?
Used vehicle sales −$80.4M (-1%); Wholesale vehicle sales −$69.1M (-5%); Extended protection plan revenues +$8.1M (+6%).