Filing Flows › CarMax (KMX) › Q3 FY26
CarMax (KMX) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Dec 23, 2025
CarMax (KMX) reported revenue of $5.8B for the third quarter fiscal 2026 (Q3 FY26), -7% from a year earlier and -12% from the quarter before. Operating margin was 1.4%, net earnings $62.2M (1.1% of revenue).
CarMax, Q3 FY26: revenue $5.8B (-7% year over year), operating margin 1.4%, net earnings $62.2M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.8B | -12% | -7% |
| Gross profit | $590M | -18% | -13% |
| Operating profit | $83.9M | -34% | -50% |
| Net earnings | $62.2M | -35% | -50% |
| Operating cash flow | $1.3B | +60% | — |
| Free cash flow | $1.1B | +70% | — |
What changed
Revenue was $5.8B in Q3 FY26, down 7% year over year and down 12% from the previous quarter. Used vehicle sales was the largest line at 78% of revenue. Used vehicle sales lost $0.34B year over year (down 7%), 79% of the total change.
Gross margin was 10.2%, down 0.7 points from a year earlier. Operating profit was $0.08B, a 1.4% margin (down 1.2 points year over year). Operating expenses fell 1% while revenue fell 7%. Net earnings were $0.06B, down 50% year over year. The effective tax rate was 25.8%.
Operating cash flow was $1.3B, 2014% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $1.1B. Capital expenditures of $0.14B left free cash flow of $1.1B.
Questions
What was CarMax's revenue in the third quarter fiscal 2026?
CarMax (KMX) reported revenue of $5.8B for the third quarter fiscal 2026 (Q3 FY26), -7% from a year earlier and -12% from the quarter before.
Was CarMax profitable in the third quarter fiscal 2026?
Operating profit was $83.9M (1.4% of revenue) and net earnings $62.2M.
Source: CarMax 10-Q on SEC EDGAR.