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CarMax vs Autonation: KMX and AN compared
CarMax is the larger company: $7.9B of revenue in its latest quarter (Q2 FY27) against $7.0B for Autonation (Q3 2026). CarMax is growing faster (+20% against -0.4% a year earlier). Autonation is more profitable, with an operating margin of 4.5% against 2.8%.
Where the money goes: KMX and AN
CarMax (KMX) · Q2 FY27
CarMax, Q2 FY27: revenue $7.9B (+20% year over year), operating margin 2.8%, net earnings $165M, operating cash flow $883M. The chart follows the revenue to costs, profit and cash.
Autonation (AN) · Q3 2026
Autonation, Q3 2026: revenue $7.0B (-0.4% year over year), operating margin 4.5%, net earnings $162M, operating cash flow $209M. The chart follows the revenue to costs, profit and cash.
| CarMax (KMX) | Autonation (AN) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $7.9B | $7.0B |
| Revenue growth, Y/Y | +20% | -0.4% |
| Gross margin | 10.1% | 17.2% |
| Operating margin | 2.8% | 4.5% |
| Net earnings | $165M | $162M |
| Net margin | 2.1% | 2.3% |
| Operating cash flow | $883M | $209M |
| Free cash flow | $806M | $134M |
| Market value | $7.5B | $6.3B |
| P/E | 24.7× | 9.0× |
| Analysts’ mean target | $61.31 | $213.42 |
Where the revenue comes from
CarMax
- Used vehicle sales: $6.3B (80%)
- Wholesale vehicle sales: $1.4B (17%)
- Extended protection plan revenues: $142M (2%)
- Advertising & subscription revenues: $36.3M (0%)
Autonation
- New vehicle: $3.3B (48%)
- Used vehicle: $2.0B (29%)
- Parts and service: $1.3B (18%)
- Finance and insurance, net: $349M (5%)
Questions
Which is bigger, CarMax or Autonation?
CarMax is the larger company: $7.9B of revenue in its latest quarter (Q2 FY27) against $7.0B for Autonation (Q3 2026).
Is CarMax or Autonation growing faster?
CarMax is growing faster (+20% against -0.4% a year earlier).
Which is more profitable, CarMax or Autonation?
Autonation is more profitable, with an operating margin of 4.5% against 2.8%.
More: CarMax earnings · how CarMax makes money · Autonation earnings · how Autonation makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 30, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.