Latest news with #CarMaxAutoFinance
Yahoo
29-05-2025
- Automotive
- Yahoo
CarMax Announces First Quarter Conference Call and Annual Meeting Information
RICHMOND, Va., May 29, 2025--(BUSINESS WIRE)--CarMax, Inc. (NYSE:KMX) will report its financial results for the first quarter ended May 31, 2025 before the market opens on June 20, 2025, and it will host a conference call with investors at 9:00 a.m. ET to discuss these results. Participants on the call will include Bill Nash, president and CEO, Enrique Mayor-Mora, executive vice president, CFO and Jon Daniels, executive vice president, CarMax Auto Finance. The live conference call can be accessed by dialing (800) 225-9448 (or (203) 518-9708 for international access) and entering the conference ID 3171396. A live audio webcast also will be available at A replay of the webcast will be available on the company's website at through September 24, 2025 or via telephone (for approximately one week) by dialing (800) 839-1247 (or (402) 220-0470 for international access). June 24, 2025 – CarMax Annual Meeting of Shareholders The CarMax 2025 annual meeting of shareholders will be held on Tuesday, June 24, 2025 beginning at 1:00 p.m. ET. The meeting will be held virtually and there will be no in-person meeting location. A live webcast of the meeting will be available at and a webcast replay will be available following the event. About CarMax CarMax, the nation's largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year ended February 29, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in receivables during fiscal 2025, adding to its nearly $18 billion portfolio. CarMax has 250 store locations, over 30,000 associates, and is proud to have been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to helping its communities thrive and reducing the environmental footprint of its operations. Learn more in the 2025 Responsibility Report. For more information, visit View source version on Contacts Investors:David Lowensteininvestor_relations@ (804) 747-0422 ext. 7865 Media:pr@ (855) 887-2915 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
29-05-2025
- Automotive
- Business Wire
CarMax Announces First Quarter Conference Call
RICHMOND, Va.--(BUSINESS WIRE)--CarMax, Inc. (NYSE:KMX) will report its financial results for the first quarter ended May 31, 2025 before the market opens on June 20, 2025, and it will host a conference call with investors at 9:00 a.m. ET to discuss these results. Participants on the call will include Bill Nash, president and CEO, Enrique Mayor-Mora, executive vice president, CFO and Jon Daniels, executive vice president, CarMax Auto Finance. The live conference call can be accessed by dialing (800) 225-9448 (or (203) 518-9708 for international access) and entering the conference ID 3171396. A live audio webcast also will be available at A replay of the webcast will be available on the company's website at through September 24, 2025 or via telephone (for approximately one week) by dialing (800) 839-1247 (or (402) 220-0470 for international access). June 24, 2025 – CarMax Annual Meeting of Shareholders The CarMax 2025 annual meeting of shareholders will be held on Tuesday, June 24, 2025 beginning at 1:00 p.m. ET. The meeting will be held virtually and there will be no in-person meeting location. A live webcast of the meeting will be available at and a webcast replay will be available following the event. About CarMax CarMax, the nation's largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year ended February 29, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in receivables during fiscal 2025, adding to its nearly $18 billion portfolio. CarMax has 250 store locations, over 30,000 associates, and is proud to have been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to helping its communities thrive and reducing the environmental footprint of its operations. Learn more in the 2025 Responsibility Report. For more information, visit
Yahoo
09-05-2025
- Automotive
- Yahoo
This CarMax Insider Increased Their Holding In The Last Year
From what we can see, insiders were net buyers in CarMax, Inc.'s (NYSE:KMX ) during the past 12 months. That is, insiders acquired the stock in greater numbers than they sold it. While insider transactions are not the most important thing when it comes to long-term investing, we would consider it foolish to ignore insider transactions altogether. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. The Executive VP of CarMax Auto Finance, Jon Daniels, made the biggest insider sale in the last 12 months. That single transaction was for US$89k worth of shares at a price of US$72.46 each. So what is clear is that an insider saw fit to sell at around the current price of US$66.55. While we don't usually like to see insider selling, it's more concerning if the sales take place at a lower price. In this case, the big sale took place at around the current price, so it's not too bad (but it's still not a positive). The only individual insider seller over the last year was Jon Daniels. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. If you want to know exactly who sold, for how much, and when, simply click on the graph below! Check out our latest analysis for CarMax If you are like me, then you will not want to miss this free list of small cap stocks that are not only being bought by insiders but also have attractive valuations. Over the last three months, we've seen significant insider buying at CarMax. Lead Independent Director Mitchell Steenrod spent US$85k on stock, and there wasn't any selling. This is a positive in our book as it implies some confidence. Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. A high insider ownership often makes company leadership more mindful of shareholder interests. CarMax insiders own about US$46m worth of shares. That equates to 0.5% of the company. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment. It is good to see the recent insider purchase. But we can't say the same for the transactions over the last 12 months. The more recent transactions are a positive, but CarMax insiders haven't shown the sustained enthusiasm that we look for, although they do own a decent number of shares, overall. Overall they seem reasonably aligned. While it's good to be aware of what's going on with the insider's ownership and transactions, we make sure to also consider what risks are facing a stock before making any investment decision. While conducting our analysis, we found that CarMax has 1 warning sign and it would be unwise to ignore this. But note: CarMax may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Associated Press
10-04-2025
- Automotive
- Associated Press
CarMax Reports Fourth Quarter and Fiscal Year 2025 Results
CarMax, Inc. (NYSE:KMX) today reported results for the fourth quarter and fiscal year ended February 28, 2025. Fourth Quarter Highlights: (1) Net revenues of $6.0 billion, up 6.7%. Retail used unit sales increased 6.2% and comparable store used unit sales increased 5.1%; wholesale units increased 3.1%. CarMax's share of the nationwide age 0-10 year old used vehicle market remained at 3.7% in calendar year 2024. Accelerating gains in the back half of the year, reflecting the positive momentum across the business, offset losses in the first half of the year. Total gross profit of $667.9 million increased 13.9%, driven by unit volumes and strong unit margin performance. Gross profit per retail used unit of $2,322, up $71 per unit and achieving a fourth quarter record Gross profit per wholesale unit of $1,045, historically strong, down $75 per unit Extended Protection Plans (EPP) margin per retail unit of $580, an increase of $10 per unit Service margin loss of $4 per retail unit, an improvement of $257 per retail unit Bought 269,000 vehicles from consumers and dealers, an increase of 15.3%. 223,000 vehicles were purchased from consumers, up 5.3% 46,000 vehicles were purchased through dealers, up 114.2% SG&A of $610.5 million increased 5.1%. Ongoing cost management efforts supported strong leverage of 770 basis points in SG&A as a percent of gross profit. CarMax Auto Finance (CAF) income of $159.3 million, an increase of 8.2%, due to growth in net interest margin percentage. Net earnings per diluted share of $0.58 increased 81.3% from $0.32 a year ago; this year's quarter was impacted by $0.06 due to a $12 million Edmunds non-cash lease impairment within other expense. Repurchased $98.5 million in shares of common stock in the fourth quarter of fiscal year 2025. 'We are pleased with the continuing momentum across our diversified business during the fourth quarter. We delivered robust EPS growth driven by increases in unit sales and buys, strong growth in total gross profit, an increase in CAF income, and ongoing management of SG&A,' said Bill Nash, president and chief executive officer. 'During fiscal year 2025, we further differentiated our consumer offering and drove incremental operational efficiencies. Our associates, stores, technology and digital capabilities, all seamlessly tied together, enable us to provide the most customer centric car buying and selling experience. This is a key differentiator that gives us the right to win and access to the largest total addressable market in the used car space, providing a strong runway for future growth.' Fourth Quarter Business Performance Review: Sales. Combined retail and wholesale used vehicle unit sales were 301,811, an increase of 4.9% from the prior year's fourth quarter. Total retail used vehicle unit sales increased 6.2% to 182,655 compared to the prior year's fourth quarter. Comparable store used unit sales increased 5.1% from the prior year's fourth quarter. Total retail used vehicle revenues increased 7.5% compared with the prior year's fourth quarter, primarily driven by the increase in retail used units sold. Total wholesale vehicle unit sales increased 3.1% to 119,156 versus the prior year's fourth quarter. Total wholesale revenues increased 3.5% compared with the prior year's fourth quarter, primarily driven by the increase in wholesale units sold. We bought 269,000 vehicles from consumers and dealers, up 15.3% compared to last year's fourth quarter. Of these vehicles, 223,000 were bought from consumers and 46,000 were bought through dealers, an increase of 5.3% and 114.2%, respectively, from last year's fourth quarter. Other sales and revenues increased by 2.7%, or $4.2 million, compared with the fourth quarter of fiscal 2024, primarily reflecting an increase in EPP revenues resulting from stronger margins. Online retail sales (2) accounted for 15% of retail unit sales, compared to 14% in the fourth quarter of last year. Revenue from online transactions (3), including retail and wholesale unit sales, was $1.8 billion, or approximately 29% of net revenues, slightly down from 30% in last year's fourth quarter. Gross Profit. Total gross profit was $667.9 million, up 13.9% versus last year's fourth quarter. Retail used vehicle gross profit increased 9.5% and retail gross profit per used unit increased $71 from the prior year's fourth quarter to $2,322. Wholesale vehicle gross profit decreased 3.8% versus the prior year's fourth quarter. Gross profit per unit was historically strong at $1,045, though a decrease of $75 from the prior year's fourth quarter. Other gross profit increased 71.8% primarily reflecting growth in service gross profit driven by cost coverage measures, positive retail unit growth, and increased efficiencies as well as growth in EPP revenues supported by stronger margins. SG&A. Compared with the fourth quarter of fiscal 2024, SG&A expenses increased 5.1% or $29.6 million to $610.5 million, primarily driven by an increase in compensation and benefits due to year-over-year corporate bonus accrual dynamics, with the majority of the balance driven by costs related to unit volume growth. The change in SG&A was also due to an increase in advertising spend due to timing. SG&A as a percent of gross profit decreased 770 basis points to 91.4% in the fourth quarter compared to 99.1% in the prior year's fourth quarter, driven by the growth in gross profit and ongoing cost management efforts in the stores and customer experience centers. In fiscal year 2026, we expect to require low-single-digit gross profit growth to lever SG&A. CarMax Auto Finance. (4) CAF income increased 8.2% to $159.3 million driven by growth in CAF's net interest margin percentage. This quarter's provision for loan losses was $68.3 million compared to $71.6 million in the prior year's fourth quarter. As of February 28, 2025, the allowance for loan losses of $458.7 million was 2.61% of ending managed receivables, down from 2.70% as of November 30, 2024. The decrease in the allowance percentage reflected the effect of the previously disclosed tightening of CAF's underwriting standards. CAF's total interest margin percentage, which represents the spread between interest and fees charged to consumers and our funding costs, was 6.2% of average managed receivables, up from the prior year's fourth quarter but consistent with this year's third quarter. After the effect of 3-day payoffs, CAF financed 42.3% of units sold in the current quarter, in line with the prior year's fourth quarter. CAF's weighted average contract rate was 11.1% in the quarter, down from 11.5% in the fourth quarter last year. Share Repurchase Activity. During the fourth quarter of fiscal year 2025, we repurchased 1.2 million shares of common stock for $98.5 million. As of February 28, 2025, we had $1.94 billion remaining available for repurchase under the outstanding authorization. Location Openings. During the fourth quarter of fiscal 2025, we opened two new store locations in Mays Landing, New Jersey and Visalia, California, our 250th store. We also opened a stand-alone auction facility in Chino, California that will support the Los Angeles metro market. Fiscal 2026 Capital Spending Plan. For fiscal 2026, we are planning new store growth of six locations, as well as four stand-alone reconditioning/auction centers. We expect capital expenditures of approximately $575 million in fiscal 2026. The year-over-year increase is primarily driven by the timing of land purchases that were pushed from fiscal year 2025 to fiscal 2026. We continue to build out facilities to support our future long-term growth in offsite reconditioning and auction facilities, as well as our new stores. Earnings Per Share Growth Model Update. Looking ahead, we have positioned the company to achieve ongoing growth in retail and wholesale unit sales and market share, with double-digit earnings per share growth for years to come. We are excited about the power of the earnings model we have built. Our model is designed to deliver an earnings per share growth CAGR in the high-teens when retail unit growth is in the mid-single digits. Long-Term Goals. We are focused on growing the business, and we continue to make progress toward our long-term goals. However, we are removing the timeframes associated with them given the potential impact of broader macro factors. Supplemental Financial Information Amounts and percentage calculations may not total due to rounding. Sales Components Three Months Ended February 28 or 29 Years Ended February 28 or 29 (In millions) 2025 2024 Change 2025 2024 Change Used vehicle sales $ 4,836.2 $ 4,497.6 7.5 % $ 21,079.7 $ 20,922.3 0.8 % Wholesale vehicle sales 1,007.9 974.3 3.5 % 4,587.5 4,975.8 (7.8 )% Other sales and revenues: Extended protection plan revenues 105.9 98.0 8.1 % 451.7 401.8 12.4 % Third-party finance fees, net (2.3 ) (3.5 ) 33.5 % (1.5 ) (5.8 ) 74.4 % Advertising & subscription revenues (1) 34.1 34.2 (0.3 )% 139.3 135.8 2.6 % Other 21.3 26.1 (18.3 )% 96.8 106.2 (8.8 )% Total other sales and revenues 159.0 154.8 2.7 % 686.3 638.0 7.6 % Total net sales and operating revenues $ 6,003.1 $ 5,626.6 6.7 % $ 26,353.4 $ 26,536.0 (0.7 )% (1) Excludes intercompany revenues that have been eliminated in consolidation. Unit Sales Three Months Ended February 28 or 29 Years Ended February 28 or 29 2025 2024 Change 2025 2024 Change Used vehicles 182,655 172,057 6.2 % 789,050 765,572 3.1 % Wholesale vehicles 119,156 115,546 3.1 % 544,312 546,331 (0.4 )% Average Selling Prices Three Months Ended February 28 or 29 Years Ended February 28 or 29 2025 2024 Change 2025 2024 Change Used vehicles $ 26,133 $ 25,985 0.6 % $ 26,273 $ 27,028 (2.8 )% Wholesale vehicles $ 8,044 $ 8,034 0.1 % $ 8,019 $ 8,707 (7.9 )% Vehicle Sales Changes Three Months Ended February 28 or 29 Years Ended February 28 or 29 2025 2024 2025 2024 Used vehicle units 6.2 % 1.3 % 3.1 % (5.2 )% Used vehicle revenues 7.5 % (0.7 )% 0.8 % (9.2 )% Wholesale vehicle units 3.1 % (4.0 )% (0.4 )% (6.6 )% Wholesale vehicle revenues 3.5 % (5.5 )% (7.8 )% (16.9 )% Comparable Store Used Vehicle Sales Changes (1) Three Months Ended February 28 or 29 Years Ended February 28 or 29 2025 2024 2025 2024 Used vehicle units 5.1 % 0.1 % 2.2 % (6.7 )% Used vehicle revenues 5.9 % (2.0 )% (0.4 )% (10.6 )% (1) Stores are added to the comparable store base beginning in their fourteenth full month of operation. Comparable store calculations include results for a set of stores that were included in our comparable store base in both the current and corresponding prior year periods. Used Vehicle Financing Penetration by Channel (Before the Impact of 3-day Payoffs) (1) Three Months Ended February 28 or 29 Years Ended February 28 or 29 2025 2024 2025 2024 CAF (2) 44.3 % 44.8 % 45.0 % 45.8 % Tier 2 (3) 17.6 % 18.7 % 18.0 % 18.9 % Tier 3 (4) 7.9 % 8.2 % 7.1 % 7.0 % Other (5) 30.2 % 28.3 % 29.9 % 28.3 % Total 100.0 % 100.0 % 100.0 % 100.0 % (1) Calculated as used vehicle units financed for respective channel as a percentage of total used units sold. (2) Includes CAF's Tier 2 and Tier 3 loan originations, which represent approximately 2% of total used units sold. (3) Third-party finance providers who generally pay us a fee or to whom no fee is paid. (4) Third-party finance providers to whom we pay a fee. (5) Represents customers arranging their own financing and customers that do not require financing. Selected Operating Ratios Three Months Ended February 28 or 29 Years Ended February 28 or 29 (In millions) 2025 % (1) 2024 % (1) 2025 % (1) 2024 % (1) Net sales and operating revenues $ 6,003.1 100.0 $ 5,626.6 100.0 $ 26,353.4 100.0 $ 26,536.0 100.0 Gross profit $ 667.9 11.1 $ 586.2 10.4 $ 2,897.9 11.0 $ 2,713.2 10.2 CarMax Auto Finance income $ 159.3 2.7 $ 147.3 2.6 $ 581.7 2.2 $ 568.3 2.1 Selling, general, and administrative expenses $ 610.5 10.2 $ 580.9 10.3 $ 2,435.4 9.2 $ 2,286.4 8.6 Interest expense $ 24.1 0.4 $ 31.4 0.6 $ 107.9 0.4 $ 124.8 0.5 Earnings before income taxes $ 118.4 2.0 $ 65.5 1.2 $ 669.4 2.5 $ 641.6 2.4 Net earnings $ 89.9 1.5 $ 50.3 0.9 $ 500.6 1.9 $ 479.2 1.8 (1) Calculated as a percentage of net sales and operating revenues. Gross Profit (1) Three Months Ended February 28 or 29 Years Ended February 28 or 29 (In millions) 2025 2024 Change 2025 2024 Change Used vehicle gross profit $ 424.1 $ 387.3 9.5 % $ 1,823.2 $ 1,752.0 4.1 % Wholesale vehicle gross profit 124.5 129.4 (3.8 )% 557.6 556.8 0.1 % Other gross profit 119.3 69.5 71.8 % 517.1 404.4 27.9 % Total $ 667.9 $ 586.2 13.9 % $ 2,897.9 $ 2,713.2 6.8 % (1) Amounts are net of intercompany eliminations. Gross Profit per Unit (1) Three Months Ended February 28 or 29 Years Ended February 28 or 29 2025 2024 2025 2024 $ per unit (2) % (3) $ per unit (2) % (3) $ per unit (2) % (3) $ per unit (2) % (3) Used vehicle gross profit per unit $ 2,322 8.8 $ 2,251 8.6 $ 2,311 8.6 $ 2,288 8.4 Wholesale vehicle gross profit per unit $ 1,045 12.4 $ 1,120 13.3 $ 1,024 12.2 $ 1,019 11.2 Other gross profit per unit $ 653 75.1 $ 404 44.9 $ 655 75.4 $ 528 63.4 (1) Amounts are net of intercompany eliminations. (2) Calculated as category gross profit divided by its respective units sold, except the other category, which is divided by total used units sold. (3) Calculated as a percentage of its respective sales or revenue. SG&A Expenses (1) Three Months Ended February 28 or 29 Years Ended February 28 or 29 (In millions) 2025 2024 Change 2025 2024 Change Compensation and benefits: Compensation and benefits, excluding share-based compensation expense $ 328.6 $ 304.1 8.0 % $ 1,289.7 $ 1,226.8 5.1 % Share-based compensation expense 25.4 27.6 (7.7 )% 126.9 114.1 11.3 % Total compensation and benefits (2) $ 354.0 $ 331.7 6.7 % $ 1,416.6 $ 1,340.9 5.6 % Occupancy costs 66.5 67.3 (1.1 )% 285.3 271.4 5.1 % Advertising expense 72.1 62.8 14.8 % 260.7 264.4 (1.4 )% Other overhead costs (3) 117.9 119.1 (1.0 )% 472.8 409.7 15.4 % Total SG&A expenses $ 610.5 $ 580.9 5.1 % $ 2,435.4 $ 2,286.4 6.5 % SG&A as a % of gross profit 91.4 % 99.1 % (7.7 )% 84.0 % 84.3 % (0.3 )% (1) Amounts are net of intercompany eliminations. (2) Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales. (3) Includes IT expenses, non-CAF bad debt, insurance, preopening and relocation costs, travel, charitable contributions and other administrative expenses. Components of CAF Income and Other CAF Information Three Months Ended February 28 or 29 Years Ended February 28 or 29 (In millions) 2025 % (1) 2024 % (1) 2025 % (1) 2024 % (1) Interest margin: Interest and fee income $ 467.6 10.6 $ 433.1 9.9 $ 1,853.9 10.5 $ 1,677.4 9.7 Interest expense (194.0 ) (4.4 ) (173.9 ) (4.0 ) (763.2 ) (4.3 ) (638.7 ) (3.7 ) Total interest margin 273.6 6.2 259.2 5.9 1,090.7 6.2 1,038.7 6.0 Provision for loan losses (68.3 ) (1.5 ) (71.6 ) (1.6 ) (334.7 ) (1.9 ) (310.5 ) (1.8 ) Total interest margin after provision for loan losses 205.3 4.6 187.6 4.3 756.0 4.3 728.2 4.2 Total direct expenses (46.0 ) (1.0 ) (40.3 ) (0.9 ) (174.3 ) (1.0 ) (159.9 ) (0.9 ) CarMax Auto Finance income $ 159.3 3.6 $ 147.3 3.4 $ 581.7 3.3 $ 568.3 3.3 Total average managed receivables $ 17,684.0 $ 17,424.9 $ 17,683.9 $ 17,313.2 Net loans originated $ 1,886.2 $ 1,779.0 $ 8,254.5 $ 8,270.0 Net penetration rate 42.3 % 42.3 % 42.7 % 42.9 % Weighted average contract rate 11.1 % 11.5 % 11.3 % 11.2 % Ending allowance for loan losses $ 458.7 $ 482.8 $ 458.7 $ 482.8 Warehouse facility information: Ending funded receivables $ 3,877.0 $ 3,744.6 $ 3,877.0 $ 3,744.6 Ending unused capacity $ 2,223.0 $ 2,055.4 $ 2,223.0 $ 2,055.4 (1) Annualized percentage of total average managed receivables. Earnings Highlights Three Months Ended February 28 or 29 Years Ended February 28 or 29 (In millions except per share data) 2025 2024 Change 2025 2024 Change Net earnings $ 89.9 $ 50.3 78.8 % $ 500.6 $ 479.2 4.5 % Diluted weighted average shares outstanding 154.7 158.2 (2.2 )% 156.1 158.7 (1.7 )% Net earnings per diluted share $ 0.58 $ 0.32 81.3 % $ 3.21 $ 3.02 6.3 % Conference Call Information We will host a conference call for investors at 9:00 a.m. ET today, April 10, 2025. Domestic investors may access the call at 1-800-225-9448 (international callers dial 1-203-518-9708). The conference I.D. for both domestic and international callers is 3171396. A live webcast of the call will be available on our investor information home page at A replay of the webcast will be available on the company's website at through June 19, 2025, or via telephone (for approximately one week) by dialing 1-800-839-1247 (or 1-402-220-0470 for international access) and entering the conference ID 3171396. First Quarter Fiscal 2026 Earnings Release Date We currently plan to release results for the first quarter ending May 31, 2025, on Friday, June 20, 2025, before the opening of trading on the New York Stock Exchange. We plan to host a conference call for investors at 9:00 a.m. ET on that date. Information on this conference call will be available on our investor information home page at in early June 2025. About CarMax CarMax, the nation's largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year that ended February 28, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in receivables during fiscal 2025, adding to its nearly $18 billion portfolio. CarMax has 250 store locations, over 30,000 associates, and is proud to have been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to helping its communities thrive and reducing the environmental footprint of its operations. Learn more in the 2024 Responsibility Report. For more information, visit Forward-Looking Statements We caution readers that the statements contained in this release that are not statements of historical fact, including statements about our future business plans, operations, challenges, opportunities or prospects, including without limitation any statements or factors regarding expected operating capacity, sales, inventory, market share, financial and operational targets and goals, revenue, margins, expenses, liquidity, loan originations, capital expenditures, share repurchase plans, debt obligations or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as 'anticipate,' 'believe,' 'could,' 'enable,' 'estimate,' 'expect,' 'intend,' 'may,' 'outlook,' 'plan,' 'positioned,' 'predict,' 'should,' 'target,' 'will' and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management's current knowledge, expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following: Changes in the competitive landscape and/or our failure to successfully adjust to such changes. Changes in general or regional U.S. economic conditions, including inflationary pressures, fluctuating interest rates, tariffs, and the potential impact of international events. Changes in the availability or cost of capital and working capital financing, including changes related to the asset-backed securitization market. Events that damage our reputation or harm the perception of the quality of our brand. Significant changes in prices of new and used vehicles. A reduction in the availability of or access to sources of inventory or a failure to expeditiously liquidate inventory. Our inability to realize the benefits associated with our omni-channel platform or initiatives designed to leverage evolving technologies, including AI. Factors related to geographic and sales growth, including the inability to effectively manage our growth. Our inability to recruit, develop and retain associates and maintain positive associate relations. The loss of key associates from our store, regional or corporate management teams or a significant increase in labor costs. Changes in economic conditions or other factors that result in greater credit losses for CAF's portfolio of auto loans receivable than anticipated. The failure or inability to realize the benefits associated with our strategic investments. Changes in consumer credit availability provided by our third-party finance providers. Changes in the availability of extended protection plan products from third-party providers. The performance of the third-party vendors we rely on for key components of our business. Adverse conditions affecting one or more automotive manufacturers. The inaccuracy of estimates and assumptions used in the preparation of our financial statements, or the effect of new accounting requirements or changes to U.S. generally accepted accounting principles. The failure or inability to adequately protect our intellectual property. The occurrence of severe weather events. The failure or inability to meet our environmental goals or satisfy related disclosure requirements. Factors related to the geographic concentration of our stores. Security breaches or other events that result in the misappropriation, loss or other unauthorized disclosure of confidential customer, associate or corporate information. The failure of or inability to sufficiently enhance key information systems. Factors related to the regulatory and legislative environment in which we operate. The effect of evolving regulations, disclosure requirements, standards and expectations relating to environmental, social and governance matters. The effect of various litigation matters. The volatility in the market price for our common stock. For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 29, 2024, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at Requests for information may also be made to the Investor Relations Department by email to [email protected] or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. (1) Percents are calculated as a percentage of net sales and operating revenues and may not total due to rounding. CARMAX, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of February 28 February 29 (In thousands except share data) 2025 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 246,960 $ 574,142 Restricted cash from collections on auto loans receivable 559,118 506,648 Accounts receivable, net 188,733 221,153 Inventory 3,934,622 3,678,070 Other current assets 148,203 246,581 TOTAL CURRENT ASSETS 5,077,636 5,226,594 Auto loans receivable, net 17,242,789 17,011,844 Property and equipment, net 3,841,833 3,665,530 Deferred income taxes 140,332 98,790 Operating lease assets 493,355 520,717 Goodwill 141,258 141,258 Other assets 467,003 532,064 TOTAL ASSETS $ 27,404,206 $ 27,196,797 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 977,845 $ 933,708 Accrued expenses and other current liabilities 529,926 523,971 Accrued income taxes 87,526 — Current portion of operating lease liabilities 59,335 57,161 Current portion of long-term debt 16,821 313,282 Current portion of non-recourse notes payable 526,518 484,167 TOTAL CURRENT LIABILITIES 2,197,971 2,312,289 Long-term debt, excluding current portion 1,570,296 1,602,355 Non-recourse notes payable, excluding current portion 16,567,044 16,357,301 Operating lease liabilities, excluding current portion 481,963 496,210 Other liabilities 343,944 354,902 TOTAL LIABILITIES 21,161,218 21,123,057 Commitments and contingent liabilities SHAREHOLDERS' EQUITY: Common stock, $0.50 par value; 350,000,000 shares authorized; 153,319,678 and 157,611,939 shares issued and outstanding as of February 28, 2025 and February 29, 2024, respectively 76,660 78,806 Capital in excess of par value 1,891,012 1,808,746 Accumulated other comprehensive income 3,080 59,279 Retained earnings 4,272,236 4,126,909 TOTAL SHAREHOLDERS' EQUITY 6,242,988 6,073,740 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 27,404,206 $ 27,196,797 CARMAX, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Years Ended February 28 or 29 (In thousands) 2025 2024 OPERATING ACTIVITIES: Net earnings $ 500,556 $ 479,204 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 294,801 260,414 Share-based compensation expense 134,709 119,720 Provision for loan losses 334,667 310,516 Provision for cancellation reserves 97,701 80,311 Deferred income tax benefit (23,724 ) (4,800 ) Other 20,781 9,252 Net decrease (increase) in: Accounts receivable, net 32,420 77,630 Inventory (256,552 ) 48,072 Other current assets 109,162 39,939 Auto loans receivable, net (565,612 ) (980,569 ) Other assets (19,230 ) (13,902 ) Net increase (decrease) in: Accounts payable, accrued expenses and other current liabilities and accrued income taxes 71,714 118,511 Other liabilities (106,954 ) (85,681 ) NET CASH PROVIDED BY OPERATING ACTIVITIES 624,439 458,617 Capital expenditures (467,939 ) (465,307 ) Proceeds from disposal of property and equipment 333 1,351 Purchases of investments (10,738 ) (6,193 ) Sales and returns of investments 17,342 3,151 NET CASH USED IN INVESTING ACTIVITIES (461,002 ) (466,998 ) FINANCING ACTIVITIES: Proceeds from issuances of long-term debt 522,800 134,600 Payments on long-term debt (836,622 ) (246,067 ) Cash paid for debt issuance costs (21,253 ) (21,633 ) Payments on finance lease obligations (16,536 ) (16,674 ) Issuances of non-recourse notes payable 12,968,491 12,380,050 Payments on non-recourse notes payable (12,715,705 ) (11,873,169 ) Repurchase and retirement of common stock (428,453 ) (94,086 ) Equity issuances 73,741 44,766 NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (453,537 ) 307,787 (Decrease) increase in cash, cash equivalents, and restricted cash (290,100 ) 299,406 Cash, cash equivalents, and restricted cash at beginning of year 1,250,410 951,004 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 960,310 $ 1,250,410 View source version on CONTACT: Investors: David Lowenstein, Vice President, Investor Relations [email protected], (804) 747-0422 x7865Media: [email protected], (855) 887-2915 KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA INDUSTRY KEYWORD: FLEET MANAGEMENT RETAIL OTHER AUTOMOTIVE AUTOMOTIVE SPECIALTY SOURCE: CarMax, Inc. Copyright Business Wire 2025. PUB: 04/10/2025 06:50 AM/DISC: 04/10/2025 06:50 AM
