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CarMax

Logo: CarMax, Public domain, via Wikimedia Commons6

US-based used car retailer

CarMax, Inc. (branded as CARmax) is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia.3 Its shares trade on NYSE under the symbol KMX.1 Wikipedia text CC BY-SA 4.0

$53.25 up 0.63 (1.20%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 21, 2026.

Overview

$25.9BRevenue, fiscal 20267
$247.3MNet income, fiscal 20267
1993Founded1

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  • TickerKMX on NYSE1
  • IndustryRetail-Auto Dealers & Gasoline Stations1
  • HeadquartersGoochland County1
  • Websitewww.carmax.com
  • Incorporated inVA8
  • Business address12800 Tuckahoe Creek Parkway, Richmond, Va 232388
  • Filer categoryLarge accelerated filer8
  • Legal formCorporation4
  • LEI529900F60CID3NCZM3304
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressc/o MAX E. SCOTT, 4 ADDIX AVE. P.O. BOX 2002, 19950 Greenwood, United States4
  • Registered withDivision of Corporations, Department of State, 24299894

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2008-11-11 CarMax in Raleigh
Photo: Ildar Sagdejev ( Specious ), CC BY-SA 4.0, via Wikimedia Commons10

CarMax, Inc. (branded as CARmax) is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. In 2021 CarMax, Inc. purchased remaining shares of Edmunds.com, Inc. (edmunds) making it a wholly owned subsidiary. As of January 2025, CarMax operates 253 locations.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

10.8%Gross margin7
1.0%Net margin7
-1.8%Revenue growth, 20267
4.2%Return on equity7
2.93×Debt to equity7
$1.2BFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Used Vehicles brought in 78% of the revenue CarMax broke down this way in fiscal 2026.

  1. Used Vehicles$20.7B778%down 2% from 2025
  2. Wholesale Vehicles$4.5B717%down 2% from 2025
  3. Other$674.2M73%up 4931% from 2025
  4. Extendedprotectionplan$448.7M72%down 1% from 2025
  5. Advertising subscription revenues$144.5M71%up 4% from 2025
  6. Service$76.6M70%down 8% from 2025
Products and services by year
Products and services202420252026
Used Vehicles$20.9B$21.1B$20.7B
Wholesale Vehicles$5.0B$4.6B$4.5B
Other$21.1M$13.4M$674.2M
Extendedprotectionplan$401.8M$451.7M$448.7M
Advertising subscription revenues$135.8M$139.3M$144.5M
Service$85.1M$83.4M$76.6M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue89¢$23.1B
  • Selling, general and admin9¢$2.5B
  • Interest0¢$110.4M
  • Income tax1¢$136.1M
  • Profit1¢$247.3M

Out of $25.9B in revenue.7

Where each dollar of operating cash went, fiscal 2026

  • Capital spending30¢$541.0M
  • Share buybacks36¢$642.8M
  • Kept or used elsewhere34¢$600.1M

Out of $1.8B of cash from operations.7

Financial statements

Revenue11121314157$25.9B in 2026+42% since 2019
0$10.0B$20.0B$30.0B$40.0B2019: $18.2B$18.2B20192020: $20.3B$20.3B2020+12%2021: $19.0B$19.0B2021−7%2022: $31.9B$31.9B2022+68%2023: $29.7B$29.7B2023−7%2024: $26.5B$26.5B2024−11%2025: $26.4B$26.4B2025−1%2026: $25.9B$25.9B2026−2%
Gross profit11121314157$2.8B in 2026+13% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $2.5B$2.5B20192020: $2.7B$2.7B2020+10%2021: $2.4B$2.4B2021−13%2022: $3.3B$3.3B2022+38%2023: $2.8B$2.8B2023−15%2024: $2.7B$2.7B2024−3%2025: $2.9B$2.9B2025+7%2026: $2.8B$2.8B2026−3%
Net income11121314157$247.3M in 2026−71% since 2019
0$500.0M$1.0B$1.5B2019: $842.4M$842.4M20192020: $888.4M$888.4M2020+5%2021: $746.9M$746.9M2021−16%2022: $1.2B$1.2B2022+54%2023: $484.8M$484.8M2023−58%2024: $479.2M$479.2M2024−1%2025: $500.6M$500.6M2025+4%2026: $247.3M$247.3M2026−51%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2026-02-282025-02-282024-02-29
NET SALES AND OPERATING REVENUES$25.9B$26.4B$26.5B
TOTAL COST OF SALES$23.1B$23.5B$23.8B
GROSS PROFIT$2.8B$2.9B$2.7B
CARMAX AUTO FINANCE INCOME$562.7M$581.7M$568.3M
Selling, General and Administrative Expense$2.5B$2.4B$2.3B
Depreciation, Depletion and Amortization, Nonproduction$273.8M$255.3M$239.0M
Interest expense$110.4M$107.9M$124.8M
Goodwill, Impairment Loss$141.3M$0$0
Nonoperating Income (Expense)$7.1M$11.6M-$10.3M
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest$383.4M$669.4M$641.6M
Income tax provision$136.1M$168.8M$162.4M
Net earnings$247.3M$500.6M$479.2M
Basic (in shares)147.3M shares155.3M shares158.2M shares
Diluted (in shares)147.6M shares156.1M shares158.7M shares
Basic (in dollars per share)$1.68$3.22$3.03
Diluted (in dollars per share)$1.68$3.21$3.02

Compare CarMax with another company

Corporate structure

CarMax sits at the top of its group. 5 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CarMax

  • CarMax Richmond, Virginia, United States
    • CARMAX AUTO SUPERSTORES, INC. Subsidiary · Richmond, Virginia, United States
    • CarMax Business Services, LLC Subsidiary · Delaware, United States
    • CarMax Enterprise Services, LLC Subsidiary · Virginia, United States
    • Glen Allen Insurance, Ltd. Subsidiary · Bermuda

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What CarMax reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$6.3B7 Feb 28, 2026$5.9B7 Feb 28, 2025+7.4%
Accumulated depreciation$2.2B7 Feb 28, 2026$2.0B7 Feb 28, 2025+10.1%
Property and equipment, net$4.1B7 Feb 28, 2026$3.8B7 Feb 28, 2025+5.9%
Finance-lease assets$145.2M7 Feb 28, 2026$160.5M7 Feb 28, 2025−9.6%
Operating-lease assets (leased space)$459.5M7 Feb 28, 2026$493.4M7 Feb 28, 2025−6.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$122.8M7 Feb 28, 2026$247.0M7 Feb 28, 2025−50.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$07 Feb 28, 2026$141.3M7 Feb 28, 2025−100.0%
Intangible assets, net (excluding goodwill)$144.9M7 Feb 28, 2026$160.3M7 Feb 28, 2025−9.6%
Indefinite-lived intangibles (excluding goodwill)$31.9M7 Feb 28, 2026$31.9M7 Feb 28, 20250%
Accumulated amortization-$73.1M7 Feb 28, 2026-$57.7M7 Feb 28, 2025−26.7%

Inventory

ItemLatestA year beforeChange
Inventory, total$4.1B7 Feb 28, 2026$3.9B7 Feb 28, 2025+5.1%

Properties, in its own words

We conduct our retail vehicle operations primarily in two formats – production and non-production stores. Production stores are those locations at which vehicle reconditioning is performed. Production stores have more service bays and require additional space for reconditioning activities and, therefore, are generally larger than non-production stores. In determining whether to construct a production or a non-production store on a given site, we take several factors into account, including the anticipated long-term regional reconditioning needs and the available acreage of the sites in that market. As a result, some stores that are constructed to accommodate reconditioning activities may initially be operated as non-production stores until we expand our presence in that market. In addition, some of our stores operate under a small format cross-functional operating model, which typically has a smaller footprint. While these stores are primarily located in small Metropolitan Statistical Areas of less than 600,000 people, they are also used as fill-in locations in larger markets.

USED CAR STORES BY FORMAT AS OF FEBRUARY 28, 2026

The rest of Item 2

Production Stores · Non-production Stores

Store count · 111 · 145

Store location size · generally 10 - 25 acres · generally 4 - 12 acres

Small format stores · 6 · 68

USED CAR STORES BY STATE AS OF FEBRUARY 28, 2026

State · Count · State · Count

Alabama · 6 · Mississippi · 3

Arizona · 5 · Missouri · 4

Arkansas · 1 · Nebraska · 1

California · 34 · Nevada · 4

Colorado · 6 · New Hampshire · 1

Connecticut · 3 · New Jersey · 6

Delaware · 1 · New Mexico · 2

Florida · 24 · New York · 5

Georgia · 12 · North Carolina · 13

Idaho · 1 · Ohio · 6

Illinois · 11 · Oklahoma · 3

Indiana · 4 · Oregon · 3

Iowa · 1 · Pennsylvania · 5

Kansas · 2 · Rhode Island · 1

Kentucky · 3 · South Carolina · 4

Louisiana · 5 · Tennessee · 10

Maine · 1 · Texas · 27

Maryland · 8 · Utah · 1

Massachusetts · 4 · Virginia · 12

Michigan · 1 · Washington · 6

Minnesota · 2 · Wisconsin · 4

Total · 256

Of the 256 used car stores open as of February 28, 2026, 171 were located on owned sites and 85 were located on leased sites. The leases are classified as follows:

Land-only leases · 29

Land and building leases · 56

Total leased sites · 85

In addition to our stores, we operate two stand-alone reconditioning facilities, one stand-alone auction facility and four stand-alone reconditioning/auction centers. These locations are used to balance capacity at our stores and drive efficiencies across our network. Of the seven stand-alone reconditioning and auction facilities open as of February 28, 2026, six were located on owned sites and one was located on a leased site.

As of February 28, 2026, we leased our CAF office building in Atlanta, Georgia. We also lease other ancillary properties to support our corporate and store operations. We own our home office building in Richmond, Virginia and land associated with planned future locations.

Item 2 of the 10-K filed Apr 15, 2026.19

Leadership

Who has led CarMax, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. William A. Ligon2006
  2. Thomas J. Folliard2006–2016
  3. William D. Nash2016–2025
  4. David W. McCreight2025–now

Chair

  1. Thomas J. Folliard2025–now

President

  1. William A. Ligon2006
  2. Thomas J. Folliard2006–2015
  3. William D. Nash2016–2025
  4. David W. McCreight2025–now

Chief financial officer

  1. Keith D. Browning2006–2010
  2. Thomas W. Reedy Jr.2010–2019
  3. Enrique N. Mayor-Mora2019–now

Chief operating officer

  1. William C. Wood Jr.2016–2018
  2. Edwin J. Hill2019–2021
  3. Charles Joseph Wilson2022–now
1995200020052010201520202025
Board members and other officers (50)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CarMax Auto Superstores, Inc. Virginia9
  • CarMax Business Services, LLC Delaware9
  • CarMax Enterprise Services, LLC Virginia9
  • Glen Allen Insurance, Ltd. Bermuda9

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 29, 20268-K Results of operations79
  2. Jul 31, 20268-K Executive or director change80
  3. Jun 24, 20268-K Executive or director change; Shareholder vote81
  4. Jun 17, 20268-K Results of operations; New debt or obligation82
  5. Jun 8, 20268-K Executive or director change83
  6. May 12, 20268-K Executive or director change84
  7. Apr 14, 20268-K Results of operations85
  8. Apr 9, 20268-K Executive or director change86
  9. Mar 2, 20268-K Executive or director change87
  10. Feb 12, 20268-K Executive or director change; Regulation FD disclosure88
  11. Dec 30, 2025New chief executive David W. McCreight becomes CEO20
  12. Dec 18, 20258-K Results of operations89
  13. Nov 6, 20258-K Results of operations; Executive or director change; Regulation FD disclosure90
  14. Sep 28, 2016New chief executive William D. Nash becomes CEO21
  15. Jul 3, 2006New chief executive Thomas J. Folliard becomes CEO23
  16. Apr 6, 2006New chief executive William A. Ligon becomes CEO22
  17. 1993Founded Founded1

Calendar

Coming up

  1. Around Jan 11, 2027Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Sep 29, 2026Reported quarterly or annual results79
  2. Jun 17, 2026Reported quarterly or annual results82
  3. Apr 14, 2026Reported quarterly or annual results85
  4. Dec 18, 2025Reported quarterly or annual results89
  5. Nov 6, 2025Reported quarterly or annual results90
  6. Sep 25, 2025Reported quarterly or annual results91
  7. Jun 20, 2025Reported quarterly or annual results92
  8. Apr 10, 2025Reported quarterly or annual results93

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

341 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 40 major events, 202 insider forms, 22 large holders, 56 other. The latest 20:

  1. Oct 8, 20263 EDGAR
  2. Sep 30, 202610-Q EDGAR
  3. Sep 29, 20268-K EDGAR
  4. Aug 12, 2026SCHEDULE 13G/A EDGAR
  5. Jul 31, 20268-K EDGAR
  6. Jun 29, 20264 EDGAR
  7. Jun 29, 20264 EDGAR
  8. Jun 29, 20264 EDGAR
  9. Jun 29, 20264 EDGAR
  10. Jun 29, 20264 EDGAR
  11. Jun 29, 20264 EDGAR
  12. Jun 29, 20264 EDGAR
  13. Jun 29, 20264 EDGAR
  14. Jun 29, 20264 EDGAR
  15. Jun 29, 20264 EDGAR
  16. Jun 26, 20264 EDGAR
  17. Jun 26, 20264 EDGAR
  18. Jun 26, 20264 EDGAR
  19. Jun 24, 20263 EDGAR
  20. Jun 24, 20263 EDGAR

The 341 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

46 open-market trades by officers, directors and large owners since October 2021: 9 buys and 37 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 25, 2026Chawla SonaDirectorBuy2,000$53.39$106.8KForm 4
Jun 25, 2026Shinder MarcellaDirectorBuy574$52.01$29.9KForm 4
Jun 24, 2026ONeil Mark FDirectorBuy9,600$52.36$502.7KForm 4
Jun 22, 2026Bensen Peter JDirectorBuy2,500$52.20$130.5KForm 4
Jun 22, 2026Barr KeithPresident and CEOBuy9,400$53.01$498.3KForm 4
Oct 2, 2025ONeil Mark FDirectorBuy10,816$46.21$499.8KForm 4
Oct 2, 2025STEENROD MITCHELL DDirectorBuy2,000$45.57$91.1KForm 4
Jul 2, 2025Daniels Jon GEVP, CAFSale1,540$70.64$108.8KForm 4
Apr 24, 2025STEENROD MITCHELL DDirectorBuy1,300$65.49$85.1KForm 4
Jan 28, 2025Tuite TylerSVP & Chief Product OfficerSale4,869$84.58$411.8KForm 4
Jan 15, 2025Mayor-Mora Enrique NEVP & CFOSale5,000$81.43$407.1KForm 4
Jan 15, 2025Livesay Jill AVP, Controller & PAOSale13,009$81.00$1.1MForm 4
Jan 8, 2025Shamim MohammadEVP and CITOSale12,845$81.94$1.1MForm 4
Jan 2, 2025Lyski JamesEVP, Chief Growth & Strat OffSale57,986$81.35$4.7MForm 4
Dec 26, 2024Daniels Jon GEVP, CAFSale10,000$85.30$853.0KForm 4
Dec 24, 2024Daniels Jon GEVP, CAFSale30,245$84.34$2.6MForm 4
Dec 23, 2024Shamim MohammadEVP and CITOSale10,000$83.77$837.7KForm 4
Dec 23, 2024Nash William DPresident & CEOSale120,513$83.24$10.0MForm 4
Dec 23, 2024Daniels Jon GEVP, CAFSale7,600$84.00$638.4KForm 4
Jul 29, 2024Livesay Jill AVP, Controller & PAOSale12,000$83.52$1.0MForm 4

All 46 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2026William D. NashFormer President and Chief Executive Officer$927.2K$14.2M102
2026David W. McCreightInterim President and Chief Executive Officer$300.0K$4.2M102
2026Enrique N. Mayor-MoraEVP and Chief Financial Officer$801.0K$3.3M102
2026Charles Joseph WilsonEVP and Chief Operating Officer$722.4K$3.2M102
2026Diane L. CafritzEVP and Chief Innovation and People Officer$690.6K$3.2M102
2026Shamim MohammadEVP and Chief Information and Technology Officer$646.0K$2.9M102
2025William D. NashFormer President and Chief Executive Officer$1.2M$17.1M102
2025Enrique N. Mayor-MoraEVP and Chief Financial Officer$775.5K$4.1M102
2025Charles Joseph WilsonEVP and Chief Operating Officer$695.1K$3.9M102
2025Shamim MohammadEVP and Chief Information and Technology Officer$625.4K$3.5M102
2024William D. NashFormer President and Chief Executive Officer$1.2M$12.3M102
2024Enrique N. Mayor-MoraEVP and Chief Financial Officer$749.0K$2.6M102
2024Charles Joseph WilsonEVP and Chief Operating Officer$639.9K$2.4M102
2024Shamim MohammadEVP and Chief Information and Technology Officer$604.0K$2.4M102

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.17,092,089$904.0M0.0%−165,372
Vanguard Portfolio Management LLC7,286,475$385.4M0.0%+10,203
Aqr Capital Management LLC6,622,794$349.0M0.1%−3,437,708
Vanguard Capital Management LLC6,420,191$339.6M0.0%+33,427
SRS Investment Management, LLC5,922,862$313.3M2.9%+271,188
Two Sigma Investments, LP5,831,970$308.5M0.2%+484,873
State Street Corp5,156,276$272.7M0.0%+271,216
Dimensional Fund Advisors LP4,974,772$263.1M0.0%+699,109
Jupiter Topco LLC4,645,036$245.7M0.1%New
Primecap Management Co/ca/4,359,016$230.5M0.1%+870
D. E. Shaw & Co., Inc.3,280,103$173.5M0.1%+359,686
American Century Companies Inc3,250,267$171.9M0.1%+1,859,355
Baird Financial Group, Inc.3,207,134$169.6M0.2%+138,682
Starboard Value LP3,206,438$169.6M3.8%−2,994,924
First Pacific Advisors, LP3,008,564$159.1M2.0%+26,855
Hawk Ridge Capital Management LP2,834,458$149.9M4.9%New
Geode Capital Management, LLC2,564,007$135.6M0.0%+9,240
Manufacturers Life Insurance Company, The2,420,139$128.0M0.1%+21,882
Canada Pension Plan Investment Board2,183,121$115.5M0.1%+1,908,090
Morgan Stanley2,176,424$115.1M0.0%−358,315
Apollo Management Holdings, L.P.1,986,285$105.1M1.7%−2,158,456
Millennium Management LLC1,898,337$100.4M0.1%+583,504
Slate Path Capital LP1,827,700$96.7M1.3%New
Goldman Sachs Group Inc1,634,480$86.4M0.0%+32,958
Diamond Hill Capital Management, LLC (Investment Advisor)1,628,905$86.2M0.7%−841,691

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

19 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Aug 19, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−11.1%Report
Jan 13, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−65.7%Report
Sep 21, 2022David B. McKinley, HouseSale$1,001 - $15,000+139.6%Report
Feb 1, 2022Donald S. Beyer, Jr.Democratic, HouseSale$15,001 - $50,000+123.0%Report
Jul 7, 2021Susie LeeDemocratic, HouseSale$1,001 - $15,000+139.2%Report
Feb 22, 2021David B. McKinley, HouseBuy$1,001 - $15,000−155.3%Report
Oct 19, 2020Susie LeeDemocratic, HouseBuy$1,001 - $15,000−168.5%Report
Oct 7, 2020Susie LeeDemocratic, HouseBuy$1,001 - $15,000−170.6%Report
Aug 20, 2020David B. McKinley, HouseBuy$1,001 - $15,000−178.6%Report
Apr 29, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−196.6%Report
Apr 28, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−199.1%Report
Apr 2, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−201.7%Report
Apr 1, 2020Cindy Axne, HouseSale$1,001 - $15,000+213.0%Report
Apr 1, 2020Cindy Axne, HouseSale$1,001 - $15,000+213.0%Report
Mar 27, 2020Cindy Axne, HousePartial sale$1,001 - $15,000+215.3%Report
Feb 5, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−178.2%Report
Jan 29, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−182.9%Report
Jan 28, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−182.7%Report
Jan 5, 2017Thomas R. SuozziDemocratic, HouseSale$15,001 - $50,000+261.6%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How CarMax is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCARMAX INC2
  • CIK0001170010
  • Employer ID (EIN)54-182105519
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company19
  • Incorporated inVirginia19
  • Fiscal year endsFebruary 282
  • Industry code (SIC)5500 Retail-Auto Dealers & Gasoline Stations2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address12800 Tuckahoe Creek Parkway, Richmond, VA 232382
  • Phone(804) 747-04222
  • Shares outstanding141,942,807 as of Sep 28, 202617
  • Public float$9.1B as of Aug 31, 202519
  • AuditorKPMG LLP, Richmond, VA PCAOB ID 185; it also attests to the company’s internal control over financial reporting19
  • On EDGAR sinceMar 29, 20022
  • Filings1,801 in all: 4 (1,077), 8-K (249), SC 13G/A (106), 10-Q (73), 3 (41), 144 (30), 4/A (26), 10-K (24)2
    All 30 form types

    DEF 14A (24), DEFA14A (23), SC 13G (23), UPLOAD (19), CORRESP (17), ARS (15), 5 (12), S-8 (11), SCHEDULE 13G/A (7), S-4/A (5), 3/A (4), SCHEDULE 13G (3), 10-K/A (2), 424B3 (2), 8-A12B (1), 8-K/A (1), CERTNYS (1), D (1), DFAN14A (1), NO ACT (1), PRE 14A (1), S-4 (1)

  • Latest filingsAnnual report (10-K) Apr 15, 2026
    Quarterly report (10-Q) Sep 30, 2026
    Proxy statement (DEF 14A) May 12, 2026
    Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

ClassSymbolExchange
Common StockKMXNew York Stock Exchange

From the cover page of the 10-K filed Apr 15, 2026 (Section 12(b) of the Exchange Act).19

Risk factors and legal proceedings

The risks CarMax names in Item 1A of its 10-K filed Apr 15, 2026: 27 risks under these headings, as written.19

  • BUSINESS RISKS
  • We operate in a highly competitive industry. Failure to develop and execute strategies to compete in the used vehicle marketplace and to adapt to the increasing use of digital and online tools to market, buy, sell and finance used vehicles could adversely affect our business, sales and results of operations.
  • The automotive retail industry in general and our business in particular are sensitive to economic conditions. These conditions could adversely affect our business, sales, results of operations and financial condition.
  • Our business is dependent upon capital to operate, fund growth and support the activities of our CAF segment. Changes in capital and credit markets could adversely affect our business, sales, results of operations and financial condition.
  • CarMax was founded on the fundamental principle of integrity. Failure to maintain a reputation of integrity and to otherwise maintain and enhance our brand could adversely affect our business, sales and results of operations.
  • Our business is sensitive to changes in the prices of new and used vehicles.
  • Our business is dependent upon access to vehicle inventory and the parts used to recondition such inventory. A failure to expeditiously liquidate that inventory—or obstacles to acquiring inventory, including parts—whether because of supply, competition, or other factors could have a material adverse effect on our business, sales and results of operations.
  • Our failure to realize the benefits associated with our omni-channel platform or initiatives designed to leverage evolving technologies, including AI, could have a material adverse effect on our business, sales and results of operations.
  • Our failure to manage our growth and the related challenges could have a material adverse effect on our business, sales and results of operations.
  • Our success depends upon the continued contributions of our associates.
  • We may experience greater credit losses in CAF’s portfolio of auto loans than anticipated.
  • Our failure to realize the benefits associated with our strategic investments, including actual or potential acquisitions, could have a material adverse effect on our business, sales and results of operations and we may incur impairment losses on our strategic investments in equity securities.
The other 16 risks
  • We rely on third-party finance providers to finance a significant portion of our customers’ vehicle purchases. Accordingly, our sales and results of operations are partially dependent on the actions of these third parties.
  • We rely on third-party providers to supply EPP products to our customers. Accordingly, our sales and results of operations are partially dependent on the actions of these third-parties.
  • We rely on third-party vendors for key components of our business.
  • Our business is sensitive to conditions affecting automotive manufacturers.
  • Our results of operations and financial condition are subject to management’s accounting judgments and estimates, as well as changes in accounting policies.
  • We may not be able to adequately protect our intellectual property, which could adversely affect our business, sales, results of operations and financial condition.
  • Our business is sensitive to weather events.
  • We have communicated certain environmental goals that are subject to related disclosure requirements. Failure to meet environmental goals or satisfy disclosure requirements could adversely affect our business, sales, results of operations and financial condition.
  • We are subject to local conditions in the geographic areas in which we are concentrated.
  • TECHNOLOGY AND DATA PRIVACY RISKS
  • We collect sensitive confidential information from our customers. A breach of this confidentiality, whether due to a cybersecurity or other incident, could result in harm to our customers and damage to our brand.
  • We rely on sophisticated information systems to run our business. The failure of these systems, or the inability to enhance our capabilities, could have a material adverse effect on our business, sales and results of operations.
  • REGULATORY AND LITIGATION RISKS
  • We operate in a highly regulated industry and are subject to a wide range of federal, state and local laws and regulations. Changes in these laws and regulations, or our failure to comply, could have a material adverse effect on our business, sales, results of operations and financial condition.
  • We are subject to evolving regulations, disclosure requirements, standards and expectations relating to environmental, social and governance matters. Failure to satisfy these regulations, requirements, standards and expectations could adversely affect our business, sales, results of operations and financial condition.
  • We are subject to various legal proceedings. If the outcomes of these proceedings are adverse to CarMax, it could have a material adverse effect on our business, results of operations and financial condition.
  • GENERAL RISKS
  • The market price of our common stock has been and may continue to be volatile and could expose us to securities class action litigation.
  • Our business and operations could be negatively affected by actions of activist shareholders against us, which could cause us to incur significant expense, hinder execution of business and growth strategy, and impact our stock price.

Legal proceedings

Information in response to this Item is included in Note 18 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K and is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.19

Sources

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