The earnings call highlighted strong sales growth, record vehicle purchases, and significant EPS growth, supported by SG&A leverage and AI-driven efficiencies. However, there were challenges in CAF income due to increased loan loss provisions and decreased average selling prices. Despite these lowlights, the strong performance in key growth metrics and strategic initiatives suggests a positive outlook.

Company Guidance -

Q2 2026

During the first quarter of fiscal year 2026, CarMax, Inc. reported significant achievements and guidance metrics, highlighting a 42% growth in earnings per share (EPS) and a 6% increase in total sales to $7.5 billion compared to the previous year. The company achieved a record high in retail gross profit per used unit at $2,407, while wholesale unit sales grew 1.2% despite a decline in average wholesale selling price to $8,000. CarMax bought approximately 336,000 vehicles, with a notable increase in dealer purchases by 38%. The company also doubled its share repurchase pace, spending $200 million on approximately 3 million shares. CarMax's digital capabilities supported 80% of retail unit sales, with 66% through omni-channel and 14% online sales. Net interest margin for CarMax Auto Finance (CAF) increased to 6.5%, despite a $5 million decrease in CAF income to $142 million. The company also earmarked a $632 million loan pool for non-prime securitization, aiming to mitigate risk while supporting growth.

Record Dealer Vehicle Purchases

CarMax achieved an all-time record by buying more vehicles from both consumers and dealers, with a 38% increase in dealer purchases year-over-year.

Strong Retail and Wholesale Unit Growth

Retail unit sales increased by 9%, with used unit comps up 8.1%, while wholesale unit sales increased by 1.2% year-over-year.

Earnings Per Share Growth

The company reported a 42% increase in earnings per share, marking the fourth consecutive quarter of positive retail unit comps and double-digit EPS growth.

SG&A Leverage and AI Implementation

SG&A expenses were leveraged by 180 basis points to 74%, and the company improved efficiency through AI technology, including a 30% improvement in containment rate for their AI-powered virtual assistant.

Increased Share Repurchases

CarMax doubled the pace of their share repurchases, buying back approximately 3 million shares for a total spend of $200 million.

CarMax (DE:XA4) Earnings, Revenues Date & History

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DE:XA4 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 25, 2025	2026 (Q2)	0.89 / -	0.723	―	―	―
May 31, 2025	2026 (Q1)	0.99 / 1.17	0.825	42.27% (+0.35)	―
Apr 10, 2025	2025 (Q4)	0.56 / 0.49	0.272	81.25% (+0.22)	―
Dec 19, 2024	2025 (Q3)	0.52 / 0.69	0.442	55.77% (+0.25)	―
Sep 26, 2024	2025 (Q2)	0.73 / 0.72	0.638	13.33% (+0.09)	―
Jun 21, 2024	2025 (Q1)	0.81 / 0.82	1.225	-32.64% (-0.40)	―
Apr 11, 2024	2024 (Q4)	0.39 / 0.27	0.374	-27.27% (-0.10)	―
Dec 21, 2023	2024 (Q3)	0.36 / 0.44	0.204	116.67% (+0.24)	―
Sep 28, 2023	2024 (Q2)	0.64 / 0.64	0.672	-5.06% (-0.03)	―
Jun 23, 2023	2024 (Q1)	0.67 / 1.22	1.327	-7.69% (-0.10)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:XA4 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 10, 2025	€65.16	€71.54	+9.79%
Dec 19, 2024	€78.60	€77.24	-1.73%
Sep 26, 2024	€67.72	€68.12	+0.59%
Jun 21, 2024	€66.30	€67.56	+1.90%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.