The earnings call presented a strong performance with significant EPS growth, increased vehicle purchases, and successful implementation of digital strategies. However, challenges were evident in the decline of CAF income and increased loan loss provisions. Despite some financial headwinds, the overall tone remained optimistic about future growth and market positioning.

Company Guidance

In the first quarter of fiscal year 2026, CarMax, Inc. reported significant growth and strategic advancements. The company achieved total sales of $7.5 billion, marking a 6% increase from the previous year, driven by a 9% rise in total unit sales. Retail unit comps increased by 8.1%, with an average selling price of $26,100, despite a year-over-year reduction of $400 per unit. CarMax also recorded a 42% growth in earnings per share, marking the fourth consecutive quarter of positive retail unit comps and double-digit EPS growth. In terms of gross profit, the company reported a total of $894 million, up 13% from last year, with a retail gross profit per used unit reaching a record high of $2,407. The company also made significant strides in its CarMax Auto Finance division, originating over $2.3 billion with a net interest margin of 6.5%. Additionally, the company set a record by purchasing approximately 336,000 vehicles, a 7% increase from the previous year, and doubled the pace of its share repurchases. These results reflect CarMax's strong omni-channel experience, strategic execution, and focus on expanding market share while leveraging operational efficiencies.

Record EPS Growth

Achieved 42% EPS growth, marking the fourth consecutive quarter of positive retail unit comps and double-digit earnings per share growth.

Increased Vehicle Purchases

Purchased approximately 336,000 vehicles during the quarter, up 7% from last year, with significant purchases from both consumers and dealers.

Omni-Channel Sales Growth

80% of retail sales supported by digital capabilities, with 66% being omni and 14% online.

Share Repurchases

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

Increase in Service Margin

Service margin improved by $30 million over last year's first quarter, driven by cost coverage and efficiencies.

AI Implementation

Strategic deployment of AI technology improved customer service productivity by 24%.

CarMax (KMX) Earnings, Revenues Date & History

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KMX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 25, 2025	2026 (Q2)	1.04 / -	0.85	―	―	―
May 31, 2025	2026 (Q1)	1.16 / 1.38	0.97	42.27% (+0.41)	―
Apr 10, 2025	2025 (Q4)	0.66 / 0.58	0.32	81.25% (+0.26)	―
Dec 19, 2024	2025 (Q3)	0.62 / 0.81	0.52	55.77% (+0.29)	―
Sep 26, 2024	2025 (Q2)	0.85 / 0.85	0.75	13.33% (+0.10)	―
Jun 21, 2024	2025 (Q1)	0.95 / 0.97	1.44	-32.64% (-0.47)	―
Apr 11, 2024	2024 (Q4)	0.46 / 0.32	0.44	-27.27% (-0.12)	―
Dec 21, 2023	2024 (Q3)	0.42 / 0.52	0.24	116.67% (+0.28)	―
Sep 28, 2023	2024 (Q2)	0.75 / 0.75	0.79	-5.06% (-0.04)	―
Jun 23, 2023	2024 (Q1)	0.79 / 1.44	1.56	-7.69% (-0.12)	―

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

KMX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 10, 2025	$80.06	$66.45	-17.00%
Dec 19, 2024	$81.42	$84.23	+3.45%
Sep 26, 2024	$74.49	$78.21	+4.99%
Jun 21, 2024	$71.36	$71.63	+0.38%

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.