CarMax (KMX) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Jun 19, 2026

Before Open (Confirmed)

Period Ending

2027 (Q1)

Consensus EPS Forecast

0.98

Last Year’s EPS

1.38

Same Quarter Last Year

Analyst Consensus

Hold

Based on 10 Analysts Ratings

Earnings Call Summary

Q4 2026

Earnings Call Date:Apr 14, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call balanced meaningful operational progress and strategic action (improved sales trends, pricing/marketing/digital levers, SG&A reduction target increased to $200M, CAF penetration growth and product redesigns) against significant near-term financial headwinds (noncash goodwill impairment, restructuring charges, reduced gross profits and margins, adjusted EPS decline, CAF income decline and elevated provisions). Management presented a clear plan to prioritize the customer, leverage technology, and materially reduce SG&A, but also acknowledged that FY'27 will see continued margin pressure and a cautious capital posture while the business rebalances.

Company Guidance

The company guided that for FY‑27 it will take a more dynamic approach to margin management with used margins expected to decline “broadly in line” with the Q4 year‑over‑year trend (with Q1 expected to show the largest YoY decline, closer to ~$300 per unit), while rolling out its redesigned extended protection plan (EPP/MaxCare) nationally (expected to add about ~$35 per unit in FY‑27 as it ramps). Management raised its FY‑27 exit‑rate SG&A reduction target to $200 million (up from $150 million), will transition SG&A efficiency to a per‑total‑unit metric (retail + wholesale) and expects SG&A to lever in FY‑27 excluding FY‑26 restructuring charges, though roughly half of in‑year savings will be offset by the annualization of materially reduced corporate bonus and share‑based comp, inflation and new‑store growth. Capital spend is expected to be about $400 million in FY‑27 (down materially vs. the prior two years), with plans to open 4 new stores plus new off‑site reconditioning/auction capacity (two reconditioning & auction sites and two off‑site auction locations), and the company has paused buybacks while leverage sits slightly above target after repurchasing 1.3 million shares for $50 million in Q4 (approximately $1.31 billion repurchase authorization remaining at quarter end). On financing, CarMax Auto Finance plans to expand full‑spectrum penetration (Q4 origination ≈ $1.9 billion, CAF penetration 42.8% net of 3‑day payoffs, weighted avg. contract rate 11.1%, Tier‑2/3 = 25.6%), will lean on diversified/on‑ and off‑balance sheet funding (designated $100 million nonprime pool held for sale), and expects CAF to contribute to higher retained finance income while provisioning and reserves (Q4 reserves $453 million, 2.78% of loans; Q4 LLP $74 million) are managed as originations into lower credit tiers grow.

Sales Stabilization and Unit Growth

Total sales of $5.9 billion (down 1% year-over-year) while combined retail and wholesale vehicle sales were ~304,000 units, up 1% versus the prior-year fourth quarter — showing a positive change in trend versus Q2 and Q3.

Improved Comparable Trends vs Prior Quarters

Used unit comps declined 1.9% in FQ4, a meaningful improvement from negative 6.3% in Q2 and negative 9% in Q3, indicating sales momentum from pricing and marketing actions.

Pricing, Marketing and Digital Actions Driving Conversion

Average selling price (ASP) was $26,019, down $114 per unit year-over-year, supported by targeted price reductions, increased acquisition marketing and initial digital enhancements; management cites pricing as the largest driver of the improved trend.

Wholesale and Sourcing Strength

Wholesale unit sales increased 3% year-over-year; company bought ~270,000 vehicles during the quarter (slightly up YoY) and sourced ~229,000 vehicles from consumers with roughly half coming through online instant appraisal.

SG&A Reduction Progress and Increased Target

Adjusted SG&A excluding restructuring was $577 million (down 5% YoY) and management increased FY'27 exit-rate SG&A reduction target to $200 million (from prior $150 million), with an expected full annualization by FY'28.

Capital Allocation and Share Repurchases

Repurchased 1.3 million shares for $50 million in FQ4 and maintained $1.31 billion remaining repurchase authorization (paused purchases due to leverage considerations).

CarMax Auto Finance (CAF) Penetration and Funding Progress

CAF originated nearly $1.9 billion with sales penetration of 42.8% (vs 42.3% prior year); weighted average contract rate 11.1% (in line YoY); net interest margin on the portfolio 6.3% (up slightly sequentially and YoY); continued progress on full-spectrum expansion and alternative funding (e.g., 25-B transaction).

Product Enhancements and Expected Margin Upside

Completed redesign and national rollout of extended protection plan (MaxCare / MaxCare Plus) expected to drive approximately $35 per unit in margin contribution in FY'27 as rollout ramps.

Operational and Cultural Strengths

Management highlighted progress on lowering cost to bring cars to market, reconditioning/COGS initiatives, and recognition as one of Fortune's 100 Best Companies to Work For for the 22nd consecutive year.

CarMax (KMX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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KMX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jun 19, 2026	2027 (Q1)	0.98 / -	1.38	―	―	―
Apr 14, 2026	2026 (Q4)	0.23 / 0.34	0.58	-41.38% (-0.24)
Dec 23, 2025	2026 (Q3)	0.31 / 0.43	0.81	-46.91% (-0.38)
Sep 26, 2025	2026 (Q2)	1.04 / 0.64	0.85	-24.71% (-0.21)
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)	―

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 14, 2026	$49.08	$41.66	-15.12%
Dec 23, 2025	$38.15	$38.45	+0.79%
Sep 26, 2025	$45.60	$44.86	-1.62%
Apr 10, 2025	$80.06	$66.45	-17.00%

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.