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CarMax (KMX) Financials

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$62.69 -0.22 (-0.34%)
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Annual Income Statements for CarMax

Annual Income Statements for CarMax

This table shows CarMax's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 2/28/2025 2/29/2024 2/28/2023 2/28/2022 2/28/2021 2/29/2020 2/28/2019 2/28/2018 2/28/2017 2/29/2016 2/28/2015
Net Income / (Loss) Attributable to Common Shareholders		 524 459 466 1,082 747 888 842 664 627 623 597
Consolidated Net Income / (Loss)		 501 479 485 1,151 747 888 842 664 627 623 597
Net Income / (Loss) Continuing Operations		 524 459 466 1,082 747 888 842 664 627 623 597
Total Pre-Tax Income 		669 642 637 1,492 965 1,161 1,113 1,064 1,006 1,010 969
Total Operating Income		 207 188 84 750 480 782 1,189 1,133 1,064 1,059 997
Total Gross Profit		 2,898 2,713 2,800 3,288 2,379 2,722 2,919 2,750 2,552 2,411 2,255
Total Revenue		 26,353 26,536 29,685 31,900 18,950 20,320 18,612 17,541 16,244 15,542 14,636
Operating Revenue		 26,353 26,536 29,685 31,900 18,950 20,320 18,173 17,120 15,875 15,150 13,724
Total Cost of Revenue		 23,456 23,823 26,885 28,613 16,571 17,598 15,693 14,791 13,692 13,131 12,381
Operating Cost of Revenue		 23,456 23,823 26,885 28,613 16,571 17,598 15,693 14,791 13,692 13,131 12,381
Total Operating Expenses		 2,691 2,525 2,716 2,537 1,899 1,940 1,730 1,617 1,489 1,352 1,258
Selling, General & Admin Expense		 2,435 2,286 2,487 2,325 1,704 1,750 1,730 1,617 1,489 1,352 1,258
Depreciation Expense		 255 239 228 212 194 190 - - - - -
Total Other Income / (Expense), net		 485 433 534 673 485 367 -76 -69 -57 -49 -28
Interest Expense		 108 125 120 94 86 83 76 71 56 36 24
Interest & Investment Income		 582 568 663 802 563 456 - - - - -
Other Income / (Expense), net		 12 10 9.40 35 8.28 -5.69 -0.41 1.36 -0.95 -13 -3.29
Income Tax Expense		 169 162 152 341 218 273 270 399 379 387 372
Basic Earnings per Share		 $3.22 $3.03 $3.05 $7.09 $4.58 $5.39 $4.83 $3.64 $3.29 $3.07 $2.77
Weighted Average Basic Shares Outstanding		 155.33M 158.22M 158.80M 162.41M 163.18M 164.84M 174.46M 182.66M 190.34M 203.28M 215.62M
Diluted Earnings per Share		 $3.21 $3.02 $3.03 $6.97 $4.52 $5.33 $4.79 $3.60 $3.26 $3.03 $2.73
Weighted Average Diluted Shares Outstanding		 156.06M 158.71M 159.77M 165.18M 165.13M 166.82M 175.88M 184.47M 192.22M 205.54M 218.69M
Weighted Average Basic & Diluted Shares Outstanding		 152.68M 157.39M 158.09M 160.54M 163.18M 162.57M 174.40M 182.40M 185.70M 193.83M 215.70M

Quarterly Income Statements for CarMax

This table shows CarMax's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Period end date 2/28/2025 11/30/2024 8/31/2024 5/31/2024 2/29/2024 11/30/2023 8/31/2023 5/31/2023 2/28/2023 11/30/2022 8/31/2022
Net Income / (Loss) Attributable to Common Shareholders		 113 125 133 152 30 82 119 228 50 38 126
Consolidated Net Income / (Loss)		 90 125 133 152 50 82 119 228 69 38 126
Net Income / (Loss) Continuing Operations		 113 125 133 152 30 82 119 228 50 38 126
Total Pre-Tax Income 		118 166 178 207 66 111 158 307 83 50 168
Total Operating Income		 -7.65 37 86 91 -56 -7.72 52 199 -20 -72 13
Total Gross Profit		 668 678 760 792 586 613 697 817 611 577 737
Total Revenue		 6,003 6,223 7,014 7,113 5,627 6,149 7,074 7,687 5,722 6,506 8,145
Operating Revenue		 6,003 6,223 7,014 7,113 5,627 6,149 7,074 7,687 5,722 6,506 8,145
Total Cost of Revenue		 5,335 5,546 6,253 6,322 5,040 5,536 6,377 6,870 5,112 5,929 7,408
Operating Cost of Revenue		 5,335 5,546 6,253 6,322 5,040 5,536 6,377 6,870 5,112 5,929 7,408
Total Operating Expenses		 676 640 674 700 642 621 645 618 631 649 724
Selling, General & Admin Expense		 611 576 611 639 581 560 586 560 573 592 666
Depreciation Expense		 65 65 64 62 61 61 59 58 58 57 58
Total Other Income / (Expense), net		 149 129 92 115 101 118 106 108 83 122 154
Interest Expense		 24 25 27 31 31 31 32 30 29 30 33
Interest & Investment Income		 159 160 116 147 147 149 135 137 124 152 183
Other Income / (Expense), net		 20 -5.37 -3.28 0.42 7.97 0.89 -2.63 -1.21 2.90 0.36 4.04
Income Tax Expense		 29 41 45 54 15 29 40 79 14 12 42
Basic Earnings per Share		 $0.59 $0.81 $0.85 $0.97 $0.32 $0.52 $0.75 $1.44 $0.45 $0.24 $0.79
Weighted Average Basic Shares Outstanding		 155.33M 154.58M 155.87M 157.16M 158.22M 158.45M 158.48M 158.12M 158.80M 158.00M 158.80M
Diluted Earnings per Share		 $0.58 $0.81 $0.85 $0.97 $0.31 $0.52 $0.75 $1.44 $0.44 $0.24 $0.79
Weighted Average Diluted Shares Outstanding		 156.06M 155.27M 156.53M 157.71M 158.71M 158.80M 159.24M 158.56M 159.77M 158.54M 160.22M
Weighted Average Basic & Diluted Shares Outstanding		 152.68M 153.80M 154.92M 156.08M 157.39M 157.92M 158.67M 158.21M 158.09M 158.02M 158.02M

Annual Cash Flow Statements for CarMax

This table details how cash moves in and out of CarMax's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 2/28/2025 2/29/2024 2/28/2023 2/28/2022 2/28/2021 2/29/2020 2/28/2019 2/28/2018 2/28/2017 2/29/2016 2/28/2015
Net Change in Cash & Equivalents		 -290 299 147 515 116 61 40 31 47 9.79 -600
Net Cash From Operating Activities		 624 459 1,283 -2,549 668 -237 163 -81 -455 -117 -968
Net Cash From Continuing Operating Activities		 624 459 1,283 -2,549 668 -237 163 -81 -455 -117 -968
Net Income / (Loss) Continuing Operations		 501 479 485 1,151 747 888 842 664 627 623 597
Consolidated Net Income / (Loss)		 501 479 485 1,151 747 888 842 664 627 623 597
Depreciation Expense		 295 260 265 273 242 216 182 180 169 137 115
Non-Cash Adjustments To Reconcile Net Income		 588 520 506 347 353 387 296 264 310 243 239
Changes in Operating Assets and Liabilities, net		 -759 -801 28 -4,321 -675 -1,728 -1,157 -1,188 -1,562 -1,120 -1,920
Net Cash From Investing Activities		 -461 -467 -426 -524 -128 -389 -309 -302 -420 -379 -361
Net Cash From Continuing Investing Activities		 -461 -467 -426 -41 -128 -389 -309 -302 -420 -379 -361
Purchase of Property, Plant & Equipment		 -468 -465 -423 -309 -165 -332 -305 -297 -418 -316 -310
Acquisitions		 0.00 0.00 0.00 242 0.00 0.00 - - - - -
Purchase of Investments		 -11 -6.19 -13 -25 -3.73 -59 -6.15 -6.84 -3.77 -11 -12
Sale of Property, Plant & Equipment		 0.33 1.35 5.19 0.26 1.85 0.00 0.69 0.10 1.23 1.54 5.87
Divestitures		 0.00 0.00 0.00 12 30 0.00 0.00 - - - -
Sale and/or Maturity of Investments		 17 3.15 4.28 38 8.33 1.58 1.58 1.69 0.73 0.32 0.66
Other Investing Activities, net		 0.00 0.00 0.00 0.00 0.00 - - - - -54 -45
Net Cash From Financing Activities		 -454 308 -710 3,105 -424 687 186 413 922 505 729
Net Cash From Continuing Financing Activities		 -454 308 -710 3,105 -424 687 186 413 922 505 729
Repayment of Debt		 -13,574 -12,141 -17,736 -18,399 -12,890 -10,652 -14,174 -13,482 -11,158 -10,169 -6,270
Repurchase of Common Equity		 -428 -94 -334 -576 -230 -568 -905 -580 -564 -984 -924
Issuance of Debt		 13,491 12,515 17,355 22,013 12,560 11,786 15,208 14,402 12,585 11,611 7,783
Issuance of Common Equity		 74 45 17 80 143 124 58 74 60 47 90
Other Financing Activities, net		 -17 -17 -12 -12 -7.42 -4.15 -0.89 -0.52 - - 50

Quarterly Cash Flow Statements for CarMax

This table details how cash moves in and out of CarMax's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Period end date 2/28/2025 11/30/2024 8/31/2024 5/31/2024 2/29/2024 11/30/2023 8/31/2023 5/31/2023 2/28/2023 11/30/2022 8/31/2022
Net Change in Cash & Equivalents		 -16 -277 339 -336 -9.67 35 290 -15 -369 566 -27
Net Cash From Operating Activities		 146 -23 619 -118 310 210 124 -185 -379 1,182 -51
Net Cash From Continuing Operating Activities		 146 -23 619 -118 310 210 124 -185 -379 1,182 -51
Net Income / (Loss) Continuing Operations		 90 125 133 152 50 82 119 228 69 38 126
Consolidated Net Income / (Loss)		 90 125 133 152 50 82 119 228 69 38 126
Depreciation Expense		 77 75 73 69 67 67 64 63 63 65 67
Non-Cash Adjustments To Reconcile Net Income		 133 127 172 156 119 111 145 144 133 123 132
Changes in Operating Assets and Liabilities, net		 -154 -351 242 -496 73 -50 -203 -621 -643 957 -377
Net Cash From Investing Activities		 -113 -132 -110 -106 -110 -145 -75 -137 -107 -111 -108
Net Cash From Continuing Investing Activities		 -113 -132 -110 -106 -110 -145 -75 -137 -107 -111 -108
Purchase of Property, Plant & Equipment		 -128 -127 -109 -104 -110 -145 -73 -137 -103 -115 -110
Purchase of Investments		 -1.26 -6.39 -1.00 -2.09 -1.55 -1.41 -2.01 -1.23 -6.07 -1.03 -1.05
Sale of Property, Plant & Equipment		 0.18 0.02 0.13 0.00 0.05 0.05 0.08 1.17 1.38 3.72 0.08
Sale and/or Maturity of Investments		 16 1.10 0.49 0.14 1.59 1.16 0.39 0.02 0.79 0.99 2.34
Net Cash From Financing Activities		 -49 -122 -171 -112 -210 -30 240 307 117 -505 133
Net Cash From Continuing Financing Activities		 -49 -122 -171 -112 -210 -30 240 307 117 -505 133
Repayment of Debt		 -3,742 -2,760 -3,381 -3,690 -3,574 -2,776 -2,975 -2,816 -5,877 -1,205 -6,789
Repurchase of Common Equity		 -99 -116 -106 -107 -50 -40 -0.21 -3.93 -0.12 -8.65 -162
Issuance of Debt		 3,770 2,750 3,295 3,676 3,415 2,785 3,189 3,126 6,003 708 7,074
Issuance of Common Equity		 38 5.07 22 8.21 16 0.90 27 0.99 3.59 0.22 9.84

Annual Balance Sheets for CarMax

This table presents CarMax's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 2/28/2025 2/29/2024 2/28/2023 2/28/2022 2/28/2021 2/29/2020 2/28/2019 2/28/2018 2/28/2017 2/29/2016 2/28/2015
Total Assets		 27,404 27,197 26,183 26,338 21,542 21,082 18,718 17,486 16,279 14,460 13,198
Total Current Assets		 5,078 5,227 5,041 6,549 4,117 3,664 3,214 3,061 2,874 2,472 2,591
Cash & Equivalents		 247 574 315 103 132 58 47 45 38 37 28
Restricted Cash		 559 507 471 548 496 481 441 399 380 344 294
Accounts Receivable		 189 221 299 561 239 191 140 133 152 132 138
Inventories, net		 3,935 3,678 3,726 5,125 3,157 2,846 2,519 2,391 2,261 1,932 2,087
Other Current Assets		 148 247 231 213 92 87 67 93 42 26 45
Plant, Property, & Equipment, net		 3,842 3,666 3,431 3,209 3,056 3,069 2,828 2,667 2,518 2,162 1,863
Total Noncurrent Assets		 18,485 18,305 17,710 16,580 14,369 14,349 12,676 11,758 10,887 9,826 8,745
Noncurrent Note & Lease Receivables		 17,243 17,012 16,342 15,290 13,490 - 12,428 11,536 10,596 9,537 8,436
Goodwill		 141 141 141 141 0.65 - - - - - -
Noncurrent Deferred & Refundable Income Taxes		 140 99 81 121 164 90 61 63 151 162 176
Other Noncurrent Operating Assets		 960 1,053 1,147 1,028 714 14,260 186 159 140 128 133
Total Liabilities & Shareholders' Equity		 27,404 27,197 26,183 26,338 21,542 21,082 18,718 17,486 16,279 14,460 13,198
Total Liabilities		 21,161 21,123 20,570 21,103 17,177 17,313 15,361 14,169 13,171 11,555 10,041
Total Current Liabilities		 2,198 2,312 1,938 2,047 1,699 1,535 1,312 1,174 1,106 1,005 997
Short-Term Debt		 543 797 579 576 453 433 396 366 343 316 291
Accounts Payable		 978 934 827 938 799 737 593 530 495 442 455
Accrued Expenses		 530 524 479 533 415 332 318 279 266 246 250
Current Deferred & Payable Income Tax Liabilities		 88 0.00 0.00 0.00 0.22 1.39 3.78 0.00 1.40 2.03 1.55
Other Current Liabilities		 59 57 53 - 31 31 - - - - -
Total Noncurrent Liabilities		 18,963 18,811 18,631 19,055 15,478 15,779 14,049 12,995 12,065 10,550 9,044
Long-Term Debt		 18,137 17,960 17,775 18,175 14,620 14,944 13,777 12,262 11,340 9,920 8,512
Capital Lease Obligations		 482 496 524 523 - - 0.00 490 487 400 306
Other Noncurrent Operating Liabilities		 344 355 332 357 858 835 273 243 239 229 225
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 6,243 6,074 5,613 5,235 4,365 3,769 3,357 3,317 3,109 2,905 3,157
Total Preferred & Common Equity		 6,243 6,074 5,613 5,235 4,365 3,769 3,357 3,317 3,109 2,905 3,157
Total Common Equity		 6,243 6,074 5,613 5,235 4,365 3,769 3,357 3,317 3,109 2,905 3,157
Common Stock		 1,968 1,888 1,792 1,758 1,595 1,431 1,321 1,324 1,282 1,228 1,228
Retained Earnings		 4,272 4,127 3,723 3,524 2,888 2,488 2,104 2,047 1,883 1,747 1,994
Accumulated Other Comprehensive Income / (Loss)		 3.08 59 98 -46 -119 -150 -68 -54 -57 -70 -65

Quarterly Balance Sheets for CarMax

This table presents CarMax's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Period end date 11/30/2024 8/31/2024 5/31/2024 2/29/2024 11/30/2023 8/31/2023 5/31/2023 2/28/2023 11/30/2022 8/31/2022 5/31/2022
Total Assets		 27,297 27,296 27,242 27,197 27,173 27,300 26,962 26,183 25,939 26,471 26,339
Total Current Assets		 4,819 4,859 4,970 5,227 5,110 5,386 5,364 5,041 4,984 5,872 6,118
Cash & Equivalents		 272 525 219 574 605 521 264 315 689 57 95
Restricted Cash		 541 573 536 507 484 535 506 471 467 533 531
Accounts Receivable		 214 228 212 221 212 272 322 299 247 402 611
Inventories, net		 3,665 3,398 3,773 3,678 3,639 3,839 4,081 3,726 3,415 4,672 4,691
Other Current Assets		 127 136 230 247 170 219 190 231 167 208 190
Plant, Property, & Equipment, net		 3,799 3,763 3,735 3,666 3,624 3,539 3,499 3,431 3,375 3,313 3,259
Total Noncurrent Assets		 18,679 18,674 18,537 18,305 18,440 18,375 18,099 17,710 17,580 17,285 16,962
Noncurrent Note & Lease Receivables		 17,413 17,414 17,268 17,012 17,082 17,000 16,745 16,342 16,241 15,961 15,673
Goodwill		 141 141 141 141 141 141 141 141 141 141 141
Noncurrent Deferred & Refundable Income Taxes		 133 127 100 99 121 112 100 81 87 93 91
Other Noncurrent Operating Assets		 992 992 1,027 1,053 1,095 1,122 1,113 1,147 1,111 1,090 1,057
Total Liabilities & Shareholders' Equity		 27,297 27,296 27,242 27,197 27,173 27,300 26,962 26,183 25,939 26,471 26,339
Total Liabilities		 21,086 21,116 21,075 21,123 21,129 21,295 21,139 20,570 20,451 21,056 20,938
Total Current Liabilities		 2,097 2,156 1,986 2,312 2,083 2,320 2,114 1,938 1,937 2,132 2,252
Short-Term Debt		 525 572 536 797 759 820 569 579 638 672 632
Accounts Payable		 986 1,008 911 934 763 932 967 827 803 929 1,067
Accrued Expenses		 457 484 456 524 494 513 529 479 496 482 490
Current Deferred & Payable Income Tax Liabilities		 70 34 25 0.00 11 0.10 49 0.00 0.00 0.00 18
Other Current Liabilities		 60 58 58 57 56 55 - 53 - 49 44
Total Noncurrent Liabilities		 18,989 18,960 19,089 18,811 19,046 18,974 19,025 18,631 18,514 18,924 18,686
Long-Term Debt		 18,149 18,105 18,217 17,960 18,164 18,084 18,159 17,775 17,641 18,046 17,788
Capital Lease Obligations		 481 473 485 496 509 517 519 524 509 - -
Other Noncurrent Operating Liabilities		 358 382 387 355 373 373 347 332 365 878 898
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 6,211 6,180 6,167 6,074 6,044 6,006 5,823 5,613 5,488 5,414 5,401
Total Preferred & Common Equity		 6,211 6,180 6,167 6,074 6,044 6,006 5,823 5,613 5,488 5,414 5,401
Total Common Equity		 6,211 6,180 6,167 6,074 6,044 6,006 5,823 5,613 5,488 5,414 5,401
Common Stock		 1,930 1,934 1,912 1,888 1,866 1,857 1,810 1,792 1,776 1,763 1,758
Retained Earnings		 4,266 4,237 4,193 4,127 4,118 4,070 3,951 3,723 3,654 3,619 3,637
Accumulated Other Comprehensive Income / (Loss)		 15 9.06 62 59 61 79 61 98 57 32 5.89

Annual Metrics And Ratios for CarMax

This table displays calculated financial ratios and metrics derived from CarMax's official financial filings.

Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 2/28/2025 2/29/2024 2/28/2023 2/28/2022 2/28/2021 2/29/2020 2/28/2019 2/28/2018 2/28/2017 2/29/2016 2/28/2015
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.69% -10.61% -6.95% 68.34% -6.74% 9.18% 6.10% 7.99% 4.52% 6.19% -42.57%
EBITDA Growth		 17.28% 27.70% -66.07% 44.79% -26.36% -27.61% 4.30% 6.71% 4.06% 6.73% -91.79%
EBIT Growth		 23.25% 111.17% -88.05% 60.64% -37.08% -34.66% 4.78% 6.73% 1.58% 5.28% -92.58%
NOPAT Growth		 10.45% 118.33% -88.90% 55.74% -37.91% -33.49% 27.23% 6.75% 1.39% 6.37% -92.58%
Net Income Growth		 4.46% -1.15% -57.89% 54.14% -15.93% 5.46% 26.85% 5.92% 0.57% 4.36% 21.27%
EPS Growth		 6.29% -0.33% -56.53% 54.20% -15.20% 11.27% 33.06% 10.43% 7.59% 10.99% 26.39%
Operating Cash Flow Growth		 36.16% -64.26% 150.34% -481.79% 382.22% -245.18% 302.32% 82.31% -289.96% 87.94% -57.89%
Free Cash Flow Firm Growth		 50.43% -283.75% 104.87% -2,723.68% 117.64% -540.04% 64.42% 59.09% -84.60% 57.33% -119.30%
Invested Capital Growth		 1.46% 2.28% -0.64% 26.86% 1.08% 9.18% 6.57% 7.62% 12.92% 10.18% 19.29%
Revenue Q/Q Growth		 1.45% -0.36% -6.21% 8.59% 44.09% -3.61% -18.66% 1.52% 0.59% -18.67% 41.37%
EBITDA Q/Q Growth		 14.60% -5.54% -14.49% 16.37% 10.38% -30.44% -10.73% 16.52% -14.68% 193.04% 584.02%
EBIT Q/Q Growth		 33.45% -13.61% -35.23% 21.36% 15.25% -36.44% -12.17% 19.21% -17.04% 174.58% 1,919.72%
NOPAT Q/Q Growth		 30.34% -17.19% -39.43% -6.50% 224.39% -38.02% -35.33% 17.13% -17.39% 175.96% 1,851.50%
Net Income Q/Q Growth		 8.59% -3.76% -15.78% -4.17% -0.66% 2.58% 9.12% -4.39% 1.88% -0.34% 7.94%
EPS Q/Q Growth		 9.18% -4.13% -15.36% -3.99% -0.44% 3.29% 10.37% -3.23% 2.52% 1.68% 9.64%
Operating Cash Flow Q/Q Growth		 -20.73% 299.60% 7.37% -11.66% -10.93% -240.12% -28.27% 74.21% -539.27% 79.34% -7.02%
Free Cash Flow Firm Q/Q Growth		 -321.88% 63.55% 142.32% -25.83% 270.54% -13.28% -134.74% 49.95% -119.48% 77.50% 27.42%
Invested Capital Q/Q Growth		 0.19% -0.58% 2.53% 6.04% 2.63% -0.34% 1.13% 0.60% 2.88% -0.07% 3.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 11.00% 10.22% 9.43% 10.31% 12.55% 13.40% 15.69% 15.68% 15.71% 15.51% 15.41%
EBITDA Margin		 1.95% 1.73% 1.21% 3.32% 3.86% 4.88% 7.37% 7.49% 7.58% 7.62% 7.58%
Operating Margin		 0.79% 0.71% 0.28% 2.35% 2.53% 3.85% 6.39% 6.46% 6.55% 6.81% 6.81%
EBIT Margin		 0.83% 0.75% 0.32% 2.46% 2.58% 3.82% 6.39% 6.47% 6.54% 6.73% 6.79%
Profit (Net Income) Margin		 1.90% 1.81% 1.63% 3.61% 3.94% 4.37% 4.53% 3.79% 3.86% 4.01% 4.08%
Tax Burden Percent		 74.78% 74.69% 76.12% 77.15% 77.38% 76.52% 75.70% 62.44% 62.30% 61.73% 61.63%
Interest Burden Percent		 305.92% 323.92% 678.91% 190.12% 197.55% 149.50% 93.62% 93.76% 94.69% 96.53% 97.54%
Effective Tax Rate		 25.22% 25.31% 23.88% 22.85% 22.62% 23.48% 24.30% 37.56% 37.70% 38.27% 38.37%
Return on Invested Capital (ROIC)		 0.63% 0.59% 0.27% 2.71% 1.99% 3.36% 5.45% 4.59% 4.73% 5.21% 5.60%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.53% 2.45% 2.56% 6.18% 4.55% 5.39% 5.01% 4.23% 4.41% 4.89% 5.38%
Return on Net Nonoperating Assets (RNNOA)		 7.49% 7.62% 8.67% 21.27% 16.38% 21.58% 19.80% 16.09% 16.12% 15.36% 12.86%
Return on Equity (ROE)		 8.13% 8.20% 8.94% 23.99% 18.37% 24.94% 25.25% 20.67% 20.85% 20.57% 18.45%
Cash Return on Invested Capital (CROIC)		 -0.81% -1.67% 0.92% -20.96% 0.91% -5.42% -0.91% -2.75% -7.40% -4.48% -11.99%
Operating Return on Assets (OROA)		 0.80% 0.74% 0.36% 3.28% 2.29% 3.90% 6.57% 6.72% 6.92% 7.57% 7.98%
Return on Assets (ROA)		 1.83% 1.80% 1.85% 4.81% 3.50% 4.46% 4.65% 3.93% 4.08% 4.51% 4.80%
Return on Common Equity (ROCE)		 8.13% 8.20% 8.94% 23.99% 18.37% 24.94% 25.25% 20.67% 20.85% 20.57% 18.45%
Return on Equity Simple (ROE_SIMPLE)		 8.02% 7.89% 8.64% 21.99% 17.11% 23.57% 25.09% 20.02% 20.17% 21.46% 18.92%
Net Operating Profit after Tax (NOPAT)		 155 140 64 579 372 599 900 707 663 654 614
NOPAT Margin		 0.59% 0.53% 0.22% 1.81% 1.96% 2.95% 4.84% 4.03% 4.08% 4.21% 4.20%
Net Nonoperating Expense Percent (NNEP)		 -1.89% -1.87% -2.29% -3.46% -2.56% -2.03% 0.44% 0.35% 0.32% 0.32% 0.22%
Return On Investment Capital (ROIC_SIMPLE)		 0.61% - - - - - - - - - -
Cost of Revenue to Revenue		 89.00% 89.78% 90.57% 89.69% 87.45% 86.60% 84.31% 84.32% 84.29% 84.49% 84.59%
SG&A Expenses to Revenue		 9.24% 8.62% 8.38% 7.29% 8.99% 8.61% 9.30% 9.22% 9.16% 8.70% 8.59%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 10.21% 9.52% 9.15% 7.95% 10.02% 9.55% 9.30% 9.22% 9.16% 8.70% 8.59%
Earnings before Interest and Taxes (EBIT)		 219 198 94 785 489 777 1,189 1,134 1,063 1,046 994
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 514 458 359 1,058 731 992 1,371 1,314 1,232 1,184 1,109
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.04 2.05 1.94 3.38 4.45 3.79 3.15 3.38 3.88 3.12 4.46
Price to Tangible Book Value (P/TBV)		 2.09 2.10 1.99 3.47 4.45 3.79 3.15 3.38 3.88 3.12 4.46
Price to Revenue (P/Rev)		 0.48 0.47 0.37 0.55 1.03 0.70 0.57 0.64 0.74 0.58 0.96
Price to Earnings (P/E)		 24.36 27.20 23.41 16.33 26.01 16.06 12.54 16.86 19.26 14.52 23.59
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 4.10% 3.68% 4.27% 6.12% 3.85% 6.23% 7.98% 5.93% 5.19% 6.89% 4.24%
Enterprise Value to Invested Capital (EV/IC)		 1.27 1.26 1.22 1.52 1.80 1.56 1.42 1.49 1.60 1.47 1.92
Enterprise Value to Revenue (EV/Rev)		 1.18 1.16 0.98 1.14 1.79 1.43 1.30 1.36 1.47 1.24 1.56
Enterprise Value to EBITDA (EV/EBITDA)		 60.59 66.85 80.78 34.31 46.35 29.33 17.69 18.16 19.35 16.31 20.63
Enterprise Value to EBIT (EV/EBIT)		 142.22 154.73 309.20 46.25 69.32 37.48 20.40 21.05 22.42 18.45 23.02
Enterprise Value to NOPAT (EV/NOPAT)		 200.85 218.50 451.43 62.71 91.12 48.62 26.94 33.75 35.95 29.54 37.24
Enterprise Value to Operating Cash Flow (EV/OCF)		 49.83 66.83 22.60 0.00 50.72 0.00 148.79 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 133.18 0.00 198.70 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.07 3.17 3.36 3.68 3.45 4.08 4.22 3.96 3.91 3.66 2.89
Long-Term Debt to Equity		 2.98 3.04 3.26 3.57 3.35 3.97 4.10 3.84 3.80 3.55 2.79
Financial Leverage		 2.97 3.10 3.38 3.44 3.60 4.00 3.95 3.80 3.66 3.14 2.39
Leverage Ratio		 4.43 4.57 4.84 4.99 5.24 5.59 5.42 5.26 5.11 4.56 3.85
Compound Leverage Factor		 13.56 14.79 32.87 9.48 10.35 8.35 5.08 4.93 4.84 4.40 3.75
Debt to Total Capital		 75.43% 76.02% 77.08% 78.64% 77.54% 80.32% 80.85% 79.82% 79.65% 78.55% 74.26%
Short-Term Debt to Total Capital		 2.14% 3.15% 2.37% 2.35% 2.33% 2.26% 2.26% 2.22% 2.25% 2.33% 2.37%
Long-Term Debt to Total Capital		 73.29% 72.87% 74.72% 76.29% 75.22% 78.05% 78.59% 77.59% 77.41% 76.22% 71.90%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 24.57% 23.98% 22.92% 21.36% 22.46% 19.68% 19.15% 20.18% 20.35% 21.45% 25.74%
Debt to EBITDA		 37.31 41.99 52.58 18.22 20.63 15.50 10.34 9.98 9.88 8.99 8.21
Net Debt to EBITDA		 35.74 39.64 50.39 17.60 19.76 14.95 9.98 9.64 9.54 8.66 7.92
Long-Term Debt to EBITDA		 36.25 40.25 50.97 17.67 20.01 15.06 10.05 9.70 9.60 8.72 7.95
Debt to NOPAT		 123.69 137.26 293.84 33.30 40.55 25.69 15.75 18.54 18.36 16.27 14.82
Net Debt to NOPAT		 118.48 129.55 281.61 32.17 38.86 24.79 15.20 17.92 17.73 15.69 14.30
Long-Term Debt to NOPAT		 120.18 131.57 284.82 32.30 39.33 24.96 15.31 18.03 17.85 15.79 14.35
Altman Z-Score		 1.69 1.70 1.81 2.20 1.96 1.87 1.90 1.98 2.06 2.07 2.56
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.31 2.26 2.60 3.20 2.42 2.39 2.45 2.61 2.60 2.46 2.60
Quick Ratio		 0.20 0.34 0.32 0.32 0.22 0.16 0.14 0.15 0.17 0.17 0.17
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -198 -400 218 -4,472 170 -966 -151 -424 -1,037 -562 -1,317
Operating Cash Flow to CapEx		 133.54% 98.85% 307.37% -827.01% 410.45% -71.29% 53.62% -27.15% -109.21% -37.18% -318.52%
Free Cash Flow to Firm to Interest Expense		 -1.84 -3.21 1.81 -47.53 1.98 -11.64 -1.99 -6.00 -18.38 -15.45 -53.80
Operating Cash Flow to Interest Expense		 5.79 3.68 10.66 -27.09 7.75 -2.85 2.15 -1.14 -8.07 -3.21 -39.56
Operating Cash Flow Less CapEx to Interest Expense		 1.45 -0.04 7.19 -30.37 5.86 -6.85 -1.86 -5.33 -15.46 -11.85 -51.98
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.97 0.99 1.13 1.33 0.89 1.02 1.03 1.04 1.06 1.12 1.18
Accounts Receivable Turnover		 128.59 102.07 69.05 79.75 88.11 122.80 136.26 122.79 114.17 115.18 134.51
Inventory Turnover		 6.16 6.43 6.08 6.91 5.52 6.56 6.39 6.36 6.53 6.53 6.64
Fixed Asset Turnover		 7.02 7.48 8.94 10.18 6.19 6.89 6.77 6.77 6.94 7.72 8.33
Accounts Payable Turnover		 24.54 27.07 30.48 32.94 21.57 26.46 27.95 28.87 29.23 29.29 28.07
Days Sales Outstanding (DSO)		 2.84 3.58 5.29 4.58 4.14 2.97 2.68 2.97 3.20 3.17 2.71
Days Inventory Outstanding (DIO)		 59.23 56.72 60.08 52.82 66.12 55.65 57.10 57.39 55.88 55.86 54.96
Days Payable Outstanding (DPO)		 14.87 13.49 11.98 11.08 16.92 13.80 13.06 12.64 12.49 12.46 13.01
Cash Conversion Cycle (CCC)		 47.20 46.81 53.39 46.32 53.34 44.82 46.72 47.72 46.59 46.56 44.66
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 24,600 24,246 23,706 23,859 18,808 18,607 17,042 15,991 14,860 13,160 11,944
Invested Capital Turnover		 1.08 1.11 1.25 1.50 1.01 1.14 1.13 1.14 1.16 1.24 1.33
Increase / (Decrease) in Invested Capital		 353 540 -154 5,051 201 1,565 1,051 1,132 1,700 1,215 1,931
Enterprise Value (EV)		 31,117 30,648 29,003 36,300 33,869 29,103 24,248 23,873 23,827 19,309 22,881
Market Capitalization		 12,761 12,476 10,910 17,676 19,425 14,265 10,562 11,198 12,076 9,054 14,094
Book Value per Share		 $40.59 $38.46 $35.52 $32.38 $26.85 $23.07 $19.74 $18.34 $16.61 $14.84 $15.03
Tangible Book Value per Share		 $39.67 $37.57 $34.63 $31.51 $26.85 $23.07 $19.74 $18.34 $16.61 $14.84 $15.03
Total Capital		 25,406 25,327 24,492 24,510 19,437 19,146 17,530 16,435 15,278 13,541 12,266
Total Debt		 19,163 19,253 18,878 19,275 15,072 15,378 14,173 13,118 12,170 10,636 9,109
Total Long-Term Debt		 18,619 18,456 18,299 18,698 14,620 14,944 13,777 12,753 11,826 10,321 8,819
Net Debt		 18,357 18,173 18,093 18,624 14,444 14,838 13,685 12,674 11,751 10,255 8,788
Capital Expenditures (CapEx)		 468 464 418 308 163 332 304 297 417 314 304
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,617 2,631 2,897 4,427 2,242 2,023 1,811 1,809 1,692 1,401 1,563
Debt-free Net Working Capital (DFNWC)		 3,423 3,712 3,683 5,078 2,871 2,562 2,299 2,253 2,111 1,782 1,884
Net Working Capital (NWC)		 2,880 2,914 3,103 4,502 2,418 2,129 1,903 1,887 1,768 1,467 1,594
Net Nonoperating Expense (NNE)		 -346 -339 -421 -572 -375 -290 58 43 36 30 17
Net Nonoperating Obligations (NNO)		 18,357 18,173 18,093 18,624 14,444 14,838 13,685 12,674 11,751 10,255 8,788
Total Depreciation and Amortization (D&A)		 295 260 265 273 242 216 182 180 169 137 115
Debt-free, Cash-free Net Working Capital to Revenue		 9.93% 9.91% 9.76% 13.88% 11.83% 9.96% 9.73% 10.31% 10.42% 9.01% 10.68%
Debt-free Net Working Capital to Revenue		 12.99% 13.99% 12.41% 15.92% 15.15% 12.61% 12.35% 12.84% 13.00% 11.47% 12.87%
Net Working Capital to Revenue		 10.93% 10.98% 10.45% 14.11% 12.76% 10.48% 10.22% 10.76% 10.88% 9.44% 10.89%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.22 $3.03 $3.05 $7.09 $4.58 $5.39 $4.83 $3.64 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 155.33M 158.22M 158.80M 162.41M 163.18M 164.84M 174.46M 182.66M 0.00 0.00 0.00
Adjusted Diluted Earnings per Share		 $3.21 $3.02 $3.03 $6.97 $4.52 $5.33 $4.79 $3.60 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 156.06M 158.71M 159.77M 165.18M 165.13M 166.82M 175.88M 184.47M 0.00 0.00 0.00
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 152.68M 157.39M 158.09M 160.54M 163.18M 162.57M 166.19M 178.68M 0.00 0.00 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 155 140 64 579 372 599 900 707 663 654 614
Normalized NOPAT Margin		 0.59% 0.53% 0.22% 1.81% 1.96% 2.95% 4.84% 4.03% 4.08% 4.21% 4.20%
Pre Tax Income Margin		 2.54% 2.42% 2.15% 4.68% 5.09% 5.71% 5.98% 6.06% 6.20% 6.50% 6.62%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.03 1.59 0.78 8.34 5.67 9.36 15.68 16.03 18.84 28.78 40.61
NOPAT to Interest Expense		 1.44 1.12 0.53 6.15 4.31 7.21 11.88 10.00 11.75 17.98 25.11
EBIT Less CapEx to Interest Expense		 -2.31 -2.13 -2.69 5.07 3.78 5.36 11.67 11.84 11.45 20.14 28.19
NOPAT Less CapEx to Interest Expense		 -2.90 -2.59 -2.93 2.88 2.43 3.21 7.87 5.81 4.36 9.34 12.69
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 85.60% 19.63% 68.89% 50.07% 30.78% 63.90% 107.40% 87.27% 90.01% 157.83% 154.74%

Quarterly Metrics And Ratios for CarMax

This table displays calculated financial ratios and metrics derived from CarMax's official financial filings.

Metric Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Period end date 2/28/2025 11/30/2024 8/31/2024 5/31/2024 2/29/2024 11/30/2023 8/31/2023 5/31/2023 2/28/2023 11/30/2022 8/31/2022
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 6.69% 1.22% -0.85% -7.46% -1.68% -5.49% -13.15% -17.45% -25.55% -23.71% 1.96%
EBITDA Growth		 2,317.17% 79.79% 36.84% -38.25% -58.59% 917.98% 33.83% 10.76% -57.01% -102.55% -66.99%
EBIT Growth		 119.32% 568.18% 66.70% -53.59% -186.76% 90.51% 184.36% 19.88% -148.67% -133.62% -90.82%
NOPAT Growth		 86.45% 591.71% 63.99% -54.41% -161.84% 89.48% 288.65% 21.13% -158.55% -134.88% -93.10%
Net Income Growth		 78.77% 52.97% 11.95% -33.23% -27.16% 118.21% -5.77% -9.50% -56.82% -86.05% -55.86%
EPS Growth		 87.10% 55.77% 13.33% -32.64% -29.55% 116.67% -5.06% -7.69% -55.56% -85.28% -54.07%
Operating Cash Flow Growth		 -52.73% -111.11% 398.61% 36.48% 181.75% -82.23% 341.74% -134.90% 18.86% 269.58% 95.97%
Free Cash Flow Firm Growth		 38.43% 89.18% 125.66% 70.53% -525.28% -88.56% 62.31% 73.61% 102.73% 83.19% 36.14%
Invested Capital Growth		 1.46% 0.68% -0.57% 1.44% 2.28% 5.48% 3.52% 4.77% -0.64% 2.76% 9.81%
Revenue Q/Q Growth		 -3.54% -11.27% -1.40% 26.42% -8.49% -13.08% -7.98% 34.33% -12.04% -20.12% -12.53%
EBITDA Q/Q Growth		 -16.48% -30.92% -3.52% 748.29% -68.20% -47.43% -56.46% 468.86% 728.23% -108.60% -63.97%
EBIT Q/Q Growth		 -61.86% -61.31% -9.95% 291.81% -600.61% -113.78% -74.93% 1,285.01% 76.82% -512.89% -89.43%
NOPAT Q/Q Growth		 -120.62% -56.15% -4.80% 257.38% -648.40% -114.62% -73.53% 1,003.86% 69.93% -640.20% -91.75%
Net Income Q/Q Growth		 -28.36% -5.55% -12.88% 203.25% -38.70% -30.88% -48.04% 230.81% 83.64% -70.15% -50.09%
EPS Q/Q Growth		 -28.40% -4.71% -12.37% 212.90% -40.38% -30.67% -47.92% 227.27% 83.33% -69.62% -49.36%
Operating Cash Flow Q/Q Growth		 726.83% -103.77% 626.05% -138.01% 47.38% 69.21% 167.01% 51.08% -132.03% 2,402.22% -109.67%
Free Cash Flow Firm Q/Q Growth		 -160.74% -168.04% 171.73% 51.62% 54.18% -61.38% 17.62% -798.13% 120.31% 67.74% 42.32%
Invested Capital Q/Q Growth		 0.19% 1.32% -1.69% 1.66% -0.58% 0.07% 0.29% 2.51% 2.53% -1.79% 1.50%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 11.13% 10.89% 10.84% 11.13% 10.42% 9.97% 9.85% 10.63% 10.68% 8.86% 9.05%
EBITDA Margin		 1.49% 1.73% 2.22% 2.26% 0.34% 0.97% 1.61% 3.39% 0.80% -0.11% 1.04%
Operating Margin		 -0.13% 0.60% 1.23% 1.29% -0.99% -0.13% 0.74% 2.59% -0.34% -1.11% 0.16%
EBIT Margin		 0.20% 0.51% 1.18% 1.29% -0.85% -0.11% 0.70% 2.57% -0.29% -1.11% 0.21%
Profit (Net Income) Margin		 1.50% 2.02% 1.89% 2.14% 0.89% 1.33% 1.68% 2.97% 1.21% 0.58% 1.55%
Tax Burden Percent		 75.90% 75.35% 74.68% 73.77% 76.73% 74.17% 74.95% 74.31% 83.52% 75.17% 75.13%
Interest Burden Percent		 969.89% 520.14% 214.99% 224.94% -136.78% -1,617.29% 318.97% 155.23% -494.76% -69.38% 960.26%
Effective Tax Rate		 24.10% 24.65% 25.32% 26.23% 23.27% 25.83% 25.05% 25.69% 16.48% 24.83% 24.87%
Return on Invested Capital (ROIC)		 -0.10% 0.48% 0.98% 1.01% -0.84% -0.10% 0.62% 2.27% -0.36% -1.16% 0.19%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.42% 1.01% 1.35% 1.47% -0.33% 0.38% 1.06% 2.72% 0.11% -0.64% 0.85%
Return on Net Nonoperating Assets (RNNOA)		 1.24% 3.03% 4.04% 4.52% -1.02% 1.20% 3.39% 8.78% 0.37% -2.10% 2.86%
Return on Equity (ROE)		 1.14% 3.51% 5.02% 5.52% -1.87% 1.09% 4.01% 11.06% 0.01% -3.26% 3.05%
Cash Return on Invested Capital (CROIC)		 -0.81% -0.19% 0.92% -1.18% -1.67% -4.62% -2.95% -4.27% 0.92% -2.26% -7.94%
Operating Return on Assets (OROA)		 0.20% 0.49% 1.12% 1.24% -0.85% -0.11% 0.70% 2.71% -0.33% -1.36% 0.28%
Return on Assets (ROA)		 1.45% 1.92% 1.80% 2.05% 0.89% 1.34% 1.68% 3.13% 1.36% 0.71% 2.04%
Return on Common Equity (ROCE)		 1.14% 3.51% 5.02% 5.52% -1.87% 1.09% 4.01% 11.06% 0.01% -3.26% 3.05%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 7.42% 6.76% 6.54% 0.00% 8.24% 7.55% 7.91% 0.00% 10.49% 14.91%
Net Operating Profit after Tax (NOPAT)		 -5.81 28 64 67 -43 -5.73 39 148 -16 -54 10
NOPAT Margin		 -0.10% 0.45% 0.92% 0.95% -0.76% -0.09% 0.55% 1.92% -0.29% -0.84% 0.12%
Net Nonoperating Expense Percent (NNEP)		 -0.52% -0.53% -0.38% -0.46% -0.51% -0.49% -0.44% -0.44% -0.47% -0.53% -0.67%
Return On Investment Capital (ROIC_SIMPLE)		 -0.02% 0.11% - - - -0.02% - - - - -
Cost of Revenue to Revenue		 88.87% 89.11% 89.16% 88.87% 89.58% 90.03% 90.15% 89.37% 89.32% 91.14% 90.95%
SG&A Expenses to Revenue		 10.17% 9.25% 8.71% 8.98% 10.32% 9.11% 8.28% 7.28% 10.01% 9.10% 8.18%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 11.25% 10.29% 9.62% 9.85% 11.41% 10.09% 9.11% 8.04% 11.02% 9.98% 8.89%
Earnings before Interest and Taxes (EBIT)		 12 32 83 92 -48 -6.84 50 198 -17 -72 17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 90 107 155 161 19 60 114 261 46 -7.30 85
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.04 2.09 2.14 1.79 2.05 1.68 2.15 1.96 1.94 2.00 2.60
Price to Tangible Book Value (P/TBV)		 2.09 2.14 2.19 1.84 2.10 1.72 2.20 2.01 1.99 2.05 2.67
Price to Revenue (P/Rev)		 0.48 0.50 0.51 0.43 0.47 0.38 0.48 0.41 0.37 0.35 0.42
Price to Earnings (P/E)		 24.36 29.54 33.24 28.89 27.20 21.17 29.73 25.83 23.41 21.64 19.07
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 4.10% 3.39% 3.01% 3.46% 3.68% 4.72% 3.36% 3.87% 4.27% 4.62% 5.24%
Enterprise Value to Invested Capital (EV/IC)		 1.27 1.28 1.29 1.20 1.26 1.17 1.28 1.23 1.22 1.24 1.37
Enterprise Value to Revenue (EV/Rev)		 1.18 1.21 1.21 1.14 1.16 1.07 1.16 1.07 0.98 0.90 0.96
Enterprise Value to EBITDA (EV/EBITDA)		 60.59 69.95 78.02 82.36 66.85 59.34 75.74 77.77 80.78 68.10 45.17
Enterprise Value to EBIT (EV/EBIT)		 142.22 191.21 249.76 321.03 154.73 127.18 197.04 236.09 309.20 197.44 74.69
Enterprise Value to NOPAT (EV/NOPAT)		 200.85 263.76 368.45 494.55 218.50 168.19 258.93 326.94 451.43 269.57 101.32
Enterprise Value to Operating Cash Flow (EV/OCF)		 49.83 39.80 30.60 56.14 66.83 0.00 42.13 52.71 22.60 23.92 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 140.14 0.00 0.00 0.00 0.00 0.00 133.18 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.07 3.08 3.10 3.12 3.17 3.21 3.23 3.31 3.36 3.42 3.46
Long-Term Debt to Equity		 2.98 3.00 3.01 3.03 3.04 3.09 3.10 3.21 3.26 3.31 3.33
Financial Leverage		 2.97 2.99 2.99 3.08 3.10 3.12 3.20 3.23 3.38 3.30 3.35
Leverage Ratio		 4.43 4.44 4.48 4.52 4.57 4.61 4.71 4.75 4.84 4.86 4.93
Compound Leverage Factor		 43.00 23.12 9.63 10.17 -6.25 -74.49 15.02 7.37 -23.95 -3.37 47.34
Debt to Total Capital		 75.43% 75.51% 75.60% 75.73% 76.02% 76.27% 76.38% 76.77% 77.08% 77.39% 77.56%
Short-Term Debt to Total Capital		 2.14% 2.07% 2.26% 2.11% 3.15% 2.98% 3.22% 2.27% 2.37% 2.63% 2.79%
Long-Term Debt to Total Capital		 73.29% 73.45% 73.35% 73.62% 72.87% 73.29% 73.16% 74.50% 74.72% 74.77% 74.78%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 24.57% 24.49% 24.40% 24.27% 23.98% 23.73% 23.62% 23.23% 22.92% 22.61% 22.44%
Debt to EBITDA		 37.31 42.74 47.81 53.64 41.99 40.47 47.01 50.08 52.58 44.75 26.25
Net Debt to EBITDA		 35.74 40.93 45.07 51.53 39.64 38.21 44.46 48.07 50.39 42.00 25.43
Long-Term Debt to EBITDA		 36.25 41.57 46.39 52.14 40.25 38.89 45.03 48.60 50.97 43.23 25.31
Debt to NOPAT		 123.69 161.15 225.80 322.07 137.26 114.73 160.72 210.51 293.84 177.13 58.89
Net Debt to NOPAT		 118.48 154.31 212.86 309.42 129.55 108.30 151.98 202.08 281.61 166.24 57.03
Long-Term Debt to NOPAT		 120.18 156.74 219.05 313.10 131.57 110.24 153.94 204.29 284.82 171.12 56.77
Altman Z-Score		 1.67 1.66 1.67 1.63 1.67 1.61 1.70 1.74 1.79 1.87 2.04
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.31 2.30 2.25 2.50 2.26 2.45 2.32 2.54 2.60 2.57 2.75
Quick Ratio		 0.20 0.23 0.35 0.22 0.34 0.39 0.34 0.28 0.32 0.48 0.22
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -359 -138 202 -282 -583 -1,273 -789 -957 137 -675 -2,093
Operating Cash Flow to CapEx		 114.86% -18.36% 567.57% -113.26% 281.97% 144.67% 169.23% -136.69% -371.90% 1,062.42% -46.88%
Free Cash Flow to Firm to Interest Expense		 -14.88 -5.42 7.49 -9.00 -18.56 -40.72 -24.97 -31.43 4.77 -22.39 -63.91
Operating Cash Flow to Interest Expense		 6.06 -0.92 22.91 -3.75 9.85 6.72 3.93 -6.08 -13.18 39.22 -1.57
Operating Cash Flow Less CapEx to Interest Expense		 0.78 -5.92 18.88 -7.07 6.36 2.08 1.61 -10.53 -16.73 35.53 -4.91
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.97 0.95 0.95 0.96 0.99 1.00 1.00 1.05 1.13 1.23 1.32
Accounts Receivable Turnover		 128.59 121.96 103.61 97.17 102.07 115.99 80.05 60.18 69.05 78.15 73.22
Inventory Turnover		 6.16 6.34 6.40 5.93 6.43 6.77 5.71 5.77 6.08 7.12 6.95
Fixed Asset Turnover		 7.02 7.00 7.09 7.18 7.48 7.61 7.88 8.30 8.94 9.66 10.45
Accounts Payable Turnover		 24.54 26.49 23.87 24.78 27.07 30.53 26.10 24.89 30.48 33.06 33.30
Days Sales Outstanding (DSO)		 2.84 2.99 3.52 3.76 3.58 3.15 4.56 6.07 5.29 4.67 4.98
Days Inventory Outstanding (DIO)		 59.23 57.55 57.05 61.59 56.72 53.88 63.95 63.23 60.08 51.26 52.50
Days Payable Outstanding (DPO)		 14.87 13.78 15.29 14.73 13.49 11.96 13.98 14.66 11.98 11.04 10.96
Cash Conversion Cycle (CCC)		 47.20 46.77 45.28 50.61 46.81 45.07 54.53 54.63 53.39 44.89 46.52
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 24,600 24,553 24,232 24,649 24,246 24,388 24,371 24,300 23,706 23,120 23,543
Invested Capital Turnover		 1.08 1.06 1.07 1.06 1.11 1.12 1.13 1.18 1.25 1.39 1.50
Increase / (Decrease) in Invested Capital		 353 166 -138 350 540 1,267 828 1,105 -154 621 2,103
Enterprise Value (EV)		 31,117 31,351 31,249 29,541 30,648 28,488 31,288 29,892 29,003 28,593 32,205
Market Capitalization		 12,761 13,009 13,196 11,058 12,476 10,145 12,923 11,416 10,910 10,960 14,077
Book Value per Share		 $40.59 $40.09 $39.59 $39.18 $38.46 $38.09 $37.96 $36.83 $35.52 $34.73 $34.02
Tangible Book Value per Share		 $39.67 $39.18 $38.69 $38.29 $37.57 $37.20 $37.07 $35.94 $34.63 $33.83 $33.13
Total Capital		 25,406 25,366 25,330 25,405 25,327 25,476 25,427 25,071 24,492 24,275 24,133
Total Debt		 19,163 19,155 19,150 19,238 19,253 19,432 19,421 19,247 18,878 18,788 18,719
Total Long-Term Debt		 18,619 18,631 18,578 18,702 18,456 18,673 18,601 18,679 18,299 18,150 18,046
Net Debt		 18,357 18,342 18,053 18,483 18,173 18,343 18,365 18,477 18,093 17,633 18,128
Capital Expenditures (CapEx)		 127 127 109 104 110 145 73 136 102 111 110
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,617 2,433 2,178 2,765 2,631 2,697 2,830 3,048 2,897 2,530 3,823
Debt-free Net Working Capital (DFNWC)		 3,423 3,246 3,275 3,520 3,712 3,786 3,886 3,818 3,683 3,685 4,413
Net Working Capital (NWC)		 2,880 2,721 2,703 2,984 2,914 3,027 3,066 3,250 3,103 3,047 3,740
Net Nonoperating Expense (NNE)		 -96 -97 -69 -85 -93 -88 -79 -80 -85 -92 -116
Net Nonoperating Obligations (NNO)		 18,357 18,342 18,053 18,483 18,173 18,343 18,365 18,477 18,093 17,633 18,128
Total Depreciation and Amortization (D&A)		 77 75 73 69 67 67 64 63 63 65 67
Debt-free, Cash-free Net Working Capital to Revenue		 9.93% 9.37% 8.41% 10.65% 9.91% 10.13% 10.48% 10.86% 9.76% 7.99% 11.35%
Debt-free Net Working Capital to Revenue		 12.99% 12.50% 12.64% 13.56% 13.99% 14.22% 14.40% 13.61% 12.41% 11.64% 13.11%
Net Working Capital to Revenue		 10.93% 10.48% 10.44% 11.50% 10.98% 11.37% 11.36% 11.58% 10.45% 9.63% 11.11%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.59 $0.81 $0.85 $0.97 $0.32 $0.52 $0.75 $1.44 $0.45 $0.24 $0.79
Adjusted Weighted Average Basic Shares Outstanding		 155.33M 154.58M 155.87M 157.16M 158.22M 158.45M 158.48M 158.12M 158.80M 158.00M 158.80M
Adjusted Diluted Earnings per Share		 $0.58 $0.81 $0.85 $0.97 $0.31 $0.52 $0.75 $1.44 $0.44 $0.24 $0.79
Adjusted Weighted Average Diluted Shares Outstanding		 156.06M 155.27M 156.53M 157.71M 158.71M 158.80M 159.24M 158.56M 159.77M 158.54M 160.22M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 152.68M 153.80M 154.92M 156.08M 157.39M 157.92M 158.67M 158.21M 158.09M 158.02M 158.02M
Normalized Net Operating Profit after Tax (NOPAT)		 -5.81 28 64 67 -43 -5.73 39 148 -16 -54 10
Normalized NOPAT Margin		 -0.10% 0.45% 0.92% 0.95% -0.76% -0.09% 0.55% 1.92% -0.29% -0.84% 0.12%
Pre Tax Income Margin		 1.97% 2.67% 2.54% 2.90% 1.16% 1.80% 2.24% 4.00% 1.44% 0.77% 2.06%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.51 1.26 3.06 2.93 -1.52 -0.22 1.57 6.50 -0.58 -2.39 0.53
NOPAT to Interest Expense		 -0.24 1.11 2.38 2.15 -1.36 -0.18 1.24 4.86 -0.57 -1.81 0.31
EBIT Less CapEx to Interest Expense		 -4.77 -3.74 -0.98 -0.38 -5.02 -4.86 -0.75 2.05 -4.13 -6.08 -2.81
NOPAT Less CapEx to Interest Expense		 -5.52 -3.90 -1.66 -1.16 -4.86 -4.83 -1.08 0.41 -4.11 -5.50 -3.04
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 85.60% 82.30% 72.63% 48.84% 19.63% 8.92% 2.85% 37.95% 68.89% 75.46% 67.64%

Frequently Asked Questions About CarMax's Financials

When does CarMax's fiscal year end?

According to the most recent income statement we have on file, CarMax's financial year ends in February. Their financial year 2025 ended on February 28, 2025.

How has CarMax's net income changed over the last 10 years?
The last 5 years of CarMax's net income performance:
  • 2021: $746.92 million
  • 2022: $1.15 billion
  • 2023: $484.76 million
  • 2024: $479.20 million
  • 2025: $500.56 million
Find out what analysts predict for CarMax in the coming months.
What is CarMax's operating income?
CarMax's total operating income in 2025 was $207.18 million, based on the following breakdown:
  • Total Gross Profit: $2.90 billion
  • Total Operating Expenses: $2.69 billion
How has CarMax revenue changed over the last 10 years?

Over the last 10 years, CarMax's total revenue changed from $14.64 billion in 2015 to $26.35 billion in 2025, a change of 80.1%.

How much debt does CarMax have?

CarMax's total liabilities were at $21.16 billion at the end of 2025, a 0.2% increase from 2024, and a 110.7% increase since 2015.

How much cash does CarMax have?

In the past 10 years, CarMax's cash and equivalents has ranged from $27.61 million in 2015 to $574.14 million in 2024, and is currently $246.96 million as of their latest financial filing in 2025.

How has CarMax's book value per share changed over the last 10 years?

Over the last 10 years, CarMax's book value per share changed from 15.03 in 2015 to 40.59 in 2025, a change of 170.0%.


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This page (NYSE:KMX) was last updated on 5/29/2025 by MarketBeat.com Staff
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