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CarMax (KMX) Financials

CarMax logo
$66.47 +0.18 (+0.27%)
Closing price 05/6/2025 03:59 PM Eastern
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$66.38 -0.10 (-0.14%)
As of 05/6/2025 07:57 PM Eastern
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 2/28/2015 2/29/2016 2/28/2017 2/28/2018 2/28/2019 2/29/2020 2/28/2021 2/28/2022 2/28/2023 2/29/2024 2/28/2025
Net Income / (Loss) Attributable to Common Shareholders		 597 623 627 664 842 888 747 1,082 466 459 524
Consolidated Net Income / (Loss)		 597 623 627 664 842 888 747 1,151 485 479 501
Net Income / (Loss) Continuing Operations		 597 623 627 664 842 888 747 1,082 466 459 524
Total Pre-Tax Income 		969 1,010 1,006 1,064 1,113 1,161 965 1,492 637 642 669
Total Operating Income		 997 1,059 1,064 1,133 1,189 782 480 750 84 188 207
Total Gross Profit		 2,255 2,411 2,552 2,750 2,919 2,722 2,379 3,288 2,800 2,713 2,898
Total Revenue		 14,636 15,542 16,244 17,541 18,612 20,320 18,950 31,900 29,685 26,536 26,353
Operating Revenue		 13,724 15,150 15,875 17,120 18,173 20,320 18,950 31,900 29,685 26,536 26,353
Total Cost of Revenue		 12,381 13,131 13,692 14,791 15,693 17,598 16,571 28,613 26,885 23,823 23,456
Operating Cost of Revenue		 12,381 13,131 13,692 14,791 15,693 17,598 16,571 28,613 26,885 23,823 23,456
Total Operating Expenses		 1,258 1,352 1,489 1,617 1,730 1,940 1,899 2,537 2,716 2,525 2,691
Selling, General & Admin Expense		 1,258 1,352 1,489 1,617 1,730 1,750 1,704 2,325 2,487 2,286 2,435
Depreciation Expense		 - - - - - 190 194 212 228 239 255
Total Other Income / (Expense), net		 -28 -49 -57 -69 -76 367 485 673 534 433 485
Interest Expense		 24 36 56 71 76 83 86 94 120 125 108
Interest & Investment Income		 - - - - - 456 563 802 663 568 582
Other Income / (Expense), net		 -3.29 -13 -0.95 1.36 -0.41 -5.69 8.28 35 9.40 10 12
Income Tax Expense		 372 387 379 399 270 273 218 341 152 162 169
Basic Earnings per Share		 $2.77 $3.07 $3.29 $3.64 $4.83 $5.39 $4.58 $7.09 $3.05 $3.03 $3.22
Weighted Average Basic Shares Outstanding		 215.62M 203.28M 190.34M 182.66M 174.46M 164.84M 163.18M 162.41M 158.80M 158.22M 155.33M
Diluted Earnings per Share		 $2.73 $3.03 $3.26 $3.60 $4.79 $5.33 $4.52 $6.97 $3.03 $3.02 $3.21
Weighted Average Diluted Shares Outstanding		 218.69M 205.54M 192.22M 184.47M 175.88M 166.82M 165.13M 165.18M 159.77M 158.71M 156.06M
Weighted Average Basic & Diluted Shares Outstanding		 215.70M 193.83M 185.70M 182.40M 174.40M 162.57M 163.18M 160.54M 158.09M 157.39M 152.68M

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

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

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

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

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

Annual Metrics and Ratios for CarMax

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

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

Quarterly Metrics and Ratios for CarMax

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

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

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?

CarMax's net income were at $500.56 million at the end of 2025, a 4.5% increase from 2024, and a 16.2% decrease since 2015. View CarMax's forecast to see where analysts expect CarMax to go next.

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 5/7/2025 by MarketBeat.com Staff
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