What is Carmax's earnings per share (EPS)?

Carmax (KMX) reported diluted earnings per share of $3.21 for fiscal year 2025. This represents a 6.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Carmax Financials

KMX

Source SEC Filings (10-K/10-Q) Updated Nov 30, 2025 Currency USD FYE February

This page shows Carmax (KMX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 35/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Carmax's revenue declined 0.7% year-over-year, from $26.5B to $26.4B. This contraction results in a growth score of 32/100.

Leverage

Carmax has a moderate D/E ratio of 2.91. This balance of debt and equity financing earns a leverage score of 43/100.

Liquidity

Carmax's current ratio of 2.31 indicates adequate short-term liquidity, earning a score of 43/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Carmax generated $624.4M in operating cash flow, capex of $467.9M consumed most of it, leaving $156.5M in free cash flow. This results in a low score of 26/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Carmax generates a 8.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from 7.9% the prior year.

Piotroski F-Score Strong

7/9

Carmax passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.25x

For every $1 of reported earnings, Carmax generates $1.25 in operating cash flow ($624.4M OCF vs $500.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$26.4B

YoY-0.7%

5Y CAGR+5.3%

10Y CAGR+6.3%

Carmax generated $26.4B in revenue in fiscal year 2025. This represents a decrease of 0.7% from the prior year.

EBITDA

N/A

Net Income

$500.6M

YoY+4.5%

5Y CAGR-10.8%

10Y CAGR-1.8%

Carmax reported $500.6M in net income in fiscal year 2025. This represents an increase of 4.5% from the prior year.

EPS (Diluted)

$3.21

YoY+6.3%

5Y CAGR-9.6%

10Y CAGR+1.6%

Carmax earned $3.21 per diluted share (EPS) in fiscal year 2025. This represents an increase of 6.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$156.5M

YoY+2439.3%

Carmax generated $156.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 2439.3% from the prior year.

Cash & Debt

$247.0M

YoY-57.0%

5Y CAGR+33.5%

10Y CAGR+24.5%

Carmax held $247.0M in cash against $18.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

153M

YoY-3.0%

5Y CAGR-1.2%

10Y CAGR-3.0%

Carmax had 153M shares outstanding in fiscal year 2025. This represents a decrease of 3.0% from the prior year.

Margins & Returns

Gross Margin

11.0%

YoY+0.8pp

5Y CAGR-2.4pp

10Y CAGR-2.2pp

Carmax's gross margin was 11.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.

Operating Margin

N/A

Net Margin

1.9%

YoY+0.1pp

5Y CAGR-2.5pp

10Y CAGR-2.3pp

Carmax's net profit margin was 1.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.1 percentage points from the prior year.

Return on Equity

8.0%

YoY+0.1pp

5Y CAGR-15.6pp

10Y CAGR-10.9pp

Carmax's ROE was 8.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$428.5M

YoY+355.4%

5Y CAGR-5.5%

10Y CAGR-7.4%

Carmax spent $428.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 355.4% from the prior year.

Capital Expenditures

$467.9M

YoY+0.6%

5Y CAGR+7.1%

10Y CAGR+4.2%

Carmax invested $467.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 0.6% from the prior year.

KMX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$26.4B-0.7%	$26.5B-10.6%	$29.7B-6.9%	$31.9B+68.3%	$19.0B-6.7%	$20.3B
Cost of Revenue	$23.5B-1.5%	$23.8B-11.4%	$26.9B-6.0%	$28.6B+72.7%	$16.6B-5.8%	$17.6B
Gross Profit	$2.9B+6.8%	$2.7B-3.1%	$2.8B-14.8%	$3.3B+38.2%	$2.4B-12.6%	$2.7B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.4B+6.5%	$2.3B-8.1%	$2.5B+7.0%	$2.3B+36.4%	$1.7B-2.6%	$1.8B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$107.9M-13.5%	$124.8M+3.6%	$120.4M+28.0%	$94.1M+9.2%	$86.2M+3.8%	$83.0M
Income Tax	$168.8M+3.9%	$162.4M+6.8%	$152.0M-55.4%	$341.0M+56.2%	$218.3M-19.9%	$272.6M
Net Income	$500.6M+4.5%	$479.2M-1.1%	$484.8M-57.9%	$1.2B+54.1%	$746.9M-15.9%	$888.4M
EPS (Diluted)	$3.21+6.3%	$3.02-0.3%	$3.03-56.5%	$6.97+54.2%	$4.52-15.2%	$5.33

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$5.8B-12.1%	$6.6B-12.6%	$7.5B+25.7%	$6.0B-3.5%	$6.2B-11.3%	$7.0B-1.4%	$7.1B+26.4%	$5.6B
Cost of Revenue	$5.2B-11.5%	$5.9B-11.7%	$6.7B+24.7%	$5.3B-3.8%	$5.5B-11.3%	$6.3B-1.1%	$6.3B+25.4%	$5.0B
Gross Profit	$590.0M-17.8%	$717.7M-19.7%	$893.6M+33.8%	$667.9M-1.4%	$677.6M-10.9%	$760.5M-4.0%	$791.9M+35.1%	$586.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$581.4M-3.3%	$601.1M-8.9%	$659.6M+8.0%	$610.5M+6.0%	$575.8M-5.7%	$610.6M-4.4%	$638.6M+9.9%	$580.9M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$26.1M-8.2%	$28.5M+5.1%	$27.1M+12.1%	$24.1M-5.0%	$25.4M-5.9%	$27.0M-13.8%	$31.4M-0.2%	$31.4M
Income Tax	$21.7M-31.7%	$31.7M-56.4%	$72.7M+154.9%	$28.5M-30.4%	$41.0M-8.9%	$45.0M-16.9%	$54.2M+255.6%	$15.2M
Net Income	$62.2M-34.8%	$95.4M-54.7%	$210.4M+134.1%	$89.9M-28.4%	$125.4M-5.5%	$132.8M-12.9%	$152.4M+203.3%	$50.3M
EPS (Diluted)	$0.43-32.8%	$0.64-53.6%	$1.38	N/A	$0.81-4.7%	$0.85-12.4%	$0.97	N/A

KMX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$27.4B+0.8%	$27.2B+3.9%	$26.2B-0.6%	$26.3B+22.3%	$21.5B+2.2%	$21.1B
Current Assets	$5.1B-2.9%	$5.2B+3.7%	$5.0B-23.0%	$6.5B+59.1%	$4.1B+12.4%	$3.7B
Cash & Equivalents	$247.0M-57.0%	$574.1M+82.4%	$314.8M+206.4%	$102.7M-22.4%	$132.3M+127.3%	$58.2M
Inventory	$3.9B+7.0%	$3.7B-1.3%	$3.7B-27.3%	$5.1B+62.3%	$3.2B+10.9%	$2.8B
Accounts Receivable	$188.7M-14.7%	$221.2M-26.0%	$298.8M-46.7%	$561.0M+134.7%	$239.1M+25.1%	$191.1M
Goodwill	$141.3M0.0%	$141.3M0.0%	$141.3M0.0%	$141.3M+21532.2%	$653K	N/A
Total Liabilities	$21.2B+0.2%	$21.1B+2.7%	$20.6B-2.5%	$21.1B+22.9%	$17.2B-0.8%	$17.3B
Current Liabilities	$2.2B-4.9%	$2.3B+19.3%	$1.9B-5.3%	$2.0B+20.5%	$1.7B+10.7%	$1.5B
Long-Term Debt	$18.1B+1.0%	$18.0B+1.0%	$17.8B-2.2%	$18.2B+24.3%	$14.6B-2.2%	$14.9B
Total Equity	$6.2B+2.8%	$6.1B+8.2%	$5.6B+7.2%	$5.2B+20.0%	$4.4B+15.8%	$3.8B
Retained Earnings	$4.3B+3.5%	$4.1B+10.8%	$3.7B+5.6%	$3.5B+22.0%	$2.9B+16.1%	$2.5B

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$25.6B-5.6%	$27.1B-1.1%	$27.4B-0.1%	$27.4B+0.4%	$27.3B0.0%	$27.3B+0.2%	$27.2B+0.2%	$27.2B
Current Assets	$4.2B-24.2%	$5.5B+1.6%	$5.5B+7.4%	$5.1B+5.4%	$4.8B-0.8%	$4.9B-2.2%	$5.0B-4.9%	$5.2B
Cash & Equivalents	$204.9M-62.1%	$540.4M+105.6%	$262.8M+6.4%	$247.0M-9.2%	$271.9M-48.2%	$524.7M+139.6%	$218.9M-61.9%	$574.1M
Inventory	$3.1B-0.7%	$3.1B-13.1%	$3.6B-7.9%	$3.9B+7.4%	$3.7B+7.9%	$3.4B-9.9%	$3.8B+2.6%	$3.7B
Accounts Receivable	$151.1M-12.9%	$173.6M-13.4%	$200.3M+6.1%	$188.7M-11.6%	$213.6M-6.4%	$228.1M+7.4%	$212.4M-4.0%	$221.2M
Goodwill	$141.3M0.0%	$141.3M0.0%	$141.3M0.0%	$141.3M0.0%	$141.3M0.0%	$141.3M0.0%	$141.3M0.0%	$141.3M
Total Liabilities	$19.5B-6.6%	$20.9B-1.0%	$21.1B-0.3%	$21.2B+0.4%	$21.1B-0.1%	$21.1B+0.2%	$21.1B-0.2%	$21.1B
Current Liabilities	$2.1B-6.5%	$2.3B-1.1%	$2.3B+3.6%	$2.2B+4.8%	$2.1B-2.7%	$2.2B+8.6%	$2.0B-14.1%	$2.3B
Long-Term Debt	$16.6B-6.9%	$17.8B-1.0%	$18.0B-0.7%	$18.1B-0.1%	$18.1B+0.2%	$18.1B-0.6%	$18.2B+1.4%	$18.0B
Total Equity	$6.1B-2.2%	$6.2B-1.4%	$6.3B+0.7%	$6.2B+0.5%	$6.2B+0.5%	$6.2B+0.2%	$6.2B+1.5%	$6.1B
Retained Earnings	$4.2B-1.8%	$4.3B-1.1%	$4.3B+1.1%	$4.3B+0.1%	$4.3B+0.7%	$4.2B+1.0%	$4.2B+1.6%	$4.1B

KMX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$624.4M+36.2%	$458.6M-64.3%	$1.3B+150.3%	-$2.5B-481.8%	$667.8M+382.2%	-$236.6M
Capital Expenditures	$467.9M+0.6%	$465.3M+10.1%	$422.7M+37.0%	$308.5M+87.5%	$164.5M-50.4%	$331.9M
Free Cash Flow	$156.5M+2439.3%	-$6.7M-100.8%	$860.6M+130.1%	-$2.9B-667.9%	$503.2M+188.5%	-$568.5M
Investing Cash Flow	-$461.0M+1.3%	-$467.0M-9.7%	-$425.8M+18.7%	-$523.7M-308.6%	-$128.2M+67.1%	-$389.4M
Financing Cash Flow	-$453.5M-247.4%	$307.8M+143.3%	-$710.2M-122.9%	$3.1B+832.2%	-$424.0M-161.7%	$687.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$428.5M+355.4%	$94.1M-71.8%	$333.9M-42.1%	$576.5M+150.7%	$229.9M-59.5%	$567.7M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	$1.3B+59.5%	$785.5M+162.2%	$299.5M+104.6%	$146.4M+726.8%	-$23.4M-103.8%	$619.1M+626.1%	-$117.7M-138.0%	$309.6M
Capital Expenditures	$139.8M+6.3%	$131.5M-3.9%	$136.7M+7.1%	$127.6M+0.3%	$127.2M+16.5%	$109.2M+5.1%	$103.9M-5.4%	$109.9M
Free Cash Flow	$1.1B+70.2%	$654.0M+301.7%	$162.8M+767.8%	$18.8M+112.5%	-$150.6M-129.5%	$509.9M+330.1%	-$221.6M-210.9%	$199.8M
Investing Cash Flow	-$138.8M-5.7%	-$131.3M+7.0%	-$141.2M-24.9%	-$113.1M+14.6%	-$132.5M-20.9%	-$109.6M-3.5%	-$105.9M+3.6%	-$109.8M
Financing Cash Flow	-$1.5B-345.4%	-$338.3M-161.4%	-$129.4M-165.1%	-$48.8M+59.9%	-$121.6M+28.7%	-$170.7M-51.9%	-$112.4M+46.4%	-$209.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$203.6M+12.6%	$180.8M-11.4%	$204.0M+106.4%	$98.9M-15.0%	$116.3M+9.2%	$106.5M-0.4%	$106.8M+114.6%	$49.8M

KMX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	11.0%+0.8pp	10.2%+0.8pp	9.4%-0.9pp	10.3%-2.2pp	12.6%-0.9pp	13.4%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1.9%+0.1pp	1.8%+0.2pp	1.6%-2.0pp	3.6%-0.3pp	3.9%-0.4pp	4.4%
Return on Equity	8.0%+0.1pp	7.9%-0.8pp	8.6%-13.4pp	22.0%+4.9pp	17.1%-6.5pp	23.6%
Return on Assets	1.8%+0.1pp	1.8%-0.1pp	1.8%-2.5pp	4.4%+0.9pp	3.5%-0.7pp	4.2%
Current Ratio	2.31+0.0	2.26-0.3	2.60-0.6	3.20+0.8	2.42+0.0	2.39
Debt-to-Equity	2.91-0.1	2.96-0.2	3.17-0.3	3.47+0.1	3.35-0.6	3.97
FCF Margin	0.6%+0.6pp	-0.0%-2.9pp	2.9%+11.9pp	-9.0%-11.6pp	2.7%+5.5pp	-2.8%

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	10.2%-0.7pp	10.9%-1.0pp	11.8%+0.7pp	11.1%+0.2pp	10.9%+0.1pp	10.8%-0.3pp	11.1%+0.7pp	10.4%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1.1%-0.4pp	1.5%-1.3pp	2.8%+1.3pp	1.5%-0.5pp	2.0%+0.1pp	1.9%-0.2pp	2.1%+1.3pp	0.9%
Return on Equity	1.0%-0.5pp	1.5%-1.8pp	3.4%+1.9pp	1.4%-0.6pp	2.0%-0.1pp	2.1%-0.3pp	2.5%+1.6pp	0.8%
Return on Assets	0.2%-0.1pp	0.4%-0.4pp	0.8%+0.4pp	0.3%-0.1pp	0.5%-0.0pp	0.5%-0.1pp	0.6%+0.4pp	0.2%
Current Ratio	1.99-0.5	2.46+0.1	2.39+0.1	2.31+0.0	2.30+0.0	2.25-0.2	2.50+0.2	2.26
Debt-to-Equity	2.73-0.1	2.870.0	2.86-0.0	2.91-0.0	2.920.0	2.93-0.0	2.950.0	2.96
FCF Margin	19.2%+9.3pp	9.9%+7.8pp	2.2%+1.9pp	0.3%+2.7pp	-2.4%-9.7pp	7.3%+10.4pp	-3.1%-6.7pp	3.5%

Similar Companies

Lithia Mtrs Inc LAD

$5.9B

AutoNation AN

$6.8B

Group 1 Automotive Inc GPI

$3.9B

Asbury Automotive Group Inc ABG

$3.8B

Valvoline VVV

$4.2B

Frequently Asked Questions

What is Carmax's annual revenue?

Carmax (KMX) reported $26.4B in total revenue for fiscal year 2025. This represents a -0.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Carmax's revenue growing?

Carmax (KMX) revenue declined by 0.7% year-over-year, from $26.5B to $26.4B in fiscal year 2025.

Is Carmax profitable?

Yes, Carmax (KMX) reported a net income of $500.6M in fiscal year 2025, with a net profit margin of 1.9%.

How much debt does Carmax have?

As of fiscal year 2025, Carmax (KMX) had $247.0M in cash and equivalents against $18.1B in long-term debt.

What is Carmax's gross margin?

Carmax (KMX) had a gross margin of 11.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Carmax's net profit margin?

Carmax (KMX) had a net profit margin of 1.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Carmax's return on equity (ROE)?

Carmax (KMX) has a return on equity of 8.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Carmax's free cash flow?

Carmax (KMX) generated $156.5M in free cash flow during fiscal year 2025. This represents a 2439.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Carmax's operating cash flow?

Carmax (KMX) generated $624.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Carmax's total assets?

Carmax (KMX) had $27.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Carmax's capital expenditures?

Carmax (KMX) invested $467.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Carmax buy back shares?

Yes, Carmax (KMX) spent $428.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Carmax have outstanding?

Carmax (KMX) had 153M shares outstanding as of fiscal year 2025.

What is Carmax's current ratio?

Carmax (KMX) had a current ratio of 2.31 as of fiscal year 2025, which is generally considered healthy.

What is Carmax's debt-to-equity ratio?

Carmax (KMX) had a debt-to-equity ratio of 2.91 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Carmax's return on assets (ROA)?

Carmax (KMX) had a return on assets of 1.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Carmax's Piotroski F-Score?

Carmax (KMX) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Carmax's earnings high quality?

Carmax (KMX) has an earnings quality ratio of 1.25x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Carmax?

Carmax (KMX) scores 35 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.