CARMAX INC

KMX · Retail-Auto Dealers & Gasoline Stations · 141.9M shares · -1%/yr ↓ buyback · EDGAR filings ↗

Net buyback after stock comp: -$26M (gross $94M, SBC $120M)

Reference price $53.39 · est. market cap ~$7.6B — last insider purchase, 2026-06-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C61

Nation's largest used-car retailer with strong scale and FCF but sharply deteriorating earnings.

Strengths

Top-decile free cash flow ($1.24B, 100th pct) and strong OCF margin (83rd pct); scaled omni-channel franchise and $16.4B CAF book
Healthy current ratio (2.2, 87th pct)

Risks

Earnings collapsed — net income -50.6% (10th pct), net margin 1.0% and ROA 0.9% (25th pct) — with a goodwill impairment and restructuring
Revenue down 1.8%, CEO transition, and intensifying online/EV competitive pressure

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Insider buyingInsider buying — 6 open-market buy(s) by 5 insider(s) (cluster of 5 insiders, ~$1M, last 6mo) Form 4 ↗

Quarterly revenue

2025-08-31 · $6.6B2025-11-30 · $5.8B2026-02-28 · $5.9B2026-05-31 · $8.0B

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

10.8%

Net margin

1.0%

Return on assets

0.9%

Revenue growth (QoQ)

34.8%

Net-income growth

-50.6%

Current ratio

2.2×

Free cash flow

$1.2B

Cash & investments

$8M

Stock comp / revenue

0.4%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-25	Chawla Sona	Buy	2.0K	$53.39
2026-06-25	Shinder Marcella	Buy	574	$52.01
2026-06-24	ONeil Mark F	Buy	4.8K	$52.36
2026-06-24	ONeil Mark F	Buy	4.8K	$52.36
2026-06-23	FOLLIARD THOMAS J	Option exercise	15K	$51.91
2026-06-23	FOLLIARD THOMAS J	Tax withheld	3.6K	$51.91
2026-06-22	Bensen Peter J	Buy	2.5K	$52.20
2026-06-22	Barr Keith	Buy	9.4K	$53.01
2026-05-01	Livesay Jill A	Option exercise	1.1K	—
2026-05-01	Livesay Jill A	Tax withheld	319	$38.53
2026-05-01	Mayor-Mora Enrique N	Tax withheld	1.0K	$38.53
2026-05-01	Daniels Jon G	Tax withheld	822	$38.53
2026-05-01	Cafritz Diane L	Tax withheld	1.0K	$38.53
2026-05-01	Stuckey John M III	Option exercise	1.2K	—
2026-05-01	Stuckey John M III	Tax withheld	357	$38.53
2026-05-01	Wilson Charles Joseph	Tax withheld	1.0K	$38.53
2026-05-01	Shamim Mohammad	Tax withheld	1.0K	$38.53
2026-03-22	Tuite Tyler	Option exercise	611	—
2026-03-22	Tuite Tyler	Option exercise	195	—
2026-03-16	McCreight David W.	Option exercise	31K	$41.71
2026-03-16	McCreight David W.	Tax withheld	11K	$41.71
2026-03-16	Barr Keith	Grant	24K	—
2025-12-28	Wilson Charles Joseph	Option exercise	160	—
2025-12-28	Wilson Charles Joseph	Tax withheld	49	$39.27
2025-10-16	Wilson Charles Joseph	Inherited	527	—
2025-10-02	STEENROD MITCHELL D	Buy	2.0K	$45.57
2025-10-02	ONeil Mark F	Buy	11K	$46.21
2025-07-08	Stuckey John M III	Gift	70	—
2025-07-07	Stuckey John M III	Gift	15	—
2025-07-03	Stuckey John M III	Gift	20	—
2025-07-02	Stuckey John M III	Gift	55	—
2025-07-02	Daniels Jon G	Sell	1.5K	$70.64
2025-06-30	Shinder Marcella	Grant	2.8K	—
2025-06-30	ONeil Mark F	Grant	2.8K	—
2025-06-30	McCreight David W.	Grant	2.8K	—
2025-06-30	Goodman Shira	Grant	2.8K	—
2025-06-30	STEENROD MITCHELL D	Grant	2.8K	—
2025-06-30	Chawla Sona	Grant	2.8K	—
2025-06-30	Satriano Pietro	Grant	2.8K	—
2025-06-30	Bensen Peter J	Grant	2.8K	—
2025-06-30	FOLLIARD THOMAS J	Grant	2.8K	—
2025-05-02	Cafritz Diane L	Tax withheld	977	$66.71
2025-05-02	Mayor-Mora Enrique N	Tax withheld	1.2K	$66.71
2025-05-02	Daniels Jon G	Tax withheld	655	$66.71
2025-05-02	Livesay Jill A	Option exercise	1.1K	—
2025-05-02	Livesay Jill A	Tax withheld	332	$66.71
2025-05-02	Nash William D	Tax withheld	8.3K	$66.71
2025-05-02	Shamim Mohammad	Tax withheld	1.0K	$66.71
2025-05-02	Stuckey John M III	Option exercise	1.2K	—
2025-05-02	Stuckey John M III	Tax withheld	370	$66.71
2025-05-02	Wilson Charles Joseph	Tax withheld	662	$66.71
2025-05-02	Tuite Tyler	Option exercise	903	—
2025-05-02	Tuite Tyler	Tax withheld	272	$66.71
2025-05-02	Lyski James	Tax withheld	1.4K	$66.71
2025-04-24	STEENROD MITCHELL D	Buy	1.3K	$65.49
2025-04-09	Mayor-Mora Enrique N	Grant	4.8K	—
2025-04-09	Cafritz Diane L	Grant	4.8K	—
2025-04-09	Daniels Jon G	Grant	4.0K	—
2025-04-09	Nash William D	Grant	33K	—
2025-04-09	Lyski James	Grant	5.8K	—
2025-04-09	Shamim Mohammad	Grant	4.8K	—
2025-04-09	Wilson Charles Joseph	Grant	4.5K	—
2025-01-28	Tuite Tyler	Option exercise	4.9K	$78.61
2025-01-28	Tuite Tyler	Sell	4.9K	$84.58
2025-01-15	Mayor-Mora Enrique N	Option exercise	5.0K	$63.04
2025-01-15	Mayor-Mora Enrique N	Sell	5.0K	$81.43
2025-01-15	Livesay Jill A	Option exercise	13K	$63.04
2025-01-15	Livesay Jill A	Sell	13K	$81.00
2025-01-08	Shamim Mohammad	Option exercise	13K	$63.04
2025-01-08	Shamim Mohammad	Sell	13K	$81.94
2025-01-02	Lyski James	Option exercise	58K	$63.04
2025-01-02	Lyski James	Sell	58K	$81.35

All non-derivative Form 4 activity (SEC), newest first.

Supply chain

Customers (0)

Suppliers (1)

Ally Financial Inc.

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-06-24	Exec/director changeShareholder voteExhibits	filing ↗
2026-06-17	ResultsDebt obligationExhibits	filing ↗
2026-06-08	Exec/director change	filing ↗
2026-05-12	Exec/director changeExhibits	filing ↗
2026-04-14	ResultsExhibits	filing ↗
2026-04-09	Exec/director changeExhibits	filing ↗
2026-03-02	Exec/director changeExhibits	filing ↗
2026-02-12	Exec/director changeReg FDExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-24	2026-06-23	0001170010-26-000057 ↗
10-Q	2026-06-24	2026-05-31	0001170010-26-000055 ↗
8-K	2026-06-17	2026-06-17	0001170010-26-000053 ↗
8-K	2026-06-08	2026-06-03	0001170010-26-000051 ↗
8-K	2026-05-12	2026-05-12	0001170010-26-000048 ↗
10-K	2026-04-15	2026-02-28	0001170010-26-000021 ↗
8-K	2026-04-14	2026-04-14	0001170010-26-000017 ↗
8-K	2026-04-09	2026-04-08	0001104659-26-041539 ↗
8-K	2026-03-02	2026-03-01	0001170010-26-000006 ↗
8-K	2026-02-12	2026-02-10	0001170010-26-000002 ↗
10-Q	2025-12-23	2025-11-30	0001170010-25-000131 ↗
8-K	2025-12-18	2025-12-18	0001170010-25-000129 ↗