CarMax (KMX) Financials

$67.44 -0.92 (-1.35%)

As of 04/14/2025 03:58 PM Eastern

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
Net Income / (Loss) Attributable to Common Shareholders	597	623	627	664	842	888	747	1,082	466	459
Consolidated Net Income / (Loss)	597	623	627	664	842	888	747	1,151	485	479
Net Income / (Loss) Continuing Operations	597	623	627	664	842	888	747	1,082	466	459
Total Pre-Tax Income	969	1,010	1,006	1,064	1,113	1,161	965	1,492	637	642
Total Operating Income	997	1,059	1,064	1,133	1,189	782	480	750	84	188
Total Gross Profit	2,255	2,411	2,552	2,750	2,919	2,722	2,379	3,288	2,800	2,713
Total Revenue	14,636	15,542	16,244	17,541	18,612	20,320	18,950	31,900	29,685	26,536
Operating Revenue	13,724	15,150	15,875	17,120	18,173	20,320	18,950	31,900	29,685	26,536
Total Cost of Revenue	12,381	13,131	13,692	14,791	15,693	17,598	16,571	28,613	26,885	23,823
Operating Cost of Revenue	12,381	13,131	13,692	14,791	15,693	17,598	16,571	28,613	26,885	23,823
Total Operating Expenses	1,258	1,352	1,489	1,617	1,730	1,940	1,899	2,537	2,716	2,525
Selling, General & Admin Expense	1,258	1,352	1,489	1,617	1,730	1,750	1,704	2,325	2,487	2,286
Depreciation Expense	-	-	-	-	-	190	194	212	228	239
Total Other Income / (Expense), net	-28	-49	-57	-69	-76	367	485	673	534	433
Interest Expense	24	36	56	71	76	83	86	94	120	125
Interest & Investment Income	-	-	-	-	-	456	563	802	663	568
Other Income / (Expense), net	-3.29	-13	-0.95	1.36	-0.41	-5.69	8.28	35	9.40	10
Income Tax Expense	372	387	379	399	270	273	218	341	152	162
Basic Earnings per Share	$2.77	$3.07	$3.29	$3.64	$4.83	$5.39	$4.58	$7.09	$3.05	$3.03
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
Diluted Earnings per Share	$2.73	$3.03	$3.26	$3.60	$4.79	$5.33	$4.52	$6.97	$3.03	$3.02
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
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

This table shows CarMax's income and expenses over time, based on quarterly financial 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
Net Income / (Loss) Attributable to Common Shareholders	252	126	38	50	228	119	82	30	152	133	125
Consolidated Net Income / (Loss)	252	126	38	69	228	119	82	50	152	133	125
Net Income / (Loss) Continuing Operations	252	126	38	50	228	119	82	30	152	133	125
Total Pre-Tax Income	337	168	50	83	307	158	111	66	207	178	166
Total Operating Income	163	13	-72	-20	199	52	-7.72	-56	91	86	37
Total Gross Profit	875	737	577	611	817	697	613	586	792	760	678
Total Revenue	9,312	8,145	6,506	5,722	7,687	7,074	6,149	5,627	7,113	7,014	6,223
Operating Revenue	9,312	8,145	6,506	5,722	7,687	7,074	6,149	5,627	7,113	7,014	6,223
Total Cost of Revenue	8,436	7,408	5,929	5,112	6,870	6,377	5,536	5,040	6,322	6,253	5,546
Operating Cost of Revenue	8,436	7,408	5,929	5,112	6,870	6,377	5,536	5,040	6,322	6,253	5,546
Total Operating Expenses	712	724	649	631	618	645	621	642	700	674	640
Selling, General & Admin Expense	657	666	592	573	560	586	560	581	639	611	576
Depreciation Expense	56	58	57	58	58	59	61	61	62	64	65
Total Other Income / (Expense), net	174	154	122	83	108	106	118	101	115	92	129
Interest Expense	29	33	30	29	30	32	31	31	31	27	25
Interest & Investment Income	204	183	152	124	137	135	149	147	147	116	160
Other Income / (Expense), net	2.10	4.04	0.36	2.90	-1.21	-2.63	0.89	7.97	0.42	-3.28	-5.37
Income Tax Expense	84	42	12	14	79	40	29	15	54	45	41
Basic Earnings per Share	$1.57	$0.79	$0.24	$0.45	$1.44	$0.75	$0.52	$0.32	$0.97	$0.85	$0.81
Weighted Average Basic Shares Outstanding	160.30M	158.80M	158.00M	158.80M	158.12M	158.48M	158.45M	158.22M	157.16M	155.87M	154.58M
Diluted Earnings per Share	$1.56	$0.79	$0.24	$0.44	$1.44	$0.75	$0.52	$0.31	$0.97	$0.85	$0.81
Weighted Average Diluted Shares Outstanding	161.80M	160.22M	158.54M	159.77M	158.56M	159.24M	158.80M	158.71M	157.71M	156.53M	155.27M
Weighted Average Basic & Diluted Shares Outstanding	159.17M	158.02M	158.02M	158.09M	158.21M	158.67M	157.92M	157.39M	156.08M	154.92M	153.80M

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

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Net Change in Cash & Equivalents	-23	-27	566	-369	-15	290	35	-9.67	-336	339	-277
Net Cash From Operating Activities	531	-51	1,182	-379	-185	124	210	310	-118	619	-23
Net Cash From Continuing Operating Activities	531	-51	1,182	-379	-185	124	210	310	-118	619	-23
Net Income / (Loss) Continuing Operations	252	126	38	69	228	119	82	50	152	133	125
Consolidated Net Income / (Loss)	252	126	38	69	228	119	82	50	152	133	125
Depreciation Expense	70	67	65	63	63	64	67	67	69	73	75
Non-Cash Adjustments To Reconcile Net Income	117	132	123	133	144	145	111	119	156	172	127
Changes in Operating Assets and Liabilities, net	91	-377	957	-643	-621	-203	-50	73	-496	242	-351
Net Cash From Investing Activities	-99	-108	-111	-107	-137	-75	-145	-110	-106	-110	-132
Net Cash From Continuing Investing Activities	-99	-108	-111	-107	-137	-75	-145	-110	-106	-110	-132
Purchase of Property, Plant & Equipment	-95	-110	-115	-103	-137	-73	-145	-110	-104	-109	-127
Purchase of Investments	-4.38	-1.05	-1.03	-6.07	-1.23	-2.01	-1.41	-1.55	-2.09	-1.00	-6.39
Sale of Property, Plant & Equipment	0.00	0.08	3.72	1.38	1.17	0.08	0.05	0.05	0.00	0.13	0.02
Sale and/or Maturity of Investments	0.15	2.34	0.99	0.79	0.02	0.39	1.16	1.59	0.14	0.49	1.10
Net Cash From Financing Activities	-455	133	-505	117	307	240	-30	-210	-112	-171	-122
Net Cash From Continuing Financing Activities	-455	133	-505	117	307	240	-30	-210	-112	-171	-122
Repayment of Debt	-3,865	-6,789	-1,205	-5,877	-2,816	-2,975	-2,776	-3,574	-3,690	-3,381	-2,760
Repurchase of Common Equity	-163	-162	-8.65	-0.12	-3.93	-0.21	-40	-50	-107	-106	-116
Issuance of Debt	3,570	7,074	708	6,003	3,126	3,189	2,785	3,415	3,676	3,295	2,750
Issuance of Common Equity	3.44	9.84	0.22	3.59	0.99	27	0.90	16	8.21	22	5.07

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

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
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

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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-42.57%	6.19%	4.52%	7.99%	6.10%	9.18%	-6.74%	68.34%	-6.95%	-10.61%
EBITDA Growth	-91.79%	6.73%	4.06%	6.71%	4.30%	-27.61%	-26.36%	44.79%	-66.07%	27.70%
EBIT Growth	-92.58%	5.28%	1.58%	6.73%	4.78%	-34.66%	-37.08%	60.64%	-88.05%	111.17%
NOPAT Growth	-92.58%	6.37%	1.39%	6.75%	27.23%	-33.49%	-37.91%	55.74%	-88.90%	118.33%
Net Income Growth	21.27%	4.36%	0.57%	5.92%	26.85%	5.46%	-15.93%	54.14%	-57.89%	-1.15%
EPS Growth	26.39%	10.99%	7.59%	10.43%	33.06%	11.27%	-15.20%	54.20%	-56.53%	-0.33%
Operating Cash Flow Growth	-57.89%	87.94%	-289.96%	82.31%	302.32%	-245.18%	382.22%	-481.79%	150.34%	-64.26%
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%
Invested Capital Growth	19.29%	10.18%	12.92%	7.62%	6.57%	9.18%	1.08%	26.86%	-0.64%	2.28%
Revenue Q/Q Growth	41.37%	-18.67%	0.59%	1.52%	-18.66%	-3.61%	44.09%	8.59%	-6.21%	-0.36%
EBITDA Q/Q Growth	584.02%	193.04%	-14.68%	16.52%	-10.73%	-30.44%	10.38%	16.37%	-14.49%	-5.54%
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%
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%
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%
EPS Q/Q Growth	9.64%	1.68%	2.52%	-3.23%	10.37%	3.29%	-0.44%	-3.99%	-15.36%	-4.13%
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%
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%
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%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	15.41%	15.51%	15.71%	15.68%	15.69%	13.40%	12.55%	10.31%	9.43%	10.22%
EBITDA Margin	7.58%	7.62%	7.58%	7.49%	7.37%	4.88%	3.86%	3.32%	1.21%	1.73%
Operating Margin	6.81%	6.81%	6.55%	6.46%	6.39%	3.85%	2.53%	2.35%	0.28%	0.71%
EBIT Margin	6.79%	6.73%	6.54%	6.47%	6.39%	3.82%	2.58%	2.46%	0.32%	0.75%
Profit (Net Income) Margin	4.08%	4.01%	3.86%	3.79%	4.53%	4.37%	3.94%	3.61%	1.63%	1.81%
Tax Burden Percent	61.63%	61.73%	62.30%	62.44%	75.70%	76.52%	77.38%	77.15%	76.12%	74.69%
Interest Burden Percent	97.54%	96.53%	94.69%	93.76%	93.62%	149.50%	197.55%	190.12%	678.91%	323.92%
Effective Tax Rate	38.37%	38.27%	37.70%	37.56%	24.30%	23.48%	22.62%	22.85%	23.88%	25.31%
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%
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%
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%
Return on Equity (ROE)	18.45%	20.57%	20.85%	20.67%	25.25%	24.94%	18.37%	23.99%	8.94%	8.20%
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%
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%
Return on Assets (ROA)	4.80%	4.51%	4.08%	3.93%	4.65%	4.46%	3.50%	4.81%	1.85%	1.80%
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%
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%
Net Operating Profit after Tax (NOPAT)	614	654	663	707	900	599	372	579	64	140
NOPAT Margin	4.20%	4.21%	4.08%	4.03%	4.84%	2.95%	1.96%	1.81%	0.22%	0.53%
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%
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%
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%
R&D to Revenue	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%
Earnings before Interest and Taxes (EBIT)	994	1,046	1,063	1,134	1,189	777	489	785	94	198
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,109	1,184	1,232	1,314	1,371	992	731	1,058	359	458
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
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
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
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
Dividend Yield	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%
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
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
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
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
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
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
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
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
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
Financial Leverage	2.39	3.14	3.66	3.80	3.95	4.00	3.60	3.44	3.38	3.10
Leverage Ratio	3.85	4.56	5.11	5.26	5.42	5.59	5.24	4.99	4.84	4.57
Compound Leverage Factor	3.75	4.40	4.84	4.93	5.08	8.35	10.35	9.48	32.87	14.79
Debt to Total Capital	74.26%	78.55%	79.65%	79.82%	80.85%	80.32%	77.54%	78.64%	77.08%	76.02%
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%
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%
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%
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%
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%
Debt to EBITDA	8.21	8.99	9.88	9.98	10.34	15.50	20.63	18.22	52.58	41.99
Net Debt to EBITDA	7.92	8.66	9.54	9.64	9.98	14.95	19.76	17.60	50.39	39.64
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
Debt to NOPAT	14.82	16.27	18.36	18.54	15.75	25.69	40.55	33.30	293.84	137.26
Net Debt to NOPAT	14.30	15.69	17.73	17.92	15.20	24.79	38.86	32.17	281.61	129.55
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
Altman Z-Score	2.56	2.07	2.06	1.98	1.90	1.87	1.96	2.20	1.81	1.70
Noncontrolling Interest Sharing Ratio	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
Quick Ratio	0.17	0.17	0.17	0.15	0.14	0.16	0.22	0.32	0.32	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,317	-562	-1,037	-424	-151	-966	170	-4,472	218	-400
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%
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
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
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
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.18	1.12	1.06	1.04	1.03	1.02	0.89	1.33	1.13	0.99
Accounts Receivable Turnover	134.51	115.18	114.17	122.79	136.26	122.80	88.11	79.75	69.05	102.07
Inventory Turnover	6.64	6.53	6.53	6.36	6.39	6.56	5.52	6.91	6.08	6.43
Fixed Asset Turnover	8.33	7.72	6.94	6.77	6.77	6.89	6.19	10.18	8.94	7.48
Accounts Payable Turnover	28.07	29.29	29.23	28.87	27.95	26.46	21.57	32.94	30.48	27.07
Days Sales Outstanding (DSO)	2.71	3.17	3.20	2.97	2.68	2.97	4.14	4.58	5.29	3.58
Days Inventory Outstanding (DIO)	54.96	55.86	55.88	57.39	57.10	55.65	66.12	52.82	60.08	56.72
Days Payable Outstanding (DPO)	13.01	12.46	12.49	12.64	13.06	13.80	16.92	11.08	11.98	13.49
Cash Conversion Cycle (CCC)	44.66	46.56	46.59	47.72	46.72	44.82	53.34	46.32	53.39	46.81
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
Invested Capital Turnover	1.33	1.24	1.16	1.14	1.13	1.14	1.01	1.50	1.25	1.11
Increase / (Decrease) in Invested Capital	1,931	1,215	1,700	1,132	1,051	1,565	201	5,051	-154	540
Enterprise Value (EV)	22,881	19,309	23,827	23,873	24,248	29,103	33,869	36,300	29,003	30,648
Market Capitalization	14,094	9,054	12,076	11,198	10,562	14,265	19,425	17,676	10,910	12,476
Book Value per Share	$15.03	$14.84	$16.61	$18.34	$19.74	$23.07	$26.85	$32.38	$35.52	$38.46
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
Total Capital	12,266	13,541	15,278	16,435	17,530	19,146	19,437	24,510	24,492	25,327
Total Debt	9,109	10,636	12,170	13,118	14,173	15,378	15,072	19,275	18,878	19,253
Total Long-Term Debt	8,819	10,321	11,826	12,753	13,777	14,944	14,620	18,698	18,299	18,456
Net Debt	8,788	10,255	11,751	12,674	13,685	14,838	14,444	18,624	18,093	18,173
Capital Expenditures (CapEx)	304	314	417	297	304	332	163	308	418	464
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
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
Net Working Capital (NWC)	1,594	1,467	1,768	1,887	1,903	2,129	2,418	4,502	3,103	2,914
Net Nonoperating Expense (NNE)	17	30	36	43	58	-290	-375	-572	-421	-339
Net Nonoperating Obligations (NNO)	8,788	10,255	11,751	12,674	13,685	14,838	14,444	18,624	18,093	18,173
Total Depreciation and Amortization (D&A)	115	137	169	180	182	216	242	273	265	260
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%
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%
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%
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
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
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
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
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
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
Normalized Net Operating Profit after Tax (NOPAT)	614	654	663	707	900	599	372	579	64	140
Normalized NOPAT Margin	4.20%	4.21%	4.08%	4.03%	4.84%	2.95%	1.96%	1.81%	0.22%	0.53%
Pre Tax Income Margin	6.62%	6.50%	6.20%	6.06%	5.98%	5.71%	5.09%	4.68%	2.15%	2.42%
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
NOPAT to Interest Expense	25.11	17.98	11.75	10.00	11.88	7.21	4.31	6.15	0.53	1.12
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
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
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%
Augmented Payout Ratio	154.74%	157.83%	90.01%	87.27%	107.40%	63.90%	30.78%	50.07%	68.89%	19.63%

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.97%	1.96%	-23.71%	-25.55%	-17.45%	-13.15%	-5.49%	-1.68%	-7.46%	-0.85%	1.22%
EBITDA Growth	-42.33%	-66.99%	-102.55%	-57.01%	10.76%	33.83%	917.98%	-58.59%	-38.25%	36.84%	79.79%
EBIT Growth	-52.30%	-90.82%	-133.62%	-148.67%	19.88%	184.36%	90.51%	-186.76%	-53.59%	66.70%	568.18%
NOPAT Growth	-50.50%	-93.10%	-134.88%	-158.55%	21.13%	288.65%	89.48%	-161.84%	-54.41%	63.99%	591.71%
Net Income Growth	-42.24%	-55.86%	-86.05%	-56.82%	-9.50%	-5.77%	118.21%	-27.16%	-33.23%	11.95%	52.97%
EPS Growth	-40.68%	-54.07%	-85.28%	-55.56%	-7.69%	-5.06%	116.67%	-29.55%	-32.64%	13.33%	55.77%
Operating Cash Flow Growth	574.56%	95.97%	269.58%	18.86%	-134.90%	341.74%	-82.23%	181.75%	36.48%	398.61%	-111.11%
Free Cash Flow Firm Growth	-90.84%	36.14%	83.19%	102.73%	73.61%	62.31%	-88.56%	-525.28%	70.53%	125.66%	89.18%
Invested Capital Growth	19.29%	9.81%	2.76%	-0.64%	4.77%	3.52%	5.48%	2.28%	1.44%	-0.57%	0.68%
Revenue Q/Q Growth	21.14%	-12.53%	-20.12%	-12.04%	34.33%	-7.98%	-13.08%	-8.49%	26.42%	-1.40%	-11.27%
EBITDA Q/Q Growth	120.81%	-63.97%	-108.60%	728.23%	468.86%	-56.46%	-47.43%	-68.20%	748.29%	-3.52%	-30.92%
EBIT Q/Q Growth	381.07%	-89.43%	-512.89%	76.82%	1,285.01%	-74.93%	-113.78%	-600.61%	291.81%	-9.95%	-61.31%
NOPAT Q/Q Growth	336.90%	-91.75%	-640.20%	69.93%	1,003.86%	-73.53%	-114.62%	-648.40%	257.38%	-4.80%	-56.15%
Net Income Q/Q Growth	57.83%	-50.09%	-70.15%	83.64%	230.81%	-48.04%	-30.88%	-38.70%	203.25%	-12.88%	-5.55%
EPS Q/Q Growth	57.58%	-49.36%	-69.62%	83.33%	227.27%	-47.92%	-30.67%	-40.38%	212.90%	-12.37%	-4.71%
Operating Cash Flow Q/Q Growth	213.74%	-109.67%	2,402.22%	-132.03%	51.08%	167.01%	69.21%	47.38%	-138.01%	626.05%	-103.77%
Free Cash Flow Firm Q/Q Growth	27.76%	42.32%	67.74%	120.31%	-798.13%	17.62%	-61.38%	54.18%	51.62%	171.73%	-168.04%
Invested Capital Q/Q Growth	-2.79%	1.50%	-1.79%	2.53%	2.51%	0.29%	0.07%	-0.58%	1.66%	-1.69%	1.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.40%	9.05%	8.86%	10.68%	10.63%	9.85%	9.97%	10.42%	11.13%	10.84%	10.89%
EBITDA Margin	2.53%	1.04%	-0.11%	0.80%	3.39%	1.61%	0.97%	0.34%	2.26%	2.22%	1.73%
Operating Margin	1.75%	0.16%	-1.11%	-0.34%	2.59%	0.74%	-0.13%	-0.99%	1.29%	1.23%	0.60%
EBIT Margin	1.77%	0.21%	-1.11%	-0.29%	2.57%	0.70%	-0.11%	-0.85%	1.29%	1.18%	0.51%
Profit (Net Income) Margin	2.71%	1.55%	0.58%	1.21%	2.97%	1.68%	1.33%	0.89%	2.14%	1.89%	2.02%
Tax Burden Percent	74.94%	75.13%	75.17%	83.52%	74.31%	74.95%	74.17%	76.73%	73.77%	74.68%	75.35%
Interest Burden Percent	203.88%	960.26%	-69.38%	-494.76%	155.23%	318.97%	-1,617.29%	-136.78%	224.94%	214.99%	520.14%
Effective Tax Rate	25.06%	24.87%	24.83%	16.48%	25.69%	25.05%	25.83%	23.27%	26.23%	25.32%	24.65%
Return on Invested Capital (ROIC)	2.06%	0.19%	-1.16%	-0.36%	2.27%	0.62%	-0.10%	-0.84%	1.01%	0.98%	0.48%
ROIC Less NNEP Spread (ROIC-NNEP)	2.86%	0.85%	-0.64%	0.11%	2.72%	1.06%	0.38%	-0.33%	1.47%	1.35%	1.01%
Return on Net Nonoperating Assets (RNNOA)	9.22%	2.86%	-2.10%	0.37%	8.78%	3.39%	1.20%	-1.02%	4.52%	4.04%	3.03%
Return on Equity (ROE)	11.28%	3.05%	-3.26%	0.01%	11.06%	4.01%	1.09%	-1.87%	5.52%	5.02%	3.51%
Cash Return on Invested Capital (CROIC)	-15.46%	-7.94%	-2.26%	0.92%	-4.27%	-2.95%	-4.62%	-1.67%	-1.18%	0.92%	-0.19%
Operating Return on Assets (OROA)	2.42%	0.28%	-1.36%	-0.33%	2.71%	0.70%	-0.11%	-0.85%	1.24%	1.12%	0.49%
Return on Assets (ROA)	3.69%	2.04%	0.71%	1.36%	3.13%	1.68%	1.34%	0.89%	2.05%	1.80%	1.92%
Return on Common Equity (ROCE)	11.28%	3.05%	-3.26%	0.01%	11.06%	4.01%	1.09%	-1.87%	5.52%	5.02%	3.51%
Return on Equity Simple (ROE_SIMPLE)	17.90%	14.91%	10.49%	0.00%	7.91%	7.55%	8.24%	0.00%	6.54%	6.76%	7.42%
Net Operating Profit after Tax (NOPAT)	122	10	-54	-16	148	39	-5.73	-43	67	64	28
NOPAT Margin	1.31%	0.12%	-0.84%	-0.29%	1.92%	0.55%	-0.09%	-0.76%	0.95%	0.92%	0.45%
Net Nonoperating Expense Percent (NNEP)	-0.80%	-0.67%	-0.53%	-0.47%	-0.44%	-0.44%	-0.49%	-0.51%	-0.46%	-0.38%	-0.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-0.02%	-	-	-	0.11%
Cost of Revenue to Revenue	90.60%	90.95%	91.14%	89.32%	89.37%	90.15%	90.03%	89.58%	88.87%	89.16%	89.11%
SG&A Expenses to Revenue	7.05%	8.18%	9.10%	10.01%	7.28%	8.28%	9.11%	10.32%	8.98%	8.71%	9.25%
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	7.65%	8.89%	9.98%	11.02%	8.04%	9.11%	10.09%	11.41%	9.85%	9.62%	10.29%
Earnings before Interest and Taxes (EBIT)	165	17	-72	-17	198	50	-6.84	-48	92	83	32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	236	85	-7.30	46	261	114	60	19	161	155	107
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.95	2.60	2.00	1.94	1.96	2.15	1.68	2.05	1.79	2.14	2.09
Price to Tangible Book Value (P/TBV)	3.03	2.67	2.05	1.99	2.01	2.20	1.72	2.10	1.84	2.19	2.14
Price to Revenue (P/Rev)	0.48	0.42	0.35	0.37	0.41	0.48	0.38	0.47	0.43	0.51	0.50
Price to Earnings (P/E)	17.75	19.07	21.64	23.41	25.83	29.73	21.17	27.20	28.89	33.24	29.54
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	5.63%	5.24%	4.62%	4.27%	3.87%	3.36%	4.72%	3.68%	3.46%	3.01%	3.39%
Enterprise Value to Invested Capital (EV/IC)	1.45	1.37	1.24	1.22	1.23	1.28	1.17	1.26	1.20	1.29	1.28
Enterprise Value to Revenue (EV/Rev)	1.01	0.96	0.90	0.98	1.07	1.16	1.07	1.16	1.14	1.21	1.21
Enterprise Value to EBITDA (EV/EBITDA)	38.10	45.17	68.10	80.78	77.77	75.74	59.34	66.85	82.36	78.02	69.95
Enterprise Value to EBIT (EV/EBIT)	55.85	74.69	197.44	309.20	236.09	197.04	127.18	154.73	321.03	249.76	191.21
Enterprise Value to NOPAT (EV/NOPAT)	74.25	101.32	269.57	451.43	326.94	258.93	168.19	218.50	494.55	368.45	263.76
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	23.92	22.60	52.71	42.13	0.00	66.83	56.14	30.60	39.80
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	133.18	0.00	0.00	0.00	0.00	0.00	140.14	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.41	3.46	3.42	3.36	3.31	3.23	3.21	3.17	3.12	3.10	3.08
Long-Term Debt to Equity	3.29	3.33	3.31	3.26	3.21	3.10	3.09	3.04	3.03	3.01	3.00
Financial Leverage	3.22	3.35	3.30	3.38	3.23	3.20	3.12	3.10	3.08	2.99	2.99
Leverage Ratio	4.87	4.93	4.86	4.84	4.75	4.71	4.61	4.57	4.52	4.48	4.44
Compound Leverage Factor	9.92	47.34	-3.37	-23.95	7.37	15.02	-74.49	-6.25	10.17	9.63	23.12
Debt to Total Capital	77.33%	77.56%	77.39%	77.08%	76.77%	76.38%	76.27%	76.02%	75.73%	75.60%	75.51%
Short-Term Debt to Total Capital	2.66%	2.79%	2.63%	2.37%	2.27%	3.22%	2.98%	3.15%	2.11%	2.26%	2.07%
Long-Term Debt to Total Capital	74.67%	74.78%	74.77%	74.72%	74.50%	73.16%	73.29%	72.87%	73.62%	73.35%	73.45%
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	22.67%	22.44%	22.61%	22.92%	23.23%	23.62%	23.73%	23.98%	24.27%	24.40%	24.49%
Debt to EBITDA	20.81	26.25	44.75	52.58	50.08	47.01	40.47	41.99	53.64	47.81	42.74
Net Debt to EBITDA	20.10	25.43	42.00	50.39	48.07	44.46	38.21	39.64	51.53	45.07	40.93
Long-Term Debt to EBITDA	20.09	25.31	43.23	50.97	48.60	45.03	38.89	40.25	52.14	46.39	41.57
Debt to NOPAT	40.55	58.89	177.13	293.84	210.51	160.72	114.73	137.26	322.07	225.80	161.15
Net Debt to NOPAT	39.17	57.03	166.24	281.61	202.08	151.98	108.30	129.55	309.42	212.86	154.31
Long-Term Debt to NOPAT	39.16	56.77	171.12	284.82	204.29	153.94	110.24	131.57	313.10	219.05	156.74
Altman Z-Score	2.12	2.04	1.87	1.79	1.74	1.70	1.61	1.67	1.63	1.67	1.66
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	2.72	2.75	2.57	2.60	2.54	2.32	2.45	2.26	2.50	2.25	2.30
Quick Ratio	0.31	0.22	0.48	0.32	0.28	0.34	0.39	0.34	0.22	0.35	0.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,628	-2,093	-675	137	-957	-789	-1,273	-583	-282	202	-138
Operating Cash Flow to CapEx	560.03%	-46.88%	1,062.42%	-371.90%	-136.69%	169.23%	144.67%	281.97%	-113.26%	567.57%	-18.36%
Free Cash Flow to Firm to Interest Expense	-126.10	-63.91	-22.39	4.77	-31.43	-24.97	-40.72	-18.56	-9.00	7.49	-5.42
Operating Cash Flow to Interest Expense	18.45	-1.57	39.22	-13.18	-6.08	3.93	6.72	9.85	-3.75	22.91	-0.92
Operating Cash Flow Less CapEx to Interest Expense	15.16	-4.91	35.53	-16.73	-10.53	1.61	2.08	6.36	-7.07	18.88	-5.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.36	1.32	1.23	1.13	1.05	1.00	1.00	0.99	0.96	0.95	0.95
Accounts Receivable Turnover	65.47	73.22	78.15	69.05	60.18	80.05	115.99	102.07	97.17	103.61	121.96
Inventory Turnover	7.63	6.95	7.12	6.08	5.77	5.71	6.77	6.43	5.93	6.40	6.34
Fixed Asset Turnover	10.58	10.45	9.66	8.94	8.30	7.88	7.61	7.48	7.18	7.09	7.00
Accounts Payable Turnover	28.50	33.30	33.06	30.48	24.89	26.10	30.53	27.07	24.78	23.87	26.49
Days Sales Outstanding (DSO)	5.58	4.98	4.67	5.29	6.07	4.56	3.15	3.58	3.76	3.52	2.99
Days Inventory Outstanding (DIO)	47.86	52.50	51.26	60.08	63.23	63.95	53.88	56.72	61.59	57.05	57.55
Days Payable Outstanding (DPO)	12.81	10.96	11.04	11.98	14.66	13.98	11.96	13.49	14.73	15.29	13.78
Cash Conversion Cycle (CCC)	40.63	46.52	44.89	53.39	54.63	54.53	45.07	46.81	50.61	45.28	46.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,194	23,543	23,120	23,706	24,300	24,371	24,388	24,246	24,649	24,232	24,553
Invested Capital Turnover	1.57	1.50	1.39	1.25	1.18	1.13	1.12	1.11	1.06	1.07	1.06
Increase / (Decrease) in Invested Capital	3,751	2,103	621	-154	1,105	828	1,267	540	350	-138	166
Enterprise Value (EV)	33,730	32,205	28,593	29,003	29,892	31,288	28,488	30,648	29,541	31,249	31,351
Market Capitalization	15,937	14,077	10,960	10,910	11,416	12,923	10,145	12,476	11,058	13,196	13,009
Book Value per Share	$33.64	$34.02	$34.73	$35.52	$36.83	$37.96	$38.09	$38.46	$39.18	$39.59	$40.09
Tangible Book Value per Share	$32.76	$33.13	$33.83	$34.63	$35.94	$37.07	$37.20	$37.57	$38.29	$38.69	$39.18
Total Capital	23,821	24,133	24,275	24,492	25,071	25,427	25,476	25,327	25,405	25,330	25,366
Total Debt	18,420	18,719	18,788	18,878	19,247	19,421	19,432	19,253	19,238	19,150	19,155
Total Long-Term Debt	17,788	18,046	18,150	18,299	18,679	18,601	18,673	18,456	18,702	18,578	18,631
Net Debt	17,794	18,128	17,633	18,093	18,477	18,365	18,343	18,173	18,483	18,053	18,342
Capital Expenditures (CapEx)	95	110	111	102	136	73	145	110	104	109	127
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,872	3,823	2,530	2,897	3,048	2,830	2,697	2,631	2,765	2,178	2,433
Debt-free Net Working Capital (DFNWC)	4,499	4,413	3,685	3,683	3,818	3,886	3,786	3,712	3,520	3,275	3,246
Net Working Capital (NWC)	3,866	3,740	3,047	3,103	3,250	3,066	3,027	2,914	2,984	2,703	2,721
Net Nonoperating Expense (NNE)	-130	-116	-92	-85	-80	-79	-88	-93	-85	-69	-97
Net Nonoperating Obligations (NNO)	17,794	18,128	17,633	18,093	18,477	18,365	18,343	18,173	18,483	18,053	18,342
Total Depreciation and Amortization (D&A)	70	67	65	63	63	64	67	67	69	73	75
Debt-free, Cash-free Net Working Capital to Revenue	11.55%	11.35%	7.99%	9.76%	10.86%	10.48%	10.13%	9.91%	10.65%	8.41%	9.37%
Debt-free Net Working Capital to Revenue	13.42%	13.11%	11.64%	12.41%	13.61%	14.40%	14.22%	13.99%	13.56%	12.64%	12.50%
Net Working Capital to Revenue	11.54%	11.11%	9.63%	10.45%	11.58%	11.36%	11.37%	10.98%	11.50%	10.44%	10.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.57	$0.79	$0.24	$0.45	$1.44	$0.75	$0.52	$0.32	$0.97	$0.85	$0.81
Adjusted Weighted Average Basic Shares Outstanding	160.30M	158.80M	158.00M	158.80M	158.12M	158.48M	158.45M	158.22M	157.16M	155.87M	154.58M
Adjusted Diluted Earnings per Share	$1.56	$0.79	$0.24	$0.44	$1.44	$0.75	$0.52	$0.31	$0.97	$0.85	$0.81
Adjusted Weighted Average Diluted Shares Outstanding	161.80M	160.22M	158.54M	159.77M	158.56M	159.24M	158.80M	158.71M	157.71M	156.53M	155.27M
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	159.17M	158.02M	158.02M	158.09M	158.21M	158.67M	157.92M	157.39M	156.08M	154.92M	153.80M
Normalized Net Operating Profit after Tax (NOPAT)	122	10	-54	-16	148	39	-5.73	-43	67	64	28
Normalized NOPAT Margin	1.31%	0.12%	-0.84%	-0.29%	1.92%	0.55%	-0.09%	-0.76%	0.95%	0.92%	0.45%
Pre Tax Income Margin	3.61%	2.06%	0.77%	1.44%	4.00%	2.24%	1.80%	1.16%	2.90%	2.54%	2.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.74	0.53	-2.39	-0.58	6.50	1.57	-0.22	-1.52	2.93	3.06	1.26
NOPAT to Interest Expense	4.25	0.31	-1.81	-0.57	4.86	1.24	-0.18	-1.36	2.15	2.38	1.11
EBIT Less CapEx to Interest Expense	2.44	-2.81	-6.08	-4.13	2.05	-0.75	-4.86	-5.02	-0.38	-0.98	-3.74
NOPAT Less CapEx to Interest Expense	0.95	-3.04	-5.50	-4.11	0.41	-1.08	-4.83	-4.86	-1.16	-1.66	-3.90
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	62.64%	67.64%	75.46%	68.89%	37.95%	2.85%	8.92%	19.63%	48.84%	72.63%	82.30%

Frequently Asked Questions About CarMax's Financials

When does CarMax's financial year end?

According to the most recent income statement we have on file, CarMax's fiscal year ends in February. Their fiscal year 2024 ended on February 29, 2024.

How has CarMax's net income changed over the last 9 years?

Below is a breakdown of CarMax's net income over the past 5 years:

2020: $888.43 million
2021: $746.92 million
2022: $1.15 billion
2023: $484.76 million
2024: $479.20 million

What is CarMax's operating income?

CarMax's total operating income in 2024 was $187.80 million, based on the following breakdown:

Total Gross Profit: $2.71 billion
Total Operating Expenses: $2.53 billion

How has CarMax revenue changed over the last 9 years?

Over the last 9 years, CarMax's total revenue changed from $14.64 billion in 2015 to $26.54 billion in 2024, a change of 81.3%.

How much debt does CarMax have?

CarMax's total liabilities were at $21.12 billion at the end of 2024, a 2.7% increase from 2023, and a 110.4% increase since 2015.

How much cash does CarMax have?

In the past 9 years, CarMax's cash and equivalents has ranged from $27.61 million in 2015 to $574.14 million in 2024, and is currently $574.14 million as of their latest financial filing in 2024.

How has CarMax's book value per share changed over the last 9 years?

Over the last 9 years, CarMax's book value per share changed from 15.03 in 2015 to 38.46 in 2024, a change of 155.9%.

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This page (NYSE:KMX) was last updated on 4/15/2025 by MarketBeat.com Staff

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CarMax (KMX) Financials

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CarMax (KMX) Financials

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