CarMax (KMX) financial statements
CarMax reported revenue of $25.9B in fiscal 2026, up 5.6% a year over 9 years.
Net income was $247M.
Free cash flow was $1.2B, and the company returned $643M in net buybacks.
The diluted share count fell 23% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CarMax's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.9B | $17.1B | $18.2B | $20.3B | $19.0B | $31.9B | $29.7B | $26.5B | $26.4B | $25.9B |
| Cost of revenue | $13.7B | $14.8B | $15.7B | $17.6B | $16.6B | $28.6B | $26.9B | $23.8B | $23.5B | $23.1B |
| Gross profit | $2.2B | $2.3B | $2.5B | $2.7B | $2.4B | $3.3B | $2.8B | $2.7B | $2.9B | $2.8B |
| Selling, general and admin | $1.5B | $1.6B | $1.7B | $1.8B | $1.7B | $2.3B | $2.5B | $2.3B | $2.4B | $2.5B |
| Interest expense | $56M | $71M | $76M | $83M | $86M | $94M | $120M | $125M | $108M | $110M |
| Pre-tax income | $1.0B | $1.1B | $1.1B | $1.2B | $965M | $1.5B | $637M | $642M | $669M | $383M |
| Income tax | $379M | $399M | $270M | $273M | $218M | $341M | $152M | $162M | $169M | $136M |
| Net income | $627M | $664M | $842M | $888M | $747M | $1.2B | $485M | $479M | $501M | $247M |
| EPS (diluted) | $3.26 | $3.60 | $4.79 | $5.33 | $4.52 | $6.97 | $3.03 | $3.02 | $3.21 | $1.68 |
| Diluted shares | 192M | 184M | 176M | 167M | 165M | 165M | 160M | 159M | 156M | 148M |
| Gross margin | 13.8% | 13.6% | 13.6% | 13.4% | 12.6% | 10.3% | 9.4% | 10.2% | 11.0% | 10.8% |
| Net margin | 3.9% | 3.9% | 4.6% | 4.4% | 3.9% | 3.6% | 1.6% | 1.8% | 1.9% | 1.0% |
Balance sheet
Fiscal years, from CarMax's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $38M | $45M | $47M | $58M | $47M | $103M | $230M | $484M | $127M | $8M |
| Receivables | $152M | $133M | $140M | $191M | $239M | $561M | $299M | $221M | $189M | $204M |
| Inventory | $2.3B | $2.4B | $2.5B | $2.8B | $3.2B | $5.1B | $3.7B | $3.7B | $3.9B | $4.1B |
| Total current assets | $2.9B | $3.1B | $3.2B | $3.7B | $4.1B | $6.5B | $5.0B | $5.2B | $5.1B | $5.3B |
| Property, plant and equipment | $2.5B | $2.7B | $2.8B | $3.1B | $3.1B | $3.2B | $3.4B | $3.7B | $3.8B | $4.1B |
| Goodwill | — | — | — | — | $653,000 | $141M | $141M | $141M | $141M | $0 |
| Total assets | $16.3B | $17.5B | $18.7B | $21.1B | $21.5B | $26.3B | $26.2B | $27.2B | $27.4B | $26.4B |
| Total current liabilities | $1.1B | $1.2B | $1.3B | $1.5B | $1.7B | $2.0B | $1.9B | $2.3B | $2.2B | $2.4B |
| Long-term debt | $12.2B | $13.1B | $14.2B | — | — | — | — | — | — | — |
| Total liabilities | $13.2B | $14.2B | $15.4B | $17.3B | $17.2B | $21.1B | $20.6B | $21.1B | $21.2B | $20.5B |
| Shareholders' equity | $3.1B | $3.3B | $3.4B | $3.8B | $4.4B | $5.2B | $5.6B | $6.1B | $6.2B | $5.9B |
| Net debt | $12.2B | $13.1B | $14.2B | -$49M | -$122M | -$92M | -$203M | -$261M | -$230M | $94M |
Cash flow
Fiscal years, from CarMax's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$455M | -$81M | $163M | -$237M | $668M | -$2.5B | $1.3B | $459M | $624M | $1.8B |
| Capital spending | $418M | $297M | $305M | $332M | $165M | $309M | $423M | $465M | $468M | $541M |
| Free cash flow | -$873M | -$377M | -$142M | -$569M | $503M | -$2.9B | $861M | -$7M | $156M | $1.2B |
| Stock-based compensation | $92M | $62M | $75M | $109M | $122M | $109M | $86M | $120M | $135M | $99M |
| Share buybacks (net) | -$564M | -$580M | -$905M | -$568M | -$230M | -$576M | -$334M | -$94M | -$428M | -$643M |
| Net borrowing | -$366,000 | $65,000 | $1M | -$1M | -$40,000 | $0 | $0 | — | — | — |
| Free cash flow margin | -5.5% | -2.2% | -0.8% | -2.8% | 2.7% | -9.0% | 2.9% | -0.0% | 0.6% | 4.8% |
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Open KMX in InvestinglyQuestions
What was CarMax's revenue in 2026?
$25.9B in fiscal 2026, from its 10-K filing.
How much free cash flow does CarMax generate?
$1.2B in fiscal 2026 (operating cash flow minus capital spending).
From CarMax's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.