CarMax, Inc. (KMX) Stock Analysis
Consumer Cyclical · Auto & Truck Dealerships · NYSE
CarMax, Inc. (KMX) posted $25.88B in revenue for fiscal 2026 (down 1.8% year over year), at a 1.0% net margin, and has compounded revenue about 6.4%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on CarMax, Inc.
CarMax, Inc. has grown revenue from $15.88B to $25.88B over the last 10 fiscal years, compounding about 6.4% a year. The most recent year was down 1.8%, so growth has cooled from its longer-run pace.
Net margin sits at 1%, down 0.9 points year over year on a 10.8% gross margin. It carries about $17.26B of total debt.
At today's valuation the market is pricing in roughly -10.5% annual free-cash-flow growth — versus the 19.8% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is heavy debt load.
Synthesised from CarMax, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
CarMax, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.88B | $17.12B | $18.17B | $20.32B | $18.95B | $31.90B | $29.68B | $26.54B | $26.35B | $25.88B |
| Gross profit | $2.18B | $2.33B | $2.48B | $2.72B | $2.38B | $3.29B | $2.80B | $2.71B | $2.90B | $2.81B |
| Net income | $626.97M | $664.11M | $842.41M | $888.43M | $746.92M | $1.15B | $484.76M | $479.20M | $500.56M | $247.29M |
| Net margin | 3.9% | 3.9% | 4.6% | 4.4% | 3.9% | 3.6% | 1.6% | 1.8% | 1.9% | 1.0% |
Source: CarMax, Inc. SEC filings (10-K). 18 years of history available in the interactive view.
CarMax, Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Heavy debt loadTotal debt of $17695.2M is 9.9× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into KMX stock?
At today's market cap of $6.89B, CarMax, Inc. is priced for free-cash-flow growth of about -10.5% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.24B from the FY ending 2026-02-28). For comparison, free cash flow actually grew 19.8%/yr over the last five fiscal years and revenue 6.4%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of CarMax, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeOr start a 7-day free trial to track KMX in your portfolio →
CarMax, Inc. financial history by metric
Compare CarMax, Inc. with peers
About CarMax, Inc.
CarMax, Inc., through its subsidiaries, operates as a retailer of used vehicles and related products in the United States. The company operates in two segments: CarMax Sales Operations and CarMax Auto Finance. The CarMax Sales Operations segment offers customers a range of makes and models of used vehicles, including domestic, imported, and luxury vehicles, as well as hybrid and electric vehicles; used vehicle auctions; extended protection plans to customers at the time of sale; and reconditioning and vehicle repair services. The CarMax Auto Finance segment provides financing alternatives for retail customers across a range of credit spectrum and arrangements with various financial institutions. The company was founded in 1993 and is based in Richmond, Virginia.
CarMax, Inc. — frequently asked questions
What is CarMax, Inc.'s revenue?
CarMax, Inc. (KMX) reported revenue of $25.88B for fiscal year 2026, down 1.8% from the prior year, according to its SEC filings.
Is CarMax, Inc. profitable?
Yes. KMX earned net income of $247.29M in fiscal 2026, a net margin of 1.0%.
What is KMX's P/E ratio?
CarMax, Inc. trades at a price-to-earnings ratio of about 28.9 based on the latest data in our nightly-refreshed cache.
How fast is CarMax, Inc. growing?
KMX's revenue grew at roughly 6.4% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does CarMax, Inc. have?
As of fiscal year 2026, KMX carried roughly $17.26B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is CarMax, Inc.'s gross margin?
KMX's gross margin was 10.8% in fiscal 2026 — gross profit of $2.81B on revenue of $25.88B.
What is CarMax, Inc.'s market cap?
CarMax, Inc. (KMX) has a market capitalization of about $6.89B, based on the latest data in our nightly-refreshed cache.
When does CarMax, Inc.'s fiscal year end?
KMX's fiscal year ends in February. Its most recent annual filing covers the fiscal year ending 2026-02-28.
What growth is priced into KMX stock?
At today's market cap of $6.89B, CarMax, Inc. is priced for free-cash-flow growth of about -10.5% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.24B from the FY ending 2026-02-28). For comparison, free cash flow actually grew 19.8%/yr over the last five fiscal years and revenue 6.4%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from CarMax, Inc.'s official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.