10-K · July 14, 2026
America's Car-Mart faced significant challenges in fiscal 2026, reporting a total revenue decline of 7.9% to $1.28 billion, a major drop from the previous year partially driven by a significant reduction in dealership…
Earnings analysis · 10-Q
CRMT earnings analysis
Filed September 9, 2026 · Our reading of the company's report
The latest report
America’s Car-Mart reported revenue of $145.751 million and diluted EPS of $(8.28), with gross margin falling to 21.8% from 36.6%. Retail units declined 81.9% to 2,450 and credit losses rose to 9.5% from 6.6%,…
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America’s Car-Mart reported revenue of $145.751 million and diluted EPS of $(8.28), with gross margin falling to 21.8% from 36.6%. Retail units declined 81.9% to 2,450 and credit losses rose to 9.5% from 6.6%, indicating severe operating and credit deterioration. Liquidity and capital-structure risks remain elevated with $27.5 million of unrestricted cash, $304.1 million of secured debt, and covenant relief extending only through September 11, 2026.
Reported figures
- Earnings per share
- $-8.28
- Gross margin
- 21.8%
What stood out
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Revenue and EPS reported
Revenue was $145.751 million and diluted EPS was $(8.28); the filing did not provide a comparable consensus estimate or numeric outlook.
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Gross margin deteriorated
Gross margin declined to 21.8% from 36.6%, a 14.8 percentage-point contraction, as wholesale activity pressured vehicle economics.
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Retail volume collapsed
Retail units fell 81.9% to 2,450, indicating a substantial contraction in sales volume during the quarter.
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Liquidity remained constrained
Management reported unrestricted cash of $27.5 million, while covenant relief was extended only through September 11, 2026.
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Controls remained effective
Disclosure controls were concluded effective as of July 31, 2026, and management reported no material changes in internal control during the quarter.
What to watch
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Floating-rate debt sensitivity
The company had $304.1 million outstanding under its secured note at July 31, 2026; a 1% increase in interest rates would raise annual interest expense by approximately $3 million.
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Covenant and financing risk
Unrestricted cash was $27.5 million and covenant relief extended only through September 11, 2026, creating material near-term refinancing and liquidity risk.
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Credit losses increased
Credit losses increased to 9.5% from 6.6%, signaling worsening portfolio performance and potential pressure on future cash generation.
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Volume and mix pressure
Gross margin declined to 21.8% from 36.6% while retail units decreased 81.9% to 2,450, leaving profitability exposed to weak sales volume and unfavorable wholesale mix.
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Capital allocation restricted
The company is restricted from paying dividends or repurchasing shares without lender consent, and no shares were repurchased during the first quarter of fiscal 2027.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. The filing states that no material risk-factor changes occurred, and it does not provide a forward operating outlook.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.