10-Q · June 24, 2026
CarMax's Q1 FY2027 results showed robust revenue growth, reaching $8.01 billion, up 6.2% year-over-year, and significantly exceeding the $7.46 billion estimate. Diluted EPS was reported at $1.31, up 5.1% year-over-year…
Earnings analysis · 10-Q
KMX earnings analysis
Filed September 30, 2026 · Our reading of the company's report
The latest report
CarMax delivered a strong second quarter, reporting $7.878 billion of revenue and $1.16 of diluted EPS, materially above consensus and well above the prior-year comparable results. However, both revenue and EPS declined…
Read full summary
CarMax delivered a strong second quarter, reporting $7.878 billion of revenue and $1.16 of diluted EPS, materially above consensus and well above the prior-year comparable results. However, both revenue and EPS declined sequentially from $8.01 billion and $1.31, respectively, indicating some moderation after the prior quarter's strength. The supplied 10-Q does not disclose gross margin, operating margin, free cash flow, segment results, or quantitative forward guidance, and states that there were no material changes to the risk factors.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.16
What stood out
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Revenue materially beat estimates
Revenue was $7.878 billion, 12.8% above the $6.987 billion consensus estimate and approximately 19.5% above the $6.59 billion prior-year comparable quarter.
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EPS substantially exceeded estimates
Diluted EPS was $1.16, 65.7% above the $0.70 consensus estimate and approximately 81.3% above the $0.64 prior-year comparable quarter.
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Strong year-over-year recovery
Revenue declined approximately 1.6% from $8.01 billion in the prior quarter, while EPS declined from $1.31 to $1.16, indicating some sequential moderation despite strong year-over-year growth.
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Repurchase capacity remains available
CarMax repurchased 0 shares during the quarter, leaving $1.305 billion available under the authorized repurchase program.
What to watch
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Sequential earnings momentum softened
Sequential momentum moderated: revenue decreased from $8.01 billion to $7.878 billion and diluted EPS decreased from $1.31 to $1.16 compared with the prior quarter.
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No new risk-factor disclosure
The 10-Q states there were no material changes to the risk factors from the fiscal 2026 Form 10-K; therefore, the filing does not identify a newly elevated risk, but existing risks remain applicable.
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Repurchase activity was suspended
No shares were repurchased in each of the three reported monthly periods—June, July and August 2026—leaving $1.305 billion under the program; prolonged suspension could limit capital-return support for the stock.
Management's outlook
The supplied 10-Q text provides no quantitative revenue or EPS outlook. CarMax plans to host a Strategic Update on November 3, 2026, according to the prior earnings analysis.
Earlier filings 2
10-K · April 15, 2026
CarMax reiterates its omni-channel, no-haggle used-vehicle retail strategy and scale advantage (256 stores, nationwide digital platform) while operating two segments: CarMax Sales Operations and CarMax Auto Finance…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.