CarMax 10-K Report Highlights Financial Performance

By Bobby Samwell • Friday, April 11 15:16 • Permanent Link

CarMax, Inc. has recently released its 10-K report, providing a detailed overview of its business operations and financial performance. CarMax operates as a retailer of used vehicles and related products in the United States, with two primary segments: CarMax Sales Operations and CarMax Auto Finance. The Sales Operations segment includes retail sales of used vehicles, wholesale vehicle sales, extended protection plan products, advertising and subscription revenues, and vehicle repair services. The Auto Finance segment provides financing to customers buying retail vehicles from CarMax.

In the 10-K report, the Management’s Discussion and Analysis of Financial Condition and Results of Operations section provides insights into the company's financial performance. In fiscal 2025, CarMax reported net sales and operating revenues of $26,353.4 million, representing a 0.7% decrease from the previous year. Gross profit for the same period was $2,897.9 million, showing a 6.8% increase. The company's CarMax Auto Finance segment generated income of $581.7 million, marking a 2.4% increase from the previous year. Additionally, CarMax reported selling, general, and administrative expenses of $2,435.4 million, reflecting a 6.5% increase from the prior year.

In terms of unit sales, CarMax sold 789,050 used units in fiscal 2025, representing a 3.1% increase from the previous year. The company also reported a 2.2% change in used unit sales in comparable stores. Notably, CarMax's online retail sales grew by 15% in fiscal 2025, and approximately 66% of retail unit sales were omni sales, reflecting the increasing importance of digital transactions for the company.

Looking ahead, CarMax aims to leverage its omni-channel experience to provide a seamless car-buying experience for customers, whether online, in-store, or a combination of both. The company plans to focus on digital capabilities, expansion of its store and capacity footprint, and new growth opportunities. Additionally, CarMax will continue to enhance its finance operations and drive cost efficiencies across its business model to support future growth.

Today the company's shares have moved 2.3% to a price of $67.97. For more information, read the company's full 10-K submission here.

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