CarMax Q2 FY2026 – Retail Used Unit Sales Drop 5.4%

By Philip Seaworth • Thursday, September 25 15:33 • Permanent Link

CarMax, Inc. (NYSE:KMX) released its second quarter fiscal year 2026 results, reporting on the period ending August 31, 2025. Here are the key highlights and changes from the prior year's second quarter:

Retail used unit sales decreased by 5.4%, with total retail used vehicle unit sales down 5.4% to 199,729 compared to the prior year. Comparable store used unit sales decreased by 6.3%.
Wholesale vehicle unit sales decreased by 2.2% to 138,302 versus the prior year's second quarter, with total wholesale revenues declining by 0.4%.
CarMax bought 293,000 vehicles from consumers and dealers, a decrease of 2.4%. Of these vehicles, 262,000 were bought from consumers, down 2.7%, and 31,000 were bought through dealers, up 0.2%.
Gross profit per retail used unit was $2,216, in line with the prior year's second quarter, while gross profit per wholesale unit was $993, consistent with last year's second quarter.
SG&A expenses decreased by 1.6% to $601.1 million, primarily driven by a reduction in share-based compensation, which largely reflected changes in the company's share price.
CarMax Auto Finance (CAF) income decreased 11.2% to $102.6 million, as an increase in the provision for loan losses outweighed growth in CAF's net interest margin percentage.
Net earnings per diluted share were reported at $0.64 versus $0.85 a year ago.
The company repurchased $180.0 million in shares of common stock during the second quarter, continuing an accelerated quarterly pace compared to fiscal year 2025.

These figures represent the company's performance compared to the prior year's second quarter and reflect changes in various key metrics. As a result of these announcements, the company's shares have moved -19.25% on the market, and are now trading at a price of $46.0656. For more information, read the company's full 8-K submission here.

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