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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
CarMax
CarMax (KMX) investor relations material
CarMax Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary29 Sep, 2026
Executive summary
Net sales and operating revenues rose 19.5% year-over-year to $7.88 billion in Q2 FY27, with net earnings up 73.3% to $165.3 million and diluted EPS up 81.3% to $1.16, driven by strong retail and wholesale unit sales growth, improved price competitiveness, and operational efficiencies.
Retail used unit sales grew 13.8% and wholesale unit sales rose 15.9% year-over-year, with comparable store used unit sales up 13.0%.
Leadership team strengthened with new EVP, Chief Digital and Customer Officer, and SVP, Strategy to accelerate digital and strategic initiatives.
The company executed its Shift into GEAR strategy, focusing on price competitiveness, customer experience, value-added products, and operational efficiency.
Announced plans to resume share repurchases in Q3 FY27, with $1.31 billion remaining under authorization.
Financial highlights
Total net revenues reached $7.88 billion, up 19.5% year-over-year, with combined retail and wholesale unit sales of 387,735, up 14.7%.
Gross profit increased 11.4% to $799.5 million; SG&A expenses rose 4.6% to $628.6 million, but SG&A per unit improved by 8.8% to $1,621.
Net earnings were $165.3 million, up 73.3% year-over-year; net earnings per diluted share were $1.16, up from $0.64 last year.
CarMax Auto Finance (CAF) income increased 32.1% to $135.6 million, supported by lower loan loss provisions and gains on loan sales.
Extended Protection Plan (EPP) and service gross profit rose 33%, with EPP margin per retail unit up $46 to $623.
Outlook and guidance
Full-year retail margins expected to be down less than $200 per unit compared to FY 2026, with continued optimization.
SG&A savings of $200 million targeted for FY 2027 exit rate, with full impact expected in FY 2028.
CAF FY 2027 income anticipated to be slightly lower than FY 2026, with nearly $1 billion in tier two originations planned.
Share repurchases to resume in Q3 FY27 at a modest pace, below pre-pause levels.
Strategic Update scheduled for November 3rd to provide further details on growth initiatives.
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Latest events from CarMax
- All proposals, including director elections and compensation, were approved without shareholder questions.KMX
AGM 2026 - Net sales up 6.2% to $8.01B, but net earnings fell 11.8% amid margin pressure.KMXQ1 2027
- Leadership transition, board refreshment, and ESG progress highlight this year's proxy.KMXProxy filing
- Key votes include director elections, auditor ratification, and executive pay approval.KMXProxy filing
- Q4 FY26 net loss of $120.7M on lower sales and goodwill impairment; digital sales strong.KMXQ4 2026
- Customer-centric growth and digital transformation are central to upcoming shareholder decisions.KMXProxy Filing
- Q3 FY26 revenue and net earnings fell sharply as margin cuts and leadership changes were implemented.KMXQ3 2026
- Retail used sales and net earnings rose, but CAF income fell on higher loan loss provisions.KMXQ2 2025
- Revenue and earnings declined, but per-unit margins, finance income, and share repurchases rose.KMXQ1 2025
Next CarMax earnings date
Strategic Update3 Nov, 2026
CarMax
Next CarMax earnings date
Strategic Update3 Nov, 2026
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Frequently asked questions
Used Car Experts
Carmax is a well-established automotive retail company that operates in the United States. With a focus on providing a hassle-free car buying experience, Carmax offers a wide selection of pre-owned vehicles across its extensive network of dealerships or through its online platform. Customers can browse and compare vehicles, access vehicle history reports, and benefit from transparent pricing from start to finish. Carmax is known for its no-haggle pricing policy and comprehensive vehicle inspections, something that helps customers to have peace of mind when purchasing a used car.
Sourcing the cars
CarMax, a leading used car retailer in the United States, sources its vehicles from a variety of channels. They acquire cars through trade-ins from customers, auctions, and purchases from wholesalers. CarMax prides itself on being able to offer a large selection of various cars with everything between small and agile roadsters, modern EVs, and larger family vehicles.
Operating through retail spaces and an online store
CarMax operates both retail spaces and an online store. For customers who prefer to see the car they’re interested in buying in the metal, these retail spaces are strategically located throughout the United States. Customers who instead prefer to shop online can browse through CarMax’s website to see an overview of all cars currently available for purchase. These cars are then delivered straight to the customer's home, or to the retail space that’s most convenient for the customer.
Test drives designed for real life
One of the things that makes CarMax an appealing choice for many customers is the fact that the company allows prospective customers to test drive their cars for 24 hours. Allowing the customer to take the care home overnight and try it out in real-life situations is something that has become very appreciated. That’s not the only customer-centric feature that CarMax offers. The company also has a policy of “love it or leave it”, which in turn means that customers are free to return their car after 30 days and get their money back if they’re unhappy with the vehicle that they’ve chosen. The used car market, especially in the US, is massive and when looking at companies competing in the same market segment as CarMax we find names such as Carvana and Penske.