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CarMax (KMX) investor relations material
CarMax Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary25 Sep, 2025
Executive summary
Net sales and operating revenues for Q2 FY2026 were $6.59 billion, down 6% year-over-year, with retail used unit sales down 5.4% and comparable store sales down 6.3%.
Net earnings for Q2 FY2026 were $95.4 million, a 28% decrease year-over-year, with diluted EPS at $0.64.
Launched the 'Wanna Drive' brand campaign, emphasizing omni-channel experience and digital capabilities, which supported 80% of retail unit sales and drove NPS to an all-time high.
Announced at least $150 million in SG&A reductions over 18 months, with accelerated share repurchases and continued investment in digital and physical infrastructure.
CAF income for Q2 was $102.6 million, down 11.2% year-over-year, with increased loan loss provisions mainly tied to 2022/2023 vintages.
Financial highlights
Q2 FY2026 net sales and operating revenues were $6.59 billion, down 6% year-over-year; gross profit was $717.7 million, down 5.6%.
Used vehicle sales revenue for Q2 was $5.27 billion, down 7.2%; wholesale vehicle sales revenue was $1.15 billion, down 0.4%.
Gross profit per retail used unit was $2,216, and per wholesale unit $993.
SG&A expenses for Q2 were $601.1 million, down 1.6% year-over-year, but deleveraged to 83.8% of gross profit.
Net earnings per diluted share were $0.64, down from $0.85 a year ago.
Outlook and guidance
SG&A reductions of at least $150 million targeted over the next 18 months, with most savings expected by fiscal 2027.
Expect to accelerate share repurchases in FY2026, with $1.56 billion remaining authorized.
Plan to open three additional stores and one reconditioning/auction center in the remainder of FY2026.
CAF income expected to be down slightly year-over-year; provision for loan losses in Q3 expected to be less than $100 million.
Marketing spend to increase in the second half to support new brand positioning.
Breakdown of $150M SG&A reduction plans?
Future CAF loan loss impact from securitization?
Expected sales lift from 'Wanna Drive?' campaign?
CAF provision outlook for Q3 and beyond?
SG&A savings impact on pricing and market share?
Address decline in selling opportunities
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Next CarMax earnings date
Q3 202618 Dec, 2025
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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.
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