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CarMax (KMX) investor relations material
CarMax Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary18 Dec, 2025
Executive summary
Leadership transition underway with David McCreight as Interim President & CEO and Tom Folliard as Interim Executive Chair, following the CEO's departure in December 2025; search for a permanent CEO is ongoing.
Leadership aims to drive operational improvement, digital transformation, and omni-channel experience, with immediate focus on narrowing price gaps, enhancing digital sales, and reducing SG&A.
Recent results deemed unacceptable, prompting urgent actions to improve sales, cost structure, and customer experience.
Near-term priorities include lowering used unit margins, increasing marketing, and leveraging omnichannel assets.
Digital capabilities supported 81% of retail sales, with omni-channel experience driving customer engagement.
Financial highlights
Q3 FY26 net sales and operating revenues were $5.79 billion, down 6.9% year-over-year; net earnings were $62.2 million, a 50.4% decrease year-over-year.
Net earnings per diluted share were $0.43, down from $0.81 last year, including $0.08 in restructuring expenses.
Total gross profit was $590 million, down 12.9% year-over-year; used retail margin decreased 11%.
Retail used unit sales declined 8%, used unit comps down 9%, and wholesale unit sales fell 6.2% year-over-year.
CarMax Auto Finance income rose 9.3% to $174.7 million, including a $27 million gain on sale from a non-prime securitization.
Outlook and guidance
Margin reductions and increased marketing spend are expected to improve sales trends but may pressure near-term earnings.
SG&A savings of at least $150 million targeted by end of FY27, with a baseline of $2.5 billion and a 30% CEC workforce reduction already implemented.
Capital expenditures for FY26 estimated at $575 million, focused on reconditioning, auction facilities, and new stores.
Interim leadership's immediate strategic focus
CAF's path to 50% penetration target
Q4 sales strategy: margin reduction and marketing
What is the progress on the permanent CEO search?
Can you detail the SG&A reduction plan?
What is the future of CAF securitization strategy?
Net profit impact from new pricing & cost actions?
How will digital experience drive sales conversion?
What drives the $150M SG&A reduction by FY27?
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Q4 202614 Apr, 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.
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