America’s Car-Mart (CRMT) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 revenue declined 7.9% year-over-year to $1.28 billion, with sales volumes down 14.3% to 48,891 units, partially offset by a 3.4% increase in average retail sales price.

• Gross profit per unit improved 1.0% to $7,442, but gross margin percentage fell to 35.4% from 36.7%.

• Net loss attributable to common shareholders was $139.2 million, or $16.79 per share; adjusted loss per share was $3.71.

• Active store count was reduced from 154 to 94 through consolidations, concentrating resources in higher-performing locations and improving operational efficiency.

• Liquidity preservation and capital structure adjustments were prioritized, including a credit agreement amendment and ongoing strategic review.

Financial highlights

• Interest income rose 3.7% to $253.7 million year-over-year; total collections increased 2.2% to $730.0 million.

• SG&A expenses were $208.1 million, including $4.0 million in non-recurring restructuring charges; adjusted SG&A was $204.1 million (19.9% of sales).

• Provision for credit losses increased 11.9% to $419.2 million.

• Recognized $11.0 million non-cash impairment related to dealership consolidations.

• Q4 GAAP net loss was $29.6 million, with adjusted EPS of $0.48 after non-cash and one-time charges.

Outlook and guidance

• Management is focused on securing additional financing, including a potential warehouse facility or recapitalization, to restore origination capacity and sales volume.

• The company faces substantial doubt about its ability to continue as a going concern within one year, pending successful execution of strategic alternatives.

• Emphasis on liquidity preservation, curtailment of inventory purchases, and efforts to secure additional financing.

• Strategic review process and amendment milestones are the immediate focus.