CarMax demonstrated strong financial performance and growth across key segments, with significant EPS growth and improvements in unit volumes and margins. However, the decline in average selling prices and challenges in lower-income consumer segments present some concerns.

Company Guidance

During the third quarter of fiscal year 2025, CarMax reported robust financial results, demonstrating the strength of its diversified business model. The company achieved total sales of $6.2 billion, marking a 1% increase compared to the previous year, primarily driven by higher unit volumes. This growth was complemented by a 5.4% rise in total retail unit sales and a 6.3% increase in wholesale unit sales. CarMax also reported significant gains in gross profits, with retail gross profit per used unit reaching $2,306, slightly up from $2,277 the prior year, and wholesale gross profit per unit rising to $1,015 from $961. The company's CarMax Auto Finance (CAF) segment generated $160 million in income, up 8% year-over-year, supported by a net interest margin of 6.2%. Additionally, the SG&A expenses were effectively managed, leading to a 3% increase, which was significantly leveraged by the gross profit growth. Overall, CarMax's strategic focus on omnichannel capabilities and cost efficiencies facilitated a double-digit EPS growth of 56%, amounting to $0.81 per diluted share.

Positive Trends and Robust EPS Growth

Retail, wholesale, and CAF all posted year-over-year gains. Third quarter EPS grew by 56% versus the previous year, reflecting solid execution and cost efficiencies.

Growth in Unit Volumes and Margins

Retail unit sales increased by 5.4%, and wholesale unit sales rose by 6.3% year-over-year. Retail gross profit per used unit increased to $2,306, and wholesale gross profit per unit rose to $1,015.

SG&A Leverage and Cost Efficiencies

SG&A expenses were up only 3%, while total gross profit increased by 11%. SG&A leveraged by 640 basis points due to growth in gross profit and expense efficiency actions.

Increase in Online Transactions

Approximately 32% of total revenue came from online transactions, a 1% increase from last year.

CarMax Auto Finance (CAF) Income Growth

CAF income was $160 million, up 8% from the same quarter last year, with a net interest margin increase of 35 basis points year-over-year.

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CarMax (KMX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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KMX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 10, 2025	2025 (Q4)	0.64 / -	0.32	―	―	―
Dec 19, 2024	2025 (Q3)	0.62 / 0.81	0.52	55.77% (+0.29)	―
Sep 26, 2024	2025 (Q2)	0.85 / 0.85	0.75	13.33% (+0.10)	―
Jun 21, 2024	2025 (Q1)	0.95 / 0.97	1.44	-32.64% (-0.47)	―
Apr 11, 2024	2024 (Q4)	0.46 / 0.32	0.44	-27.27% (-0.12)	―
Dec 21, 2023	2024 (Q3)	0.42 / 0.52	0.24	116.67% (+0.28)	―
Sep 28, 2023	2024 (Q2)	0.75 / 0.75	0.79	-5.06% (-0.04)	―
Jun 23, 2023	2024 (Q1)	0.79 / 1.44	1.56	-7.69% (-0.12)	―
Apr 11, 2023	2023 (Q4)	0.20 / 0.44	0.98	-55.10% (-0.54)	―
Dec 22, 2022	2023 (Q3)	0.65 / 0.24	1.63	-85.28% (-1.39)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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KMX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Dec 19, 2024	$81.42	$84.23	+3.45%
Sep 26, 2024	$74.49	$78.21	+4.99%
Jun 21, 2024	$71.36	$71.63	+0.38%
Apr 11, 2024	$79.30	$71.98	-9.23%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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