CarMax, Inc. (KMX) Q2 FY2027 earnings

Reported results

• Total net revenues rose 19.5% to $7.9 billion (GAAP)
• Combined retail and wholesale unit sales increased 14.7% to 387,735 units (GAAP)
• Net earnings per diluted share of $1.16 versus $0.64 a year ago, an increase of 81.3% (GAAP)
• CarMax Auto Finance (CAF) income increased 32.1% to $135.6 million (GAAP)
• Gross profit per retail used unit of $2,105 declined by $111; Extended Protection Plans margin per retail unit of $623, an increase of $46 per unit (GAAP)
• SG&A expenses increased 4.6% to $628.6 million while leveraging by $157, or 8.8%, per total unit (GAAP)

Guidance

• Plan to resume share repurchases at a modest level in the third quarter of fiscal 2027
• Targeted SG&A reductions of $200 million in exit rate savings by the end of fiscal 2027

Notes

The company introduced its four-pillar growth strategy named ‘Shift into GEAR’ and announced a Strategic Update scheduled for November 3rd. CAF financed 40.9% of units sold (after 3-day payoffs) and 22% of Tier 2 volume. No share repurchases occurred in Q2 FY2027; $1.31 billion remained available under the authorization as of August 31, 2026.

Price and volatility reaction

The stock moved +4.7% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -21.3 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-09-29 (8-K, Item 2.02). Read the original filing on sec.gov.