---
schema_version: "secwatch.filing_event.v1"
accession: "0001170010-23-000062"
form_type: "8-K"
ticker: "KMX"
cik: "0001170010"
company_name: "CARMAX INC"
filed_at: "2023-06-23T23:59:59+00:00"
generated_at: "2026-06-13T17:38:34.033132+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# CarMax Q1 net sales fall 17.4% to $7.7B; diluted EPS $1.44 (incl $0.28 legal benefit)

## Summary
- Net revenues $7.7B, down 17.4% YoY; retail used unit sales down 9.6%, comparable store down 11.4%.
- Net earnings per diluted share $1.44, down from $1.56; includes $0.28 benefit from legal settlement.
- CarMax Auto Finance income fell 32.8% to $137.4M on net interest margin compression and higher loan loss provision.
- SG&A decreased 14.8% to $559.8M; excluding $59.3M legal settlement, SG&A down 5.7%.
- Bought 343,000 vehicles (down 5.2% YoY); no share repurchases in Q1, $2.45B remaining authorization.

## SEC filing metadata
- accession: 0001170010-23-000062
- form_type: 8-K
- ticker: KMX
- cik: 0001170010
- company_name: CARMAX INC
- filed_at: 2023-06-23T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1170010/000117001023000062/0001170010-23-000062-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1170010/000117001023000062/kmx-20230623.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001170010-23-000062
- JSON: https://secwatch.observer/filing/0001170010-23-000062.json
- Plain text: https://secwatch.observer/filing/0001170010-23-000062.txt

## Key facts
- Earnings Releases
  CARMAX INC reported first quarter ended May 31, 2023 results: revenue $7.7 billion, EPS $1.44.
  - Period: first quarter ended May 31, 2023
  - Revenue: $7.7 billion
  - EPS: $1.44
  - Result: reported results
  source text: FISCAL 2024 RESULTS Richmond, Va., June 23, 2023 – CarMax, Inc. (NYSE:KMX) today reported results for the first quarter ended May 31, 2023. Highlights : • Net revenues were $7.7 billion, down 17.4% compared with the prior year first quarter. • Retail used unit sales declined 9.6%, and comparable store used unit sales declined 11.4%, each from the prior year’s
  evidence_url: https://www.sec.gov/Archives/edgar/data/1170010/000117001023000062/0001170010-23-000062-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.