---
schema_version: "secwatch.filing_event.v1"
accession: "0001170010-25-000115"
form_type: "8-K"
ticker: "KMX"
cik: "0001170010"
company_name: "CARMAX INC"
filed_at: "2025-09-25T23:59:59+00:00"
generated_at: "2026-05-17T05:38:37.920785+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# CarMax Q2 EPS $0.64 vs $0.85 prior year; revenue down 6% to $6.59B; retail used units -5.4%

## Summary
- Net earnings of $95.4M ($0.64 diluted) vs $132.8M ($0.85) a year ago; revenue fell 6.0% to $6.59B.
- Comparable store used unit sales declined 6.3%; gross profit per retail used unit $2,216 in line with prior year.
- SG&A down 1.6% to $601.1M; plans for at least $150M incremental SG&A reductions over next 18 months.
- CAF income fell 11.2% to $102.6M as provision for loan losses rose to $142.2M (vs $112.6M); allowance 3.02% of loans.
- Post-quarter closed $900M non-prime securitization (off-balance sheet); expects ~$25-30M gain on sale in Q3.

## SEC filing metadata
- accession: 0001170010-25-000115
- form_type: 8-K
- ticker: KMX
- cik: 0001170010
- company_name: CARMAX INC
- filed_at: 2025-09-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1170010/000117001025000115/0001170010-25-000115-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1170010/000117001025000115/kmx-20250925.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001170010-25-000115
- JSON: https://secwatch.observer/filing/0001170010-25-000115.json
- Plain text: https://secwatch.observer/filing/0001170010-25-000115.txt

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