secwatch.observer — SEC 8-K summary
======================================

Issuer:     CARMAX INC (KMX)
CIK:        0001170010
Form:       8-K
Filed at:   2025-09-25T23:59:59+00:00
Accession:  0001170010-25-000115
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1170010/000117001025000115/0001170010-25-000115-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1170010/000117001025000115/kmx-20250925.htm
  HTML page:      https://secwatch.observer/filing/0001170010-25-000115

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer