CarMax terminates CEO Nash, appoints McCreight interim; Q3 prelim comp sales down 8-12%

CARMAX INC

CEO Bill Nash terminated effective Dec 1, 2025; Board appoints director David McCreight as interim CEO.
Tom Folliard named Interim Executive Chair; search for permanent CEO underway with Russell Reynolds.
Preliminary Q3 FY2026: comparable store used unit sales decrease 8-12%; net EPS $0.18-$0.36 including $0.09 non-recurring charges.
Preliminary results impacted by decline in retail unit sales, wholesale depreciation, increased marketing spend.
CarMax Auto Finance loan loss provision trending in line with Q2 expectations.

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