---
schema_version: "secwatch.filing_event.v1"
accession: "0001170010-25-000125"
form_type: "8-K"
ticker: "KMX"
cik: "0001170010"
company_name: "CARMAX INC"
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-16T23:22:57.277444+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001170010-25-000125
- form_type: 8-K
- ticker: KMX
- cik: 0001170010
- company_name: CARMAX INC
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1170010/000117001025000125/0001170010-25-000125-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1170010/000117001025000125/kmx-20251104.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001170010-25-000125
- JSON: https://secwatch.observer/filing/0001170010-25-000125.json
- Plain text: https://secwatch.observer/filing/0001170010-25-000125.txt

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