secwatch.observer — SEC 8-K summary
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Issuer:     CARMAX INC (KMX)
CIK:        0001170010
Form:       8-K
Filed at:   2025-11-06T23:59:59+00:00
Accession:  0001170010-25-000125
Event type: leadership
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1170010/000117001025000125/0001170010-25-000125-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1170010/000117001025000125/kmx-20251104.htm
  HTML page:      https://secwatch.observer/filing/0001170010-25-000125

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