---
schema_version: "secwatch.filing_event.v1"
accession: "0001170010-26-000053"
form_type: "8-K"
ticker: "KMX"
cik: "0001170010"
company_name: "CARMAX INC"
filed_at: "2026-06-17T10:54:07+00:00"
generated_at: "2026-06-17T10:55:28.371630+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# CarMax Q1 net earnings $185.6M ($1.31/diluted); revenue up 6.2% to $8.0B; new strategic framework announced

## Summary
- Net earnings $185.6M ($1.31 diluted EPS) vs $210.4M ($1.38) a year ago; revenue up 6.2% to $8.0B.
- Combined retail+wholesale units 392,357 (+3.3%); retail used units flat; wholesale units +8.4%.
- Retail used gross profit per unit $2,177 (down $230 from record); wholesale GP per unit $1,046 (in line).
- SG&A down 3.7% to $635.2M; per total unit improved 6.8% to $1,619; on track for $200M exit rate savings by FY27 end.
- Entered $500M term loan with MUFG, matures June 2029; proceeds used to pay down revolver and for general purposes.

## SEC filing metadata
- accession: 0001170010-26-000053
- form_type: 8-K
- ticker: KMX
- cik: 0001170010
- company_name: CARMAX INC
- filed_at: 2026-06-17T10:54:07+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1170010/000117001026000053/0001170010-26-000053-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1170010/000117001026000053/kmx-20260617.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001170010-26-000053
- JSON: https://secwatch.observer/filing/0001170010-26-000053.json
- Plain text: https://secwatch.observer/filing/0001170010-26-000053.txt

## Key facts
- Debt Financings
  CARMAX INC incurred term loan of $500,000,000 with MUFG Bank, Ltd. at Daily SOFR rate or a Base Rate, plus an applicable margin maturing June 15, 2029.
  - Instrument: term loan
  - Principal: $500,000,000
  - Counterparty: MUFG Bank, Ltd.
  - Rate: Daily SOFR rate or a Base Rate, plus an applicable margin
  - Maturity: June 15, 2029
  - Event: incurrence
  source text: On June 15, 2026, CarMax, Inc. (the “Company”) and CarMax Auto Superstores, Inc. (“CASI” or the “Borrower”) entered into a term loan credit agreement (the “Credit Agreement”) with MUFG Bank, Ltd. (“MUFG”), as lender and as administrative agent, and the other lenders party thereto. The Credit Agreement provides for a term loan facility under which the Borrower has borrowed term loans in an aggregate principal amount of $500,000,000 (the “Term Loan Facility”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1170010/000117001026000053/0001170010-26-000053-index.htm
- Earnings Releases
  CARMAX INC reported first quarter ended May 31, 2026 results: revenue $8.0 billion, EPS $1.31.
  - Period: first quarter ended May 31, 2026
  - Revenue: $8.0 billion
  - EPS: $1.31
  - Result: reported results
  source text: strategic framework with the objective of delivering strong unit and earnings growth that enables CarMax to consistently reward shareholders. • Net revenues rose 6.2% to $8.0 billion. • Combined retail and wholesale unit sales of 392,357, an increase of 3.3%. • Retail used unit sales increased slightly and comparable store used unit sales declined 0.8%; gross
  evidence_url: https://www.sec.gov/Archives/edgar/data/1170010/000117001026000053/0001170010-26-000053-index.htm

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