CarMax Q2 FY27: revenue up 19.5% to $7.9B, EPS $1.16 (+81%), share buybacks to resume

CARMAX INC

2027-Q2 EPS reported $2.47 revenue$15,891,429,000

Q2 FY27 net earnings $165.3M (+73.3%) on EPS of $1.16 vs $0.64; total net revenues $7.9B, up 19.5%; combined retail and wholesale units 387,735, up 14.7%.
Used retail units 227,391 (+13.8%), comps +13.0%; used GPU fell $111 to $2,105 on pricing actions. Wholesale units 160,344 (+15.9%), wholesale GPU $858, down $135.
CAF income rose 32.1% to $135.6M; provision fell $28.8M to $113.4M; $16.6M gain on loan sale; CAF financed 22% of Tier 2 volume vs 10%, net penetration 40.9% vs 42.6%.
SG&A rose 4.6% to $628.6M but SG&A per unit improved 8.8% to $1,621; CarMax targets $200M exit-rate savings by end of FY2027. Repurchases to resume modestly in Q3; $1.31B remains authorized.
Opened offsite auction store in Conroe, Texas, and store in Richland, Washington; Austin store opened after quarter. Strategic Update Nov. 3, 2026; Q3 earnings Dec. 17, 2026.

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