---
schema_version: "secwatch.filing_event.v1"
accession: "0001170010-26-000102"
form_type: "8-K"
ticker: "KMX"
cik: "0001170010"
company_name: "CARMAX INC"
filed_at: "2026-09-29T11:00:30+00:00"
generated_at: "2026-10-12T13:41:17.570687+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001170010-26-000102
- form_type: 8-K
- ticker: KMX
- cik: 0001170010
- company_name: CARMAX INC
- filed_at: 2026-09-29T11:00:30+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1170010/000117001026000102/0001170010-26-000102-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1170010/000117001026000102/kmx-20260929.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001170010-26-000102
- JSON: https://secwatch.observer/filing/0001170010-26-000102.json
- Plain text: https://secwatch.observer/filing/0001170010-26-000102.txt

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