secwatch.observer — SEC 8-K summary
======================================

Issuer:     CARMAX INC (KMX)
CIK:        0001170010
Form:       8-K
Filed at:   2026-09-29T11:00:30+00:00
Accession:  0001170010-26-000102
Event type: earnings
Sentiment:  positive
Materiality: 0.78
Item codes: 2.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1170010/000117001026000102/0001170010-26-000102-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1170010/000117001026000102/kmx-20260929.htm
  HTML page:      https://secwatch.observer/filing/0001170010-26-000102

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer