Q4 25 EPS
$0.58
MISS 11.91%
Est. $0.66
Q4 25 Revenue
$6.00B
BEAT +0.49%
Est. $5.97B
vs S&P Since Q4 25
-59.8%
TRAILING MARKET
KMX -20.1% vs S&P +39.8%
Full Year 2025 Results
FY 25 EPS
$3.21
MISS 2.21%
Est. $3.28
FY 25 Revenue
$26.35B
BEAT +0.05%
Est. $26.34B
Market Reaction
Did KMX Beat Earnings? Q4 2025 Results
CarMax posted a mixed fourth quarter for fiscal 2025, delivering a revenue beat that masked a meaningful earnings shortfall as Wall Street sent shares tumbling 17% in the aftermath. The used-vehicle retailer reported revenue of $6.00 billion, clearin… Read more CarMax posted a mixed fourth quarter for fiscal 2025, delivering a revenue beat that masked a meaningful earnings shortfall as Wall Street sent shares tumbling 17% in the aftermath. The used-vehicle retailer reported revenue of $6.00 billion, clearing the $4.60 billion consensus estimate by 30.39%, while earnings per diluted share of $0.58 fell 12.33% short of the $0.66 consensus, partly weighed down by a $0.06 per share headwind from a $12.00 million non-cash lease impairment tied to Edmunds. Beneath the headline miss, operating momentum was genuine, with retail used vehicle unit sales climbing 6.2%, total gross profit rising 13.9% to $667.90 million, and retail gross profit per unit hitting a fourth-quarter record of $2,322. CarMax Auto Finance income grew 8.2% to $159.30 million as credit quality improved. Looking ahead, the company plans roughly $575 million in capital expenditures for fiscal 2026 to support six new store openings, though management drew scrutiny by removing specific timeframes from long-term growth targets, citing potential macro uncertainty.
Key Takeaways
- • Retail used unit sales increased 6.2% and comparable store used unit sales increased 5.1%
- • Total gross profit increased 13.9% driven by unit volumes and strong unit margin performance
- • Retail used vehicle gross profit per unit reached fourth quarter record of $2,322
- • CarMax Auto Finance income increased 8.2% to $159.3 million driven by net interest margin expansion
- • SG&A as a percent of gross profit decreased 770 basis points to 91.4%
- • Vehicles bought from consumers and dealers increased 15.3% to 269,000
- • Dealer vehicle purchases surged 114.2%
- • Service margin improved $257 per retail unit
- • Other gross profit increased 71.8% driven by service cost coverage and EPP margin growth
KMX YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
KMX Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased with the continuing momentum across our diversified business during the fourth quarter. We delivered robust EPS growth driven by increases in unit sales and buys, strong growth in total gross profit, an increase in CAF income, and ongoing management of SG&A.”
— Bill Nash, Q4 2025 Earnings Press Release
KMX Earnings Trends
KMX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
KMX EPS Trend
Earnings per share: estimate vs actual
KMX Revenue Trend
Quarterly revenue: estimate vs actual
KMX Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 BEAT | $0.94 | $1.31 | +38.77% | $8.01B | +8.01% |
| Q4 26 BEAT FY | $0.22 | $0.34 | +51.92% | $5.95B | +3.84% |
| FY Full Year | $2.68 | $2.91 | +8.40% | $25.88B | +1.06% |
| Q3 26 BEAT | $0.32 | $0.43 | +36.08% | $5.79B | +2.87% |
| Q2 26 MISS | $1.03 | $0.64 | -38.07% | $6.59B | -6.07% |
| Q1 26 BEAT | $1.17 | $1.38 | +18.29% | $7.55B | +0.20% |
| Q4 25 MISS FY | $0.66 | $0.58 | -11.91% | $6.00B | +0.49% |
| FY Full Year | $3.28 | $3.21 | -2.21% | $26.35B | +0.05% |