Q1 27 EPS
$1.31
BEAT +38.77%
Est. $0.94
Q1 27 Revenue
$8.01B
BEAT +8.01%
Est. $7.42B
vs S&P Since Q1 27
+3.7%
BEATING MARKET
KMX +2.1% vs S&P -1.6%
Market Reaction
Did KMX Beat Earnings? Q1 2027 Results
CarMax delivered a decisive earnings beat in its fiscal first quarter of 2027, with results that exceeded Wall Street's expectations by a wide margin even as the used-car retailer navigated deliberate margin trade-offs. The company posted EPS of $1.3… Read more CarMax delivered a decisive earnings beat in its fiscal first quarter of 2027, with results that exceeded Wall Street's expectations by a wide margin even as the used-car retailer navigated deliberate margin trade-offs. The company posted EPS of $1.31, well above the $0.94 consensus estimate for a 38.77% beat, while revenue of $8.01 billion topped forecasts by 8.01%, though it was essentially flat on a year-over-year basis, slipping just 0.2%. The standout driver was a 14.0% surge in wholesale revenues and a 4.5% rise in used vehicle average selling prices, which lifted top-line results even as intentional retail pricing actions compressed gross profit per unit by $230 to $2,177, pulling total gross profit down 4.4%. New CEO Keith Barr, three months into his role, anchored the narrative around a four-pillar growth strategy and confirmed the company remains on track for $200 million in SG&A exit-rate savings by fiscal year-end, with a formal Strategic Update planned for late fall to outline further milestones.
Key Takeaways
- • Average used vehicle selling price increased approximately $1,200 per unit or 4.5%
- • Wholesale unit sales increased 8.4% to 162,064 units
- • SG&A expenses decreased 3.7% or $24.5 million driven by lower compensation and benefits costs
- • SG&A per total unit improved by $118 or 6.8% to $1,619
- • CAF penetration expanded 150 basis points to 43.3% reflecting full spectrum growth strategy
- • Digital capabilities supported 84% of retail unit sales
- • Retail used vehicle gross profit per unit declined $230 to $2,177 reflecting pricing actions to drive improved sales trend
- • Lower diluted share count of 142.1 million versus 152.6 million year over year
KMX Forward Guidance & Outlook
CarMax plans to host a Strategic Update in late fall to share additional detail on key initiatives and milestones underlying its Strategy for Growth. The company is on track to achieve targeted SG&A reductions of $200 million in exit rate savings by the end of fiscal year 2027. Management remains committed to returning capital to shareholders and intends to resume share repurchases in the future at the appropriate time. The company plans to release Q2 FY2027 results on September 29, 2026.
KMX YoY Financials
Q1 2027 vs Q1 2026, source: SEC Filings
KMX Revenue by Segment
With YoY comparisons, source: SEC Filings
“I came to CarMax because I saw a strong foundation, an award-winning, people-first culture, and significant potential to unlock growth. Three months in, I am more convinced than ever that this is a business with everything it needs to thrive.”
— Keith Barr, Q1 2027 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% |