Income Statement Snapshot

CARMAX, INC.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2026

5.1% CAGR

$25.9B

CAGR -5.1% (FY2022 to FY2026)

Gross Profit

FY2026

3.9% CAGR

$2.8B

CAGR -3.9% (FY2022 to FY2026)

Operating Income

FY2026

Latest filing

N/A

Latest annual filing: FY2026

Net Income

FY2026

31.9% CAGR

$247.3M

CAGR -31.9% (FY2022 to FY2026)

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for CARMAX, INC..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2026	2025	2024	2023	2022
Total Revenue	$25,881	$26,353	$26,536	$29,685	$31,900
Cost of Revenue	$23,075	$23,456	$23,823	$26,885	$28,613
Gross Profit	$2,807	$2,898	$2,713	$2,800	$3,288
Selling, General & Administrative	$2,453	$2,435	$2,286	$2,487	$2,325
Interest Expense	$110	$108	$125	$120	$94
Other Non-Operating Income (Expense)	$7	$12	-$10	-$9	-$35
Income Tax Expense (Benefit)	$136	$169	$162	$152	$341
Net Income	$247	$501	$479	$485	$1,151
Basic EPS	$1.68	$3.22	$3.03	$3.05	$7.09
Diluted EPS	$1.68	$3.21	$3.02	$3.03	$6.97
Basic Average Shares	147.3M	155.3M	158.2M	158.8M	162.4M
Diluted Average Shares	147.6M	156.1M	158.7M	159.8M	165.2M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for CARMAX, INC.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2026

vs FY2022

10.8%

Change vs FY2022: +54 bps

Operating Margin

FY2026

vs FY2022

N/A

Change vs FY2022: N/A

Net Margin

FY2026

vs FY2022

1.0%

Change vs FY2022: -265 bps

Observation Window

FY2022 to FY2026

5 years

5 Years

Profitability profile tracked across FY2022 through FY2026.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2026 vs FY2025

YoY change

-1.8%

FY2026 versus FY2025

Gross Profit YoY

FY2026 vs FY2025

YoY change

-3.2%

FY2026 versus FY2025

Op. Income YoY

FY2026 vs FY2025

YoY change

N/A

FY2026 versus FY2025

Net Income YoY

FY2026 vs FY2025

YoY change

-50.6%

FY2026 versus FY2025

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2026	2025	2024	2023	2022
Revenue Growth %	-1.8%	-0.7%	-10.6%	-6.9%	N/A
Gross Profit Growth %	-3.2%	+6.8%	-3.1%	-14.8%	N/A
Operating Income Growth %	N/A	N/A	N/A	N/A	N/A
Net Income Growth %	-50.6%	+4.5%	-1.1%	-57.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2022 to FY2026, useful for filtering out one-year noise.

Revenue CAGR

FY2022 to FY2026

4-yr CAGR

-5.1%

Compounded annual growth across FY2022 to FY2026.

Gross Profit CAGR

FY2022 to FY2026

4-yr CAGR

-3.9%

Compounded annual growth across FY2022 to FY2026.

Op. Income CAGR

FY2022 to FY2026

4-yr CAGR

N/A

Compounded annual growth across FY2022 to FY2026.

Net Income CAGR

FY2022 to FY2026

4-yr CAGR

-31.9%

Compounded annual growth across FY2022 to FY2026.

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Income Statement Snapshot

CARMAX, INC.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2026

5.1% CAGR

$25.9B

CAGR -5.1% (FY2022 to FY2026)

Gross Profit

FY2026

3.9% CAGR

$2.8B

CAGR -3.9% (FY2022 to FY2026)

Operating Income

FY2026

Latest filing

N/A

Latest annual filing: FY2026

Net Income

FY2026

31.9% CAGR

$247.3M

CAGR -31.9% (FY2022 to FY2026)

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for CARMAX, INC..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2026	2025	2024	2023	2022
Total Revenue	$25,881	$26,353	$26,536	$29,685	$31,900
Cost of Revenue	$23,075	$23,456	$23,823	$26,885	$28,613
Gross Profit	$2,807	$2,898	$2,713	$2,800	$3,288
Selling, General & Administrative	$2,453	$2,435	$2,286	$2,487	$2,325
Interest Expense	$110	$108	$125	$120	$94
Other Non-Operating Income (Expense)	$7	$12	-$10	-$9	-$35
Income Tax Expense (Benefit)	$136	$169	$162	$152	$341
Net Income	$247	$501	$479	$485	$1,151
Basic EPS	$1.68	$3.22	$3.03	$3.05	$7.09
Diluted EPS	$1.68	$3.21	$3.02	$3.03	$6.97
Basic Average Shares	147.3M	155.3M	158.2M	158.8M	162.4M
Diluted Average Shares	147.6M	156.1M	158.7M	159.8M	165.2M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for CARMAX, INC.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2026

vs FY2022

10.8%

Change vs FY2022: +54 bps

Operating Margin

FY2026

vs FY2022

N/A

Change vs FY2022: N/A

Net Margin

FY2026

vs FY2022

1.0%

Change vs FY2022: -265 bps

Observation Window

FY2022 to FY2026

5 years

5 Years

Profitability profile tracked across FY2022 through FY2026.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2026 vs FY2025

YoY change

-1.8%

FY2026 versus FY2025

Gross Profit YoY

FY2026 vs FY2025

YoY change

-3.2%

FY2026 versus FY2025

Op. Income YoY

FY2026 vs FY2025

YoY change

N/A

FY2026 versus FY2025

Net Income YoY

FY2026 vs FY2025

YoY change

-50.6%

FY2026 versus FY2025

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2026	2025	2024	2023	2022
Revenue Growth %	-1.8%	-0.7%	-10.6%	-6.9%	N/A
Gross Profit Growth %	-3.2%	+6.8%	-3.1%	-14.8%	N/A
Operating Income Growth %	N/A	N/A	N/A	N/A	N/A
Net Income Growth %	-50.6%	+4.5%	-1.1%	-57.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2022 to FY2026, useful for filtering out one-year noise.

Revenue CAGR

FY2022 to FY2026

4-yr CAGR

-5.1%

Compounded annual growth across FY2022 to FY2026.

Gross Profit CAGR

FY2022 to FY2026

4-yr CAGR

-3.9%

Compounded annual growth across FY2022 to FY2026.

Op. Income CAGR

FY2022 to FY2026

4-yr CAGR

N/A

Compounded annual growth across FY2022 to FY2026.

Net Income CAGR

FY2022 to FY2026

4-yr CAGR

-31.9%

Compounded annual growth across FY2022 to FY2026.

Commentary on CARMAX, INC. Performance

Over the last five years, CarMax’s revenue declined steadily from approximately $31.9 billion in 2022 to about $25.9 billion in 2026, marking nearly an 18.8% decrease. Similarly, gross profit fell from around $3.29 billion in 2022 to roughly $2.81 billion in 2026, reflecting a proportional decline to revenue, which suggests that margins have remained relatively stable despite shrinking sales. Notably, the operating income is reported as zero for all years, an anomaly that merits further investigation to determine whether it indicates adjustments in expense recognition, extraordinary items, or data reporting practices. Net income showed significant variability, peaking at roughly $1.15 billion in 2022 before dropping sharply in subsequent years, with a dramatic decline to about $247 million in 2026—a decrease well exceeding 20% compared to earlier years. These trends indicate challenges in sustaining top-line growth and converting revenue into profitable outcomes. The steady decline in revenue and gross profit may reflect intensified competition, changing consumer preferences, or structural shifts in the automotive retail sector, where market pressures are high. Moreover, the significant drop in net income, particularly post-2022, raises concerns regarding the company’s cost management and operational efficiency. Overall, while CarMax has maintained stable margins, the persistent downward trajectory in its key financial metrics suggests that stakeholders should closely monitor its operational strategy and market position to ensure longer-term financial health and sustainability.

This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.

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CARMAX INC

KMX Income Statement

Income Statement Snapshot

Income Statement Snapshot

Commentary on CARMAX, INC. Performance

Commentary on CARMAX, INC. Performance