NYSE$KMX
CarMax Inc · Q1 2025 earnings
Q1 2025 earnings · · Investor relations
Briefing
CarMax's first quarter of fiscal year 2025 saw a decrease in retail and wholesale unit sales, but strong margins in retail, wholesale, and EPP.
CarMax reported a decrease in combined retail and wholesale used vehicle unit sales by 5.3%. However, the company delivered strong margins in retail, wholesale, and Extended Protection Plans (EPP). They also accelerated share repurchases, buying back over $100 million in shares.
- Retail used unit sales decreased 3.1% and comparable store used unit sales decreased 3.8%.
- Wholesale units declined 8.3%, impacted by lower year-over-year seasonal appreciation.
- Gross profit per retail used unit was $2,347, in line with last year; gross profit per wholesale unit was $1,064.
- Bought 314,000 vehicles from consumers and dealers, down 8.6% versus last year.
Headline financials
Revenue & EPS history
CarMax · Revenue · Quarterly
$7.11B
Revenue by segment
CarMax · $8.01B total across 3 segments · Q1 2027
- Used vehicle sales$6.39B—79.8%
- Wholesale vehicle sales$1.43B—17.8%
- Other sales and revenues$195M—2.4%
Forward guidance
CarMax plans to expand its asset-backed securitization program to enable incremental growth in finance income.
Tailwinds
- Expansion of the asset-backed securitization program will create additional funding capacity.
- The expansion will drive additional finance income for the business over time.
- The unique finance platform with a full-spectrum in-house lending operation will strengthen their competitive advantage.
- CAF launched its first non-prime securitization deal.
- Continued cost management efforts in stores and CECs drove an SG&A decrease year-over-year.
Headwinds
- Vehicle affordability challenges continued to impact unit sales performance.
- Ongoing headwinds due to widespread inflationary pressures.
- Higher interest rates are creating headwinds.
- Tightened lending standards are creating headwinds.
- Combined retail and wholesale used vehicle unit sales were down 5.3%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2025
-1.7%
Avg return
Earnings day
-2.7%
Avg return
5 days after
+0.4%
Avg return
30 days after
41%
28 / 69 earnings
Positive
+14.6%
Q1 2015
Best reaction
-23.6%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | -8.5% | — | — | |
| Q4 2026 | -3.4% | -16.7% | -23.0% | |
| Q3 2026 | -4.5% | -6.4% | +18.9% | |
| Q2 2026 | -19.9% | -21.3% | -22.4% | |
| Q1 2026 | -3.4% | -4.0% | -10.8% | |
| Q4 2025 | -17.0% | -15.4% | -17.4% | |
| Q3 2025 | +3.5% | +4.3% | -3.0% | |
| Q2 2025 | +3.8% | +4.9% | -3.3% | |
| Q1 2025 | +2.6% | +1.9% | +12.1% | |
| Q4 2024 | -9.9% | -12.0% | -9.6% | |
| Q3 2024 | +2.5% | +2.0% | -7.4% | |
| Q2 2024 | -11.2% | -13.4% | -24.1% | |
| Q1 2024 | +3.7% | +7.7% | +6.3% | |
| Q4 2023 | +4.1% | +5.5% | +9.7% | |
| Q3 2023 | +1.3% | +1.8% | +11.3% | |
| Q2 2023 | -23.6% | -20.8% | -26.2% | |
| Q1 2023 | +7.5% | +2.0% | +2.8% | |
| Q4 2022 | -9.9% | -11.0% | -11.5% | |
| Q3 2022 | -7.8% | -6.9% | -21.1% | |
| Q2 2022 | -13.2% | -13.8% | -6.5% | |
| Q1 2022 | +8.0% | +8.1% | +12.9% | |
| Q4 2021 | -3.5% | -4.8% | +0.4% | |
| Q3 2021 | -7.2% | -8.1% | +19.7% | |
| Q2 2021 | -11.2% | -12.1% | -14.1% | |
| Q1 2021 | -4.0% | -8.6% | -3.0% | |
| Q4 2020 | -7.2% | +10.8% | +35.7% | |
| Q3 2020 | -9.7% | -10.1% | -3.1% | |
| Q2 2020 | -0.9% | +0.7% | +9.5% | |
| Q1 2020 | -0.4% | +1.4% | +2.2% | |
| Q4 2019 | +8.5% | +11.8% | +22.4% | |
| Q3 2019 | +4.1% | +10.3% | +9.2% | |
| Q2 2019 | -2.7% | -2.9% | -7.7% | |
| Q1 2019 | +8.0% | +4.6% | +8.6% | |
| Q4 2018 | +3.8% | -2.0% | +8.3% | |
| Q3 2018 | -4.7% | -4.3% | +3.1% | |
| Q2 2018 | +7.9% | +9.5% | +9.2% | |
| Q1 2018 | +5.5% | +7.0% | +11.5% | |
| Q4 2017 | -0.3% | +1.0% | +5.4% | |
| Q3 2017 | +5.8% | +2.7% | +6.6% | |
| Q2 2017 | -2.5% | -3.9% | -10.2% | |
| Q1 2017 | -8.2% | -8.5% | +13.7% | |
| Q4 2016 | -4.3% | — | — | |
| Q3 2016 | -8.1% | — | — | |
| Q2 2016 | -5.3% | — | — | |
| Q1 2016 | -5.5% | — | — | |
| Q4 2015 | +8.1% | — | — | |
| Q3 2015 | +12.1% | — | — | |
| Q2 2015 | -8.2% | — | — | |
| Q1 2015 | +14.6% | — | — | |
| Q4 2014 | -8.2% | — | — | |
| Q3 2014 | -10.6% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q1 2014 | -1.3% | — | — | |
| Q4 2013 | +8.4% | — | — | |
| Q3 2013 | +8.5% | — | — | |
| Q2 2013 | -8.4% | — | — | |
| Q1 2013 | -7.8% | — | — | |
| Q4 2012 | +1.2% | — | — | |
| Q4 2009 | +1.2% | — | — | |
| Q3 2012 | +2.0% | — | — | |
| Q2 2012 | +7.1% | — | — | |
| Q1 2011 | -3.9% | — | — | |
| Q1 2012 | -3.9% | — | — | |
| Q4 2011 | +4.4% | — | — | |
| Q3 2011 | +2.3% | — | — | |
| Q3 2010 | +2.3% | — | — | |
| Q2 2010 | -0.7% | — | — | |
| Q4 2010 | -0.7% | — | — | |
| Q2 2011 | -0.7% | — | — |
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