NYSE$KMX
CarMax Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
CarMax reported mixed results with revenue increase offset by earnings decline due to macro factors and strategic investments.
CarMax reported a substantial increase in revenue driven by higher average selling prices in both retail and wholesale segments. However, net earnings per share decreased due to macro factors and increased SG&A expenses related to technology investments and strategic initiatives.
- CarMax's share of the nationwide used vehicle market increased to a record 4.0% in calendar year 2021.
- Net revenues rose 48.8% to $7.7 billion.
- Combined retail and wholesale used vehicle unit sales increased 11.3% to 343,413 units.
- The company bought approximately 324,000 vehicles from consumers, a 69.0% increase versus the prior year quarter.
Headline financials
Revenue & EPS history
CarMax · Revenue · Quarterly
$7.69B
Revenue by segment
CarMax · $7.69B total across 3 segments · Q4 2022
- Used vehicle sales$5.74B+32.6%74.7%
- Wholesale vehicle sales$1.77B+160.2%23.0%
- Other sales and revenues$181M+15.2%2.4%
Forward guidance
CarMax provided updated long-term targets, including selling between 2 million and 2.4 million vehicles and generating between $33 billion and $45 billion in revenue by fiscal 2026.
Tailwinds
- Roll out and rapid adoption of our online instant appraisal offer has solidified our position as the nation’s largest buyer of vehicles from consumers
- Nearly doubling our fiscal 2022 inventory self sufficiency
- Propelling our wholesale business to new heights
- We continue to expand the availability of our end-to-end, unaided online experience, and we expect to have this capability available to 100% of customers by the end of our first quarter.
- We also continue to enhance our finance-based shopping experience, further positioning our business for growth.
Headwinds
- The fourth quarter was adversely affected by macro factors
- Declining consumer confidence
- The Omicron-fueled surge in COVID cases
- Vehicle affordability
- The lapping of stimulus benefits paid in the prior year period.
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 Q4 2022
-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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