Carmax Inc · NYSE:KMX
Carmax — Q1 2027 Earnings Presentation
16 slides from Carmax's earnings presentation, Jun 17, 2026
Slide 1: Investor Presentation Q1 Fiscal 2027
Investor Presentation Q1 Fiscal 2027 Hello. June 17, 2026 VERSION 2.1 — DEC 2023 1
Slide 2: Safe Harbor Statement and Non-GAAP Measures
INVESTOR PRESENTATION | Q1 FISCAL 2027 SAFE HARBOR STATEMENT AND NON-GAAP MEASURES We caution readers that the statements contained in this presentation that are not statements of historical fact, including statements about our future business plans, operations, challenges, opportunities or prospect
Slide 3: Introducing Our Strategy for Growth
INVESTOR PRESENTATION | Q1 FISCAL 2027 Introducing Our Strategy for Growth The Four Pillars are designed to place the customer at the center of everything we do, driving sustainable growth and strong operating performance over time Great Offering Easy Experience 1 Give customers every reason to choo
Slide 4: Quarterly Results
CARMAX INVESTOR PRESENTATION | Q1 FISCAL 2027 Results Quarterly 4
Slide 5: Q1 2027 Key Results
INVESTOR PRESENTATION | Q1 FISCAL 2027 Q1 2027 Key Results Financial Performance Continued CAF Expansion • Encouraged by performance trajectory, with clear • Advancing full credit spectrum underwriting and funding improvements in year-over-year sales and earnings trends model • Retail unit sales inc
Slide 6: Performance Summary
INVESTOR PRESENTATION | Q1 FISCAL 2027 Performance Summary Unit Sales NET EARNINGS Vehicles NET EARNINGS Total Gross NET EARNINGS SG&A NET EARNINGS Net Earnings NET EARNINGS PE Change PER SHARE Bought PER SHARE Profit PER SHARE Expense PER SHARE Per Diluted Share $0.64 +0.0% $0.64 $0.64 $0.64 Retail
Slide 7: CAF Performance
INVESTOR PRESENTATION | Q1 FISCAL 2027 CAF Performance CAF Total Interest Loan Loss Units NET EARNINGS PER NET EARNINGS PE NET EARNINGS PER NET EARNINGS PER Income SHARE Margin Provision SHARE Financed SHARE $0.64 $0.64 $0.64 $140.2M 6.7% $95.6M 43.3% Decrease of 24.7% Decrease of 24.7% Decrease of
Slide 8: Healthy Cash Flow and Strong Balance Sheet
INVESTOR PRESENTATION | Q1 FISCAL 2027 Healthy Cash Flow and Strong Balance Sheet Enable Strategic Capital Deployment Strong Net Leverage Ratio Profile(1) Consistent Capital 2.2x 2.5x 2.4x 1.8x Allocation Priorities 1.7x 1. Maintain a Strong Balance Sheet Target 1.50 to 2.00x 2023 2024 2025 2026 Q1
Slide 9: Business Overview
CARMAX INVESTOR PRESENTATION | Q1 FISCAL 2027 Business Overview 9
Slide 10: CarMax is the nation's largest used car retailer
INVESTOR PRESENTATION | Q1 FISCAL 2027 8.9 Million 14.0 Million Wholesale Cars Sold Used Cars Sold (Cumulative) Top 10 (Cumulative) Operator of Wholesale Vehicle Auctions Top 10 16.0 Million CarMax is the nation’s Financer of Used Cars Cars Bought From Consumers (Cumulative) largest used car retaile
Slide 11: Integrated Earnings Streams
INVESTOR PRESENTATION | Q1 FISCAL 2027 Integrated $523.5M Earnings Streams Profitable business with integrated earnings streams $524.1M $1,759.0M Retail(1) CarMax Auto Finance(2) Wholesale(1) $562.7M Other(1) - primarily Extended Protection Plans CARMAX (1) Retail, Wholesale and Other represent FY26
Slide 12: CarMax Auto Finance
INVESTOR PRESENTATION | Q1 FISCAL 2027 CarMax Auto Finance TOP 10 FINANCER OF USED CARS • CarMax Auto Finance (CAF) is seamlessly integrated into the CarMax experience and offers CarMax customers a variety of financing options. • Well-established ABS issuer with more than $90B in issuance since 1999
Slide 13: Appendix
INVESTOR PRESENTATION | Q1 FISCAL 2027 Appendix 13
Slide 14: Quarterly Results
INVESTOR PRESENTATION | Q1 FISCAL 2027 QUARTERLY RESULTS (In thousands except per share data) Q1 FY27 Q1 FY26 Change Sales & Operating Revenues: Used $ 6,391,332 $ 6,103,440 4.7% Wholesale 1,427,635 1,252,738 14.0% Other 194,552 190,363 2.2% Net Sales & Operating Revenues 8,013,519 7,546,541 6.2% Co
Slide 15: Adjusted Net Leverage Metrics – Non-GAAP
INVESTOR PRESENTATION | Q1 FISCAL 2027 ADJUSTED NET LEVERAGE METRICS – NON-GAAP As of February 28 or 29 As of May 31 (In thousands) 2023 2024 2025 2026 2026 Total debt $ 18,382,111 $ 18,783,149 $ 18,707,207 $ 18,051,313 $ 18,161,025 Less: Non-recourse notes payable (16,360,092) (16,866,972) (17,119,
Slide 16: Adjusted Cash Flow Metrics – Non-GAAP
INVESTOR PRESENTATION | Q1 FISCAL 2027 ADJUSTED CASH FLOW METRICS – NON-GAAP Twelve months Year ended February 28 or 29 ended May 31 (In millions) 2023 2024 2025 2026 2026 Net cash prov ided by operating activ ities $ 1,283.3 $ 458.6 $ 624.4 $ 1,783.8 $ 1,501.9 Add: Net issuances of (payments on) no