Slide 1: Investor Presentation Q4 Fiscal 2026
Investor Presentation Q4 Fiscal 2026 Hello. April 14, 2026 VERSION 2.1 — DEC 2023 1
Slide 2: Safe Harbor Statement and Non-GAAP Measures
INVESTOR PRESENTATION | Q4 FISCAL 2026 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 succession matters, statements about our future business plans, operations, challenges, oppor
Slide 3: CarMax Leadership
INVESTOR PRESENTATION | Q4 FISCAL 2026 CarMax Leadership On February 12, 2026, CarMax announced Keith Barr as President & CEO, effective March 16, 2026 PRESIDENT LEADERSHIP TRANSITION & CHIEF EXECUTIVE OFFICER Tom Folliard will remain in his role Keith Barr ▪ as Interim Executive Chair of the Board
Slide 4: Quarterly Results
CARMAX INVESTOR PRESENTATION | Q4 FISCAL 2026 Results Quarterly 4
Slide 5: Q4 2026 Key Takeaways
INVESTOR PRESENTATION | Q4 FISCAL 2026 Q4 2026 Key Takeaways Initial Strategic Continued CAF Financial Priorities Expansion Performance • Make CarMax the obvious and • Advancing full credit spectrum • Improved retail sales trend from last easy choice by focusing on price, underwriting and funding mo
Slide 6: Performance Summary
INVESTOR PRESENTATION | Q4 FISCAL 2026 Performance Summary Unit Sales NET EARNINGS Vehicles NET EARNINGS Total Gross NET EARNINGS SG&A NET EARNINGS NetNET (Loss) Earnings EARNINGS PE Change PER SHARE Bought PER SHARE Profit PER SHARE Expense PER SHARE Per Diluted Share Q4 2026 $0.64 -0.8% $0.64 $0.6
Slide 7: CAF Performance
INVESTOR PRESENTATION | Q4 FISCAL 2026 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 Q4 2026 $0.64 $0.64 $0.64 $143.7M 6.3% $73.9M 42.8% Decrease of 24.7% Decrease of 24.7% Decr
Slide 8: Healthy Cash Flow and Strong Balance Sheet
INVESTOR PRESENTATION | Q4 FISCAL 2026 Healthy Cash Flow and Strong Balance Sheet Enable Strategic Capital Deployment Strong Net Leverage Ratio Profile(1) 2.5x Consistent Capital 1.9x 2.2x 1.8x 1.7x Allocation Priorities 1. Maintain a Strong Balance Sheet Target 1.50 to 2.00x 2022 2023 2024 2025 202
Slide 9: Fiscal 2027 Outlook
INVESTOR PRESENTATION | Q4 FISCAL 2026 Fiscal 2027 Outlook GROSS PROFIT & MARGIN • We expect to take a more dynamic approach to margin management, and anticipate Retail GPU to decline at a rate broadly in line with our Q4 FY 2026 year-over-year trend, although actual results may vary as we continue
Slide 10: Business Overview
CARMAX INVESTOR PRESENTATION | Q4 FISCAL 2026 Business Overview 10
Slide 11: CarMax is the Nation's Largest Used Car Retailer
INVESTOR PRESENTATION | Q4 FISCAL 2026 8.8 Million 13.8 Million Wholesale Cars Sold Used Cars Sold (Cumulative) Top 10 (Cumulative) Operator of Wholesale Vehicle Auctions Top 10 15.7 Million CarMax is the nation’s Financer of Used Cars Cars Bought From Customers (Cumulative) largest used car retaile
Slide 12: Integrated Earnings Streams
INVESTOR PRESENTATION | Q4 FISCAL 2026 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 13: Industry-Leading Omni-Channel Experience
INVESTOR PRESENTATION | Q4 FISCAL 2026 Industry-Leading Omni-Channel Experience CarMax offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. The only nationwide retailer to offer an integrated, simple, seamless, and person
Slide 14: CarMax Auto Finance
INVESTOR PRESENTATION | Q4 FISCAL 2026 CarMax Auto Finance TOP 10 FINANCER OF USED CARS • CarMax Auto Finance (CAF) is seamlessly integrated into the CarMax experience and CAF offers CarMax customers a variety of financing options. • Well-established ABS issuer with more than $90B in issuance since
Slide 15: Appendix
INVESTOR PRESENTATION | Q4 FISCAL 2026 Appendix 15
Slide 16: Quarterly Results
INVESTOR PRESENTATION | Q4 FISCAL 2026 QUARTERLY RESULTS (In thousands except per share data) Q4 FY26 Q4 FY25 Change FY26 FY25 Change Sales & Operating Revenues: Used $ 4,780,009 $ 4,836,239 -1.2% $ 20,702,358 $ 21,079,654 -1.8% Wholesale 1,007,139 1,007,914 -0.1% 4,504,564 4,587,457 -1.8% Other 158
Slide 17: Adjusted EPS and SG&A Metrics – Non-GAAP
INVESTOR PRESENTATION | Q4 FISCAL 2026 ADJUSTED EPS AND SG&A METRICS – NON-GAAP Three Months Ended February 28 Years Ended February 28 (Dollars in millions except per share and per unit data) 2026 2025 2026 2025 SG&A expenses $ 611.3 $ 610.5 $ 2,453.4 $ 2,435.4 (1) Restructuring charges (33.9) - (49
Slide 18: Adjusted Net Leverage Metrics – Non-GAAP
INVESTOR PRESENTATION | Q4 FISCAL 2026 ADJUSTED NET LEVERAGE METRICS – NON-GAAP As of February 28 or 29 (In thousands) 2022 2023 2024 2025 2026 Total debt $ 18,734,417 $ 18,382,111 $ 18,783,149 $ 18,707,207 $ 18,051,313 Less: Non-recourse notes payable (15,466,799) (16,360,092) (16,866,972) (17,119,
Slide 19: Adjusted Cash Flow Metrics – Non-GAAP
INVESTOR PRESENTATION | Q4 FISCAL 2026 ADJUSTED CASH FLOW METRICS – NON-GAAP Year ended February 28 or 29 (In millions) 2022 2023 2024 2025 2026 Net cash (used in) prov ided by operating activ ities $ (2,549.5) $ 1,283.3 $ 458.6 $ 624.4 $ 1,783.8 (1) Add: Net issuances of (payments on) non-recourse