Slide 1: Investor Presentation Q2 Fiscal 2026
Investor Presentation Q2 Fiscal 2026 Hello. September 25, 2025 VERSION 2.1 — DEC 2023 1
Slide 2: Safe Harbor Statement and Non-GAAP Measures
INVESTOR PRESENTATION | Q2 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 statements about our future business plans, operations, challenges, opportunities or prospect
Slide 3: Quarterly Results
CARMAX INVESTOR PRESENTATION | Q2 FISCAL 2026 Results Quarterly 3
Slide 4: Q2 2026 Key Takeaways
INVESTOR PRESENTATION | Q2 FISCAL 2026 Q2 2026 Key Takeaways Accelerating our Continued CAF Financial strategic priorities Expansion performance • New marketing campaign launched in late August • Advancing full credit spectrum • Challenging sales due to Q1 tariff underwriting and funding model pull
Slide 5: Wanna Drive? Marketing Campaign
Wanna Drive? MARKETING CAMPAIGN • Launched in late August 2025, this new “Wanna Drive” brand positioning is spotlighting our seamless, industry- leading omni-channel experience. • New campaign reflects CarMax’s ongoing commitment to customer empowerment, as our omni- channel experience gives custome
Slide 6: Performance Summary
INVESTOR PRESENTATION | Q2 FISCAL 2026 Performance Summary Unit Sales NET EARNINGS Net Earnings NET EARNINGS PE Total Gross NET EARNINGS Vehicles NET EARNINGS SG&A NET EARNINGS Change PER SHARE Per Share Profit PER SHARE Bought PER SHARE Expense PER SHARE Q2 2026 $0.64 -5.4% $0.64 $0.64 $0.64 Retail
Slide 7: CAF Performance
INVESTOR PRESENTATION | Q2 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 Q2 2026 $0.64 $0.64 $0.64 $102.6M 6.6% $142.2M 42.6% Decrease of 24.7% Decrease of 24.7% Dec
Slide 8: CAF Credit Contractions Drove Significant Reductions In Vintage-Level Cumulative Net Loss
INVESTOR PRESENTATIION | Q2 FISCAL 2026 CAF Credit Contractions Drove Significant Reductions In Vintage-Level Cumulative Net Loss 2020 Vintage Performance was Abnormally Low from Pandemic Tier 1 Cumulative Net Loss % Curves by Origination Vintage Low losses relative to pre-pandemic norm driven by co
Slide 9: Healthy Cash Flow and Strong Balance Sheet
INVESTOR PRESENTATION | Q2 FISCAL 2026 Healthy Cash Flow and Strong Balance Sheet Enable Strategic Capital Deployment Strong Net Leverage Ratio Profile(1) Consistent Capital 1.9x 2.2x 1.8x 1.7x 1.5x Allocation Priorities 1. Maintain a Strong Balance Sheet Target 1.50 to 2.00x 2022 2023 2024 2025 Q2
Slide 10: Business Overview
CARMAX INVESTOR PRESENTATION | Q2 FISCAL 2026 Business Overview 10
Slide 11: CarMax Is The Nation's Largest Used Car Retailer
INVESTOR PRESENTATION | Q2 FISCAL 2026 8.5 Million 13.4 Million Wholesale Cars Sold Used Cars Sold (Cumulative) Top 5 Operator (Cumulative) of Wholesale Vehicle Auctions Top 10 15 Million CarMax is the nation’s Financer of Used Cars Cars Bought From Customers (Cumulative) largest used car retailer w
Slide 12: Diversified Earnings Streams
INVESTOR PRESENTATION | Q2 FISCAL 2026 Diversified $517.1M Earnings Streams $557.6M Profitable business with diversified earnings streams $1,823.2M Retail(1) CarMax Auto Finance(2) $581.7M Wholesale(1) Other(1) - primarily Extended Protection Plans CARMAX (1) Retail, Wholesale and Other represent FY
Slide 13: Industry-Leading Omni-Channel Experience
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 personalized experience to meet the largest a
Slide 14: CarMax Auto Finance
CarMax Auto Finance TOP 10 FINANCER OF USED CARS • CarMax Auto Finance (CAF) is seamlessly integrated into the CarMax experience and CAF offers KMX customers a variety of financing options. • Well-established ABS issuer with nearly $90B in issuance since 1999. Introduced a new non-prime ABS program
Slide 15: Appendix
Appendix 15
Slide 16: Quarterly Results
INVESTOR PRESENTATION | Q2 FISCAL 2026 QUARTERLY RESULTS (In thousands except per share data) Q2 FY26 Q2 FY25 Change YTD FY26 YTD FY25 Change Sales & Operating Revenues: Used $ 5,270,712 $ 5,677,081 -7.2% $ 11,374,152 $ 11,354,557 0.2% Wholesale 1,149,568 1,154,465 -0.4% 2,402,306 2,410,904 -0.4% Ot
Slide 17: Adjusted Net Leverage Metrics – Non-GAAP
INVESTOR PRESENTATION | Q2 FISCAL 2026 ADJUSTED NET LEVERAGE METRICS – NON-GAAP As of February 28 or 29 As of August 31 (In thousands) 2022 2023 2024 2025 2025 Total debt $ 18,734,417 $ 18,382,111 $ 18,783,149 $ 18,707,207 $ 18,643,782 Less: Non-recourse notes payable (15,466,799) (16,360,092) (16,8
Slide 18: Adjusted Cash Flow Metrics – Non-GAAP
INVESTOR PRESENTATION | Q2 FISCAL 2026 ADJUSTED CASH FLOW METRICS – NON-GAAP Year ended February 28 or 29 (In millions) 2022 2023 2024 2025 Net cash (used in) prov ided by operating activ ities $ (2,549.5) $ 1,283.3 $ 458.6 $ 624.4 (1) Add: Net issuances of non-recourse notes payable 1,702.0 893.3 5