Slide 1: Investor Presentation Q2 Fiscal 2027
Investor SEPTEMBER 29, 2026 Presentation Q2 Fiscal 2027
Slide 2: Safe Harbor Statement and Non-GAAP Measures
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 the failure to effectively execute key executive succession plans, disruptions associated with leadership transitions, or a statemen
Slide 3: Our Strategy for Growth
Our Strategy for Growth It's never been just about a car. It's about showing up for our customers in the moments that matter most – and giving them the confidence they deserve for the road ahead. Shift into GEAR is how we sustainably deliver the growth CarMax is capable of. Four pillars, working tog
Slide 4: Strengthening our Leadership Team to Accelerate our Progress
Strengthening our Leadership Team to Accelerate our Progress Elizabeth Dirgins Executive Vice President, Chief Digital and Customer Officer In this newly created role, Elizabeth will own and unify the end-to-end customer experience, from customer acquisition through vehicle transaction. In this capa
Slide 5: Strengthening our Leadership Team to Accelerate our Progress
Strengthening our Leadership Team to Accelerate our Progress Jeff Campbell Senior Vice President, Strategy A CarMax leader for a decade, Jeff joined the senior leadership team in August as Senior Vice President, Strategy. Jeff is leading a newly centralized function designed to accelerate key decisi
Slide 6: Quarterly Results
Quarterly Results Q2 FY27 6
Slide 7: Q2 2027 Key Results
Q2 2027 Key Results Shift into GEAR Continued CAF Expansion Financial Performance(1) • Great Offering – sharpened pricing • Advancing full credit spectrum • Retail unit sales increased 13.8%, through reconditioning efficiencies, underwriting and funding model supported by improved price dynamic GPU
Slide 8: Performance Summary
Performance Summary Vehicles Total Gross SG&A Net Earnings Unit Sales Change Q2 2027 Bought Profit Expense Per Diluted Share +13.8% Retail Used 310K $799.5M $628.6M $1.16 +15.9% Increase of 5.9% YoY Increase of Increase of 4.6% YoY Increase of 81.3% Wholesale +0.2% 11.4% YoY YoY +14.7% From Consumer
Slide 9: CAF Summary
CAF Summary CAF Income Total Interest Margin Loan Loss Provision Units Financed Q2 2027 $135.6M 6.6% $113.4M 40.9% Increase of 32.1% YoY Unchanged YoY Decrease of 20.3% YoY Decrease of 170 bps YoY 22% of Tier 2 Increase of 1200 bps YoY CAF Income Total Interest Margin Loan Loss Provision Units Finan
Slide 10: Healthy Cash Flow and Strong Balance Sheet
Healthy Cash Flow and Strong Balance Sheet Enable Strategic Capital Deployment Strong Net Leverage Ratio Profile(1) 2.5x 2.2x 1.8x 1.7x 1.9x Consistent Capital Allocation Priorities 2023 2024 2025 2026 Q2 2027 1. Maintain a Strong Balance Sheet Target 1.50 to 2.00x net leverage ratio to enable opera
Slide 11: Business Overview
Business Overview Q2 FY27 11
Slide 12: CarMax is the nation's largest used car retailer
14.2 Million(1) 9.1 Million(1) Wholesale Cars Sold Used Cars Sold (Cumulative) Top 10 Operator (Cumulative) of Wholesale Vehicle Auctions(2) Top 10(2) 16.3 Million(1) Financer of Cars Bought From Used Cars Consumers (Cumulative) CarMax is the nation’s largest 22 Years(3) 61,000(2) used car retailer
Slide 13: Integrated Earnings Streams
Integrated Earnings Streams $523.5M Profitable business with integrated earnings streams $524.1M Retail(1) $1,759.0M CarMax Auto Finance(2) Wholesale(1) Other(1) - primarily Extended Protection Plans $562.7M (1) Retail, Wholesale and Other represent FY26 gross profit totals Q2 FY27 (2) Represents CA
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 offers CarMax customers a variety of financing options. • Well-established ABS issuer with more than $95B in issuance since 1999. Introduced a new non-prime ABS progra
Slide 15: Appendix
Q2 FY27 Appendix 15
Slide 16: Quarterly Results
QUARTERLY RESULTS (In thousands except per share data) Q2 FY27 Q2 FY26 Change YTD FY27 YTD FY26 Change Sales & Operating Revenues: Used $ 6,310,930 $ 5,270,712 19.7% $ 12,702,262 $ 11,374,152 11.7% Wholesale 1,358,540 1,149,568 18.2% 2,786,175 2,402,306 16.0% Other 208,440 174,404 19.5% 402,992 364,
Slide 17: Adjusted Net Leverage Metrics
ADJUSTED NET LEVERAGE METRICS – NON-GAAP As of February 28 or 29 As of August 31 (In thousands) 2023 2024 2025 2026 2026 Total debt $ 18,382,111 $ 18,783,149 $ 18,707,207 $ 18,051,313 $ 17,402,502 Less: Non-recourse notes payable (16,360,092) (16,866,972) (17,119,758) (15,827,609) (15,721,310) Add:
Slide 18: Adjusted Cash Flow Metrics
ADJUSTED CASH FLOW METRICS – NON-GAAP Twelve months ended August Year ended February 28 or 29 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 $ 1,599.3 (1) Add: Net issuances of (payments on) non-recourse notes payable 893.3 5