Slide 1: Investor Presentation Q3 Fiscal 2026
Investor Presentation Q3 Fiscal 2026 Hello. December 18, 2025 VERSION 2.1 — DEC 2023 1
Slide 2: Safe Harbor Statement and Non-GAAP Measures
INVESTOR PRESENTATION | Q3 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: Interim CarMax Leadership Structure
INVESTOR PRESENTATION | Q3 FISCAL 2026 Interim CarMax Leadership Structure LEADERSHIP TRANSITION On November 6, 2025, CarMax announced David McCreight as Interim President & CEO and Thomas Folliard as Interim Executive Chair, effective December 1, 2025 ▪ The Board recognized the need for leadership
Slide 4: Quarterly Results
CARMAX INVESTOR PRESENTATION | Q3 FISCAL 2026 Results Quarterly 4
Slide 5: Q3 2026 Key Takeaways
INVESTOR PRESENTATION | Q3 FISCAL 2026 Q3 2026 Key Takeaways Near-term focus Continued CAF Financial areas Expansion performance • Hiring permanent CEO • Advancing full credit spectrum • Pressured retail sales underwriting and funding model performance across late-model • Driving sales by lowering u
Slide 6: Marketing Campaign Update
Marketing Campaign Update • Sports campaign launch in Nov: We expanded our "Wanna Drive?" platform into pro basketball, building on our successful sports partnerships with new collaborations featuring Donovan Mitchell and Paige Bueckers at the start of the NBA season • Strong ad engagement: Above be
Slide 7: Performance Summary
INVESTOR PRESENTATION | Q3 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 Diluted Share Profit PER SHARE Bought PER SHARE Expense PER SHARE Q3 2026 $0.64 -8.0% $0.64 $0.64 $0.6
Slide 8: CAF Performance
INVESTOR PRESENTATION | Q3 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 Q3 2026 $0.64 $0.64 $0.64 $174.7M 6.2% $73.4M 42.6% Decrease of 24.7% Decrease of 24.7% Decr
Slide 9: Healthy Cash Flow and Strong Balance Sheet
INVESTOR PRESENTATION | Q3 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 1.7x Allocation Priorities 1. Maintain a Strong Balance Sheet Target 1.50 to 2.00x 2022 2023 2024 2025 Q3
Slide 10: Q4 Fiscal 2026 Preliminary Outlook
INVESTOR PRESENTATION | Q3 FISCAL 2026 Q4 Fiscal 2026 Preliminary Outlook We expect the following actions will result in improved sales performance trends: • Improve price competitiveness: we anticipate lowering retail used unit margins in the fourth quarter • Increase marketing spend: we expect mar
Slide 11: Business Overview
CARMAX INVESTOR PRESENTATION | Q3 FISCAL 2026 Business Overview 11
Slide 12: CarMax at a Glance
INVESTOR PRESENTATION | Q3 FISCAL 2026 8.7 Million 13.6 Million Wholesale Cars Sold Used Cars Sold (Cumulative) Top 5 Operator (Cumulative) of Wholesale Vehicle Auctions Top 10 15.5 Million CarMax is the nation’s Financer of Used Cars Cars Bought From Customers (Cumulative) largest used car retailer
Slide 13: Integrated Earnings Streams
INVESTOR PRESENTATION | Q3 FISCAL 2026 Integrated $517.1M Earnings Streams $557.6M Profitable business with integrated 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 FY25
Slide 14: 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 15: 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 CarMax customers a variety of financing options. • Well-established ABS issuer with more than $90B in issuance since 1999. Introduced a new non-prime ABS pr
Slide 16: Appendix
INVESTOR PRESENTATION | @3 FISCAL 2026 CARMAX 16
Slide 17: Quarterly Results
INVESTOR PRESENTATION | Q3 FISCAL 2026 QUARTERLY RESULTS (In thousands except per share data) Q3 FY26 Q3 FY25 Change YTD FY26 YTD FY25 Change Sales & Operating Revenues: Used $ 4,548,197 $ 4,888,858 -7.0% $ 15,922,349 $ 16,243,415 -2.0% Wholesale 1,095,119 1,168,639 -6.3% 3,497,425 3,579,543 -2.3% O
Slide 18: Adjusted Net Leverage Metrics
INVESTOR PRESENTATION | Q3 FISCAL 2026 ADJUSTED NET LEVERAGE METRICS – NON-GAAP As of February 28 or 29 As of November 30 (In thousands) 2022 2023 2024 2025 2025 Total debt $ 18,734,417 $ 18,382,111 $ 18,783,149 $ 18,707,207 $ 17,353,935 Less: Non-recourse notes payable (15,466,799) (16,360,092) (16
Slide 19: Adjusted Cash Flow Metrics
INVESTOR PRESENTATION | Q3 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