Carmax Inc · NYSE:KMX
Carmax — Investor Day (November 2026)
32 slides from Carmax's investor day presentation, Nov 3, 2026
Slide 1: CarMax Strategic Update November 2026
CarMax Strategic Update November 2026
Slide 2: Safe Harbor Statement and Non-GAAP Measures
2 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 prospects, including without limitation any s
Slide 3: Today's Presenters
3 Today’s Presenters Keith Barr President & Chief Executive Officer Enrique Mayor-Mora Executive Vice President & Chief Financial Officer Jon Daniels Executive Vice President, CarMax Auto Finance
Slide 4: Agenda
1. Market Opportunity & Position 2. Shift into GEAR Strategy 3. Power of CarMax Auto Finance 4. Financial Algorithm 5. Closing Remarks and Q&A Agenda
Slide 5: Keith Barr | President & CEO
5 Keith Barr | President & CEO A little more than 7 months in, I’m more confident than ever in our ability to capture the tremendous opportunity ahead of us. “ ”
Slide 6: Market Opportunity & Position
6 Market Opportunity & Position Keith Barr | President & CEO
Slide 7: Used auto is a large, fragmented market providing significant growth runway
7 Used auto is a large, fragmented market providing significant growth runway (1) Assumes 39M sales at ASP cited by Cox Automotive · (2) Cox Automotive · (3) Automotive News Top 100 dealership groups Even the largest retailers hold only a small share of the $1T market… …creating growth opportunity f
Slide 8: Most buyers want the best of both worlds: online and in-person
8 Most buyers want the best of both worlds: online and in-person 28% 63% 9% 8% 38% 54% All online Online & offline All in-person Purchase Channel: Intent vs. Actual Hybrid is what customers want, and what CarMax delivers 60%+ of customers plan to combine online and in-person steps in their used car-
Slide 9: CarMax delivers digital and physical at a scale no one can match
9 CarMax delivers digital and physical – at a scale no one can match 258 Stores nationwide1 86% Aided brand awareness1 1.1M Consumer & dealer buys 2M+ Vehicles moved $16B CAF Loan portfolio1,2 83% Retail sales supported by digital capabilities 30M+ CarMax web visits (monthly)1 1.3M Retail & wholesal
Slide 10: Why CarMax is positioned for sustained growth
10 Why CarMax is positioned for sustained growth A brand that customers know and trust The best of both worlds: Online convenience and a great in-store experience Structural advantages built over decades that are hard to replicate A leadership team and culture focused on execution Large opportunitie
Slide 11: Shift into GEAR Strategy
11 Keith Barr | President & CEO Shift into GEAR Strategy
Slide 12: Shift into GEAR: A stronger core and the foundation for growth
12 Shift into GEAR A stronger core and the foundation for growth G GREAT OFFERING Give customers every reason to choose CarMax EASY EXPERIENCE Make it easy to do business with us ADD VALUE Maximize the value on each transaction RUN LEAN Unlock efficiencies to enable a great offering E A R
Slide 13: GREAT OFFERING: Give customers every reason to choose CarMax
13 GREAT OFFERING Give customers every reason to choose CarMax Price Levels1 2 Deliver highly competitive prices to power growth that outpaces the market PRICE SELECTION 3 4 5 Price Allocation Price every car to its local demand with real-time market signals, to win the sale and earn the right margi
Slide 14: EASY EXPERIENCE: Make it easy to do business with us
14 EASY EXPERIENCE Make it easy to do business with us Upper Funnel1 2 Get shoppers to the right car faster with simpler browsing, smarter search & improved car pages DIGITAL EXPERIENCE 3 4 Reservation Make every shopper count – with an improved flow that drives higher quality reservations & fewer c
Slide 15: ADD VALUE: Maximize the value on each transaction
15 ADD VALUE Maximize the value on each transaction Full Spectrum1 2 FINANCE ANCILLARY PRODUCTS 3 Flexible Funding Extended Protection Plans Extend CAF’s proven platform to more customers – expanding into Tier 2 in disciplined stages to capture more finance income over time Diversify CAF’s funding c
Slide 16: RUN LEAN: Unlock efficiencies to enable a great offering
16 RUN LEAN Unlock efficiencies to enable a great offering Reconditioning1 2 Digitize reconditioning end to end: more throughput, more cars fixed in-house, less cost in every car COST PER CAR SOLD SMARTER OPERATIONS 3 4 Logistics Re-engineer our network from point-to-point to hub- and-spoke, scaled
Slide 17: What you can expect
17 What you can expect Four pillars, one system, driving sustained market share growth G Highly competitive prices and greater selection of cars, delivered faster, gives customers more reasons to choose CarMax for their purchase E A R A faster route to the right car, and a store that keeps our onlin
Slide 18: CarMax Flywheel
18 CarMax Flywheel Every turn of the flywheel adds to durable market share gains and EPS growth Improve Offering GEAR Grow Sales & Profit per Transaction GEAR Lower Vehicle Cost Base & Drive Operating Leverage GEAR Increase Scale & Throughput GEAR
Slide 19: Power of CarMax Auto Finance
19 Power of CarMax Auto Finance Jon Daniels | EVP, CarMax Auto Finance
Slide 20: CarMax Auto Finance: A key contributor to growth
20 CarMax Auto Finance A key contributor to growth Diversifies CarMax earnings: Provides additional profit engine Captive structure: Maximizes profitability; sales are a core part of the lending model 30 years of experience: Strong track record of lending, funding & servicing customers Disciplined a
Slide 21: Extending CAF's proven prime platform to more customers
21 Extending CAF’s proven prime platform to more customers Prime Target FICO® 675+ Typical APR1 6–15% T I E R 1 T I E R 2 T I E R 3 Core of our book & historic focus Non-Prime Target FICO® ~550–675 Typical APR1 14–22% Balanced expansion to drive growth Subprime Target FICO® Below 550 Typical APR1 21
Slide 22: Building lifetime earnings with disciplined credit expansion
22 Building lifetime earnings with disciplined credit expansion Illustrative Expected Cumulative CAF Net Income Impact Year 1 provision requirements more than offset income from Tier 2 Year 2+ income more than offsets provision and continues to grow over loan lifetime A proven approach, a deliberate
Slide 23: Financial Algorithm
23 Financial Algorithm Enrique Mayor-Mora | EVP, CFO
Slide 24: Shift into GEAR Financial Targets (FY26-FY30)
24 Shift into GEAR Financial Targets (FY26-FY30) Note: All targets assume a stable operating environment | (1) CAGR base period of FY26 (2) FY26 Adjusted EPS of $2.91 is the base for the CAGR; Adjusted EPS is a non-GAAP measure; reference appendix for reconciliation Mid-Teens CAGR1 ADJUSTED EPS2 ($)
Slide 25: Shift into GEAR Financial Targets (FY26-FY30)
25 Shift into GEAR Financial Targets (FY26-FY30) Retail Units • Great Offering + Easy Experience + greater industry price transparency drive market share gains • Retail GPU consistent from FY27; several hundred dollars per unit of reconditioning & logistics savings reinvested in price MSD EPP LDD CA
Slide 26: Capital allocation underpinned by strong balance sheet and cash flow generation
26 Capital allocation underpinned by strong balance sheet and cash flow generation Maintain Financial Strength Preserve a strong balance sheet and disciplined leverage1 profile within long-term target range of 1.5x to 2.0x to enable operational flexibility Grow the Core Business CapEx investment of
Slide 27: Closing Remarks
27 Closing Remarks Keith Barr | President & CEO
Slide 28: CarMax has the strategy and assets to take share and drive earnings growth
28 CarMax has the strategy and assets to take share and drive earnings growth Significant runway to take share CarMax operates in a ~$1 trillion market where even the largest players remain relatively small Scaled platform that is nearly impossible to replicate Our trusted brand, nationwide physical
Slide 29: Q&A
29 Q&A
Slide 30: Appendix
APPENDIX
Slide 31: Adjusted Net Leverage Metrics – Non-GAAP
31 ADJUSTED NET LEVERAGE METRICS – NON-GAAP As of August 31 (In thousands) 2023 2024 2025 2026 2026 Total debt 18,382,111$ 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: Finance lease liability 18
Slide 32: Adjusted SG&A and Adjusted Net Earnings per Share
32 (Dollars in millions except per share data) 2026 SG&A expenses $ 2,453.4 Restructuring charges (1) (49.8) Adjusted SG&A expenses $ 2,403.6 Net earnings per diluted share $ 1.68 Impairment charges (2) 0.96 Restructuring charges (3) 0.35 Income tax impact of non-GAAP adjustments (4) (0.08) Adjusted