Opening its latest reports…Reading every line of the four statements…Putting it into plain words…
KMXCarmax Inc
The four financial statements
Every company that sells shares in the US files four statements with the SEC. Together they show whether Carmax made money, what it owns and owes, where its cash went, and what changed for its shareholders. Below is every line exactly as Carmax filed it, with what each one means in plain English.
As filed with the SEC on Apr 15, 2026 · the full report · SEC's figures viewer
Income statement · also called the statement of operations, statement of earnings or profit and loss
Did it make money?
Read it from the top down. It starts with everything customers paid (sales), takes away the cost of making what was sold, then the costs of running the company, then interest and tax. What is left at the bottom is profit (net income), the part that belongs to shareholders. It covers a stretch of time: a year, or a quarter.
- People usually check: Are sales growing compared with a year earlier?
- People usually check: How much of each dollar of sales is left at each step (the margins)?
- People usually check: Is profit growing faster or slower than sales?
Point at or tap a bar to see the lines inside it.
Out of every $100 of sales
- cost of making what it sold: $89
- running costs and other items: $9
- income tax: $1
- kept as profit: $1.0
Every line, explained
| Line (tap for what it means) | 12 months to Feb 28, 2026 | 12 months to Feb 28, 2025 | 12 months to Feb 29, 2024 |
|---|---|---|---|
| SALES AND OPERATING REVENUES | |||
| $25.9B▼ 1.8% | $26.4B | $26.5B | |
| $23.1B▼ 1.6% | $23.5B | $23.8B | |
| $2.8B▼ 3.2% | $2.9B | $2.7B | |
| $562.7M▼ 3.3% | $581.7M | $568.3M | |
| $2.5B▲ 0.7% | $2.4B | $2.3B | |
| $273.8M▲ 7.2% | $255.3M | $239.0M | |
| $110.4M▲ 2.3% | $107.9M | $124.8M | |
| $141.3M | $0 | $0 | |
| $7.1M▼ 39% | $11.6M | −$10.3M | |
| $383.4M▼ 43% | $669.4M | $641.6M | |
| $136.1M▼ 19% | $168.8M | $162.4M | |
| $247.3M▼ 51% | $500.6M | $479.2M | |
| 147.3M shares▼ 5.2% | 155.3M shares | 158.2M shares | |
| 147.6M shares▼ 5.4% | 156.1M shares | 158.7M shares | |
| $1.68▼ 48% | $3.22 | $3.03 | |
| $1.68▼ 48% | $3.21 | $3.02 | |
Split by Used vehicle sales, Wholesale vehicle sales, Other sales and revenues, NET SALES AND OPERATING REVENUES and more
| Used vehicle sales | |||
|---|---|---|---|
| Sales (NET SALES AND OPERATING REVENUES) | $20.7B | $21.1B | $20.9B |
| Cost of making what it sold (TOTAL COST OF SALES) | $18.9B | $19.3B | $19.2B |
| Wholesale vehicle sales | |||
| Sales (NET SALES AND OPERATING REVENUES) | $4.5B | $4.6B | $5.0B |
| Cost of making what it sold (TOTAL COST OF SALES) | $4.0B | $4.0B | $4.4B |
| Other sales and revenues | |||
| Sales (NET SALES AND OPERATING REVENUES) | $674.2M | $686.3M | $638.0M |
| Cost of making what it sold (TOTAL COST OF SALES) | $150.6M | $169.2M | $233.5M |
| NET SALES AND OPERATING REVENUES | |||
| Sales (Item as a percent of net sales and operating revenues) | 100.0% | 100.0% | 100.0% |
| TOTAL COST OF SALES | |||
| Sales (Item as a percent of net sales and operating revenues) | 89.2% | 89.0% | 89.8% |
| GROSS PROFIT | |||
| Sales (Item as a percent of net sales and operating revenues) | 10.8% | 11.0% | 10.2% |
| CARMAX AUTO FINANCE INCOME | |||
| Sales (Item as a percent of net sales and operating revenues) | 2.2% | 2.2% | 2.1% |
| Selling, general and administrative expenses | |||
| Sales (Item as a percent of net sales and operating revenues) | 9.5% | 9.2% | 8.6% |
| Depreciation and Amortization | |||
| Sales (Item as a percent of net sales and operating revenues) | 1.1% | 1.0% | 0.9% |
| Interest expense | |||
| Sales (Item as a percent of net sales and operating revenues) | 0.4% | 0.4% | 0.5% |
| Other (income) expense | |||
| Sales (Item as a percent of net sales and operating revenues) | 0.0% | 0.0% | 0.0% |
| Earnings before income taxes | |||
| Sales (Item as a percent of net sales and operating revenues) | 1.5% | 2.5% | 2.4% |
| Income tax provision | |||
| Sales (Item as a percent of net sales and operating revenues) | 0.5% | 0.6% | 0.6% |
| NET EARNINGS | |||
| Sales (Item as a percent of net sales and operating revenues) | 1.0% | 1.9% | 1.8% |
| Goodwill impairment | |||
| Sales (Item as a percent of net sales and operating revenues) | 0.5% | 0.0% | 0.0% |
| NET SALES AND OPERATING REVENUES | Used vehicle sales | |||
| Sales (Item as a percent of net sales and operating revenues) | 80.0% | 80.0% | 78.8% |
| NET SALES AND OPERATING REVENUES | Wholesale vehicle sales | |||
| Sales (Item as a percent of net sales and operating revenues) | 17.4% | 17.4% | 18.8% |
| NET SALES AND OPERATING REVENUES | Other sales and revenues | |||
| Sales (Item as a percent of net sales and operating revenues) | 2.6% | 2.6% | 2.4% |
| TOTAL COST OF SALES | Used vehicle sales | |||
| Sales (Item as a percent of net sales and operating revenues) | 73.2% | 73.1% | 72.2% |
| TOTAL COST OF SALES | Wholesale vehicle sales | |||
| Sales (Item as a percent of net sales and operating revenues) | 15.4% | 15.3% | 16.7% |
| TOTAL COST OF SALES | Other sales and revenues | |||
| Sales (Item as a percent of net sales and operating revenues) | 0.6% | 0.6% | 0.9% |
Every line as the company filed it (USD ($), shares in Thousands, $ in Thousands), shown in full dollars. See this statement on SEC.
Extra: What other gains and losses were there?Statement of comprehensive income: Profit, plus gains and losses that skip the income statement.
Some value changes don't count as profit yet: currency moves on businesses abroad, rises or falls in investments it hasn't sold, and some hedges and pension changes. They are added to profit here to give comprehensive income, and they build up in shareholders' equity.
Every line, explained
| Line (tap for what it means) | 12 months to Feb 28, 2026 | 12 months to Feb 28, 2025 | 12 months to Feb 29, 2024 |
|---|---|---|---|
| Statement of Comprehensive Income | |||
| $247.3M | $500.6M | $479.2M | |
| Other comprehensive loss, net of taxes | |||
| −$2.5M | $1.1M | $7.5M | |
| −$34.7M | −$57.3M | −$46.1M | |
| −$37.2M | −$56.2M | −$38.6M | |
| $210.1M | $444.4M | $440.6M | |
| $53.0K | $0 | $0 | |