CarMax (KMX) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended August 31, 2026 and CarMax published the results on September 29, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• CarMax's fiscal year ends on the last day of February. Q2 fiscal 2027 is the three months ended August 31, 2026.
• CarMax Auto Finance income ($135.6 million in the quarter) is reported below gross profit and is not part of net sales and operating revenues.

Source: CarMax Q2 fiscal 2027 results, September 29, 2026. Also in the Form 10-Q for the quarter ended August 31, 2026. Figures as reported; checked against the release on November 10, 2026.

How CarMax splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• CarMax's Used vehicle sales revenue was $6.3 billion in Q2 fiscal 2027, up 20% from $5.3 billion in Q2 fiscal 2026, 80% of total revenue.
• CarMax's Wholesale vehicle sales revenue was $1.4 billion in Q2 fiscal 2027, up 18% from $1.1 billion in Q2 fiscal 2026, 17% of total revenue.
• CarMax's Total other sales and revenues revenue was $208 million in Q2 fiscal 2027, up 19% from $174 million in Q2 fiscal 2026, 3% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

CarMax gives no quarterly revenue or EPS outlook. On November 3, 2026 it published multi-year targets measured from fiscal 2026.

In its Q2 fiscal 2027 release (Enrique Mayor-Mora, CFO), CarMax said:

“Our framework targets mid-single-digit used retail unit CAGR and mid-teens adjusted EPS CAGR through fiscal 2030 using fiscal 2026 as a base while maintaining a strong balance sheet and returning excess capital to shareholders in a disciplined manner.”

Source: CarMax Strategic Update release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the KMX forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and operating revenues and diluted EPS, each as first reported in that quarter's release. The Q4 fiscal 2026 loss of $0.85 per share included $0.99 for a non-cash goodwill impairment and $0.20 of restructuring charges, per CarMax.

CarMax's next report is scheduled for December 17, 2026. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Sep 29, 2026

CarMax reported total net sales and operating revenues of $7,877.9 million in Q2 fiscal 2027, up 19.5% from $6,594.7 million. Used vehicle sales were $6,310.9 million, wholesale vehicle sales $1,358.5 million, and other sales and revenues $208.4 million, of which extended protection plan revenues were $141.6 million and Edmunds advertising and subscription revenues $36.3 million. (CarMax Q2 FY27 release, Sep 29, 2026; CarMax Form 10-Q, Q2 FY27, Sep 30, 2026)

CarMax runs two reportable segments: CarMax Sales Operations, which buys, reconditions and sells used vehicles at no-haggle prices, and CarMax Auto Finance (CAF), its own lender for retail buyers. As of August 31, 2026 CarMax operated 258 used car stores in 111 U.S. television markets, covering about 85% of the U.S. population. Wholesale vehicles are sold at its own auctions. (CarMax Form 10-K, fiscal 2026, Apr 15, 2026; CarMax Form 10-Q, Q2 FY27, Sep 30, 2026)

Volume and price both rose. Retail used unit sales increased 13.8% to 227,391 and comparable store used unit sales rose 13.0%. The average retail selling price rose about $1,600, or 6.3%, to $27,623. Wholesale units rose 15.9% to 160,344, and the average wholesale price rose 1.8% to $8,036. CarMax says the retail gains followed pricing actions taken to support an improved sales trend, which also cut gross profit per retail used unit by $111 to $2,105. (CarMax Q2 FY27 release, Sep 29, 2026)

CarMax bought 310,107 vehicles from consumers and dealers, up 5.9%: 262,570 from consumers, flat on the year, and 47,537 through dealers, up 53.7%. Digital capabilities supported 81% of retail unit sales, with omni sales at 68% and fully online retail sales at 13%. (CarMax Q2 FY27 release, Sep 29, 2026)

CarMax earned net earnings of $165.3 million, or $1.16 per diluted share, in Q2 fiscal 2027, against $95.4 million, or $0.64, a year earlier, an increase of 81.3%. The release reports no adjusted EPS for the quarter. (CarMax Q2 FY27 release, Sep 29, 2026)

CarMax Auto Finance income rose 32.1% to $135.6 million, mainly because the loan loss provision fell by $28.8 million to $113.4 million. CAF also booked a $16.6 million gain on the sale of auto loans. Other gross profit rose 33.1% to $183.3 million on higher EPP and service margins, while SG&A rose 4.6% to $628.6 million. Other income of $18.6 million, against $3.6 million, came mainly from unrealized gains on equity investments. (CarMax Q2 FY27 release, Sep 29, 2026)

Diluted weighted average shares fell 4.8% to 142.5 million from 149.6 million. CarMax made no repurchases in the quarter and had $1.31 billion left under its authorization. The effective tax rate was 25.9%, against 25.0% a year earlier, which the 10-Q attributes mainly to the expiration of unexercised stock options and prior-year tax credit purchases. (CarMax Q2 FY27 release, Sep 29, 2026; CarMax Form 10-Q, Q2 FY27, Sep 30, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

CarMax does not give a quarterly revenue or EPS outlook. At its Strategic Update on November 3, 2026 it set targets of mid-single-digit used retail unit CAGR and mid-teens adjusted EPS CAGR through fiscal 2030, using fiscal 2026 as the base. (CarMax Strategic Update release, Nov 3, 2026)

In the Q2 release CarMax said it remained on track for targeted SG&A reductions of $200 million in exit rate savings by the end of fiscal 2027 and intended to resume share repurchases at a modest level in the third quarter. The 10-Q adds that CarMax expects a pension settlement charge of approximately $50 million in Other expense in fiscal 2027, split between the third and fourth quarters. CarMax plans to report Q3 fiscal 2027 on December 17, 2026. (CarMax Q2 FY27 release, Sep 29, 2026; CarMax Form 10-Q, Q2 FY27, Sep 30, 2026)

A consensus figure is the average of the models published by the analysts who cover CarMax, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones CarMax's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning KMX is on is KMX a buy or a sell?, what analysts expect next is on the KMX forecast, and what the company does is on the CarMax (KMX) stock page.

Every number on this page can be traced to a document CarMax published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.