(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 2.02. | Results of Operations and Financial Condition. | ||||
CarMax, Inc. (the “Company”) issued a press release on April 11, 2024, announcing its fourth quarter and fiscal year 2024 results. The press release is being furnished as Exhibit 99.1 hereto and is incorporated by reference into this Item 2.02. | |||||
Item 9.01. | Financial Statements and Exhibits. | ||||
(d) Exhibits | The following exhibit is being furnished pursuant to Item 2.02 above. | ||||
Press release, dated April 11, 2024, issued by CarMax, Inc., entitled “CarMax Reports Fourth Quarter and Fiscal Year 2024 Results.” | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
CARMAX, INC. | ||||||||
(Registrant) | ||||||||
Dated: April 11, 2024 | By: /s/ Enrique N. Mayor-Mora | |||||||
Enrique N. Mayor-Mora | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||||||||||||||||||||
(In millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
Used vehicle sales | $ | 4,497.6 | $ | 4,531.1 | (0.7) | % | $ | 20,922.3 | $ | 23,034.3 | (9.2) | % | |||||||||||||||||||||||
Wholesale vehicle sales | 974.3 | 1,030.7 | (5.5) | % | 4,975.8 | 5,989.8 | (16.9) | % | |||||||||||||||||||||||||||
Other sales and revenues: | |||||||||||||||||||||||||||||||||||
Extended protection plan revenues | 98.0 | 104.2 | (5.9) | % | 401.8 | 422.3 | (4.9) | % | |||||||||||||||||||||||||||
Third-party finance (fees)/income, net | (3.5) | (0.1) | (3,255.3) | % | (5.8) | 7.0 | (183.6) | % | |||||||||||||||||||||||||||
Advertising & subscription revenues (1) | 34.2 | 31.3 | 9.1 | % | 135.8 | 133.3 | 1.9 | % | |||||||||||||||||||||||||||
Other | 26.1 | 25.2 | 3.3 | % | 106.2 | 98.2 | 8.1 | % | |||||||||||||||||||||||||||
Total other sales and revenues | 154.8 | 160.6 | (3.7) | % | 638.0 | 660.8 | (3.5) | % | |||||||||||||||||||||||||||
Total net sales and operating revenues | $ | 5,626.6 | $ | 5,722.5 | (1.7) | % | $ | 26,536.0 | $ | 29,684.9 | (10.6) | % |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||||||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||
Used vehicles | 172,057 | 169,884 | 1.3 | % | 765,572 | 807,823 | (5.2) | % | |||||||||||||||||||||||||||
Wholesale vehicles | 115,546 | 120,330 | (4.0) | % | 546,331 | 585,071 | (6.6) | % |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||||||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||
Used vehicles | $ | 25,985 | $ | 26,598 | (2.3) | % | $ | 27,028 | $ | 28,251 | (4.3) | % | |||||||||||||||||||||||
Wholesale vehicles | $ | 8,034 | $ | 8,297 | (3.2) | % | $ | 8,707 | $ | 9,872 | (11.8) | % |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Used vehicle units | 1.3 | % | (12.6) | % | (5.2) | % | (12.6) | % | |||||||||
Used vehicle revenues | (0.7) | % | (21.1) | % | (9.2) | % | (5.7) | % | |||||||||
Wholesale vehicle units | (4.0) | % | (19.3) | % | (6.6) | % | (17.2) | % | |||||||||
Wholesale vehicle revenues | (5.5) | % | (41.6) | % | (16.9) | % | (11.4) | % |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Used vehicle units | 0.1 | % | (14.1) | % | (6.7) | % | (14.3) | % | |||||||||
Used vehicle revenues | (2.0) | % | (22.0) | % | (10.6) | % | (7.6) | % |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
CAF (2) | 44.8 | % | 47.4 | % | 45.8 | % | 45.4 | % | |||||||||
Tier 2 (3) | 18.7 | % | 19.4 | % | 18.9 | % | 22.0 | % | |||||||||
Tier 3 (4) | 8.2 | % | 6.9 | % | 7.0 | % | 6.5 | % | |||||||||
Other (5) | 28.3 | % | 26.3 | % | 28.3 | % | 26.1 | % | |||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||||||||||||||||||||
(In millions) | 2024 | % (1) | 2023 | % (1) | 2024 | % (1) | 2023 | % (1) | |||||||||||||||||||||||||||
Net sales and operating revenues | $ | 5,626.6 | 100.0 | $ | 5,722.5 | 100.0 | $ | 26,536.0 | 100.0 | $ | 29,684.9 | 100.0 | |||||||||||||||||||||||
Gross profit | $ | 586.2 | 10.4 | $ | 611.0 | 10.7 | $ | 2,713.2 | 10.2 | $ | 2,800.2 | 9.4 | |||||||||||||||||||||||
CarMax Auto Finance income | $ | 147.3 | 2.6 | $ | 123.9 | 2.2 | $ | 568.3 | 2.1 | $ | 663.4 | 2.2 | |||||||||||||||||||||||
Selling, general, and administrative expenses | $ | 580.9 | 10.3 | $ | 572.8 | 10.0 | $ | 2,286.4 | 8.6 | $ | 2,487.4 | 8.4 | |||||||||||||||||||||||
Interest expense | $ | 31.4 | 0.6 | $ | 28.7 | 0.5 | $ | 124.8 | 0.5 | $ | 120.4 | 0.4 | |||||||||||||||||||||||
Earnings before income taxes | $ | 65.5 | 1.2 | $ | 82.6 | 1.4 | $ | 641.6 | 2.4 | $ | 636.8 | 2.1 | |||||||||||||||||||||||
Net earnings | $ | 50.3 | 0.9 | $ | 69.0 | 1.2 | $ | 479.2 | 1.8 | $ | 484.8 | 1.6 |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||||||||||||||||||||
(In millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
Used vehicle gross profit | $ | 387.3 | $ | 386.9 | 0.1 | % | $ | 1,752.0 | $ | 1,848.2 | (5.2) | % | |||||||||||||||||||||||
Wholesale vehicle gross profit | 129.4 | 142.8 | (9.4) | % | 556.8 | 589.8 | (5.6) | % | |||||||||||||||||||||||||||
Other gross profit | 69.5 | 81.3 | (14.5) | % | 404.4 | 362.2 | 11.7 | % | |||||||||||||||||||||||||||
Total | $ | 586.2 | $ | 611.0 | (4.1) | % | $ | 2,713.2 | $ | 2,800.2 | (3.1) | % |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
$ per unit(2) | %(3) | $ per unit(2) | %(3) | $ per unit(2) | %(3) | $ per unit(2) | %(3) | ||||||||||||||||||||||
Used vehicle gross profit per unit | $ | 2,251 | 8.6 | $ | 2,277 | 8.5 | $ | 2,288 | 8.4 | $ | 2,288 | 8.0 | |||||||||||||||||
Wholesale vehicle gross profit per unit | $ | 1,120 | 13.3 | $ | 1,187 | 13.9 | $ | 1,019 | 11.2 | $ | 1,008 | 9.8 | |||||||||||||||||
Other gross profit per unit | $ | 404 | 44.9 | $ | 478 | 50.6 | $ | 528 | 63.4 | $ | 448 | 54.8 | |||||||||||||||||
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||||||||||||||||||||
(In millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
Compensation and benefits: | |||||||||||||||||||||||||||||||||||
Compensation and benefits, excluding share-based compensation expense | $ | 304.1 | $ | 297.3 | 2.3 | % | $ | 1,226.8 | $ | 1,282.4 | (4.3) | % | |||||||||||||||||||||||
Share-based compensation expense | 27.6 | 19.6 | 40.4 | % | 114.1 | 83.6 | 36.4 | % | |||||||||||||||||||||||||||
Total compensation and benefits (2) | $ | 331.7 | $ | 316.9 | 4.7 | % | $ | 1,340.9 | $ | 1,366.0 | (1.8) | % | |||||||||||||||||||||||
Occupancy costs | 67.3 | 62.5 | 7.5 | % | 271.4 | 267.3 | 1.5 | % | |||||||||||||||||||||||||||
Advertising expense | 62.8 | 58.0 | 8.3 | % | 264.4 | 288.5 | (8.4) | % | |||||||||||||||||||||||||||
Other overhead costs (3) | 119.1 | 135.4 | (12.0) | % | 409.7 | 565.6 | (27.6) | % | |||||||||||||||||||||||||||
Total SG&A expenses | $ | 580.9 | $ | 572.8 | 1.4 | % | $ | 2,286.4 | $ | 2,487.4 | (8.1) | % | |||||||||||||||||||||||
SG&A as a % of gross profit | 99.1 | % | 93.8 | % | 5.3 | % | 84.3 | % | 88.8 | % | (4.5) | % |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||||||||||||||
(In millions) | 2024 | % (1) | 2023 | % (1) | 2024 | % (1) | 2023 | % (1) | |||||||||||||||||||||
Interest margin: | |||||||||||||||||||||||||||||
Interest and fee income | $ | 433.1 | 9.9 | $ | 372.2 | 8.9 | $ | 1,677.4 | 9.7 | $ | 1,441.5 | 8.8 | |||||||||||||||||
Interest expense | (173.9) | (4.0) | (110.2) | (2.6) | (638.7) | (3.7) | (310.3) | (1.9) | |||||||||||||||||||||
Total interest margin | 259.2 | 5.9 | 262.0 | 6.3 | 1,038.7 | 6.0 | 1,131.2 | 6.9 | |||||||||||||||||||||
Provision for loan losses | (71.6) | (1.6) | (98.0) | (2.4) | (310.5) | (1.8) | (317.0) | (1.9) | |||||||||||||||||||||
Total interest margin after provision for loan losses | 187.6 | 4.3 | 164.0 | 3.9 | 728.2 | 4.2 | 814.2 | 5.0 | |||||||||||||||||||||
Total direct expenses | (40.3) | (0.9) | (40.1) | (1.0) | (159.9) | (0.9) | (150.8) | (0.9) | |||||||||||||||||||||
CarMax Auto Finance income | $ | 147.3 | 3.4 | $ | 123.9 | 3.0 | $ | 568.3 | 3.3 | $ | 663.4 | 4.1 | |||||||||||||||||
Total average managed receivables | $ | 17,424.9 | $ | 16,683.5 | $ | 17,313.2 | $ | 16,304.3 | |||||||||||||||||||||
Net loans originated | $ | 1,779.0 | $ | 1,904.7 | $ | 8,270.0 | $ | 8,832.7 | |||||||||||||||||||||
Net penetration rate | 42.3 | % | 44.7 | % | 42.9 | % | 42.1 | % | |||||||||||||||||||||
Weighted average contract rate | 11.5 | % | 10.9 | % | 11.2 | % | 9.7 | % | |||||||||||||||||||||
Ending allowance for loan losses | $ | 482.8 | $ | 507.2 | $ | 482.8 | $ | 507.2 | |||||||||||||||||||||
Warehouse facility information: | |||||||||||||||||||||||||||||
Ending funded receivables | $ | 3,744.6 | $ | 3,649.9 | $ | 3,744.6 | $ | 3,649.9 | |||||||||||||||||||||
Ending unused capacity | $ | 2,055.4 | $ | 1,950.1 | $ | 2,055.4 | $ | 1,950.1 | |||||||||||||||||||||
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | ||||||||||||||||||||||||||||||||||
(In millions except per share data) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
Net earnings | $ | 50.3 | $ | 69.0 | (27.2) | % | $ | 479.2 | $ | 484.8 | (1.1) | % | |||||||||||||||||||||||
Diluted weighted average shares outstanding | 158.2 | 158.5 | (0.1) | % | 158.7 | 159.8 | (0.7) | % | |||||||||||||||||||||||||||
Net earnings per diluted share | $ | 0.32 | $ | 0.44 | (27.3) | % | $ | 3.02 | $ | 3.03 | (0.3) | % |
Three Months Ended February 29 or 28 | Years Ended February 29 or 28 | |||||||||||||||||||||||||||||||||||||
(In thousands except per share data) | 2024 | %(1) | 2023 | %(1) | 2024 | %(1) | 2023 | %(1) | ||||||||||||||||||||||||||||||
SALES AND OPERATING REVENUES: | ||||||||||||||||||||||||||||||||||||||
Used vehicle sales | $ | 4,497,588 | 79.9 | $ | 4,531,127 | 79.2 | $ | 20,922,279 | 78.8 | $ | 23,034,286 | 77.6 | ||||||||||||||||||||||||||
Wholesale vehicle sales | 974,260 | 17.3 | 1,030,746 | 18.0 | 4,975,802 | 18.8 | 5,989,796 | 20.2 | ||||||||||||||||||||||||||||||
Other sales and revenues | 154,755 | 2.8 | 160,620 | 2.8 | 637,959 | 2.4 | 660,791 | 2.2 | ||||||||||||||||||||||||||||||
NET SALES AND OPERATING REVENUES | 5,626,603 | 100.0 | 5,722,493 | 100.0 | 26,536,040 | 100.0 | 29,684,873 | 100.0 | ||||||||||||||||||||||||||||||
COST OF SALES: | ||||||||||||||||||||||||||||||||||||||
Used vehicle cost of sales | 4,110,275 | 73.1 | 4,144,237 | 72.4 | 19,170,320 | 72.2 | 21,186,135 | 71.4 | ||||||||||||||||||||||||||||||
Wholesale vehicle cost of sales | 844,844 | 15.0 | 887,916 | 15.5 | 4,419,044 | 16.7 | 5,399,969 | 18.2 | ||||||||||||||||||||||||||||||
Other cost of sales | 85,293 | 1.5 | 79,361 | 1.4 | 233,467 | 0.9 | 298,566 | 1.0 | ||||||||||||||||||||||||||||||
TOTAL COST OF SALES | 5,040,412 | 89.6 | 5,111,514 | 89.3 | 23,822,831 | 89.8 | 26,884,670 | 90.6 | ||||||||||||||||||||||||||||||
GROSS PROFIT | 586,191 | 10.4 | 610,979 | 10.7 | 2,713,209 | 10.2 | 2,800,203 | 9.4 | ||||||||||||||||||||||||||||||
CARMAX AUTO FINANCE INCOME | 147,267 | 2.6 | 123,866 | 2.2 | 568,271 | 2.1 | 663,404 | 2.2 | ||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 580,885 | 10.3 | 572,849 | 10.0 | 2,286,378 | 8.6 | 2,487,357 | 8.4 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 61,169 | 1.1 | 57,732 | 1.0 | 239,028 | 0.9 | 228,449 | 0.8 | ||||||||||||||||||||||||||||||
Interest expense | 31,434 | 0.6 | 28,728 | 0.5 | 124,750 | 0.5 | 120,398 | 0.4 | ||||||||||||||||||||||||||||||
Other income | (5,541) | (0.1) | (7,098) | (0.1) | (10,271) | — | (9,401) | — | ||||||||||||||||||||||||||||||
Earnings before income taxes | 65,511 | 1.2 | 82,634 | 1.4 | 641,595 | 2.4 | 636,804 | 2.1 | ||||||||||||||||||||||||||||||
Income tax provision | 15,243 | 0.3 | 13,622 | 0.2 | 162,391 | 0.6 | 152,042 | 0.5 | ||||||||||||||||||||||||||||||
NET EARNINGS | $ | 50,268 | 0.9 | $ | 69,012 | 1.2 | $ | 479,204 | 1.8 | $ | 484,762 | 1.6 | ||||||||||||||||||||||||||
WEIGHTED AVERAGE COMMON SHARES: | ||||||||||||||||||||||||||||||||||||||
Basic | 157,821 | 158,032 | 158,216 | 158,800 | ||||||||||||||||||||||||||||||||||
Diluted | 158,228 | 158,465 | 158,707 | 159,771 | ||||||||||||||||||||||||||||||||||
NET EARNINGS PER SHARE: | ||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.32 | $ | 0.44 | $ | 3.03 | $ | 3.05 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.32 | $ | 0.44 | $ | 3.02 | $ | 3.03 |
As of | ||||||||||||||
February 29 | February 28 | |||||||||||||
(In thousands except share data) | 2024 | 2023 | ||||||||||||
ASSETS | ||||||||||||||
CURRENT ASSETS: | ||||||||||||||
Cash and cash equivalents | $ | 574,142 | $ | 314,758 | ||||||||||
Restricted cash from collections on auto loans receivable | 506,648 | 470,889 | ||||||||||||
Accounts receivable, net | 221,153 | 298,783 | ||||||||||||
Inventory | 3,678,070 | 3,726,142 | ||||||||||||
Other current assets | 246,581 | 230,795 | ||||||||||||
TOTAL CURRENT ASSETS | 5,226,594 | 5,041,367 | ||||||||||||
Auto loans receivable, net | 17,011,844 | 16,341,791 | ||||||||||||
Property and equipment, net | 3,665,530 | 3,430,914 | ||||||||||||
Deferred income taxes | 98,790 | 80,740 | ||||||||||||
Operating lease assets | 520,717 | 545,677 | ||||||||||||
Goodwill | 141,258 | 141,258 | ||||||||||||
Other assets | 532,064 | 600,989 | ||||||||||||
TOTAL ASSETS | $ | 27,196,797 | $ | 26,182,736 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||
Accounts payable | $ | 933,708 | $ | 826,592 | ||||||||||
Accrued expenses and other current liabilities | 523,971 | 478,964 | ||||||||||||
Current portion of operating lease liabilities | 57,161 | 53,287 | ||||||||||||
Current portion of long-term debt | 313,282 | 111,859 | ||||||||||||
Current portion of non-recourse notes payable | 484,167 | 467,609 | ||||||||||||
TOTAL CURRENT LIABILITIES | 2,312,289 | 1,938,311 | ||||||||||||
Long-term debt, excluding current portion | 1,602,355 | 1,909,361 | ||||||||||||
Non-recourse notes payable, excluding current portion | 16,357,301 | 15,865,776 | ||||||||||||
Operating lease liabilities, excluding current portion | 496,210 | 523,828 | ||||||||||||
Other liabilities | 354,902 | 332,383 | ||||||||||||
TOTAL LIABILITIES | 21,123,057 | 20,569,659 | ||||||||||||
Commitments and contingent liabilities | ||||||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||||
Common stock, $0.50 par value; 350,000,000 shares authorized; 157,611,939 and 158,079,033 shares issued and outstanding as of February 29, 2024 and February 28, 2023, respectively | 78,806 | 79,040 | ||||||||||||
Capital in excess of par value | 1,808,746 | 1,713,074 | ||||||||||||
Accumulated other comprehensive income | 59,279 | 97,869 | ||||||||||||
Retained earnings | 4,126,909 | 3,723,094 | ||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 6,073,740 | 5,613,077 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 27,196,797 | $ | 26,182,736 | ||||||||||
Years Ended February 29 or 28 | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
OPERATING ACTIVITIES: | |||||||||||
Net earnings | $ | 479,204 | $ | 484,762 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 260,414 | 265,224 | |||||||||
Share-based compensation expense | 119,720 | 85,592 | |||||||||
Provision for loan losses | 310,516 | 317,013 | |||||||||
Provision for cancellation reserves | 80,311 | 98,137 | |||||||||
Deferred income tax benefit | (4,800) | (6,550) | |||||||||
Other | 9,252 | 4,773 | |||||||||
Net decrease (increase) in: | |||||||||||
Accounts receivable, net | 77,630 | 262,201 | |||||||||
Inventory | 48,072 | 1,398,427 | |||||||||
Other current assets | 39,939 | 103,222 | |||||||||
Auto loans receivable, net | (980,569) | (1,369,103) | |||||||||
Other assets | (13,902) | (52,286) | |||||||||
Net increase (decrease) in: | |||||||||||
Accounts payable, accrued expenses and other | |||||||||||
current liabilities and accrued income taxes | 118,511 | (197,687) | |||||||||
Other liabilities | (85,681) | (110,393) | |||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 458,617 | 1,283,332 | |||||||||
INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | (465,307) | (422,710) | |||||||||
Proceeds from disposal of property and equipment | 1,351 | 5,190 | |||||||||
Purchases of investments | (6,193) | (12,526) | |||||||||
Sales and returns of investments | 3,151 | 4,280 | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | (466,998) | (425,766) | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Proceeds from issuances of long-term debt | 134,600 | 3,020,700 | |||||||||
Payments on long-term debt | (246,067) | (4,275,353) | |||||||||
Cash paid for debt issuance costs | (21,633) | (19,781) | |||||||||
Payments on finance lease obligations | (16,674) | (12,200) | |||||||||
Issuances of non-recourse notes payable | 12,380,050 | 14,333,896 | |||||||||
Payments on non-recourse notes payable | (11,873,169) | (13,440,603) | |||||||||
Repurchase and retirement of common stock | (94,086) | (333,932) | |||||||||
Equity issuances | 44,766 | 17,093 | |||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 307,787 | (710,180) | |||||||||
Increase in cash, cash equivalents, and restricted cash | 299,406 | 147,386 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 951,004 | 803,618 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | $ | 1,250,410 | $ | 951,004 |
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Document and Entity Information Document |
Apr. 11, 2024 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Apr. 11, 2024 |
Entity Registrant Name | CARMAX, INC. |
Entity Central Index Key | 0001170010 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | VA |
Entity File Number | 1-31420 |
Entity Tax Identification Number | 54-1821055 |
Entity Address, Address Line One | 12800 Tuckahoe Creek Parkway |
Entity Address, City or Town | Richmond, |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 23238 |
City Area Code | 804 |
Local Phone Number | 747-0422 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | KMX |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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