CarMax, Inc. (KMX)

Over the last 12 months, CarMax's stock price has decreased by 40.01%, with a year-to-date return of 3.25%. As of May 6, 2026, the share price was $39.42, a decline of 40.17% from May 7, 2025. Recent events impacting the stock include CarMax posting a quarterly loss due to a goodwill charge and weak used-car demand. CarMax announced the addition of two board members following discussions with activist investor Starboard in April 2026. Full-year 2026 earnings per share (EPS) missed analyst expectations, and net income was down 51% from fiscal year 2025.

Demand for CarMax's products and services exhibits some seasonality, with summer generally being the peak buying season for used cars. Regional weather patterns influence timing, with southern states experiencing higher winter sales and northern states seeing peaks in summer. Specific vehicle types also show seasonal shifts. Historically, used car prices at CarMax have shown spikes in March and August. CarMax utilizes a localized inventory strategy, shifting stock across its network to match regional and seasonal preferences.

CarMax, Inc. is the largest used-vehicle retailer in the United States, operating an omnichannel platform. It integrates physical dealerships with online sales and in-house financing, operating through CarMax Sales Operations and CarMax Auto Finance (CAF) segments. The Sales Operations segment focuses on selling and purchasing used vehicles, and offering related products and services. The CAF segment provides financing exclusively for customers purchasing retail vehicles from CarMax. The company is classified within the Specialty Retail industry as a Used Car Dealer and Online Car Dealer, recognized for its no-haggle pricing policy.

CarMax operates over 250 stores across 41 states within the United States, strategically concentrated in dense metropolitan corridors, particularly in the Sun Belt and coastal MSAs. Key markets include Florida, Texas, and Georgia. CarMax also has a notable presence on the West Coast, with targeted increases in EV inventory in California and Washington. Approximately 80% of the U.S. population resides within a 60-mile radius of a CarMax location. CarMax's headquarters are in Richmond, Virginia, and its automotive financing operations are based in Kennesaw, Georgia.

CarMax has maintained a strong brand reputation in the past year, earning numerous national and local awards. The company was recognized by Newsweek as the number one automotive marketplace (online) on the America's Best Customer Service 2026 list. CarMax was also named one of TIME's America's Most Iconic Companies in February 2026. Furthermore, CarMax has been consistently recognized as a top employer, appearing on Fortune magazine's "100 Best Companies to Work For®" for 21 consecutive years. Other accolades include being listed among Forbes' Best Brands for Social Impact and America's Most Innovative Companies, and Newsweek's America's Greatest Workplaces for People with Disabilities and for LGBTQ+.

CarMax's ownership is primarily distributed among institutional investors. As of May 4, 2026, there were 543 institutional owners and shareholders holding a total of 145,927,465 shares. Major institutional shareholders include BlackRock, Inc., Vanguard Group Inc, Aqr Capital Management Llc, SRS Investment Management, LLC, State Street Corp, Apollo Management Holdings, L.P., Janus Henderson Group Plc, Primecap Management Co/ca/, Diamond Hill Capital Management Inc, and Norges Bank. The Vanguard Group holds 11.78% of shares, and BlackRock Institutional Trust Company holds 5.47%. Insider trading activity in the past six months includes directors Mark F. O'Neil and Mitchell D. Steenrod buying shares, while officer Jon G. Daniels sold shares.