CarMax Reports First Quarter Fiscal 2027 Results and Enters Credit Agreement

CarMax, Inc. reported its first quarter fiscal 2027 results on June 17, 2026. Net revenues increased by 6.2% to $8.0 billion, with combined retail and wholesale unit sales rising by 3.3% to 392,357. Retail used unit sales saw a slight increase, while comparable store used unit sales declined by 0.8%. Gross profit per retail used unit decreased by $230 to $2,177. Wholesale unit sales increased by 8.4%, with gross profit per unit remaining stable. SG&A expenses decreased by 3.7% due to cost reduction efforts. CarMax Auto Finance (CAF) penetration expanded to 43.3%, with CAF income slightly decreasing by 1.0% to $140.2 million. Net earnings per diluted share were $1.31, down from $1.38 in the prior year. The company also announced a new $500 million term loan credit agreement maturing in June 2029, used to pay down existing borrowings and for general corporate purposes. The agreement includes covenants on net leverage and interest coverage ratios.