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AI brief of an SEC Form 8-K · CarMax (KMX)

CarMax CEO Bill Nash out; Q3 used unit sales seen down 8%-12%

Negative Impact 4 of 5 leadership Written later

CarMax terminated CEO William Nash, effective December 1, 2025, and named director David McCreight interim president and CEO, with Chair Tom Folliard becoming interim executive chair. The company also gave preliminary fiscal third-quarter figures, including comparable store used unit sales down 8%-12% and net earnings per diluted share of $0.18-$0.36, a range that includes $0.09 of non-recurring expenses. A permanent CEO search is underway.

Key points

  • Nash's employment ends and he leaves the board effective December 1, 2025; the board cites no disagreement over operations, policies or practices.
  • McCreight will receive a $1,200,000 annual base salary and RSUs with a $3,600,000 grant date fair value as interim CEO.
  • Preliminary Q3 outlook: comparable store used unit sales down 8%-12%; net EPS $0.18-$0.36, including $0.09 of non-recurring expenses.
  • Marketing spend is expected to rise materially year-over-year in Q3; full Q3 results are due December 18, 2025.

The filing

CompanyCarMax (KMX)
Form8-K, current report
Filed with the SECNov 6, 2025, 6:55 AM ET
Accession number0001170010-25-000125

Items reported: 2.02 Results of Operations5.02 Director / Officer Change7.01 Regulation FD Disclosure8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 06, 2025.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.