Every material Form 8-K CarMax filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
CarMax reported third-quarter fiscal 2026 net earnings of $62.2 million, or $0.43 per diluted share, down from $125.4 million, or $0.81, a year earlier. Retail used unit sales fell 8.0%, and gross profit dropped 12.9% to $590.0 million. The company also named David McCreight interim president and CEO effective December 1, 2025, and expects to lower retail used unit margins in the fourth quarter.
Net earnings were $62.2 million versus $125.4 million; diluted EPS was $0.43 versus $0.81, including a $0.08 impact from restructuring charges.
Retail used unit sales fell 8.0% to 169,557; gross profit per retail used unit was $2,235, down $71 from last year's third quarter record.
David McCreight was named interim president and CEO and Tom Folliard interim executive chair, effective December 1, 2025; a permanent CEO search is underway.
For the fourth quarter, CarMax expects lower retail used unit margins and higher marketing spend year over year.
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.
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.
CarMax reported second quarter fiscal 2026 results for the period ended August 31, 2025. Net earnings fell 28.2% to $95.4 million, and diluted earnings per share were $0.64 versus $0.85 a year earlier, as retail used unit sales declined 5.4% and the CarMax Auto Finance loan loss provision rose. The company also set plans for at least $150 million in SG&A reductions over the next 18 months.
Net earnings were $95.4 million versus $132.8 million a year earlier; diluted EPS was $0.64 versus $0.85.
Retail used unit sales fell 5.4% to 199,729 units, and total gross profit decreased 5.6% to $717.7 million.
CarMax Auto Finance provision for loan losses rose to $142.2 million from $112.6 million, and CAF income fell 11.2% to $102.6 million.
The company established plans for SG&A reductions of at least $150 million over the next 18 months and repurchased $180.0 million of shares in the quarter.
CarMax reported first-quarter fiscal 2026 results for the quarter ended May 31, 2025, in a press release furnished as Exhibit 99.1. Net earnings rose 38.0% to $210.4 million, or $1.38 per diluted share, from $0.97 a year earlier, as total gross profit grew 12.8% to $893.6 million. CarMax Auto Finance income fell 3.6% to $141.7 million because the provision for loan losses rose to $101.7 million from $81.2 million, and the company repurchased $199.8 million of its stock during the quarter.
Diluted earnings per share were $1.38, up from $0.97; net earnings were $210.4 million, up 38.0%.
Retail used unit sales rose 9.0% to 230,210 units, and comparable store used unit sales rose 8.1%.
Total gross profit was $893.6 million, up 12.8%; SG&A rose 3.3% to $659.6 million.
The company repurchased $199.8 million of common stock, and $1.74 billion remained under the authorization as of May 31, 2025.
CarMax announced that James Lyski, its Executive Vice President and Chief Growth and Strategy Officer, will leave the company effective June 8, 2025. He is eligible for severance benefits under his existing agreement, which was filed with the company's January 2024 quarterly report.
Departure announced May 9, 2025; effective date June 8, 2025
Role: Executive Vice President and Chief Growth and Strategy Officer
Severance eligibility under Section 7.3 of agreement amended and restated effective December 1, 2023
The filing does not name a successor or state the reason for the departure
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Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every CarMax filing is on SEC EDGAR ↗. 8-K briefs of other companies →