CarMax, Inc. (KMX) Earnings Call Transcripts

CarMax, Inc.'s Latest Earnings Call - Q1 FY2027

In the first quarter of fiscal year 2027, CarMax, Inc. reported total sales of $8 billion, reflecting a 6.2% year-over-year increase, while retail unit sales grew slightly despite a challenging comparison to the previous year's strong performance. The company delivered earnings per share of $1.31, a decrease from $1.38 in the prior year, but marked an improvement in year-over-year trends. Management maintained its guidance for SG&A savings of $200 million for the fiscal year, indicating a focus on operational efficiency and cost management as part of their growth strategy.

Reported metrics

Guidance from management

Management maintained its guidance for SG&A savings of $200 million for the fiscal year, indicating a commitment to operational efficiency and cost management.

What management said

Yes. Regarding our ASPs and use. I mean we were up there really 2 drivers. One was just overall acquisition costs were up in the marketplace that drove it. The second component was mix. We had a little less older cars in the quarter. Demand was strong around kind of the younger cars, kind of our core offering, if you will. And those are the 2 factors that drove kind of ASPs being up -- average is price being up year-...

Great. Scot, I appreciate your question on the $25 million. Yes, just to clarify, that was a held-for-sale transaction we executed within the quarter. when we execute a hub for cell transaction, those are receivables that we no longer need to provision losses for if we originate them in the quarter or if we originate in prior to the quarter. This is prior to the quarter, we had receivables that were on our books, we ...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of GPU (gross profit per unit) and the potential for further margin concessions. There were questions about how dynamic pricing would impact profitability and whether the company could effectively balance cost management with sales growth.

Main topics on the call

• Strategic Growth Initiatives — Management introduced a four-pillar strategy aimed at enhancing customer experience and operational efficiency. CEO Keith Barr emphasized, "We know exactly what needs to change, and we're moving forward with urgency," si...
• Sales Performance — CarMax sold approximately 392,000 vehicles in the quarter, up 3.3% year-over-year. The average selling price increased to $27,288, which was a $1,168 rise per unit, indicating a positive trend in pricing despite a slight...
• Cost Management and SG&A — SG&A expenses decreased by 4% year-over-year to $635 million, with management on track to achieve the $200 million savings target. Enrique Mayor-Mora stated, "We are on track to deliver on our $200 million savings target...
• Dynamic Pricing Strategy — The company is shifting towards a more dynamic pricing model, integrating competitive market insights into their pricing algorithms. Barr noted, "We're understanding kind of pricing by markets, pricing by vehicle types,"...

Read the full CarMax, Inc. transcript (Q1 FY2027) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 29 CarMax, Inc. earnings call transcripts on record, spanning April 2, 2020 to June 17, 2026. Based on this history, CarMax, Inc. reports quarterly. The most recent call on file is dated June 17, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

KMX

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Specialty Retail

Calls on record

29

First call

April 2, 2020

Most recent

June 17, 2026

Reporting cadence

quarterly