Used car retailer CarMax, Inc. (NYSE: KMX) on Thursday reported a decline in earnings for the second quarter of fiscal 2026, hurt by lower sales.
Net sales and operating revenues decreased to $6.59 billion in the second quarter from $7.01 billion in the comparable quarter of FY25. During the quarter, retail used unit sales and comparable store used unit sales declined by 5.4% and 6.3% respectively. Wholesale units dropped 2.2%.
Second-quarter net income declined to $95.4 million or $0.64 per share from $132.8 million or $0.85 per share in the prior-year quarter, and came in below Wall Street’s estimates.
During the quarter, the company bought 293,000 vehicles from consumers and dealers, which is down 2.4% from the prior-year period. It repurchased $180.0 million of its common shares in Q2.
“While this was a challenging quarter, we remain confident in our long-term strategy and the strength of the earnings model that we have built. We are excited about the recent launch of our new brand positioning campaign `Wanna Drive?’ that brings our differentiated omni-channel experience to life and underscores our ongoing commitment to empowering the customer,” said Bill Nash, chief executive officer of CarMax.
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