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CarMax Balance Sheet 2026-2008 | KMX
Brief overview of CarMax's assets and capital
Balance sheet changes are traced across five available annual reports between 2022 and 2026.
Assets changed little, standing at $26.3 billion initially and $26.4 billion at the end. The balance sheet stayed close to its former scale.
Asset growth of +0.1% was close to the -3% change in liabilities, leaving the funding profile broadly stable.
Equity funds just 22.3% of assets versus 19.9% previously. The balance sheet is sensitive to weaker results.
Net debt exceeds equity by 2.92x. The burden makes the balance sheet sensitive to earnings, rates and cash flow.
Cash represents 0.5% of assets versus 0.4% initially, showing how the immediate liquidity reserve changed.
Retained earnings reached $4 billion, changing +14.7% over the period. A positive accumulated result supports equity.
Balance sheet takeaway
CarMax's balance sheet profile remains vulnerable. Lower liabilities and capital accumulation are the main routes to improvement.
Annual Balance Sheet CarMax
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
17.2 B | 17.9 B | 17.4 B | 17.5 B | 18.1 B | 14.5 B | 15.3 B | 13.6 B | 12.6 B | 11.6 B | 10.2 B | 8.75 B | 6.62 B | 5.41 B | 4.07 B | 3.87 B | 131 M | - | - |
Long Term Debt |
17.3 B | 18.1 B | 18 B | 17.8 B | 18.2 B | 14.6 B | 14.9 B | 13.3 B | 12.3 B | 11.3 B | 9.94 B | 8.51 B | 7.02 B | 5.67 B | 4.51 B | 3.91 B | 27.4 M | - | - |
Long Term Debt Current |
57.3 M | 59.3 M | 57.2 M | 53.3 M | 44.2 M | 31 M | 31 M | - | - | - | - | - | - | - | - | 772 K | 122 M | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 15.8 B | 14 B | 13 B | 12.1 B | 10.6 B | 9.04 B | 7.51 B | 6.19 B | 5.01 B | 4.04 B | - | - | - |
Total Current Liabilities |
2.41 B | 2.2 B | 2.31 B | 1.94 B | 2.05 B | 1.7 B | 1.53 B | 1.31 B | 1.17 B | 1.11 B | 1.01 B | 997 M | 875 M | 684 M | 646 M | 508 M | 477 M | - | - |
Total Liabilities |
20.5 B | 21.2 B | 21.1 B | 20.6 B | 21.1 B | 17.2 B | 17.3 B | 15.4 B | 14.2 B | 13.2 B | 11.6 B | 10 B | 8.39 B | 6.87 B | 5.66 B | 4.55 B | 623 M | - | - |
Retained Earnings |
4.04 B | 4.27 B | 4.13 B | 3.72 B | 3.52 B | 2.89 B | 2.49 B | 2.1 B | 2.05 B | 1.88 B | 1.75 B | 1.99 B | 2.21 B | 1.99 B | 1.74 B | 1.38 B | 1.1 B | - | - |
Total Assets |
26.4 B | 27.4 B | 27.2 B | 26.2 B | 26.3 B | 21.5 B | 21.1 B | 18.7 B | 17.5 B | 16.3 B | 14.5 B | 13.2 B | 11.7 B | 9.89 B | 8.33 B | 6.84 B | 2.56 B | - | - |
Cash and Cash Equivalents |
123 M | 247 M | 574 M | 315 M | 103 M | 132 M | 58.2 M | 46.9 M | 44.5 M | 38.4 M | 37.4 M | 27.6 M | 628 M | 449 M | 443 M | 41.1 M | 18.3 M | 141 M | 13 M |
Book Value |
5.89 B | 6.24 B | 6.07 B | 5.61 B | 5.24 B | 4.36 B | 3.77 B | 3.36 B | 3.32 B | 3.11 B | 2.9 B | 3.16 B | 3.32 B | 3.02 B | 2.67 B | 2.29 B | 1.93 B | - | - |
Total Shareholders Equity |
5.89 B | 6.24 B | 6.07 B | 5.61 B | 5.24 B | 4.36 B | 3.77 B | 3.36 B | 3.32 B | 3.11 B | 2.9 B | 3.16 B | 3.32 B | 3.02 B | 2.67 B | 2.24 B | 1.88 B | 1.55 B | 1.49 B |
All numbers in USD currency
Quarterly Balance Sheet CarMax
| 2027-Q1 | 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
17.6 B | 16.6 B | 17.8 B | 18 B | 17.8 B | 18 B | 18.1 B | 18.1 B | 18.1 B | 18.2 B | 18 B | 18.2 B | 18.1 B | 18.2 B | 17.8 B | 17.6 B | 18 B | 17.8 B | 18.2 B | 17.5 B | 16.6 B | 15.2 B | 14.6 B | 14.5 B | 14.8 B | 14.4 B | 14.9 B | 15 B | 14.8 B | 14.5 B | 13.8 B | 13.9 B | 13.6 B | 13.3 B | 13.1 B | 13 B | 12.6 B | 12.3 B | 12.2 B | 11.8 B | 11.5 B | 10.9 B | 10.7 B | 10.3 B | 9.51 B | 9.18 B | 9.11 B | 8.55 B | 7.96 B | 7.69 B | 7.34 B | 7.08 B | 6.84 B | 6.49 B | 6.01 B | - | - | - | 4.86 B | 27.7 M | 27.9 M | 28.1 M | - | 28.5 M | 28.7 M |
Total Liabilities |
20.5 B | 19.5 B | 20.9 B | 21.1 B | 20.9 B | 21.1 B | 21.2 B | 21.1 B | 21.1 B | 21.1 B | 21.1 B | 21.1 B | 21.3 B | 21.1 B | 20.6 B | 20.5 B | 21.1 B | 20.9 B | 21.1 B | 20.5 B | 19.5 B | 18.1 B | 17.2 B | 16.8 B | 17.3 B | 16.4 B | 17.3 B | 16.8 B | 16.5 B | 16.3 B | 15.4 B | 15 B | 14.7 B | 14.4 B | 14.2 B | 14 B | 13.7 B | 13.3 B | 13.2 B | 12.7 B | 12.4 B | 11.8 B | 11.6 B | 11.5 B | 10.7 B | 10.4 B | 10 B | 9.66 B | 9.04 B | 8.82 B | 8.39 B | 8.02 B | 7.75 B | 7.38 B | 6.87 B | 6.27 B | 5.92 B | 5.78 B | 5.66 B | 5 B | 4.81 B | 4.73 B | 4.89 B | 4.51 B | 4.51 B |
Retained Earnings |
4.23 B | 4.2 B | 4.27 B | 4.32 B | 4.27 B | 4.32 B | 4.27 B | 4.27 B | 4.24 B | 4.19 B | 4.13 B | 4.12 B | 4.07 B | 3.95 B | 3.72 B | 3.65 B | 3.62 B | 3.64 B | 3.52 B | 3.46 B | 3.29 B | 3.21 B | 2.89 B | 2.74 B | 2.6 B | 2.3 B | 2.49 B | 2.38 B | 2.31 B | 2.19 B | 2.1 B | 2.15 B | 2.18 B | 2.12 B | 2.05 B | 2.03 B | 1.98 B | 1.93 B | 1.88 B | 1.82 B | 1.86 B | 1.81 B | 1.75 B | 1.74 B | 2.01 B | 2.07 B | 1.99 B | 2.04 B | 2.2 B | 2.23 B | 2.21 B | 2.22 B | 2.13 B | 2.03 B | 1.99 B | 2.02 B | 1.98 B | 1.87 B | 1.74 B | 1.7 B | 1.62 B | 1.51 B | 1.33 B | 1.29 B | 1.21 B |
Total Assets |
26.6 B | 25.6 B | 27.1 B | 27.4 B | 27.1 B | 27.4 B | 27.4 B | 27.3 B | 27.3 B | 27.2 B | 27.2 B | 27.2 B | 27.3 B | 27 B | 26.2 B | 25.9 B | 26.5 B | 26.3 B | 26.3 B | 25.6 B | 24.5 B | 22.8 B | 21.5 B | 20.9 B | 21.2 B | 20 B | 21.1 B | 20.5 B | 20.1 B | 19.7 B | 18.7 B | 18.4 B | 18.2 B | 17.8 B | 17.5 B | 17.3 B | 16.9 B | 16.5 B | 16.3 B | 15.8 B | 15.5 B | 14.8 B | 14.5 B | 14.4 B | 14 B | 13.7 B | 13.2 B | 12.8 B | 12.4 B | 12.1 B | 11.7 B | 11.3 B | 10.9 B | 10.5 B | 9.89 B | 9.3 B | 8.87 B | 8.6 B | 8.33 B | 7.63 B | 7.36 B | 7.16 B | 7.13 B | 6.7 B | 6.58 B |
Cash and Cash Equivalents |
132 M | 205 M | 540 M | 263 M | 540 M | 263 M | 247 M | 272 M | 525 M | 219 M | 574 M | 605 M | 521 M | 264 M | 315 M | 689 M | 56.8 M | 95.3 M | 103 M | 62.6 M | 58.1 M | 378 M | 772 M | 237 M | 237 M | 712 M | 658 M | 56.6 M | 56.6 M | 40.7 M | 42.2 M | 35 M | 35 M | 37.1 M | 44.5 M | 26.3 M | 25.8 M | 60.1 M | 38.4 M | 23.7 M | 316 M | 52.6 M | 37.4 M | 33.3 M | 100 M | 352 M | 27.6 M | 190 M | 355 M | 532 M | 628 M | 665 M | 750 M | 725 M | 449 M | 445 M | 459 M | 456 M | 443 M | 383 M | 182 M | 156 M | 41.1 M | 74.4 M | 55.2 M |
Book Value |
6.12 B | 6.06 B | 6.2 B | 6.29 B | 6.2 B | 6.29 B | 6.24 B | 6.21 B | 6.18 B | 6.17 B | 6.07 B | 6.04 B | 6.01 B | 5.82 B | 5.61 B | 5.49 B | 5.41 B | 5.4 B | 5.24 B | 5.11 B | 4.92 B | 4.7 B | 4.36 B | 4.13 B | 3.98 B | 3.58 B | 3.77 B | 3.7 B | 3.61 B | 3.45 B | 3.36 B | 3.44 B | 3.48 B | 3.38 B | 3.32 B | 3.3 B | 3.2 B | 3.15 B | 3.11 B | 3.02 B | 3.06 B | 2.97 B | 2.9 B | 2.91 B | 3.21 B | 3.27 B | 3.16 B | 3.18 B | 3.36 B | 3.33 B | 3.32 B | 3.29 B | 3.18 B | 3.08 B | 3.02 B | 3.02 B | 2.95 B | 2.82 B | 2.67 B | 2.64 B | 2.55 B | 2.43 B | 2.24 B | 2.18 B | 2.07 B |
Total Shareholders Equity |
6.12 B | 6.06 B | 6.2 B | 6.29 B | 6.2 B | 6.29 B | 6.24 B | 6.21 B | 6.18 B | 6.17 B | 6.07 B | 6.04 B | 6.01 B | 5.82 B | 5.61 B | 5.49 B | 5.41 B | 5.4 B | 5.24 B | 5.11 B | 4.92 B | 4.7 B | 4.36 B | 4.13 B | 4.13 B | 3.98 B | 3.58 B | 3.7 B | 3.7 B | 3.61 B | 3.45 B | 3.44 B | 3.44 B | 3.48 B | 3.32 B | 3.3 B | 3.2 B | 3.15 B | 3.11 B | 3.02 B | 3.06 B | 2.97 B | 2.9 B | 2.91 B | 3.21 B | 3.27 B | 3.16 B | 3.18 B | 3.36 B | 3.33 B | 3.32 B | 3.29 B | 3.18 B | 3.08 B | 3.02 B | 3.02 B | 2.95 B | 2.82 B | 2.67 B | 2.64 B | 2.55 B | 2.43 B | 2.24 B | 2.18 B | 2.07 B |
All numbers in USD currency
Balance Sheet is a fundamental financial report of CarMax, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
Balance sheet of other industry stocks – Auto dealerships
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