CarMax Inc.: F1Q27 Earnings Preview: Favorable tracking data and strength in used market could drive results above Street ests

Research evidence excerpt

CarMax Inc.: F1Q27 Earnings Preview: Favorable tracking data and strength in used market could drive results above Street ests

Equity Research

12 June 2026

CarMax Inc.

F1Q27 Earnings Preview:

Favorable tracking data and

KMX UNDERWEIGHTstrength in used market could

Unchanged

U.S. Auto Retail NEUTRALdrive results above Street ests

We raise F1Q estimate on latest tracking data (implies unit Price Target USD 31.00

growth of +4.4%), strong used vehicle pricing, and tight raised 19% from USD 26.00

Price (10-Jun-26) USD 48.50

wholesale market. Our GPU estimate is now above the Street. Potential Upside/Downside -36.1%

Tracking data especially strong in May (+10.5%) and comps Source: Bloomberg, Barclays Research

start getting easier in June. Expect discussion on forward Market Cap (USD mn) 6878

plan. Shares Outstanding (mn) 141.82

Free Float (%) 99.45

52 Wk Avg Daily Volume (mn) 3.9

Dividend Yield (%) N/A

Return on Equity TTM (%) 4.08

THE EXTEL SURVEY IS CLOSING SOON Current BVPS (USD) 41.53

Source: Bloomberg

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Source: IDC

Link to Barclays Live for interactive charting

Raise F1Q on tracking data, strength in used pricing; price target now $31

U.S. Auto RetailWe raise our F1Q27 estimate on KMX. This in part reflects our forecast for higher used vehicle

John Babcockretail volumes following the latest tracking data from Barclays' Data Science team, which

+1 212 526 6811

estimates that KMX units will be up +4.4% in F1Q27 (ended May). This compares with our prior john.babcock@barclays.com

estimate for a -2% decline and the Street at -0.9%. Additionally, industry used vehicle pricing BCI, US