How CarMax uses its cash

Period

FY2026

Where does CarMax's cash go? This Sankey traces cash from net income through operating cash flow into capex, free cash flow, dividends, buybacks, and debt paydown. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

CarMax · FY2026 · year ended 2026-02-28

Operating cash flow$1.8BNet income$247M · 14%D&A$346M · 19%Stock comp$99M · 6%Working capital$1.1B · 61%Capex$541M · 30%Free cash flow$1.2B · 70%Buybacks$643M · 36%Cash retained$600M · 34%

Each fiscal year from SEC filings. Percentages are share of operating cash flow. Sources (net income + non-cash add-backs) flow into operating cash flow, which splits into capex and free cash flow; free cash flow goes to dividends, buybacks, debt paydown, and what's retained. Annual only. For informational purposes only.