How CarMax makes money

Period

FY2026

How does CarMax make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

CarMax · FY2026 · year ended 2026-02-28

Revenue$25.9BGross profit$2.8B · 11%Cost of revenue$23.1B · 89%Operating income$383M · 1%Operating expenses$2.5B · 9%SG&A$2.5B · 9%Net income$247M · 1%Income tax$136M · 1%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.