← CARMAX INC
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net earnings | $627.0m | $664.1m | $842.4m | $888.4m | $746.9m | $1.2b | $484.8m | $479.2m | $500.6m | $247.3m | |
| Net Income (Loss) Attributable to Parent | $627.0m | $664.1m | $842.4m | $888.4m | $746.9m | $1.2b | $484.8m | $479.2m | $500.6m | $247.3m | |
| Financing Receivable, Held-for-Sale, Not Part of Disposal Group, Reconciliation to Cash Flow, Period Increase (Decrease) | — | — | — | — | — | — | — | $0 | $0 | ($100.5m) | |
| Amortization of Intangible Assets | — | — | — | — | — | $11.5m | $15.4m | $15.4m | $15.4m | $15.4m | |
| Depreciation | $140.7m | $158.6m | $169.8m | $190.6m | $195.3m | $215.3m | $244.4m | $261.4m | $287.8m | $318.3m | |
| Depreciation, Depletion and Amortization | $168.9m | $179.9m | $182.2m | $215.8m | $242.2m | $273.2m | $265.2m | $260.4m | $294.8m | $346.0m | |
| Other Depreciation and Amortization | $168.9m | $179.9m | $182.2m | $215.8m | $242.2m | $6.6m | $15.5m | $16.5m | $17.1m | $17.6m | |
| Deferred Income Tax Expense (Benefit) | $2.3m | $81.0m | $2.3m | ($1.1m) | ($35.8m) | $15.0m | ($6.5m) | ($4.8m) | ($23.7m) | $73.8m | |
| Deferred income tax provision (benefit) | $2.3m | $81.0m | $2.3m | ($1.1m) | ($35.8m) | $15.0m | ($6.5m) | ($4.8m) | ($23.7m) | $73.8m | |
| Goodwill and Intangible Asset Impairment | — | — | — | — | — | — | — | — | $0 | — | |
| Goodwill, Impairment Loss | — | — | — | — | — | — | — | $0 | $0 | $141.3m | |
| Operating Lease, Impairment Loss | — | — | — | — | — | — | — | — | $12.3m | $19.0m | |
| Share-based Payment Arrangement, Expense | $93.0m | $63.4m | $76.7m | $110.8m | $124.2m | $111.9m | $88.2m | $122.4m | $137.3m | $101.3m | |
| Share-based Payment Arrangement, Noncash Expense | $91.6m | $61.9m | $75.0m | $108.9m | $121.9m | $109.2m | $85.6m | $119.7m | $134.7m | $99.0m | |
| Share-based compensation expense | $91.6m | $61.9m | $75.0m | $108.9m | $121.9m | $109.2m | $85.6m | $119.7m | $134.7m | $99.0m | |
| Accounts payable, accrued expenses and other current liabilities and accrued income taxes | $61.8m | $38.3m | $86.4m | $85.4m | $106.8m | $175.1m | ($197.7m) | $118.5m | $71.7m | ($43.8m) | |
| Financing Interest Expense | $171.4m | $215.0m | $289.3m | $358.1m | $314.1m | $228.8m | $310.3m | $638.7m | $763.2m | $769.2m | |
| Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | ($4.2m) | ($1.3m) | ($2.8m) | ($3.5m) | $1.4m | $19.1m | ($4.8m) | ($9.3m) | ($20.8m) | ($9.3m) | |
| Income Tax Expense (Benefit) | $379.4m | $399.5m | $270.4m | $272.6m | $218.3m | $341.0m | $152.0m | $162.4m | $168.8m | $136.1m | |
| Other Nonoperating Income (Expense) | $0 | $400k | ($400k) | $0 | ($2.2m) | — | — | — | — | — | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| (Decrease) increase in short-term debt, net | ($366k) | $65k | $1.0m | ($1.1m) | ($40k) | $0 | $0 | — | — | — | |
| Accounts payable, accrued expenses and other | ($77.4m) | ($82.2m) | ($89.7m) | ($109.8m) | ($65.2m) | ($200.5m) | ($110.4m) | ($85.7m) | ($107.0m) | ($75.3m) | |
| Accounts receivable, net | ($20.2m) | $19.1m | ($6.5m) | ($51.2m) | ($43.5m) | ($288.2m) | $262.2m | $77.6m | $32.4m | ($15.7m) | |
| Accrued capital expenditures | $418.1m | $296.8m | $304.6m | $331.9m | $164.5m | $308.5m | $422.7m | $465.3m | $467.9m | $541.0m | |
| Auto loans held for investment, net | ($1.2b) | ($1.1b) | ($1.0b) | ($1.3b) | ($300.8m) | ($1.9b) | ($1.4b) | ($980.6m) | ($565.6m) | ($31.3m) | |
| Cash Provided by (Used in) Financing Activity, Including Discontinued Operation | — | $413.4m | $186.0m | $687.0m | ($424.0m) | $3.1b | ($710.2m) | $307.8m | ($453.5m) | ($1.3b) | |
| Cash Provided by (Used in) Investing Activity, Including Discontinued Operation | — | ($301.9m) | ($308.5m) | ($389.4m) | ($128.2m) | ($523.7m) | ($425.8m) | ($467.0m) | ($461.0m) | ($540.0m) | |
| Equity issuances | $59.9m | $73.5m | $58.1m | $124.4m | $143.1m | $79.8m | $17.1m | $44.8m | $73.7m | $8.3m | |
| Finance Lease, Principal Payments | — | ($523k) | ($894k) | ($4.2m) | ($7.4m) | ($11.9m) | ($12.2m) | ($16.7m) | ($16.5m) | ($15.0m) | |
| Goodwill | — | — | — | — | — | $141.3m | $141.3m | $141.3m | $141.3m | $0 | |
| Increase (Decrease) in Accounts Receivable | $20.2m | ($19.1m) | $6.5m | $51.2m | $43.5m | $288.2m | ($262.2m) | ($77.6m) | ($32.4m) | $15.7m | |
| Increase (Decrease) in Inventories | $328.5m | $130.1m | $128.8m | $327.0m | $323.3m | $2.0b | ($1.4b) | ($48.1m) | $256.6m | $202.4m | |
| Increase (Decrease) in Other Operating Assets | ($143k) | $2.4m | $7.2m | — | — | — | — | — | — | — | |
| Increase (Decrease) in Other Operating Liabilities | ($77.4m) | ($82.2m) | ($89.7m) | ($109.8m) | ($65.2m) | ($200.5m) | ($110.4m) | ($85.7m) | ($107.0m) | ($75.3m) | |
| Inventory | ($328.5m) | ($130.1m) | ($128.8m) | ($327.0m) | ($323.3m) | ($2.0b) | $1.4b | $48.1m | ($256.6m) | ($202.4m) | |
| Issuances of non-recourse notes payable | $9.6b | $10.2b | $10.9b | $11.8b | $10.8b | $14.3b | $14.3b | $12.4b | $13.0b | $13.1b | |
| Nonoperating Income (Expense) | ($953k) | $1.4m | ($408k) | $5.7m | $8.3m | ($34.6m) | ($9.4m) | ($10.3m) | $11.6m | $7.1m | |
| Other | $4.2m | $1.3m | $2.8m | $3.5m | ($1.4m) | ($19.1m) | $4.8m | $9.3m | $20.8m | $9.3m | |
| Other assets | $143k | ($2.4m) | ($7.2m) | $4.3m | ($12.9m) | ($32.3m) | ($52.3m) | ($13.9m) | ($19.2m) | ($32.0m) | |
| Other current assets | ($2.8m) | ($34.6m) | $32.9m | ($19.8m) | ($50k) | ($80.8m) | $103.2m | $39.9m | $109.2m | ($7.8m) | |
| Payments on non-recourse notes payable | ($8.4b) | ($9.3b) | ($10.0b) | ($10.7b) | ($10.7b) | ($12.6b) | ($13.4b) | ($11.9b) | ($12.7b) | ($14.4b) | |
| Principal payments received on beneficial interests | — | — | — | — | — | — | — | $0 | $0 | $7.5m | |
| Proceeds from Sale, Loan, Held-for-Sale | — | — | — | — | — | — | — | $0 | $0 | $908.9m | |
| Provision for Loan, Lease, and Other Losses | $150.6m | $137.6m | $153.8m | $185.7m | $160.7m | $141.7m | $317.0m | $310.5m | $334.7m | $391.2m | |
| Provision for cancellation reserves | $64.1m | $62.7m | $63.9m | $89.3m | $72.2m | $114.9m | $98.1m | $80.3m | $97.7m | $75.8m | |
| Provision for loan losses | $150.6m | $137.6m | $153.8m | $185.7m | $160.7m | $141.7m | $317.0m | $310.5m | $334.7m | $391.2m | |
| Restricted cash included in other assets | $105.1m | $110.9m | $107.8m | $117.1m | $143.2m | $152.8m | $165.4m | $169.6m | $154.2m | $148.0m | |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | ($6.7m) | ($1.8m) | $5.0m | ($3.4m) | ($15.4m) | ($12.4m) | $20.3m | $39.1m | $39.7m | — | |
| Net Cash Provided by (Used in) Operating Activities | ($455.3m) | ($80.5m) | $163.0m | ($236.6m) | $667.8m | ($2.5b) | $1.3b | $458.6m | $624.4m | $1.8b | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $418.1m | $296.8m | $304.6m | $331.9m | $164.5m | $308.5m | $422.7m | $465.3m | $467.9m | $541.0m | |
| Payments to Acquire Businesses, Net of Cash Acquired | — | — | — | $0 | $0 | ($241.6m) | $0 | $0 | — | — | |
| Payments to Acquire Investments | — | $8.6m | $6.1m | $59.0m | $3.7m | $24.6m | $12.5m | $6.2m | $10.7m | $10.0m | |
| Purchases of investments | ($6.7m) | ($8.6m) | ($6.1m) | ($59.0m) | ($3.7m) | ($24.6m) | ($12.5m) | ($6.2m) | ($10.7m) | ($10.0m) | |
| Sales and returns of investments | $730k | $1.7m | $1.6m | $1.6m | $8.3m | $38.4m | $4.3m | $3.2m | $17.3m | $3.0m | |
| Net Cash Provided by (Used in) Investing Activities | — | ($301.9m) | ($308.5m) | ($389.4m) | ($128.2m) | ($523.7m) | ($425.8m) | ($467.0m) | ($461.0m) | ($540.0m) | |
| Cash flows from financing activities: | |||||||||||
| Cash paid for debt issuance costs | ($17.1m) | ($16.3m) | ($17.1m) | ($20.1m) | ($18.3m) | ($20.1m) | ($19.8m) | ($21.6m) | ($21.3m) | ($24.2m) | |
| Proceeds from issuances of long-term debt | $3.0b | $4.2b | $4.3b | $6.3b | $1.8b | $7.7b | $3.0b | $134.6m | $522.8m | $1.5b | |
| Payments on long-term debt | ($2.7b) | ($4.2b) | ($4.1b) | ($6.2b) | ($2.2b) | ($5.8b) | ($4.3b) | ($246.1m) | ($836.6m) | ($913.8m) | |
| Payments for Repurchase of Common Stock | $564.3m | $579.6m | $904.7m | $567.7m | $229.9m | $576.5m | $333.9m | $94.1m | $428.5m | $642.8m | |
| Repurchase and retirement of common stock | ($564.3m) | ($579.6m) | ($904.7m) | ($567.7m) | ($229.9m) | ($576.5m) | ($333.9m) | ($94.1m) | ($428.5m) | ($642.8m) | |
| Net Cash Provided by (Used in) Financing Activities | — | $413.4m | $186.0m | $687.0m | ($424.0m) | $3.1b | ($710.2m) | $307.8m | ($453.5m) | ($1.3b) | |
| (Decrease) increase in cash, cash equivalents, and restricted cash | $46.6m | $31.0m | $40.5m | $61.0m | $115.6m | $31.7m | $147.4m | $299.4m | ($290.1m) | ($97.5m) | |
| Cash and cash equivalents | $38.4m | $44.5m | $46.9m | $58.2m | $132.3m | $102.7m | $314.8m | $574.1m | $247.0m | $122.8m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $46.6m | $31.0m | $595.4m | $656.4m | $771.9m | $803.6m | $951.0m | $1.3b | $960.3m | $862.9m | |
| Cash, Cash Equivalents, and Short-term Investments | — | — | — | — | $46.9m | $0 | $229.5m | $484.3m | $126.9m | $8.1m | |
| Cash, cash equivalents, and restricted cash at beginning of year | $523.9m | $554.9m | $595.4m | $656.4m | $771.9m | $803.6m | $951.0m | $1.3b | $960.3m | $862.9m | |
| Restricted cash from collections on auto loans held for investment | $380.4m | $399.4m | $440.7m | $481.0m | $496.4m | $548.1m | $470.9m | $506.6m | $559.1m | $592.0m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | — | — | — | — | — | — | — | $104.9m | $106.5m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.