CarMax, Inc. (KMX) Balance Sheet
KMX balance sheet, FY2026
February 28, 2026 · U.S. dollars$26.37B assets = $20.48B liabilities + $5.89B equity
Both columns are drawn to the same scale: what KMX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KMX financial health
Current ratio2.20
Comfortable · current assets cover current liabilities 2.20×
Debt / equity3.02
High leverage · $3.02 of debt for each $1 of equity
Equity / assets22.3%
Balanced · of assets funded by shareholders
Cash / debt0.7%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
KMX balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $16.28BFY2017 | $26.37BFY2026 | +5.5%/yr | |
| Total liabilities | $13.17BFY2017 | $20.48BFY2026 | +5.0%/yr | |
| Shareholders’ equity | $3.11BFY2017 | $5.89BFY2026 | +7.4%/yr | |
| Cash & short-term investments | $38.4MFY2017 | $122.8MFY2026 | +13.8%/yr | |
| Total debt | $12.17BFY2017 | $17.78BFY2026 | +4.3%/yr | |
| Net cash (debt) | −$12.13BFY2017 | −$17.66BFY2026 | −$5.5B | |
| Working capital | $1.77BFY2017 | $2.90BFY2026 | +$1.1B | |
| Book value per share | $16.17FY2017 | $39.89FY2026 | +10.6%/yr | |
| Current ratio | 2.60FY2017 | 2.20FY2026 | −0.40 | |
| Debt / equity | 3.91FY2017 | 3.02FY2026 | −0.90 | |
| Shares outstanding | 192.2MFY2017 | 147.6MFY2026 | −2.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KMX assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
KMX liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
KMX debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KMX balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $122.8M | $247.0M | $574.1M | $314.8M | $102.7M | $132.3M | $58.2M | $46.9M | $44.5M | $38.4M |
| Cash & equivalents | $122.8M | $247.0M | $574.1M | $314.8M | $102.7M | $132.3M | $58.2M | $46.9M | $44.5M | $38.4M |
| Short-term investments | — | — | $17.13B | — | — | — | — | — | $399.4M | $380.4M |
| Receivables | $204.5M | $188.7M | $221.2M | $298.8M | $561.0M | $239.1M | $191.1M | $139.8M | $133.3M | $152.4M |
| Inventory | $4.14B | $3.93B | $3.68B | $3.73B | $5.12B | $3.16B | $2.85B | $2.52B | $2.39B | $2.26B |
| Other current assets | $846.1M | $707.3M | $753.2M | $701.7M | $761.0M | $588.2M | $568.0M | $507.8M | $492.9M | $422.3M |
| Total current assets | $5.31B | $5.08B | $5.23B | $5.04B | $6.55B | $4.12B | $3.66B | $3.21B | $3.06B | $2.87B |
| Property, plant & equipment (net) | $4.53B | $4.34B | $4.19B | $3.98B | $3.75B | $3.49B | $3.52B | $2.83B | $2.67B | $2.52B |
| Goodwill & intangible assets | $0 | $141.3M | $141.3M | $141.3M | $141.3M | $653,000 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $16.34B | $15.29B | $13.49B | $13.55B | $12.43B | $11.54B | $10.60B |
| Other non-current assets | $16.53B | $17.85B | $17.64B | $681.7M | $611.6M | $447.1M | $348.6M | $247.3M | $222.1M | $291.2M |
| Total assets | $26.37B | $27.40B | $27.20B | $26.18B | $26.34B | $21.54B | $21.08B | $18.72B | $17.49B | $16.28B |
| Liabilities | ||||||||||
| Accounts payable | $1.12B | $977.8M | $933.7M | $826.6M | $937.7M | $799.3M | $737.1M | $593.2M | $529.7M | $495.0M |
| Short-term debt | $57.3M | $617.7M | $854.6M | $632.8M | $576.5M | $493.0M | $464.4M | $398.3M | $375.5M | $343.3M |
| Deferred revenue | — | — | — | $80.7M | — | — | — | $3.8M | — | $1.4M |
| Total current liabilities | $2.41B | $2.20B | $2.31B | $1.94B | $2.05B | $1.70B | $1.53B | $1.31B | $1.17B | $1.11B |
| Long-term debt | $17.26B | $18.33B | $18.16B | $17.78B | $18.18B | $14.62B | $14.94B | $13.81B | $12.75B | $11.83B |
| Lease obligations | $522.0M | $541.3M | $553.4M | $577.1M | $567.5M | $454.6M | $471.7M | $527.4M | $500.4M | $496.1M |
| Other long-term liabilities | $803.7M | $636.7M | $652.4M | $856.2M | $880.3M | $858.5M | $834.5M | $243.0M | $242.6M | $238.6M |
| Total liabilities | $20.48B | $21.16B | $21.12B | $20.57B | $21.10B | $17.18B | $17.31B | $15.36B | $14.17B | $13.17B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $70.9M | $76.7M | $78.8M | $79.0M | $80.5M | $81.6M | $81.5M | $83.7M | $1.32B | $1.28B |
| Retained earnings (deficit) | $4.04B | $4.27B | $4.13B | $3.72B | $3.52B | $2.89B | $2.49B | $2.10B | $2.05B | $1.88B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$34.1M | $3.1M | $59.3M | $97.9M | −$46.4M | −$118.7M | −$150.1M | −$68.0M | −$54.3M | −$56.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $5.89B | $6.24B | $6.07B | $5.61B | $5.24B | $4.36B | $3.77B | $3.36B | $3.32B | $3.11B |
| Key figures | ||||||||||
| Total debt | $17.78B | $19.43B | $19.31B | $18.93B | $19.27B | $15.53B | $15.85B | $14.20B | $13.12B | $12.17B |
| Net cash (debt) | −$17.66B | −$19.18B | −$18.74B | −$18.62B | −$19.17B | −$15.39B | −$15.79B | −$14.16B | −$13.07B | −$12.13B |
| Working capital | $2.90B | $2.88B | $2.91B | $3.10B | $4.50B | $2.42B | $2.13B | $1.90B | $1.89B | $1.77B |
| Tangible book value | $5.89B | $6.10B | $5.93B | $5.47B | $5.09B | $4.36B | $3.77B | $3.36B | $3.32B | $3.11B |
| Book value per share | $39.89 | $40.00 | $38.27 | $35.13 | $31.70 | $26.43 | $22.59 | $19.09 | $17.98 | $16.17 |
| Shares outstanding | 147.6M | 156.1M | 158.7M | 159.8M | 165.2M | 165.1M | 166.8M | 175.9M | 184.5M | 192.2M |
| Current ratio | 2.20 | 2.31 | 2.26 | 2.60 | 3.20 | 2.42 | 2.39 | 2.45 | 2.61 | 2.60 |
| Quick ratio | 0.14 | 0.20 | 0.34 | 0.32 | 0.32 | 0.22 | 0.16 | 0.14 | 0.15 | 0.17 |
| Debt / equity | 3.02 | 3.11 | 3.18 | 3.37 | 3.68 | 3.56 | 4.21 | 4.23 | 3.96 | 3.91 |
| Equity / assets | 22.3% | 22.8% | 22.3% | 21.4% | 19.9% | 20.3% | 17.9% | 17.9% | 19.0% | 19.1% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $170.5M | $132.2M | $122.8M | $204.9M | $540.4M | $262.8M | $247.0M | $271.9M | $524.7M | $218.9M | $574.1M | $605.4M |
| Cash & equivalents | $170.5M | $132.2M | $122.8M | $204.9M | $540.4M | $262.8M | $247.0M | $271.9M | $524.7M | $218.9M | $574.1M | $605.4M |
| Receivables | $224.6M | $263.9M | $204.5M | $151.1M | $173.6M | $200.3M | $188.7M | $213.6M | $228.1M | $212.4M | $221.2M | $212.4M |
| Inventory | $3.85B | $4.06B | $4.14B | $3.13B | $3.15B | $3.62B | $3.93B | $3.67B | $3.40B | $3.77B | $3.68B | $3.64B |
| Other current assets | $858.4M | $1.38B | $846.1M | $714.2M | $1.68B | $1.37B | $707.3M | $668.0M | $708.5M | $766.1M | $753.2M | $653.2M |
| Total current assets | $5.11B | $5.83B | $5.31B | $4.20B | $5.54B | $5.45B | $5.08B | $4.82B | $4.86B | $4.97B | $5.23B | $5.11B |
| Property, plant & equipment (net) | $4.08B | $4.08B | $4.53B | $4.50B | $4.45B | $4.39B | $4.34B | $4.30B | $4.26B | $4.24B | $4.19B | $4.16B |
| Goodwill & intangible assets | $0 | $100.0M | $0 | $141.3M | $141.3M | $141.3M | $141.3M | $141.3M | $141.3M | $141.3M | $141.3M | $141.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $16.88B | $16.61B | $16.53B | $16.72B | $16.95B | $17.40B | $17.85B | $18.03B | $18.04B | $17.89B | $17.64B | $17.76B |
| Total assets | $26.07B | $26.63B | $26.37B | $25.56B | $27.08B | $27.39B | $27.40B | $27.30B | $27.30B | $27.24B | $27.20B | $27.17B |
| Liabilities | ||||||||||||
| Accounts payable | $989.5M | $1.06B | $1.12B | $887.5M | $913.4M | $980.5M | $977.8M | $985.9M | $1.01B | $911.3M | $933.7M | $762.6M |
| Short-term debt | $646.4M | $628.3M | $819.3M | $796.6M | $872.4M | $808.4M | $617.7M | $585.0M | $629.8M | $593.5M | $799.3M | $815.7M |
| Deferred revenue | — | — | — | — | — | — | — | — | $23.6M | $24.8M | — | $10.6M |
| Total current liabilities | $2.19B | $2.16B | $2.41B | $2.11B | $2.25B | $2.28B | $2.20B | $2.10B | $2.16B | $1.99B | $2.31B | $2.08B |
| Long-term debt | $0 | $17.56B | $17.26B | $16.59B | $18.00B | $18.19B | $18.33B | $18.34B | $18.11B | $18.22B | $17.96B | $18.16B |
| Lease obligations | — | $510.3M | $522.0M | $519.6M | $521.8M | $529.2M | $541.3M | $541.7M | $531.1M | $542.2M | $553.4M | $565.6M |
| Other long-term liabilities | $17.57B | $790.3M | $803.7M | $804.8M | $627.6M | $630.3M | $636.7M | $648.6M | $855.2M | $872.0M | $851.1M | $882.0M |
| Total liabilities | $19.76B | $20.51B | $20.48B | $19.50B | $20.88B | $21.10B | $21.16B | $21.09B | $21.12B | $21.08B | $21.12B | $21.13B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $71.0M | $71.0M | $70.9M | $71.5M | $73.8M | $75.3M | $76.7M | $77.0M | $77.7M | $78.2M | $78.8M | $79.0M |
| Retained earnings (deficit) | $4.39B | $4.23B | $4.04B | $4.20B | $4.27B | $4.32B | $4.27B | $4.27B | $4.24B | $4.19B | $4.13B | $4.12B |
| Accumulated other comprehensive income | −$5.7M | −$13.9M | −$34.1M | −$27.3M | −$21.3M | −$8.2M | $3.1M | $14.8M | $9.1M | $61.7M | $59.3M | $60.7M |
| Total shareholders' equity | $6.30B | $6.12B | $5.89B | $6.06B | $6.20B | $6.29B | $6.24B | $6.21B | $6.18B | $6.17B | $6.07B | $6.04B |
| Key figures | ||||||||||||
| Total debt | $17.87B | $18.64B | $18.54B | $17.85B | $19.14B | $19.29B | $19.43B | $19.22B | $19.21B | $19.30B | $19.31B | $19.49B |
| Net cash (debt) | −$17.70B | −$18.51B | −$18.42B | −$17.64B | −$18.60B | −$19.02B | −$19.18B | −$18.94B | −$18.68B | −$19.08B | −$18.74B | −$18.88B |
| Working capital | $2.91B | $3.68B | $2.90B | $2.09B | $3.29B | $3.18B | $2.88B | $2.72B | $2.70B | $2.98B | $2.91B | $3.03B |
| Tangible book value | $6.30B | $6.02B | $5.89B | $5.92B | $6.06B | $6.15B | $6.10B | $6.07B | $6.04B | $6.03B | $5.93B | $5.90B |
| Book value per share | $44.26 | $43.04 | $39.89 | $40.60 | $41.03 | $41.20 | $40.11 | $40.00 | $39.48 | $39.10 | $38.39 | $38.06 |
| Shares outstanding | 142.4M | 142.1M | 147.6M | 149.4M | 151.1M | 152.6M | 155.7M | 155.3M | 156.5M | 157.7M | 158.2M | 158.8M |
| Current ratio | 2.33 | 2.70 | 2.20 | 1.99 | 2.46 | 2.39 | 2.31 | 2.30 | 2.25 | 2.50 | 2.26 | 2.45 |
| Quick ratio | 0.18 | 0.18 | 0.14 | 0.17 | 0.32 | 0.20 | 0.20 | 0.23 | 0.35 | 0.22 | 0.34 | 0.39 |
| Debt / equity | 2.83 | 3.05 | 3.15 | 2.94 | 3.09 | 3.07 | 3.11 | 3.09 | 3.11 | 3.13 | 3.18 | 3.22 |
| Equity / assets | 24.2% | 23.0% | 22.3% | 23.7% | 22.9% | 23.0% | 22.8% | 22.8% | 22.6% | 22.6% | 22.3% | 22.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 15, 2026); data from EODHD.
KMX financial position
At the end of fiscal 2026 (February 28, 2026), CarMax had total assets of $26.4 billion (down 3.8% from a year earlier), total liabilities of $20.5 billion and shareholders' equity of $5.9 billion. It held $122.8 million in cash and short-term investments against $17.8 billion of debt, net debt of $17.7 billion. Its current ratio was 2.20. In the latest quarter (ended August 31, 2026) total assets were $26.1 billion and equity $6.3 billion.
Related: KMX income statement, KMX cash flow statement, KMX key metrics. See the KMX stock overview for the latest quote and news.
KMX balance sheet FAQ
What are CarMax's total assets?
CarMax reported total assets of $26.4 billion at the end of fiscal 2026 (February 28, 2026), compared with $27.4 billion a year earlier.
How much debt does CarMax have?
CarMax had $17.8 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 3.02.
How much cash does CarMax have?
CarMax held $122.8 million in cash and short-term investments at the end of fiscal 2026; with $17.8 billion of debt that is net debt of $17.7 billion.
What is CarMax's book value?
CarMax's shareholders' equity (book value) was $5.9 billion at the end of fiscal 2026, or $39.89 per share.
What is CarMax's current ratio?
CarMax had current assets of $5.3 billion and current liabilities of $2.4 billion, a current ratio of 2.20 (it can cover its short-term obligations).