CARMAX INC, 10-K filed on 4/15/2026
Annual Report
v3.26.1
Document And Entity Information - USD ($)
 12 Months Ended
Feb. 28, 2026
Apr. 13, 2026
Aug. 31, 2025
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Feb. 28, 2026    
Document Transition Report false    
Entity File Number 001-31420    
Entity Registrant Name CARMAX, INC.    
Entity Central Index Key 0001170010    
Current Fiscal Year End Date --02-28    
Document Fiscal Year Focus 2026    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 54-1821055    
Entity Address, Address Line One 12800 Tuckahoe Creek Parkway    
Entity Address, City or Town Richmond,    
Entity Address, State or Province VA    
Entity Address, Postal Zip Code 23238    
City Area Code 804    
Local Phone Number 747-0422    
Title of 12(b) Security Common Stock    
Trading Symbol KMX    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
ICFR Auditor Attestation Flag true    
Entity Public Float     $ 9,059,759,286
Entity Common Stock, Shares Outstanding   141,820,715  
Auditor Name KPMG LLP    
Auditor Location Richmond, VA    
Auditor Firm ID 185    
Document Financial Statement Error Correction [Flag] false    
v3.26.1
Consolidated Statements Of Earnings - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES $ 25,881,131 $ 26,353,420 $ 26,536,040
TOTAL COST OF SALES 23,074,538 23,455,519 23,822,831
GROSS PROFIT  2,806,593 2,897,901 2,713,209
CARMAX AUTO FINANCE INCOME  562,721 581,749 568,271
Selling, General and Administrative Expense 2,453,412 2,435,404 2,286,378
Depreciation, Depletion and Amortization, Nonproduction 273,750 255,321 239,028
Interest expense 110,394 107,941 124,750
Goodwill, Impairment Loss 141,258 0 0
Nonoperating Income (Expense) 7,067 11,624 (10,271)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 383,433 669,360 641,595
Income tax provision 136,143 168,804 162,391
Net earnings $ 247,290 $ 500,556 $ 479,204
Basic (in shares) 147,258 155,330 158,216
Diluted (in shares) 147,613 156,061 158,707
Basic (in dollars per share) $ 1.68 $ 3.22 $ 3.03
Diluted (in dollars per share) $ 1.68 $ 3.21 $ 3.02
Used vehicle sales      
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES $ 20,702,358 $ 21,079,654 $ 20,922,279
TOTAL COST OF SALES 18,943,402 19,256,483 19,170,320
Wholesale vehicle sales      
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES 4,504,564 4,587,457 4,975,802
TOTAL COST OF SALES 3,980,504 4,029,876 4,419,044
Other sales and revenues      
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES 674,209 686,309 637,959
TOTAL COST OF SALES $ 150,632 $ 169,160 $ 233,467
NET SALES AND OPERATING REVENUES      
Percentage of Sales      
Item as a percent of net sales and operating revenues 100.00% 100.00% 100.00%
TOTAL COST OF SALES      
Percentage of Sales      
Item as a percent of net sales and operating revenues 89.20% 89.00% 89.80%
GROSS PROFIT       
Percentage of Sales      
Item as a percent of net sales and operating revenues 10.80% 11.00% 10.20%
CARMAX AUTO FINANCE INCOME       
Percentage of Sales      
Item as a percent of net sales and operating revenues 2.20% 2.20% 2.10%
Selling, general and administrative expenses      
Percentage of Sales      
Item as a percent of net sales and operating revenues 9.50% 9.20% 8.60%
Depreciation and Amortization      
Percentage of Sales      
Item as a percent of net sales and operating revenues 1.10% 1.00% 0.90%
Interest expense      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.40% 0.40% 0.50%
Other (income) expense      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.00% 0.00% 0.00%
Earnings before income taxes      
Percentage of Sales      
Item as a percent of net sales and operating revenues 1.50% 2.50% 2.40%
Income tax provision      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.50% 0.60% 0.60%
NET EARNINGS       
Percentage of Sales      
Item as a percent of net sales and operating revenues 1.00% 1.90% 1.80%
Goodwill impairment      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.50% 0.00% 0.00%
NET SALES AND OPERATING REVENUES | Used vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 80.00% 80.00% 78.80%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 17.40% 17.40% 18.80%
NET SALES AND OPERATING REVENUES | Other sales and revenues      
Percentage of Sales      
Item as a percent of net sales and operating revenues 2.60% 2.60% 2.40%
TOTAL COST OF SALES | Used vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 73.20% 73.10% 72.20%
TOTAL COST OF SALES | Wholesale vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 15.40% 15.30% 16.70%
TOTAL COST OF SALES | Other sales and revenues      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.60% 0.60% 0.90%
v3.26.1
Consolidated Statements Of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Statement of Comprehensive Income [Abstract]      
NET EARNINGS $ 247,290 $ 500,556 $ 479,204
Other comprehensive loss, net of taxes:      
Net change in retirement benefit plan unrecognized actuarial losses (2,516) 1,108 7,474
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax (34,743) (57,307) (46,064)
Other comprehensive loss, net of taxes (37,206) (56,199) (38,590)
TOTAL COMPREHENSIVE INCOME 210,084 444,357 440,614
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent $ 53 $ 0 $ 0
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 122,826 $ 246,960
Restricted cash from collections on auto loans held for investment 592,033 559,118
Accounts receivable, net 204,453 188,733
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance 100,491 0
Inventory 4,137,005 3,934,622
Other current assets 153,594 148,203
TOTAL CURRENT ASSETS  5,310,402 5,077,636
Auto loans held for investment, net of allowance for loan losses of $453,027 and $458,730 as of February 28, 2026 and February 28, 2025, respectively 15,952,291 17,242,789
Property and equipment, net 4,070,293 3,841,833
Deferred income taxes 78,479 140,332
Operating lease assets 459,514 493,355
Goodwill 0 141,258
Other assets 496,924 467,003
TOTAL ASSETS  26,367,903 27,404,206
CURRENT LIABILITIES:    
Accounts payable 1,117,976 977,845
Accrued expenses and other current liabilities 475,495 529,926
Accrued income taxes 2,019 87,526
Current portion of operating lease liabilities 57,341 59,335
Current portion of long-term debt 217,323 16,821
Current portion of non-recourse notes payable 544,651 526,518
TOTAL CURRENT LIABILITIES  2,414,805 2,197,971
Long-term debt, excluding current portion 2,006,217 1,570,296
Non-recourse notes payable, excluding current portion 15,254,330 16,567,044
Operating lease liabilities, excluding current portion 464,696 481,963
Other liabilities 338,999 343,944
TOTAL LIABILITIES  20,479,047 21,161,218
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:    
Common stock, $0.50 par value; 350,000,000 shares authorized; 141,799,070 and 153,319,678 shares issued and outstanding as of February 28, 2026 and February 28, 2025, respectively 70,900 76,660
Capital in excess of par value 1,810,223 1,891,012
Accumulated other comprehensive (loss) income (34,126) 3,080
Retained earnings 4,041,859 4,272,236
TOTAL SHAREHOLDERS’ EQUITY  5,888,856 6,242,988
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $ 26,367,903 $ 27,404,206
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Statement of Financial Position [Abstract]    
Common Stock, Par or Stated Value Per Share $ 0.50 $ 0.50
Common stock, shares authorized 350,000,000 350,000,000
Common stock, shares issued 141,799,070 153,319,678
Common Stock, Shares, Outstanding 141,799,070 153,319,678
Financing Receivable, Allowance for Credit Loss $ 453,027 $ 458,730
v3.26.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
OPERATING ACTIVITIES:      
Net earnings $ 247,290 $ 500,556 $ 479,204
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 345,962 294,801 260,414
Share-based compensation expense 99,018 134,709 119,720
Provision for loan losses 391,200 334,667 310,516
Provision for cancellation reserves 75,827 97,701 80,311
Deferred income tax provision (benefit) 73,800 (23,724) (4,800)
Proceeds from Sale, Loan, Held-for-Sale 908,927 0 0
Goodwill, Impairment Loss 141,258 0 0
Other 9,345 20,781 9,252
Net (increase) decrease in:      
Accounts receivable, net (15,720) 32,420 77,630
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, Reconciliation to Cash Flow, Period Increase (Decrease) (100,491) 0 0
Inventory (202,383) (256,552) 48,072
Other current assets (7,813) 109,162 39,939
Auto loans held for investment, net (31,308) (565,612) (980,569)
Other assets (31,958) (19,230) (13,902)
NET CASH PROVIDED BY OPERATING ACTIVITIES      
Accounts payable, accrued expenses and other current liabilities and accrued income taxes (43,784) 71,714 118,511
Accounts payable, accrued expenses and other (75,323) (106,954) (85,681)
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation 1,783,847 624,439 458,617
Capital expenditures      
Proceeds from disposal of property and equipment (540,989) (467,939) (465,307)
Proceeds from Sale of Property, Plant, and Equipment 418 333 1,351
Purchases of investments (10,007) (10,738) (6,193)
Sales and returns of investments 2,994 17,342 3,151
Principal payments received on beneficial interests 7,539 0 0
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation (540,045) (461,002) (466,998)
FINANCING ACTIVITIES:      
Proceeds from issuances of long-term debt 1,538,400 522,800 134,600
Payments on long-term debt (913,804) (836,622) (246,067)
Cash paid for debt issuance costs (24,227) (21,253) (21,633)
Finance Lease, Principal Payments (15,044) (16,536) (16,674)
Issuances of non-recourse notes payable 13,060,375 12,968,491 12,380,050
Payments on non-recourse notes payable (14,352,524) (12,715,705) (11,873,169)
Repurchase and retirement of common stock (642,786) (428,453) (94,086)
Equity issuances 8,348 73,741 44,766
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation (1,341,262) (453,537) 307,787
(Decrease) increase in cash, cash equivalents, and restricted cash (97,460) (290,100) 299,406
Cash, cash equivalents, and restricted cash at beginning of year 960,310 1,250,410 951,004
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR 862,850 960,310 1,250,410
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS      
Cash and cash equivalents 122,826 246,960 574,142
Restricted cash from collections on auto loans held for investment 592,033 559,118 506,648
Restricted cash included in other assets 147,991 154,232 169,620
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 862,850 $ 960,310 $ 1,250,410
v3.26.1
Consolidated Statements Of Shareholders’ Equity - USD ($)
$ in Thousands
Total
Common Stock
Capital In Excess Of Par Value
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
BALANCE at Feb. 28, 2023 $ 5,613,077 $ 79,040 $ 1,713,074 $ 3,723,094 $ 97,869
BALANCE, SHARES at Feb. 28, 2023   158,079,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 479,204     479,204  
Other comprehensive (loss) income (38,590)       (38,590)
Share-based compensation expense 70,956   70,956    
Repurchases of common stock (91,407) $ (667) (15,351) (75,389)  
Repurchase of common stock, shares   (1,334,000)      
Exercise of common stock options 44,766 $ 376 44,390    
Exercise of common stock options, shares   752,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture (4,266) $ 57 (4,323)    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   115,000      
BALANCE at Feb. 29, 2024 6,073,740 $ 78,806 1,808,746 4,126,909 59,279
BALANCE, SHARES at Feb. 29, 2024   157,612,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 500,556     500,556  
Other comprehensive (loss) income (56,199)       (56,199)
Share-based compensation expense 79,585   79,585    
Repurchases of common stock (426,611) $ (2,753) (68,629) (355,229)  
Repurchase of common stock, shares   (5,506,000)      
Exercise of common stock options 73,741 $ 577 73,164    
Exercise of common stock options, shares   1,154,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture (1,824) $ 30 (1,854)    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   60,000      
BALANCE at Feb. 28, 2025 $ 6,242,988 $ 76,660 1,891,012 4,272,236 3,080
BALANCE, SHARES at Feb. 28, 2025 153,319,678 153,320,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings $ 247,290     247,290  
Other comprehensive (loss) income (37,206)       (37,206)
Share-based compensation expense 68,652   68,652    
Repurchases of common stock (638,106) $ (5,876) (154,563) (477,667)  
Repurchase of common stock, shares   (11,753,000)      
Exercise of common stock options 8,348 $ 66 8,282    
Exercise of common stock options, shares   132,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture (3,110) $ 50 (3,160)    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   100,000      
BALANCE at Feb. 28, 2026 $ 5,888,856 $ 70,900 $ 1,810,223 $ 4,041,859 $ (34,126)
BALANCE, SHARES at Feb. 28, 2026 141,799,070 141,799,000      
v3.26.1
Supplemental Cash Flow Information Supplemental Cash Flow (Notes)
 12 Months Ended
Feb. 28, 2026
Supplemental Cash Flow Elements [Abstract]  
Cash Flow, Supplemental Disclosures [Text Block] SUPPLEMENTAL CASH FLOW INFORMATION
Supplemental disclosures of cash flow information:
Years Ended February 28 or 29
(In thousands)202620252024
Cash paid for interest$106,452 $104,934 $123,545 
Cash paid for income taxes:
US federal (1)
$142,642 $60,081 $139,168 
US state and local:
California9,836 4,631 10,978 
Other19,350 4,887 14,466 
Total US state and local29,186 9,518 25,444 
Cash paid for income taxes$171,828 $69,599 $164,612 
(1) Amounts for fiscal 2026 and fiscal 2025 include costs incurred to purchase federal tax credits.
Non-cash investing and financing activities:
Increase (decrease) in accrued capital expenditures$8,040 $13,486 $(17,535)
Increase (decrease) in financing obligations$11,273 $(16,157)$4,527 
Auto loans sold in exchange for beneficial interests $48,556 $— — 
See Note 16 for supplemental cash flow information related to leases.
v3.26.1
Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)
 12 Months Ended
Feb. 28, 2026
Supplemental Cash Flow Elements [Abstract]  
Cash Flow, Supplemental Disclosures [Text Block] SUPPLEMENTAL CASH FLOW INFORMATION
Supplemental disclosures of cash flow information:
Years Ended February 28 or 29
(In thousands)202620252024
Cash paid for interest$106,452 $104,934 $123,545 
Cash paid for income taxes:
US federal (1)
$142,642 $60,081 $139,168 
US state and local:
California9,836 4,631 10,978 
Other19,350 4,887 14,466 
Total US state and local29,186 9,518 25,444 
Cash paid for income taxes$171,828 $69,599 $164,612 
(1) Amounts for fiscal 2026 and fiscal 2025 include costs incurred to purchase federal tax credits.
Non-cash investing and financing activities:
Increase (decrease) in accrued capital expenditures$8,040 $13,486 $(17,535)
Increase (decrease) in financing obligations$11,273 $(16,157)$4,527 
Auto loans sold in exchange for beneficial interests $48,556 $— — 
See Note 16 for supplemental cash flow information related to leases.
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
Years Ended February 28 or 29
(In thousands)202620252024
Cash paid for interest$106,452 $104,934 $123,545 
Cash paid for income taxes:
US federal (1)
$142,642 $60,081 $139,168 
US state and local:
California9,836 4,631 10,978 
Other19,350 4,887 14,466 
Total US state and local29,186 9,518 25,444 
Cash paid for income taxes$171,828 $69,599 $164,612 
(1) Amounts for fiscal 2026 and fiscal 2025 include costs incurred to purchase federal tax credits.
Non-cash investing and financing activities:
Increase (decrease) in accrued capital expenditures$8,040 $13,486 $(17,535)
Increase (decrease) in financing obligations$11,273 $(16,157)$4,527 
Auto loans sold in exchange for beneficial interests $48,556 $— — 
v3.26.1
Supplemental Cash Flow Information Supplemental Cash Flow (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Supplemental Cash Flow Elements [Abstract]      
Cash paid for income taxes $ 171,828 $ 69,599 $ 164,612
(Decrease) increase in accrued capital expenditures 8,040 13,486 (17,535)
Increase (derease) in financing obligations 11,273 (16,157) 4,527
Interest Paid, Excluding Capitalized Interest, Operating Activity 106,452 104,934 123,545
Income Tax Paid, Federal, after Refund Received 142,642 60,081 139,168
Income Tax Paid, State and Local, after Refund Received 29,186 9,518 25,444
Auto loans sold in exchange for beneficial interests 48,556 0 0
CALIFORNIA      
Supplemental Cash Flow Elements [Abstract]      
Income Tax Paid, State and Local, after Refund Received 9,836 4,631 10,978
State and Local Tax Jurisdiction, Other      
Supplemental Cash Flow Elements [Abstract]      
Income Tax Paid, State and Local, after Refund Received $ 19,350 $ 4,887 $ 14,466
v3.26.1
Summary Of Significant Accounting Policies
 12 Months Ended
Feb. 28, 2026
Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(A)Business and Background
CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest retailer of used vehicles. We operate in two reportable segments:  CarMax Sales Operations and CarMax Auto Finance (“CAF”).  Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF.  Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax.
The company operates in two operating segments, CarMax Sales Operations and CAF, both of which are reportable segments. The chief executive officer, who serves as the company’s chief operating decision maker (“CODM”), reviews the performance of our CarMax Sales Operations segment at the gross profit level, the components of which are presented within the consolidated statements of earnings. The CODM uses gross profit to assess financial performance, monitor forecasted versus actual results and adjust pricing strategy. The required segment information related to our CAF segment is presented in Note 3. Additionally, asset information by segment is not utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented.
We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process.  Our omni-channel experience provides a common platform across all of CarMax that leverages our scale, nationwide footprint and infrastructure and empowers our customers to buy a vehicle on their terms, whether online, in-store or through a seamless combination of both. Our associates, stores, technology and digital capabilities seamlessly tied together enable us to provide the most customer-centric car buying and selling experience, a key differentiator in a large and fragmented market. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers and dealers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); advertising and subscription services; and vehicle repair service.  Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through wholesale auctions.
(B)Basis of Presentation and Use of Estimates
The consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.  The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities.  Actual results could differ from those estimates.  Certain prior year amounts have been reclassified to conform to the current year’s presentation.  Amounts and percentages may not total due to rounding.
(C)Cash and Cash Equivalents
Cash equivalents consisting of highly liquid investments with original maturities of three months or less were $8.1 million as of February 28, 2026 and $126.9 million as of February 28, 2025.
(D)Restricted Cash from Collections on Auto Loans Held for Investment
Cash equivalents, totaling $592.0 million as of February 28, 2026 and $559.1 million as of February 28, 2025, consisted of collections of principal, interest and fee payments on auto loans held for investment that are restricted for payment to holders of non-recourse notes payable pursuant to the applicable agreements.
(E)Accounts Receivable, Net
Accounts receivable, net of an allowance for doubtful accounts, includes certain amounts due from third-party finance providers and customers, and other miscellaneous receivables.  The allowance for doubtful accounts is estimated based on historical experience and trends.
(F)Inventory
Inventory is primarily comprised of vehicles held for sale or currently undergoing reconditioning and is stated at the lower of cost or net realizable value (“NRV”).  Vehicle inventory cost is determined by specific identification.  Parts, labor and overhead costs associated with reconditioning vehicles, as well as transportation and other incremental expenses associated with acquiring and reconditioning vehicles, are included in inventory.
(G)Financing and Securitization Transactions
We maintain a funding program composed of three warehouse facilities (“warehouse facilities”) that we use to fund auto loans originated by CAF. We typically elect to fund these loans through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement, at a later date.  We sell the auto loans to one of three wholly owned, bankruptcy-remote, special purpose entities that transfer an undivided percentage ownership interest in the loans, but not the loans themselves, to entities formed by third-party investors.  These entities issue asset-backed commercial paper or utilize other funding sources supported by the transferred loans, and the proceeds are used to finance the related loans.
We typically use term securitizations to provide long-term funding for most of the auto loans initially funded through the warehouse facilities.  In these transactions, a pool of auto loans is sold to a bankruptcy-remote, special purpose entity that, in turn, transfers the loans to a special purpose securitization trust.  The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred loans, and the proceeds from the sale of the asset-backed securities are used to finance the securitized loans.
The securitization trusts established to fund auto loans originated by CAF are considered variable interest entities (“VIEs”).  In our capacity as servicer, we have the power to direct the activities of the trusts that most significantly impact the economic performance of the trusts.  In addition, we have the obligation to absorb losses (subject to limitations) and the rights to receive residual returns of many of the trusts, which could be significant.  Accordingly, we are the primary beneficiary of those trusts and are required to consolidate them.
We recognize transfers of auto loans into the warehouse facilities and asset-backed term funding transactions, including term securitizations for which we are the primary beneficiary (together, “non-recourse funding vehicles”), as secured borrowings, which result in recording the auto loans as auto loans held for investment and the related non-recourse notes payable on our consolidated balance sheets.
The receivables associated with these loans can only be used as collateral to settle obligations of the related non-recourse funding vehicles.  The non-recourse funding vehicles and investors have no recourse to our assets beyond the related loans, the amounts on deposit in reserve accounts and the restricted cash from collections on auto loans held for investment.  We have not provided financial or other support to the non-recourse funding vehicles that was not previously contractually required, and there are no additional arrangements, guarantees or other commitments that could require us to provide financial support to the non-recourse funding vehicles.
See Notes 4 and 12 for additional information on auto loans held for investment and non-recourse notes payable. 
For certain term securitization transactions, our retained interests are such that we do not have exposure to losses or benefits that could be significant. Accordingly, we are not the primary beneficiary of these trusts and are not required to consolidate them. Our maximum exposure to loss related to unconsolidated VIEs is equivalent to the carrying value of our beneficial interests and represents the estimated loss we would incur under severe, hypothetical circumstances, such as if the value of the interests in the securitization trusts and any associated collateral declined to zero. We believe the possibility of this is remote. See Note 6 for additional information on beneficial interests on non-consolidated securitizations.
(H)Auto Loans Held for Investment, Net
Auto loans held for investment include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for loan losses. The allowance for loan losses represents the net credit losses expected over the remaining contractual life of our auto loans held for investment. See Note 4 for additional information on our significant accounting policies related to auto loans held for investment and the allowance for loan losses.
(I)Auto Loans Held for Sale
Auto loans held for sale include amounts due from customers related to retail vehicle sales financed through CAF where we have both the intent and ability to sell the loans in an off-balance sheet transaction. These loans are assessed on an aggregate basis to determine the lower of amortized cost or fair value. The fair value of auto loans held for sale is determined using a discounted cash flow model that utilizes assumptions based on historical transactions for characteristically similar loan pools. If the amortized cost exceeds the fair value, a valuation allowance is recorded. No valuation allowance was recorded as of February 28, 2026. See Note 6 for discussion of fair values of financial instruments.
(J)Property and Equipment
Property and equipment is stated at cost less accumulated depreciation and amortization.  Depreciation and amortization are calculated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if
applicable.  Costs incurred during new store construction are capitalized as construction-in-progress and reclassified to the appropriate fixed asset categories when the store is completed.
Estimated Useful Lives
 Life
Buildings25 years
Leasehold improvements10 – 15 years
Furniture, fixtures and equipment3 – 15 years
Software 5 years
We review long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.  We recognize impairment when the sum of undiscounted estimated future cash flows expected to result from the use of the asset is less than the carrying value of the asset.  See Note 7 for additional information on property and equipment.
(K)Other Assets
Restricted Cash on Deposit in Reserve Accounts.  The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable, and these funds are not expected to be available to the company or its creditors.  In the event that the cash generated by the related receivables in a given period was insufficient to pay the interest, principal and other required payments, the balances on deposit in the reserve accounts would be used to pay those amounts.  Restricted cash on deposit in reserve accounts is invested in money market securities or bank deposit accounts and was $93.1 million as of February 28, 2026 and $99.9 million as of February 28, 2025.
Other Investments.  Other investments includes restricted money market securities primarily held to satisfy certain insurance program requirements, investments held in a rabbi trust established to fund informally our executive deferred compensation plan and investments in equity securities.  Money market securities and mutual funds are reported at fair value, and investments in equity securities are reported at cost less any impairment and adjusted for any observable changes in price. Gains and losses on these securities are reflected as a component of other income. Other investments totaled $137.0 million as of February 28, 2026 and $131.0 million as of February 28, 2025.
Beneficial Interests in Non-Consolidated Securitizations. Beneficial interests in non-consolidated securitizations represent our 5% retained interest in the rated notes and residual certificate from securitization transactions where we are not the primary beneficiary. Beneficial interests in non-consolidated securitizations are recorded at fair value. See Note 6 for additional information on fair values of beneficial interests.
(L)Financing Obligations
We generally account for sale-leaseback transactions as financing obligations.  Accordingly, we record certain of the assets subject to these transactions on our consolidated balance sheets in property and equipment and the related sales proceeds as financing obligations in long-term debt.  Depreciation is recognized on the assets over their estimated useful lives, generally 25 years.  A portion of the periodic lease payments is recognized as interest expense and the remainder reduces the obligation.  In the event the sale-leasebacks are modified or extended beyond their original term, the related obligation is increased based on the present value of the revised future minimum lease payments on the date of the modification, with a corresponding increase to the net carrying amount of the assets subject to these transactions.  See Note 12 for additional information on financing obligations.
(M)Accrued Expenses
As of February 28, 2026 and February 28, 2025, accrued expenses and other current liabilities included accrued compensation and benefits of $203.3 million and $257.3 million, respectively; loss reserves for general liability and workers’ compensation insurance of $60.0 million and $55.4 million, respectively; our vehicle return reserves of $41.2 million and $36.5 million, respectively; and the current portion of cancellation reserves. See Note 9 for additional information on cancellation reserves.
(N)Defined Benefit Plan Obligations
The recognized funded status of defined benefit retirement plan obligations is included both in accrued expenses and other current liabilities and in other liabilities.  The current portion represents benefits expected to be paid from our benefit restoration plan over the next 12 months.  The defined benefit retirement plan obligations are determined using a number of
actuarial assumptions.  Key assumptions used in measuring the plan obligations include the discount rate, rate of return on plan assets and mortality rate.  See Note 11 for additional information on our benefit plans.
(O)Insurance Liabilities
Insurance liabilities are included in accrued expenses and other current liabilities.  We use a combination of insurance and self-insurance for a number of risks including workers’ compensation, general liability and employee-related health care costs, a portion of which is paid by associates.  Estimated insurance liabilities are determined by considering historical claims experience, demographic factors and other actuarial assumptions.
(P)Revenue Recognition
Our revenue consists primarily of used and wholesale vehicle sales, as well as sales from EPP products, advertising and subscription revenues earned by our Edmunds business and vehicle repair service revenues. See Note 2 for additional information on our significant accounting policies related to revenue recognition.
(Q)Cost of Sales
Cost of sales includes the cost to acquire vehicles and the reconditioning and transportation costs associated with preparing the vehicles for resale.  It also includes payroll, fringe benefits, and parts, labor and overhead costs associated with reconditioning and vehicle repair services.  The gross profit earned by our service department for used vehicle reconditioning service is a reduction of cost of sales.  We maintain a reserve to eliminate the internal profit on vehicles that have not been sold. 
(R)Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”) expenses primarily include compensation and benefits, other than payroll related to reconditioning and vehicle repair services; rent and other occupancy costs; advertising; and other, including IT expenses, non-CAF bad debt, insurance, preopening and relocation costs, travel, charitable contributions, and other administrative expenses.
(S)Advertising Expenses
Advertising costs are expensed as incurred and substantially all are included in SG&A expenses.  Total advertising expenses were $284.3 million in fiscal 2026, $261.9 million in fiscal 2025 and $265.6 million in fiscal 2024.
(T) Location Opening Expenses
Costs related to location openings, including preopening costs, are expensed as incurred and are included in SG&A expenses.
(U)Share-Based Compensation
Share-based compensation represents the cost related to share-based awards granted to employees and non-employee directors.  We measure share-based compensation cost at the grant date, based on the estimated fair value of the award, and we recognize the cost on a straight-line basis, net of estimated forfeitures, over the grantee’s requisite service period, which is generally the vesting period of the award.  We estimate the fair value of stock options using a binomial valuation model.  Key assumptions used in estimating the fair value of options are dividend yield, expected volatility, risk-free interest rate and expected term.  The fair values of restricted stock, stock-settled performance stock units, stock-settled restricted stock units and stock-settled deferred stock units are based on the closing prices on the date of the grant.  The fair value of stock-settled market stock units is determined using a Monte-Carlo simulation based on the expected market price of our common stock on the vesting date and the expected number of converted common shares.  Cash-settled restricted stock units are liability awards with fair value measurement based on the closing price of CarMax common stock as of the end of each reporting period.  Share-based compensation expense is recorded in either cost of sales, CAF income or SG&A expenses based on the recipients’ respective function.
We record deferred tax assets for awards that result in deductions on our income tax returns, based on the amount of compensation expense recognized and the statutory tax rate in the jurisdiction in which we will receive a deduction.  Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the income tax return are recorded in income tax expense.  See Note 13 for additional information on stock-based compensation.
(V)Derivative Instruments and Hedging Activities
We enter into derivative instruments to manage certain risks arising from both our business operations and economic conditions that result in the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates.  We recognize the derivatives at fair value on the consolidated balance sheets, and where applicable, such contracts covered by master netting agreements are reported net.  Gross positive fair values are netted with gross negative fair values by counterparty.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether
we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.  We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting may not apply or we do not elect to apply hedge accounting.  See Note 5 for additional information on derivative instruments and hedging activities.
(W)Income Taxes
We file a consolidated federal income tax return. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax purposes, measured by applying currently enacted tax laws.  Changes in tax laws and tax rates are reflected in the income tax provision in the period in which the changes are enacted. We evaluate the need to record valuation allowances that would reduce deferred tax assets to the amount that will more likely than not be realized.  When assessing the need for valuation allowances, we consider available loss carrybacks, tax planning strategies, future reversals of existing temporary differences and future taxable income.
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained upon review by tax authorities. Benefits recognized from tax positions are measured at the highest tax benefit that is greater than 50% likely of being realized upon settlement. To the extent that the final tax outcome of these matters is different from the amounts recorded, the differences impact income tax expense in the period in which the determination is made. Interest and penalties related to income tax matters are included in SG&A expenses. See Note 10 for additional information on income taxes.
(X) Net Earnings Per Share
Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding.  Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of the weighted average number of shares of common stock outstanding and dilutive potential common stock.  Diluted net earnings per share is calculated using the “if-converted” treasury stock method.  See Note 14 for additional information on net earnings per share.
(Y)Recent Accounting Pronouncements
Adopted in the Current Period
In December 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2023-09) related to income tax disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024. We adopted this pronouncement retrospectively in the fourth quarter of fiscal 2026, and it did not have a material effect on our consolidated financial statements.
Effective in Future Periods
In July 2025, the FASB issued an accounting pronouncement (ASU 2025-05) related to credit losses for accounts receivable and contract assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2026, and we do not expect it to have a material effect on our consolidated financial statements.
In September 2025, the FASB issued an accounting pronouncement (ASU 2025-06) related to accounting for internal-use software costs. The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. This update is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2028. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.
In September 2025, the FASB issued an accounting pronouncement (ASU 2025-07) related to derivative scope refinements and a scope clarification for share-based noncash consideration from a customer in a revenue contract. The amendments in this update exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract, with limited exceptions. The amendments in this update also clarify that an entity should apply the noncash consideration guidance in ASC 606 to a contract with share-based noncash consideration from a customer for the transfer of goods or services. These updates are effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, although early adoption is permitted. We plan to adopt this
pronouncement for our fiscal year beginning March 1, 2027, and we do not expect it to have a material effect on our consolidated financial statements.
In November 2025, the FASB issued an accounting pronouncement (ASU 2025-08) related to accounting for purchased loans. The amendments in this update require that purchased seasoned loans be accounted for using the “gross-up approach,” which will enhance comparability and consistency in the accounting for acquired financial assets. This update is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2027, and we do not expect it to have a material effect on our consolidated financial statements.
In November 2025, the FASB issued an accounting pronouncement (ASU 2025-09) related to accounting for hedging activities. The amendments in this update are intended to more closely align hedge accounting with the economics of an entity’s risk management activities. This update is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2027, and we do not expect it to have a material effect on our consolidated financial statements.
In December 2025, the FASB issued an accounting pronouncement (ASU 2025-11) related to interim disclosure requirements. The amendments in this update clarify current interim disclosure requirements and provide a comprehensive list of required interim disclosures. The update also incorporates a disclosure principle that requires entities to disclose events that occur after the end of the last annual reporting period. This update is effective for interim periods within annual periods beginning after December 15, 2027, though early adoption is permitted. We plan to adopt this pronouncement for the interim periods within our fiscal year beginning March 1, 2028, and we do not expect it to have a material effect on our consolidated financial statements.
v3.26.1
Revenue Disclosures
 12 Months Ended
Feb. 28, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
We recognize revenue when control of the good or service has been transferred to the customer, generally either at the time of sale or upon delivery to a customer.  Our contracts have a fixed contract price and revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. We collect sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale.  These taxes are accounted for on a net basis and are not included in net sales and operating revenues or cost of sales. We generally expense sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within selling, general and administrative expenses. We do not have any significant payment terms as payment is received at or shortly after the point of sale.
Disaggregation of Revenue
Years Ended February 28 or 29
(In millions)202620252024
Used vehicle sales$20,702.4 $21,079.7 $20,922.3 
Wholesale vehicle sales4,504.6 4,587.5 4,975.8 
Other sales and revenues:
Extended protection plan revenues448.7 451.7 401.8 
Third-party finance fees, net(8.7)(1.5)(5.8)
Advertising & subscription revenues (1)
144.5 139.3 135.8 
Service revenues76.6 83.4 85.1 
Other13.1 13.4 21.1 
Total other sales and revenues674.2 686.3 638.0 
Total net sales and operating revenues$25,881.1 $26,353.4 $26,536.0 

(1)    Excludes intercompany sales and operating revenues that have been eliminated in consolidation.

Used Vehicle Sales. Revenue from the sale of used vehicles is recognized upon transfer of control of the vehicle to the customer. As part of our customer service strategy, we guarantee the retail vehicles we sell with a 10-day money-back guarantee.  We record a reserve for estimated returns based on historical experience and trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with a return asset recorded in other current assets and a refund liability recorded in accrued expenses and other current liabilities. We also guarantee the used vehicles we sell with a 30-day
limited warranty. These warranties are deemed assurance-type warranties and are accounted for as warranty obligations. See Note 18 for additional information on this warranty and its related obligation.
Wholesale Vehicle Sales. Wholesale vehicles are sold at our auctions, and revenue from the sale of these vehicles is recognized upon transfer of control of the vehicle to the customer. Dealers also pay a fee to us based on the sale price of the vehicles they purchase. This fee is recognized as revenue at the time of sale. While we provide condition disclosures on each wholesale vehicle sold, the vehicles are subject to a limited right of return. We record a reserve for estimated returns based on historical experience and trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with a return asset recorded in other current assets and a refund liability recorded in accrued expenses and other current liabilities.
EPP Revenues. We also sell ESP and GAP products on behalf of unrelated third parties, who are primarily responsible for fulfilling the contract, to customers who purchase a retail vehicle.  The ESPs we currently offer on all used vehicles provide coverage up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize revenue, on a net basis, at the time of sale. We also record a reserve, or refund liability, for estimated contract cancellations.  The reserve for cancellations is evaluated for each product and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and credit mix of the customer base.  Our risk related to contract cancellations is limited to the revenue that we receive.  Cancellations fluctuate depending on the volume of EPP sales, customer financing default or prepayment rates, and shifts in customer behavior, including those related to changes in the coverage or term of the product.  The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities.  See Note 9 for additional information on cancellation reserves.
We are contractually entitled to receive profit-sharing revenues based on the performance of the ESPs administered by third parties. These revenues are a form of variable consideration included in EPP revenues to the extent that it is probable that it will not result in a significant revenue reversal. An estimate of the amount to which we expect to be entitled is determined upon satisfying the performance obligation of selling the ESP. This estimate is subject to various constraints; primarily, factors that are outside of the company’s influence or control. We have determined that these constraints generally preclude any profit-sharing revenues from being recognized before they are paid. As of February 28, 2026 and February 28, 2025, no current or long-term contract asset was recognized related to cumulative profit-sharing payments to which we expect to be entitled. The estimate of the amount to which we expect to be entitled is reassessed each reporting period and any changes are reflected in other sales and revenues on our consolidated statements of earnings and other assets on our consolidated balance sheets.
Third-Party Finance Fees. Customers applying for financing who are not approved or are conditionally approved by CAF are generally evaluated by other third-party finance providers.  These providers generally either pay us or are paid a fixed, pre-negotiated fee per contract. We recognize these fees at the time of sale.
Advertising and Subscription Revenues. Advertising and subscription revenues consist of revenues earned by our Edmunds business. Advertising revenues are derived from advertising contracts with automotive manufacturers based on fixed fees per impression and fees for certain activities completed by customers on the manufacturers’ websites. These fees are recognized in the period the impressions are delivered or certain activities occurred. Subscription revenues are derived from packages sold to automotive dealers that include car leads, inventory listings and enhanced placement in Edmunds’ dealer locator and are recognized over the period that the services are made available to the dealers. Subscription revenues also include a digital marketing subscription service, which allows dealers to gain exposure on third party partner websites. Revenues for this service are recognized on a net basis.
Service Revenues. Service revenue consists of labor and parts income related to vehicle repair service, including repairs of vehicles covered under an ESP we sell or warranty program. Service revenue is recognized at the time the work is completed.
Other Revenues. Other revenues include miscellaneous goods and services, which are immaterial to our consolidated financial statements.
v3.26.1
CarMax Auto Finance
 12 Months Ended
Feb. 28, 2026
CarMax Auto Finance Income [Abstract]  
CarMax Auto Finance CARMAX AUTO FINANCE
CAF provides financing to qualified retail customers purchasing vehicles from CarMax.  CAF provides us the opportunity to capture additional profits, cash flows and sales while managing our reliance on third-party finance sources.  Management regularly analyzes CAF’s operating results by assessing profitability, the performance of its auto loans, including trends in credit losses and delinquencies, and CAF direct expenses.  The CODM reviews CAF income to assess CAF’s performance and make operating decisions, including resource allocations.
We typically use securitizations or other funding arrangements to fund loans originated by CAF, as discussed in Note 1(G).  On September 24, 2025, we executed a non-prime securitization transaction. The structure of the transaction resulted in the sale of approximately $930 million of auto loans, inclusive of accrued interest, in exchange for consideration in the form of cash and beneficial interests. The beneficial interests represent the 5% interest in the rated notes and residual certificate that we retained as the sponsor of the transaction. We recognized a gain on sale of $26.9 million from the transaction, net of transaction expenses. As we were not the primary beneficiary of this securitization trust, it is not consolidated and the sold auto loans are no longer recognized on our consolidated balance sheets. As servicer, CAF continues to be responsible for managing collections and performing other servicing activities for the sold auto loans and earns servicing income as compensation for these activities.
CAF income primarily reflects the interest and fee income generated by auto loans held for investment and auto loans held for sale less the interest expense associated with the debt issued to fund these loans, a provision for estimated loan losses on auto loans held for investment, direct CAF expenses and income related to the sale of auto loans. CAF income does not include any allocation of indirect costs.  Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions.  Examples of indirect costs not allocated to CAF include retail store expenses and corporate expenses.  In addition, except for auto loans held for investment, which are disclosed in Note 4, and auto loans held for sale, CAF assets are not separately reported nor do we allocate assets to CAF because such allocation would not be useful to management in making operating decisions.
Components of CAF Income
Years Ended February 28 or 29
(In millions)202620252024
Interest margin:
Interest and fee income$1,864.2 $1,853.9 $1,677.4 
Interest expense(769.2)(763.2)(638.7)
Total interest margin1,095.0 1,090.7 1,038.7 
Provision for loan losses(391.2)(334.7)(310.5)
Total interest margin after provision for loan losses703.8 756.0 728.2 
Servicing income9.7 — — 
Direct expenses:
Payroll and fringe benefit expense(80.4)(75.9)(66.5)
Depreciation and amortization(17.6)(17.1)(16.5)
Other direct expenses(79.9)(81.3)(76.9)
Total direct expenses(177.9)(174.3)(159.9)
Gain on sale of auto loans26.9 — — 
Fair value adjustments on beneficial interests0.2 — — 
CarMax Auto Finance income$562.7 $581.7 $568.3 
v3.26.1
Auto Loan Receivables
 12 Months Ended
Feb. 28, 2026
Loans and Leases Receivable, Net Amount [Abstract]  
Auto Loan Receivables AUTO LOANS HELD FOR INVESTMENT
Auto loans held for investment include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for estimated loan losses.  These auto loans represent a large group of smaller-balance homogeneous loans, which we consider to be part of one class of financing receivable and one portfolio segment for purposes of determining our allowance for loan losses. We generally use warehouse facilities to fund auto loans held for investment originated by CAF until we elect to fund them through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement. We recognize transfers of auto loans held for investment into the warehouse facilities and asset-backed term funding transactions (together, “non-recourse funding vehicles”) as secured borrowings, which result in recording the auto loans held for investment and the related non-recourse notes payable on our consolidated balance sheets. The majority of the auto loans held for investment serve as collateral for the related non-recourse notes payable of $15.83 billion as of February 28, 2026, and $17.12 billion as of February 28, 2025. See Notes 1(G) and 12 for additional information on securitizations and non-recourse notes payable.
Interest income and expenses related to auto loans held for investment are included in CAF income. Interest income on auto loans held for investment is recognized when earned based on contractual loan terms. All loans continue to accrue interest until repayment or charge-off. When a charge-off occurs, accrued interest is written off by reversing interest income. Due to the
timely write-off of accrued interest, we have made the election to exclude accrued interest from our allowance for loan losses. Direct costs associated with loan originations are not considered material, and thus, are expensed as incurred. See Note 3 for additional information on CAF income.
Auto Loans Held for Investment, Net
 As of February 28
(In millions)20262025
Auto loans held for investment$16,271.9 $17,594.6 
Accrued interest and fees92.9 96.1 
Other40.5 10.8 
Less: allowance for loan losses(453.0)(458.7)
Auto loans held for investment, net$15,952.3 $17,242.8 

Credit Quality.  When customers apply for financing, CAF’s proprietary scoring models utilize the customers’ credit history and certain application information to evaluate and rank their risk.  We obtain credit histories and other credit data that includes information such as number, age, type of and payment history for prior or existing credit accounts.  The application information that is used includes income, collateral value and down payment.  The scoring models yield credit grades that represent the relative likelihood of repayment.  Customers with the highest probability of repayment are A-grade customers. Customers assigned a lower grade are determined to have a lower probability of repayment.  For loans that are approved, the credit grade influences the terms of the agreement, such as the required loan-to-value ratio and interest rate. After origination, credit grades are generally not updated.
CAF uses a combination of the initial credit grades and historical performance to monitor the credit quality of the auto loans held for investment on an ongoing basis.  We validate the accuracy of the scoring models periodically.  Loan performance is reviewed on a recurring basis to identify whether the assigned grades adequately reflect the customers’ likelihood of repayment.
Auto Loans Held for Investment by Major Credit Grade
As of February 28, 2026
Fiscal Year of Origination (1)
(In millions)20262025202420232022Prior to 2022Total
% (2)
Tier 1:
A$3,871.5 $2,738.1 $1,578.8 $887.9 $352.4 $45.2 $9,473.9 58.2 
B1,643.7 1,233.9 1,075.2 687.0 352.0 65.0 5,056.8 31.1 
C and other426.9 244.2 178.3 188.0 115.4 38.0 1,190.8 7.3 
Total Tier 15,942.1 4,216.2 2,832.3 1,762.9 819.8 148.2 15,721.5 96.6 
Tier 2 and Tier 3:
C and other183.7 172.0 108.1 61.3 22.2 3.1 550.4 3.4 
Total auto loans held for investment$6,125.8 $4,388.2 $2,940.4 $1,824.2 $842.0 $151.3 $16,271.9 100.0 
Gross charge-offs$42.9 $153.7 $183.5 $152.5 $78.3 $25.2 $636.1 
As of February 28, 2025
Fiscal Year of Origination (1)
(In millions)20252024202320222021Prior to 2021Total
%  (2)
Tier 1:
A$4,132.0 $2,607.9 $1,673.9 $894.1 $243.9 $48.9 $9,600.7 54.5 
B2,041.1 1,664.0 1,163.0 746.4 244.9 69.7 5,929.1 33.7 
C and other422.1 277.0 324.5 242.5 99.4 35.0 1,400.5 8.0 
Total Tier 16,595.2 4,548.9 3,161.4 1,883.0 588.2 153.6 16,930.3 96.2 
Tier 2 and Tier 3:
C and other311.9 177.1 116.9 46.3 5.4 6.7 664.3 3.8 
Total auto loans held for investment$6,907.1 $4,726.0 $3,278.3 $1,929.3 $593.6 $160.3 $17,594.6 100.0 
Gross charge-offs$44.7 $193.2 $196.2 $107.2 $30.3 $17.6 $589.2 

(1)Classified based on credit grade assigned when customers were initially approved for financing.
(2)Percent of total auto loans held for investment.
 
Allowance for Loan Losses. The allowance for loan losses at February 28, 2026 represents the net credit losses expected over the remaining contractual life of our auto loans held for investment. The allowance for loan losses is determined using a net loss timing curve method (“method”), primarily based on the composition of the portfolio of auto loans held for investment and historical gross loss and recovery trends. Due to the fact that losses for loans with less than 18 months of performance history can be volatile, our net loss estimate weights both historical losses by credit grade at origination and actual loss data on the loans to-date, along with forward loss curves, in estimating future performance. Once the loans have 18 months of performance history, the net loss estimate reflects actual loss experience of those loans to-date, along with forward loss curves, to predict future performance. The forward loss curves are constructed using historical performance data and show the average timing of losses over the course of a loan’s life. The net loss estimate is calculated by applying the loss rates developed using the methods described above to the amortized cost basis of the auto loans held for investment at inception of the loan.
The output of the method is adjusted to take into account reasonable and supportable forecasts about the future. Specifically, the change in U.S. unemployment rates and the Black Book wholesale used vehicle retention index are used to predict changes in gross loss and recovery rates, respectively. An economic adjustment factor, based upon a single macroeconomic scenario, is developed to capture the relationship between changes in these forecasts and changes in gross loss and recovery rates. This factor is applied to the output of the method for the reasonable and supportable forecast period of two years. After the end of this two-year period, we revert to historical experience on a straight-line basis over a period of 12 months. We periodically consider whether the use of alternative metrics would result in improved model performance and revise the models when appropriate. We also consider whether qualitative adjustments are necessary for factors that are not reflected in the quantitative methods but impact the measurement of estimated credit losses. Such adjustments include the uncertainty of the impacts of recent economic trends on customer behavior. The change in the allowance for loan losses is recognized through an adjustment to the provision for loan losses.
Allowance for Loan Losses
 As of February 28, 2026
(In millions)Tier 1Tier 2 & Tier 3Total
%  (1)
Balance as of beginning of year$378.1 $80.6 $458.7 2.61 
Transfer of auto loans to held for sale (2) (5)
(30.3)(11.9)(42.2)
Charge-offs(540.8)(95.3)(636.1) 
Recoveries (3)
208.2 31.0 239.2  
Provision for loan losses (4) (5)
362.5 70.9 433.4  
Balance as of end of year$377.7 $75.3 $453.0 2.78 
 
 As of February 28, 2025
(In millions)Tier 1Tier 2 & Tier 3Total
%  (1)
Balance as of beginning of year$389.7 $93.1 $482.8 2.78 
Charge-offs(494.7)(94.5)(589.2)
Recoveries (3)
201.5 28.9 230.4 
Provision for loan losses281.6 53.1 334.7 
Balance as of end of year$378.1 $80.6 $458.7 2.61 

(1)Percent of total auto loans held for investment.
(2)    Represents release of allowance previously recognized on auto loans held for sale and subsequently sold during fiscal 2026.
(3)    Net of costs incurred to recover vehicle.
(4)    Represents the provision for loan losses on auto loans held for investment.
(5)    Combined total amount of $391.2 million represents the net provision for loan losses recognized as part of CAF income.
During fiscal 2026, the allowance for loan losses as a percent of total auto loans held for investment increased by 17 basis points. The increase was primarily driven by unfavorable loan loss performance, particularly within loans originated in 2022 and 2023, when average selling prices were elevated and these customers were later challenged by the inflationary environment. This impact was partially offset by the release of the allowance previously recognized on auto loans held for sale. The allowance for loan losses as of February 28, 2026 reflects our best estimate of expected future losses based on recent trends in delinquencies, loss performance, recovery rates and the economic environment.
Past Due Loans. An account is considered delinquent when the related customer fails to make a substantial portion of a scheduled payment on or before the due date. In general, accounts are charged-off on the last business day of the month during which the earliest of the following occurs: the loan is 120 days or more delinquent as of the last business day of the month, the related vehicle is repossessed and liquidated, or the loan is otherwise deemed uncollectable. For purposes of determining impairment, auto loans are evaluated collectively, as they represent a large group of smaller-balance homogeneous loans, and therefore, are not individually evaluated for impairment.
Past Due Loans
As of February 28, 2026
Tier 1Tier 2 & Tier 3Total
(In millions)ABC & OtherTotalC & Other$
%  (1)
Current$9,414.1 $4,614.4 $976.9 $15,005.4 $435.7 $15,441.1 94.89 
Delinquent loans:
31-60 days past due38.3 264.8 116.2 419.3 62.5 481.8 2.96 
61-90 days past due15.5 142.1 81.2 238.8 43.9 282.7 1.74 
Greater than 90 days past due6.0 35.5 16.5 58.0 8.3 66.3 0.41 
Total past due59.8 442.4 213.9 716.1 114.7 830.8 5.11 
Total auto loans held for investment$9,473.9 $5,056.8 $1,190.8 $15,721.5 $550.4 $16,271.9 100.00 
As of February 28, 2025
Tier 1Tier 2 & Tier 3Total
(In millions)ABC & OtherTotalC & Other$
%  (1)
Current$9,543.3 $5,491.5 $1,164.7 $16,199.5 $541.2 $16,740.7 95.15 
Delinquent loans:
31-60 days past due36.7 276.0 139.3 452.0 71.9 523.9 2.98 
61-90 days past due14.8 127.3 79.6 221.7 41.2 262.9 1.49 
Greater than 90 days past due5.9 34.3 16.9 57.1 10.0 67.1 0.38 
Total past due57.4 437.6 235.8 730.8 123.1 853.9 4.85 
Total auto loans held for investment$9,600.7 $5,929.1 $1,400.5 $16,930.3 $664.3 $17,594.6 100.00 

(1)Percent of total auto loans held for investment.
v3.26.1
Derivative Instruments And Hedging Activities
 12 Months Ended
Feb. 28, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments And Hedging Activities DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
We use derivatives to manage certain risks arising from both our business operations and economic conditions, particularly with regard to issuances of debt.  Primary exposures include SOFR and other rates used as benchmarks in our securitizations and other debt financing.  We enter into derivative instruments to manage exposures related to the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates, and generally designate these derivative instruments as cash flow hedges for accounting purposes.  In certain cases, we may choose not to designate a derivative instrument as a cash flow hedge for accounting purposes due to uncertainty around the probability that future hedged transactions will occur. Our derivative instruments are used to manage (i) differences in the amount of our known or expected cash receipts and our known or expected cash payments principally related to the funding of our auto loans held for investment, and (ii) exposure to variable interest rates associated with our term loan.
For the derivatives associated with our non-recourse funding vehicles that are designated as cash flow hedges, the changes in fair value are initially recorded in accumulated other comprehensive (loss) income (“AOCL”).  For the majority of these derivatives, the amounts are subsequently reclassified into CAF income in the period that the hedged forecasted transaction affects earnings, which occurs as interest expense is recognized on those future issuances of debt. During the next 12 months, we estimate that an additional $11.8 million will be reclassified from AOCL as an increase to CAF income. Changes in fair value related to derivatives that have not been designated as cash flow hedges for accounting purposes are recognized in the income statement in the period in which the change occurs. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, we recognized expense of $1.6 million, $11.5 million and $20.8 million, respectively, in CAF income representing these changes in fair value.
As of both February 28, 2026 and February 28, 2025, we had interest rate swaps outstanding with a combined notional amount of $3.76 billion that were designated as cash flow hedges of interest rate risk. As of February 28, 2026, we had no interest rate swaps outstanding that were not designated as cash flow hedges for accounting purposes. As of February 28, 2025, we had interest rate swaps with a combined notional amount of $181.0 million outstanding that were not designated as cash flow hedges for accounting purposes.
See Note 6 for discussion of fair values of financial instruments and Note 15 for the effect on comprehensive income.
v3.26.1
Fair Value Measurements
 12 Months Ended
Feb. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or, if none exists, the most advantageous market, for the specific asset or liability at the measurement date (referred to as the “exit price”).  The fair value should be based on assumptions that market participants would use, including a consideration of nonperformance risk.
We assess the inputs used to measure fair value using the three-tier hierarchy.  The hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market.
Level 1    Inputs include unadjusted quoted prices in active markets for identical assets or liabilities that we can access at the measurement date.
Level 2    Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets in active markets, quoted prices from identical or similar assets in inactive markets, observable inputs, such as interest rates and yield curves, and assumptions about risk.
Level 3    Inputs that are significant to the measurement that are not observable in the market and include management’s judgments about the assumptions market participants would use in pricing the asset or liability (including assumptions about risk).
Our fair value processes include controls that are designed to ensure that fair values are appropriate.  Such controls include model validation, review of key model inputs, analysis of period-over-period fluctuations and reviews by senior management.
Valuation Methodologies
Money Market Securities.  Money market securities are cash equivalents, which are included in cash and cash equivalents, restricted cash from collections on auto loans held for investment and other assets. They consist of highly liquid investments with original maturities of three months or less and are classified as Level 1. 
Mutual Fund Investments.  Mutual fund investments consist of publicly traded mutual funds that primarily include diversified equity investments in large-, mid- and small-cap domestic and international companies or investment grade debt securities.  The investments, which are included in other assets, are held in a rabbi trust established to fund informally our executive deferred compensation plan and are classified as Level 1.
Derivative Instruments.  The fair values of our derivative instruments are included in either other current assets, other assets, accounts payable or other liabilities.  Our derivatives are not exchange-traded and are over-the-counter customized derivative instruments.  All of our derivative exposures are with highly rated bank counterparties.
We measure derivative fair values assuming that the unit of account is an individual derivative instrument and that derivatives are sold or transferred on a stand-alone basis.  We estimate the fair value of our derivatives using quotes determined by the derivative counterparties and third-party valuation services.  Quotes from third-party valuation services and quotes received from bank counterparties project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates and the contractual terms of the derivative instruments.  The models do not require significant judgment and model inputs can typically be observed in a liquid market; however, because the models include inputs other than quoted prices in active markets, all derivatives are classified as Level 2.
Our derivative fair value measurements consider assumptions about counterparty and our own nonperformance risk.  We monitor counterparty and our own nonperformance risk and, in the event that we determine that a party is unlikely to perform under terms of the contract, we would adjust the derivative fair value to reflect the nonperformance risk.
Beneficial Interests in Non-Consolidated Securitizations. The fair values of our beneficial interests in non-consolidated securitizations are included in other assets. As discussed in Note 1(K), the beneficial interests in non-consolidated securitizations represent our retained interest in the rated notes and residual certificate from securitization transactions for which we are not the primary beneficiary and therefore not required to consolidate.
Our beneficial interests in non-consolidated securitizations are measured at fair value on a recurring basis. Changes in fair value for the rated notes that are deemed to be high credit quality are recognized in AOCL. For the remaining rated notes and residual certificate we have elected the fair value option, which allows us to recognize changes of these assets in the period fair value changes. These changes in fair value are recognized in CAF income.
The fair values of our beneficial interests for all rated notes are classified as Level 2 and are based on non-binding bank quotes. The non-binding bank quotes are based on recent market transactions and current business conditions. The fair value of our beneficial interest for the residual certificate is classified as Level 3 due to the lack of observable market data. The fair value is determined using a discounted cash flow model. As of February 28, 2026, the discount rate used was approximately 18%. Significant increases or decreases in the inputs to the models could result in a significantly higher or lower fair value measurement.
There were no transfers in or out of Level 3 during the years ended February 28, 2026 and 2025.
The following table presents additional information about Level 3 beneficial interests in non-consolidated securitizations measured at fair value on a recurring basis:
 Year Ended
(In thousands)February 28, 2026
Balance as of beginning of year$— 
Received in securitization transaction3,536 
Interest income340 
Change in fair value74 
Balance as of end of year$3,950 
Items Measured at Fair Value on a Recurring Basis
 As of February 28, 2026
(In thousands)Level 1Level 2Level 3Total
Assets:   
Money market securities$751,211 $— $— $751,211 
Mutual fund investments33,651 — — 33,651 
Derivative instruments designated as hedges— 416 — 416 
Beneficial interests in non-consolidated securitizations— 37,670 3,950 41,620 
Total assets at fair value$784,862 $38,086 $3,950 $826,898 
Percent of total assets at fair value94.9 %4.6 %0.5 %100.0 %
Percent of total assets3.0 %0.1 %— %3.1 %
Liabilities:   
Derivative instruments designated as hedges$— $(9,771)$— $(9,771)
Total liabilities at fair value$— $(9,771)$— $(9,771)
Percent of total liabilities— %— %— %— %
 As of February 28, 2025
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$842,691 $— $842,691 
Mutual fund investments27,495 — 27,495 
Derivative instruments designated as hedges— 10,813 10,813 
Derivative instruments not designated as hedges— 1,576 1,576 
Total assets at fair value$870,186 $12,389 $882,575 
Percent of total assets at fair value98.6 %1.4 %100.0 %
Percent of total assets3.2 %— %3.2 %
Liabilities:   
Derivative instruments designated as hedges$— $(8,728)$(8,728)
Total liabilities at fair value$— $(8,728)$(8,728)
Percent of total liabilities— %— %— %
Fair Value of Financial Instruments
The carrying value of our cash and cash equivalents, accounts receivable, other restricted cash deposits and accounts payable approximates fair value due to the short-term nature and/or variable rates associated with these financial instruments. Auto loans held for investment are presented net of an allowance for estimated loan losses, which we believe approximates fair value. We believe that the carrying value of our revolving credit facility and term loan approximates fair value due to the variable rates associated with these obligations.
The fair value of our auto loans held for sale, which are not carried at fair value on our consolidated balance sheets, was determined using Level 2 inputs from the company’s recent term securitization transactions and other available market data. The carrying value and fair value of the auto loans held for sale as of February 28, 2026 and February 28, 2025, respectively, are as follows:
(In thousands)As of February 28, 2026As of February 28, 2025
Carrying value$100,491 $— 
Fair value$103,836 $— 
The fair value of our senior unsecured notes, which are not carried at fair value on our consolidated balance sheets, was determined using Level 2 inputs based on quoted market prices. The carrying value and fair value of the senior unsecured notes as of February 28, 2026 and February 28, 2025, respectively, are as follows:
(In thousands)As of February 28, 2026As of February 28, 2025
Carrying value$400,000 $400,000 
Fair value$397,759 $390,201 
v3.26.1
Property And Equipment
 12 Months Ended
Feb. 28, 2026
Property, Plant and Equipment [Abstract]  
Property And Equipment PROPERTY AND EQUIPMENT
 As of February 28
(In thousands)20262025
Land$1,127,164 $1,020,677 
Land held for development (1)
164,719 179,810 
Buildings2,929,613 2,681,927 
Leasehold improvements375,795 366,842 
Furniture, fixtures and equipment643,654 607,666 
Construction in progress260,010 300,136 
Software567,016 471,175 
Finance leases219,807 228,163
Total property and equipment6,287,778 5,856,396 
Less: accumulated depreciation and amortization(2,217,485)(2,014,563)
Property and equipment, net$4,070,293 $3,841,833 
 
 (1)    Land held for development represents land owned for potential location growth.

Depreciation expense was $318.3 million in fiscal 2026, $287.8 million in fiscal 2025 and $261.4 million in fiscal 2024.
v3.26.1
Intangible Assets, Goodwill and Other
 12 Months Ended
Feb. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure GOODWILL AND INTANGIBLE ASSETS
Goodwill
We test goodwill for impairment annually as of December 1, or whenever events and circumstances indicate that the carrying value of a reporting unit may be higher than its fair value. Goodwill is tested for impairment at the reporting unit level, which are determined in accordance with the provisions of ASC 350, Intangibles – Goodwill and Other. Subsequent to the operating segment change made during the first quarter of fiscal 2025, the goodwill acquired as part of the Edmunds acquisition of $141.3 million was allocated solely to our CarMax Sales Operations reporting unit.
The quantitative goodwill impairment test requires determination of whether the fair value of a reporting unit is less than its carrying value. The fair value of our reporting units is estimated using a combination of an income approach, which uses discounted cash flow (“DCF”) analysis, and a market approach, which relies on valuation multiples derived from operating values and financial and/or operating measures for publicly traded comparable companies. The fair value is intended to represent our estimate of the price a potential market participant would be willing to pay for the reporting unit in an arms-length transaction. If the carrying value of a reporting unit exceeds its estimated fair value, an impairment charge is recognized.
The DCF analysis requires the use of estimates and assumptions including, but not limited to, revenue growth rates, margin rates, capital expenditures, and weighted-average costs of capital. In connection with the quantitative goodwill impairment test, we also reconcile the estimated aggregate fair values of our reporting units to our market capitalization, including consideration of a reasonable control premium that represents the estimated amount a market participant would pay to obtain a controlling interest in our equity securities. Our cash flow projections are based on our recent financial performance, expectations of future performance, knowledge of the automotive industry, and other assumptions we believe to be reasonable but that are inherently uncertain. Actual future results may differ from those estimates.
As a result of our annual impairment test, we recorded a non-cash goodwill impairment charge of $141.3 million during the fourth quarter of fiscal 2026, all of which related to our CarMax Sales Operations reporting unit. This non-cash charge is reflected as goodwill impairment in the accompanying consolidated statements of earnings. The impairment was driven by a combination of a significant decline in market capitalization resulting from the decrease in our share price, pressured financial performance during fiscal 2026 and downward revisions to our forecasted financial outlook relative to the prior year’s outlook. The decline in market capitalization accelerated late in the third quarter of fiscal 2026 and carried forward into the fourth quarter, creating significant pressure on the results of our market capitalization reconciliation procedures described above.
Intangibles
As of February 28, 2026
Gross CarryingAccumulatedNet
(In thousands)AmountAmortizationAmount
Intangible assets not subject to amortization:
Trade name$31,900 $— $31,900 
Intangible assets subject to amortization:
Internally developed software52,900 (35,896)17,004 
Customer relationships133,200 (37,218)95,982 
Total intangible assets$218,000 $(73,114)$144,886 

As of February 28, 2025
Gross CarryingAccumulatedNet
AmountAmortizationAmount
Intangible assets not subject to amortization:
Trade name$31,900 $— $31,900 
Intangible assets subject to amortization:
Internally developed software52,900 (28,339)24,561 
Customer relationships133,200 (29,382)103,818 
Total intangible assets$218,000 $(57,721)$160,279 

The intangible assets above relate to Edmunds.
Amortization expense of intangible assets was $15.4 million in fiscal 2026, fiscal 2025 and fiscal 2024.
We estimate that amortization expense related to intangible assets will be $15.4 million in each of the next two fiscal years, $9.7 million in fiscal 2029 and $7.8 million in fiscal 2030 and fiscal 2031.
v3.26.1
Cancellation Reserves
 12 Months Ended
Feb. 28, 2026
Cancellation Reserves [Abstract]  
Cancellation Reserves CANCELLATION RESERVES
We recognize revenue for EPP products, on a net basis, at the time of sale. We also record a reserve, or refund liability, for estimated contract cancellations.  Cancellations of these services may result from early termination by the customer, or default or prepayment on the finance contract.  The reserve for cancellations is evaluated for each product and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and credit mix of the customer base. 
Cancellation Reserves
 As of February 28
(In millions)20262025
Balance as of beginning of year$133.9 $128.3 
Cancellations(78.6)(92.1)
Provision for future cancellations75.8 97.7 
Balance as of end of year$131.1 $133.9 

The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. As of February 28, 2026 and February 28, 2025, the current portion of cancellation reserves was $70.2 million and $69.8 million, respectively.
v3.26.1
Income Taxes
 12 Months Ended
Feb. 28, 2026
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Income Tax Provision
 Years Ended February 28 or 29
202620252024
(In thousands)CurrentDeferredTotalCurrentDeferredTotalCurrentDeferredTotal
Federal$39,579 $71,014 $110,593 $156,819 $(22,253)$134,566 $140,480 $(6,542)$133,938 
State22,764 2,786 25,550 35,709 (1,471)34,238 26,711 1,742 28,453 
Total$62,343 $73,800 $136,143 $192,528 $(23,724)$168,804 $167,191 $(4,800)$162,391 
 
Income Tax Provision and Effective Tax Rate Reconciliation
 Years Ended February 28 or 29
 202620252024
(In thousands)$%$%$%
Federal tax at statutory rate80,521 21.0 140,566 21.0 134,735 21.0 
Domestic federal:
Effect of changes in tax laws or rates enacted in the current period3,273 0.9 — — — — 
Tax credits:
Research and development credit(4,158)(1.1)(5,426)(0.8)(4,179)(0.6)
Purchased tax credits(4,468)(1.2)(5,777)(0.9)— — 
Other credits(115)— (63)— (375)(0.1)
Changes in valuation allowances(10)— 55 — (117)— 
Nontaxable or nondeductible items:
Executive compensation6,055 1.6 7,238 1.1 5,786 0.9 
Goodwill impairment 29,564 7.7 — — — — 
Other nontaxable or nondeductible items3,242 0.8 2,840 0.4 2,873 0.4 
Other (1)
2,384 0.6 3,449 0.5 1,367 0.2 
Domestic state and local income taxes, net of federal effect (2)
20,713 5.4 26,841 4.0 23,495 3.7 
Changes in prior year unrecognized tax benefits(858)(0.2)(919)(0.1)(1,194)(0.2)
Income tax provision and effective tax rate136,143 35.5 168,804 25.2 162,391 25.3 
(1)Includes the federal tax impact of share-based compensation.
(2)For fiscal 2026, state and local taxes in California, North Carolina and Illinois made up the majority of the tax effect in this category. For fiscal 2025, state and local taxes in California, Illinois, Florida and North Carolina made up the majority of the tax effect in this category. For fiscal 2024, state and local taxes in California, Illinois and Texas made up the majority of the tax effect in this category.
Temporary Differences Resulting in Deferred Tax Assets and Liabilities
 As of February 28
(In thousands)20262025
Deferred tax assets:  
Accrued expenses and other$85,878 $98,861 
Allowance for loan losses110,197 111,385 
Net operating loss carryforwards and other tax attributes22,299 24,462 
Operating lease liabilities131,003 136,190 
Share-based compensation55,798 51,284 
Capital loss carryforward752 766 
Total deferred tax assets405,927 422,948 
Less:  valuation allowance(752)(766)
Total deferred tax assets after valuation allowance405,175 422,182 
Deferred tax liabilities:  
Intangibles35,375 39,317 
Prepaid expenses11,142 11,810 
Property and equipment148,019 82,285 
Operating lease assets115,479 123,520 
Inventory15,236 11,924 
Derivatives1,445 12,994 
Total deferred tax liabilities326,696 281,850 
Net deferred tax asset$78,479 $140,332 
As of the fiscal year ended February 28, 2026, CarMax’s net operating loss carryforwards and other tax attributes include a deferred tax asset of $5.4 million related to U.S. federal tax credit carryforwards, which expire between 2026 and 2042; a deferred tax asset of $2.1 million related to state net operating loss carryforwards, which expire between 2026 and 2039; and a deferred tax asset of $13.2 million related to state tax credit carryforwards that have no expiration.
Except for amounts for which a valuation allowance has been provided, we believe it is more likely than not that the results of future operations and the reversals of existing deferred taxable temporary differences will generate sufficient taxable income to realize the deferred tax assets.  The valuation allowance as of February 28, 2026 relates to capital loss carryforwards that are not more likely than not to be utilized prior to their expiration.
Reconciliation of Unrecognized Tax Benefits
 Years Ended February 28 or 29
(In thousands)202620252024
Balance at beginning of year$18,035 $28,817 $27,092 
Increases for tax positions of prior years2,667 138 397 
Decreases for tax positions of prior years(1,276)— (172)
Increases based on tax positions related to the current year2,723 4,669 3,627 
Settlements(951)(142)(386)
Lapse of statute(2,352)(15,447)(1,741)
Balance at end of year$18,846 $18,035 $28,817 

As of February 28, 2026, we had $18.8 million of gross unrecognized tax benefits, $12.3 million of which, if recognized, would affect our effective tax rate. As of February 28, 2025, we had $18.0 million of gross unrecognized tax benefits, $14.9 million of which, if recognized, would affect our effective tax rate.  As of February 29, 2024, we had $28.8 million of gross unrecognized tax benefits, $12.1 million of which, if recognized, would affect our effective tax rate.
On July 4, 2025, federal legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes provisions that make 100% bonus depreciation permanent, allows for the expensing of domestic research costs and modifies the business interest expense and charitable contribution expense limitation calculations. These changes were incorporated into our income tax provision for the fiscal year ended February 28, 2026, resulting in an increase in our deferred tax expense, offset by a corresponding decrease in our current tax expense. The OBBBA did not have a material impact on our fiscal 2026 effective tax rate.
Our continuing practice is to recognize interest and penalties related to income tax matters in SG&A expenses.  Our accrual for interest and penalties was $6.0 million, $3.8 million and $5.3 million as of February 28, 2026, February 28, 2025 and February 29, 2024, respectively.
CarMax is subject to U.S. federal income tax as well as income tax of multiple states and local jurisdictions.  With a few insignificant exceptions, we are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to fiscal 2023.
v3.26.1
Benefit Plans
 12 Months Ended
Feb. 28, 2026
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Benefit Plans BENEFIT PLANS
(A)Retirement Benefit Plans
We have two frozen noncontributory defined benefit plans: our pension plan (the “pension plan”) and our unfunded, nonqualified plan (the “restoration plan”), which restores retirement benefits for certain associates who are affected by Internal Revenue Code limitations on benefits provided under the pension plan. No additional benefits have accrued under these plans since they were frozen; however, we have a continuing obligation to fund the pension plan and will continue to recognize net periodic pension expense for both plans for benefits earned prior to being frozen. We use a fiscal year end measurement date for both the pension plan and the restoration plan.
We are currently in the process of terminating our pension plan. On September 30, 2025, our Board of Directors approved the termination, effective December 31, 2025. Termination activities are expected to continue through the end of fiscal 2027.
Benefit Plan Information
 As of February 28
 Pension PlanRestoration PlanTotal
(In thousands)202620252026202520262025
Plan assets$209,763 $206,384 $— $— $209,763 $206,384 
Projected benefit obligation209,823 206,860 8,421 8,565 218,244 215,425 
Funded status recognized$(60)$(476)$(8,421)$(8,565)$(8,481)$(9,041)
Amounts recognized in the consolidated balance sheets:     
Current liability$— $— $(656)$(655)$(656)$(655)
Noncurrent liability(60)(476)(7,765)(7,910)(7,825)(8,386)
Net amount recognized$(60)$(476)$(8,421)$(8,565)$(8,481)$(9,041)
 
Pension PlanRestoration PlanTotal
(In thousands)202620252024202620252024202620252024
Total net pension (benefit) expense
$(3,658)$(3,496)$(3,842)$447 $445 $452 $(3,211)$(3,051)$(3,390)
Total net actuarial loss (gain) (1)
$3,640$(1,099)$(9,114)$54 $88 $(175)$3,694 $(1,011)$(9,289)
 
(1)    Changes recognized in AOCL.
 
The projected benefit obligation (“PBO”) will change primarily due to interest cost and total net actuarial loss (gain), and plan assets will change primarily as a result of the actual return on plan assets. Benefit payments, which reduce the PBO and plan assets, were not material in fiscal 2026 or 2025. There were no employer contributions in fiscal 2026 and $0.3 million in contributions in fiscal 2025. The net actuarial loss (gain) in a fiscal year is recognized in AOCL and may later be recognized as a component of future net pension (benefit) expense. In fiscal 2027, we anticipate that $0.7 million in estimated actuarial losses of the pension plan will be amortized from AOCL.  Estimated actuarial losses to be amortized from AOCL for the restoration plan are not expected to be significant. 
Benefit Obligations.  The accumulated benefit obligation (“ABO”) and PBO represent the obligations of the benefit plans for past service as of the measurement date. ABO is the present value of benefits earned to date with benefits computed based on current service and compensation levels. PBO is ABO increased to reflect expected future service and increased compensation levels. As a result of the freeze of plan benefits under our pension and restoration plans, the ABO and PBO balances are equal to one another at all subsequent dates.
Funding Policy.  For the pension plan, we contribute amounts sufficient to meet minimum funding requirements as set forth in the employee benefit and tax laws, plus any additional amounts as we may determine to be appropriate. We expect to make $2.8 million in contributions to the pension plan in fiscal 2027. We expect the pension plan to make benefit payments of approximately $8.9 million for each of the next three fiscal years and approximately $10.3 million for each of the subsequent two fiscal years; however, these amounts will be impacted if the plan is terminated, as noted above. For the non-funded restoration plan, we contribute an amount equal to the benefit payments, which we expect to be approximately $0.7 million for each of the next five fiscal years.
Assumptions Used to Determine Benefit Obligations
 As of February 28
 Pension PlanRestoration Plan
 2026202520262025
Discount rate5.50 %5.45 %5.50 %5.45 %
 
Assumptions Used to Determine Net Pension (Benefit) Expense
 As of February 28 or 29
 Pension PlanRestoration Plan
 202620252024202620252024
Discount rate5.45 %5.35 %5.20 %5.45 %5.35 %5.20 %
Expected rate of return on plan assets7.00 %7.00 %7.25 %— %— %— %

Assumptions.  Underlying both the calculation of the PBO and the net pension (benefit) expense are actuarial calculations of each plan’s liability. These calculations use participant-specific information such as salary, age and years of service, as well as certain assumptions, the most significant being the discount rate, rate of return on plan assets and mortality rate. We evaluate these assumptions at least once a year and make changes as necessary.
The discount rate used for retirement benefit plan accounting reflects the yields available on high-quality, fixed income debt instruments. For our plans, we review high quality corporate bond indices in addition to a hypothetical portfolio of corporate bonds with maturities that approximate the expected timing of the anticipated benefit payments.
To determine the expected long-term return on plan assets, we consider the current and anticipated asset allocations, as well as historical and estimated returns on various categories of plan assets. We apply the estimated rate of return to a market-related value of assets, which reduces the underlying variability in the asset values. The use of expected long-term rates of return on pension plan assets could result in recognized asset returns that are greater or less than the actual returns of those pension plan assets in any given year. Over time, however, the expected long-term returns are anticipated to approximate the actual long-term returns, and therefore, result in a pattern of income and expense recognition that more closely matches the pattern of the services provided by the employees. Differences between actual and expected returns, which are a component of unrecognized actuarial gains/losses, are recognized over the average life expectancy of all plan participants.
Fair Value of Plan Assets
 As of February 28
(In thousands)20262025
Mutual funds (Level 1):  
Equity securities – international
$— $7,020 
Collective funds (NAV):  
Short-term investments
87,675 2,026 
Equity securities
— 33,229 
Fixed income securities
122,088 164,109 
Total$209,763 $206,384 

Plan Assets.  Our pension plan assets are held in trust and a fiduciary committee sets the investment policies and strategies.  Long-term strategic investment objectives include achieving reasonable returns while prudently balancing risk and return, and controlling costs.  We currently target allocating 100% to fixed income securities. In fiscal 2025, we targeted allocating 20% of the plan assets to equity and equity-related instruments and 80% to fixed income securities. In fiscal 2024, we targeted allocating 40% of the plan assets to equity and equity-related instruments and 60% to fixed income securities. The fixed income securities are currently composed of collective funds that include investments in debt securities, corporate bonds, mortgage-backed securities and other debt obligations primarily in the United States. We do not expect any plan assets to be returned to us during fiscal 2027.
The fair values of the plan’s assets are provided by the plan’s trustee and the investment managers. Within the fair value hierarchy (see Note 6), the mutual funds are classified as Level 1 as quoted active market prices for identical assets are used to measure fair value. The collective funds are public investment vehicles valued using a net asset value (“NAV”) and, therefore, are outside of the fair value hierarchy. The collective funds may be liquidated with minimal restrictions. 
(B)Retirement Savings 401(k) Plan
We sponsor a 401(k) plan for all associates meeting certain eligibility criteria.  The plan contains a company matching contribution as well as an additional discretionary company-funded contribution to those associates meeting certain age and
service requirements.  The total cost for company contributions was $72.7 million in fiscal 2026, $72.8 million in fiscal 2025 and $68.1 million in fiscal 2024.
(C)Retirement Restoration Plan
We sponsor a non-qualified retirement plan for certain senior executives who are affected by Internal Revenue Code limitations on benefits provided under the Retirement Savings 401(k) Plan.  Under this plan, these associates may continue to defer portions of their compensation for retirement savings.  We match the associates’ contributions at the same rate provided under the 401(k) plan, and also may provide an annual discretionary company-funded contribution under the same terms of the 401(k) plan.  This plan is unfunded with lump sum payments to be made upon the associate’s retirement.  The total cost for this plan was not significant in fiscal 2026, fiscal 2025 and fiscal 2024.
(D)Executive Deferred Compensation Plan
We sponsor an unfunded nonqualified deferred compensation plan to permit certain eligible associates to defer receipt of a portion of their compensation to a future date.  This plan also includes a restorative company contribution designed to compensate the plan participants for any loss of company contributions under the Retirement Savings 401(k) Plan and the Retirement Restoration Plan due to a reduction in their eligible compensation resulting from deferrals into the Executive Deferred Compensation Plan.  The total cost for this plan was not significant in fiscal 2026, fiscal 2025 and fiscal 2024.
v3.26.1
Debt
 12 Months Ended
Feb. 28, 2026
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] DEBT
(In thousands)As of February 28
Debt Description (1)
Maturity Date20262025
Revolving credit facility (2)
June 2028$840,800 $— 
Term loan (2)
November 2030499,271 699,773 
4.17% Senior notes April 2026200,000 200,000 
4.27% Senior notesApril 2028200,000 200,000 
Financing obligationsVarious dates through February 2059483,633 487,676 
Non-recourse notes payableVarious dates through February 203315,827,609 17,119,758 
Total debt18,051,313 18,707,207 
Less: current portion(761,974)(543,339)
Less: unamortized debt issuance costs(28,792)(26,528)
Long-term debt, net $17,260,547 $18,137,340 

(1)    Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually.
(2)    Borrowings accrue interest at variable rates based on SOFR, the federal funds rate, or the prime rate, depending on the type of borrowing.
Revolving Credit Facility. Borrowings under our $2.00 billion unsecured revolving credit facility (the “credit facility”) are available for working capital and general corporate purposes.  We pay a commitment fee on the unused portions of the available funds.  Borrowings under the credit facility are either due “on demand” or at maturity depending on the type of borrowing.  Borrowings with “on demand” repayment terms are presented as short-term debt while amounts due at maturity are presented as long-term debt.  As of February 28, 2026, the unused capacity of $1.16 billion was fully available to us.
The weighted average interest rate for the credit facility was 5.09% in fiscal 2026, 5.72% in fiscal 2025 and 3.99% in fiscal 2024.
Term Loans.  In November 2025, we amended our $700 million term loan to extend the maturity date to November 2030. In addition, we paid $200 million of the outstanding principal balance, reducing the loan to $500 million. The amendment did not modify existing covenants or other material terms. Borrowings under the $500 million term loan are available for working capital and general corporate purposes. The interest rate on our term loans was 4.57%, 5.33% and 6.31% as of February 28, 2026, February 28, 2025 and February 29, 2024, respectively. The $500 million term loan was classified as long-term debt as no repayments are scheduled to be made within the next 12 months.
Senior Notes.  Borrowings under our unsecured senior notes totaling $400 million are available for working capital and general corporate purposes. The 4.17% senior notes mature in April 2026 and were therefore classified as current as of February 28, 2026. The 4.27% senior notes were classified as long-term debt as no repayments are scheduled to be made within the next 12 months.
Financing Obligations.  Financing obligations relate to stores subject to sale-leaseback transactions that do not qualify for sale accounting.  The financing obligations were structured at varying interest rates and generally have initial lease terms ranging from 15 to 20 years with payments made monthly.  We have not entered into any new sale-leaseback transactions since fiscal 2009.  In the event the agreements are modified or extended beyond their original term, the related obligation is adjusted based on the present value of the revised future payments, with a corresponding change to the assets subject to these transactions. Upon modification, the amortization of the obligation is reset, resulting in more of the payments being applied to interest expense in the initial years following the modification.
Future maturities of financing obligations were as follows:
(In thousands)As of February 28, 2026
Fiscal 2027$56,727 
Fiscal 202857,427 
Fiscal 202959,290 
Fiscal 203052,659 
Fiscal 203152,323 
Thereafter643,038 
Total payments921,464 
Less: interest(437,831)
Present value of financing obligations$483,633 

Non-Recourse Notes Payable.  The non-recourse notes payable relate to auto loans held for investment and auto loans held for sale funded through non-recourse funding vehicles.  The timing of principal payments on the non-recourse notes payable is based on the timing of principal collections and defaults on the related auto loans.  The current portion of non-recourse notes payable represents principal payments that are due to be distributed in the following period.
Notes payable related to our asset-backed term funding transactions accrue interest predominantly at fixed rates and have scheduled maturities through February 2033, but may mature earlier, depending upon the repayment rate of the underlying auto loans.
Information on our funding vehicles of non-recourse notes payable as of February 28, 2026 are as follows:
(In billions)Capacity
Warehouse facilities:
March 2026 expiration$3.10 
May 2026 expiration0.70 
September 2026 expiration2.55 
Combined warehouse facility limit$6.35 
Unused capacity$4.02 
Non-recourse notes payable outstanding:
Warehouse facilities$2.33 
Asset-backed term funding transactions13.50 
Non-recourse notes payable$15.83 

We generally enter into warehouse facility agreements for one-year terms and typically renew the agreements annually. The return requirements of warehouse facility investors could fluctuate significantly depending on market conditions.  At renewal, the cost, structure and capacity of the facilities could change. These changes could have a significant impact on our funding costs.
See Notes 1(G) and 4 for additional information on the related auto loans held for investment.
Capitalized Interest.  We capitalize interest in connection with the construction of certain facilities. For fiscal 2026, fiscal 2025 and fiscal 2024, we capitalized interest of $14.8 million, $8.2 million, and $6.2 million, respectively.
Financial Covenants.  The credit facility, term loan and senior note agreements contain representations and warranties, conditions and covenants.  We must also meet financial covenants in conjunction with certain financing obligations.  The agreements governing our non-recourse funding vehicles contain representations and warranties, as well as financial covenants and performance triggers related to events of default.  As of February 28, 2026, we were in compliance with these financial covenants and our non-recourse funding vehicles were in compliance with these performance triggers.
v3.26.1
Stock And Stock-Based Incentive Plans
 12 Months Ended
Feb. 28, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock And Stock-Based Incentive Plans STOCK AND STOCK-BASED INCENTIVE PLANS
(A)Preferred Stock 
Under the terms of our Articles of Incorporation, the board of directors (“board”) may determine the rights, preferences and terms of our authorized but unissued shares of preferred stock.  We have authorized 20,000,000 shares of preferred stock, $20 par value.  No shares of preferred stock are currently outstanding.
(B) Share Repurchase Program
As of February 28, 2026, a total of $2 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.31 billion remained available for repurchase.
 Common Stock Repurchases
 Years Ended February 28 or 29
 202620252024
Number of shares repurchased (in thousands)
11,752.7 5,506.3 1,334.1 
Average cost per share$53.76 $76.87 $68.33 
Available for repurchase, as of end of year (in millions)
$1,305.1 $1,936.9 $2,360.1 
 
(C)Stock Incentive Plans
We maintain long-term incentive plans for management, certain employees and the nonemployee members of our board.  The plans allow for the granting of equity-based compensation awards, including nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, stock- and cash-settled restricted stock units, stock grants or a combination of awards.  To date, we have not awarded any incentive stock options.
As of February 28, 2026, a total of 62,850,000 shares of our common stock had been authorized to be issued under the long-term incentive plans.  The number of unissued common shares reserved for future grants under the long-term incentive plans was 3,533,209 as of that date.
The majority of associates who receive share-based compensation awards primarily receive cash-settled restricted stock units.  Senior management and other key associates receive awards of nonqualified stock options, stock-settled restricted stock units and/or restricted stock awards.  Nonemployee directors are eligible to receive awards of nonqualified stock options, stock grants, stock-settled restricted stock units and/or restricted stock awards.  Excluding stock grants and stock-settled deferred stock units, all share-based compensation awards, including any associated dividend rights, are subject to forfeiture.
Nonqualified Stock Options.  Nonqualified stock options are awards that allow the recipient to purchase shares of our common stock at a fixed price.  Stock options are granted at an exercise price equal to the fair market value of our common stock on the grant date.  The stock options generally vest annually in equal amounts over four years.  These options expire seven years after the date of the grant.
Cash-Settled Restricted Stock Units.  Also referred to as CRSUs, these are awards that entitle the holder to a cash payment equal to the fair market value of a share of our common stock for each unit granted.  Conversion generally occurs annually in equal amounts over three years. However, the cash payment per CRSU will not be greater than 200% or less than 75% of the fair market value of a share of our common stock on the grant date.  The initial grant date fair values are based on the closing prices of our common stock on the grant dates. CRSUs are liability-classified awards and do not have voting rights.
Stock-Settled Market Stock Units.  Also referred to as market stock units, or MSUs, these are restricted stock unit awards with market conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted.  Conversion generally occurs at the end of a three-year vesting period.  The conversion ratio is calculated by
dividing the average closing price of our stock during the final 40 trading days of the three-year vesting period by our stock price on the grant date, with the resulting quotient capped at two.  This quotient is then multiplied by the number of MSUs granted to yield the number of shares awarded.  The grant date fair values are determined using a Monte-Carlo simulation and are based on the expected market price of our common stock on the vesting date and the expected number of converted common shares.  MSUs do not have voting rights.
Other Share-Based Incentives
Stock-Settled Performance Stock Units.  Also referred to as performance stock units, or PSUs, these are restricted stock unit awards with performance conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted. Conversion generally occurs at the end of a three-year vesting period. For the first- and second-year periods of the fiscal 2023 grants and the first-year period of the fiscal 2024 grants, the conversion ratio is based on the company reaching certain performance target levels set by the board at the beginning of each one-year period, with the resulting quotients subject to meeting a minimum threshold of 25% and capped at 200%. For the third-year period of the fiscal 2023 grants, the second- and third-year periods of the fiscal 2024 grants, the fiscal 2025 grants and the fiscal 2026 grants, the conversion ratio is based on the company reaching certain target levels set by the board, with the resulting quotients subject to meeting a minimum threshold of 50% and capped at 200%. These quotients are then multiplied by the number of PSUs granted to yield the number of shares awarded.
For the first- and second-year periods of the fiscal 2023 awards and the first-year period of the fiscal 2024 awards, the performance targets were based on annual pre-tax diluted earnings per share, excluding any unrealized gains or losses on equity investments in private companies, and market share. For the first-year period of the fiscal 2023 awards, the board certified a performance adjustment factor of 4%. For the second-year period of the fiscal 2023 grants and the first-year period of the fiscal 2024 grants, the board certified a performance adjustment factor of 38%. For the third-year period of the fiscal 2023 awards and the second- and third-year periods of the fiscal 2024 awards, the performance targets are based on annual pre-tax earnings, excluding any unrealized gains or losses on equity investments in private companies and any significant non-recurring non-cash gains or losses. For the third-year period of the fiscal 2023 grants and the second-year period of the fiscal 2024 grants, the board certified a performance adjustment factor of 159%. For the fiscal 2025 and fiscal 2026 awards, the performance targets are based on cumulative three-year pre-tax earnings, excluding any unrealized gains or losses on equity investments in private companies and any significant non-recurring non-cash gains or losses.
PSUs do not have voting rights. The grant date fair values are based on the closing prices of our common stock on the grant dates. As of February 28, 2026, 496,266 units were outstanding at a weighted average grant date fair value per share of $67.63.
Stock-Settled Deferred Stock Units.  Also referred to as deferred stock units, or DSUs, these are restricted stock unit awards granted to non-employee members of our board that are converted into one share of common stock for each unit granted. Conversion occurs at the end of the one-year vesting period unless the director has exercised the option to defer conversion until separation of service to the company. The grant date fair values are based on the closing prices of our common stock on the grant dates. DSUs have no voting rights. As of February 28, 2026, 128,526 units were outstanding at a weighted average grant date fair value of $83.61.
Stock-Settled Restricted Stock Units.  Also referred to as SRSUs, these are restricted stock unit awards granted to eligible key associates that entitle the holder to shares of common stock equal to the fair market value of our common stock on the grant date. The awards have a one-year vesting period; provided however that pro-rata vesting will be applied to the SRSUs based upon the number of months served by the associates. SRSUs do not have voting rights. As of February 28, 2026, 117,138 units were outstanding with a grant date fair value per share of $39.27.
Restricted Stock Awards.  Restricted stock awards, or RSAs, are awards of our common stock that are subject to specified restrictions that generally lapse after a one- to three-year period from the date of the grant.  The grant date fair values are based on the closing prices of our common stock on the grant dates. Participants holding restricted stock are entitled to vote on matters submitted to holders of our common stock for a vote.  As of February 28, 2026, there were no RSAs outstanding.
Employee Stock Purchase Plan.  We sponsor an employee stock purchase plan for all associates meeting certain eligibility criteria. We have authorized up to 8,000,000 shares of common stock with a total of 1,146,005 shares remaining available for issuance under the plan as of February 28, 2026. Associate contributions are limited to 10% of eligible compensation, up to a maximum of $10,000 per year. For each $1.00 contributed to the plan by associates, we match $0.15. Shares are acquired through open-market purchases. We purchased 347,156 shares at an average price per share of $53.06 during fiscal 2026, 247,277 shares at an average price per share of $77.11 during fiscal 2025 and 264,628 shares at an average price per share of $73.74 during fiscal 2024. 
(D)Share-Based Compensation

Composition of Share-Based Compensation Expense
 Years Ended February 28 or 29
(In thousands)202620252024
Cost of sales$3,710 $5,296 $4,644 
CarMax Auto Finance income4,240 5,024 3,643 
Selling, general and administrative expenses93,400 126,931 114,090 
Share-based compensation expense, before income taxes$101,350 $137,251 $122,377 
  
Composition of Share-Based Compensation Expense – By Grant Type
 Years Ended February 28 or 29
(In thousands)202620252024
Nonqualified stock options$38,836 $41,008 $50,456 
Cash-settled restricted stock units (CRSUs)30,366 55,124 48,762 
Stock-settled market stock units (MSUs)21,957 19,560 16,298 
Other share-based incentives:
Stock-settled performance stock units (PSUs)5,069 17,167 2,046 
Stock-settled deferred stock units (DSUs)1,665 1,850 1,850 
Stock-settled restricted stock units (SRSUs)1,125 — — 
Restricted stock (RSAs)— — 307 
Employee stock purchase plan2,332 2,542 2,658 
Total other share-based incentives10,191 21,559 6,861 
Share-based compensation expense, before income taxes$101,350 $137,251 $122,377 

Unrecognized Share-Based Compensation Expense – By Grant Type
 As of February 28, 2026
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$31.3 2.0
Stock-settled market stock units16.5 1.3
Other share-based incentives:
Stock-settled performance stock units4.0 1.5
Stock-settled restricted stock units1.1 0.2
Total other share-based incentives5.1 1.2
Total$52.9 1.7
 
We recognize compensation expense for stock options, MSUs, PSUs, DSUs, SRSUs and RSAs on a straight-line basis (net of estimated forfeitures) over the requisite service period, which is generally the vesting period of the award.  The PSU expense is adjusted for any change in management’s assessment of the performance target level that is probable of being achieved. The variable expense associated with CRSUs is recognized over their vesting period (net of estimated forfeitures) and is calculated based on the closing price of our common stock on the last trading day of each reporting period. 
The total costs for matching contributions for our employee stock purchase plan are included in share-based compensation expense.  There were no capitalized share-based compensation costs as of or for the years ended February 28, 2026, February 28, 2025 or February 29, 2024.
Stock Option Activity
   Weighted 
  WeightedAverage 
  AverageRemainingAggregate
 Number ofExerciseContractualIntrinsic
(Shares and intrinsic value in thousands)SharesPriceLife (Years)Value
Outstanding as of February 28, 20257,309 $82.32   
Options granted1,452 65.44   
Options exercised(132)63.05   
Options forfeited or expired(78)73.05   
Outstanding as of February 28, 20268,551 $79.83 3.3$3 
Exercisable as of February 28, 20266,105 $84.19 2.5$— 
Stock Option Information
Years Ended February 28 or 29
202620252024
Options granted1,452,018 1,234,215 1,554,029 
Weighted average grant date fair value per share$26.20 $29.21 $29.11 
Cash received from options exercised (in millions)
$8.3 $73.7 $44.8 
Intrinsic value of options exercised (in millions)
$0.4 $19.9 $15.0 
Realized tax benefits (in millions)
$0.1 $3.0 $3.6 

For stock options, the fair value of each award is estimated as of the date of grant using a binomial valuation model.  In computing the value of the option, the binomial model considers characteristics of fair-value option pricing that are not available for consideration under a closed-form valuation model (for example, the Black-Scholes model), such as the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life and the probability of termination or retirement of the option holder.  For this reason, we believe that the binomial model provides a fair value that is more representative of actual experience and future expected experience than the value calculated using a closed-form model.  Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the recipients of share-based awards.
Assumptions Used to Estimate Option Values
 Years Ended February 28 or 29
 202620252024
Dividend yield  0.0 %  0.0 %  0.0 %
Expected volatility factor (1)  
36.3 %-54.8 %35.5 %-46.7 %39.2 %-45.9 %
Weighted average expected volatility  41.9 %  45.4 %  44.6 %
Risk-free interest rate (2)
3.4 %-4.4 %3.5 %-5.4 %3.6 %-5.5 %
Expected term (in years) (3)  
  4.7  4.7  4.6
 
(1)Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock.
(2)Based on the U.S. Treasury yield curve at the time of grant.
(3)Represents the estimated number of years that options will be outstanding prior to exercise.
Cash-Settled Restricted Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 20251,524 $71.07 
Stock units granted978 65.49 
Stock units vested and converted(727)73.97 
Stock units cancelled(189)67.01 
Outstanding as of February 28, 20261,586 $66.78 

Cash-Settled Restricted Stock Unit Information
Years Ended February 28 or 29
202620252024
Stock units granted978,159 918,098 915,122 
Initial weighted average grant date fair value per share$65.49 $67.22 $70.69 
Payments (before payroll tax withholdings) upon
vesting (in millions)
$47.7 $42.8 $39.0 
Realized tax benefits (in millions)
$11.8 $10.6 $9.7 

Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of February 28, 2026
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2027$37,227 $99,272 
Fiscal 202825,306 67,481 
Fiscal 202913,173 35,131 
Total expected cash settlements$75,706 $201,884 
 
(1)Net of estimated forfeitures.
Stock-Settled Market Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 2025525 $104.12 
Stock units granted252 91.45 
Stock units vested and converted(130)124.11 
Stock units cancelled(15)94.81 
Outstanding as of February 28, 2026632 $95.19 
Stock-Settled Market Stock Unit Information
Years Ended February 28 or 29
202620252024
Stock units granted251,784 238,865 186,678 
Weighted average grant date fair value per share$91.45 $95.80 $99.86 
Realized tax benefits (in millions)
$1.6 $0.8 $2.3 
v3.26.1
Net Earnings Per Share
 12 Months Ended
Feb. 28, 2026
Earnings Per Share [Abstract]  
Net Earnings Per Share NET EARNINGS PER SHARE 
Basic and Dilutive Net Earnings Per Share Reconciliations
 Years Ended February 28 or 29
(In thousands except per share data)202620252024
Net earnings$247,290 $500,556 $479,204 
Weighted average common shares outstanding147,258 155,330 158,216 
Dilutive potential common shares:   
Stock options7 372 272 
Stock-settled restricted stock units348 359 219 
Weighted average common shares and dilutive   
potential common shares147,613 156,061 158,707 
Basic net earnings per share$1.68 $3.22 $3.03 
Diluted net earnings per share$1.68 $3.21 $3.02 
 
Certain options to purchase shares of common stock were outstanding and not included in the calculation of diluted net earnings per share because their inclusion would have been antidilutive.  On a weighted average basis, for fiscal 2026, fiscal 2025 and fiscal 2024, options to purchase 8,380,083 shares, 5,266,616 shares and 5,791,423 shares of common stock, respectively, were not included.
v3.26.1
Accumulated Other Comprehensive Loss
 12 Months Ended
Feb. 28, 2026
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Accumulated Other Comprehensive Loss ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Changes in Accumulated Other Comprehensive (Loss) Income By Component
   NetTotal
 NetNetUnrecognizedAccumulated
 UnrecognizedUnrecognizedBeneficialOther
 ActuarialHedgeInterestsComprehensive
(In thousands, net of income taxes)LossesGainsGains(Loss) Income
Balance as of February 28, 2023$(44,590)$142,459 $— $97,869 
Other comprehensive (loss) income
before reclassifications7,081 (6,943)— 138 
Amounts reclassified from accumulated other   
comprehensive (loss) income393 (39,121)— (38,728)
Other comprehensive income (loss)7,474 (46,064)— (38,590)
Balance as of February 29, 2024(37,116)96,395 — 59,279 
Other comprehensive (loss) income
before reclassifications771 (17,585)— (16,814)
Amounts reclassified from accumulated other
comprehensive (loss) income337 (39,722)— (39,385)
Other comprehensive income (loss)1,108 (57,307)— (56,199)
Balance as of February 28, 2025(36,008)39,088 — 3,080 
Other comprehensive (loss) income
before reclassifications(2,820)(9,897)53 (12,664)
Amounts reclassified from accumulated other   
comprehensive (loss) income304 (24,846)— (24,542)
Other comprehensive (loss) income(2,516)(34,743)53 (37,206)
Balance as of February 28, 2026$(38,524)$4,345 $53 $(34,126)
Changes In and Reclassifications Out of Accumulated Other Comprehensive (Loss) Income
 
 Years Ended February 28 or 29
(In thousands)202620252024
Retirement Benefit Plans (Note 11):   
Actuarial (loss) gain arising during the year$(3,694)$1,011 $9,289 
Tax benefit (expense)874 (240)(2,208)
Actuarial (loss) gain arising during the year, net of tax(2,820)771 7,081 
Actuarial loss amortization reclassifications recognized in net pension expense:   
Cost of sales172 195 231 
CarMax Auto Finance income14 15 15 
Selling, general and administrative expenses212 232 270 
Total amortization reclassifications recognized in net pension expense398 442 516 
Tax expense(94)(105)(123)
Amortization reclassifications recognized in net   
pension expense, net of tax304 337 393 
Net change in retirement benefit plan unrecognized   
actuarial losses, net of tax(2,516)1,108 7,474 
Cash Flow Hedges (Note 5):   
Changes in fair value(13,102)(23,662)(9,291)
Tax benefit3,205 6,077 2,348 
Changes in fair value, net of tax(9,897)(17,585)(6,943)
Reclassifications to CarMax Auto Finance income(32,826)(51,808)(52,354)
Tax benefit7,980 12,086 13,233 
Reclassification of hedge gains, net of tax(24,846)(39,722)(39,121)
Net change in cash flow hedge unrecognized gains, net of tax(34,743)(57,307)(46,064)
Beneficial Interests (Note 6):
Changes in fair value70 — — 
Tax expense(17)— — 
Changes in fair value, net of tax53 — — 
Total other comprehensive loss, net of tax$(37,206)$(56,199)$(38,590)
  
Changes in the funded status of our retirement plans, changes in the fair value of derivatives that are designated and qualify as cash flow hedges and changes in the fair value of certain of our beneficial interests in non-consolidated securitizations are recognized in accumulated other comprehensive (loss) income.  The cumulative balances are net of deferred taxes of $10.5 million as of February 28, 2026 and $1.5 million as of February 28, 2025.
v3.26.1
Leases
 12 Months Ended
Feb. 28, 2026
Leases [Abstract]  
Leases of Lessee Disclosure LEASE COMMITMENTS
Our leases primarily consist of operating and finance leases related to retail stores, office space, land and equipment. We also have stores subject to sale-leaseback transactions that do not qualify for sale accounting and are accounted for as financing obligations. For more information on these financing obligations see Note 12.
The initial term for real property leases is typically 5 to 20 years. For equipment leases, the initial term generally ranges from 3 to 8 years. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 20 years or more. We include options to renew (or terminate) in our lease term, and as part of our right-of-use (“ROU”) assets and lease liabilities, when it is reasonably certain that we will exercise that option.
ROU assets and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our collateralized incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We include variable
lease payments in the initial measurement of ROU assets and lease liabilities only to the extent they depend on an index or rate. Changes in such indices or rates are accounted for in the period the change occurs, and do not result in the remeasurement of the ROU asset or liability. We are also responsible for payment of certain real estate taxes, insurance and other expenses on our leases. These amounts are generally considered to be variable and are not included in the measurement of the ROU asset and lease liability. We generally account for non-lease components, such as maintenance, separately from lease components. For certain equipment leases, we apply a portfolio approach to account for the lease assets and liabilities.
Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases with a term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.
Effective February 28, 2026, we ceased use of the first and third floors of the Edmunds headquarters and accounted for the right-of-use asset and related leasehold improvements as abandoned. As a result, we recorded a combined charge of $23.1 million related to the abandonment in fiscal 2026, $19.0 million of which was recognized in operating lease expense. In fiscal 2025, we recorded a lease impairment charge of $12.3 million related to the second floor of the Edmunds headquarters that we subleased. There were no lease abandonment or impairment charges in fiscal 2024.
The components of lease expense were as follows:
Years Ended February 28 or 29
(In thousands)202620252024
Operating lease cost (1)
$116,490 $92,630 $89,801 
Finance lease cost:
Depreciation of lease assets18,381 20,543 20,010 
Interest on lease liabilities24,378 26,404 25,724 
Total finance lease cost42,759 46,947 45,734 
Total lease cost$159,249 $139,577 $135,535 

(1)    Includes short-term leases and variable lease costs, which are immaterial.

Supplemental balance sheet information related to leases was as follows:
As of February 28
(In thousands)Classification20262025
Assets:
Operating lease assetsOperating lease assets$459,514 $493,355 
Finance lease assets
Property and equipment, net (1)
145,179 160,535 
Total lease assets$604,693 $653,890 
Liabilities:
Current:
Operating leasesCurrent portion of operating lease liabilities$57,341 $59,335 
Finance leasesAccrued expenses and other current liabilities16,779 15,015 
Long-term:
Operating leasesOperating lease liabilities, excluding current portion464,696 481,963 
Finance leasesOther liabilities175,548 189,216 
Total lease liabilities$714,364 $745,529 

(1)    Finance lease assets are recorded net of accumulated depreciation of $74.6 million as of February 28, 2026 and $67.6 million as of February 28, 2025.
Lease term and discount rate information related to leases was as follows:
As of February 28
Lease Term and Discount Rate20262025
Weighted Average Remaining Lease Term (in years)
Operating leases15.5615.49
Finance leases13.9914.31
Weighted Average Discount Rate
Operating leases5.37 %5.21 %
Finance leases16.44 %16.78 %

Supplemental cash flow information related to leases was as follows:
Years Ended February 28 or 29
(In thousands)202620252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$102,391 $95,638 $88,704 
Operating cash flows from finance leases$23,788 $24,141 $24,782 
Financing cash flows from finance leases$15,044 $16,536 $16,674 
Lease assets obtained in exchange for lease obligations:
Operating leases$39,696 $43,161 $30,746 
Finance leases$3,026 $7,459 $51,660 

Maturities of lease liabilities were as follows:

As of February 28, 2026
(In thousands)Operating Leases Finance Leases
Fiscal 2027$83,637 $38,941 
Fiscal 202880,014 35,599 
Fiscal 202958,194 38,840 
Fiscal 203048,368 28,462 
Fiscal 203141,318 25,161 
Thereafter496,723 227,737 
Total lease payments808,254 394,740 
Less: interest(286,217)(202,413)
Present value of lease liabilities$522,037 $192,327 
v3.26.1
Commitments And Contingencies
 12 Months Ended
Feb. 28, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies COMMITMENTS AND CONTINGENCIES
(A)Litigation
The company is a class member in a consolidated and settled class action lawsuit (In re: Takata Airbag Product Liability Litigation (U.S. District Court, Southern District of Florida)) against Toyota, Mazda, Subaru, BMW, Honda, Nissan, Ford and Volkswagen related to the economic loss associated with defective Takata airbags installed as original equipment in certain model vehicles from model years 2000-2019. In April 2020, CarMax received $40.3 million in net recoveries from the Toyota, Mazda, Subaru, BMW, Honda and Nissan settlement funds. In January 2022, CarMax received $3.8 million in net recoveries from the Ford settlement funds. On April 21, 2023, CarMax received $59.3 million in net recoveries from residual undisbursed funds in the Toyota, Mazda, Subaru, BMW, Honda and Nissan settlements. On August 9, 2023, CarMax received $7.9 million in additional residual funds in the BMW, Mazda, and Nissan settlements. On December 19, 2025, CarMax received $8.2 million in additional residual funds in the Ford settlement. The Volkswagen settlement has not yet been resolved. We are unable to make a reasonable estimate of the amount or range of gain that could result from CarMax’s participation in the Volkswagen matter.
On November 3, 2025, a putative class action complaint titled Jason Cap v. CarMax, Inc., et al. was filed in the United States District Court for the District of Maryland against the company and certain present or former officers of the company.  An amended complaint was filed on March 31, 2026.  The amended complaint (i) seeks to certify a class of investors who purchased or otherwise acquired the company’s publicly traded securities between June 20, 2025 and November 5, 2025, and (ii) asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5. The amended complaint seeks unspecified damages and an award of fees, costs, and expenses.  The company believes that the claims are without merit and intends to vigorously defend ourselves against the claims in all respects.  Given the preliminary nature of the action, we are unable to assess the likelihood of any potential loss or adverse effect on our financial condition or to estimate the amount or range of potential losses, if any, from this action.
We are involved in various other legal proceedings in the normal course of business. Based upon our evaluation of information currently available, we believe that the ultimate resolution of any such proceedings will not have a material adverse effect, either individually or in the aggregate, on our financial condition, results of operations or cash flows.
(B)Other Matters
In accordance with the terms of real estate lease agreements, we generally agree to indemnify the lessor from certain liabilities arising as a result of the use of the leased premises, including environmental liabilities and repairs to leased property upon termination of the lease.  Additionally, in accordance with the terms of agreements entered into for the sale of properties, we
generally agree to indemnify the buyer from certain liabilities and costs arising subsequent to the date of the sale, including environmental liabilities and liabilities resulting from the breach of representations or warranties made in accordance with the agreements.  We do not have any known material environmental commitments, contingencies or other indemnification issues arising from these arrangements.
As part of our customer service strategy, we guarantee the used vehicles we retail with a 30-day limited warranty.  A vehicle in need of repair within this period will be repaired free of charge.  As a result, each vehicle sold has an implied liability associated with it.  Accordingly, based on historical trends, we record a provision for estimated future repairs during the guarantee period for each vehicle sold.  The liability for this guarantee was $21.7 million as of February 28, 2026 and $28.8 million as of February 28, 2025, and is included in accrued expenses and other current liabilities.
At various times we may have certain purchase obligations that are enforceable and legally binding primarily related to third-party outsourcing services, advertising and real estate purchases. As of February 28, 2026, we have material purchase obligations of $599.2 million, of which $170.3 million are expected to be fulfilled in fiscal 2027.
v3.26.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Feb. 28, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
CarMax’s cybersecurity program is designed to help ensure the proper assessment, identification, and management of the company’s risks from cybersecurity threats and is integrated into our overall risk management system. The company’s cybersecurity program is staffed by well-trained and experienced cybersecurity professionals and includes technology controls, proactive identification of data security vulnerabilities, and quarterly, or as needed, reporting by management to the Technology and Innovation Committee of the Board of Directors (the “Board”).
CarMax’s cybersecurity team manages the company’s Incident Response Plan, which establishes a comprehensive system and process for tracking and logging cybersecurity events, reviewing the events to determine whether remediation or escalation is appropriate and escalating potential events to the company’s Chief Information Security Officer (the “CISO”) for further review and assessment. CarMax has an established review and escalation process for assessing cybersecurity events and, if necessary, escalating cybersecurity incidents to members of our senior management team.
We monitor industry trends to mitigate cybersecurity risk for our customers, associates and business, and to remain apprised of industry developments, technological advancements and emerging threats. CarMax engages in testing to improve our cybersecurity approach internally and with third-party vendors and conducts exercises based on current threat intelligence. Additionally, all CarMax associates are required to complete the company’s cybersecurity training program on an annual basis.
We conduct annual tabletop exercises, guided by a third-party cybersecurity firm, with key members of our cybersecurity and legal teams to assess the company's readiness and capabilities to respond to a cyber-attack. At least annually, we also conduct third-party penetration tests to enhance the security of our digital systems, and we employ network scanning to help us identify any newly developed vulnerabilities or threats. Our third-party intake process incorporates cybersecurity risk into the assessment of our third-party vendors when we engage a new vendor or experience a significant change in relationship with an existing vendor. Further, CarMax’s cybersecurity team conducts periodic reviews of the company’s third-party vendors depending on the vendor’s risk profile as determined by the company’s cybersecurity team.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] CarMax’s cybersecurity program is designed to help ensure the proper assessment, identification, and management of the company’s risks from cybersecurity threats and is integrated into our overall risk management system. The company’s cybersecurity program is staffed by well-trained and experienced cybersecurity professionals and includes technology controls, proactive identification of data security vulnerabilities, and quarterly, or as needed, reporting by management to the Technology and Innovation Committee of the Board of Directors (the “Board”).
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] The company has not experienced any material cybersecurity incidents or incurred any material expenses resulting from a cybersecurity breach; however, we cannot provide assurance that our business strategy, results of operations and financial condition will not be materially affected in the future by such risks or any future material incidents.
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board’s Technology and Innovation Committee assists in the Board’s oversight of the company’s cybersecurity risk. The Committee monitors and oversees the company’s exposure to cybersecurity occurrences as well as the company’s approach to managing cybersecurity risk, including how to reasonably control and monitor cybersecurity risks and effectively assign management oversight and responsibility. CarMax’s management team, including the CITO and the CISO, provide quarterly updates to the Committee regarding the cybersecurity landscape and the company’s security posture in the context of external cybersecurity occurrences as well as updates on the latest issues related to cybersecurity risk as needed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board’s Technology and Innovation Committee assists in the Board’s oversight of the company’s cybersecurity risk. The Committee monitors and oversees the company’s exposure to cybersecurity occurrences as well as the company’s approach to managing cybersecurity risk, including how to reasonably control and monitor cybersecurity risks and effectively assign management oversight and responsibility.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] CarMax’s management team, including the CITO and the CISO, provide quarterly updates to the Committee regarding the cybersecurity landscape and the company’s security posture in the context of external cybersecurity occurrences as well as updates on the latest issues related to cybersecurity risk as needed.
Cybersecurity Risk Role of Management [Text Block] The company’s cybersecurity program is staffed by well-trained and experienced cybersecurity professionals and includes technology controls, proactive identification of data security vulnerabilities, and quarterly, or as needed, reporting by management to the Technology and Innovation Committee of the Board of Directors (the “Board”).
CarMax’s cybersecurity team manages the company’s Incident Response Plan, which establishes a comprehensive system and process for tracking and logging cybersecurity events, reviewing the events to determine whether remediation or escalation is appropriate and escalating potential events to the company’s Chief Information Security Officer (the “CISO”) for further review and assessment. CarMax has an established review and escalation process for assessing cybersecurity events and, if necessary, escalating cybersecurity incidents to members of our senior management team.
We monitor industry trends to mitigate cybersecurity risk for our customers, associates and business, and to remain apprised of industry developments, technological advancements and emerging threats. CarMax engages in testing to improve our cybersecurity approach internally and with third-party vendors and conducts exercises based on current threat intelligence. Additionally, all CarMax associates are required to complete the company’s cybersecurity training program on an annual basis.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The company’s cybersecurity program is led and overseen by our Chief Information and Technology Officer (the “CITO”) and our CISO. The CITO joined CarMax in 2012, reports to our Chief Executive Officer and has served in various technology leadership roles in startup organizations and Fortune 500 companies across the retail, travel, hospitality, finance and technology industries for over 20 years. The company’s CISO reports to the CITO, joined CarMax in 2016 and has served in various roles in technology and cybersecurity for over 20 years.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CITO joined CarMax in 2012, reports to our Chief Executive Officer and has served in various technology leadership roles in startup organizations and Fortune 500 companies across the retail, travel, hospitality, finance and technology industries for over 20 years. The company’s CISO reports to the CITO, joined CarMax in 2016 and has served in various roles in technology and cybersecurity for over 20 years.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
CarMax’s cybersecurity team manages the company’s Incident Response Plan, which establishes a comprehensive system and process for tracking and logging cybersecurity events, reviewing the events to determine whether remediation or escalation is appropriate and escalating potential events to the company’s Chief Information Security Officer (the “CISO”) for further review and assessment. CarMax has an established review and escalation process for assessing cybersecurity events and, if necessary, escalating cybersecurity incidents to members of our senior management team.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.26.1
Summary Of Significant Accounting Policies (Policy)
 12 Months Ended
Feb. 28, 2026
Accounting Policies [Abstract]  
Business And Background Business and Background
CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest retailer of used vehicles. We operate in two reportable segments:  CarMax Sales Operations and CarMax Auto Finance (“CAF”).  Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF.  Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax.
The company operates in two operating segments, CarMax Sales Operations and CAF, both of which are reportable segments. The chief executive officer, who serves as the company’s chief operating decision maker (“CODM”), reviews the performance of our CarMax Sales Operations segment at the gross profit level, the components of which are presented within the consolidated statements of earnings. The CODM uses gross profit to assess financial performance, monitor forecasted versus actual results and adjust pricing strategy. The required segment information related to our CAF segment is presented in Note 3. Additionally, asset information by segment is not utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented.
We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process.  Our omni-channel experience provides a common platform across all of CarMax that leverages our scale, nationwide footprint and infrastructure and empowers our customers to buy a vehicle on their terms, whether online, in-store or through a seamless combination of both. Our associates, stores, technology and digital capabilities seamlessly tied together enable us to provide the most customer-centric car buying and selling experience, a key differentiator in a large and fragmented market. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers and dealers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); advertising and subscription services; and vehicle repair service.  Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through wholesale auctions.
Basis Of Presentation And Use Of Estimates Basis of Presentation and Use of Estimates
The consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.  The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities.  Actual results could differ from those estimates.  Certain prior year amounts have been reclassified to conform to the current year’s presentation.  Amounts and percentages may not total due to rounding.
Cash And Cash Equivalents Cash and Cash Equivalents
Cash equivalents consisting of highly liquid investments with original maturities of three months or less were $8.1 million as of February 28, 2026 and $126.9 million as of February 28, 2025.
Restricted Cash From Collections On Auto Loan Receivables Restricted Cash from Collections on Auto Loans Held for Investment
Cash equivalents, totaling $592.0 million as of February 28, 2026 and $559.1 million as of February 28, 2025, consisted of collections of principal, interest and fee payments on auto loans held for investment that are restricted for payment to holders of non-recourse notes payable pursuant to the applicable agreements.
Accounts Receivable, Net Accounts Receivable, Net
Accounts receivable, net of an allowance for doubtful accounts, includes certain amounts due from third-party finance providers and customers, and other miscellaneous receivables.  The allowance for doubtful accounts is estimated based on historical experience and trends.
Securitizations Financing and Securitization Transactions
We maintain a funding program composed of three warehouse facilities (“warehouse facilities”) that we use to fund auto loans originated by CAF. We typically elect to fund these loans through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement, at a later date.  We sell the auto loans to one of three wholly owned, bankruptcy-remote, special purpose entities that transfer an undivided percentage ownership interest in the loans, but not the loans themselves, to entities formed by third-party investors.  These entities issue asset-backed commercial paper or utilize other funding sources supported by the transferred loans, and the proceeds are used to finance the related loans.
We typically use term securitizations to provide long-term funding for most of the auto loans initially funded through the warehouse facilities.  In these transactions, a pool of auto loans is sold to a bankruptcy-remote, special purpose entity that, in turn, transfers the loans to a special purpose securitization trust.  The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred loans, and the proceeds from the sale of the asset-backed securities are used to finance the securitized loans.
The securitization trusts established to fund auto loans originated by CAF are considered variable interest entities (“VIEs”).  In our capacity as servicer, we have the power to direct the activities of the trusts that most significantly impact the economic performance of the trusts.  In addition, we have the obligation to absorb losses (subject to limitations) and the rights to receive residual returns of many of the trusts, which could be significant.  Accordingly, we are the primary beneficiary of those trusts and are required to consolidate them.
We recognize transfers of auto loans into the warehouse facilities and asset-backed term funding transactions, including term securitizations for which we are the primary beneficiary (together, “non-recourse funding vehicles”), as secured borrowings, which result in recording the auto loans as auto loans held for investment and the related non-recourse notes payable on our consolidated balance sheets.
The receivables associated with these loans can only be used as collateral to settle obligations of the related non-recourse funding vehicles.  The non-recourse funding vehicles and investors have no recourse to our assets beyond the related loans, the amounts on deposit in reserve accounts and the restricted cash from collections on auto loans held for investment.  We have not provided financial or other support to the non-recourse funding vehicles that was not previously contractually required, and there are no additional arrangements, guarantees or other commitments that could require us to provide financial support to the non-recourse funding vehicles.
See Notes 4 and 12 for additional information on auto loans held for investment and non-recourse notes payable. 
For certain term securitization transactions, our retained interests are such that we do not have exposure to losses or benefits that could be significant. Accordingly, we are not the primary beneficiary of these trusts and are not required to consolidate them. Our maximum exposure to loss related to unconsolidated VIEs is equivalent to the carrying value of our beneficial interests and represents the estimated loss we would incur under severe, hypothetical circumstances, such as if the value of the interests in the securitization trusts and any associated collateral declined to zero. We believe the possibility of this is remote. See Note 6 for additional information on beneficial interests on non-consolidated securitizations.
Inventory Inventory
Inventory is primarily comprised of vehicles held for sale or currently undergoing reconditioning and is stated at the lower of cost or net realizable value (“NRV”).  Vehicle inventory cost is determined by specific identification.  Parts, labor and overhead costs associated with reconditioning vehicles, as well as transportation and other incremental expenses associated with acquiring and reconditioning vehicles, are included in inventory.
Auto Loan Receivables, Net Auto Loans Held for Investment, Net
Auto loans held for investment include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for loan losses. The allowance for loan losses represents the net credit losses expected over the remaining contractual life of our auto loans held for investment. See Note 4 for additional information on our significant accounting policies related to auto loans held for investment and the allowance for loan losses.
Property And Equipment Property and Equipment
Property and equipment is stated at cost less accumulated depreciation and amortization.  Depreciation and amortization are calculated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if
applicable.  Costs incurred during new store construction are capitalized as construction-in-progress and reclassified to the appropriate fixed asset categories when the store is completed.
Estimated Useful Lives
 Life
Buildings25 years
Leasehold improvements10 – 15 years
Furniture, fixtures and equipment3 – 15 years
Software 5 years
We review long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.  We recognize impairment when the sum of undiscounted estimated future cash flows expected to result from the use of the asset is less than the carrying value of the asset.  See Note 7 for additional information on property and equipment.
Other Assets
Restricted Cash on Deposit in Reserve Accounts.  The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable, and these funds are not expected to be available to the company or its creditors.  In the event that the cash generated by the related receivables in a given period was insufficient to pay the interest, principal and other required payments, the balances on deposit in the reserve accounts would be used to pay those amounts.  Restricted cash on deposit in reserve accounts is invested in money market securities or bank deposit accounts and was $93.1 million as of February 28, 2026 and $99.9 million as of February 28, 2025.
Other Investments.  Other investments includes restricted money market securities primarily held to satisfy certain insurance program requirements, investments held in a rabbi trust established to fund informally our executive deferred compensation plan and investments in equity securities.  Money market securities and mutual funds are reported at fair value, and investments in equity securities are reported at cost less any impairment and adjusted for any observable changes in price. Gains and losses on these securities are reflected as a component of other income. Other investments totaled $137.0 million as of February 28, 2026 and $131.0 million as of February 28, 2025.
Beneficial Interests in Non-Consolidated Securitizations. Beneficial interests in non-consolidated securitizations represent our 5% retained interest in the rated notes and residual certificate from securitization transactions where we are not the primary beneficiary. Beneficial interests in non-consolidated securitizations are recorded at fair value. See Note 6 for additional information on fair values of beneficial interests.
Financing Obligations Financing Obligations
We generally account for sale-leaseback transactions as financing obligations.  Accordingly, we record certain of the assets subject to these transactions on our consolidated balance sheets in property and equipment and the related sales proceeds as financing obligations in long-term debt.  Depreciation is recognized on the assets over their estimated useful lives, generally 25 years.  A portion of the periodic lease payments is recognized as interest expense and the remainder reduces the obligation.  In the event the sale-leasebacks are modified or extended beyond their original term, the related obligation is increased based on the present value of the revised future minimum lease payments on the date of the modification, with a corresponding increase to the net carrying amount of the assets subject to these transactions.  See Note 12 for additional information on financing obligations.
Other Accrued Expenses Accrued Expenses
As of February 28, 2026 and February 28, 2025, accrued expenses and other current liabilities included accrued compensation and benefits of $203.3 million and $257.3 million, respectively; loss reserves for general liability and workers’ compensation insurance of $60.0 million and $55.4 million, respectively; our vehicle return reserves of $41.2 million and $36.5 million, respectively; and the current portion of cancellation reserves. See Note 9 for additional information on cancellation reserves.
Defined Benefit Plan Obligations Defined Benefit Plan Obligations
The recognized funded status of defined benefit retirement plan obligations is included both in accrued expenses and other current liabilities and in other liabilities.  The current portion represents benefits expected to be paid from our benefit restoration plan over the next 12 months.  The defined benefit retirement plan obligations are determined using a number of
actuarial assumptions.  Key assumptions used in measuring the plan obligations include the discount rate, rate of return on plan assets and mortality rate.  See Note 11 for additional information on our benefit plans.
Insurance Liabilities Insurance Liabilities
Insurance liabilities are included in accrued expenses and other current liabilities.  We use a combination of insurance and self-insurance for a number of risks including workers’ compensation, general liability and employee-related health care costs, a portion of which is paid by associates.  Estimated insurance liabilities are determined by considering historical claims experience, demographic factors and other actuarial assumptions.
Revenue Recognition Revenue Recognition
Our revenue consists primarily of used and wholesale vehicle sales, as well as sales from EPP products, advertising and subscription revenues earned by our Edmunds business and vehicle repair service revenues. See Note 2 for additional information on our significant accounting policies related to revenue recognition.
Cost Of Sales Cost of SalesCost of sales includes the cost to acquire vehicles and the reconditioning and transportation costs associated with preparing the vehicles for resale.  It also includes payroll, fringe benefits, and parts, labor and overhead costs associated with reconditioning and vehicle repair services.  The gross profit earned by our service department for used vehicle reconditioning service is a reduction of cost of sales.  We maintain a reserve to eliminate the internal profit on vehicles that have not been sold.
Selling, General And Administrative Expenses Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”) expenses primarily include compensation and benefits, other than payroll related to reconditioning and vehicle repair services; rent and other occupancy costs; advertising; and other, including IT expenses, non-CAF bad debt, insurance, preopening and relocation costs, travel, charitable contributions, and other administrative expenses.
Advertising Expenses Advertising Expenses
Advertising costs are expensed as incurred and substantially all are included in SG&A expenses.  Total advertising expenses were $284.3 million in fiscal 2026, $261.9 million in fiscal 2025 and $265.6 million in fiscal 2024.
Store Opening Expenses Location Opening Expenses
Costs related to location openings, including preopening costs, are expensed as incurred and are included in SG&A expenses.
Share-Based Compensation Share-Based Compensation
Share-based compensation represents the cost related to share-based awards granted to employees and non-employee directors.  We measure share-based compensation cost at the grant date, based on the estimated fair value of the award, and we recognize the cost on a straight-line basis, net of estimated forfeitures, over the grantee’s requisite service period, which is generally the vesting period of the award.  We estimate the fair value of stock options using a binomial valuation model.  Key assumptions used in estimating the fair value of options are dividend yield, expected volatility, risk-free interest rate and expected term.  The fair values of restricted stock, stock-settled performance stock units, stock-settled restricted stock units and stock-settled deferred stock units are based on the closing prices on the date of the grant.  The fair value of stock-settled market stock units is determined using a Monte-Carlo simulation based on the expected market price of our common stock on the vesting date and the expected number of converted common shares.  Cash-settled restricted stock units are liability awards with fair value measurement based on the closing price of CarMax common stock as of the end of each reporting period.  Share-based compensation expense is recorded in either cost of sales, CAF income or SG&A expenses based on the recipients’ respective function.
We record deferred tax assets for awards that result in deductions on our income tax returns, based on the amount of compensation expense recognized and the statutory tax rate in the jurisdiction in which we will receive a deduction.  Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the income tax return are recorded in income tax expense.  See Note 13 for additional information on stock-based compensation.
Derivative Instruments And Hedging Activities Derivative Instruments and Hedging Activities
We enter into derivative instruments to manage certain risks arising from both our business operations and economic conditions that result in the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates.  We recognize the derivatives at fair value on the consolidated balance sheets, and where applicable, such contracts covered by master netting agreements are reported net.  Gross positive fair values are netted with gross negative fair values by counterparty.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether
we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.  We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting may not apply or we do not elect to apply hedge accounting.  See Note 5 for additional information on derivative instruments and hedging activities.
Income Taxes Income Taxes
We file a consolidated federal income tax return. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax purposes, measured by applying currently enacted tax laws.  Changes in tax laws and tax rates are reflected in the income tax provision in the period in which the changes are enacted. We evaluate the need to record valuation allowances that would reduce deferred tax assets to the amount that will more likely than not be realized.  When assessing the need for valuation allowances, we consider available loss carrybacks, tax planning strategies, future reversals of existing temporary differences and future taxable income.
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained upon review by tax authorities. Benefits recognized from tax positions are measured at the highest tax benefit that is greater than 50% likely of being realized upon settlement. To the extent that the final tax outcome of these matters is different from the amounts recorded, the differences impact income tax expense in the period in which the determination is made. Interest and penalties related to income tax matters are included in SG&A expenses. See Note 10 for additional information on income taxes.
Net Earnings Per Share Net Earnings Per Share
Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding.  Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of the weighted average number of shares of common stock outstanding and dilutive potential common stock.  Diluted net earnings per share is calculated using the “if-converted” treasury stock method.  See Note 14 for additional information on net earnings per share.
Recent Accounting Pronouncements Recent Accounting Pronouncements
Adopted in the Current Period
In December 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2023-09) related to income tax disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024. We adopted this pronouncement retrospectively in the fourth quarter of fiscal 2026, and it did not have a material effect on our consolidated financial statements.
Effective in Future Periods
In July 2025, the FASB issued an accounting pronouncement (ASU 2025-05) related to credit losses for accounts receivable and contract assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2026, and we do not expect it to have a material effect on our consolidated financial statements.
In September 2025, the FASB issued an accounting pronouncement (ASU 2025-06) related to accounting for internal-use software costs. The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. This update is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2028. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.
In September 2025, the FASB issued an accounting pronouncement (ASU 2025-07) related to derivative scope refinements and a scope clarification for share-based noncash consideration from a customer in a revenue contract. The amendments in this update exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract, with limited exceptions. The amendments in this update also clarify that an entity should apply the noncash consideration guidance in ASC 606 to a contract with share-based noncash consideration from a customer for the transfer of goods or services. These updates are effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, although early adoption is permitted. We plan to adopt this
pronouncement for our fiscal year beginning March 1, 2027, and we do not expect it to have a material effect on our consolidated financial statements.
In November 2025, the FASB issued an accounting pronouncement (ASU 2025-08) related to accounting for purchased loans. The amendments in this update require that purchased seasoned loans be accounted for using the “gross-up approach,” which will enhance comparability and consistency in the accounting for acquired financial assets. This update is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2027, and we do not expect it to have a material effect on our consolidated financial statements.
In November 2025, the FASB issued an accounting pronouncement (ASU 2025-09) related to accounting for hedging activities. The amendments in this update are intended to more closely align hedge accounting with the economics of an entity’s risk management activities. This update is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2027, and we do not expect it to have a material effect on our consolidated financial statements.
In December 2025, the FASB issued an accounting pronouncement (ASU 2025-11) related to interim disclosure requirements. The amendments in this update clarify current interim disclosure requirements and provide a comprehensive list of required interim disclosures. The update also incorporates a disclosure principle that requires entities to disclose events that occur after the end of the last annual reporting period. This update is effective for interim periods within annual periods beginning after December 15, 2027, though early adoption is permitted. We plan to adopt this pronouncement for the interim periods within our fiscal year beginning March 1, 2028, and we do not expect it to have a material effect on our consolidated financial statements.
Financing Receivable, Held-for-Sale Auto Loans Held for SaleAuto loans held for sale include amounts due from customers related to retail vehicle sales financed through CAF where we have both the intent and ability to sell the loans in an off-balance sheet transaction. These loans are assessed on an aggregate basis to determine the lower of amortized cost or fair value. The fair value of auto loans held for sale is determined using a discounted cash flow model that utilizes assumptions based on historical transactions for characteristically similar loan pools. If the amortized cost exceeds the fair value, a valuation allowance is recorded. No valuation allowance was recorded as of February 28, 2026. See Note 6 for discussion of fair values of financial instruments.
v3.26.1
Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Feb. 28, 2026
Accounting Policies [Abstract]  
Schedule Of Estimated Useful Lives Of Property And Equipment
Estimated Useful Lives
 Life
Buildings25 years
Leasehold improvements10 – 15 years
Furniture, fixtures and equipment3 – 15 years
Software 5 years
v3.26.1
Revenue Disclosures (Tables)
 12 Months Ended
Feb. 28, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Disaggregation of Revenue
Years Ended February 28 or 29
(In millions)202620252024
Used vehicle sales$20,702.4 $21,079.7 $20,922.3 
Wholesale vehicle sales4,504.6 4,587.5 4,975.8 
Other sales and revenues:
Extended protection plan revenues448.7 451.7 401.8 
Third-party finance fees, net(8.7)(1.5)(5.8)
Advertising & subscription revenues (1)
144.5 139.3 135.8 
Service revenues76.6 83.4 85.1 
Other13.1 13.4 21.1 
Total other sales and revenues674.2 686.3 638.0 
Total net sales and operating revenues$25,881.1 $26,353.4 $26,536.0 

(1)    Excludes intercompany sales and operating revenues that have been eliminated in consolidation.
v3.26.1
CarMax Auto Finance (Tables)
 12 Months Ended
Feb. 28, 2026
CarMax Auto Finance Income [Abstract]  
Components Of CarMax Auto Finance Income
Components of CAF Income
Years Ended February 28 or 29
(In millions)202620252024
Interest margin:
Interest and fee income$1,864.2 $1,853.9 $1,677.4 
Interest expense(769.2)(763.2)(638.7)
Total interest margin1,095.0 1,090.7 1,038.7 
Provision for loan losses(391.2)(334.7)(310.5)
Total interest margin after provision for loan losses703.8 756.0 728.2 
Servicing income9.7 — — 
Direct expenses:
Payroll and fringe benefit expense(80.4)(75.9)(66.5)
Depreciation and amortization(17.6)(17.1)(16.5)
Other direct expenses(79.9)(81.3)(76.9)
Total direct expenses(177.9)(174.3)(159.9)
Gain on sale of auto loans26.9 — — 
Fair value adjustments on beneficial interests0.2 — — 
CarMax Auto Finance income$562.7 $581.7 $568.3 
v3.26.1
Auto Loan Receivables (Tables)
 12 Months Ended
Feb. 28, 2026
Loans and Leases Receivable, Net Amount [Abstract]  
Auto Loan Receivables, Net
Auto Loans Held for Investment, Net
 As of February 28
(In millions)20262025
Auto loans held for investment$16,271.9 $17,594.6 
Accrued interest and fees92.9 96.1 
Other40.5 10.8 
Less: allowance for loan losses(453.0)(458.7)
Auto loans held for investment, net$15,952.3 $17,242.8 
Ending Managed Receivables By Major Credit Grade
Auto Loans Held for Investment by Major Credit Grade
As of February 28, 2026
Fiscal Year of Origination (1)
(In millions)20262025202420232022Prior to 2022Total
% (2)
Tier 1:
A$3,871.5 $2,738.1 $1,578.8 $887.9 $352.4 $45.2 $9,473.9 58.2 
B1,643.7 1,233.9 1,075.2 687.0 352.0 65.0 5,056.8 31.1 
C and other426.9 244.2 178.3 188.0 115.4 38.0 1,190.8 7.3 
Total Tier 15,942.1 4,216.2 2,832.3 1,762.9 819.8 148.2 15,721.5 96.6 
Tier 2 and Tier 3:
C and other183.7 172.0 108.1 61.3 22.2 3.1 550.4 3.4 
Total auto loans held for investment$6,125.8 $4,388.2 $2,940.4 $1,824.2 $842.0 $151.3 $16,271.9 100.0 
Gross charge-offs$42.9 $153.7 $183.5 $152.5 $78.3 $25.2 $636.1 
As of February 28, 2025
Fiscal Year of Origination (1)
(In millions)20252024202320222021Prior to 2021Total
%  (2)
Tier 1:
A$4,132.0 $2,607.9 $1,673.9 $894.1 $243.9 $48.9 $9,600.7 54.5 
B2,041.1 1,664.0 1,163.0 746.4 244.9 69.7 5,929.1 33.7 
C and other422.1 277.0 324.5 242.5 99.4 35.0 1,400.5 8.0 
Total Tier 16,595.2 4,548.9 3,161.4 1,883.0 588.2 153.6 16,930.3 96.2 
Tier 2 and Tier 3:
C and other311.9 177.1 116.9 46.3 5.4 6.7 664.3 3.8 
Total auto loans held for investment$6,907.1 $4,726.0 $3,278.3 $1,929.3 $593.6 $160.3 $17,594.6 100.0 
Gross charge-offs$44.7 $193.2 $196.2 $107.2 $30.3 $17.6 $589.2 

(1)Classified based on credit grade assigned when customers were initially approved for financing.
(2)Percent of total auto loans held for investment.
Allowance For Loan Losses
Allowance for Loan Losses
 As of February 28, 2026
(In millions)Tier 1Tier 2 & Tier 3Total
%  (1)
Balance as of beginning of year$378.1 $80.6 $458.7 2.61 
Transfer of auto loans to held for sale (2) (5)
(30.3)(11.9)(42.2)
Charge-offs(540.8)(95.3)(636.1) 
Recoveries (3)
208.2 31.0 239.2  
Provision for loan losses (4) (5)
362.5 70.9 433.4  
Balance as of end of year$377.7 $75.3 $453.0 2.78 
 
 As of February 28, 2025
(In millions)Tier 1Tier 2 & Tier 3Total
%  (1)
Balance as of beginning of year$389.7 $93.1 $482.8 2.78 
Charge-offs(494.7)(94.5)(589.2)
Recoveries (3)
201.5 28.9 230.4 
Provision for loan losses281.6 53.1 334.7 
Balance as of end of year$378.1 $80.6 $458.7 2.61 

(1)Percent of total auto loans held for investment.
(2)    Represents release of allowance previously recognized on auto loans held for sale and subsequently sold during fiscal 2026.
(3)    Net of costs incurred to recover vehicle.
(4)    Represents the provision for loan losses on auto loans held for investment.
(5)    Combined total amount of $391.2 million represents the net provision for loan losses recognized as part of CAF income.
Past Due Receivables
Past Due Loans
As of February 28, 2026
Tier 1Tier 2 & Tier 3Total
(In millions)ABC & OtherTotalC & Other$
%  (1)
Current$9,414.1 $4,614.4 $976.9 $15,005.4 $435.7 $15,441.1 94.89 
Delinquent loans:
31-60 days past due38.3 264.8 116.2 419.3 62.5 481.8 2.96 
61-90 days past due15.5 142.1 81.2 238.8 43.9 282.7 1.74 
Greater than 90 days past due6.0 35.5 16.5 58.0 8.3 66.3 0.41 
Total past due59.8 442.4 213.9 716.1 114.7 830.8 5.11 
Total auto loans held for investment$9,473.9 $5,056.8 $1,190.8 $15,721.5 $550.4 $16,271.9 100.00 
As of February 28, 2025
Tier 1Tier 2 & Tier 3Total
(In millions)ABC & OtherTotalC & Other$
%  (1)
Current$9,543.3 $5,491.5 $1,164.7 $16,199.5 $541.2 $16,740.7 95.15 
Delinquent loans:
31-60 days past due36.7 276.0 139.3 452.0 71.9 523.9 2.98 
61-90 days past due14.8 127.3 79.6 221.7 41.2 262.9 1.49 
Greater than 90 days past due5.9 34.3 16.9 57.1 10.0 67.1 0.38 
Total past due57.4 437.6 235.8 730.8 123.1 853.9 4.85 
Total auto loans held for investment$9,600.7 $5,929.1 $1,400.5 $16,930.3 $664.3 $17,594.6 100.00 

(1)Percent of total auto loans held for investment.
v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Feb. 28, 2026
Fair Value Disclosures [Abstract]  
Schedule Of Items Measured At Fair Value On A Recurring Basis
Items Measured at Fair Value on a Recurring Basis
 As of February 28, 2026
(In thousands)Level 1Level 2Level 3Total
Assets:   
Money market securities$751,211 $— $— $751,211 
Mutual fund investments33,651 — — 33,651 
Derivative instruments designated as hedges— 416 — 416 
Beneficial interests in non-consolidated securitizations— 37,670 3,950 41,620 
Total assets at fair value$784,862 $38,086 $3,950 $826,898 
Percent of total assets at fair value94.9 %4.6 %0.5 %100.0 %
Percent of total assets3.0 %0.1 %— %3.1 %
Liabilities:   
Derivative instruments designated as hedges$— $(9,771)$— $(9,771)
Total liabilities at fair value$— $(9,771)$— $(9,771)
Percent of total liabilities— %— %— %— %
 As of February 28, 2025
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$842,691 $— $842,691 
Mutual fund investments27,495 — 27,495 
Derivative instruments designated as hedges— 10,813 10,813 
Derivative instruments not designated as hedges— 1,576 1,576 
Total assets at fair value$870,186 $12,389 $882,575 
Percent of total assets at fair value98.6 %1.4 %100.0 %
Percent of total assets3.2 %— %3.2 %
Liabilities:   
Derivative instruments designated as hedges$— $(8,728)$(8,728)
Total liabilities at fair value$— $(8,728)$(8,728)
Percent of total liabilities— %— %— %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
(In thousands)As of February 28, 2026As of February 28, 2025
Carrying value$400,000 $400,000 
Fair value$397,759 $390,201 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
 Year Ended
(In thousands)February 28, 2026
Balance as of beginning of year$— 
Received in securitization transaction3,536 
Interest income340 
Change in fair value74 
Balance as of end of year$3,950 
Schedule of Carrying Values and Estimated Fair Values of Auto Loans Held for Sale
(In thousands)As of February 28, 2026As of February 28, 2025
Carrying value$100,491 $— 
Fair value$103,836 $— 
v3.26.1
Property And Equipment (Tables)
 12 Months Ended
Feb. 28, 2026
Property, Plant and Equipment [Abstract]  
Schedule Of Property And Equipment
 As of February 28
(In thousands)20262025
Land$1,127,164 $1,020,677 
Land held for development (1)
164,719 179,810 
Buildings2,929,613 2,681,927 
Leasehold improvements375,795 366,842 
Furniture, fixtures and equipment643,654 607,666 
Construction in progress260,010 300,136 
Software567,016 471,175 
Finance leases219,807 228,163
Total property and equipment6,287,778 5,856,396 
Less: accumulated depreciation and amortization(2,217,485)(2,014,563)
Property and equipment, net$4,070,293 $3,841,833 
 
 (1)    Land held for development represents land owned for potential location growth.
v3.26.1
Intangible Assets, Goodwill and Other (Tables)
 12 Months Ended
Feb. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
As of February 28, 2026
Gross CarryingAccumulatedNet
(In thousands)AmountAmortizationAmount
Intangible assets not subject to amortization:
Trade name$31,900 $— $31,900 
Intangible assets subject to amortization:
Internally developed software52,900 (35,896)17,004 
Customer relationships133,200 (37,218)95,982 
Total intangible assets$218,000 $(73,114)$144,886 

As of February 28, 2025
Gross CarryingAccumulatedNet
AmountAmortizationAmount
Intangible assets not subject to amortization:
Trade name$31,900 $— $31,900 
Intangible assets subject to amortization:
Internally developed software52,900 (28,339)24,561 
Customer relationships133,200 (29,382)103,818 
Total intangible assets$218,000 $(57,721)$160,279 
v3.26.1
Cancellation Reserves (Tables)
 12 Months Ended
Feb. 28, 2026
Cancellation Reserves [Abstract]  
Schedule Of Cancellation Reserves Accrual
Cancellation Reserves
 As of February 28
(In millions)20262025
Balance as of beginning of year$133.9 $128.3 
Cancellations(78.6)(92.1)
Provision for future cancellations75.8 97.7 
Balance as of end of year$131.1 $133.9 
v3.26.1
Income Taxes (Tables)
 12 Months Ended
Feb. 28, 2026
Income Tax Disclosure [Abstract]  
Schedule Of Income Tax Provision
Income Tax Provision
 Years Ended February 28 or 29
202620252024
(In thousands)CurrentDeferredTotalCurrentDeferredTotalCurrentDeferredTotal
Federal$39,579 $71,014 $110,593 $156,819 $(22,253)$134,566 $140,480 $(6,542)$133,938 
State22,764 2,786 25,550 35,709 (1,471)34,238 26,711 1,742 28,453 
Total$62,343 $73,800 $136,143 $192,528 $(23,724)$168,804 $167,191 $(4,800)$162,391 
Schedule Of Effective Income Tax Rate Reconciliation
Income Tax Provision and Effective Tax Rate Reconciliation
 Years Ended February 28 or 29
 202620252024
(In thousands)$%$%$%
Federal tax at statutory rate80,521 21.0 140,566 21.0 134,735 21.0 
Domestic federal:
Effect of changes in tax laws or rates enacted in the current period3,273 0.9 — — — — 
Tax credits:
Research and development credit(4,158)(1.1)(5,426)(0.8)(4,179)(0.6)
Purchased tax credits(4,468)(1.2)(5,777)(0.9)— — 
Other credits(115)— (63)— (375)(0.1)
Changes in valuation allowances(10)— 55 — (117)— 
Nontaxable or nondeductible items:
Executive compensation6,055 1.6 7,238 1.1 5,786 0.9 
Goodwill impairment 29,564 7.7 — — — — 
Other nontaxable or nondeductible items3,242 0.8 2,840 0.4 2,873 0.4 
Other (1)
2,384 0.6 3,449 0.5 1,367 0.2 
Domestic state and local income taxes, net of federal effect (2)
20,713 5.4 26,841 4.0 23,495 3.7 
Changes in prior year unrecognized tax benefits(858)(0.2)(919)(0.1)(1,194)(0.2)
Income tax provision and effective tax rate136,143 35.5 168,804 25.2 162,391 25.3 
(1)Includes the federal tax impact of share-based compensation.
(2)For fiscal 2026, state and local taxes in California, North Carolina and Illinois made up the majority of the tax effect in this category. For fiscal 2025, state and local taxes in California, Illinois, Florida and North Carolina made up the majority of the tax effect in this category. For fiscal 2024, state and local taxes in California, Illinois and Texas made up the majority of the tax effect in this category.
Schedule Of Temporary Differences Resulting In Deferred Tax Assets And Liabilities
Temporary Differences Resulting in Deferred Tax Assets and Liabilities
 As of February 28
(In thousands)20262025
Deferred tax assets:  
Accrued expenses and other$85,878 $98,861 
Allowance for loan losses110,197 111,385 
Net operating loss carryforwards and other tax attributes22,299 24,462 
Operating lease liabilities131,003 136,190 
Share-based compensation55,798 51,284 
Capital loss carryforward752 766 
Total deferred tax assets405,927 422,948 
Less:  valuation allowance(752)(766)
Total deferred tax assets after valuation allowance405,175 422,182 
Deferred tax liabilities:  
Intangibles35,375 39,317 
Prepaid expenses11,142 11,810 
Property and equipment148,019 82,285 
Operating lease assets115,479 123,520 
Inventory15,236 11,924 
Derivatives1,445 12,994 
Total deferred tax liabilities326,696 281,850 
Net deferred tax asset$78,479 $140,332 
Schedule Of Reconciliation Of Unrecognized Tax Benefits
Reconciliation of Unrecognized Tax Benefits
 Years Ended February 28 or 29
(In thousands)202620252024
Balance at beginning of year$18,035 $28,817 $27,092 
Increases for tax positions of prior years2,667 138 397 
Decreases for tax positions of prior years(1,276)— (172)
Increases based on tax positions related to the current year2,723 4,669 3,627 
Settlements(951)(142)(386)
Lapse of statute(2,352)(15,447)(1,741)
Balance at end of year$18,846 $18,035 $28,817 
v3.26.1
Benefit Plans (Tables)
 12 Months Ended
Feb. 28, 2026
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Benefit Plan Information
Benefit Plan Information
 As of February 28
 Pension PlanRestoration PlanTotal
(In thousands)202620252026202520262025
Plan assets$209,763 $206,384 $— $— $209,763 $206,384 
Projected benefit obligation209,823 206,860 8,421 8,565 218,244 215,425 
Funded status recognized$(60)$(476)$(8,421)$(8,565)$(8,481)$(9,041)
Amounts recognized in the consolidated balance sheets:     
Current liability$— $— $(656)$(655)$(656)$(655)
Noncurrent liability(60)(476)(7,765)(7,910)(7,825)(8,386)
Net amount recognized$(60)$(476)$(8,421)$(8,565)$(8,481)$(9,041)
Components Of Net Pension Expense
 
Pension PlanRestoration PlanTotal
(In thousands)202620252024202620252024202620252024
Total net pension (benefit) expense
$(3,658)$(3,496)$(3,842)$447 $445 $452 $(3,211)$(3,051)$(3,390)
Total net actuarial loss (gain) (1)
$3,640$(1,099)$(9,114)$54 $88 $(175)$3,694 $(1,011)$(9,289)
 
(1)    Changes recognized in AOCL
Schedule Of Assumptions Used
Assumptions Used to Determine Benefit Obligations
 As of February 28
 Pension PlanRestoration Plan
 2026202520262025
Discount rate5.50 %5.45 %5.50 %5.45 %
 
Assumptions Used to Determine Net Pension (Benefit) Expense
 As of February 28 or 29
 Pension PlanRestoration Plan
 202620252024202620252024
Discount rate5.45 %5.35 %5.20 %5.45 %5.35 %5.20 %
Expected rate of return on plan assets7.00 %7.00 %7.25 %— %— %— %
Schedule Of Fair Value Of Plan Assets
Fair Value of Plan Assets
 As of February 28
(In thousands)20262025
Mutual funds (Level 1):  
Equity securities – international
$— $7,020 
Collective funds (NAV):  
Short-term investments
87,675 2,026 
Equity securities
— 33,229 
Fixed income securities
122,088 164,109 
Total$209,763 $206,384 
v3.26.1
Debt (Tables)
 12 Months Ended
Feb. 28, 2026
Debt Instrument [Line Items]  
Schedule of Debt [Table Text Block]
(In thousands)As of February 28
Debt Description (1)
Maturity Date20262025
Revolving credit facility (2)
June 2028$840,800 $— 
Term loan (2)
November 2030499,271 699,773 
4.17% Senior notes April 2026200,000 200,000 
4.27% Senior notesApril 2028200,000 200,000 
Financing obligationsVarious dates through February 2059483,633 487,676 
Non-recourse notes payableVarious dates through February 203315,827,609 17,119,758 
Total debt18,051,313 18,707,207 
Less: current portion(761,974)(543,339)
Less: unamortized debt issuance costs(28,792)(26,528)
Long-term debt, net $17,260,547 $18,137,340 

(1)    Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually.
(2)    Borrowings accrue interest at variable rates based on SOFR, the federal funds rate, or the prime rate, depending on the type of borrowing.
Schedule of Maturities of Long-term Debt [Table Text Block]
(In thousands)As of February 28, 2026
Fiscal 2027$56,727 
Fiscal 202857,427 
Fiscal 202959,290 
Fiscal 203052,659 
Fiscal 203152,323 
Thereafter643,038 
Total payments921,464 
Less: interest(437,831)
Present value of financing obligations$483,633 
Schedule of Funding Vehicles [Table Text Block]
(In billions)Capacity
Warehouse facilities:
March 2026 expiration$3.10 
May 2026 expiration0.70 
September 2026 expiration2.55 
Combined warehouse facility limit$6.35 
Unused capacity$4.02 
Non-recourse notes payable outstanding:
Warehouse facilities$2.33 
Asset-backed term funding transactions13.50 
Non-recourse notes payable$15.83 
v3.26.1
Stock And Stock-Based Incentive Plans (Tables)
 12 Months Ended
Feb. 28, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Common Stock Repurchases Common Stock Repurchases
 Years Ended February 28 or 29
 202620252024
Number of shares repurchased (in thousands)
11,752.7 5,506.3 1,334.1 
Average cost per share$53.76 $76.87 $68.33 
Available for repurchase, as of end of year (in millions)
$1,305.1 $1,936.9 $2,360.1 
Composition Of Share-Based Compensation Expense
Composition of Share-Based Compensation Expense
 Years Ended February 28 or 29
(In thousands)202620252024
Cost of sales$3,710 $5,296 $4,644 
CarMax Auto Finance income4,240 5,024 3,643 
Selling, general and administrative expenses93,400 126,931 114,090 
Share-based compensation expense, before income taxes$101,350 $137,251 $122,377 
Composition Of Share-Based Compensation Expense - By Grant Type
Composition of Share-Based Compensation Expense – By Grant Type
 Years Ended February 28 or 29
(In thousands)202620252024
Nonqualified stock options$38,836 $41,008 $50,456 
Cash-settled restricted stock units (CRSUs)30,366 55,124 48,762 
Stock-settled market stock units (MSUs)21,957 19,560 16,298 
Other share-based incentives:
Stock-settled performance stock units (PSUs)5,069 17,167 2,046 
Stock-settled deferred stock units (DSUs)1,665 1,850 1,850 
Stock-settled restricted stock units (SRSUs)1,125 — — 
Restricted stock (RSAs)— — 307 
Employee stock purchase plan2,332 2,542 2,658 
Total other share-based incentives10,191 21,559 6,861 
Share-based compensation expense, before income taxes$101,350 $137,251 $122,377 

Unrecognized Share-Based Compensation Expense – By Grant Type
 As of February 28, 2026
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$31.3 2.0
Stock-settled market stock units16.5 1.3
Other share-based incentives:
Stock-settled performance stock units4.0 1.5
Stock-settled restricted stock units1.1 0.2
Total other share-based incentives5.1 1.2
Total$52.9 1.7
Stock Option Activity
Stock Option Activity
   Weighted 
  WeightedAverage 
  AverageRemainingAggregate
 Number ofExerciseContractualIntrinsic
(Shares and intrinsic value in thousands)SharesPriceLife (Years)Value
Outstanding as of February 28, 20257,309 $82.32   
Options granted1,452 65.44   
Options exercised(132)63.05   
Options forfeited or expired(78)73.05   
Outstanding as of February 28, 20268,551 $79.83 3.3$3 
Exercisable as of February 28, 20266,105 $84.19 2.5$— 
Outstanding Stock Options
Stock Option Information
Years Ended February 28 or 29
202620252024
Options granted1,452,018 1,234,215 1,554,029 
Weighted average grant date fair value per share$26.20 $29.21 $29.11 
Cash received from options exercised (in millions)
$8.3 $73.7 $44.8 
Intrinsic value of options exercised (in millions)
$0.4 $19.9 $15.0 
Realized tax benefits (in millions)
$0.1 $3.0 $3.6 
Assumptions Used To Estimate Option Values
Assumptions Used to Estimate Option Values
 Years Ended February 28 or 29
 202620252024
Dividend yield  0.0 %  0.0 %  0.0 %
Expected volatility factor (1)  
36.3 %-54.8 %35.5 %-46.7 %39.2 %-45.9 %
Weighted average expected volatility  41.9 %  45.4 %  44.6 %
Risk-free interest rate (2)
3.4 %-4.4 %3.5 %-5.4 %3.6 %-5.5 %
Expected term (in years) (3)  
  4.7  4.7  4.6
 
(1)Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock.
(2)Based on the U.S. Treasury yield curve at the time of grant.
(3)Represents the estimated number of years that options will be outstanding prior to exercise.
Restricted Stock Awards And Restricted Stock Unit Activity
Cash-Settled Restricted Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 20251,524 $71.07 
Stock units granted978 65.49 
Stock units vested and converted(727)73.97 
Stock units cancelled(189)67.01 
Outstanding as of February 28, 20261,586 $66.78 

Cash-Settled Restricted Stock Unit Information
Years Ended February 28 or 29
202620252024
Stock units granted978,159 918,098 915,122 
Initial weighted average grant date fair value per share$65.49 $67.22 $70.69 
Payments (before payroll tax withholdings) upon
vesting (in millions)
$47.7 $42.8 $39.0 
Realized tax benefits (in millions)
$11.8 $10.6 $9.7 
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of February 28, 2026
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2027$37,227 $99,272 
Fiscal 202825,306 67,481 
Fiscal 202913,173 35,131 
Total expected cash settlements$75,706 $201,884 
 
(1)Net of estimated forfeitures.
Share-Based Payment Arrangement, Market Stock Unit, Activity
Stock-Settled Market Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 2025525 $104.12 
Stock units granted252 91.45 
Stock units vested and converted(130)124.11 
Stock units cancelled(15)94.81 
Outstanding as of February 28, 2026632 $95.19 
Stock-Settled Market Stock Unit Information
Years Ended February 28 or 29
202620252024
Stock units granted251,784 238,865 186,678 
Weighted average grant date fair value per share$91.45 $95.80 $99.86 
Realized tax benefits (in millions)
$1.6 $0.8 $2.3 
v3.26.1
Net Earnings Per Share (Tables)
 12 Months Ended
Feb. 28, 2026
Earnings Per Share [Abstract]  
Basic And Dilutive Net Earnings Per Share Reconciliations
Basic and Dilutive Net Earnings Per Share Reconciliations
 Years Ended February 28 or 29
(In thousands except per share data)202620252024
Net earnings$247,290 $500,556 $479,204 
Weighted average common shares outstanding147,258 155,330 158,216 
Dilutive potential common shares:   
Stock options7 372 272 
Stock-settled restricted stock units348 359 219 
Weighted average common shares and dilutive   
potential common shares147,613 156,061 158,707 
Basic net earnings per share$1.68 $3.22 $3.03 
Diluted net earnings per share$1.68 $3.21 $3.02 
v3.26.1
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Feb. 28, 2026
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Changes In Accumulated Other Comprehensive Loss By Component
Changes in Accumulated Other Comprehensive (Loss) Income By Component
   NetTotal
 NetNetUnrecognizedAccumulated
 UnrecognizedUnrecognizedBeneficialOther
 ActuarialHedgeInterestsComprehensive
(In thousands, net of income taxes)LossesGainsGains(Loss) Income
Balance as of February 28, 2023$(44,590)$142,459 $— $97,869 
Other comprehensive (loss) income
before reclassifications7,081 (6,943)— 138 
Amounts reclassified from accumulated other   
comprehensive (loss) income393 (39,121)— (38,728)
Other comprehensive income (loss)7,474 (46,064)— (38,590)
Balance as of February 29, 2024(37,116)96,395 — 59,279 
Other comprehensive (loss) income
before reclassifications771 (17,585)— (16,814)
Amounts reclassified from accumulated other
comprehensive (loss) income337 (39,722)— (39,385)
Other comprehensive income (loss)1,108 (57,307)— (56,199)
Balance as of February 28, 2025(36,008)39,088 — 3,080 
Other comprehensive (loss) income
before reclassifications(2,820)(9,897)53 (12,664)
Amounts reclassified from accumulated other   
comprehensive (loss) income304 (24,846)— (24,542)
Other comprehensive (loss) income(2,516)(34,743)53 (37,206)
Balance as of February 28, 2026$(38,524)$4,345 $53 $(34,126)
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss
Changes In and Reclassifications Out of Accumulated Other Comprehensive (Loss) Income
 
 Years Ended February 28 or 29
(In thousands)202620252024
Retirement Benefit Plans (Note 11):   
Actuarial (loss) gain arising during the year$(3,694)$1,011 $9,289 
Tax benefit (expense)874 (240)(2,208)
Actuarial (loss) gain arising during the year, net of tax(2,820)771 7,081 
Actuarial loss amortization reclassifications recognized in net pension expense:   
Cost of sales172 195 231 
CarMax Auto Finance income14 15 15 
Selling, general and administrative expenses212 232 270 
Total amortization reclassifications recognized in net pension expense398 442 516 
Tax expense(94)(105)(123)
Amortization reclassifications recognized in net   
pension expense, net of tax304 337 393 
Net change in retirement benefit plan unrecognized   
actuarial losses, net of tax(2,516)1,108 7,474 
Cash Flow Hedges (Note 5):   
Changes in fair value(13,102)(23,662)(9,291)
Tax benefit3,205 6,077 2,348 
Changes in fair value, net of tax(9,897)(17,585)(6,943)
Reclassifications to CarMax Auto Finance income(32,826)(51,808)(52,354)
Tax benefit7,980 12,086 13,233 
Reclassification of hedge gains, net of tax(24,846)(39,722)(39,121)
Net change in cash flow hedge unrecognized gains, net of tax(34,743)(57,307)(46,064)
Beneficial Interests (Note 6):
Changes in fair value70 — — 
Tax expense(17)— — 
Changes in fair value, net of tax53 — — 
Total other comprehensive loss, net of tax$(37,206)$(56,199)$(38,590)
v3.26.1
Leases (Tables)
 12 Months Ended
Feb. 28, 2026
Leases [Abstract]  
Lease, Cost [Table Text Block]
Years Ended February 28 or 29
(In thousands)202620252024
Operating lease cost (1)
$116,490 $92,630 $89,801 
Finance lease cost:
Depreciation of lease assets18,381 20,543 20,010 
Interest on lease liabilities24,378 26,404 25,724 
Total finance lease cost42,759 46,947 45,734 
Total lease cost$159,249 $139,577 $135,535 

(1)    Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]
As of February 28
(In thousands)Classification20262025
Assets:
Operating lease assetsOperating lease assets$459,514 $493,355 
Finance lease assets
Property and equipment, net (1)
145,179 160,535 
Total lease assets$604,693 $653,890 
Liabilities:
Current:
Operating leasesCurrent portion of operating lease liabilities$57,341 $59,335 
Finance leasesAccrued expenses and other current liabilities16,779 15,015 
Long-term:
Operating leasesOperating lease liabilities, excluding current portion464,696 481,963 
Finance leasesOther liabilities175,548 189,216 
Total lease liabilities$714,364 $745,529 

(1)    Finance lease assets are recorded net of accumulated depreciation of $74.6 million as of February 28, 2026 and $67.6 million as of February 28, 2025.
Other Lease Disclosures [Table Text Block]
As of February 28
Lease Term and Discount Rate20262025
Weighted Average Remaining Lease Term (in years)
Operating leases15.5615.49
Finance leases13.9914.31
Weighted Average Discount Rate
Operating leases5.37 %5.21 %
Finance leases16.44 %16.78 %
Years Ended February 28 or 29
(In thousands)202620252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$102,391 $95,638 $88,704 
Operating cash flows from finance leases$23,788 $24,141 $24,782 
Financing cash flows from finance leases$15,044 $16,536 $16,674 
Lease assets obtained in exchange for lease obligations:
Operating leases$39,696 $43,161 $30,746 
Finance leases$3,026 $7,459 $51,660 
Schedule Of Future Minimum Lease Obligations
As of February 28, 2026
(In thousands)Operating Leases Finance Leases
Fiscal 2027$83,637 $38,941 
Fiscal 202880,014 35,599 
Fiscal 202958,194 38,840 
Fiscal 203048,368 28,462 
Fiscal 203141,318 25,161 
Thereafter496,723 227,737 
Total lease payments808,254 394,740 
Less: interest(286,217)(202,413)
Present value of lease liabilities$522,037 $192,327 
v3.26.1
Summary Of Significant Accounting Policies (Narrative) (Details)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
USD ($)
warehouse
Feb. 28, 2025
USD ($)
Feb. 29, 2024
USD ($)
Liquid investments, maturity period three months or less    
Restricted cash from collections on auto loans held for investment $ 592,033 $ 559,118 $ 506,648
Number of warehouses | warehouse 3    
Restricted Cash and Cash Equivalent, Noncurrent $ 147,991 154,232 169,620
Other investments 137,000 131,000  
Accrued compensation and benefits 203,300 257,300  
General liability and workers' compensation insurance 60,000 55,400  
Revenue Recognition, Sales Returns, Reserve for Sales Returns 41,200 36,500  
Advertising expenses 284,300 261,900 $ 265,600
Cash, Cash Equivalents, and Short-term Investments 8,100 126,900  
Asset-backed term funding transactions      
Restricted Cash and Cash Equivalent, Noncurrent $ 93,100 $ 99,900  
Financing Obligations      
Estimated useful life average, years 25 years    
v3.26.1
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details)
Feb. 28, 2026
Buildings  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 25 years
Software and Software Development Costs  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 5 years
Minimum | Furniture, fixtures and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 3 years
Minimum | Leaseholds and Leasehold Improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 10 years
Maximum | Furniture, fixtures and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 15 years
Maximum | Leaseholds and Leasehold Improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 15 years
v3.26.1
Revenue Disclosures (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 25,881.1 $ 26,353.4 $ 26,536.0
Used vehicle sales      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 20,702.4 21,079.7 20,922.3
Wholesale vehicle sales      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 4,504.6 4,587.5 4,975.8
Extended protection plan revenues      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 448.7 451.7 401.8
Third-party finance fees, net      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax (8.7) (1.5) (5.8)
Advertising & subscription revenues [Domain]      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 144.5 139.3 135.8
Service revenues      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 76.6 83.4 85.1
Other      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 13.1 13.4 21.1
Total other sales and revenues      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 674.2 $ 686.3 $ 638.0
v3.26.1
CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Auto Finance Income [Line Items]      
Interest and fee income $ 1,864,200 $ 1,853,900 $ 1,677,400
Interest expense (769,200) (763,200) (638,700)
Total interest margin 1,095,000 1,090,700 1,038,700
Provision for loan losses (391,200) (334,700) (310,500)
Total interest margin after provision for loan losses 703,800 756,000 728,200
Auto loan servicing income 9,700 0 0
Payroll and fringe benefit expense (80,400) (75,900) (66,500)
Other Depreciation and Amortization (17,600) (17,100) (16,500)
Other direct expenses (79,900) (81,300) (76,900)
Total direct expenses (177,900) (174,300) (159,900)
Gain (Loss) on Sale of Loans and Leases 26,900 0 0
Change in fair value of beneficial interests in non-consolidated securitizations 200 0 0
CARMAX AUTO FINANCE INCOME  $ 562,721 $ 581,749 $ 568,271
v3.26.1
Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Auto loans held for investment $ 16,271,900 $ 17,594,600  
Accrued interest and fees 92,900 96,100  
Other 40,500 10,800  
Less: allowance for loan losses (453,027) (458,730) $ (482,800)
Auto loans held for investment, net 15,952,291 17,242,789  
Non-recourse Notes Payable $ 15,827,609 $ 17,119,758  
v3.26.1
Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Financing Receivable, By Major Credit Grade [Line Items]    
Auto loans held for investment $ 16,271.9 $ 17,594.6
Total ending managed receivables as percentage by major credit grade 100.00% 100.00%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 6,125.8 $ 6,907.1
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 4,388.2 4,726.0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 2,940.4 3,278.3
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,824.2 1,929.3
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 842.0 593.6
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 151.3 160.3
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff 42.9 44.7
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 153.7 193.2
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 183.5 196.2
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 152.5 107.2
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 78.3 30.3
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 25.2 17.6
Financing Receivable, Allowance for Credit Loss, Writeoff 636.1 589.2
Tier 1 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Auto loans held for investment $ 15,721.5 $ 16,930.3
Total ending managed receivables as percentage by major credit grade 96.60% 96.20%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 5,942.1 $ 6,595.2
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 4,216.2 4,548.9
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 2,832.3 3,161.4
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,762.9 1,883.0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 819.8 588.2
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 148.2 153.6
Financing Receivable, Allowance for Credit Loss, Writeoff 540.8 494.7
Tier 2 & Tier 3 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Financing Receivable, Allowance for Credit Loss, Writeoff 95.3 94.5
Credit Grade A [Member] | Tier 1 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Auto loans held for investment $ 9,473.9 $ 9,600.7
Total ending managed receivables as percentage by major credit grade 58.20% 54.50%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 3,871.5 $ 4,132.0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,738.1 2,607.9
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,578.8 1,673.9
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 887.9 894.1
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 352.4 243.9
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 45.2 48.9
Credit Grade B | Tier 1 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Auto loans held for investment $ 5,056.8 $ 5,929.1
Total ending managed receivables as percentage by major credit grade 31.10% 33.70%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 1,643.7 $ 2,041.1
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,233.9 1,664.0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,075.2 1,163.0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 687.0 746.4
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 352.0 244.9
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 65.0 69.7
Credit Grade C And Other | Tier 1 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Auto loans held for investment $ 1,190.8 $ 1,400.5
Total ending managed receivables as percentage by major credit grade 7.30% 8.00%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 426.9 $ 422.1
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 244.2 277.0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 178.3 324.5
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 188.0 242.5
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 115.4 99.4
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 38.0 35.0
Credit Grade C And Other | Tier 2 & Tier 3 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Auto loans held for investment $ 550.4 $ 664.3
Total ending managed receivables as percentage by major credit grade 3.40% 3.80%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 183.7 $ 311.9
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 172.0 177.1
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 108.1 116.9
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 61.3 46.3
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 22.2 5.4
Financing Receivable, Originated, More than Five Years before Current Fiscal Year $ 3.1 $ 6.7
v3.26.1
Auto Loan Receivables (Allowance for Loan Losses) (Details) - USD ($)
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing Receivable, Allowance for Credit Loss $ 453,027,000 $ 458,730,000 $ 482,800,000
Financing Receivable, Allowance for Credit Loss, Writeoff (636,100,000) (589,200,000)  
Provision for loan losses (4) (5) 391,200,000 334,700,000 $ 310,500,000
Recoveries (3) 239,200,000 $ 230,400,000  
Item As Percent Of Total Ending Managed Receivables, Period Increase (Decrease) 17    
Auto loans held for investment      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Provision for loan losses (4) (5) 433,400,000    
Transfer of auto loans to held for sale      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Provision for loan losses (4) (5) $ (42,200,000)    
Allowance For Loan Losses      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Item as percent of total ending managed receivables 2.78% 2.61% 2.78%
Tier 1 managed receivables      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing Receivable, Allowance for Credit Loss $ 377,700,000 $ 378,100,000 $ 389,700,000
Financing Receivable, Allowance for Credit Loss, Writeoff (540,800,000) (494,700,000)  
Provision for loan losses (4) (5) 362,500,000 281,600,000  
Recoveries (3) 208,200,000 201,500,000  
Tier 1 managed receivables | Auto loans held for investment      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Provision for loan losses (4) (5) (30,300,000)    
Tier 2 & Tier 3 managed receivables      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing Receivable, Allowance for Credit Loss 75,300,000 80,600,000 $ 93,100,000
Financing Receivable, Allowance for Credit Loss, Writeoff (95,300,000) (94,500,000)  
Provision for loan losses (4) (5) 70,900,000 53,100,000  
Recoveries (3) 31,000,000.0 $ 28,900,000  
Tier 2 & Tier 3 managed receivables | Auto loans held for investment      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Provision for loan losses (4) (5) $ (11,900,000)    
v3.26.1
Auto Loan Receivables (Past Due Receivables) (Details) - USD ($)
$ in Millions
Feb. 28, 2026
Feb. 28, 2025
Financing Receivable, Past Due [Line Items]    
Auto loans held for investment $ 16,271.9 $ 17,594.6
Past due receivables as a percentage of total ending managed receivables 5.11% 4.85%
Financing Receivable, before Allowance for Credit Loss, Current $ 15,441.1 $ 16,740.7
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 830.8 $ 853.9
Managed Receivables    
Financing Receivable, Past Due [Line Items]    
Item as percent of total ending managed receivables 100.00% 100.00%
Tier 1 managed receivables    
Financing Receivable, Past Due [Line Items]    
Auto loans held for investment $ 15,721.5 $ 16,930.3
Financing Receivable, before Allowance for Credit Loss, Current 15,005.4 16,199.5
Financing Receivable, before Allowance for Credit Loss, Noncurrent 716.1 730.8
Tier 1 managed receivables | Credit Grade A [Member]    
Financing Receivable, Past Due [Line Items]    
Auto loans held for investment 9,473.9 9,600.7
Financing Receivable, before Allowance for Credit Loss, Current 9,414.1 9,543.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent 59.8 57.4
Tier 1 managed receivables | Credit Grade B    
Financing Receivable, Past Due [Line Items]    
Auto loans held for investment 5,056.8 5,929.1
Financing Receivable, before Allowance for Credit Loss, Current 4,614.4 5,491.5
Financing Receivable, before Allowance for Credit Loss, Noncurrent 442.4 437.6
Tier 1 managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Auto loans held for investment 1,190.8 1,400.5
Financing Receivable, before Allowance for Credit Loss, Current 976.9 1,164.7
Financing Receivable, before Allowance for Credit Loss, Noncurrent 213.9 235.8
Tier 2 & Tier 3 managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Auto loans held for investment 550.4 664.3
Financing Receivable, before Allowance for Credit Loss, Current 435.7 541.2
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 114.7 $ 123.1
Thirty One To Sixty Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total ending managed receivables 2.96% 2.98%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 481.8 $ 523.9
Thirty One To Sixty Days Past Due [Member] | Tier 1 managed receivables    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 419.3 452.0
Thirty One To Sixty Days Past Due [Member] | Tier 1 managed receivables | Credit Grade A [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 38.3 36.7
Thirty One To Sixty Days Past Due [Member] | Tier 1 managed receivables | Credit Grade B    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 264.8 276.0
Thirty One To Sixty Days Past Due [Member] | Tier 1 managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 116.2 139.3
Thirty One To Sixty Days Past Due [Member] | Tier 2 & Tier 3 managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 62.5 $ 71.9
Sixty One To Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total ending managed receivables 1.74% 1.49%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 282.7 $ 262.9
Sixty One To Ninety Days Past Due [Member] | Tier 1 managed receivables    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 238.8 221.7
Sixty One To Ninety Days Past Due [Member] | Tier 1 managed receivables | Credit Grade A [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 15.5 14.8
Sixty One To Ninety Days Past Due [Member] | Tier 1 managed receivables | Credit Grade B    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 142.1 127.3
Sixty One To Ninety Days Past Due [Member] | Tier 1 managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 81.2 79.6
Sixty One To Ninety Days Past Due [Member] | Tier 2 & Tier 3 managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 43.9 $ 41.2
Greater Than Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total ending managed receivables 0.41% 0.38%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 66.3 $ 67.1
Greater Than Ninety Days Past Due [Member] | Tier 1 managed receivables    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 58.0 57.1
Greater Than Ninety Days Past Due [Member] | Tier 1 managed receivables | Credit Grade A [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 6.0 5.9
Greater Than Ninety Days Past Due [Member] | Tier 1 managed receivables | Credit Grade B    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 35.5 34.3
Greater Than Ninety Days Past Due [Member] | Tier 1 managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 16.5 16.9
Greater Than Ninety Days Past Due [Member] | Tier 2 & Tier 3 managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 8.3 $ 10.0
Financial Asset, 1 to 29 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total ending managed receivables 94.89% 95.15%
v3.26.1
Derivative Instruments And Hedging Activities (Narrative) (Details) - Cash Flow Hedging - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Designated As Hedging Instrument      
Derivative [Line Items]      
Additional reclassification from AOCL to CAF income $ 11,800    
Derivative notional amount 3,760,000 $ 3,760,000  
Not Designated as Hedging Instrument | Interest Rate Swap      
Derivative [Line Items]      
Derivative notional amount   181,000  
Derivative, Gain (Loss) on Derivative, Net $ (1,600) $ (11,500) $ 20,800
v3.26.1
Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
USD ($)
Rate
Feb. 28, 2025
USD ($)
Feb. 29, 2024
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Money market securities $ 751,211 $ 842,691  
Mutual fund investments 33,651 27,495  
Derivative Instruments in Hedges, Assets, at Fair Value 416 10,813  
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value   1,576  
Beneficial interests in non-consolidated securitizations 41,620    
Principal payments received on beneficial interests 7,539 0 $ 0
Change in fair value of beneficial interests in non-consolidated securitizations 200 0 $ 0
Total assets at fair value $ 826,898 $ 882,575  
Percent of total assets at fair value 100.00% 100.00%  
Percent of total assets 3.10% 3.20%  
Derivative Instruments in Hedges, Liabilities, at Fair Value $ 9,771 $ 8,728  
Total liabilities at fair value $ (9,771) $ (8,728)  
Percent of total liabilities 0.00% 0.00%  
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance $ 100,491 $ 0  
Loans Receivable, Fair Value Disclosure $ 103,836 0  
Debt Securities, Available-for-Sale, Measurement Input | Rate 0.18    
Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Money market securities $ 751,211 842,691  
Mutual fund investments 33,651 27,495  
Derivative Instruments in Hedges, Assets, at Fair Value 0 0  
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value   0  
Beneficial interests in non-consolidated securitizations 0    
Total assets at fair value $ 784,862 $ 870,186  
Percent of total assets at fair value 94.90% 98.60%  
Percent of total assets 3.00% 3.20%  
Derivative Instruments in Hedges, Liabilities, at Fair Value $ 0 $ 0  
Total liabilities at fair value $ 0 $ 0  
Percent of total liabilities 0.00% 0.00%  
Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Money market securities $ 0 $ 0  
Mutual fund investments 0 0  
Derivative Instruments in Hedges, Assets, at Fair Value 416 10,813  
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value   1,576  
Beneficial interests in non-consolidated securitizations 37,670    
Total assets at fair value $ 38,086 $ 12,389  
Percent of total assets at fair value 4.60% 1.40%  
Percent of total assets 0.10% 0.00%  
Derivative Instruments in Hedges, Liabilities, at Fair Value $ 9,771 $ 8,728  
Total liabilities at fair value $ (9,771) $ (8,728)  
Percent of total liabilities 0.00% 0.00%  
Fair Value, Inputs, Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Money market securities $ 0    
Mutual fund investments 0    
Derivative Instruments in Hedges, Assets, at Fair Value 0    
Beneficial interests in non-consolidated securitizations 3,950 $ 0  
Principal payments received on beneficial interests 3,536    
Interest Income, Interest-Earning Asset 340    
Change in fair value of beneficial interests in non-consolidated securitizations 74    
Total assets at fair value $ 3,950    
Percent of total assets at fair value 0.50%    
Percent of total assets 0.00%    
Derivative Instruments in Hedges, Liabilities, at Fair Value $ 0    
Total liabilities at fair value $ 0    
Percent of total liabilities 0.00%    
v3.26.1
Fair Value Measurements Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Fair Value Disclosures [Abstract]    
Senior Notes $ 400,000 $ 400,000
Debt Instrument, Fair Value Disclosure $ 397,759 $ 390,201
v3.26.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Fair Value Disclosures [Abstract]    
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance $ 100,491 $ 0
Loans Receivable, Fair Value Disclosure $ 103,836 $ 0
v3.26.1
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Property, Plant and Equipment [Line Items]      
Finance Lease, Right-of-Use Asset, before Accumulated Amortization $ 219,807 $ 228,163  
Total property and equipment 6,287,778 5,856,396  
Less: accumulated depreciation and amortization (2,217,485) (2,014,563)  
Property and equipment, net 4,070,293 3,841,833  
Depreciation expense 318,300 287,800 $ 261,400
Land      
Property, Plant and Equipment [Line Items]      
Total property and equipment 1,127,164 1,020,677  
Land held for development (1)      
Property, Plant and Equipment [Line Items]      
Total property and equipment 164,719 179,810  
Buildings      
Property, Plant and Equipment [Line Items]      
Total property and equipment 2,929,613 2,681,927  
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Total property and equipment 375,795 366,842  
Furniture, fixtures and equipment      
Property, Plant and Equipment [Line Items]      
Total property and equipment 643,654 607,666  
Construction in progress      
Property, Plant and Equipment [Line Items]      
Total property and equipment 260,010 300,136  
Software and Software Development Costs      
Property, Plant and Equipment [Line Items]      
Total property and equipment $ 567,016 $ 471,175  
v3.26.1
Intangible Assets, Goodwill and Other (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 01, 2021
Feb. 28, 2026
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Internally developed software          
Schedule of Intangible Assets (Finite-Lived and Indefinite-Lived) [Line Items]          
Finite-Lived Intangible Assets, Gross   $ 52,900 $ 52,900 $ 52,900  
Finite-Lived Intangible Assets, Accumulated Amortization   (35,896) (35,896) (28,339)  
Finite-Lived Intangible Assets, Net   17,004 17,004 24,561  
Customer Relationships          
Schedule of Intangible Assets (Finite-Lived and Indefinite-Lived) [Line Items]          
Finite-Lived Intangible Assets, Gross   133,200 133,200 133,200  
Finite-Lived Intangible Assets, Accumulated Amortization   (37,218) (37,218) (29,382)  
Finite-Lived Intangible Assets, Net   95,982 95,982 103,818  
Goodwill   0 0 141,258  
Goodwill, Impairment Loss   141,300 141,258 0 $ 0
Goodwill, Acquired During Period $ 141,300        
Indefinite-lived Intangible Assets (Excluding Goodwill)   31,900 31,900 31,900  
Intangible Assets, Gross (Excluding Goodwill)   218,000 218,000 218,000  
Finite-Lived Intangible Assets, Accumulated Amortization   (73,114) (73,114) (57,721)  
Intangible Assets, Net (Excluding Goodwill)   144,886 144,886 160,279  
Amortization of Intangible Assets     15,400 $ 15,400 $ 15,400
Finite-Lived Intangible Asset, Expected Amortization, Year One   15,400 15,400    
Finite-Lived Intangible Asset, Expected Amortization, Year Two   15,400 15,400    
Finite-Lived Intangible Asset, Expected Amortization, Year Three   9,700 9,700    
Finite-Lived Intangible Asset, Expected Amortization, Year Five   7,800 7,800    
Finite-Lived Intangible Asset, Expected Amortization, Year Four   $ 7,800 $ 7,800    
v3.26.1
Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]    
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount $ 133.9 $ 128.3
Cancellations (78.6) (92.1)
Provision for future cancellations 75.8 97.7
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount $ 131.1 $ 133.9
v3.26.1
Cancellation Reserves (Narrative) (Details) - USD ($)
$ in Millions
Feb. 28, 2026
Feb. 28, 2025
Cancellation Reserves [Abstract]    
Cancellation reserves, current portion $ 70.2 $ 69.8
v3.26.1
Income Taxes (Schedule Of Income Tax Provision) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Income Tax Disclosure [Abstract]      
Current, Federal $ 39,579 $ 156,819 $ 140,480
Current, State 22,764 35,709 26,711
Current, Total 62,343 192,528 167,191
Deferred, Federal 71,014 (22,253) (6,542)
Deferred, State 2,786 (1,471) 1,742
Deferred, Total 73,800 (23,724) (4,800)
Income Tax Expense (Benefit), Total 136,143 168,804 162,391
Federal Income Tax Expense (Benefit), Continuing Operations 110,593 134,566 133,938
State and Local Income Tax Expense (Benefit), Continuing Operations $ 25,550 $ 34,238 $ 28,453
v3.26.1
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Income Tax Disclosure [Abstract]      
Federal tax at statutory rate 21.00% 21.00% 21.00%
Domestic federal: 5.40% 4.00% 3.70%
Effect of changes in tax laws or rates enacted in the current period 0.90% 0.00% 0.00%
Income tax provision and effective tax rate 35.50% 25.20% 25.30%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount $ 80,521 $ 140,566 $ 134,735
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount $ 3,273 $ 0 $ 0
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent 1.10% 0.80% 0.60%
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount $ (4,158) $ (5,426) $ (4,179)
Effective Income Tax Rate Reconciliation, Tax Credit, Purchased, Percent 1.20% 0.90% 0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Purchased, Amount $ (4,468) $ (5,777) $ 0
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent 0.00% 0.00% 0.10%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount $ (115) $ (63) $ (375)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount $ (10) $ 55 $ (117)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount $ 6,055 $ 7,238 $ 5,786
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent 7.70% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount $ 29,564 $ 0 $ 0
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent 0.80% 0.40% 0.40%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount $ 3,242 $ 2,840 $ 2,873
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent 0.60% 0.50% 0.20%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount $ 2,384 $ 3,449 $ 1,367
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount $ 20,713 $ 26,841 $ 23,495
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent (0.20%) (0.10%) (0.20%)
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount $ (858) $ (919) $ (1,194)
Income tax provision $ 136,143 $ 168,804 $ 162,391
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Executive Compensation, Percent 1.60% 1.10% 0.90%
v3.26.1
Income Taxes (Schedule Of Temporary Differences Resulting In Deferred Tax Assets And Liabilities) (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Income Tax Disclosure [Abstract]    
Accrued expenses and other $ 85,878 $ 98,861
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Financing Receivable, Allowance for Credit Loss 110,197 111,385
Deferred Tax Assets, Operating Loss Carryforwards 22,299 24,462
DeferredTaxAssetsLeasingArrangements 131,003 136,190
Share-based compensation 55,798 51,284
Capital loss carryforward 752 766
Total deferred tax assets 405,927 422,948
Less: valuation allowance (752) (766)
Total deferred tax assets after valuation allowance 405,175 422,182
Deferred Tax Liabilities, Intangible Assets 35,375 39,317
Prepaid expenses 11,142 11,810
Property and equipment 148,019 82,285
Deferred Tax Liabilities, Leasing Arrangements 115,479 123,520
Inventory 15,236 11,924
Derivatives 1,445 12,994
Total deferred tax liabilities 326,696 281,850
Net deferred tax asset $ 78,479 $ 140,332
v3.26.1
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 18,035 $ 28,817 $ 27,092
Increases for tax positions of prior years 2,667 138 397
Decreases for tax positions of prior years (1,276) 0 (172)
Increases based on tax positions related to the current year 2,723 4,669 3,627
Settlements (951) (142) (386)
Lapse of statute (2,352) (15,447) (1,741)
Balance at end of year $ 18,846 $ 18,035 $ 28,817
v3.26.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Income Tax Disclosure [Abstract]        
Unrecognized tax benefits, gross $ 18,846 $ 18,035 $ 28,817 $ 27,092
Unrecognized tax benefits that would impact effective tax rate, if recognized 12,300 14,900 12,100  
Accrued interest 6,000 3,800 $ 5,300  
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards 22,299 $ 24,462    
State NOL carryforward [Member]        
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards 2,100      
Federal tax credit carryforward [Member]        
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards 5,400      
State tax credit carryforward [Member]        
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards $ 13,200      
v3.26.1
Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Defined Benefit Plan Disclosure [Line Items]      
Expected contributions to the plan next year $ 2.8    
Defined Benefit Plan, Plan Assets, Contributions by Employer 0.0 $ 0.3  
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year (0.7)    
Defined Benefit Plan, Expected Future Benefit Payment, Year One 8.9    
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 8.9    
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 8.9    
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 10.3    
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 10.3    
Restoration Plan      
Defined Benefit Plan Disclosure [Line Items]      
Expected contributions to the plan next year 0.7    
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 0.7    
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 0.7    
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 0.7    
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 0.7    
Retirement Savings Plan401k      
Defined Benefit Plan Disclosure [Line Items]      
Total cost for company contributions $ 72.7 $ 72.8 $ 68.1
Equity securities | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation   20.00% 40.00%
Fixed income securities | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 100.00% 80.00% 60.00%
v3.26.1
Benefit Plans (Benefit Plan Information) (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Defined Benefit Plan Disclosure [Line Items]    
Plan assets $ 209,763 $ 206,384
Projected benefit obligation 218,244 215,425
Funded status recognized (8,481) (9,041)
Current liability (656) (655)
Noncurrent liability (7,825) (8,386)
Net amount recognized (8,481) (9,041)
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 209,763 206,384
Projected benefit obligation 209,823 206,860
Funded status recognized (60) (476)
Current liability 0 0
Noncurrent liability (60) (476)
Net amount recognized (60) (476)
Restoration Plan    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 0 0
Projected benefit obligation 8,421 8,565
Funded status recognized (8,421) (8,565)
Current liability (656) (655)
Noncurrent liability (7,765) (7,910)
Net amount recognized $ (8,421) $ (8,565)
v3.26.1
Benefit Plans (Components Of Net Pension Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Defined Benefit Plan Disclosure [Line Items]      
Total net pension (benefit) expense $ (3,211) $ (3,051) $ (3,390)
Total net actuarial loss (gain) (1) 3,694 (1,011) (9,289)
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Total net pension (benefit) expense (3,658) (3,496) (3,842)
Total net actuarial loss (gain) (1) 3,640 (1,099) (9,114)
Restoration Plan      
Defined Benefit Plan Disclosure [Line Items]      
Total net pension (benefit) expense 447 445 452
Total net actuarial loss (gain) (1) $ 54 $ 88 $ (175)
v3.26.1
Benefit Plans (Assumptions Used To Determine Benefit Obligations) (Details)
Feb. 28, 2026
Feb. 28, 2025
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.50% 5.45%
Restoration Plan    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.50% 5.45%
v3.26.1
Benefit Plans (Assumptions Used To Determine Net Pension Expense) (Details)
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.45% 5.35% 5.20%
Expected rate of return on plan assets 7.00% 7.00% 7.25%
Restoration Plan      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.45% 5.35% 5.20%
Expected rate of return on plan assets 0.00% 0.00% 0.00%
v3.26.1
Benefit Plans (Schedule Of Fair Value Of Plan Assets) (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Defined Benefit Plan Disclosure [Line Items]    
Plan assets $ 209,763 $ 206,384
Equity securities – international | Level 1 | Mutual funds (Level 1):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 0 7,020
Short-term Investments | Collective funds (NAV):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 87,675 2,026
Equity securities | Collective funds (NAV):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 0 33,229
Fixed income securities | Collective funds (NAV):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets $ 122,088 $ 164,109
v3.26.1
Debt (Schedule Of Debt) (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Debt Instrument [Line Items]    
Financing Obligations $ 483,633 $ 487,676
Debt, Long-term and Short-term, Combined Amount 18,051,313 18,707,207
Less: current portion (761,974) (543,339)
Unamortized Debt Issuance Expense (28,792) (26,528)
Long-term Debt 17,260,547 18,137,340
Non-recourse Notes Payable 15,827,609 17,119,758
Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term Debt 840,800 0
Term Loan [Member]    
Debt Instrument [Line Items]    
Long-term Debt 499,271  
4.17% senior notes due 2026 [Member]    
Debt Instrument [Line Items]    
Long-term Debt 200,000 200,000
4.27% senior notes due 2028 [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 200,000 200,000
October 2021 Term Loan    
Debt Instrument [Line Items]    
Long-term Debt   $ 699,773
v3.26.1
Debt Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Maturities of Long-Term Debt [Abstract]    
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months $ 56,727  
FinancingObligationPaymentsDueYearTwo 57,427  
FinancingObligationsPaymentsDueYearThree 59,290  
FinancingObligationsPaymentsDueYearFour 52,659  
FinancingObligationsPaymentsDueYearFive 52,323  
FinancingObligationsPaymentsDueAfterYearFive 643,038  
FinancingObligationsPaymentsDue 921,464  
FinancingObligationsUndiscountedExcessAmount (437,831)  
Financing Obligations $ 483,633 $ 487,676
v3.26.1
Debt Debt (Schedule of Funding Vehicles) (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Schedule of Funding Vehicles [Line Items]    
Non-recourse Notes Payable $ 15,827,609 $ 17,119,758
Warehouse Facility One [Member]    
Schedule of Funding Vehicles [Line Items]    
Warehouse Facilities Maximum Borrowing Capacity 3,100,000  
Warehouse Facility Three [Member]    
Schedule of Funding Vehicles [Line Items]    
Warehouse Facilities Maximum Borrowing Capacity 2,550,000  
Warehouse Facility Two [Member]    
Schedule of Funding Vehicles [Line Items]    
Warehouse Facilities Maximum Borrowing Capacity 700,000  
Warehouse Facilities [Member]    
Schedule of Funding Vehicles [Line Items]    
Warehouse Facilities Maximum Borrowing Capacity 6,350,000  
Debt Instrument, Unused Borrowing Capacity, Amount 4,020,000  
Non-recourse Notes Payable 2,330,000  
Asset-backed term funding transactions    
Schedule of Funding Vehicles [Line Items]    
Non-recourse Notes Payable $ 13,500,000  
v3.26.1
Debt (Narrative) (Details) - USD ($)
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Debt Instrument [Line Items]      
Long-term Debt $ 17,260,547,000 $ 18,137,340,000  
Interest Paid, Capitalized, Investing Activity 14,800,000 $ 8,200,000 $ 6,200,000
Credit Facility      
Debt Instrument [Line Items]      
Line of Credit Facility, Maximum Borrowing Capacity 2,000,000,000.00    
Line of Credit Facility, Remaining Borrowing Capacity $ 1,160,000,000    
Debt, Weighted Average Interest Rate 5.09% 5.72% 3.99%
Term Loan [Member]      
Debt Instrument [Line Items]      
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate 4.57% 5.33% 6.31%
Long-term Debt $ 500,000,000    
Senior Notes [Member]      
Debt Instrument [Line Items]      
Long-term Debt $ 400,000,000    
Minimum | Financing Obligation      
Debt Instrument [Line Items]      
Initial Lease Terms 15 years    
Maximum | Financing Obligation      
Debt Instrument [Line Items]      
Initial Lease Terms 20 years    
v3.26.1
Stock And Stock-Based Incentive Plans (Narrative) (Details) - USD ($)
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Stock and Stock-Based Incentive Plans      
Share-Based Payment Arrangement, Amount Capitalized $ 0 $ 0 $ 0
Preferred Stock      
Stock and Stock-Based Incentive Plans      
Preferred shares authorized (in shares) 20,000,000    
Preferred Stock, par value (in dollars per share) $ 20    
Preferred stock shares outstanding (in shares) 0    
Share Repurchase Program      
Stock and Stock-Based Incentive Plans      
Share repurchase, authorized amount $ 2,000,000,000    
Available for repurchase, as of end of year $ 1,305,100,000 $ 1,936,900,000 $ 2,360,100,000
Stock Compensation Plan      
Stock and Stock-Based Incentive Plans      
Common stock, shares authorized (in shares) 62,850,000    
Common shares reserved for future grants 3,533,209    
Stock Option      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 4 years    
Years until expiration 7 years    
Cash-Settled Restricted Stock Units      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 3 years    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 1,586,000 1,524,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 66.78 $ 71.07  
Cash-Settled Restricted Stock Units | Minimum      
Stock and Stock-Based Incentive Plans      
Cash payment per RSU, percentage 75.00%    
Cash-Settled Restricted Stock Units | Maximum      
Stock and Stock-Based Incentive Plans      
Cash payment per RSU, percentage 200.00%    
Performance Shares      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 3 years    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 496,266    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 67.63    
Performance Shares | Fiscal 2023 Grant | PSU First-year Period      
Stock and Stock-Based Incentive Plans      
PSU Performance Adjustment Factor 4.00%    
Performance Shares | Fiscal 2023 Grant | PSU Second-year Period      
Stock and Stock-Based Incentive Plans      
PSU Performance Adjustment Factor 38.00%    
Performance Shares | Fiscal 2023 Grant | PSU Third-year Period      
Stock and Stock-Based Incentive Plans      
PSU Performance Adjustment Factor 159.00%    
Performance Shares | Fiscal 2024 Grant | PSU First-year Period      
Stock and Stock-Based Incentive Plans      
PSU Performance Adjustment Factor 38.00%    
Performance Shares | Fiscal 2024 Grant | PSU Second-year Period      
Stock and Stock-Based Incentive Plans      
PSU Performance Adjustment Factor 159.00%    
Performance Shares | Minimum      
Stock and Stock-Based Incentive Plans      
Stock units converted to common stock 0    
Performance Shares | Minimum | Fiscal 2023 Grant | PSU First-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 25.00%    
Performance Shares | Minimum | Fiscal 2023 Grant | PSU Second-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 25.00%    
Performance Shares | Minimum | Fiscal 2023 Grant | PSU Third-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 50.00%    
Performance Shares | Minimum | Fiscal 2024 Grant | PSU First-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 25.00%    
Performance Shares | Minimum | Fiscal 2024 Grant | PSU Second-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 50.00%    
Performance Shares | Minimum | Fiscal 2024 Grant | PSU Third-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 50.00%    
Performance Shares | Minimum | Fiscal 2025 Grant      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 50.00%    
Performance Shares | Minimum | Fiscal 2026 Grant      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 50.00%    
Performance Shares | Maximum      
Stock and Stock-Based Incentive Plans      
Stock units converted to common stock 2    
Performance Shares | Maximum | Fiscal 2023 Grant | PSU First-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Performance Shares | Maximum | Fiscal 2023 Grant | PSU Second-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Performance Shares | Maximum | Fiscal 2023 Grant | PSU Third-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Performance Shares | Maximum | Fiscal 2024 Grant | PSU First-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Performance Shares | Maximum | Fiscal 2024 Grant | PSU Second-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Performance Shares | Maximum | Fiscal 2024 Grant | PSU Third-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Performance Shares | Maximum | Fiscal 2025 Grant      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Performance Shares | Maximum | Fiscal 2026 Grant      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Deferred Stock Units      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 1 year    
Stock units converted to common stock 1    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 128,526    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 83.61    
Restricted Stock Awards      
Stock and Stock-Based Incentive Plans      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 0    
Restricted Stock Awards | Minimum      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 1 year    
Restricted Stock Awards | Maximum      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 3 years    
Employee Stock Purchase Plan      
Stock and Stock-Based Incentive Plans      
Common stock, shares authorized (in shares) 8,000,000    
Associate contribution limit 10.00%    
Associate contribution limit, value $ 10,000    
Company match $ 0.15    
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award 347,156 247,277 264,628
Stock Issued During Period, Value, Employee Stock Purchase Plan $ 53.06 $ 77.11 $ 73.74
shares remained available under the purchase plan 1,146,005    
Stock Settled Market Stock Units      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 3 years    
Conversion ratio, number of final trading days in vesting period 40 days    
Share-based Compensation Arrangement by Share-based Payment Award, Conversion Ratio Quotient 2    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 632,000 525,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 95.19 $ 104.12  
Stock Settled Market Stock Units | Minimum      
Stock and Stock-Based Incentive Plans      
Stock units converted to common stock 0    
Stock Settled Market Stock Units | Maximum      
Stock and Stock-Based Incentive Plans      
Stock units converted to common stock 2    
Stock-Settled Restricted Stock Units      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 1 year    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 117,138    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 39.27    
v3.26.1
Stock And Stock-Based Incentive Plans (Schedule Of Common Stoc Repurchases) (Details) - Share Repurchase Program - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares repurchased 11,752,700 5,506,300 1,334,100
Average cost per share $ 53.76 $ 76.87 $ 68.33
Available for repurchase, as of end of year $ 1,305.1 $ 1,936.9 $ 2,360.1
v3.26.1
Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes $ 101,350 $ 137,251 $ 122,377
TOTAL COST OF SALES      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes 3,710 5,296 4,644
CAF Income      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes 4,240 5,024 3,643
Selling, general and administrative expenses      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes $ 93,400 $ 126,931 $ 114,090
v3.26.1
Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes $ 101,350 $ 137,251 $ 122,377
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 38,836 41,008 50,456
Cash-Settled Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 30,366 55,124 48,762
Stock Settled Market Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 21,957 19,560 16,298
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 5,069 17,167 2,046
Deferred Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 1,665 1,850 1,850
Restricted Stock Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 0 0 307
Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 2,332 2,542 2,658
Total other share-based incentives      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 10,191 21,559 6,861
Stock-Settled Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes $ 1,125 $ 0 $ 0
v3.26.1
Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Unrecognized Compensation Expense) (Details)
$ in Millions
 12 Months Ended
Feb. 28, 2026
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 52.9
Weighted Average Remaining Recognition Life (Years) 1 year 8 months 12 days
Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 31.3
Weighted Average Remaining Recognition Life (Years) 2 years
Stock-Settled Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 1.1
Weighted Average Remaining Recognition Life (Years) 2 months 12 days
Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 4.0
Weighted Average Remaining Recognition Life (Years) 1 year 6 months
Total other share-based incentives  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 5.1
Weighted Average Remaining Recognition Life (Years) 1 year 2 months 12 days
Stock Settled Market Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 16.5
Weighted Average Remaining Recognition Life (Years) 1 year 3 months 18 days
v3.26.1
Stock And Stock-Based Incentive Plans (Stock Option Activity) (Details) - Stock Option - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Outstanding as of beginning of year, Number of Shares 7,309,000    
Options granted, Number of Shares 1,452,018 1,234,215 1,554,029
Options exercised, Number of Shares (132,000)    
Options forfeited or expired, Number of Shares (78,000)    
Outstanding as of end of year, Number of Shares 8,551,000 7,309,000  
Exercisable as of end of year, Number of Shares 6,105,000    
Outstanding as of beginning of year, Weighted Average Exercise Price $ 82.32    
Options granted, Weighted Average Exercise Price 65.44    
Options exercised, Weighted Average Exercise Price 63.05    
Options forfeited or expired, Weighted Average Exercise Price 73.05    
Outstanding as of end of year, Weighted Average Exercise Price 79.83 $ 82.32  
Exercisable as of end of year, Weighted Average Exercise Price $ 84.19    
Outstanding as of end of year, Weighted Average Remaining Contractual Life (Years) 3 years 3 months 18 days    
Exercisable as of end of year, Weighted Average Remaining Contractual Life (Years) 2 years 6 months    
Outstanding as of end of year, Aggregate Intrinsic Value $ 3    
Exercisable as of end of year, Aggregate Intrinsic Value $ 0    
v3.26.1
Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Settled) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Options granted, Number of Shares 1,452,018 1,234,215 1,554,029
Weighted average grant date fair value per share $ 26.20 $ 29.21 $ 29.11
Cash received from options exercised (in millions) $ 8.3 $ 73.7 $ 44.8
Intrinsic value of options exercised (in millions) 0.4 19.9 15.0
Realized tax benefits $ 0.1 $ 3.0 $ 3.6
Cash-Settled Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock units granted, Number of Units 978,159 918,098 915,122
Initial weighted average grant date fair value per share $ 65.49 $ 67.22 $ 70.69
Payments (before payroll tax withholdings) upon vesting $ 47.7 $ 42.8 $ 39.0
Realized tax benefits $ 11.8 $ 10.6 $ 9.7
Stock Settled Market Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock units granted, Number of Units 251,784 238,865 186,678
Initial weighted average grant date fair value per share $ 91.45 $ 95.80 $ 99.86
Realized tax benefits $ 1.6 $ 0.8 $ 2.3
v3.26.1
Stock And Stock-Based Incentive Plans (Assumptions Used To Estimate Option Values) (Details)
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Dividend yield 0.00% 0.00% 0.00%
Expected volatility factor, Minimum 36.30% 35.50% 39.20%
Expected volatility factor, Maximum 54.80% 46.70% 45.90%
Weighted average expected volatility 41.90% 45.40% 44.60%
Risk-free interest rate, Minimum 3.40% 3.50% 3.60%
Risk-free interest rate, Maximum 4.40% 5.40% 5.50%
Expected term (in years) 4 years 8 months 12 days 4 years 8 months 12 days 4 years 7 months 6 days
v3.26.1
Stock And Stock-Based Incentive Plans (Cash-Settled Restricted Stock Unit Activity) (Details) - Cash-Settled Restricted Stock Units - $ / shares
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at beginning of year, Number of Shares or Units 1,524,000    
Stock units granted, Number of Units 978,159 918,098 915,122
Stock units vested and converted, Number of Units (727,000)    
Stock units cancelled, Number of Units (189,000)    
Outstanding at end of year, number of shares or Units 1,586,000 1,524,000  
Outstanding as of beginning of year, Weighted Average Grant Date Fair Value $ 71.07    
Initial weighted average grant date fair value per share 65.49 $ 67.22 $ 70.69
Stock units vested and converted, Weighted Average Grant Date Fair Value 73.97    
Stock units cancelled, Weighted Average Grant Date Fair Value 67.01    
Outstanding as of end of year, Weighted Average Grant Date Fair Value $ 66.78 $ 71.07  
v3.26.1
Stock And Stock-Based Incentive Plans (Expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (Details)
$ in Thousands
Feb. 28, 2026
USD ($)
Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fiscal 2027 $ 37,227
Fiscal 2028 25,306
Fiscal 2029 13,173
Total expected cash settlements 75,706
Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fiscal 2027 99,272
Fiscal 2028 67,481
Fiscal 2029 35,131
Total expected cash settlements $ 201,884
v3.26.1
Stock And Stock-Based Incentive Plans (Stock-Settled Activity) (Details) - $ / shares
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Stock-Settled Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at end of year, number of shares or Units 117,138    
Outstanding as of end of year, Weighted Average Grant Date Fair Value $ 39.27    
Stock Settled Market Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at beginning of year, Number of Shares or Units 525,000    
Stock units granted, Number of Units 251,784 238,865 186,678
Stock units vested and converted, Number of Units (130,000)    
Stock units cancelled, Number of Units (15,000)    
Outstanding at end of year, number of shares or Units 632,000 525,000  
Outstanding as of beginning of year, Weighted Average Grant Date Fair Value $ 104.12    
Stock units granted, weighted average grant date fair value 91.45 $ 95.80 $ 99.86
Stock units vested and converted, Weighted Average Grant Date Fair Value 124.11    
Stock units cancelled, Weighted Average Grant Date Fair Value 94.81    
Outstanding as of end of year, Weighted Average Grant Date Fair Value $ 95.19 $ 104.12  
v3.26.1
Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Employee Stock Purchase Plan) (Details) - Stock Settled Market Stock Units - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock units granted, Number of Units 251,784 238,865 186,678
Initial weighted average grant date fair value per share $ 91.45 $ 95.80 $ 99.86
Realized tax benefits $ 1.6 $ 0.8 $ 2.3
v3.26.1
Net Earnings Per Share (Narrative) (Details) - shares
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Earnings Per Share [Abstract]      
Antidilutive securities not included in calculation of dilutive net earnings per share 8,380,083 5,266,616 5,791,423
v3.26.1
Net Earnings Per Share (Basic And Dilutive Net Earnings Per Share Reconciliations) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Net earnings $ 247,290 $ 500,556 $ 479,204
Weighted average common shares outstanding (in shares) 147,258 155,330 158,216
Weighted average common shares and dilutive potential common shares (in shares) 147,613 156,061 158,707
Basic net earnings per share (in dollars per share) $ 1.68 $ 3.22 $ 3.03
Diluted net earnings per share (in dollars per share) $ 1.68 $ 3.21 $ 3.02
Stock Options      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Dilutive potential common shares (in shares) 7 372 272
Stock-Settled Restricted Stock Units      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Dilutive potential common shares (in shares) 348 359 219
v3.26.1
Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($)
$ in Millions
Feb. 28, 2026
Feb. 28, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]    
Deferred tax $ 10.5 $ 1.5
v3.26.1
Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year $ 3,080 $ 59,279 $ 97,869
before reclassifications (12,664) (16,814) 138
Amounts reclassified from accumulated other comprehensive loss (24,542) (39,385) (38,728)
Other comprehensive income (loss) (37,206) (56,199) (38,590)
Balance at end of year (34,126) 3,080 59,279
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent 53 0 0
Net Unrecognized Actuarial Losses      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year (36,008) (37,116) (44,590)
before reclassifications (2,820) 771 7,081
Amounts reclassified from accumulated other comprehensive loss 304 337 393
Other comprehensive income (loss) (2,516) 1,108 7,474
Balance at end of year (38,524) (36,008) (37,116)
Net Unrecognized Hedge Gains (Losses)      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year 39,088 96,395 142,459
before reclassifications (9,897) (17,585) (6,943)
Amounts reclassified from accumulated other comprehensive loss (24,846) (39,722) (39,121)
Other comprehensive income (loss) (34,743) (57,307) (46,064)
Balance at end of year 4,345 39,088 96,395
AOCI Attributable to Parent [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss) (37,206) (56,199) (38,590)
Net unrecognized beneficial interests gains (losses)      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year 0 0 0
before reclassifications 53 0 0
Amounts reclassified from accumulated other comprehensive loss 0 0 0
Other comprehensive income (loss)   0 0
Balance at end of year $ 53 $ 0 $ 0
v3.26.1
Accumulated Other Comprehensive Loss (Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Actuarial (loss) gain arising during the year $ (3,694) $ 1,011 $ 9,289  
Tax benefit (expense) 874 (240) (2,208)  
Actuarial (loss) gain arising during the year, net of tax (2,820) 771 7,081  
Actuarial loss amortization reclassifications in net pension expense 398 442 516  
Tax expense (94) (105) (123)  
Amortization reclassifications recognized in net pension expense, net of tax 304 337 393  
Net change in retirement benefit plan unrecognized actuarial losses, net of tax (2,516) 1,108 7,474  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax (13,102) (23,662) (9,291)  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax (3,205) (6,077) (2,348)  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax (9,897) (17,585) (6,943)  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 32,826 51,808 52,354  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax 7,980 12,086 13,233  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax 24,846 39,722 39,121  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax (34,743) (57,307) (46,064)  
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, before Tax, Portion Attributable to Parent 70 0 0  
Other Comprehensive Income (Loss), Available-for-Sale Securities, Tax, Portion Attributable to Parent (17) 0 0  
Total other comprehensive loss, net of tax (37,206) (56,199) (38,590)  
Accumulated Other Comprehensive Income (Loss), Net of Tax (34,126) 3,080 59,279 $ 97,869
Other comprehensive (loss) income (37,206) (56,199) (38,590)  
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent 53 0 0  
TOTAL COST OF SALES        
Actuarial loss amortization reclassifications in net pension expense 172 195 231  
CarMax Auto Finance income        
Actuarial loss amortization reclassifications in net pension expense 14 15 15  
Selling, general and administrative expenses        
Actuarial loss amortization reclassifications in net pension expense 212 232 270  
Unrecognized Actuarial Losses [Member]        
Accumulated Other Comprehensive Income (Loss), Net of Tax (38,524) (36,008) (37,116) (44,590)
Other comprehensive (loss) income (2,516) 1,108 7,474  
Unrecognized Hedge Losses [Member]        
Accumulated Other Comprehensive Income (Loss), Net of Tax 4,345 39,088 96,395 142,459
Other comprehensive (loss) income (34,743) (57,307) (46,064)  
AOCI Attributable to Parent [Member]        
Other comprehensive (loss) income (37,206) (56,199) (38,590)  
Net unrecognized beneficial interests gains (losses)        
Accumulated Other Comprehensive Income (Loss), Net of Tax $ 53 0 0 $ 0
Other comprehensive (loss) income   $ 0 $ 0  
v3.26.1
Leases (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Lessee, Lease, Description [Line Items]      
Operating Lease, Impairment Loss $ 19.0 $ 12.3  
Lease abandonment expense $ 23.1   $ 0.0
Minimum      
Lessee, Lease, Description [Line Items]      
Lease renewal term, years 1 year    
Real Estate Lease Term 5 years    
Equipment Lease Term 3 years    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease renewal term, years 20 years    
Real Estate Lease Term 20 years    
Equipment Lease Term 8 years    
v3.26.1
Leases Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Leases [Abstract]      
Operating Lease, Cost $ 116,490 $ 92,630 $ 89,801
Finance Lease, Right-of-Use Asset, Amortization 18,381 20,543 20,010
Finance Lease, Interest Expense 24,378 26,404 25,724
Finance Lease, Cost 42,759 46,947 45,734
Lease, Cost $ 159,249 $ 139,577 $ 135,535
v3.26.1
Leases Leases - Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Feb. 28, 2025
Leases [Abstract]    
Operating lease assets $ 459,514 $ 493,355
Finance lease assets 145,179 160,535
Total lease assets 604,693 653,890
Current portion of operating lease liabilities 57,341 59,335
Finance Lease, Liability, Current 16,779 15,015
Operating lease liabilities, excluding current portion 464,696 481,963
Finance Lease, Liability, Noncurrent 175,548 189,216
Total lease liabilities 714,364 745,529
Finance Lease Accumulated Depreciation $ 74,600 $ 67,600
v3.26.1
Leases Lease Term and Discount Rate (Details)
Feb. 28, 2026
Rate
Feb. 28, 2025
Rate
Leases [Abstract]    
Operating Lease, Weighted Average Remaining Lease Term 15 years 6 months 21 days 15 years 5 months 26 days
Finance Lease, Weighted Average Remaining Lease Term 13 years 11 months 26 days 14 years 3 months 21 days
Operating Lease, Weighted Average Discount Rate, Percent 5.37% 5.21%
Finance Lease, Weighted Average Discount Rate, Percent 16.44% 16.78%
v3.26.1
Leases Lease Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Leases [Abstract]      
Operating Lease, Payments $ 102,391 $ 95,638 $ 88,704
Finance Lease, Interest Payment on Liability 23,788 24,141 24,782
Finance Lease, Principal Payments 15,044 16,536 16,674
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 39,696 43,161 30,746
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability $ 3,026 $ 7,459 $ 51,660
v3.26.1
Leases Maturities of Lease Liabilities (Details)
$ in Thousands
Feb. 28, 2026
USD ($)
Leases [Abstract]  
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months $ 83,637
Lessee, Operating Lease, Liability, Payments, Due Year Two 80,014
Lessee, Operating Lease, Liability, Payments, Due Year Three 58,194
Lessee, Operating Lease, Liability, Payments, Due Year Four 48,368
Lessee, Operating Lease, Liability, Payments, Due Year Five 41,318
Lessee, Operating Lease, Liability, Payments, Due after Year Five 496,723
Lessee, Operating Lease, Liability, Payments, Due 808,254
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (286,217)
Operating Lease, Liability 522,037
Finance Lease, Liability, Payments, Due Next Twelve Months 38,941
Finance Lease, Liability, Payments, Due Year Two 35,599
Finance Lease, Liability, Payments, Due Year Three 38,840
Finance Lease, Liability, Payments, Due Year Four 28,462
Finance Lease, Liability, Payments, Due Year Five 25,161
Finance Lease, Liability, Payments, Due after Year Five 227,737
Finance Lease, Liability, Payment, Due 394,740
Finance Lease, Liability, Undiscounted Excess Amount (202,413)
Finance Lease, Liability $ 192,327
v3.26.1
Commitments And Contingencies (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 28, 2026
Aug. 31, 2023
May 31, 2023
Feb. 28, 2022
May 31, 2020
Feb. 28, 2025
Commitments and Contingencies Disclosure [Abstract]            
Liability associated with guarantee $ 21.7         $ 28.8
Purchase obligation 599.2          
Purchase obligation due next twelve months 170.3          
Proceeds from Legal Settlements $ 8.2 $ 7.9 $ 59.3 $ 3.8 $ 40.3