CARMAX INC, 10-K filed on 4/11/2025
Annual Report
v3.25.1
Document And Entity Information - USD ($)
 12 Months Ended
Feb. 28, 2025
Apr. 09, 2025
Aug. 31, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Feb. 28, 2025    
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 2025    
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     $ 13,133,324,489
Entity Common Stock, Shares Outstanding   152,684,225  
Auditor Name KPMG LLP    
Auditor Location Richmond, VA    
Auditor Firm ID 185    
Document Financial Statement Error Correction [Flag] false    
v3.25.1
Consolidated Statements Of Earnings - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES $ 26,353,420 $ 26,536,040 $ 29,684,873
TOTAL COST OF SALES 23,455,519 23,822,831 26,884,670
GROSS PROFIT  2,897,901 2,713,209 2,800,203
CARMAX AUTO FINANCE INCOME  581,749 568,271 663,404
Selling, General and Administrative Expense 2,435,404 2,286,378 2,487,357
Depreciation, Depletion and Amortization, Nonproduction 255,321 239,028 228,449
Interest expense 107,941 124,750 120,398
Nonoperating Income (Expense) 11,624 (10,271) (9,401)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 669,360 641,595 636,804
Income tax provision 168,804 162,391 152,042
Net earnings $ 500,556 $ 479,204 $ 484,762
Basic (in shares) 155,330 158,216 158,800
Diluted (in shares) 156,061 158,707 159,771
Basic (in dollars per share) $ 3.22 $ 3.03 $ 3.05
Diluted (in dollars per share) $ 3.21 $ 3.02 $ 3.03
Used vehicle sales      
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES $ 21,079,654 $ 20,922,279 $ 23,034,286
TOTAL COST OF SALES 19,256,483 19,170,320 21,186,135
Wholesale vehicle sales      
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES 4,587,457 4,975,802 5,989,796
TOTAL COST OF SALES 4,029,876 4,419,044 5,399,969
Other sales and revenues      
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES 686,309 637,959 660,791
TOTAL COST OF SALES $ 169,160 $ 233,467 $ 298,566
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 89.00% 89.80% 90.60%
GROSS PROFIT       
Percentage of Sales      
Item as a percent of net sales and operating revenues 11.00% 10.20% 9.40%
CARMAX AUTO FINANCE INCOME       
Percentage of Sales      
Item as a percent of net sales and operating revenues 2.20% 2.10% 2.20%
Selling, general and administrative expenses      
Percentage of Sales      
Item as a percent of net sales and operating revenues 9.20% 8.60% 8.40%
Depreciation and Amortization      
Percentage of Sales      
Item as a percent of net sales and operating revenues 1.00% 0.90% 0.80%
Interest expense      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.40% 0.50% 0.40%
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 2.50% 2.40% 2.10%
Income tax provision      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.60% 0.60% 0.50%
NET EARNINGS       
Percentage of Sales      
Item as a percent of net sales and operating revenues 1.90% 1.80% 1.60%
NET SALES AND OPERATING REVENUES | Used vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 80.00% 78.80% 77.60%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 17.40% 18.80% 20.20%
NET SALES AND OPERATING REVENUES | Other sales and revenues      
Percentage of Sales      
Item as a percent of net sales and operating revenues 2.60% 2.40% 2.20%
TOTAL COST OF SALES | Used vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 73.10% 72.20% 71.40%
TOTAL COST OF SALES | Wholesale vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 15.30% 16.70% 18.20%
TOTAL COST OF SALES | Other sales and revenues      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.60% 0.90% 1.00%
v3.25.1
Consolidated Statements Of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Statement of Comprehensive Income [Abstract]      
NET EARNINGS $ 500,556 $ 479,204 $ 484,762
Other comprehensive (loss) income, net of taxes:      
Net change in retirement benefit plan unrecognized actuarial losses 1,108 7,474 28,411
Net change in cash flow hedge unrecognized gains (57,307) (46,064) 115,880
Other comprehensive (loss) income, net of taxes (56,199) (38,590) 144,291
TOTAL COMPREHENSIVE INCOME $ 444,357 $ 440,614 $ 629,053
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 246,960 $ 574,142
Restricted cash from collections on auto loans receivable 559,118 506,648
Accounts receivable, net 188,733 221,153
Inventory 3,934,622 3,678,070
Other current assets 148,203 246,581
TOTAL CURRENT ASSETS  5,077,636 5,226,594
Auto loans receivable, net of allowance for loan losses of $458,730 and $482,790 as of February 28, 2025 and February 29, 2024, respectively 17,242,789 17,011,844
Property and equipment, net 3,841,833 3,665,530
Deferred income taxes 140,332 98,790
Operating lease assets 493,355 520,717
Goodwill 141,258 141,258
Other assets 467,003 532,064
TOTAL ASSETS  27,404,206 27,196,797
CURRENT LIABILITIES:    
Accounts payable 977,845 933,708
Accrued expenses and other current liabilities 529,926 523,971
Accrued income taxes 87,526 0
Current portion of operating lease liabilities 59,335 57,161
Current portion of long-term debt 16,821 313,282
Current portion of non-recourse notes payable 526,518 484,167
TOTAL CURRENT LIABILITIES  2,197,971 2,312,289
Long-term debt, excluding current portion 1,570,296 1,602,355
Non-recourse notes payable, excluding current portion 16,567,044 16,357,301
Operating lease liabilities, excluding current portion 481,963 496,210
Other liabilities 343,944 354,902
TOTAL LIABILITIES  21,161,218 21,123,057
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:    
Common stock, $0.50 par value; 350,000,000 shares authorized; 153,319,678 and 157,611,939 shares issued and outstanding as of February 28, 2025 and February 29, 2024, respectively 76,660 78,806
Capital in excess of par value 1,891,012 1,808,746
Accumulated other comprehensive income 3,080 59,279
Retained earnings 4,272,236 4,126,909
TOTAL SHAREHOLDERS’ EQUITY  6,242,988 6,073,740
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $ 27,404,206 $ 27,196,797
v3.25.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
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 153,319,678 157,611,939
Common Stock, Shares, Outstanding 153,319,678 157,611,939
Financing Receivable, Allowance for Credit Loss $ 458,730 $ 482,790
v3.25.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
OPERATING ACTIVITIES:      
Net earnings $ 500,556 $ 479,204 $ 484,762
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 294,801 260,414 265,224
Share-based compensation expense 134,709 119,720 85,592
Provision for loan losses 334,667 310,516 317,013
Provision for cancellation reserves 97,701 80,311 98,137
Deferred income tax benefit (23,724) (4,800) (6,550)
Other 20,781 9,252 4,773
Net decrease (increase) in:      
Accounts receivable, net 32,420 77,630 262,201
Inventory (256,552) 48,072 1,398,427
Other current assets 109,162 39,939 103,222
Auto loans receivable, net (565,612) (980,569) (1,369,103)
Other assets (19,230) (13,902) (52,286)
Net increase (decrease) in:      
Accounts payable, accrued expenses and other current liabilities and accrued income taxes 71,714 118,511 (197,687)
Other liabilities (106,954) (85,681) (110,393)
Net Cash Provided by (Used in) Operating Activities 624,439 458,617 1,283,332
INVESTING ACTIVITIES:      
Capital expenditures (467,939) (465,307) (422,710)
Proceeds from disposal of property and equipment 333 1,351 5,190
Payments to Acquire Investments (10,738) (6,193) (12,526)
Proceeds from Sale and Maturity of Other Investments 17,342 3,151 4,280
Net Cash Provided by (Used in) Investing Activities (461,002) (466,998) (425,766)
FINANCING ACTIVITIES:      
Proceeds from issuances of long-term debt 522,800 134,600 3,020,700
Payments on long-term debt (836,622) (246,067) (4,275,353)
Cash paid for debt issuance costs (21,253) (21,633) (19,781)
Finance Lease, Principal Payments (16,536) (16,674) (12,200)
Issuances of non-recourse notes payable 12,968,491 12,380,050 14,333,896
Payments on non-recourse notes payable (12,715,705) (11,873,169) (13,440,603)
Repurchase and retirement of common stock (428,453) (94,086) (333,932)
Equity issuances 73,741 44,766 17,093
Net Cash Provided by (Used in) Financing Activities (453,537) 307,787 (710,180)
(Decrease) increase in cash, cash equivalents, and restricted cash (290,100) 299,406 147,386
Cash, cash equivalents, and restricted cash at beginning of year 1,250,410 951,004 803,618
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR 960,310 1,250,410 951,004
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS      
Cash and cash equivalents 246,960 574,142 314,758
Restricted cash from collections on auto loans receivable 559,118 506,648 470,889
Restricted cash included in other assets 154,232 169,620 165,357
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 960,310 $ 1,250,410 $ 951,004
v3.25.1
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, 2022 $ 5,235,439 $ 80,527 $ 1,677,268 $ 3,524,066 $ (46,422)
BALANCE, SHARES at Feb. 28, 2022   161,054,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 484,762     484,762  
Other comprehensive (loss) income 144,291       144,291
Share-based compensation expense 62,025   62,025    
Repurchases of common stock (323,243) $ (1,702) (35,807) (285,734)  
Repurchase of common stock, shares   (3,404,000)      
Exercise of common stock options 17,093 $ 134 16,959    
Exercise of common stock options, shares   268,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture (7,290) $ 81 (7,371)    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   161,000      
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 157,611,939 157,612,000      
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      
v3.25.1
Supplemental Cash Flow Information Supplemental Cash Flow (Notes)
 12 Months Ended
Feb. 28, 2025
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)202520242023
Cash paid for interest$104,934 $123,545 $122,147 
Cash paid for income taxes$69,599 $164,612 $152,626 
Non-cash investing and financing activities:
Increase (decrease) in accrued capital expenditures$13,486 $(17,535)$7,557 
(Decrease) increase in financing obligations$(16,157)$4,527 $7,863 
See Note 16 for supplemental cash flow information related to leases.
v3.25.1
Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)
 12 Months Ended
Feb. 28, 2025
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)202520242023
Cash paid for interest$104,934 $123,545 $122,147 
Cash paid for income taxes$69,599 $164,612 $152,626 
Non-cash investing and financing activities:
Increase (decrease) in accrued capital expenditures$13,486 $(17,535)$7,557 
(Decrease) increase in financing obligations$(16,157)$4,527 $7,863 
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)202520242023
Cash paid for interest$104,934 $123,545 $122,147 
Cash paid for income taxes$69,599 $164,612 $152,626 
Non-cash investing and financing activities:
Increase (decrease) in accrued capital expenditures$13,486 $(17,535)$7,557 
(Decrease) increase in financing obligations$(16,157)$4,527 $7,863 
v3.25.1
Supplemental Cash Flow Information Supplemental Cash Flow (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Supplemental Cash Flow Elements [Abstract]      
Cash paid for income taxes $ 69,599 $ 164,612 $ 152,626
(Decrease) increase in accrued capital expenditures 13,486 (17,535) 7,557
Increase in financing obligations (16,157) 4,527 7,863
Interest Paid, Excluding Capitalized Interest, Operating Activities $ 104,934 $ 123,545 $ 122,147
v3.25.1
Summary Of Significant Accounting Policies
 12 Months Ended
Feb. 28, 2025
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.
On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”). At that time, Edmunds was identified as a non-reportable operating segment and has been presented as “Other” in the Segment Information footnote in our prior period financial statements. Since the acquisition, Edmunds’ business strategy has become increasingly integrated with that of CarMax Sales Operations. Beginning in the first quarter of fiscal 2025, the chief operating decision maker (“CODM”) assessed the financial performance related to Edmunds’ operations together with the rest of the CarMax Sales Operations segment. As a result, as of May 31, 2024, the company realigned its operating segments to be consistent with the manner in which the CODM assesses performance and makes resource allocations. The company now operates in two operating segments, CarMax Sales Operations and CAF, both of which continue to be reportable segments.
The operating segment change did not impact the company’s consolidated financial statements but did impact our previous segment footnote disclosure. The Segment Information footnote is no longer presented, as the previous disclosures were for the purpose of presenting the Edmunds operating segment separate from CarMax Sales Operations. The current and prior period required disclosures related to our reportable segments are included elsewhere within the consolidated financial statements and related footnotes. The chief executive officer, who serves as the company’s 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. 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 on-site or virtual 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 $126.9 million as of February 28, 2025 and $484.3 million as of February 29, 2024.
(D)Restricted Cash from Collections on Auto Loans Receivable
Cash equivalents, totaling $559.1 million as of February 28, 2025 and $506.6 million as of February 29, 2024, consisted of collections of principal, interest and fee payments on auto loans receivable 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)Financing and Securitization Transactions
We maintain a funding program composed of three warehouse facilities (“warehouse facilities”) that we use to fund auto loans receivable originated by CAF. We typically elect to fund these receivables 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 receivable to one of three wholly owned, bankruptcy-remote, special purpose entities that transfer an undivided percentage ownership interest in the receivables, but not the receivables themselves, to entities formed by third-party investors.  These entities issue asset-backed commercial paper or utilize other funding sources supported by the transferred receivables, and the proceeds are used to finance the related receivables.
We typically use term securitizations to provide long-term funding for most of the auto loans receivable initially funded through the warehouse facilities.  In these transactions, a pool of auto loans receivable is sold to a bankruptcy-remote, special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust.  The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables.
We are required to evaluate term securitization trusts for consolidation.  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 any returns of the trusts, which could be significant.  Accordingly, we are the primary beneficiary of the trusts and are required to consolidate them.
We recognize transfers of auto loans receivable into the warehouse facilities and asset-backed term funding transactions, including term securitizations (together, “non-recourse funding vehicles”), as secured borrowings, which result in recording the auto loans receivable and the related non-recourse notes payable on our consolidated balance sheets.
These receivables 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 receivables, the amounts on deposit in reserve accounts and the restricted cash from collections on auto loans receivable.  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 receivable and non-recourse notes payable. 
(G)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.
(H)Auto Loans Receivable, Net
Auto loans receivable 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 managed receivables. See Note 4 for additional information on our significant accounting policies related to auto loans receivable and the allowance for loan losses.
(I)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.
(J)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 $99.9 million as of February 28, 2025 and $118.2 million as of February 29, 2024.
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 $131.0 million as of February 28, 2025 and $137.3 million as of February 29, 2024.
(K)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.
(L)Accrued Expenses
As of February 28, 2025 and February 29, 2024, accrued expenses and other current liabilities included accrued compensation and benefits of $257.3 million and $192.4 million, respectively; loss reserves for general liability and workers’ compensation insurance of $55.4 million and $51.9 million, respectively; our vehicle return reserves of $36.5 million and $97.8 million, respectively; and the current portion of cancellation reserves. See Note 9 for additional information on cancellation reserves.
(M)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.
(N)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.
(O)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.
(P)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. 
(Q)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.
(R)Advertising Expenses
Advertising costs are expensed as incurred and substantially all are included in SG&A expenses.  Total advertising expenses were $261.9 million in fiscal 2025, $265.6 million in fiscal 2024 and $295.6 million in fiscal 2023.
(S) Location Opening Expenses
Costs related to location openings, including preopening costs, are expensed as incurred and are included in SG&A expenses.
(T)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 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.
(U)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.
(V)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.
(W) 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.
(X)Recent Accounting Pronouncements
Adopted in the Current Period
In June 2022, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2022-03) related to accounting for equity securities. The amendments in the update clarify the guidance for measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of equity securities, as well as introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. This update is effective for annual periods beginning after December 15, 2023, and interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements.
In March 2023, the FASB issued an accounting pronouncement (ASU 2023-01) related to accounting for leases between entities under common control. The amendments in this update that apply to public business entities clarify the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements.
In March 2023, the FASB issued an accounting pronouncement (ASU 2023-02) related to accounting for investments in tax credit structures using the proportional amortization method. The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements.
In November 2023, the FASB issued an accounting pronouncement (ASU 2023-07) related to the disclosure of incremental segment information on an annual and interim basis. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We adopted this pronouncement in the fourth quarter of fiscal 2025, and it did not have a material effect on our consolidated financial statements.
Effective in Future Periods
In November 2024, the FASB issued an accounting pronouncement (ASU 2024-03) related to expense disclosures. The amendments in this update require public entities to provide disaggregated disclosure of expenses included within relevant income statement expense captions, as well as additional disclosures about selling expenses. This update is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We plan to adopt this pronouncement beginning with our fiscal year ended February 29, 2028. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.
In November 2024, the FASB issued an accounting pronouncement (ASU 2024-04) related to induced conversions of convertible debt instruments. The amendments in this update clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. 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.
v3.25.1
Revenue Disclosures
 12 Months Ended
Feb. 28, 2025
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)202520242023
Used vehicle sales$21,079.7 $20,922.3 $23,034.3 
Wholesale vehicle sales4,587.5 4,975.8 5,989.8 
Other sales and revenues:
Extended protection plan revenues451.7 401.8 422.3 
Third-party finance (fees)/income, net(1.5)(5.8)7.0 
Advertising & subscription revenues (1)
139.3 135.8 133.3 
Service revenues83.4 85.1 82.3 
Other13.4 21.1 15.9 
Total other sales and revenues686.3 638.0 660.8 
Total net sales and operating revenues$26,353.4 $26,536.0 $29,684.9 

(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 90-day/4,000-mile 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, 2025 and February 29, 2024, 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)/Income. 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.
v3.25.1
CarMax Auto Finance
 12 Months Ended
Feb. 28, 2025
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 the auto loans receivable, 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(F).  CAF income primarily reflects the interest and fee income generated by the auto loans receivable less the interest expense associated with the debt issued to fund these receivables, a provision for estimated loan losses and direct CAF expenses.
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 receivable, which are disclosed in Note 4, 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)2025
% (1)
2024
% (1)
2023
% (1)
Interest margin:
Interest and fee income$1,853.9 10.5 $1,677.4 9.7 $1,441.5 8.8 
Interest expense(763.2)(4.3)(638.7)(3.7)(310.3)(1.9)
Total interest margin1,090.7 6.2 1,038.7 6.0 1,131.2 6.9 
Provision for loan losses(334.7)(1.9)(310.5)(1.8)(317.0)(1.9)
Total interest margin after provision for loan losses756.0 4.3 728.2 4.2 814.2 5.0 
Direct expenses:
Payroll and fringe benefit expense(75.9)(0.4)(66.5)(0.4)(62.8)(0.4)
Depreciation and amortization(17.1)(0.1)(16.5)(0.1)(15.5)(0.1)
Other direct expenses(81.3)(0.5)(76.9)(0.4)(72.4)(0.4)
Total direct expenses(174.3)(1.0)(159.9)(0.9)(150.8)(0.9)
CarMax Auto Finance income$581.7 3.3 $568.3 3.3 $663.4 4.1 
Total average managed receivables$17,683.9 $17,313.2 $16,304.3 

 (1)    Percent of total average managed receivables.
v3.25.1
Auto Loan Receivables
 12 Months Ended
Feb. 28, 2025
Loans and Leases Receivable, Net Amount [Abstract]  
Auto Loan Receivables AUTO LOANS RECEIVABLE
Auto loans receivable 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 receivable 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 receivable 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 receivable and the related non-recourse notes payable on our consolidated balance sheets. The majority of the auto loans receivable serve as collateral for the related non-recourse notes payable of $17.12 billion as of February 28, 2025, and $16.87 billion as of February 29, 2024. See Notes 1(F) and 12 for additional information on securitizations and non-recourse notes payable.
Interest income and expenses related to auto loans are included in CAF income. Interest income on auto loans receivable 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 Receivable, Net
 As of February 28 or 29
(In millions)20252024
Asset-backed term funding $12,716.2 $12,638.2 
Warehouse facilities3,877.0 3,744.6 
Overcollateralization (1)
841.0 790.9 
Other managed receivables (2)
160.4 218.1 
Total ending managed receivables17,594.6 17,391.8 
Accrued interest and fees96.1 90.9 
Other10.8 11.9 
Less: allowance for loan losses(458.7)(482.8)
Auto loans receivable, net$17,242.8 $17,011.8 
 
(1)Represents receivables restricted as excess collateral for the non-recourse funding vehicles. 
(2)Other managed receivables includes receivables not funded through the non-recourse funding vehicles.
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 receivable 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.
Ending Managed Receivables by Major Credit Grade
As of February 28, 2025
Fiscal Year of Origination (1)
(In millions)20252024202320222021Prior to 2021Total
% (2)
Tier 1 managed receivables:
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 1 managed receivables6,595.2 4,548.9 3,161.4 1,883.0 588.2 153.6 16,930.3 96.2 
Tier 2 and Tier 3 managed receivables:
C and other311.9 177.1 116.9 46.3 5.4 6.7 664.3 3.8 
Total ending managed receivables$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 
As of February 29, 2024
Fiscal Year of Origination (1)
(In millions)20242023202220212020Prior to 2020Total
%  (2)
Tier 1 managed receivables:
A$3,922.7 $2,660.6 $1,635.1 $614.0 $268.7 $40.0 $9,141.1 52.6 
B2,370.8 1,738.8 1,225.9 493.3 233.4 61.3 6,123.5 35.2 
C and other344.1 498.6 400.3 192.2 86.6 26.9 1,548.7 8.9 
Total Tier 1 managed receivables6,637.6 4,898.0 3,261.3 1,299.5 588.7 128.2 16,813.3 96.7 
Tier 2 and Tier 3 managed receivables:
C and other299.0 176.3 72.6 9.3 12.1 9.2 578.5 3.3 
Total ending managed receivables$6,936.6 $5,074.3 $3,333.9 $1,308.8 $600.8 $137.4 $17,391.8 100.0 
Gross charge-offs$111.0 $248.6 $129.8 $41.0 $19.7 $11.4 $561.5 

(1)Classified based on credit grade assigned when customers were initially approved for financing.
(2)Percent of total ending managed receivables.
 
Allowance for Loan Losses. The allowance for loan losses at February 28, 2025 represents the net credit losses expected over the remaining contractual life of our managed receivables. The allowance for loan losses is determined using a net loss timing curve method (“method”), primarily based on the composition of the portfolio of managed receivables and historical gross loss and recovery trends. Due to the fact that losses for receivables 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 receivables to-date, along with forward loss curves, in estimating future performance. Once the receivables have 18 months of performance history, the net loss estimate reflects actual loss experience of those receivables 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 receivable’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 managed receivables 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 National Automobile Dealers Association used vehicle price 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, 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 (2)
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 
 
 As of February 29, 2024
(In millions)Tier 1Tier 2 & Tier 3Total
%  (1)
Balance as of beginning of year$401.5 $105.7 $507.2 3.02 
Charge-offs(471.6)(89.9)(561.5)
Recoveries (2)
197.3 29.3 226.6 
Provision for loan losses262.5 48.0 310.5 
Balance as of end of year$389.7 $93.1 $482.8 2.78 

(1)Percent of total ending managed receivables.
(2)Net of costs incurred to recover vehicle.
During fiscal 2025, the allowance for loan losses as a percent of total ending managed receivables decreased by 17 basis points. The decrease was primarily driven by the previously implemented tightened underwriting standards, partially offset by unfavorable loss performance related to CAF’s Tier 1 receivables as well as CAF’s expanded investment in Tier 2. The allowance for loan losses as of February 28, 2025 reflects our best estimate of expected future losses based on recent trends in delinquencies, loss performance, recovery rates and the economic environment.
Past Due Receivables. 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 receivable is 120 days or more delinquent as of the last business day of the month, the related vehicle is repossessed and liquidated, or the receivable 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 Receivables
As of February 28, 2025
Tier 1 ReceivablesTier 2 & Tier 3 ReceivablesTotal
(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 ending managed receivables$9,600.7 $5,929.1 $1,400.5 $16,930.3 $664.3 $17,594.6 100.00 

As of February 29, 2024
Tier 1 ReceivablesTier 2 & Tier 3 ReceivablesTotal
(In millions)ABC & OtherTotalC & Other$
%  (1)
Current$9,088.1 $5,666.3 $1,243.7 $15,998.1 $447.1 $16,445.2 94.56 
Delinquent loans:
31-60 days past due32.1 271.3 162.9 466.3 68.1 534.4 3.07 
61-90 days past due15.1 149.4 118.5 283.0 53.0 336.0 1.93 
Greater than 90 days past due5.8 36.5 23.6 65.9 10.3 76.2 0.44 
Total past due53.0 457.2 305.0 815.2 131.4 946.6 5.44 
Total ending managed receivables$9,141.1 $6,123.5 $1,548.7 $16,813.3 $578.5 $17,391.8 100.00 

(1)Percent of total ending managed receivables.
v3.25.1
Derivative Instruments And Hedging Activities
 12 Months Ended
Feb. 28, 2025
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 receivable, 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 income (“AOCI”).  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 $35.0 million will be reclassified from AOCI 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, 2025, February 29, 2024 and February 28, 2023, we recognized expense of $11.5 million, expense of $20.8 million and income of $24.5 million, respectively, in CAF income representing these changes in fair value.
As of February 28, 2025 and February 29, 2024, we had interest rate swaps outstanding with a combined notional amount of $3.76 billion and $5.21 billion, respectively, that were designated as cash flow hedges of interest rate risk. As of February 28, 2025 and February 29, 2024, we had interest rate swaps with a combined notional amount of $181.0 million and $704.0 million, respectively, 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.
v3.25.1
Fair Value Measurements
 12 Months Ended
Feb. 28, 2025
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 receivable 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.
Items Measured at Fair Value on a Recurring Basis
 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— %— %— %
 As of February 29, 2024
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$1,164,270 $— $1,164,270 
Mutual fund investments24,312 — 24,312 
Derivative instruments designated as hedges— 45,761 45,761 
Derivative instruments not designated as hedges— 13,064 13,064 
Total assets at fair value$1,188,582 $58,825 $1,247,407 
Percent of total assets at fair value95.3 %4.7 %100.0 %
Percent of total assets4.4 %0.2 %4.6 %
Liabilities:   
Derivative instruments designated as hedges$— $(2,302)$(2,302)
Total liabilities at fair value$— $(2,302)$(2,302)
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 receivable 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 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, 2025 and February 29, 2024, respectively, are as follows:
(In thousands)As of February 28, 2025As of February 29, 2024
Carrying value$400,000 $400,000 
Fair value$390,201 $380,249 
v3.25.1
Property And Equipment
 12 Months Ended
Feb. 28, 2025
Property, Plant and Equipment [Abstract]  
Property And Equipment PROPERTY AND EQUIPMENT
 As of February 28 or 29
(In thousands)20252024
Land$1,020,677 $990,225 
Land held for development (1)
179,810 193,923 
Buildings2,681,927 2,612,746 
Leasehold improvements366,842 361,850 
Furniture, fixtures and equipment607,666 586,813 
Construction in progress300,136 117,352 
Software471,175 385,867 
Finance leases228,163 230,537
Total property and equipment5,856,396 5,479,313 
Less: accumulated depreciation and amortization(2,014,563)(1,813,783)
Property and equipment, net$3,841,833 $3,665,530 
 
 (1)    Land held for development represents land owned for potential location growth.

Depreciation expense was $287.8 million in fiscal 2025, $261.4 million in fiscal 2024 and $244.4 million in fiscal 2023.
v3.25.1
Intangible Assets, Goodwill and Other
 12 Months Ended
Feb. 28, 2025
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 or circumstances indicate that the carrying value may not be recoverable. 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, as discussed in Note 1(A), the goodwill acquired as part of the Edmunds acquisition of $141.3 million has been allocated solely to our CarMax Sales Operations reporting unit. No impairment was recognized in fiscal 2025, fiscal 2024 or fiscal 2023.
Intangibles
As of February 28, 2025
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 (28,339)24,561 
Customer relationships133,200 (29,382)103,818 
Total intangible assets$218,000 $(57,721)$160,279 

As of February 29, 2024
Gross CarryingAccumulatedNet
AmountAmortizationAmount
Intangible assets not subject to amortization:
Trade name$31,900 $— $31,900 
Intangible assets subject to amortization:
Internally developed software52,900 (20,782)32,118 
Customer relationships133,200 (21,547)111,653 
Total intangible assets$218,000 $(42,329)$175,671 

The intangible assets above relate to the acquisition of Edmunds on June 1, 2021.
Amortization expense of intangible assets was $15.4 million in fiscal 2025, fiscal 2024 and fiscal 2023.
We estimate that amortization expense related to intangible assets will be $15.4 million in each of the next three fiscal years, $9.7 million in fiscal 2029 and $7.8 million in fiscal 2030.
v3.25.1
Cancellation Reserves
 12 Months Ended
Feb. 28, 2025
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 or 29
(In millions)20252024
Balance as of beginning of year$128.3 $139.2 
Cancellations(92.1)(91.2)
Provision for future cancellations97.7 80.3 
Balance as of end of year$133.9 $128.3 

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, 2025 and February 29, 2024, the current portion of cancellation reserves was $69.8 million and $69.7 million, respectively.
v3.25.1
Income Taxes
 12 Months Ended
Feb. 28, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Income Tax Provision
 Years Ended February 28 or 29
(In thousands)202520242023
Current:   
Federal$156,819 $140,480 $128,994 
State35,709 26,711 29,598 
Total192,528 167,191 158,592 
Deferred:   
Federal(22,253)(6,542)(1,118)
State(1,471)1,742 (5,432)
Total(23,724)(4,800)(6,550)
Income tax provision$168,804 $162,391 $152,042 
 
Effective Income Tax Rate Reconciliation
 Years Ended February 28 or 29
 202520242023
Federal statutory income tax rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit4.1 3.9 3.4 
Share-based compensation0.6 0.2 — 
Nondeductible and other items1.9 1.7 1.5 
Credits(2.4)(1.5)(2.0)
Effective income tax rate25.2 %25.3 %23.9 %
Temporary Differences Resulting in Deferred Tax Assets and Liabilities
 As of February 28 or 29
(In thousands)20252024
Deferred tax assets:  
Accrued expenses and other$98,861 $93,690 
Allowance for loan losses111,385 117,618 
Prepaid expenses— 2,902 
Net operating loss carryforwards and other tax attributes24,462 29,670 
Operating lease liabilities136,190 139,124 
Share-based compensation51,284 43,689 
Capital loss carry forward766 701 
Total deferred tax assets422,948 427,394 
Less:  valuation allowance(766)(701)
Total deferred tax assets after valuation allowance422,182 426,693 
Deferred tax liabilities:  
Intangibles39,317 43,060 
Prepaid expenses11,810 — 
Property and equipment82,285 101,796 
Operating lease assets123,520 130,181 
Inventory11,924 18,933 
Derivatives12,994 33,933 
Total deferred tax liabilities281,850 327,903 
Net deferred tax asset$140,332 $98,790 

As of the fiscal year ended February 28, 2025, CarMax’s net operating loss carryforwards and other tax attributes include a deferred tax asset of $9.7 million related to U.S. federal tax credit carryforwards, which expire between 2025 and 2041; a deferred tax asset of $1.8 million related to state net operating loss carryforwards, which expire between 2025 and 2038; and a deferred tax asset of $13.1 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, 2025 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)202520242023
Balance at beginning of year$28,817 $27,092 $24,765 
Increases for tax positions of prior years138 397 114 
Decreases for tax positions of prior years— (172)(19)
Increases based on tax positions related to the current year4,669 3,627 3,813 
Settlements(142)(386)(79)
Lapse of statute(15,447)(1,741)(1,502)
Balance at end of year$18,035 $28,817 $27,092 

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.  The gross unrecognized tax benefit decrease was mainly driven by the statute expiration related to the payment of services provided by related entities. As of February 28, 2023, we had $27.1 million of gross unrecognized tax benefits, $10.6 million of which, if recognized, would affect our 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 $3.8 million, $5.3 million and $4.0 million as of February 28, 2025, February 29, 2024 and February 28, 2023, 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 2022.
v3.25.1
Benefit Plans
 12 Months Ended
Feb. 28, 2025
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.
Benefit Plan Information
 As of February 28 or 29
 Pension PlanRestoration PlanTotal
(In thousands)202520242025202420252024
Plan assets$206,384 $202,382 $— $— $206,384 $202,382 
Projected benefit obligation206,860 208,200 8,565 8,677 215,425 216,877 
Funded status recognized$(476)$(5,818)$(8,565)$(8,677)$(9,041)$(14,495)
Amounts recognized in the consolidated balance sheets:     
Current liability$— $— $(655)$(645)$(655)$(645)
Noncurrent liability(476)(5,818)(7,910)(8,032)(8,386)(13,850)
Net amount recognized$(476)$(5,818)$(8,565)$(8,677)$(9,041)$(14,495)
 
Pension PlanRestoration PlanTotal
(In thousands)202520242023202520242023202520242023
Total net pension (benefit) expense
$(3,496)$(3,842)$(3,443)$445 $452 $429 $(3,051)$(3,390)$(3,014)
Total net actuarial (gain) loss(1)
$(1,099)$(9,114)$(33,110)$88 $(175)$(1,726)$(1,011)$(9,289)$(34,836)
 
(1)    Changes recognized in Accumulated Other Comprehensive Income.
 
The projected benefit obligation (“PBO”) will change primarily due to interest cost and total net actuarial (gain) loss, 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 2025 or 2024. There were $0.3 million employer contributions in fiscal 2025 and no contributions in fiscal 2024. The net actuarial gain in a fiscal year is recognized in accumulated other comprehensive income and may later be recognized as a component of future pension expense. In fiscal 2026, we anticipate that $0.4 million in estimated actuarial losses of the pension plan will be amortized from accumulated other comprehensive income.  Estimated actuarial losses to be amortized from accumulated other comprehensive income 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 no contributions to the pension plan in fiscal 2026. We expect the pension plan to make benefit payments of approximately $8.1 million for each of the next three fiscal years, and $9.6 million for each of the subsequent two fiscal years. 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 or 29
 Pension PlanRestoration Plan
 2025202420252024
Discount rate5.45 %5.35 %5.45 %5.35 %
 
Assumptions Used to Determine Net Pension Expense
 As of February 28 or 29
 Pension PlanRestoration Plan
 202520242023202520242023
Discount rate5.35 %5.20 %3.45 %5.35 %5.20 %3.45 %
Expected rate of return on plan assets7.00 %7.25 %7.50 %— %— %— %

Assumptions.  Underlying both the calculation of the PBO and the net pension 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 or 29
(In thousands)20252024
Mutual funds (Level 1):  
Equity securities – international
$7,020 $13,900 
Collective funds (NAV):  
Short-term investments
2,026 1,676 
Equity securities
33,229 67,602 
Fixed income securities
164,109 119,204 
Total$206,384 $202,382 

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 approximately 20% of plan assets to equity and equity-related
instruments and approximately 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. In fiscal 2023, we targeted allocating 55% of the plan assets to equity and equity-related instruments and 45% to fixed income securities. Equity securities are currently composed of both collective funds and mutual funds that include highly diversified investments in large-, mid- and small-cap companies located in the United States and internationally. 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 2026.
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 $72.8 million in fiscal 2025, $68.1 million in fiscal 2024 and $64.0 million in fiscal 2023.
(C)Retirement Restoration Plan
We sponsor a non-qualified retirement plan for certain senior executives who are affected by Internal Revenue Code limitations on benefits provided under the Retirement Savings 401(k) Plan.  Under this plan, these associates may continue to defer portions of their compensation for retirement savings.  We match the associates’ contributions at the same rate provided under the 401(k) plan, and also may provide an annual discretionary company-funded contribution under the same terms of the 401(k) plan.  This plan is unfunded with lump sum payments to be made upon the associate’s retirement.  The total cost for this plan was not significant in fiscal 2025, fiscal 2024 and fiscal 2023.
(D)Executive Deferred Compensation Plan
We sponsor an unfunded nonqualified deferred compensation plan to permit certain eligible associates to defer receipt of a portion of their compensation to a future date.  This plan also includes a restorative company contribution designed to compensate the plan participants for any loss of company contributions under the Retirement Savings 401(k) Plan and the Retirement Restoration Plan due to a reduction in their eligible compensation resulting from deferrals into the Executive Deferred Compensation Plan.  The total cost for this plan was not significant in fiscal 2025, fiscal 2024 and fiscal 2023.
v3.25.1
Debt
 12 Months Ended
Feb. 28, 2025
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] DEBT
(In thousands)As of February 28 or 29
Debt Description (1)
Maturity Date20252024
Revolving credit facility (2)
June 2028$— $— 
Term loan (2)
June 2024— 300,000 
Term loan (2)
October 2026699,773 699,633 
4.17% Senior notes April 2026200,000 200,000 
4.27% Senior notesApril 2028200,000 200,000 
Financing obligationsVarious dates through February 2059487,676 516,544 
Non-recourse notes payableVarious dates through June 203217,119,758 16,866,972 
Total debt18,707,207 18,783,149 
Less: current portion(543,339)(797,449)
Less: unamortized debt issuance costs(26,528)(26,044)
Long-term debt, net $18,137,340 $17,959,656 

(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, 2025, the unused capacity of $2.00 billion was fully available to us.
The weighted average interest rate for the credit facility was 5.72% in fiscal 2025, 3.99% in fiscal 2024 and 2.87% in fiscal 2023.
Term Loans.  The $300 million term loan was paid in May 2024. Borrowings under the $700 million term loan are available for working capital and general corporate purposes. The interest rate on our term loans was 5.33%, 6.31% and 5.47% as of February 28, 2025, February 29, 2024 and February 28, 2023, respectively. The $700 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. As of February 28, 2025, all 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, 2025
Fiscal 2026$56,148 
Fiscal 202755,887 
Fiscal 202855,497 
Fiscal 202957,326 
Fiscal 203050,660 
Thereafter681,352 
Total payments956,870 
Less: interest(469,194)
Present value of financing obligations$487,676 

Non-Recourse Notes Payable.  The non-recourse notes payable relate to auto loans receivable 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 receivable.  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 June 2032, but may mature earlier, depending upon the repayment rate of the underlying auto loans receivable.
Information on our funding vehicles of non-recourse notes payable as of February 28, 2025 are as follows:
(In billions)Capacity
Warehouse facilities:
March 2025 expiration$3.10 
April 2025 expiration0.70 
August 2025 expiration2.30 
Combined warehouse facility limit$6.10 
Unused capacity$2.22 
Non-recourse notes payable outstanding:
Warehouse facilities$3.88 
Asset-backed term funding transactions13.24 
Non-recourse notes payable$17.12 

We generally enter into warehouse facility agreements for one-year terms and typically renew the agreements annually. In March 2025, the $3.10 billion facility was extended with an expiration date of March 2026. 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.
In June 2024, we entered into a $625 million asset-backed term funding transaction related to our new non-prime securitization program. During the remainder of fiscal 2025, we entered into a total of $4.3 billion in asset-backed term funding transactions comprised of higher prime auto loans receivable. Going forward, we plan to continue utilizing separate asset-backed securitization programs to more broadly incorporate funding of CAF’s receivables across distinct higher prime and non-prime segments. We believe this two-program strategy will enable us to fund incremental originations and support future CAF growth across the credit spectrum by creating additional funding capacity, driving additional finance income for the business over time.
See Notes 1(F) and 4 for additional information on the related auto loans receivable.
Capitalized Interest.  We capitalize interest in connection with the construction of certain facilities. For fiscal 2025, fiscal 2024 and fiscal 2023, we capitalized interest of $8.2 million, $6.2 million, and $5.6 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, 2025, we were in compliance with these financial covenants and our non-recourse funding vehicles were in compliance with these performance triggers.
v3.25.1
Stock And Stock-Based Incentive Plans
 12 Months Ended
Feb. 28, 2025
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, 2025, a total of $2 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.94 billion remained available for repurchase.
 Common Stock Repurchases
 Years Ended February 28 or 29
 202520242023
Number of shares repurchased (in thousands)
5,506.3 1,334.1 3,403.9 
Average cost per share$76.87 $68.33 $94.95 
Available for repurchase, as of end of year (in millions)
$1,936.9 $2,360.1 $2,451.3 
 
(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, 2025, 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 5,160,581 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 restricted stock units, or RSUs, 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 RSU 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. RSUs 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 fiscal 2022 grants, 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-year period of the fiscal 2024 grants and the fiscal 2025 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 year of the fiscal 2022 awards, these targets were based on annual pretax diluted earnings per share excluding any unrealized gains or losses on equity investments in private companies; the board certified a performance adjustment factor of 200%. For the second- and third-year periods of the fiscal 2022 awards, 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 pretax diluted earnings per share, excluding any unrealized gains or losses on equity investments in private companies, and market share. For the second-year period of the fiscal 2022 awards and the first-year period of the fiscal 2023 awards, the board certified a performance adjustment factor of 4%. For the third-year period of the fiscal 2022 awards, 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-year period of the fiscal 2024 awards, the performance targets are based on the 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 2024 awards, the remaining awarded 23,551 PSUs do not qualify as grants under ASC 718 as mutual understanding of the target performance levels is either not fully set or have not been set. For the fiscal 2025 awards, the performance targets are based on the cumulative three-year pretax 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, 2025, 296,997 units were outstanding at a weighted average grant date fair value per share of $71.11.
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, 2025, 114,141 units were outstanding at a weighted average grant date fair value of $86.04.
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, 2025, 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 1,493,161 shares remaining available for issuance under the plan as of February 28, 2025. 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 247,277 shares at an average price per share of $77.11 during fiscal 2025, 264,628 shares at an average price per share of $73.74 during fiscal 2024 and 251,651 shares at an average price per share of $81.40 during fiscal 2023. 
(D)Share-Based Compensation

Composition of Share-Based Compensation Expense
 Years Ended February 28 or 29
(In thousands)202520242023
Cost of sales$5,296 $4,644 $2,269 
CarMax Auto Finance income5,024 3,643 2,295 
Selling, general and administrative expenses126,931 114,090 83,608 
Share-based compensation expense, before income taxes$137,251 $122,377 $88,172 
  
Composition of Share-Based Compensation Expense – By Grant Type
 Years Ended February 28 or 29
(In thousands)202520242023
Nonqualified stock options$41,008 $50,456 $38,629 
Cash-settled restricted stock units (RSUs)55,124 48,762 23,567 
Stock-settled market stock units (MSUs)19,560 16,298 15,617 
Other share-based incentives:
Stock-settled performance stock units (PSUs)17,167 2,046 5,123 
Stock-settled deferred stock units (DSUs)1,850 1,850 1,850 
Restricted stock (RSAs)— 307 806 
Employee stock purchase plan2,542 2,658 2,580 
Total other share-based incentives21,559 6,861 10,359 
Share-based compensation expense, before income taxes$137,251 $122,377 $88,172 

Unrecognized Share-Based Compensation Expense – By Grant Type
 As of February 28, 2025
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$33.6 2.0
Stock-settled market stock units17.0 1.4
Stock-settled performance stock units4.1 1.7
Total$54.7 1.8
 
We recognize compensation expense for stock options, MSUs, PSUs, DSUs 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 RSUs 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, 2025, February 29, 2024 or February 28, 2023.
Stock Option Activity
   Weighted 
  WeightedAverage 
  AverageRemainingAggregate
 Number ofExerciseContractualIntrinsic
(Shares and intrinsic value in thousands)SharesPriceLife (Years)Value
Outstanding as of February 29, 20247,393 $82.03   
Options granted1,234 67.29   
Options exercised(1,154)63.90   
Options forfeited or expired(164)86.08   
Outstanding as of February 28, 20257,309 $82.32 3.6$59,539 
Exercisable as of February 28, 20254,333 $85.85 2.5$27,878 
Stock Option Information
Years Ended February 28 or 29
202520242023
Options granted1,234,215 1,554,029 1,301,862 
Weighted average grant date fair value per share$29.21 $29.11 $33.24 
Cash received from options exercised (in millions)
$73.7 $44.8 $17.1 
Intrinsic value of options exercised (in millions)
$19.9 $15.0 $7.3 
Realized tax benefits (in millions)
$3.0 $3.6 $1.8 

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
 202520242023
Dividend yield  0.0 %  0.0 %  0.0 %
Expected volatility factor (1)  
35.5 %-46.7 %39.2 %-45.9 %38.7 %-53.6 %
Weighted average expected volatility  45.4 %  44.6 %  39.5 %
Risk-free interest rate (2)
3.5 %-5.4 %3.6 %-5.5 %0.4 %-4.7 %
Expected term (in years) (3)  
  4.7  4.6  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 29, 20241,297 $81.42 
Stock units granted918 67.22 
Stock units vested and converted(578)88.01 
Stock units cancelled(113)72.01 
Outstanding as of February 28, 20251,524 $71.07 
Cash-Settled Restricted Stock Unit Information
Years Ended February 28 or 29
202520242023
Stock units granted918,098 915,122 677,783 
Initial weighted average grant date fair value per share$67.22 $70.69 $91.14 
Payments (before payroll tax withholdings) upon
vesting (in millions)
$42.8 $39.0 $67.1 
Realized tax benefits (in millions)
$10.6 $9.7 $16.8 

Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of February 28, 2025
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2026$36,858 $98,288 
Fiscal 202725,528 68,074 
Fiscal 202812,901 34,404 
Total expected cash settlements$75,287 $200,766 
 
(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 29, 2024383 $123.73 
Stock units granted239 95.80 
Stock units vested and converted(79)174.06 
Stock units cancelled(18)104.11 
Outstanding as of February 28, 2025525 $104.12 

Stock-Settled Market Stock Unit Information
Years Ended February 28 or 29
202520242023
Stock units granted238,865 186,678 140,743 
Weighted average grant date fair value per share$95.80 $99.86 $125.37 
Realized tax benefits (in millions)
$0.8 $2.3 $2.9 
v3.25.1
Net Earnings Per Share
 12 Months Ended
Feb. 28, 2025
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)202520242023
Net earnings$500,556 $479,204 $484,762 
Weighted average common shares outstanding155,330 158,216 158,800 
Dilutive potential common shares:   
Stock options372 272 688 
Stock-settled restricted stock units359 219 283 
Weighted average common shares and dilutive   
potential common shares156,061 158,707 159,771 
Basic net earnings per share$3.22 $3.03 $3.05 
Diluted net earnings per share$3.21 $3.02 $3.03 
 
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 2025, fiscal 2024 and fiscal 2023, options to purchase 5,266,616 shares, 5,791,423 shares and 2,217,957 shares of common stock, respectively, were not included.
v3.25.1
Accumulated Other Comprehensive Loss
 12 Months Ended
Feb. 28, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Accumulated Other Comprehensive Loss ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Changes in Accumulated Other Comprehensive Income (Loss) By Component
   Total
 NetNetAccumulated
 UnrecognizedUnrecognizedOther
 ActuarialHedgeComprehensive
(In thousands, net of income taxes)LossesGainsIncome (Loss)
Balance as of February 28, 2022$(73,001)$26,579 $(46,422)
Other comprehensive income before reclassifications26,477 136,192 162,669 
Amounts reclassified from accumulated other   
comprehensive income (loss)1,934 (20,312)(18,378)
Other comprehensive income28,411 115,880 144,291 
Balance as of February 28, 2023(44,590)142,459 97,869 
Other comprehensive income (loss) before reclassifications7,081 (6,943)138 
Amounts reclassified from accumulated other
comprehensive income (loss)393 (39,121)(38,728)
Other comprehensive income (loss)7,474 (46,064)(38,590)
Balance as of February 29, 2024(37,116)96,395 59,279 
Other comprehensive income (loss) before reclassifications771 (17,585)(16,814)
Amounts reclassified from accumulated other   
comprehensive income (loss)337 (39,722)(39,385)
Other comprehensive income (loss)1,108 (57,307)(56,199)
Balance as of February 28, 2025$(36,008)$39,088 $3,080 
Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
 
 Years Ended February 28 or 29
(In thousands)202520242023
Retirement Benefit Plans (Note 11):   
Actuarial gain arising during the year$1,011 $9,289 $34,836 
Tax expense(240)(2,208)(8,359)
Actuarial gain arising during the year, net of tax771 7,081 26,477 
Actuarial loss amortization reclassifications recognized in net pension expense:   
Cost of sales195 231 1,084 
CarMax Auto Finance income15 15 70 
Selling, general and administrative expenses232 270 1,391 
Total amortization reclassifications recognized in net pension expense442 516 2,545 
Tax expense(105)(123)(611)
Amortization reclassifications recognized in net   
pension expense, net of tax337 393 1,934 
Net change in retirement benefit plan unrecognized   
actuarial losses, net of tax1,108 7,474 28,411 
Cash Flow Hedges (Note 5):   
Changes in fair value(23,662)(9,291)180,510 
Tax benefit (expense)6,077 2,348 (44,318)
Changes in fair value, net of tax(17,585)(6,943)136,192 
Reclassifications to CarMax Auto Finance income(51,808)(52,354)(26,859)
Tax benefit12,086 13,233 6,547 
Reclassification of hedge gains, net of tax(39,722)(39,121)(20,312)
Net change in cash flow hedge unrecognized gains, net of tax(57,307)(46,064)115,880 
Total other comprehensive (loss) income, net of tax$(56,199)$(38,590)$144,291 
  
Changes in the funded status of our retirement plans and changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive income (loss).  The cumulative balances are net of deferred taxes of $1.5 million as of February 28, 2025 and $19.3 million as of February 29, 2024.
v3.25.1
Leases
 12 Months Ended
Feb. 28, 2025
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.
In January 2025, we subleased the second floor of the Edmunds headquarters to a third party. As the sublease rents were lower than the leased rent, we identified a triggering event for potential impairment of the right-of-use asset associated with the property. The fair value of the right-of-use asset was then estimated using a future discounted cash flow model that included consideration of market rent, the remaining lease term, and an appropriate discount rate. In fiscal 2025, we recorded an impairment charge related to the right-of-use asset of $12.3 million, representing the amount by which the carrying value of the right-of-use asset exceeded its estimated fair value. The impairment charge was recorded in other expense (income) on the consolidated statements of earnings. There were no impairment charges in fiscal 2024 or fiscal 2023.
The components of lease expense were as follows:
Years Ended February 28 or 29
(In thousands)202520242023
Operating lease cost (1)
$92,630 $89,801 $90,925 
Finance lease cost:
Depreciation of lease assets20,543 20,010 16,039 
Interest on lease liabilities26,404 25,724 21,969 
Total finance lease cost46,947 45,734 38,008 
Total lease cost$139,577 $135,535 $128,933 

(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 or 29
(In thousands)Classification20252024
Assets:
Operating lease assetsOperating lease assets$493,355 $520,717 
Finance lease assets
Property and equipment, net (1)
160,535 174,998 
Total lease assets$653,890 $695,715 
Liabilities:
Current:
Operating leasesCurrent portion of operating lease liabilities$59,335 $57,161 
Finance leasesAccrued expenses and other current liabilities15,015 20,877 
Long-term:
Operating leasesOperating lease liabilities, excluding current portion481,963 496,210 
Finance leasesOther liabilities189,216 198,759 
Total lease liabilities$745,529 $773,007 

(1)    Finance lease assets are recorded net of accumulated depreciation of $67.6 million as of February 28, 2025 and $55.5 million as of February 29, 2024.
Lease term and discount rate information related to leases was as follows:
As of February 28 or 29
Lease Term and Discount Rate20252024
Weighted Average Remaining Lease Term (in years)
Operating leases15.4916.07
Finance leases14.3111.43
Weighted Average Discount Rate
Operating leases5.21 %5.05 %
Finance leases16.78 %17.16 %

Supplemental cash flow information related to leases was as follows:
Years Ended February 28 or 29
(In thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$95,638 $88,704 $89,321 
Operating cash flows from finance leases$24,141 $24,782 $19,371 
Financing cash flows from finance leases$16,536 $16,674 $12,200 
Lease assets obtained in exchange for lease obligations:
Operating leases$43,161 $30,746 $58,121 
Finance leases$7,459 $51,660 $37,931 

Maturities of lease liabilities were as follows:

As of February 28, 2025
(In thousands)
Operating Leases (1)
Finance Leases (1)
Fiscal 2026$85,596 $38,985 
Fiscal 202779,275 39,815 
Fiscal 202875,165 35,616 
Fiscal 202953,299 35,353 
Fiscal 203043,370 28,271 
Thereafter497,480 252,502 
Total lease payments834,185 430,542 
Less: interest(292,887)(226,311)
Present value of lease liabilities$541,298 $204,231 

(1)    Lease payments exclude $4.6 million of legally binding minimum lease payments for leases signed but not yet commenced.
v3.25.1
Commitments And Contingencies
 12 Months Ended
Feb. 28, 2025
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. CarMax remains a class member for 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 Ford residual or Volkswagen matters.
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 90-day/4,000 mile 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 $28.8 million as of February 28, 2025 and $30.9 million as of February 29, 2024, 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 real estate purchases, advertising and third-party outsourcing services. As of February 28, 2025, we have material purchase obligations of $371.9 million, of which $163.9 million are expected to be fulfilled in fiscal 2026.
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Feb. 28, 2025
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 occurrences, reviewing the occurrences to determine whether remediation or escalation is appropriate and escalating certain occurrences 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 occurrences and, if necessary, escalating cybersecurity incidents to members of our senior management team.
We monitor industry trends to prioritize and mitigate cybersecurity risk for our customers, associates and business, and to remain apprised of industry developments 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.
The company engages a third-party with extensive experience in cybersecurity to periodically perform a maturity analysis of CarMax’s cybersecurity program as compared to peer companies. 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 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 occurrences, reviewing the occurrences to determine whether remediation or escalation is appropriate and escalating certain occurrences 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 occurrences and, if necessary, escalating cybersecurity incidents to members of our senior management team.
We monitor industry trends to prioritize and mitigate cybersecurity risk for our customers, associates and business, and to remain apprised of industry developments 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 2015 and has served in various roles in information technology and cybersecurity for over 30 years, including prior service as the vice president of information security, risk and compliance for a Fortune 500 company.
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 2015 and has served in various roles in information technology and cybersecurity for over 30 years, including prior service as the vice president of information security, risk and compliance for a Fortune 500 company.
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 occurrences, reviewing the occurrences to determine whether remediation or escalation is appropriate and escalating certain occurrences 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 occurrences 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
v3.25.1
Summary Of Significant Accounting Policies (Policy)
 12 Months Ended
Feb. 28, 2025
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.
On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”). At that time, Edmunds was identified as a non-reportable operating segment and has been presented as “Other” in the Segment Information footnote in our prior period financial statements. Since the acquisition, Edmunds’ business strategy has become increasingly integrated with that of CarMax Sales Operations. Beginning in the first quarter of fiscal 2025, the chief operating decision maker (“CODM”) assessed the financial performance related to Edmunds’ operations together with the rest of the CarMax Sales Operations segment. As a result, as of May 31, 2024, the company realigned its operating segments to be consistent with the manner in which the CODM assesses performance and makes resource allocations. The company now operates in two operating segments, CarMax Sales Operations and CAF, both of which continue to be reportable segments.
The operating segment change did not impact the company’s consolidated financial statements but did impact our previous segment footnote disclosure. The Segment Information footnote is no longer presented, as the previous disclosures were for the purpose of presenting the Edmunds operating segment separate from CarMax Sales Operations. The current and prior period required disclosures related to our reportable segments are included elsewhere within the consolidated financial statements and related footnotes. The chief executive officer, who serves as the company’s 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. 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 on-site or virtual 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 $126.9 million as of February 28, 2025 and $484.3 million as of February 29, 2024.
Restricted Cash From Collections On Auto Loan Receivables Restricted Cash from Collections on Auto Loans Receivable
Cash equivalents, totaling $559.1 million as of February 28, 2025 and $506.6 million as of February 29, 2024, consisted of collections of principal, interest and fee payments on auto loans receivable 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 receivable originated by CAF. We typically elect to fund these receivables 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 receivable to one of three wholly owned, bankruptcy-remote, special purpose entities that transfer an undivided percentage ownership interest in the receivables, but not the receivables themselves, to entities formed by third-party investors.  These entities issue asset-backed commercial paper or utilize other funding sources supported by the transferred receivables, and the proceeds are used to finance the related receivables.
We typically use term securitizations to provide long-term funding for most of the auto loans receivable initially funded through the warehouse facilities.  In these transactions, a pool of auto loans receivable is sold to a bankruptcy-remote, special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust.  The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables.
We are required to evaluate term securitization trusts for consolidation.  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 any returns of the trusts, which could be significant.  Accordingly, we are the primary beneficiary of the trusts and are required to consolidate them.
We recognize transfers of auto loans receivable into the warehouse facilities and asset-backed term funding transactions, including term securitizations (together, “non-recourse funding vehicles”), as secured borrowings, which result in recording the auto loans receivable and the related non-recourse notes payable on our consolidated balance sheets.
These receivables 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 receivables, the amounts on deposit in reserve accounts and the restricted cash from collections on auto loans receivable.  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 receivable and non-recourse notes payable.
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 Receivable, Net
Auto loans receivable 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 managed receivables. See Note 4 for additional information on our significant accounting policies related to auto loans receivable 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 $99.9 million as of February 28, 2025 and $118.2 million as of February 29, 2024.
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 $131.0 million as of February 28, 2025 and $137.3 million as of February 29, 2024.
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, 2025 and February 29, 2024, accrued expenses and other current liabilities included accrued compensation and benefits of $257.3 million and $192.4 million, respectively; loss reserves for general liability and workers’ compensation insurance of $55.4 million and $51.9 million, respectively; our vehicle return reserves of $36.5 million and $97.8 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 $261.9 million in fiscal 2025, $265.6 million in fiscal 2024 and $295.6 million in fiscal 2023.
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 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 June 2022, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2022-03) related to accounting for equity securities. The amendments in the update clarify the guidance for measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of equity securities, as well as introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. This update is effective for annual periods beginning after December 15, 2023, and interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements.
In March 2023, the FASB issued an accounting pronouncement (ASU 2023-01) related to accounting for leases between entities under common control. The amendments in this update that apply to public business entities clarify the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements.
In March 2023, the FASB issued an accounting pronouncement (ASU 2023-02) related to accounting for investments in tax credit structures using the proportional amortization method. The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements.
In November 2023, the FASB issued an accounting pronouncement (ASU 2023-07) related to the disclosure of incremental segment information on an annual and interim basis. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We adopted this pronouncement in the fourth quarter of fiscal 2025, and it did not have a material effect on our consolidated financial statements.
Effective in Future Periods
In November 2024, the FASB issued an accounting pronouncement (ASU 2024-03) related to expense disclosures. The amendments in this update require public entities to provide disaggregated disclosure of expenses included within relevant income statement expense captions, as well as additional disclosures about selling expenses. This update is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We plan to adopt this pronouncement beginning with our fiscal year ended February 29, 2028. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.
In November 2024, the FASB issued an accounting pronouncement (ASU 2024-04) related to induced conversions of convertible debt instruments. The amendments in this update clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. 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.
v3.25.1
Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Feb. 28, 2025
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
v3.25.1
Revenue Disclosures (Tables)
 12 Months Ended
Feb. 28, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Disaggregation of Revenue
Years Ended February 28 or 29
(In millions)202520242023
Used vehicle sales$21,079.7 $20,922.3 $23,034.3 
Wholesale vehicle sales4,587.5 4,975.8 5,989.8 
Other sales and revenues:
Extended protection plan revenues451.7 401.8 422.3 
Third-party finance (fees)/income, net(1.5)(5.8)7.0 
Advertising & subscription revenues (1)
139.3 135.8 133.3 
Service revenues83.4 85.1 82.3 
Other13.4 21.1 15.9 
Total other sales and revenues686.3 638.0 660.8 
Total net sales and operating revenues$26,353.4 $26,536.0 $29,684.9 

(1)    Excludes intercompany sales and operating revenues that have been eliminated in consolidation.
v3.25.1
CarMax Auto Finance (Tables)
 12 Months Ended
Feb. 28, 2025
CarMax Auto Finance Income [Abstract]  
Components Of CarMax Auto Finance Income
Components of CAF Income
Years Ended February 28 or 29
(In millions)2025
% (1)
2024
% (1)
2023
% (1)
Interest margin:
Interest and fee income$1,853.9 10.5 $1,677.4 9.7 $1,441.5 8.8 
Interest expense(763.2)(4.3)(638.7)(3.7)(310.3)(1.9)
Total interest margin1,090.7 6.2 1,038.7 6.0 1,131.2 6.9 
Provision for loan losses(334.7)(1.9)(310.5)(1.8)(317.0)(1.9)
Total interest margin after provision for loan losses756.0 4.3 728.2 4.2 814.2 5.0 
Direct expenses:
Payroll and fringe benefit expense(75.9)(0.4)(66.5)(0.4)(62.8)(0.4)
Depreciation and amortization(17.1)(0.1)(16.5)(0.1)(15.5)(0.1)
Other direct expenses(81.3)(0.5)(76.9)(0.4)(72.4)(0.4)
Total direct expenses(174.3)(1.0)(159.9)(0.9)(150.8)(0.9)
CarMax Auto Finance income$581.7 3.3 $568.3 3.3 $663.4 4.1 
Total average managed receivables$17,683.9 $17,313.2 $16,304.3 

 (1)    Percent of total average managed receivables.
v3.25.1
Auto Loan Receivables (Tables)
 12 Months Ended
Feb. 28, 2025
Loans and Leases Receivable, Net Amount [Abstract]  
Auto Loan Receivables, Net
Auto Loans Receivable, Net
 As of February 28 or 29
(In millions)20252024
Asset-backed term funding $12,716.2 $12,638.2 
Warehouse facilities3,877.0 3,744.6 
Overcollateralization (1)
841.0 790.9 
Other managed receivables (2)
160.4 218.1 
Total ending managed receivables17,594.6 17,391.8 
Accrued interest and fees96.1 90.9 
Other10.8 11.9 
Less: allowance for loan losses(458.7)(482.8)
Auto loans receivable, net$17,242.8 $17,011.8 
 
(1)Represents receivables restricted as excess collateral for the non-recourse funding vehicles. 
(2)Other managed receivables includes receivables not funded through the non-recourse funding vehicles.
Ending Managed Receivables By Major Credit Grade
Ending Managed Receivables by Major Credit Grade
As of February 28, 2025
Fiscal Year of Origination (1)
(In millions)20252024202320222021Prior to 2021Total
% (2)
Tier 1 managed receivables:
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 1 managed receivables6,595.2 4,548.9 3,161.4 1,883.0 588.2 153.6 16,930.3 96.2 
Tier 2 and Tier 3 managed receivables:
C and other311.9 177.1 116.9 46.3 5.4 6.7 664.3 3.8 
Total ending managed receivables$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 
As of February 29, 2024
Fiscal Year of Origination (1)
(In millions)20242023202220212020Prior to 2020Total
%  (2)
Tier 1 managed receivables:
A$3,922.7 $2,660.6 $1,635.1 $614.0 $268.7 $40.0 $9,141.1 52.6 
B2,370.8 1,738.8 1,225.9 493.3 233.4 61.3 6,123.5 35.2 
C and other344.1 498.6 400.3 192.2 86.6 26.9 1,548.7 8.9 
Total Tier 1 managed receivables6,637.6 4,898.0 3,261.3 1,299.5 588.7 128.2 16,813.3 96.7 
Tier 2 and Tier 3 managed receivables:
C and other299.0 176.3 72.6 9.3 12.1 9.2 578.5 3.3 
Total ending managed receivables$6,936.6 $5,074.3 $3,333.9 $1,308.8 $600.8 $137.4 $17,391.8 100.0 
Gross charge-offs$111.0 $248.6 $129.8 $41.0 $19.7 $11.4 $561.5 

(1)Classified based on credit grade assigned when customers were initially approved for financing.
(2)Percent of total ending managed receivables.
Allowance For Loan Losses
Allowance for Loan Losses
 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 (2)
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 
 
 As of February 29, 2024
(In millions)Tier 1Tier 2 & Tier 3Total
%  (1)
Balance as of beginning of year$401.5 $105.7 $507.2 3.02 
Charge-offs(471.6)(89.9)(561.5)
Recoveries (2)
197.3 29.3 226.6 
Provision for loan losses262.5 48.0 310.5 
Balance as of end of year$389.7 $93.1 $482.8 2.78 

(1)Percent of total ending managed receivables.
(2)Net of costs incurred to recover vehicle.
Past Due Receivables
Past Due Receivables
As of February 28, 2025
Tier 1 ReceivablesTier 2 & Tier 3 ReceivablesTotal
(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 ending managed receivables$9,600.7 $5,929.1 $1,400.5 $16,930.3 $664.3 $17,594.6 100.00 

As of February 29, 2024
Tier 1 ReceivablesTier 2 & Tier 3 ReceivablesTotal
(In millions)ABC & OtherTotalC & Other$
%  (1)
Current$9,088.1 $5,666.3 $1,243.7 $15,998.1 $447.1 $16,445.2 94.56 
Delinquent loans:
31-60 days past due32.1 271.3 162.9 466.3 68.1 534.4 3.07 
61-90 days past due15.1 149.4 118.5 283.0 53.0 336.0 1.93 
Greater than 90 days past due5.8 36.5 23.6 65.9 10.3 76.2 0.44 
Total past due53.0 457.2 305.0 815.2 131.4 946.6 5.44 
Total ending managed receivables$9,141.1 $6,123.5 $1,548.7 $16,813.3 $578.5 $17,391.8 100.00 

(1)Percent of total ending managed receivables.
v3.25.1
Fair Value Measurements (Tables)
 12 Months Ended
Feb. 28, 2025
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, 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— %— %— %
 As of February 29, 2024
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$1,164,270 $— $1,164,270 
Mutual fund investments24,312 — 24,312 
Derivative instruments designated as hedges— 45,761 45,761 
Derivative instruments not designated as hedges— 13,064 13,064 
Total assets at fair value$1,188,582 $58,825 $1,247,407 
Percent of total assets at fair value95.3 %4.7 %100.0 %
Percent of total assets4.4 %0.2 %4.6 %
Liabilities:   
Derivative instruments designated as hedges$— $(2,302)$(2,302)
Total liabilities at fair value$— $(2,302)$(2,302)
Percent of total liabilities— %— %— %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
(In thousands)As of February 28, 2025As of February 29, 2024
Carrying value$400,000 $400,000 
Fair value$390,201 $380,249 
v3.25.1
Property And Equipment (Tables)
 12 Months Ended
Feb. 28, 2025
Property, Plant and Equipment [Abstract]  
Schedule Of Property And Equipment
 As of February 28 or 29
(In thousands)20252024
Land$1,020,677 $990,225 
Land held for development (1)
179,810 193,923 
Buildings2,681,927 2,612,746 
Leasehold improvements366,842 361,850 
Furniture, fixtures and equipment607,666 586,813 
Construction in progress300,136 117,352 
Software471,175 385,867 
Finance leases228,163 230,537
Total property and equipment5,856,396 5,479,313 
Less: accumulated depreciation and amortization(2,014,563)(1,813,783)
Property and equipment, net$3,841,833 $3,665,530 
 
 (1)    Land held for development represents land owned for potential location growth.
v3.25.1
Intangible Assets, Goodwill and Other (Tables)
 12 Months Ended
Feb. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
As of February 28, 2025
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 (28,339)24,561 
Customer relationships133,200 (29,382)103,818 
Total intangible assets$218,000 $(57,721)$160,279 

As of February 29, 2024
Gross CarryingAccumulatedNet
AmountAmortizationAmount
Intangible assets not subject to amortization:
Trade name$31,900 $— $31,900 
Intangible assets subject to amortization:
Internally developed software52,900 (20,782)32,118 
Customer relationships133,200 (21,547)111,653 
Total intangible assets$218,000 $(42,329)$175,671 
v3.25.1
Cancellation Reserves (Tables)
 12 Months Ended
Feb. 28, 2025
Cancellation Reserves [Abstract]  
Schedule Of Cancellation Reserves Accrual
Cancellation Reserves
 As of February 28 or 29
(In millions)20252024
Balance as of beginning of year$128.3 $139.2 
Cancellations(92.1)(91.2)
Provision for future cancellations97.7 80.3 
Balance as of end of year$133.9 $128.3 
v3.25.1
Income Taxes (Tables)
 12 Months Ended
Feb. 28, 2025
Income Tax Disclosure [Abstract]  
Schedule Of Income Tax Provision
Income Tax Provision
 Years Ended February 28 or 29
(In thousands)202520242023
Current:   
Federal$156,819 $140,480 $128,994 
State35,709 26,711 29,598 
Total192,528 167,191 158,592 
Deferred:   
Federal(22,253)(6,542)(1,118)
State(1,471)1,742 (5,432)
Total(23,724)(4,800)(6,550)
Income tax provision$168,804 $162,391 $152,042 
Schedule Of Effective Income Tax Rate Reconciliation
Effective Income Tax Rate Reconciliation
 Years Ended February 28 or 29
 202520242023
Federal statutory income tax rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit4.1 3.9 3.4 
Share-based compensation0.6 0.2 — 
Nondeductible and other items1.9 1.7 1.5 
Credits(2.4)(1.5)(2.0)
Effective income tax rate25.2 %25.3 %23.9 %
Schedule Of Temporary Differences Resulting In Deferred Tax Assets And Liabilities
Temporary Differences Resulting in Deferred Tax Assets and Liabilities
 As of February 28 or 29
(In thousands)20252024
Deferred tax assets:  
Accrued expenses and other$98,861 $93,690 
Allowance for loan losses111,385 117,618 
Prepaid expenses— 2,902 
Net operating loss carryforwards and other tax attributes24,462 29,670 
Operating lease liabilities136,190 139,124 
Share-based compensation51,284 43,689 
Capital loss carry forward766 701 
Total deferred tax assets422,948 427,394 
Less:  valuation allowance(766)(701)
Total deferred tax assets after valuation allowance422,182 426,693 
Deferred tax liabilities:  
Intangibles39,317 43,060 
Prepaid expenses11,810 — 
Property and equipment82,285 101,796 
Operating lease assets123,520 130,181 
Inventory11,924 18,933 
Derivatives12,994 33,933 
Total deferred tax liabilities281,850 327,903 
Net deferred tax asset$140,332 $98,790 
Schedule Of Reconciliation Of Unrecognized Tax Benefits
Reconciliation of Unrecognized Tax Benefits
 Years Ended February 28 or 29
(In thousands)202520242023
Balance at beginning of year$28,817 $27,092 $24,765 
Increases for tax positions of prior years138 397 114 
Decreases for tax positions of prior years— (172)(19)
Increases based on tax positions related to the current year4,669 3,627 3,813 
Settlements(142)(386)(79)
Lapse of statute(15,447)(1,741)(1,502)
Balance at end of year$18,035 $28,817 $27,092 
v3.25.1
Benefit Plans (Tables)
 12 Months Ended
Feb. 28, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Benefit Plan Information
Benefit Plan Information
 As of February 28 or 29
 Pension PlanRestoration PlanTotal
(In thousands)202520242025202420252024
Plan assets$206,384 $202,382 $— $— $206,384 $202,382 
Projected benefit obligation206,860 208,200 8,565 8,677 215,425 216,877 
Funded status recognized$(476)$(5,818)$(8,565)$(8,677)$(9,041)$(14,495)
Amounts recognized in the consolidated balance sheets:     
Current liability$— $— $(655)$(645)$(655)$(645)
Noncurrent liability(476)(5,818)(7,910)(8,032)(8,386)(13,850)
Net amount recognized$(476)$(5,818)$(8,565)$(8,677)$(9,041)$(14,495)
Components Of Net Pension Expense
 
Pension PlanRestoration PlanTotal
(In thousands)202520242023202520242023202520242023
Total net pension (benefit) expense
$(3,496)$(3,842)$(3,443)$445 $452 $429 $(3,051)$(3,390)$(3,014)
Total net actuarial (gain) loss(1)
$(1,099)$(9,114)$(33,110)$88 $(175)$(1,726)$(1,011)$(9,289)$(34,836)
 
(1)    Changes recognized in Accumulated Other Comprehensive Income
Schedule Of Assumptions Used
Assumptions Used to Determine Benefit Obligations
 As of February 28 or 29
 Pension PlanRestoration Plan
 2025202420252024
Discount rate5.45 %5.35 %5.45 %5.35 %
 
Assumptions Used to Determine Net Pension Expense
 As of February 28 or 29
 Pension PlanRestoration Plan
 202520242023202520242023
Discount rate5.35 %5.20 %3.45 %5.35 %5.20 %3.45 %
Expected rate of return on plan assets7.00 %7.25 %7.50 %— %— %— %
Schedule Of Fair Value Of Plan Assets
Fair Value of Plan Assets
 As of February 28 or 29
(In thousands)20252024
Mutual funds (Level 1):  
Equity securities – international
$7,020 $13,900 
Collective funds (NAV):  
Short-term investments
2,026 1,676 
Equity securities
33,229 67,602 
Fixed income securities
164,109 119,204 
Total$206,384 $202,382 
v3.25.1
Debt (Tables)
 12 Months Ended
Feb. 28, 2025
Debt Instrument [Line Items]  
Schedule of Debt [Table Text Block]
(In thousands)As of February 28 or 29
Debt Description (1)
Maturity Date20252024
Revolving credit facility (2)
June 2028$— $— 
Term loan (2)
June 2024— 300,000 
Term loan (2)
October 2026699,773 699,633 
4.17% Senior notes April 2026200,000 200,000 
4.27% Senior notesApril 2028200,000 200,000 
Financing obligationsVarious dates through February 2059487,676 516,544 
Non-recourse notes payableVarious dates through June 203217,119,758 16,866,972 
Total debt18,707,207 18,783,149 
Less: current portion(543,339)(797,449)
Less: unamortized debt issuance costs(26,528)(26,044)
Long-term debt, net $18,137,340 $17,959,656 

(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, 2025
Fiscal 2026$56,148 
Fiscal 202755,887 
Fiscal 202855,497 
Fiscal 202957,326 
Fiscal 203050,660 
Thereafter681,352 
Total payments956,870 
Less: interest(469,194)
Present value of financing obligations$487,676 
Schedule of Funding Vehicles [Table Text Block]
(In billions)Capacity
Warehouse facilities:
March 2025 expiration$3.10 
April 2025 expiration0.70 
August 2025 expiration2.30 
Combined warehouse facility limit$6.10 
Unused capacity$2.22 
Non-recourse notes payable outstanding:
Warehouse facilities$3.88 
Asset-backed term funding transactions13.24 
Non-recourse notes payable$17.12 
v3.25.1
Stock And Stock-Based Incentive Plans (Tables)
 12 Months Ended
Feb. 28, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Common Stock Repurchases Common Stock Repurchases
 Years Ended February 28 or 29
 202520242023
Number of shares repurchased (in thousands)
5,506.3 1,334.1 3,403.9 
Average cost per share$76.87 $68.33 $94.95 
Available for repurchase, as of end of year (in millions)
$1,936.9 $2,360.1 $2,451.3 
Composition Of Share-Based Compensation Expense
Composition of Share-Based Compensation Expense
 Years Ended February 28 or 29
(In thousands)202520242023
Cost of sales$5,296 $4,644 $2,269 
CarMax Auto Finance income5,024 3,643 2,295 
Selling, general and administrative expenses126,931 114,090 83,608 
Share-based compensation expense, before income taxes$137,251 $122,377 $88,172 
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)202520242023
Nonqualified stock options$41,008 $50,456 $38,629 
Cash-settled restricted stock units (RSUs)55,124 48,762 23,567 
Stock-settled market stock units (MSUs)19,560 16,298 15,617 
Other share-based incentives:
Stock-settled performance stock units (PSUs)17,167 2,046 5,123 
Stock-settled deferred stock units (DSUs)1,850 1,850 1,850 
Restricted stock (RSAs)— 307 806 
Employee stock purchase plan2,542 2,658 2,580 
Total other share-based incentives21,559 6,861 10,359 
Share-based compensation expense, before income taxes$137,251 $122,377 $88,172 

Unrecognized Share-Based Compensation Expense – By Grant Type
 As of February 28, 2025
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$33.6 2.0
Stock-settled market stock units17.0 1.4
Stock-settled performance stock units4.1 1.7
Total$54.7 1.8
Stock Option Activity
Stock Option Activity
   Weighted 
  WeightedAverage 
  AverageRemainingAggregate
 Number ofExerciseContractualIntrinsic
(Shares and intrinsic value in thousands)SharesPriceLife (Years)Value
Outstanding as of February 29, 20247,393 $82.03   
Options granted1,234 67.29   
Options exercised(1,154)63.90   
Options forfeited or expired(164)86.08   
Outstanding as of February 28, 20257,309 $82.32 3.6$59,539 
Exercisable as of February 28, 20254,333 $85.85 2.5$27,878 
Outstanding Stock Options
Stock Option Information
Years Ended February 28 or 29
202520242023
Options granted1,234,215 1,554,029 1,301,862 
Weighted average grant date fair value per share$29.21 $29.11 $33.24 
Cash received from options exercised (in millions)
$73.7 $44.8 $17.1 
Intrinsic value of options exercised (in millions)
$19.9 $15.0 $7.3 
Realized tax benefits (in millions)
$3.0 $3.6 $1.8 
Assumptions Used To Estimate Option Values
Assumptions Used to Estimate Option Values
 Years Ended February 28 or 29
 202520242023
Dividend yield  0.0 %  0.0 %  0.0 %
Expected volatility factor (1)  
35.5 %-46.7 %39.2 %-45.9 %38.7 %-53.6 %
Weighted average expected volatility  45.4 %  44.6 %  39.5 %
Risk-free interest rate (2)
3.5 %-5.4 %3.6 %-5.5 %0.4 %-4.7 %
Expected term (in years) (3)  
  4.7  4.6  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 29, 20241,297 $81.42 
Stock units granted918 67.22 
Stock units vested and converted(578)88.01 
Stock units cancelled(113)72.01 
Outstanding as of February 28, 20251,524 $71.07 
Cash-Settled Restricted Stock Unit Information
Years Ended February 28 or 29
202520242023
Stock units granted918,098 915,122 677,783 
Initial weighted average grant date fair value per share$67.22 $70.69 $91.14 
Payments (before payroll tax withholdings) upon
vesting (in millions)
$42.8 $39.0 $67.1 
Realized tax benefits (in millions)
$10.6 $9.7 $16.8 
Stock-Settled Market Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 29, 2024383 $123.73 
Stock units granted239 95.80 
Stock units vested and converted(79)174.06 
Stock units cancelled(18)104.11 
Outstanding as of February 28, 2025525 $104.12 

Stock-Settled Market Stock Unit Information
Years Ended February 28 or 29
202520242023
Stock units granted238,865 186,678 140,743 
Weighted average grant date fair value per share$95.80 $99.86 $125.37 
Realized tax benefits (in millions)
$0.8 $2.3 $2.9 
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of February 28, 2025
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2026$36,858 $98,288 
Fiscal 202725,528 68,074 
Fiscal 202812,901 34,404 
Total expected cash settlements$75,287 $200,766 
 
(1)Net of estimated forfeitures.
v3.25.1
Net Earnings Per Share (Tables)
 12 Months Ended
Feb. 28, 2025
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)202520242023
Net earnings$500,556 $479,204 $484,762 
Weighted average common shares outstanding155,330 158,216 158,800 
Dilutive potential common shares:   
Stock options372 272 688 
Stock-settled restricted stock units359 219 283 
Weighted average common shares and dilutive   
potential common shares156,061 158,707 159,771 
Basic net earnings per share$3.22 $3.03 $3.05 
Diluted net earnings per share$3.21 $3.02 $3.03 
v3.25.1
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Feb. 28, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Changes In Accumulated Other Comprehensive Loss By Component
Changes in Accumulated Other Comprehensive Income (Loss) By Component
   Total
 NetNetAccumulated
 UnrecognizedUnrecognizedOther
 ActuarialHedgeComprehensive
(In thousands, net of income taxes)LossesGainsIncome (Loss)
Balance as of February 28, 2022$(73,001)$26,579 $(46,422)
Other comprehensive income before reclassifications26,477 136,192 162,669 
Amounts reclassified from accumulated other   
comprehensive income (loss)1,934 (20,312)(18,378)
Other comprehensive income28,411 115,880 144,291 
Balance as of February 28, 2023(44,590)142,459 97,869 
Other comprehensive income (loss) before reclassifications7,081 (6,943)138 
Amounts reclassified from accumulated other
comprehensive income (loss)393 (39,121)(38,728)
Other comprehensive income (loss)7,474 (46,064)(38,590)
Balance as of February 29, 2024(37,116)96,395 59,279 
Other comprehensive income (loss) before reclassifications771 (17,585)(16,814)
Amounts reclassified from accumulated other   
comprehensive income (loss)337 (39,722)(39,385)
Other comprehensive income (loss)1,108 (57,307)(56,199)
Balance as of February 28, 2025$(36,008)$39,088 $3,080 
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss
Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
 
 Years Ended February 28 or 29
(In thousands)202520242023
Retirement Benefit Plans (Note 11):   
Actuarial gain arising during the year$1,011 $9,289 $34,836 
Tax expense(240)(2,208)(8,359)
Actuarial gain arising during the year, net of tax771 7,081 26,477 
Actuarial loss amortization reclassifications recognized in net pension expense:   
Cost of sales195 231 1,084 
CarMax Auto Finance income15 15 70 
Selling, general and administrative expenses232 270 1,391 
Total amortization reclassifications recognized in net pension expense442 516 2,545 
Tax expense(105)(123)(611)
Amortization reclassifications recognized in net   
pension expense, net of tax337 393 1,934 
Net change in retirement benefit plan unrecognized   
actuarial losses, net of tax1,108 7,474 28,411 
Cash Flow Hedges (Note 5):   
Changes in fair value(23,662)(9,291)180,510 
Tax benefit (expense)6,077 2,348 (44,318)
Changes in fair value, net of tax(17,585)(6,943)136,192 
Reclassifications to CarMax Auto Finance income(51,808)(52,354)(26,859)
Tax benefit12,086 13,233 6,547 
Reclassification of hedge gains, net of tax(39,722)(39,121)(20,312)
Net change in cash flow hedge unrecognized gains, net of tax(57,307)(46,064)115,880 
Total other comprehensive (loss) income, net of tax$(56,199)$(38,590)$144,291 
v3.25.1
Leases (Tables)
 12 Months Ended
Feb. 28, 2025
Leases [Abstract]  
Lease, Cost [Table Text Block]
Years Ended February 28 or 29
(In thousands)202520242023
Operating lease cost (1)
$92,630 $89,801 $90,925 
Finance lease cost:
Depreciation of lease assets20,543 20,010 16,039 
Interest on lease liabilities26,404 25,724 21,969 
Total finance lease cost46,947 45,734 38,008 
Total lease cost$139,577 $135,535 $128,933 

(1)    Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]
As of February 28 or 29
(In thousands)Classification20252024
Assets:
Operating lease assetsOperating lease assets$493,355 $520,717 
Finance lease assets
Property and equipment, net (1)
160,535 174,998 
Total lease assets$653,890 $695,715 
Liabilities:
Current:
Operating leasesCurrent portion of operating lease liabilities$59,335 $57,161 
Finance leasesAccrued expenses and other current liabilities15,015 20,877 
Long-term:
Operating leasesOperating lease liabilities, excluding current portion481,963 496,210 
Finance leasesOther liabilities189,216 198,759 
Total lease liabilities$745,529 $773,007 

(1)    Finance lease assets are recorded net of accumulated depreciation of $67.6 million as of February 28, 2025 and $55.5 million as of February 29, 2024.
Other Lease Disclosures [Table Text Block]
As of February 28 or 29
Lease Term and Discount Rate20252024
Weighted Average Remaining Lease Term (in years)
Operating leases15.4916.07
Finance leases14.3111.43
Weighted Average Discount Rate
Operating leases5.21 %5.05 %
Finance leases16.78 %17.16 %
Years Ended February 28 or 29
(In thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$95,638 $88,704 $89,321 
Operating cash flows from finance leases$24,141 $24,782 $19,371 
Financing cash flows from finance leases$16,536 $16,674 $12,200 
Lease assets obtained in exchange for lease obligations:
Operating leases$43,161 $30,746 $58,121 
Finance leases$7,459 $51,660 $37,931 
Schedule Of Future Minimum Lease Obligations
As of February 28, 2025
(In thousands)
Operating Leases (1)
Finance Leases (1)
Fiscal 2026$85,596 $38,985 
Fiscal 202779,275 39,815 
Fiscal 202875,165 35,616 
Fiscal 202953,299 35,353 
Fiscal 203043,370 28,271 
Thereafter497,480 252,502 
Total lease payments834,185 430,542 
Less: interest(292,887)(226,311)
Present value of lease liabilities$541,298 $204,231 

(1)    Lease payments exclude $4.6 million of legally binding minimum lease payments for leases signed but not yet commenced.
v3.25.1
Summary Of Significant Accounting Policies (Narrative) (Details)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
USD ($)
warehouse
Feb. 29, 2024
USD ($)
Feb. 28, 2023
USD ($)
Liquid investments, maturity period three months or less    
Restricted cash from collections on auto loans receivable $ 559,118 $ 506,648 $ 470,889
Number of warehouses | warehouse 3    
Restricted Cash and Cash Equivalents, Noncurrent $ 154,232 169,620 165,357
Other investments 131,000 137,300  
Accrued compensation and benefits 257,300 192,400  
General liability and workers' compensation insurance 55,400 51,900  
Revenue Recognition, Sales Returns, Reserve for Sales Returns 36,500 97,800  
Advertising expenses 261,900 265,600 $ 295,600
Cash, Cash Equivalents, and Short-term Investments 126,900 484,300  
Asset-backed term funding transactions      
Restricted Cash and Cash Equivalents, Noncurrent $ 99,900 $ 118,200  
Financing Obligations      
Estimated useful life average, years 25 years    
v3.25.1
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details)
Feb. 28, 2025
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
v3.25.1
Revenue Disclosures (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 26,353.4 $ 26,536.0 $ 29,684.9
Used vehicle sales      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 21,079.7 20,922.3 23,034.3
Wholesale vehicle sales      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 4,587.5 4,975.8 5,989.8
Extended protection plan revenues      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 451.7 401.8 422.3
Third-party finance fees, net      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax (1.5) (5.8) 7.0
Advertising & subscription revenues [Domain]      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 139.3 135.8 133.3
Service revenues      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 83.4 85.1 82.3
Other      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 13.4 21.1 15.9
Total other sales and revenues      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 686.3 $ 638.0 $ 660.8
v3.25.1
CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Auto Finance Income [Line Items]      
Interest and fee income $ 1,853,900 $ 1,677,400 $ 1,441,500
Interest expense (763,200) (638,700) (310,300)
Total interest margin 1,090,700 1,038,700 1,131,200
Provision for loan losses (334,700) (310,500) (317,000)
Total interest margin after provision for loan losses 756,000 728,200 814,200
Payroll and fringe benefit expense (75,900) (66,500) (62,800)
Other Depreciation and Amortization (17,100) (16,500) (15,500)
Other direct expenses (81,300) (76,900) (72,400)
Total direct expenses (174,300) (159,900) (150,800)
CARMAX AUTO FINANCE INCOME  581,749 568,271 663,404
Total average managed receivables $ 17,683,900 $ 17,313,200 $ 16,304,300
Interest And Fee Income, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables 10.50% 9.70% 8.80%
Interest Expense, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (4.30%) (3.70%) (1.90%)
Total Interest Margin, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables 6.20% 6.00% 6.90%
Provision For Loan Losses, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (1.90%) (1.80%) (1.90%)
Total Interest Margin After Provision For Loan Losses, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables 4.30% 4.20% 5.00%
Payroll And Fringe Benefit Expense, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (0.40%) (0.40%) (0.40%)
CAF Depreciation and Amortization      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (0.10%) (0.10%) (0.10%)
Other Direct Expenses, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (0.50%) (0.40%) (0.40%)
Total Direct Expenses, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (1.00%) (0.90%) (0.90%)
CAF Income, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables 3.30% 3.30% 4.10%
v3.25.1
Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Total ending managed receivables $ 17,594,600 $ 17,391,800  
Accrued interest and fees 96,100 90,900  
Other 10,800 11,900  
Less: allowance for loan losses (458,730) (482,790) $ (507,200)
Auto loans receivable, net 17,242,789 17,011,844  
Non-recourse Notes Payable 17,119,758 16,866,972  
Asset-backed term funding      
Total ending managed receivables 12,716,200 12,638,200  
Warehouse facilities      
Total ending managed receivables 3,877,000 3,744,600  
Overcollateralization      
Total ending managed receivables 841,000 790,900  
Other Managed Receivables      
Total ending managed receivables $ 160,400 $ 218,100  
v3.25.1
Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 17,594.6 $ 17,391.8
Total ending managed receivables as percentage by major credit grade 100.00% 100.00%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 6,907.1 $ 6,936.6
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 4,726.0 5,074.3
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 3,278.3 3,333.9
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,929.3 1,308.8
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 593.6 600.8
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 160.3 137.4
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff 44.7 111.0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 193.2 248.6
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 196.2 129.8
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 107.2 41.0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 30.3 19.7
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 17.6 11.4
Financing Receivable, Allowance for Credit Loss, Writeoff 589.2 561.5
Tier 1 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 16,930.3 $ 16,813.3
Total ending managed receivables as percentage by major credit grade 96.20% 96.70%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 6,595.2 $ 6,637.6
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 4,548.9 4,898.0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 3,161.4 3,261.3
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,883.0 1,299.5
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 588.2 588.7
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 153.6 128.2
Financing Receivable, Allowance for Credit Loss, Writeoff 494.7 471.6
Tier 2 & Tier 3 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Financing Receivable, Allowance for Credit Loss, Writeoff 94.5 89.9
Credit Grade A [Member] | Tier 1 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 9,600.7 $ 9,141.1
Total ending managed receivables as percentage by major credit grade 54.50% 52.60%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 4,132.0 $ 3,922.7
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,607.9 2,660.6
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,673.9 1,635.1
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 894.1 614.0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 243.9 268.7
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 48.9 40.0
Credit Grade B | Tier 1 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 5,929.1 $ 6,123.5
Total ending managed receivables as percentage by major credit grade 33.70% 35.20%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 2,041.1 $ 2,370.8
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,664.0 1,738.8
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,163.0 1,225.9
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 746.4 493.3
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 244.9 233.4
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 69.7 61.3
Credit Grade C And Other | Tier 1 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 1,400.5 $ 1,548.7
Total ending managed receivables as percentage by major credit grade 8.00% 8.90%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 422.1 $ 344.1
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 277.0 498.6
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 324.5 400.3
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 242.5 192.2
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 99.4 86.6
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 35.0 26.9
Credit Grade C And Other | Tier 2 & Tier 3 managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 664.3 $ 578.5
Total ending managed receivables as percentage by major credit grade 3.80% 3.30%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 311.9 $ 299.0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 177.1 176.3
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 116.9 72.6
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 46.3 9.3
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 5.4 12.1
Financing Receivable, Originated, More than Five Years before Current Fiscal Year $ 6.7 $ 9.2
v3.25.1
Auto Loan Receivables (Allowance for Loan Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing Receivable, Allowance for Credit Loss $ 458,730 $ 482,790 $ 507,200
Financing Receivable, Allowance for Credit Loss, Writeoff (589,200) (561,500)  
Provision for loan losses 334,700 310,500 $ 317,000
Recoveries (2) $ 230,400 $ 226,600  
Allowance For Loan Losses      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Item as percent of total ending managed receivables 2.61% 2.78% 3.02%
Tier 1 managed receivables      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing Receivable, Allowance for Credit Loss $ 378,100 $ 389,700 $ 401,500
Financing Receivable, Allowance for Credit Loss, Writeoff (494,700) (471,600)  
Provision for loan losses 281,600 262,500  
Recoveries (2) 201,500 197,300  
Tier 2 & Tier 3 managed receivables      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing Receivable, Allowance for Credit Loss 80,600 93,100 $ 105,700
Financing Receivable, Allowance for Credit Loss, Writeoff (94,500) (89,900)  
Provision for loan losses 53,100 48,000  
Recoveries (2) $ 28,900 $ 29,300  
v3.25.1
Auto Loan Receivables (Past Due Receivables) (Details) - USD ($)
$ in Millions
Feb. 28, 2025
Feb. 29, 2024
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables $ 17,594.6 $ 17,391.8
Past due receivables as a percentage of total ending managed receivables 4.85% 5.44%
Financing Receivable, before Allowance for Credit Loss, Current $ 16,740.7 $ 16,445.2
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 853.9 $ 946.6
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]    
Total ending managed receivables $ 16,930.3 $ 16,813.3
Financing Receivable, before Allowance for Credit Loss, Current 16,199.5 15,998.1
Financing Receivable, before Allowance for Credit Loss, Noncurrent 730.8 815.2
Tier 1 managed receivables | Credit Grade A [Member]    
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables 9,600.7 9,141.1
Financing Receivable, before Allowance for Credit Loss, Current 9,543.3 9,088.1
Financing Receivable, before Allowance for Credit Loss, Noncurrent 57.4 53.0
Tier 1 managed receivables | Credit Grade B    
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables 5,929.1 6,123.5
Financing Receivable, before Allowance for Credit Loss, Current 5,491.5 5,666.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent 437.6 457.2
Tier 1 managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables 1,400.5 1,548.7
Financing Receivable, before Allowance for Credit Loss, Current 1,164.7 1,243.7
Financing Receivable, before Allowance for Credit Loss, Noncurrent 235.8 305.0
Tier 2 & Tier 3 managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables 664.3 578.5
Financing Receivable, before Allowance for Credit Loss, Current 541.2 447.1
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 123.1 $ 131.4
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 2.98% 3.07%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 523.9 $ 534.4
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 452.0 466.3
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 36.7 32.1
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 276.0 271.3
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 139.3 162.9
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 $ 71.9 $ 68.1
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 1.49% 1.93%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 262.9 $ 336.0
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 221.7 283.0
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 14.8 15.1
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 127.3 149.4
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 79.6 118.5
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 $ 41.2 $ 53.0
Greater Than Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total ending managed receivables 0.38% 0.44%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 67.1 $ 76.2
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 57.1 65.9
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 5.9 5.8
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 34.3 36.5
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 16.9 23.6
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 $ 10.0 $ 10.3
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 95.15% 94.56%
v3.25.1
Derivative Instruments And Hedging Activities (Narrative) (Details) - Cash Flow Hedging - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Designated As Hedging Instrument      
Derivative [Line Items]      
Additional reclassification from AOCL to CAF income $ 35,000    
Derivative notional amount 3,760,000 $ 5,210,000  
Not Designated as Hedging Instrument | Interest Rate Swap      
Derivative [Line Items]      
Derivative notional amount 181,000 704,000  
Derivative, Gain (Loss) on Derivative, Net $ (11,500) $ (20,800) $ 24,500
v3.25.1
Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market securities $ 842,691 $ 1,164,270
Mutual fund investments 27,495 24,312
Derivative Instruments in Hedges, Assets, at Fair Value 10,813 45,761
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value 1,576 13,064
Total assets at fair value $ 882,575 $ 1,247,407
Percent of total assets at fair value 100.00% 100.00%
Percent of total assets 3.20% 4.60%
Derivative Instruments in Hedges, Liabilities, at Fair Value $ 8,728 $ 2,302
Total liabilities at fair value $ (8,728) $ (2,302)
Percent of total liabilities 0.00% 0.00%
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market securities $ 842,691 $ 1,164,270
Mutual fund investments 27,495 24,312
Derivative Instruments in Hedges, Assets, at Fair Value 0 0
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value 0 0
Total assets at fair value $ 870,186 $ 1,188,582
Percent of total assets at fair value 98.60% 95.30%
Percent of total assets 3.20% 4.40%
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 10,813 45,761
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value 1,576 13,064
Total assets at fair value $ 12,389 $ 58,825
Percent of total assets at fair value 1.40% 4.70%
Percent of total assets 0.00% 0.20%
Derivative Instruments in Hedges, Liabilities, at Fair Value $ 8,728 $ 2,302
Total liabilities at fair value $ (8,728) $ (2,302)
Percent of total liabilities 0.00% 0.00%
v3.25.1
Fair Value Measurements Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Fair Value Disclosures [Abstract]    
Senior Notes $ 400,000 $ 400,000
Debt Instrument, Fair Value Disclosure $ 390,201 $ 380,249
v3.25.1
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Property, Plant and Equipment [Line Items]      
Finance Lease, Right-of-Use Asset, before Accumulated Amortization $ 228,163 $ 230,537  
Total property and equipment 5,856,396 5,479,313  
Less: accumulated depreciation and amortization (2,014,563) (1,813,783)  
Property and equipment, net 3,841,833 3,665,530  
Depreciation expense 287,800 261,400 $ 244,400
Land      
Property, Plant and Equipment [Line Items]      
Total property and equipment 1,020,677 990,225  
Land held for development (1)      
Property, Plant and Equipment [Line Items]      
Total property and equipment 179,810 193,923  
Buildings      
Property, Plant and Equipment [Line Items]      
Total property and equipment 2,681,927 2,612,746  
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Total property and equipment 366,842 361,850  
Furniture, fixtures and equipment      
Property, Plant and Equipment [Line Items]      
Total property and equipment 607,666 586,813  
Construction in progress      
Property, Plant and Equipment [Line Items]      
Total property and equipment 300,136 117,352  
Software and Software Development Costs      
Property, Plant and Equipment [Line Items]      
Total property and equipment $ 471,175 $ 385,867  
v3.25.1
Intangible Assets, Goodwill and Other (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Internally developed software      
Schedule of Intangible Assets (Finite-Lived and Indefinite-Lived) [Line Items]      
Finite-Lived Intangible Assets, Gross $ 52,900 $ 52,900  
Finite-Lived Intangible Assets, Accumulated Amortization (28,339) (20,782)  
Finite-Lived Intangible Assets, Net 24,561 32,118  
Customer Relationships      
Schedule of Intangible Assets (Finite-Lived and Indefinite-Lived) [Line Items]      
Finite-Lived Intangible Assets, Gross 133,200 133,200  
Finite-Lived Intangible Assets, Accumulated Amortization (29,382) (21,547)  
Finite-Lived Intangible Assets, Net 103,818 111,653  
Goodwill 141,258 141,258  
Indefinite-lived Intangible Assets (Excluding Goodwill) 31,900 31,900  
Intangible Assets, Gross (Excluding Goodwill) 218,000 218,000  
Finite-Lived Intangible Assets, Accumulated Amortization (57,721) (42,329)  
Intangible Assets, Net (Excluding Goodwill) 160,279 175,671  
Amortization of Intangible Assets 15,400 15,400 $ 15,400
Goodwill and Intangible Asset Impairment 0 $ 0 $ 0
Finite-Lived Intangible Asset, Expected Amortization, Year One 15,400    
Finite-Lived Intangible Asset, Expected Amortization, Year Two 15,400    
Finite-Lived Intangible Asset, Expected Amortization, Year Three 15,400    
Finite-Lived Intangible Asset, Expected Amortization, Year Five 7,800    
Finite-Lived Intangible Asset, Expected Amortization, Year Four $ 9,700    
v3.25.1
Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]    
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount $ 128.3 $ 139.2
Cancellations (92.1) (91.2)
Provision for future cancellations 97.7 80.3
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount $ 133.9 $ 128.3
v3.25.1
Cancellation Reserves (Narrative) (Details) - USD ($)
$ in Millions
Feb. 28, 2025
Feb. 29, 2024
Cancellation Reserves [Abstract]    
Cancellation reserves, current portion $ 69.8 $ 69.7
v3.25.1
Income Taxes (Schedule Of Income Tax Provision) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Income Tax Disclosure [Abstract]      
Current, Federal $ 156,819 $ 140,480 $ 128,994
Current, State 35,709 26,711 29,598
Current, Total 192,528 167,191 158,592
Deferred, Federal (22,253) (6,542) (1,118)
Deferred, State (1,471) 1,742 (5,432)
Deferred, Total (23,724) (4,800) (6,550)
Income Tax Expense (Benefit), Total $ 168,804 $ 162,391 $ 152,042
v3.25.1
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Income Tax Disclosure [Abstract]      
Federal statutory income tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal benefit 4.10% 3.90% 3.40%
Share-based compensation 0.60% 0.20% 0.00%
Nondeductible and other items 1.90% 1.70% 1.50%
Credits (2.40%) (1.50%) (2.00%)
Effective income tax rate 25.20% 25.30% 23.90%
v3.25.1
Income Taxes (Schedule Of Temporary Differences Resulting In Deferred Tax Assets And Liabilities) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Income Tax Disclosure [Abstract]    
Accrued expenses and other $ 98,861 $ 93,690
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Financing Receivable, Allowance for Credit Loss 111,385 117,618
Deferred Tax Assets, Tax Deferred Expense, Other 0 2,902
Deferred Tax Assets, Operating Loss Carryforwards 24,462 29,670
DeferredTaxAssetsLeasingArrangements 136,190 139,124
Share-based compensation 51,284 43,689
Capital loss carry forward 766 701
Total deferred tax assets 422,948 427,394
Less: valuation allowance (766) (701)
Total deferred tax assets after valuation allowance 422,182 426,693
Deferred Tax Liabilities, Intangible Assets 39,317 43,060
Prepaid expenses 11,810 0
Property and equipment 82,285 101,796
Deferred Tax Liabilities, Leasing Arrangements 123,520 130,181
Inventory 11,924 18,933
Derivatives 12,994 33,933
Total deferred tax liabilities 281,850 327,903
Net deferred tax asset $ 140,332 $ 98,790
v3.25.1
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 28,817 $ 27,092 $ 24,765
Increases for tax positions of prior years 138 397 114
Decreases for tax positions of prior years 0 (172) (19)
Increases based on tax positions related to the current year 4,669 3,627 3,813
Settlements (142) (386) (79)
Lapse of statute (15,447) (1,741) (1,502)
Balance at end of year $ 18,035 $ 28,817 $ 27,092
v3.25.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Income Tax Disclosure [Abstract]        
Unrecognized tax benefits, gross $ 18,035 $ 28,817 $ 27,092 $ 24,765
Unrecognized tax benefits that would impact effective tax rate, if recognized 14,900 12,100 10,600  
Accrued interest 3,800 5,300 $ 4,000  
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards 24,462 $ 29,670    
State tax credit carryforward [Member]        
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards 13,100      
State NOL carryforward [Member]        
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards 1,800      
Federal tax credit carryforward [Member]        
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards $ 9,700      
v3.25.1
Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Defined Benefit Plan Disclosure [Line Items]      
Expected contributions to the plan next year $ 0.0    
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contributions to the plan in current year 0.3    
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year (0.4)    
Defined Benefit Plan, Expected Future Benefit Payment, Year One 8.1    
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 8.1    
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 8.1    
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 9.6    
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 9.6    
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 $ 72.8 $ 68.1 $ 64.0
Equity securities | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 20.00% 40.00% 55.00%
Fixed income securities | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 80.00% 60.00% 45.00%
v3.25.1
Benefit Plans (Benefit Plan Information) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Defined Benefit Plan Disclosure [Line Items]    
Plan assets $ 206,384 $ 202,382
Projected benefit obligation 215,425 216,877
Funded status recognized (9,041) (14,495)
Current liability (655) (645)
Noncurrent liability (8,386) (13,850)
Net amount recognized (9,041) (14,495)
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 206,384 202,382
Projected benefit obligation 206,860 208,200
Funded status recognized (476) (5,818)
Current liability 0 0
Noncurrent liability (476) (5,818)
Net amount recognized (476) (5,818)
Restoration Plan    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 0 0
Projected benefit obligation 8,565 8,677
Funded status recognized (8,565) (8,677)
Current liability (655) (645)
Noncurrent liability (7,910) (8,032)
Net amount recognized $ (8,565) $ (8,677)
v3.25.1
Benefit Plans (Components Of Net Pension Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Defined Benefit Plan Disclosure [Line Items]      
Total net pension (benefit) expense $ (3,051) $ (3,390) $ (3,014)
Total net actuarial (gain) loss(1) (1,011) (9,289) (34,836)
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Total net pension (benefit) expense (3,496) (3,842) (3,443)
Total net actuarial (gain) loss(1) (1,099) (9,114) (33,110)
Restoration Plan      
Defined Benefit Plan Disclosure [Line Items]      
Total net pension (benefit) expense 445 452 429
Total net actuarial (gain) loss(1) $ 88 $ (175) $ (1,726)
v3.25.1
Benefit Plans (Assumptions Used To Determine Benefit Obligations) (Details)
Feb. 28, 2025
Feb. 29, 2024
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.45% 5.35%
Restoration Plan    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.45% 5.35%
v3.25.1
Benefit Plans (Assumptions Used To Determine Net Pension Expense) (Details)
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.35% 5.20% 3.45%
Expected rate of return on plan assets 7.00% 7.25% 7.50%
Restoration Plan      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.35% 5.20% 3.45%
Expected rate of return on plan assets 0.00% 0.00% 0.00%
v3.25.1
Benefit Plans (Schedule Of Fair Value Of Plan Assets) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Defined Benefit Plan Disclosure [Line Items]    
Plan assets $ 206,384 $ 202,382
Equity securities – international | Level 1 | Mutual funds (Level 1):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 7,020 13,900
Short-term Investments | Collective funds (NAV):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 2,026 1,676
Equity securities | Collective funds (NAV):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 33,229 67,602
Fixed income securities | Collective funds (NAV):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets $ 164,109 $ 119,204
v3.25.1
Debt (Schedule Of Debt) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Debt Instrument [Line Items]    
Financing Obligations $ 487,676 $ 516,544
Debt, Long-term and Short-term, Combined Amount 18,707,207 18,783,149
Less: current portion (543,339) (797,449)
Unamortized Debt Issuance Expense (26,528) (26,044)
Long-term Debt 18,137,340 17,959,656
Non-recourse Notes Payable 17,119,758 16,866,972
Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term Debt 0 0
Term Loan [Member]    
Debt Instrument [Line Items]    
Long-term Debt 0 300,000
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 $ 699,633
v3.25.1
Debt Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Maturities of Long-Term Debt [Abstract]    
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months $ 56,148  
FinancingObligationPaymentsDueYearTwo 55,887  
FinancingObligationsPaymentsDueYearThree 55,497  
FinancingObligationsPaymentsDueYearFour 57,326  
FinancingObligationsPaymentsDueYearFive 50,660  
FinancingObligationsPaymentsDueAfterYearFive 681,352  
FinancingObligationsPaymentsDue 956,870  
FinancingObligationsUndiscountedExcessAmount (469,194)  
Financing Obligations $ 487,676 $ 516,544
v3.25.1
Debt Debt (Schedule of Funding Vehicles) (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Schedule of Funding Vehicles [Line Items]    
Non-recourse Notes Payable $ 17,119,758 $ 16,866,972
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 2,300,000  
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 6,100,000  
Debt Instrument, Unused Borrowing Capacity, Amount 2,220,000  
Non-recourse Notes Payable 3,880,000  
Asset-backed term funding transactions    
Schedule of Funding Vehicles [Line Items]    
Non-recourse Notes Payable $ 13,240,000  
v3.25.1
Debt (Narrative) (Details) - USD ($)
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Jun. 26, 2024
Debt Instrument [Line Items]        
Long-term Debt $ 18,137,340,000 $ 17,959,656,000    
Interest Paid, Capitalized, Investing Activities 8,200,000 $ 6,200,000 $ 5,600,000  
Credit Facility        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity 2,000,000,000      
Line of Credit Facility, Remaining Borrowing Capacity $ 2,000,000,000      
Debt, Weighted Average Interest Rate 5.72% 3.99% 2.87%  
Term Loan [Member]        
Debt Instrument [Line Items]        
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate 5.33% 6.31% 5.47%  
Senior Notes [Member]        
Debt Instrument [Line Items]        
Long-term Debt $ 400,000,000      
October 2021 Term Loan        
Debt Instrument [Line Items]        
Long-term Debt 700,000,000      
Warehouse Facility One [Member]        
Debt Instrument [Line Items]        
Warehouse Facilities Maximum Borrowing Capacity 3,100,000,000      
Asset-Backed Securities | Prime Auto Loans Receivable        
Debt Instrument [Line Items]        
Asset-Backed Securities, at Carrying Value $ 4,300,000,000      
Asset-Backed Securities | Non-Prime Auto Loans Receivable        
Debt Instrument [Line Items]        
Asset-Backed Securities, at Carrying Value       $ 625,000,000
Minimum | Financing Obligation        
Debt Instrument [Line Items]        
Initial Lease Terms 15 years      
Maximum | Financing Obligation        
Debt Instrument [Line Items]        
Initial Lease Terms 20 years      
v3.25.1
Stock And Stock-Based Incentive Plans (Narrative) (Details) - USD ($)
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
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 $ 1,936,900,000 $ 2,360,100,000 $ 2,451,300,000
Stock Compensation Plan      
Stock and Stock-Based Incentive Plans      
Common stock, shares authorized (in shares) 62,850,000    
Common shares reserved for future grants 5,160,581    
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 1,524,000 1,297,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 71.07 $ 81.42  
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%    
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 525,000 383,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 104.12 $ 123.73  
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    
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 296,997    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 71.11    
Performance Shares | Fiscal 2022 Grant | PSU First-year Period      
Stock and Stock-Based Incentive Plans      
PSU Performance Adjustment Factor 200.00%    
Performance Shares | Fiscal 2022 Grant | PSU Second-year Period      
Stock and Stock-Based Incentive Plans      
PSU Performance Adjustment Factor 4.00%    
Performance Shares | Fiscal 2022 Grant | PSU Third-year Period      
Stock and Stock-Based Incentive Plans      
PSU Performance Adjustment Factor 38.00%    
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 2024 Grant | PSU First-year Period      
Stock and Stock-Based Incentive Plans      
PSU Performance Adjustment Factor 38.00%    
Performance Shares | Fiscal 2024 Grant | PSU Third-year Period      
Stock and Stock-Based Incentive Plans      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 23,551    
Performance Shares | Minimum      
Stock and Stock-Based Incentive Plans      
Stock units converted to common stock 0    
Performance Shares | Minimum | Fiscal 2022 Grant | PSU First-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 25.00%    
Performance Shares | Minimum | Fiscal 2022 Grant | PSU Second-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 25.00%    
Performance Shares | Minimum | Fiscal 2022 Grant | PSU Third-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 25.00%    
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 2025 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 2022 Grant | PSU First-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Performance Shares | Maximum | Fiscal 2022 Grant | PSU Second-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Performance Shares | Maximum | Fiscal 2022 Grant | PSU Third-year Period      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
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 2025 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 114,141    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 86.04    
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 247,277 264,628 251,651
Stock Issued During Period, Value, Employee Stock Purchase Plan $ 77.11 $ 73.74 $ 81.40
shares remained available under the purchase plan 1,493,161    
v3.25.1
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, 2025
Feb. 29, 2024
Feb. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares repurchased 5,506,300 1,334,100 3,403,900
Average cost per share $ 76.87 $ 68.33 $ 94.95
Available for repurchase, as of end of year $ 1,936.9 $ 2,360.1 $ 2,451.3
v3.25.1
Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes $ 137,251 $ 122,377 $ 88,172
TOTAL COST OF SALES      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes 5,296 4,644 2,269
CAF Income      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes 5,024 3,643 2,295
Selling, general and administrative expenses      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes $ 126,931 $ 114,090 $ 83,608
v3.25.1
Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes $ 137,251 $ 122,377 $ 88,172
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 41,008 50,456 38,629
Cash-Settled Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 55,124 48,762 23,567
Stock-Settled Market Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 19,560 16,298 15,617
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 17,167 2,046 5,123
Deferred Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 1,850 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 0 307 806
Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 2,542 2,658 2,580
Total other share-based incentives      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes $ 21,559 $ 6,861 $ 10,359
v3.25.1
Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Unrecognized Compensation Expense) (Details)
$ in Millions
 12 Months Ended
Feb. 28, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 54.7
Weighted Average Remaining Recognition Life (Years) 1 year 9 months 18 days
Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 33.6
Weighted Average Remaining Recognition Life (Years) 2 years
Stock-Settled Market Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 17.0
Weighted Average Remaining Recognition Life (Years) 1 year 4 months 24 days
Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 4.1
Weighted Average Remaining Recognition Life (Years) 1 year 8 months 12 days
v3.25.1
Stock And Stock-Based Incentive Plans (Stock Option Activity) (Details) - Stock Option - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Outstanding as of beginning of year, Number of Shares 7,393,000    
Options granted, Number of Shares 1,234,215 1,554,029 1,301,862
Options exercised, Number of Shares (1,154,000)    
Options forfeited or expired, Number of Shares (164,000)    
Outstanding as of end of year, Number of Shares 7,309,000 7,393,000  
Exercisable as of end of year, Number of Shares 4,333,000    
Outstanding as of beginning of year, Weighted Average Exercise Price $ 82.03    
Options granted, Weighted Average Exercise Price 67.29    
Options exercised, Weighted Average Exercise Price 63.90    
Options forfeited or expired, Weighted Average Exercise Price 86.08    
Outstanding as of end of year, Weighted Average Exercise Price 82.32 $ 82.03  
Exercisable as of end of year, Weighted Average Exercise Price $ 85.85    
Outstanding as of end of year, Weighted Average Remaining Contractual Life (Years) 3 years 7 months 6 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 $ 59,539    
Exercisable as of end of year, Aggregate Intrinsic Value $ 27,878    
v3.25.1
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, 2025
Feb. 29, 2024
Feb. 28, 2023
Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Options granted, Number of Shares 1,234,215 1,554,029 1,301,862
Weighted average grant date fair value per share $ 29.21 $ 29.11 $ 33.24
Cash received from options exercised (in millions) $ 73.7 $ 44.8 $ 17.1
Intrinsic value of options exercised (in millions) 19.9 15.0 7.3
Realized tax benefits $ 3.0 $ 3.6 $ 1.8
Cash-Settled Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock units granted, Number of Units 918,098 915,122 677,783
Initial weighted average grant date fair value per share $ 67.22 $ 70.69 $ 91.14
Payments (before payroll tax withholdings) upon vesting $ 42.8 $ 39.0 $ 67.1
Realized tax benefits $ 10.6 $ 9.7 $ 16.8
Stock-Settled Market Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock units granted, Number of Units 238,865 186,678 140,743
Initial weighted average grant date fair value per share $ 95.80 $ 99.86 $ 125.37
Realized tax benefits $ 0.8 $ 2.3 $ 2.9
v3.25.1
Stock And Stock-Based Incentive Plans (Assumptions Used To Estimate Option Values) (Details)
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Dividend yield 0.00% 0.00% 0.00%
Expected volatility factor, Minimum 35.50% 39.20% 38.70%
Expected volatility factor, Maximum 46.70% 45.90% 53.60%
Weighted average expected volatility 45.40% 44.60% 39.50%
Risk-free interest rate, Minimum 3.50% 3.60% 0.40%
Risk-free interest rate, Maximum 5.40% 5.50% 4.70%
Expected term (in years) 4 years 8 months 12 days 4 years 7 months 6 days 4 years 7 months 6 days
v3.25.1
Stock And Stock-Based Incentive Plans (Cash-Settled Restricted Stock Unit Activity) (Details) - Cash-Settled Restricted Stock Units - $ / shares
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at beginning of year, Number of Shares or Units 1,297,000    
Stock units granted, Number of Units 918,098 915,122 677,783
Stock units vested and converted, Number of Units (578,000)    
Stock units cancelled, Number of Units (113,000)    
Outstanding at end of year, number of shares or Units 1,524,000 1,297,000  
Outstanding as of beginning of year, Weighted Average Grant Date Fair Value $ 81.42    
Initial weighted average grant date fair value per share 67.22 $ 70.69 $ 91.14
Stock units vested and converted, Weighted Average Grant Date Fair Value 88.01    
Stock units cancelled, Weighted Average Grant Date Fair Value 72.01    
Outstanding as of end of year, Weighted Average Grant Date Fair Value $ 71.07 $ 81.42  
v3.25.1
Stock And Stock-Based Incentive Plans (Expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (Details)
$ in Thousands
Feb. 28, 2025
USD ($)
Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fiscal 2026 $ 36,858
Fiscal 2027 25,528
Fiscal 2028 12,901
Total expected cash settlements 75,287
Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fiscal 2026 98,288
Fiscal 2027 68,074
Fiscal 2028 34,404
Total expected cash settlements $ 200,766
v3.25.1
Stock And Stock-Based Incentive Plans (Stock-Settled Activity) (Details) - Stock-Settled Market Stock Units - $ / shares
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at beginning of year, Number of Shares or Units 383,000    
Stock units granted, Number of Units 238,865 186,678 140,743
Stock units vested and converted, Number of Units (79,000)    
Stock units cancelled, Number of Units (18,000)    
Outstanding at end of year, number of shares or Units 525,000 383,000  
Outstanding as of beginning of year, Weighted Average Grant Date Fair Value $ 123.73    
Stock units granted, weighted average grant date fair value 95.80 $ 99.86 $ 125.37
Stock units vested and converted, Weighted Average Grant Date Fair Value 174.06    
Stock units cancelled, Weighted Average Grant Date Fair Value 104.11    
Outstanding as of end of year, Weighted Average Grant Date Fair Value $ 104.12 $ 123.73  
v3.25.1
Net Earnings Per Share (Narrative) (Details) - shares
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Earnings Per Share [Abstract]      
Antidilutive securities not included in calculation of dilutive net earnings per share 5,266,616 5,791,423 2,217,957
v3.25.1
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, 2025
Feb. 29, 2024
Feb. 28, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Net earnings $ 500,556 $ 479,204 $ 484,762
Weighted average common shares outstanding (in shares) 155,330 158,216 158,800
Weighted average common shares and dilutive potential common shares (in shares) 156,061 158,707 159,771
Basic net earnings per share (in dollars per share) $ 3.22 $ 3.03 $ 3.05
Diluted net earnings per share (in dollars per share) $ 3.21 $ 3.02 $ 3.03
Stock Options      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Dilutive potential common shares (in shares) 372 272 688
Stock-Settled Market Stock Units      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Dilutive potential common shares (in shares) 359 219 283
v3.25.1
Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($)
$ in Millions
Feb. 28, 2025
Feb. 29, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]    
Deferred tax $ 1.5 $ 19.3
v3.25.1
Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year $ 59,279 $ 97,869 $ (46,422)
Other comprehensive income (loss) before reclassifications (16,814) 138 162,669
Amounts reclassified from accumulated other comprehensive loss (39,385) (38,728) (18,378)
Other comprehensive income (56,199) (38,590) 144,291
Balance at end of year 3,080 59,279 97,869
Net Unrecognized Actuarial Losses      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year (37,116) (44,590) (73,001)
Other comprehensive income (loss) before reclassifications 771 7,081 26,477
Amounts reclassified from accumulated other comprehensive loss 337 393 1,934
Other comprehensive income 1,108 7,474 28,411
Balance at end of year (36,008) (37,116) (44,590)
Net Unrecognized Hedge Gains (Losses)      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year 96,395 142,459 26,579
Other comprehensive income (loss) before reclassifications (17,585) (6,943) 136,192
Amounts reclassified from accumulated other comprehensive loss (39,722) (39,121) (20,312)
Other comprehensive income (57,307) (46,064) 115,880
Balance at end of year 39,088 96,395 142,459
AOCI Attributable to Parent [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income $ (56,199) $ (38,590) $ 144,291
v3.25.1
Accumulated Other Comprehensive Loss (Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Actuarial gain arising during the year $ 1,011 $ 9,289 $ 34,836
Tax expense (240) (2,208) (8,359)
Actuarial gain arising during the year, net of tax 771 7,081 26,477
Actuarial loss amortization reclassifications in net pension expense 442 516 2,545
Tax expense (105) (123) (611)
Amortization reclassifications recognized in net pension expense, net of tax 337 393 1,934
Net change in retirement benefit plan unrecognized actuarial losses, net of tax 1,108 7,474 28,411
Changes in fair value (23,662) (9,291) 180,510
Tax benefit (expense) 6,077 2,348 (44,318)
Changes in fair value, net of tax (17,585) (6,943) 136,192
Reclassifications to CarMax Auto Finance income (51,808) (52,354) (26,859)
Tax benefit 12,086 13,233 6,547
Reclassification of hedge gains, net of tax (39,722) (39,121) (20,312)
Net change in cash flow hedge unrecognized gains, net of tax (57,307) (46,064) 115,880
Total other comprehensive (loss) income, net of tax (56,199) (38,590) 144,291
TOTAL COST OF SALES      
Actuarial loss amortization reclassifications in net pension expense 195 231 1,084
CarMax Auto Finance income      
Actuarial loss amortization reclassifications in net pension expense 15 15 70
Selling, general and administrative expenses      
Actuarial loss amortization reclassifications in net pension expense $ 232 $ 270 $ 1,391
v3.25.1
Leases (Narrative) (Details)
$ in Millions
 12 Months Ended
Feb. 28, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Operating Lease, Impairment Loss $ 12.3
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
v3.25.1
Leases Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Leases [Abstract]      
Operating Lease, Cost $ 92,630 $ 89,801 $ 90,925
Finance Lease, Right-of-Use Asset, Amortization 20,543 20,010 16,039
Finance Lease, Interest Expense 26,404 25,724 21,969
Finance Lease, Cost 46,947 45,734 38,008
Lease, Cost $ 139,577 $ 135,535 $ 128,933
v3.25.1
Leases Leases - Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Feb. 28, 2025
Feb. 29, 2024
Leases [Abstract]    
Operating lease assets $ 493,355 $ 520,717
Finance lease assets 160,535 174,998
Total lease assets 653,890 695,715
Current portion of operating lease liabilities 59,335 57,161
Finance Lease, Liability, Current 15,015 20,877
Operating lease liabilities, excluding current portion 481,963 496,210
Finance Lease, Liability, Noncurrent 189,216 198,759
Total lease liabilities 745,529 773,007
Finance Lease Accumulated Depreciation $ 67,600 $ 55,500
v3.25.1
Leases Lease Term and Discount Rate (Details)
Feb. 28, 2025
Rate
Feb. 29, 2024
Rate
Leases [Abstract]    
Operating Lease, Weighted Average Remaining Lease Term 15 years 5 months 26 days 16 years 25 days
Finance Lease, Weighted Average Remaining Lease Term 14 years 3 months 21 days 11 years 5 months 4 days
Operating Lease, Weighted Average Discount Rate, Percent 5.21% 5.05%
Finance Lease, Weighted Average Discount Rate, Percent 16.78% 17.16%
v3.25.1
Leases Lease Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2023
Leases [Abstract]      
Operating Lease, Payments $ 95,638 $ 88,704 $ 89,321
Finance Lease, Interest Payment on Liability 24,141 24,782 19,371
Finance Lease, Principal Payments 16,536 16,674 12,200
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 43,161 30,746 58,121
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability $ 7,459 $ 51,660 $ 37,931
v3.25.1
Leases Maturities of Lease Liabilities (Details)
$ in Thousands
Feb. 28, 2025
USD ($)
Leases [Abstract]  
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months $ 85,596
Lessee, Operating Lease, Liability, Payments, Due Year Two 79,275
Lessee, Operating Lease, Liability, Payments, Due Year Three 75,165
Lessee, Operating Lease, Liability, Payments, Due Year Four 53,299
Lessee, Operating Lease, Liability, Payments, Due Year Five 43,370
Lessee, Operating Lease, Liability, Payments, Due after Year Five 497,480
Lessee, Operating Lease, Liability, Payments, Due 834,185
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (292,887)
Operating Lease, Liability 541,298
Finance Lease, Liability, Payments, Due Next Twelve Months 38,985
Finance Lease, Liability, Payments, Due Year Two 39,815
Finance Lease, Liability, Payments, Due Year Three 35,616
Finance Lease, Liability, Payments, Due Year Four 35,353
Finance Lease, Liability, Payments, Due Year Five 28,271
Finance Lease, Liability, Payments, Due after Year Five 252,502
Finance Lease, Liability, Payment, Due 430,542
Finance Lease, Liability, Undiscounted Excess Amount (226,311)
Finance Lease, Liability 204,231
Lessee Lease Not Yet Commenced Amount $ 4,600
v3.25.1
Commitments And Contingencies (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2024
May 31, 2024
Feb. 28, 2022
May 31, 2020
Feb. 28, 2025
Feb. 29, 2024
Commitments and Contingencies Disclosure [Abstract]            
Liability associated with guarantee         $ 28.8 $ 30.9
Purchase obligation         371.9  
Purchase obligation due next twelve months         $ 163.9  
Proceeds from Legal Settlements $ 7.9 $ 59.3 $ 3.8 $ 40.3