CARMAX INC, 10-Q filed on 9/26/2025
Quarterly Report
v3.25.2
Document And Entity Information - shares
 6 Months Ended
Aug. 31, 2025
Sep. 24, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Aug. 31, 2025  
Document Transition Report false  
Entity File Number 1-31420  
Entity Registrant Name CARMAX, INC.  
Entity Central Index Key 0001170010  
Current Fiscal Year End Date --02-28  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
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 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  
Entity Common Stock, Shares Outstanding   146,845,043
v3.25.2
Consolidated Statements Of Earnings - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
SALES AND OPERATING REVENUES:        
NET SALES AND OPERATING REVENUES $ 6,594,684 $ 7,013,529 $ 14,141,225 $ 14,126,926
TOTAL COST OF SALES 5,877,018 6,253,062 12,529,936 12,574,564
GROSS PROFIT  717,666 760,467 1,611,289 1,552,362
CARMAX AUTO FINANCE INCOME  102,638 115,580 244,288 262,550
Selling, general and administrative expenses 601,093 610,562 1,260,736 1,249,140
Depreciation, Depletion and Amortization, Nonproduction 67,285 63,901 133,024 125,770
Interest expense 28,453 27,021 55,523 58,383
Other income (3,624) (3,281) (3,933) (2,865)
Earnings before income taxes 127,097 177,844 410,227 384,484
Income tax provision 31,719 45,035 104,468 99,235
NET EARNINGS  $ 95,378 $ 132,809 $ 305,759 $ 285,249
WEIGHTED AVERAGE COMMON SHARES:        
Basic, shares 149,291 155,866 150,714 156,513
Diluted, shares 149,637 156,526 151,122 157,116
NET EARNINGS PER SHARE:        
Basic (in dollars per share) $ 0.64 $ 0.85 $ 2.03 $ 1.82
Diluted (in dollars per share) $ 0.64 $ 0.85 $ 2.02 $ 1.82
Used vehicle sales        
SALES AND OPERATING REVENUES:        
NET SALES AND OPERATING REVENUES $ 5,270,712 $ 5,677,081 $ 11,374,152 $ 11,354,557
TOTAL COST OF SALES 4,828,095 5,198,315 10,377,352 10,380,294
Wholesale vehicle sales        
SALES AND OPERATING REVENUES:        
NET SALES AND OPERATING REVENUES 1,149,568 1,154,465 2,402,306 2,410,904
TOTAL COST OF SALES 1,012,248 1,016,590 2,108,415 2,115,901
Total other sales and revenues        
SALES AND OPERATING REVENUES:        
NET SALES AND OPERATING REVENUES 174,404 181,983 364,767 361,465
TOTAL COST OF SALES $ 36,675 $ 38,157 $ 44,169 $ 78,369
NET SALES AND OPERATING REVENUES        
Percentage of Sales        
Item as a percent of net sales and operating revenues 100.00% 100.00% 100.00% 100.00%
TOTAL COST OF SALES        
Percentage of Sales        
Item as a percent of net sales and operating revenues 89.10% 89.20% 88.60% 89.00%
GROSS PROFIT         
Percentage of Sales        
Item as a percent of net sales and operating revenues 10.90% 10.80% 11.40% 11.00%
CARMAX AUTO FINANCE INCOME         
Percentage of Sales        
Item as a percent of net sales and operating revenues 1.60% 1.60% 1.70% 1.90%
Selling, general and administrative expenses        
Percentage of Sales        
Item as a percent of net sales and operating revenues 9.10% 8.70% 8.90% 8.80%
Depreciation and Amortization, Nonproduction        
Percentage of Sales        
Item as a percent of net sales and operating revenues 1.00% 0.90% 0.90% 0.90%
Interest expense        
Percentage of Sales        
Item as a percent of net sales and operating revenues 0.40% 0.40% 0.40% 0.40%
Other income        
Percentage of Sales        
Item as a percent of net sales and operating revenues (0.10%) 0.00% 0.00% 0.00%
Earnings before income taxes        
Percentage of Sales        
Item as a percent of net sales and operating revenues 1.90% 2.50% 2.90% 2.70%
Income tax provision        
Percentage of Sales        
Item as a percent of net sales and operating revenues 0.50% 0.60% 0.70% 0.70%
NET EARNINGS         
Percentage of Sales        
Item as a percent of net sales and operating revenues 1.40% 1.90% 2.20% 2.00%
NET SALES AND OPERATING REVENUES | Used vehicle sales        
Percentage of Sales        
Item as a percent of net sales and operating revenues 79.90% 80.90% 80.40% 80.40%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales        
Percentage of Sales        
Item as a percent of net sales and operating revenues 17.40% 16.50% 17.00% 17.10%
NET SALES AND OPERATING REVENUES | Total other sales and revenues        
Percentage of Sales        
Item as a percent of net sales and operating revenues 2.60% 2.60% 2.60% 2.60%
TOTAL COST OF SALES | Used vehicle sales        
Percentage of Sales        
Item as a percent of net sales and operating revenues 73.20% 74.10% 73.40% 73.50%
TOTAL COST OF SALES | Wholesale vehicle sales        
Percentage of Sales        
Item as a percent of net sales and operating revenues 15.30% 14.50% 14.90% 15.00%
TOTAL COST OF SALES | Total other sales and revenues        
Percentage of Sales        
Item as a percent of net sales and operating revenues 0.60% 0.50% 0.30% 0.60%
v3.25.2
Consolidated Statements Of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Statement of Comprehensive Income [Abstract]        
NET EARNINGS $ 95,378 $ 132,809 $ 305,759 $ 285,249
Other comprehensive loss, net of taxes:        
Net change in retirement benefit plan unrecognized actuarial losses 76 85 152 169
Net change in cash flow hedge unrecognized gains, net of tax (13,136) (52,706) (24,538) (50,391)
Other comprehensive income (loss), net of taxes (13,060) (52,621) (24,386) (50,222)
TOTAL COMPREHENSIVE INCOME $ 82,318 $ 80,188 $ 281,373 $ 235,027
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2025
Feb. 28, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 540,374 $ 246,960
Restricted cash from collections on auto loans held for investment 618,792 559,118
Accounts receivable, net 173,556 188,733
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance 921,928 0
Inventory 3,149,570 3,934,622
Other current assets 137,798 148,203
TOTAL CURRENT ASSETS  5,542,018 5,077,636
Auto loans held for investment, net of allowance for loan losses of $507,286 and $458,730 as of August 31, 2025 and February 28, 2025, respectively 16,386,236 17,242,789
Property and equipment, net of accumulated depreciation of $2,138,883 and $2,014,563 as of August 31, 2025 and February 28, 2025, respectively 3,969,003 3,841,833
Deferred Income Tax Assets, Net 105,729 140,332
Operating lease assets 476,367 493,355
Goodwill 141,258 141,258
Other assets 459,033 467,003
TOTAL ASSETS  27,079,644 27,404,206
CURRENT LIABILITIES:    
Accounts payable 913,350 977,845
Accrued expenses and other current liabilities 477,994 529,926
Accrued income taxes 4,871 87,526
Current portion of operating lease liabilities 57,948 59,335
Current portion of long-term debt 216,855 16,821
Current portion of non-recourse notes payable 581,018 526,518
TOTAL CURRENT LIABILITIES  2,252,036 2,197,971
Long-term debt, excluding current portion 1,369,764 1,570,296
Non-recourse notes payable, excluding current portion 16,447,623 16,567,044
Operating lease liabilities, excluding current portion 463,844 481,963
Other liabilities 345,855 343,944
TOTAL LIABILITIES  20,879,122 21,161,218
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:    
Common stock, $0.50 par value; 350,000,000 shares authorized; 147,673,338 and 153,319,678 shares issued and outstanding as of August 31, 2025 and February 28, 2025, respectively 73,837 76,660
Capital in excess of par value 1,873,377 1,891,012
Accumulated other comprehensive (loss) income (21,306) 3,080
Retained earnings 4,274,614 4,272,236
TOTAL SHAREHOLDERS’ EQUITY  6,200,522 6,242,988
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $ 27,079,644 $ 27,404,206
v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Aug. 31, 2025
Feb. 28, 2025
Statement of Financial Position [Abstract]    
Financing Receivable, Allowance for Credit Loss $ 507,286 $ 458,730
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment $ 2,138,883 $ 2,014,563
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 147,673,338 153,319,678
Common stock, shares outstanding 147,673,338 153,319,678
v3.25.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
OPERATING ACTIVITIES:    
Net earnings $ 305,759 $ 285,249
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 163,715 141,964
Share-based compensation expense 71,255 82,703
Provision for Loan, Lease, and Other Losses 243,904 193,798
Provision for cancellation reserves 41,897 49,302
Deferred income tax provision (benefit) 42,424 (11,789)
Other 1,393 2,039
Net decrease (increase) in:    
Accounts receivable, net 15,177 (6,959)
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, Reconciliation to Cash Flow, Period Increase (Decrease) (921,928) 0
Inventory 785,052 280,324
Other current assets 6,331 111,438
Auto loans held for investment, net 612,649 (595,543)
Other assets (13,889) (9,486)
Net (decrease) increase in:    
Accounts payable, accrued expenses and other current liabilities and accrued income taxes (230,470) 23,474
Other liabilities (38,232) (45,100)
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation 1,085,037 501,414
INVESTING ACTIVITIES:    
Capital expenditures (268,204) (213,123)
Proceeds from disposal of property and equipment 348 130
Purchases of investments (5,765) (3,091)
Sales and returns of investments 1,155 621
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation (272,466) (215,463)
FINANCING ACTIVITIES:    
Proceeds from issuances of long-term debt 87,000 0
Payments on long-term debt (94,955) (306,274)
Cash paid for debt issuance costs (13,279) (12,985)
Payments on finance lease obligations (7,105) (9,056)
Issuances of non-recourse notes payable 6,848,169 6,971,000
Payments on non-recourse notes payable (6,911,012) (6,742,743)
Repurchase and retirement of common stock (384,873) (213,305)
Equity issuances 8,349 30,296
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation (467,706) (283,067)
Increase in cash, cash equivalents, and restricted cash 344,865 2,884
Cash, cash equivalents, and restricted cash at beginning of year 960,310 1,250,410
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 1,305,175 1,253,294
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 540,374 524,667
Restricted cash from collections on auto loans held for investment 618,792 572,630
Restricted cash included in other assets 146,009 155,997
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 1,305,175 $ 1,253,294
v3.25.2
Consolidated Statements of Shareholders' Equity Statement - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
BALANCE, SHARES at Feb. 29, 2024   157,612,000      
BALANCE at Feb. 29, 2024 $ 6,073,740 $ 78,806 $ 1,808,746 $ 4,126,909 $ 59,279
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 152,440     152,440  
Other Comprehensive Income (Loss), Net of Tax 2,399       2,399
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 36,708   36,708    
Stock Repurchased and Retired During Period, Shares   (1,446,000)      
Stock Repurchased and Retired During Period, Value (104,889) $ (723) (17,615) (86,551)  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period   138,000      
Stock Issued During Period, Value, Stock Options Exercised 8,209 $ 69 8,140    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   49,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture (1,737) $ 24 (1,761)    
BALANCE, SHARES at May. 31, 2024   156,353,000      
BALANCE at May. 31, 2024 6,166,870 $ 78,176 1,834,218 4,192,798 61,678
BALANCE, SHARES at Feb. 29, 2024   157,612,000      
BALANCE at Feb. 29, 2024 6,073,740 $ 78,806 1,808,746 4,126,909 59,279
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 285,249        
Other Comprehensive Income (Loss), Net of Tax (50,222)        
BALANCE, SHARES at Aug. 31, 2024   155,332,000      
BALANCE at Aug. 31, 2024 6,179,609 $ 77,666 1,856,385 4,236,501 9,057
BALANCE, SHARES at May. 31, 2024   156,353,000      
BALANCE at May. 31, 2024 6,166,870 $ 78,176 1,834,218 4,192,798 61,678
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 132,809     132,809  
Other Comprehensive Income (Loss), Net of Tax (52,621)       (52,621)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 17,328   17,328    
Stock Repurchased and Retired During Period, Shares   (1,376,000)      
Stock Repurchased and Retired During Period, Value (106,853) $ (688) (17,059) (89,106)  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period   347,000      
Stock Issued During Period, Value, Stock Options Exercised 22,087 $ 173 21,914    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   8,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture (11) $ 5 (16)    
BALANCE, SHARES at Aug. 31, 2024   155,332,000      
BALANCE at Aug. 31, 2024 $ 6,179,609 $ 77,666 1,856,385 4,236,501 9,057
BALANCE, SHARES at Feb. 28, 2025 153,319,678 153,320,000      
BALANCE at Feb. 28, 2025 $ 6,242,988 $ 76,660 1,891,012 4,272,236 3,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 210,381     210,381  
Other Comprehensive Income (Loss), Net of Tax (11,326)       (11,326)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 41,114   41,114    
Stock Repurchased and Retired During Period, Shares   (2,952,000)      
Stock Repurchased and Retired During Period, Value (201,653) $ (1,476) (38,421) (161,756)  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period   132,000      
Stock Issued During Period, Value, Stock Options Exercised 8,329 $ 66 8,263    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   82,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture (2,924) $ 41 (2,965)    
BALANCE, SHARES at May. 31, 2025   150,582,000      
BALANCE at May. 31, 2025 $ 6,286,909 $ 75,291 1,899,003 4,320,861 (8,246)
BALANCE, SHARES at Feb. 28, 2025 153,319,678 153,320,000      
BALANCE at Feb. 28, 2025 $ 6,242,988 $ 76,660 1,891,012 4,272,236 3,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 305,759        
Other Comprehensive Income (Loss), Net of Tax $ (24,386)        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (132,000)        
BALANCE, SHARES at Aug. 31, 2025 147,673,338 147,673,000      
BALANCE at Aug. 31, 2025 $ 6,200,522 $ 73,837 1,873,377 4,274,614 (21,306)
BALANCE, SHARES at May. 31, 2025   150,582,000      
BALANCE at May. 31, 2025 6,286,909 $ 75,291 1,899,003 4,320,861 (8,246)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 95,378     95,378  
Other Comprehensive Income (Loss), Net of Tax (13,060)       (13,060)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 13,214   13,214    
Stock Repurchased and Retired During Period, Shares   (2,921,000)      
Stock Repurchased and Retired During Period, Value (181,858) $ (1,460) (38,773) (141,625)  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period   0      
Stock Issued During Period, Value, Stock Options Exercised 20 $ 0 20    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   12,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture $ (81) $ 6 (87)    
BALANCE, SHARES at Aug. 31, 2025 147,673,338 147,673,000      
BALANCE at Aug. 31, 2025 $ 6,200,522 $ 73,837 $ 1,873,377 $ 4,274,614 $ (21,306)
v3.25.2
Supplemental Cash Flow Information
 6 Months Ended
Aug. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] Supplemental Cash Flow Information
Supplemental disclosures of cash flow information:
Six Months Ended August 31
(In thousands)20252024
Non-cash investing and financing activities:  
Increase in accrued capital expenditures$8,228 $816 
Increase in financing obligations$6,836 $— 

See Note 13 for supplemental cash flow information related to leases.
Cash Flow, Supplemental Disclosures [Text Block]
Six Months Ended August 31
(In thousands)20252024
Non-cash investing and financing activities:  
Increase in accrued capital expenditures$8,228 $816 
Increase in financing obligations$6,836 $— 
v3.25.2
Supplemental Cash Flow Information Supplemental Cash Flow Information
 6 Months Ended
Aug. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Cash Flow, Supplemental Disclosures [Text Block]
Six Months Ended August 31
(In thousands)20252024
Non-cash investing and financing activities:  
Increase in accrued capital expenditures$8,228 $816 
Increase in financing obligations$6,836 $— 
v3.25.2
Supplemental Cash Flow Information Supplemental Cash Flow Information - USD ($)
$ in Thousands
 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Supplemental Cash Flow Elements [Abstract]    
Increase in accrued capital expenditures $ 8,228 $ 816
Increase in financing obligations $ 6,836 $ 0
v3.25.2
Background
 6 Months Ended
Aug. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Description and Accounting Policies [Text Block] Background
Business. CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest retailer of used vehicles.  We operate in two reportable segments:  CarMax Sales Operations and CarMax Auto Finance (“CAF”).  Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF.  Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax.
The company operates in two operating segments, CarMax Sales Operations and CAF, both of which are reportable segments. The chief executive officer, who serves as the company’s chief operating decision maker (“CODM”), reviews the performance of our CarMax Sales Operations segment at the gross profit level, the components of which are presented within the consolidated statements of earnings. The CODM uses gross profit to assess financial performance, monitor forecasted versus actual results and adjust pricing strategy. The required segment information related to our CAF segment is presented in Note 3. Additionally, asset information by segment is not utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented.
We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process.  Our omni-channel experience provides a common platform across all of CarMax that leverages our scale, nationwide footprint and infrastructure and empowers our customers to buy a vehicle on their terms, whether online, in-store or through a seamless combination of both. Our associates, stores, technology and digital capabilities seamlessly tied together enable us to provide the most customer-centric car buying and selling experience, a key differentiator in a very large and fragmented market. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers and dealers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); advertising and subscription services; and vehicle repair service.  Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site or virtual wholesale auctions.
Basis of Presentation and Use of Estimates. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.  These interim unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented.  The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year.  
The accounting policies followed in the presentation of our interim financial results are consistent with those included in the company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2025 (the “2025 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2025 Annual Report.
The preparation of financial statements in conformity with U.S. 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.
Recent Accounting Pronouncements.
Effective in Future Periods
In July 2025, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2025-05) related to credit losses for accounts receivable and contract assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is
permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2026, and we do not expect it to have a material effect on our consolidated financial statements.
In September 2025, the FASB issued an accounting pronouncement (ASU 2025-06) related to accounting for internal-use software costs. The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. This update is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2028. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.
v3.25.2
Revenue
 6 Months Ended
Aug. 31, 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
Three Months Ended August 31Six Months Ended August 31
(In millions)2025202420252024
Used vehicle sales$5,270.7 $5,677.1 $11,374.2 $11,354.6 
Wholesale vehicle sales1,149.6 1,154.5 2,402.3 2,410.9 
Other sales and revenues:
Extended protection plan revenues115.1 121.4 246.8 240.2 
Third-party finance (fees)/income, net(0.8)1.4 (1.5)(0.2)
Advertising & subscription revenues (1)
37.9 34.3 74.4 69.0 
Service revenues19.2 21.7 38.6 44.4 
Other3.0 3.2 6.5 8.1 
Total other sales and revenues174.4 182.0 364.8 361.5 
Total net sales and operating revenues$6,594.7 $7,013.5 $14,141.2 $14,126.9 

(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 15 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 7 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 August 31, 2025 and February 28, 2025, no current or long-term contract asset was recognized related to cumulative profit-sharing payments to which we expect to be entitled. The estimate of the amount to which we expect to be entitled is reassessed each reporting period and any changes are reflected in other sales and revenues on our consolidated statements of earnings and other assets on our consolidated balance sheets.
Third-Party Finance (Fees)/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.
v3.25.2
CarMax Auto Finance
 6 Months Ended
Aug. 31, 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 its auto loans, including trends in credit losses and delinquencies, and CAF direct expenses.  The CODM reviews CAF income to assess CAF’s performance and make operating decisions, including resource allocations.
We typically use securitizations or other funding arrangements to fund loans originated by CAF.  Certain pools of loans may be sold in such a way that CAF relinquishes all, or nearly all, of its continuing financial interests in the loans. We classify these loans as held for sale when we have both the intent and ability to sell the loans in an off-balance sheet transaction. Auto loans held for sale include amounts due from customers related to retail vehicles financed through CAF and are assessed on an aggregate basis to determine the lower of amortized cost or fair value. The fair value of the auto loans held for sale is determined using a discounted cash flow model that utilizes various assumptions based on the company's historical experience and current market factors. If the amortized cost exceeds the fair value, a valuation allowance is recorded. No valuation allowance is recorded as of August 31, 2025. See Note 6 for discussion of fair values of financial instruments.
CAF income primarily reflects the interest and fee income generated by auto loans held for investment and auto loans held for sale less the interest expense associated with the debt issued to fund these loans, a provision for estimated loan losses on auto loans held for investment 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 held for investment, which are disclosed in Note 4, and auto loans held for sale, CAF assets are not separately reported nor do we allocate assets to CAF because such allocation would not be useful to management in making operating decisions.
Components of CAF Income
Three Months Ended August 31Six Months Ended August 31
(In millions)2025202420252024
Interest margin:
Interest and fee income$489.8 $464.5 $975.2 $917.0 
Interest expense(199.2)(193.7)(396.7)(376.0)
Total interest margin290.6 270.8 578.5 541.0 
Provision for loan losses(142.2)(112.6)(243.9)(193.8)
Total interest margin after provision for loan losses148.4 158.2 334.6 347.2 
Direct expenses:
Payroll and fringe benefit expense(20.5)(19.0)(40.5)(37.6)
Depreciation and amortization(4.4)(4.3)(8.7)(8.5)
Other direct expenses(20.9)(19.3)(41.1)(38.5)
Total direct expenses(45.8)(42.6)(90.3)(84.6)
CarMax Auto Finance income$102.6 $115.6 $244.3 $262.6 
v3.25.2
Auto Loans Held for Investment
 6 Months Ended
Aug. 31, 2025
Receivables [Abstract]  
Auto Loan Receivables Auto Loans Held for Investment
Auto loans held for investment include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for estimated loan losses.  These auto loans represent a large group of smaller-balance homogeneous loans, which we consider to be part of one class of financing receivable and one portfolio segment for purposes of determining our allowance for loan losses. We generally use warehouse facilities to fund auto loans held for investment originated by CAF until we elect to fund them through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement.  We recognize transfers of auto loans held for investment into the warehouse facilities and asset-backed term funding transactions (together, “non-recourse funding vehicles”) as secured borrowings, which result in recording the auto loans held for investment and the related non-recourse notes payable on our consolidated balance sheets. The majority of the auto loans held for investment serve as collateral for the related non-recourse notes payable of $17.06 billion as of August 31, 2025, and $17.12 billion as of February 28, 2025. See Note 9 for additional information on securitizations and non-recourse notes payable.
Interest income and expenses related to auto loans held for investment are included in CAF income.  Interest income on auto loans held for investment is recognized when earned based on contractual loan terms.  All loans continue to accrue interest until repayment or charge-off.  When a charge-off occurs, accrued interest is written off by reversing interest income. Due to the timely write-off of accrued interest, we have made the election to exclude accrued interest from our allowance for loan losses. Direct costs associated with loan originations are not considered material, and thus, are expensed as incurred.  See Note 3 for additional information on CAF income.
Auto Loans Held for Investment, Net
 As of August 31As of February 28
(In millions)20252025
Auto loans held for investment$16,779.7 $17,594.6 
Accrued interest and fees101.5 96.1 
Other12.3 10.8 
Less: allowance for loan losses(507.3)(458.7)
Auto loans held for investment, net$16,386.2 $17,242.8 

Credit Quality.  When customers apply for financing, CAF’s proprietary scoring models utilize the customers’ credit history and certain application information to evaluate and rank their risk.  We obtain credit histories and other credit data that includes information such as number, age, type of and payment history for prior or existing credit accounts.  The application information
that is used includes income, collateral value and down payment.  The scoring models yield credit grades that represent the relative likelihood of repayment.  Customers with the highest probability of repayment are A-grade customers. Customers assigned a lower grade are determined to have a lower probability of repayment.  For loans that are approved, the credit grade influences the terms of the agreement, such as the required loan-to-value ratio and interest rate. After origination, credit grades are generally not updated.
CAF uses a combination of the initial credit grades and historical performance to monitor the credit quality of the auto loans held for investment on an ongoing basis.  We validate the accuracy of the scoring models periodically.  Loan performance is reviewed on a recurring basis to identify whether the assigned grades adequately reflect the customers’ likelihood of repayment.
Auto Loans Held for Investment by Major Credit Grade
As of August 31, 2025
Fiscal Year of Origination (1)
(In millions)20262025202420232022Prior to 2022Total
% (2)
Tier 1:
A$2,333.0 $3,349.7 $2,047.4 $1,244.6 $590.6 $126.8 $9,692.1 57.7 
B885.4 1,481.2 1,340.8 906.8 522.2 143.5 5,279.9 31.5 
C and other243.3 291.3 224.6 251.7 172.2 74.1 1,257.2 7.5 
Total Tier 13,461.7 5,122.2 3,612.8 2,403.1 1,285.0 344.4 16,229.2 96.7 
Tier 2 and Tier 3:
C and other89.1 210.0 136.8 82.6 25.7 6.3 550.5 3.3 
Total auto loans held for investment$3,550.8 $5,332.2 $3,749.6 $2,485.7 $1,310.7 $350.7 $16,779.7 100.0 
Gross charge-offs$2.9 $75.0 $94.8 $80.9 $42.0 $14.8 $310.4 

As of February 28, 2025
Fiscal Year of Origination (1)
(In millions)20252024202320222021Prior to 2021Total
% (2)
Tier 1:
A$4,132.0 $2,607.9 $1,673.9 $894.1 $243.9 $48.9 $9,600.7 54.5 
B2,041.1 1,664.0 1,163.0 746.4 244.9 69.7 5,929.1 33.7 
C and other422.1 277.0 324.5 242.5 99.4 35.0 1,400.5 8.0 
Total Tier 16,595.2 4,548.9 3,161.4 1,883.0 588.2 153.6 16,930.3 96.2 
Tier 2 and Tier 3:
C and other311.9 177.1 116.9 46.3 5.4 6.7 664.3 3.8 
Total auto loans held for investment$6,907.1 $4,726.0 $3,278.3 $1,929.3 $593.6 $160.3 $17,594.6 100.0 
Gross charge-offs$44.7 $193.2 $196.2 $107.2 $30.3 $17.6 $589.2 

(1)    Classified based on credit grade assigned when customers were initially approved for financing.
(2)    Percent of total auto loans held for investment.
Allowance for Loan Losses.  The allowance for loan losses at August 31, 2025 represents the net credit losses expected over the remaining contractual life of our auto loans held for investment. The allowance for loan losses is determined using a net loss timing curve method (“method”), primarily based on the composition of the portfolio of auto loans held for investment and historical gross loss and recovery trends. Due to the fact that losses for loans with less than 18 months of performance history can be volatile, our net loss estimate weights both historical losses by credit grade at origination and actual loss data on the loans to-date, along with forward loss curves, in estimating future performance. Once the loans have 18 months of performance history, the net loss estimate reflects actual loss experience of those loans to-date, along with forward loss curves, to predict future performance. The forward loss curves are constructed using historical performance data and show the average timing of losses over the course of a loan’s life. The net loss estimate is calculated by applying the loss rates developed using the methods described above to the amortized cost basis of the auto loans held for investment at inception of the loan.
The output of the method is adjusted to take into account reasonable and supportable forecasts about the future. Specifically, the change in U.S. unemployment rates and the 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

Three Months Ended August 31, 2025
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$395.8 $78.4 $474.2 2.76 
Transfer of auto loans to held for sale (2) (5)
(11.2)(4.5)(15.7)
Charge-offs(141.3)(27.4)(168.7)
Recoveries (3)
51.4 8.2 59.6 
Provision for loan losses (4) (5)
128.5 29.4 157.9 
Balance as of end of period$423.2 $84.1 $507.3 3.02 

Three Months Ended August 31, 2024
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$396.6 $96.5 $493.1 2.79 
Charge-offs(131.1)(32.7)(163.8)
Recoveries (3)
52.1 6.8 58.9 
Provision for loan losses99.7 12.9 112.6 
Balance as of end of period$417.3 $83.5 $500.8 2.82 

Six Months Ended August 31, 2025
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$378.1 $80.6 $458.7 2.61 
Transfer of auto loans to held for sale (2) (5)
(30.3)(11.9)(42.2)
Charge-offs(261.5)(48.9)(310.4)
Recoveries (3)
100.2 14.9 115.1 
Provision for loan losses (4) (5)
236.7 49.4 286.1 
Balance as of end of period$423.2 $84.1 $507.3 3.02 
Six Months Ended August 31, 2024
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$389.7 $93.1 $482.8 2.78 
Charge-offs(244.1)(52.8)(296.9)
Recoveries (3)
106.0 15.1 121.1 
Provision for loan losses165.7 28.1 193.8 
Balance as of end of period$417.3 $83.5 $500.8 2.82 

(1)    Percent of total auto loans held for investment.
(2)    Represents release of allowance previously recognized on auto loans held for sale.
(3)    Net of costs incurred to recover vehicle.
(4)    Represents the provision for loan losses on auto loans held for investment.
(5)    Combined total amounts of $142.2 million and $243.9 million represent the net provision for loan losses recognized as part of CAF income for the three and six months ended August 31, 2025.
During the first six months of fiscal 2026, the allowance for loan losses as a percent of total auto loans held for investment increased by 41 basis points. The increase was primarily driven by unfavorable loan loss performance, particularly within loans originated in 2022 and 2023, when average selling prices were elevated and these customers were later challenged by the inflationary environment. This impact was partially offset by the release of the allowance previously recognized on auto loans held for sale. The allowance for loan losses as of August 31, 2025 reflects our best estimate of expected future losses based on recent trends in delinquencies, loss performance, recovery rates and the economic environment.
Past Due Loans. An account is considered delinquent when the related customer fails to make a substantial portion of a scheduled payment on or before the due date. In general, accounts are charged-off on the last business day of the month during which the earliest of the following occurs: the loan is 120 days or more delinquent as of the last business day of the month, the related vehicle is repossessed and liquidated, or the loan is otherwise deemed uncollectable. For purposes of determining impairment, auto loans are evaluated collectively, as they represent a large group of smaller-balance homogeneous loans, and therefore, are not individually evaluated for impairment.
Past Due Loans
As of August 31, 2025
Tier 1Tier 2 & Tier 3Total
(In millions)ABC & OtherTotalC & Other$
% (1)
Current$9,633.3 $4,789.4 $997.5 $15,420.2 $415.4 $15,835.6 94.37 
Delinquent loans:
31-60 days past due36.7 286.9 137.3 460.9 69.3 530.2 3.16 
61-90 days past due16.7 164.3 103.0 284.0 54.6 338.6 2.02 
Greater than 90 days past due5.4 39.3 19.4 64.1 11.2 75.3 0.45 
Total past due58.8 490.5 259.7 809.0 135.1 944.1 5.63 
Total auto loans held for investment$9,692.1 $5,279.9 $1,257.2 $16,229.2 $550.5 $16,779.7 100.00 
As of February 28, 2025
Tier 1Tier 2 & Tier 3Total
(In millions)ABC & OtherTotalC & Other$
% (1)
Current$9,543.3 $5,491.5 $1,164.7 $16,199.5 $541.2 $16,740.7 95.15 
Delinquent loans:
31-60 days past due36.7 276.0 139.3 452.0 71.9 523.9 2.98 
61-90 days past due14.8 127.3 79.6 221.7 41.2 262.9 1.49 
Greater than 90 days past due5.9 34.3 16.9 57.1 10.0 67.1 0.38 
Total past due57.4 437.6 235.8 730.8 123.1 853.9 4.85 
Total auto loans held for investment$9,600.7 $5,929.1 $1,400.5 $16,930.3 $664.3 $17,594.6 100.00 

(1)    Percent of total auto loans held for investment.
v3.25.2
Derivative Instruments And Hedging Activities
 6 Months Ended
Aug. 31, 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 held for investment, and (ii) exposure to variable interest rates associated with our term loan.
For the derivatives associated with our non-recourse funding vehicles that are designated as cash flow hedges, the changes in fair value are initially recorded in accumulated other comprehensive (loss) income (“AOCL”).  For the majority of these derivatives, the amounts are subsequently reclassified into CAF income in the period that the hedged forecasted transaction affects earnings, which occurs as interest expense is recognized on those future issuances of debt. During the next 12 months, we estimate that an additional $20.3 million will be reclassified from AOCL as an increase to CAF income. Changes in fair value related to derivatives that have not been designated as cash flow hedges for accounting purposes are recognized in the income statement in the period in which the change occurs. For the three months ended August 31, 2025 and 2024, we recognized expense of $0.5 million and $4.6 million, respectively, in CAF income representing these changes in fair value. For the six months ended August 31, 2025 and 2024, we recognized expense of $1.6 million and $7.7 million, respectively, in CAF income representing these changes in fair value.
As of August 31, 2025 and February 28, 2025, we had interest rate swaps outstanding with a combined notional amount of $4.31 billion and $3.76 billion, respectively, that were designated as cash flow hedges of interest rate risk. As of August 31, 2025, we had no interest rate swaps outstanding that were not designated as cash flow hedges for accounting purposes. As of February 28, 2025, we had interest rate swaps with a combined notional amount of $181.0 million outstanding that were not designated as cash flow hedges for accounting purposes.
See Note 6 for discussion of fair values of financial instruments and Note 12 for the effect on comprehensive income.
v3.25.2
Fair Value Measurements
 6 Months Ended
Aug. 31, 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 held for investment and other assets.  They consist of highly liquid investments with original maturities of three months or less and are classified as Level 1. 
Mutual Fund Investments.  Mutual fund investments consist of publicly traded mutual funds that primarily include diversified equity investments in large-, mid- and small-cap domestic and international companies or investment grade debt securities.  The investments, which are included in other assets, are held in a rabbi trust established to fund informally our executive deferred compensation plan and are classified as Level 1.
Derivative Instruments.  The fair values of our derivative instruments are included in either other current assets, other assets, accounts payable or other liabilities.  Our derivatives are not exchange-traded and are over-the-counter customized derivative instruments.  All of our derivative exposures are with highly rated bank counterparties.
We measure derivative fair values assuming that the unit of account is an individual derivative instrument and that derivatives are sold or transferred on a stand-alone basis.  We estimate the fair value of our derivatives using quotes determined by the derivative counterparties and third-party valuation services.  Quotes from third-party valuation services and quotes received from bank counterparties project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates and the contractual terms of the derivative instruments.  The models do not require significant judgment and model inputs can typically be observed in a liquid market; however, because the models include inputs other than quoted prices in active markets, all derivatives are classified as Level 2. 
Our derivative fair value measurements consider assumptions about counterparty and our own nonperformance risk.  We monitor counterparty and our own nonperformance risk and, in the event that we determine that a party is unlikely to perform under terms of the contract, we would adjust the derivative fair value to reflect the nonperformance risk.
Items Measured at Fair Value on a Recurring Basis
 As of August 31, 2025
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$1,186,946 $— $1,186,946 
Mutual fund investments31,906 — 31,906 
Derivative instruments designated as hedges— 734 734 
Total assets at fair value$1,218,852 $734 $1,219,586 
Percent of total assets at fair value99.9  %0.1 %100.0 %
Percent of total assets4.5  %— %4.5 %
Liabilities:   
Derivative instruments designated as hedges$— $(11,899)$(11,899)
Total liabilities at fair value$— $(11,899)$(11,899)
Percent of total liabilities—  %0.1 %0.1 %
 As of February 28, 2025
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$842,691 $— $842,691 
Mutual fund investments27,495 — 27,495 
Derivative instruments designated as hedges— 10,813 10,813 
Derivative instruments not designated as hedges— 1,576 1,576 
Total assets at fair value$870,186 $12,389 $882,575 
Percent of total assets at fair value98.6  %1.4  %100.0  %
Percent of total assets3.2  %—  %3.2  %
Liabilities:   
Derivative instruments designated as hedges$— $(8,728)$(8,728)
Total liabilities at fair value$— $(8,728)$(8,728)
Percent of total liabilities—  %— %— %

Fair Value of Financial Instruments
The carrying value of our cash and cash equivalents, accounts receivable, other restricted cash deposits and accounts payable approximates fair value due to the short-term nature and/or variable rates associated with these financial instruments. Auto loans held for investment are presented net of an allowance for estimated loan losses, which we believe approximates fair value. We believe that the carrying value of our revolving credit facility and term loan approximates fair value due to the variable rates associated with these obligations.
The fair value of our auto loans held for sale, which are not carried at fair value on our consolidated balance sheets, was determined using Level 2 inputs from the company’s recent term securitization transactions and other available market data. The carrying value and fair value of the auto loans held for sale as of August 31, 2025 and February 28, 2025, respectively, are as follows:
(In thousands)As of August 31, 2025As of February 28, 2025
Carrying value$921,928 $— 
Fair value$959,724 $— 
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 August 31, 2025 and February 28, 2025, respectively, are as follows:
(In thousands)As of August 31, 2025As of February 28, 2025
Carrying value$400,000 $400,000 
Fair value$395,202 $390,201 
v3.25.2
Cancellation Reserves
 6 Months Ended
Aug. 31, 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
 Three Months Ended August 31Six Months Ended August 31
(In millions)2025202420252024
Balance as of beginning of period$138.7 $131.3 $133.9 $128.3 
Cancellations(19.9)(22.6)(39.9)(43.9)
Provision for future cancellations17.1 25.0 41.9 49.3 
Balance as of end of period$135.9 $133.7 $135.9 $133.7 
 
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 August 31, 2025 and February 28, 2025, the current portion of cancellation reserves was $72.3 million and $69.8 million, respectively.
v3.25.2
Income Taxes
 6 Months Ended
Aug. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We had $20.6 million of gross unrecognized tax benefits as of August 31, 2025, and $18.0 million as of February 28, 2025.  There were no significant changes to the gross unrecognized tax benefits as reported for the fiscal year ended February 28, 2025.
On July 4, 2025, federal legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes provisions that make 100% bonus depreciation permanent, allows for the expensing of domestic research costs and modifies the business interest expense limitation calculation. These changes were incorporated into our income tax provision for the six months ended August 31, 2025, resulting in an increase in our deferred tax expense, offset by a corresponding decrease in our current tax expense. We do not expect the OBBBA to have a material impact on our fiscal 2026 effective tax rate.
v3.25.2
Debt
 6 Months Ended
Aug. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
(In thousands)As of August 31As of February 28
Debt Description (1)
Maturity Date20252025
Revolving credit facility (2)
June 2028$— $— 
Term loan (2)
October 2026699,843 699,773 
4.17% Senior notesApril 2026200,000 200,000 
4.27% Senior notesApril 2028200,000 200,000 
Financing obligationsVarious dates through February 2059487,023 487,676 
Non-recourse notes payableVarious dates through June 203217,056,916 17,119,758 
Total debt18,643,782 18,707,207 
Less: current portion(797,873)(543,339)
Less: unamortized debt issuance costs(28,522)(26,528)
Long-term debt, net$17,817,387 $18,137,340 

(1)    Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually.
(2)    Borrowings accrue interest at variable rates based on SOFR, the federal funds rate, or the prime rate, depending on the type of borrowing.

Revolving Credit Facility. Borrowings under our $2.00 billion unsecured revolving credit facility (the “credit facility”) are available for working capital and general corporate purposes.  We pay a commitment fee on the unused portions of the available funds. Borrowings under the credit facility are either due “on demand” or at maturity depending on the type of
borrowing.  Borrowings with “on demand” repayment terms are presented as short-term debt while amounts due at maturity are presented as long-term debt.  As of August 31, 2025, the unused capacity of $2.00 billion was fully available to us.
Term Loan. Borrowings under the $700 million term loan are available for working capital and general corporate purposes. The interest rate on our term loan was 5.36% as of August 31, 2025. The term loan was classified as long-term debt as no repayments are scheduled to be made within the next 12 months.
Senior Notes. Borrowings under our unsecured senior notes totaling $400 million are available for working capital and general corporate purposes. The 4.17% senior notes mature in April 2026 and were therefore classified as current as of August 31, 2025. The 4.27% senior notes were classified as long-term debt as no repayments are scheduled to be made within the next 12 months.
Financing Obligations.  Financing obligations relate to stores subject to sale-leaseback transactions that do not qualify for sale accounting.  The financing obligations were structured at varying interest rates and generally have initial lease terms ranging from 15 to 20 years with payments made monthly.  We have not entered into any new sale-leaseback transactions since fiscal 2009. In the event the agreements are modified or extended beyond their original term, the related obligation is adjusted based on the present value of the revised future payments, with a corresponding change to the assets subject to these transactions. Upon modification, the amortization of the obligation is reset, resulting in more of the payments being applied to interest expense in the initial years following the modification.  
Non-Recourse Notes Payable.  The non-recourse notes payable relate to auto loans held for investment and auto loans held for sale funded through non-recourse funding vehicles.  The timing of principal payments on the non-recourse notes payable is based on the timing of principal collections and defaults on the related auto loans. The current portion of non-recourse notes payable represents principal payments that are due to be distributed in the following period. 
Notes payable related to our asset-backed term funding transactions accrue interest predominantly at fixed rates and have scheduled maturities through June 2032, but may mature earlier, depending upon the repayment rate of the underlying auto loans.
Information on our funding vehicles of non-recourse notes payable as of August 31, 2025 are as follows:
(In billions)Capacity
Warehouse facilities:
September 2025 expiration$2.30 
March 2026 expiration3.10 
May 2026 expiration0.70 
Combined warehouse facility limit$6.10 
Unused capacity$2.53 
Non-recourse notes payable outstanding:
Warehouse facilities$3.57 
Asset-backed term funding transactions13.49 
Non-recourse notes payable$17.06 

We generally enter into warehouse facility agreements for one-year terms and typically renew the agreements annually. In September 2025, the $2.30 billion facility was increased to $2.55 billion and extended with an expiration date of September 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.
See Note 4 for additional information on the related auto loans held for investment.
Capitalized Interest.  We capitalize interest in connection with the construction of certain facilities.  For the six months ended August 31, 2025 and 2024, we capitalized interest of $6.8 million and $3.1 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 August 31, 2025, we were in compliance with these financial covenants and our non-recourse funding vehicles were in compliance with these performance triggers.
v3.25.2
Stock and Stock-Based Incentive Plans
 6 Months Ended
Aug. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans
(A)Share Repurchase Program
As of August 31, 2025, a total of $2.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.56 billion remained available for repurchase.
Common Stock Repurchases
 Three Months EndedSix Months Ended
 August 31August 31
 2025202420252024
Number of shares repurchased (in thousands)
2,921.0 1,376.7 5,873.4 2,822.4 
Average cost per share$61.63 $77.04 $64.66 $74.41 
Available for repurchase, as of end of period (in millions)
$1,557.1 $2,150.1 $1,557.1 $2,150.1 

(B)Share-Based Compensation
Composition of Share-Based Compensation Expense
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands)2025202420252024
Cost of sales$1,222 $1,639 $1,869 $2,648 
CarMax Auto Finance income1,146 1,449 2,556 2,134 
Selling, general and administrative expenses22,445 32,133 68,047 79,234 
Share-based compensation expense, before income taxes$24,813 $35,221 $72,472 $84,016 

Composition of Share-Based Compensation Expense – By Grant Type
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands)2025202420252024
Nonqualified stock options$6,930 $9,174 $26,874 $28,118 
Cash-settled restricted stock units (RSUs)11,060 17,277 16,927 28,667 
Stock-settled market stock units (MSUs)4,338 4,187 13,769 11,767 
Other share-based incentives:
Stock-settled performance stock units (PSUs)281 2,117 12,020 12,301 
Stock-settled deferred stock units (DSUs)1,665 1,850 1,665 1,850 
Employee stock purchase plan539 616 1,217 1,313 
Total other share-based incentives2,485 4,583 $14,902 $15,464 
Share-based compensation expense, before income taxes$24,813 $35,221 $72,472 $84,016 
(C)Stock Incentive Plan Information
Share/Unit Activity
Six Months Ended August 31, 2025
Equity ClassifiedLiability Classified
(Shares/units in thousands)OptionsMSUsOtherRSUs
Outstanding as of February 28, 20257,309 525 411 1,524 
Granted1,446 248 278 976 
Exercised or vested and converted(132)(124)(64)(701)
Cancelled(15)— — (65)
Outstanding as of August 31, 20258,608 649 625 1,734 
Weighted average grant date fair value per share/unit:
Granted$26.23 $91.98 $66.09 $65.52 
Ending outstanding$28.26 $95.36 $70.92 $66.79 
As of August 31, 2025
Unrecognized compensation (in millions)
$43.1 $24.8 $7.4 
v3.25.2
Net Earnings Per Share
 6 Months Ended
Aug. 31, 2025
Earnings Per Share [Abstract]  
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 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.
Basic and Dilutive Net Earnings Per Share Reconciliations
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands except per share data)2025202420252024
Net earnings$95,378 $132,809 $305,759 $285,249 
Weighted average common shares outstanding149,291 155,866 150,714 156,513 
Dilutive potential common shares:
Stock options— 349 13 316 
Stock-settled stock units and awards346 311 395 287 
Weighted average common shares and dilutive potential common shares149,637 156,526 151,122 157,116 
Basic net earnings per share$0.64 $0.85 $2.03 $1.82 
Diluted net earnings per share$0.64 $0.85 $2.02 $1.82 
 
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 the three months ended August 31, 2025 and 2024, options to purchase 8,610,659 shares and 5,083,556 shares of common stock, respectively, were not included. For the six months ended August 31, 2025 and 2024, options to purchase 8,133,984 shares and 5,133,763 shares of common stock, respectively, were not included.
v3.25.2
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Aug. 31, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive (Loss) Income
Changes in Accumulated Other Comprehensive (Loss) Income By Component
   Total
 NetNetAccumulated
 UnrecognizedUnrecognizedOther
 ActuarialHedgeComprehensive
(In thousands, net of income taxes)LossesGains(Loss) Income
Balance as of February 28, 2025$(36,008)$39,088 $3,080 
Other comprehensive loss before reclassifications— (9,625)(9,625)
Amounts reclassified from accumulated other comprehensive (loss) income152 (14,913)(14,761)
Other comprehensive income (loss)152 (24,538)(24,386)
Balance as of August 31, 2025$(35,856)$14,550 $(21,306)
 
Changes In and Reclassifications Out of Accumulated Other Comprehensive (Loss) Income
 Three Months Ended August 31Six Months Ended August 31
(In thousands)2025202420252024
Retirement Benefit Plans:
Actuarial loss amortization reclassifications recognized in net pension expense:
Cost of sales$43 $49 $87 $99 
CarMax Auto Finance income3 3 7 7 
Selling, general and administrative expenses53 58 105 115 
Total amortization reclassifications recognized in net pension expense99 110 199 221 
Tax expense(23)(25)(47)(52)
Amortization reclassifications recognized in net pension expense, net of tax76 85 152 169 
Net change in retirement benefit plan unrecognized actuarial losses, net of tax76 85 152 169 
Cash Flow Hedges (Note 5):  
Changes in fair value(8,117)(55,748)(12,711)(38,239)
Tax benefit1,971 13,639 3,086 9,411 
Changes in fair value, net of tax(6,146)(42,109)(9,625)(28,828)
Reclassifications to CarMax Auto Finance income(9,231)(14,010)(19,695)(28,508)
Tax benefit2,241 3,413 4,782 6,945 
Reclassification of hedge gains, net of tax(6,990)(10,597)(14,913)(21,563)
Net change in cash flow hedge unrecognized gains, net of tax(13,136)(52,706)(24,538)(50,391)
Total other comprehensive loss, net of tax$(13,060)$(52,621)$(24,386)$(50,222)
 
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 (loss) income. The cumulative balances are net of deferred taxes of $6.3 million as of August 31, 2025 and $1.5 million as of February 28, 2025.
v3.25.2
Leases (Notes)
 6 Months Ended
Aug. 31, 2025
Leases [Abstract]  
Leases of Lessee Disclosure [Text Block] Leases
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 9.
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.
The components of lease expense were as follows:
Three Months Ended August 31Six Months Ended August 31
(In thousands)2025202420252024
Operating lease cost (1)
$24,436 $22,873 $48,870 $46,101 
Finance lease cost:
Depreciation of lease assets4,623 2,976 9,224 6,798 
Interest on lease liabilities6,207 6,920 12,499 13,591 
Total finance lease cost10,830 9,896 21,723 20,389 
Total lease cost$35,266 $32,769 $70,593 $66,490 

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

Supplemental balance sheet information related to leases was as follows:
As of August 31As of February 28
(In thousands)Classification20252025
Assets:
Operating lease assetsOperating lease assets$476,367 $493,355 
Finance lease assets
Property and equipment, net (1)
152,483 160,535 
Total lease assets$628,850 $653,890 
Liabilities:
Current:
Operating leasesCurrent portion of operating lease liabilities$57,948 $59,335 
Finance leasesAccrued expenses and other current liabilities16,533 15,015 
Long-term:
Operating leasesOperating lease liabilities, excluding current portion463,844 481,963 
Finance leasesOther liabilities182,101 189,216 
Total lease liabilities$720,426 $745,529 

(1)    Finance lease assets are recorded net of accumulated depreciation of $76.9 million as of August 31, 2025 and $67.6 million as of February 28, 2025.
Lease term and discount rate information related to leases was as follows:
As of August 31As of February 28
Lease Term and Discount Rate20252025
Weighted Average Remaining Lease Term (in years)
Operating leases15.5115.49
Finance leases14.1314.31
Weighted Average Discount Rate
Operating leases5.28 %5.21 %
Finance leases16.67 %16.78 %

Supplemental cash flow information related to leases was as follows:
Six Months Ended August 31
(In thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$51,869 $47,610 
Operating cash flows from finance leases$12,162 $12,642 
Financing cash flows from finance leases$7,105 $9,056 
Lease assets obtained in exchange for lease obligations:
Operating leases$10,709 $4,189 
Finance leases$1,171 $24,497 

Maturities of lease liabilities were as follows:
As of August 31, 2025
(In thousands)Operating Leases Finance Leases
Fiscal 2026, remaining$42,273 $19,717 
Fiscal 202781,142 40,040 
Fiscal 202876,744 35,908 
Fiscal 202954,913 35,645 
Fiscal 203045,075 28,563 
Thereafter505,508 252,863 
Total lease payments805,655 412,736 
Less: interest(283,863)(214,102)
Present value of lease liabilities$521,792 $198,634 
v3.25.2
Contingent Liabilities
 6 Months Ended
Aug. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingent Liabilities Contingent Liabilities
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.
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 $30.3 million as of August 31, 2025, and $28.8 million as of February 28, 2025, and is included in accrued expenses and other current liabilities.
v3.25.2
Subsequent Events
 6 Months Ended
Aug. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Event
On September 24, 2025, we executed a non-prime securitization transaction. The structure of the transaction resulted in CarMax recognizing the sale of approximately $930 million of auto loans, inclusive of accrued interest, in exchange for consideration in the form of cash and beneficial interests. The beneficial interests represent the 5% interest in the rated notes and residual certificate that we retained as the sponsor of the transaction. CarMax expects to recognize a gain on sale of approximately $25 million to $30 million from the transaction, net of transaction expenses, in the third quarter of fiscal 2026. Subsequent to this transaction, the sold auto loans will no longer be recognized on the CarMax consolidated balance sheets. As servicer, CAF will continue to be responsible for managing collections and performing other servicing activities for the sold auto loans and will earn servicing income as compensation for these activities.
v3.25.2
Background Basis of Accounting (Policies)
 6 Months Ended
Aug. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background
Business. CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest retailer of used vehicles.  We operate in two reportable segments:  CarMax Sales Operations and CarMax Auto Finance (“CAF”).  Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF.  Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax.
The company operates in two operating segments, CarMax Sales Operations and CAF, both of which are reportable segments. The chief executive officer, who serves as the company’s chief operating decision maker (“CODM”), reviews the performance of our CarMax Sales Operations segment at the gross profit level, the components of which are presented within the consolidated statements of earnings. The CODM uses gross profit to assess financial performance, monitor forecasted versus actual results and adjust pricing strategy. The required segment information related to our CAF segment is presented in Note 3. Additionally, asset information by segment is not utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented.
We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process.  Our omni-channel experience provides a common platform across all of CarMax that leverages our scale, nationwide footprint and infrastructure and empowers our customers to buy a vehicle on their terms, whether online, in-store or through a seamless combination of both. Our associates, stores, technology and digital capabilities seamlessly tied together enable us to provide the most customer-centric car buying and selling experience, a key differentiator in a very large and fragmented market. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers and dealers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); advertising and subscription services; and vehicle repair service.  Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site or virtual wholesale auctions.
Basis of Presentation
Basis of Presentation and Use of Estimates. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.  These interim unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented.  The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year.  
The accounting policies followed in the presentation of our interim financial results are consistent with those included in the company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2025 (the “2025 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2025 Annual Report.
Use of Estimates
The preparation of financial statements in conformity with U.S. 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.
Recent Accounting Pronouncements
Recent Accounting Pronouncements.
Effective in Future Periods
In July 2025, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2025-05) related to credit losses for accounts receivable and contract assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is
permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2026, and we do not expect it to have a material effect on our consolidated financial statements.
In September 2025, the FASB issued an accounting pronouncement (ASU 2025-06) related to accounting for internal-use software costs. The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. This update is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2028. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.
v3.25.2
Revenue (Tables)
 6 Months Ended
Aug. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Disaggregation of Revenue
Three Months Ended August 31Six Months Ended August 31
(In millions)2025202420252024
Used vehicle sales$5,270.7 $5,677.1 $11,374.2 $11,354.6 
Wholesale vehicle sales1,149.6 1,154.5 2,402.3 2,410.9 
Other sales and revenues:
Extended protection plan revenues115.1 121.4 246.8 240.2 
Third-party finance (fees)/income, net(0.8)1.4 (1.5)(0.2)
Advertising & subscription revenues (1)
37.9 34.3 74.4 69.0 
Service revenues19.2 21.7 38.6 44.4 
Other3.0 3.2 6.5 8.1 
Total other sales and revenues174.4 182.0 364.8 361.5 
Total net sales and operating revenues$6,594.7 $7,013.5 $14,141.2 $14,126.9 

(1)    Excludes intercompany sales and operating revenues that have been eliminated in consolidation.
v3.25.2
CarMax Auto Finance (Tables)
 6 Months Ended
Aug. 31, 2025
CarMax Auto Finance Income [Abstract]  
Components Of CarMax Auto Finance Income
Components of CAF Income
Three Months Ended August 31Six Months Ended August 31
(In millions)2025202420252024
Interest margin:
Interest and fee income$489.8 $464.5 $975.2 $917.0 
Interest expense(199.2)(193.7)(396.7)(376.0)
Total interest margin290.6 270.8 578.5 541.0 
Provision for loan losses(142.2)(112.6)(243.9)(193.8)
Total interest margin after provision for loan losses148.4 158.2 334.6 347.2 
Direct expenses:
Payroll and fringe benefit expense(20.5)(19.0)(40.5)(37.6)
Depreciation and amortization(4.4)(4.3)(8.7)(8.5)
Other direct expenses(20.9)(19.3)(41.1)(38.5)
Total direct expenses(45.8)(42.6)(90.3)(84.6)
CarMax Auto Finance income$102.6 $115.6 $244.3 $262.6 
v3.25.2
Auto Loans Held for Investment (Tables)
 6 Months Ended
Aug. 31, 2025
Receivables [Abstract]  
Auto Loans Held for Investment, Net
Auto Loans Held for Investment, Net
 As of August 31As of February 28
(In millions)20252025
Auto loans held for investment$16,779.7 $17,594.6 
Accrued interest and fees101.5 96.1 
Other12.3 10.8 
Less: allowance for loan losses(507.3)(458.7)
Auto loans held for investment, net$16,386.2 $17,242.8 
Auto Loans Receivable By Major Credit Grade
Auto Loans Held for Investment by Major Credit Grade
As of August 31, 2025
Fiscal Year of Origination (1)
(In millions)20262025202420232022Prior to 2022Total
% (2)
Tier 1:
A$2,333.0 $3,349.7 $2,047.4 $1,244.6 $590.6 $126.8 $9,692.1 57.7 
B885.4 1,481.2 1,340.8 906.8 522.2 143.5 5,279.9 31.5 
C and other243.3 291.3 224.6 251.7 172.2 74.1 1,257.2 7.5 
Total Tier 13,461.7 5,122.2 3,612.8 2,403.1 1,285.0 344.4 16,229.2 96.7 
Tier 2 and Tier 3:
C and other89.1 210.0 136.8 82.6 25.7 6.3 550.5 3.3 
Total auto loans held for investment$3,550.8 $5,332.2 $3,749.6 $2,485.7 $1,310.7 $350.7 $16,779.7 100.0 
Gross charge-offs$2.9 $75.0 $94.8 $80.9 $42.0 $14.8 $310.4 

As of February 28, 2025
Fiscal Year of Origination (1)
(In millions)20252024202320222021Prior to 2021Total
% (2)
Tier 1:
A$4,132.0 $2,607.9 $1,673.9 $894.1 $243.9 $48.9 $9,600.7 54.5 
B2,041.1 1,664.0 1,163.0 746.4 244.9 69.7 5,929.1 33.7 
C and other422.1 277.0 324.5 242.5 99.4 35.0 1,400.5 8.0 
Total Tier 16,595.2 4,548.9 3,161.4 1,883.0 588.2 153.6 16,930.3 96.2 
Tier 2 and Tier 3:
C and other311.9 177.1 116.9 46.3 5.4 6.7 664.3 3.8 
Total auto loans held for investment$6,907.1 $4,726.0 $3,278.3 $1,929.3 $593.6 $160.3 $17,594.6 100.0 
Gross charge-offs$44.7 $193.2 $196.2 $107.2 $30.3 $17.6 $589.2 

(1)    Classified based on credit grade assigned when customers were initially approved for financing.
(2)    Percent of total auto loans held for investment.
Allowance For Loan Losses
Allowance for Loan Losses

Three Months Ended August 31, 2025
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$395.8 $78.4 $474.2 2.76 
Transfer of auto loans to held for sale (2) (5)
(11.2)(4.5)(15.7)
Charge-offs(141.3)(27.4)(168.7)
Recoveries (3)
51.4 8.2 59.6 
Provision for loan losses (4) (5)
128.5 29.4 157.9 
Balance as of end of period$423.2 $84.1 $507.3 3.02 

Three Months Ended August 31, 2024
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$396.6 $96.5 $493.1 2.79 
Charge-offs(131.1)(32.7)(163.8)
Recoveries (3)
52.1 6.8 58.9 
Provision for loan losses99.7 12.9 112.6 
Balance as of end of period$417.3 $83.5 $500.8 2.82 

Six Months Ended August 31, 2025
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$378.1 $80.6 $458.7 2.61 
Transfer of auto loans to held for sale (2) (5)
(30.3)(11.9)(42.2)
Charge-offs(261.5)(48.9)(310.4)
Recoveries (3)
100.2 14.9 115.1 
Provision for loan losses (4) (5)
236.7 49.4 286.1 
Balance as of end of period$423.2 $84.1 $507.3 3.02 
Six Months Ended August 31, 2024
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$389.7 $93.1 $482.8 2.78 
Charge-offs(244.1)(52.8)(296.9)
Recoveries (3)
106.0 15.1 121.1 
Provision for loan losses165.7 28.1 193.8 
Balance as of end of period$417.3 $83.5 $500.8 2.82 

(1)    Percent of total auto loans held for investment.
(2)    Represents release of allowance previously recognized on auto loans held for sale.
(3)    Net of costs incurred to recover vehicle.
(4)    Represents the provision for loan losses on auto loans held for investment.
(5)    Combined total amounts of $142.2 million and $243.9 million represent the net provision for loan losses recognized as part of CAF income for the three and six months ended August 31, 2025.
Past Due
Past Due Loans
As of August 31, 2025
Tier 1Tier 2 & Tier 3Total
(In millions)ABC & OtherTotalC & Other$
% (1)
Current$9,633.3 $4,789.4 $997.5 $15,420.2 $415.4 $15,835.6 94.37 
Delinquent loans:
31-60 days past due36.7 286.9 137.3 460.9 69.3 530.2 3.16 
61-90 days past due16.7 164.3 103.0 284.0 54.6 338.6 2.02 
Greater than 90 days past due5.4 39.3 19.4 64.1 11.2 75.3 0.45 
Total past due58.8 490.5 259.7 809.0 135.1 944.1 5.63 
Total auto loans held for investment$9,692.1 $5,279.9 $1,257.2 $16,229.2 $550.5 $16,779.7 100.00 
As of February 28, 2025
Tier 1Tier 2 & Tier 3Total
(In millions)ABC & OtherTotalC & Other$
% (1)
Current$9,543.3 $5,491.5 $1,164.7 $16,199.5 $541.2 $16,740.7 95.15 
Delinquent loans:
31-60 days past due36.7 276.0 139.3 452.0 71.9 523.9 2.98 
61-90 days past due14.8 127.3 79.6 221.7 41.2 262.9 1.49 
Greater than 90 days past due5.9 34.3 16.9 57.1 10.0 67.1 0.38 
Total past due57.4 437.6 235.8 730.8 123.1 853.9 4.85 
Total auto loans held for investment$9,600.7 $5,929.1 $1,400.5 $16,930.3 $664.3 $17,594.6 100.00 

(1)    Percent of total auto loans held for investment.
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Aug. 31, 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 August 31, 2025
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$1,186,946 $— $1,186,946 
Mutual fund investments31,906 — 31,906 
Derivative instruments designated as hedges— 734 734 
Total assets at fair value$1,218,852 $734 $1,219,586 
Percent of total assets at fair value99.9  %0.1 %100.0 %
Percent of total assets4.5  %— %4.5 %
Liabilities:   
Derivative instruments designated as hedges$— $(11,899)$(11,899)
Total liabilities at fair value$— $(11,899)$(11,899)
Percent of total liabilities—  %0.1 %0.1 %
 As of February 28, 2025
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$842,691 $— $842,691 
Mutual fund investments27,495 — 27,495 
Derivative instruments designated as hedges— 10,813 10,813 
Derivative instruments not designated as hedges— 1,576 1,576 
Total assets at fair value$870,186 $12,389 $882,575 
Percent of total assets at fair value98.6  %1.4  %100.0  %
Percent of total assets3.2  %—  %3.2  %
Liabilities:   
Derivative instruments designated as hedges$— $(8,728)$(8,728)
Total liabilities at fair value$— $(8,728)$(8,728)
Percent of total liabilities—  %— %— %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
(In thousands)As of August 31, 2025As of February 28, 2025
Carrying value$400,000 $400,000 
Fair value$395,202 $390,201 
Schedule of the fair value of auto loans held for sale
(In thousands)As of August 31, 2025As of February 28, 2025
Carrying value$921,928 $— 
Fair value$959,724 $— 
v3.25.2
Cancellation Reserves (Tables)
 6 Months Ended
Aug. 31, 2025
Cancellation Reserves [Abstract]  
Schedule Of Cancellation Reserves Accrual
Cancellation Reserves
 Three Months Ended August 31Six Months Ended August 31
(In millions)2025202420252024
Balance as of beginning of period$138.7 $131.3 $133.9 $128.3 
Cancellations(19.9)(22.6)(39.9)(43.9)
Provision for future cancellations17.1 25.0 41.9 49.3 
Balance as of end of period$135.9 $133.7 $135.9 $133.7 
v3.25.2
Debt (Tables)
 6 Months Ended
Aug. 31, 2025
Debt Disclosure [Abstract]  
Schedule Of Debt
(In thousands)As of August 31As of February 28
Debt Description (1)
Maturity Date20252025
Revolving credit facility (2)
June 2028$— $— 
Term loan (2)
October 2026699,843 699,773 
4.17% Senior notesApril 2026200,000 200,000 
4.27% Senior notesApril 2028200,000 200,000 
Financing obligationsVarious dates through February 2059487,023 487,676 
Non-recourse notes payableVarious dates through June 203217,056,916 17,119,758 
Total debt18,643,782 18,707,207 
Less: current portion(797,873)(543,339)
Less: unamortized debt issuance costs(28,522)(26,528)
Long-term debt, net$17,817,387 $18,137,340 

(1)    Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually.
(2)    Borrowings accrue interest at variable rates based on SOFR, the federal funds rate, or the prime rate, depending on the type of borrowing.
Schedule of Funding Vehicles [Table Text Block]
(In billions)Capacity
Warehouse facilities:
September 2025 expiration$2.30 
March 2026 expiration3.10 
May 2026 expiration0.70 
Combined warehouse facility limit$6.10 
Unused capacity$2.53 
Non-recourse notes payable outstanding:
Warehouse facilities$3.57 
Asset-backed term funding transactions13.49 
Non-recourse notes payable$17.06 
v3.25.2
Stock and Stock-Based Incentive Plans (Tables)
 6 Months Ended
Aug. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Common Stock Repurchases
Common Stock Repurchases
 Three Months EndedSix Months Ended
 August 31August 31
 2025202420252024
Number of shares repurchased (in thousands)
2,921.0 1,376.7 5,873.4 2,822.4 
Average cost per share$61.63 $77.04 $64.66 $74.41 
Available for repurchase, as of end of period (in millions)
$1,557.1 $2,150.1 $1,557.1 $2,150.1 
Composition of Share-Based Compensation Expense
Composition of Share-Based Compensation Expense
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands)2025202420252024
Cost of sales$1,222 $1,639 $1,869 $2,648 
CarMax Auto Finance income1,146 1,449 2,556 2,134 
Selling, general and administrative expenses22,445 32,133 68,047 79,234 
Share-based compensation expense, before income taxes$24,813 $35,221 $72,472 $84,016 
Composition Of Share-Based Compensation Expense - By Grant Type
Composition of Share-Based Compensation Expense – By Grant Type
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands)2025202420252024
Nonqualified stock options$6,930 $9,174 $26,874 $28,118 
Cash-settled restricted stock units (RSUs)11,060 17,277 16,927 28,667 
Stock-settled market stock units (MSUs)4,338 4,187 13,769 11,767 
Other share-based incentives:
Stock-settled performance stock units (PSUs)281 2,117 12,020 12,301 
Stock-settled deferred stock units (DSUs)1,665 1,850 1,665 1,850 
Employee stock purchase plan539 616 1,217 1,313 
Total other share-based incentives2,485 4,583 $14,902 $15,464 
Share-based compensation expense, before income taxes$24,813 $35,221 $72,472 $84,016 
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award Stock Incentive Plan Information
Share/Unit Activity
Six Months Ended August 31, 2025
Equity ClassifiedLiability Classified
(Shares/units in thousands)OptionsMSUsOtherRSUs
Outstanding as of February 28, 20257,309 525 411 1,524 
Granted1,446 248 278 976 
Exercised or vested and converted(132)(124)(64)(701)
Cancelled(15)— — (65)
Outstanding as of August 31, 20258,608 649 625 1,734 
Weighted average grant date fair value per share/unit:
Granted$26.23 $91.98 $66.09 $65.52 
Ending outstanding$28.26 $95.36 $70.92 $66.79 
As of August 31, 2025
Unrecognized compensation (in millions)
$43.1 $24.8 $7.4 
v3.25.2
Net Earnings Per Share (Tables)
 6 Months Ended
Aug. 31, 2025
Earnings Per Share [Abstract]  
Basic And Dilutive Net Earnings Per Share Reconciliations
Basic and Dilutive Net Earnings Per Share Reconciliations
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands except per share data)2025202420252024
Net earnings$95,378 $132,809 $305,759 $285,249 
Weighted average common shares outstanding149,291 155,866 150,714 156,513 
Dilutive potential common shares:
Stock options— 349 13 316 
Stock-settled stock units and awards346 311 395 287 
Weighted average common shares and dilutive potential common shares149,637 156,526 151,122 157,116 
Basic net earnings per share$0.64 $0.85 $2.03 $1.82 
Diluted net earnings per share$0.64 $0.85 $2.02 $1.82 
v3.25.2
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Aug. 31, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Changes In Accumulated Other Comprehensive Loss By Component
Changes in Accumulated Other Comprehensive (Loss) Income By Component
   Total
 NetNetAccumulated
 UnrecognizedUnrecognizedOther
 ActuarialHedgeComprehensive
(In thousands, net of income taxes)LossesGains(Loss) Income
Balance as of February 28, 2025$(36,008)$39,088 $3,080 
Other comprehensive loss before reclassifications— (9,625)(9,625)
Amounts reclassified from accumulated other comprehensive (loss) income152 (14,913)(14,761)
Other comprehensive income (loss)152 (24,538)(24,386)
Balance as of August 31, 2025$(35,856)$14,550 $(21,306)
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss
Changes In and Reclassifications Out of Accumulated Other Comprehensive (Loss) Income
 Three Months Ended August 31Six Months Ended August 31
(In thousands)2025202420252024
Retirement Benefit Plans:
Actuarial loss amortization reclassifications recognized in net pension expense:
Cost of sales$43 $49 $87 $99 
CarMax Auto Finance income3 3 7 7 
Selling, general and administrative expenses53 58 105 115 
Total amortization reclassifications recognized in net pension expense99 110 199 221 
Tax expense(23)(25)(47)(52)
Amortization reclassifications recognized in net pension expense, net of tax76 85 152 169 
Net change in retirement benefit plan unrecognized actuarial losses, net of tax76 85 152 169 
Cash Flow Hedges (Note 5):  
Changes in fair value(8,117)(55,748)(12,711)(38,239)
Tax benefit1,971 13,639 3,086 9,411 
Changes in fair value, net of tax(6,146)(42,109)(9,625)(28,828)
Reclassifications to CarMax Auto Finance income(9,231)(14,010)(19,695)(28,508)
Tax benefit2,241 3,413 4,782 6,945 
Reclassification of hedge gains, net of tax(6,990)(10,597)(14,913)(21,563)
Net change in cash flow hedge unrecognized gains, net of tax(13,136)(52,706)(24,538)(50,391)
Total other comprehensive loss, net of tax$(13,060)$(52,621)$(24,386)$(50,222)
v3.25.2
Leases (Tables)
 6 Months Ended
Aug. 31, 2025
Leases [Abstract]  
Lease, Cost [Table Text Block]
Three Months Ended August 31Six Months Ended August 31
(In thousands)2025202420252024
Operating lease cost (1)
$24,436 $22,873 $48,870 $46,101 
Finance lease cost:
Depreciation of lease assets4,623 2,976 9,224 6,798 
Interest on lease liabilities6,207 6,920 12,499 13,591 
Total finance lease cost10,830 9,896 21,723 20,389 
Total lease cost$35,266 $32,769 $70,593 $66,490 

(1)    Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]
As of August 31As of February 28
(In thousands)Classification20252025
Assets:
Operating lease assetsOperating lease assets$476,367 $493,355 
Finance lease assets
Property and equipment, net (1)
152,483 160,535 
Total lease assets$628,850 $653,890 
Liabilities:
Current:
Operating leasesCurrent portion of operating lease liabilities$57,948 $59,335 
Finance leasesAccrued expenses and other current liabilities16,533 15,015 
Long-term:
Operating leasesOperating lease liabilities, excluding current portion463,844 481,963 
Finance leasesOther liabilities182,101 189,216 
Total lease liabilities$720,426 $745,529 

(1)    Finance lease assets are recorded net of accumulated depreciation of $76.9 million as of August 31, 2025 and $67.6 million as of February 28, 2025.
Other Lease Disclosures [Table Text Block]
As of August 31As of February 28
Lease Term and Discount Rate20252025
Weighted Average Remaining Lease Term (in years)
Operating leases15.5115.49
Finance leases14.1314.31
Weighted Average Discount Rate
Operating leases5.28 %5.21 %
Finance leases16.67 %16.78 %
Six Months Ended August 31
(In thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$51,869 $47,610 
Operating cash flows from finance leases$12,162 $12,642 
Financing cash flows from finance leases$7,105 $9,056 
Lease assets obtained in exchange for lease obligations:
Operating leases$10,709 $4,189 
Finance leases$1,171 $24,497 
Schedule Of Future Minimum Lease Obligations [Table Text Block]
As of August 31, 2025
(In thousands)Operating Leases Finance Leases
Fiscal 2026, remaining$42,273 $19,717 
Fiscal 202781,142 40,040 
Fiscal 202876,744 35,908 
Fiscal 202954,913 35,645 
Fiscal 203045,075 28,563 
Thereafter505,508 252,863 
Total lease payments805,655 412,736 
Less: interest(283,863)(214,102)
Present value of lease liabilities$521,792 $198,634 
v3.25.2
Background (Narrative) (Details)
 6 Months Ended
Aug. 31, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reportable segments 2
v3.25.2
Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 6,594.7 $ 7,013.5 $ 14,141.2 $ 14,126.9
Used vehicle sales        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 5,270.7 5,677.1 11,374.2 11,354.6
Wholesale vehicle sales        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 1,149.6 1,154.5 2,402.3 2,410.9
Extended protection plan revenues        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 115.1 121.4 246.8 240.2
Third-party finance (fees)/income, net        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax (0.8) 1.4 (1.5) (0.2)
Advertising & subscription revenues [Domain]        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 37.9 34.3 74.4 69.0
Service revenues        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 19.2 21.7 38.6 44.4
Other        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 3.0 3.2 6.5 8.1
Total other sales and revenues        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 174.4 $ 182.0 $ 364.8 $ 361.5
v3.25.2
CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Auto Finance Income [Line Items]        
Interest and fee income $ 489,800 $ 464,500 $ 975,200 $ 917,000
Interest expense (199,200) (193,700) (396,700) (376,000)
Total interest margin 290,600 270,800 578,500 541,000
Provision for loan losses (142,200) (112,600) (243,904) (193,798)
Total interest margin after provision for loan losses 148,400 158,200 334,600 347,200
Payroll and fringe benefit expense (20,500) (19,000) (40,500) (37,600)
Other Depreciation and Amortization (4,400) (4,300) (8,700) (8,500)
Other direct expenses (20,900) (19,300) (41,100) (38,500)
Total direct expenses (45,800) (42,600) (90,300) (84,600)
CarMax Auto Finance income $ 102,638 $ 115,580 $ 244,288 $ 262,550
v3.25.2
Auto Loans Held for Investment, Net (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
May 31, 2025
Feb. 28, 2025
Aug. 31, 2024
May 31, 2024
Feb. 29, 2024
Non-recourse Notes Payable $ 17,056,916   $ 17,119,758      
Financing Receivable, before Allowance for Credit Loss 16,779,700   17,594,600      
Interest Receivable 101,500   96,100      
Other 12,300   10,800      
Financing Receivable, Allowance for Credit Loss 507,286 $ 474,200 458,730 $ 500,800 $ 493,100 $ 482,800
Financing Receivable, after Allowance for Credit Loss $ 16,386,236   $ 17,242,789      
v3.25.2
Auto Loans Held for Investment (By Major Credit Grade) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Feb. 28, 2025
Financing Receivable, By Major Credit Grade [Line Items]          
Financing Receivable, Originated in Current Fiscal Year $ 3,550.8   $ 3,550.8   $ 6,907.1
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 5,332.2   5,332.2   4,726.0
Financing Receivable, Originated Two Years before Latest Fiscal Year 3,749.6   3,749.6   3,278.3
Financing Receivable, Originated Three Years before Latest Fiscal Year 2,485.7   2,485.7   1,929.3
Financing Receivable, Originated Four Years before Latest Fiscal Year 1,310.7   1,310.7   593.6
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 350.7   350.7   160.3
Financing Receivable, before Allowance for Credit Loss $ 16,779.7   $ 16,779.7   $ 17,594.6
Total ending managed receivables as percentage by major credit grade 100.00%   100.00%   100.00%
Financing Receivable, Allowance for Credit Loss, Writeoff $ 168.7 $ 163.8 $ 310.4 $ 296.9 $ 589.2
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff     94.8   196.2
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff     75.0   193.2
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff     80.9   107.2
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff     42.0   30.3
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff     14.8   17.6
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff     2.9   44.7
Tier 1          
Financing Receivable, By Major Credit Grade [Line Items]          
Financing Receivable, Originated in Current Fiscal Year 3,461.7   3,461.7   6,595.2
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 5,122.2   5,122.2   4,548.9
Financing Receivable, Originated Two Years before Latest Fiscal Year 3,612.8   3,612.8   3,161.4
Financing Receivable, Originated Three Years before Latest Fiscal Year 2,403.1   2,403.1   1,883.0
Financing Receivable, Originated Four Years before Latest Fiscal Year 1,285.0   1,285.0   588.2
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 344.4   344.4   153.6
Financing Receivable, before Allowance for Credit Loss $ 16,229.2   $ 16,229.2   $ 16,930.3
Total ending managed receivables as percentage by major credit grade 96.70%   96.70%   96.20%
Financing Receivable, Allowance for Credit Loss, Writeoff $ 141.3 131.1 $ 261.5 244.1  
Tier 2 & Tier 3          
Financing Receivable, By Major Credit Grade [Line Items]          
Financing Receivable, Allowance for Credit Loss, Writeoff 27.4 $ 32.7 48.9 $ 52.8  
Credit Grade A | Tier 1          
Financing Receivable, By Major Credit Grade [Line Items]          
Financing Receivable, Originated in Current Fiscal Year 2,333.0   2,333.0   $ 4,132.0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 3,349.7   3,349.7   2,607.9
Financing Receivable, Originated Two Years before Latest Fiscal Year 2,047.4   2,047.4   1,673.9
Financing Receivable, Originated Three Years before Latest Fiscal Year 1,244.6   1,244.6   894.1
Financing Receivable, Originated Four Years before Latest Fiscal Year 590.6   590.6   243.9
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 126.8   126.8   48.9
Financing Receivable, before Allowance for Credit Loss $ 9,692.1   $ 9,692.1   $ 9,600.7
Total ending managed receivables as percentage by major credit grade 57.70%   57.70%   54.50%
Credit Grade B | Tier 1          
Financing Receivable, By Major Credit Grade [Line Items]          
Financing Receivable, Originated in Current Fiscal Year $ 885.4   $ 885.4   $ 2,041.1
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 1,481.2   1,481.2   1,664.0
Financing Receivable, Originated Two Years before Latest Fiscal Year 1,340.8   1,340.8   1,163.0
Financing Receivable, Originated Three Years before Latest Fiscal Year 906.8   906.8   746.4
Financing Receivable, Originated Four Years before Latest Fiscal Year 522.2   522.2   244.9
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 143.5   143.5   69.7
Financing Receivable, before Allowance for Credit Loss $ 5,279.9   $ 5,279.9   $ 5,929.1
Total ending managed receivables as percentage by major credit grade 31.50%   31.50%   33.70%
Credit Grade C And Other | Tier 1          
Financing Receivable, By Major Credit Grade [Line Items]          
Financing Receivable, Originated in Current Fiscal Year $ 243.3   $ 243.3   $ 422.1
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 291.3   291.3   277.0
Financing Receivable, Originated Two Years before Latest Fiscal Year 224.6   224.6   324.5
Financing Receivable, Originated Three Years before Latest Fiscal Year 251.7   251.7   242.5
Financing Receivable, Originated Four Years before Latest Fiscal Year 172.2   172.2   99.4
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 74.1   74.1   35.0
Financing Receivable, before Allowance for Credit Loss $ 1,257.2   $ 1,257.2   $ 1,400.5
Total ending managed receivables as percentage by major credit grade 7.50%   7.50%   8.00%
Credit Grade C And Other | Tier 2 & Tier 3          
Financing Receivable, By Major Credit Grade [Line Items]          
Financing Receivable, Originated in Current Fiscal Year $ 89.1   $ 89.1   $ 311.9
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 210.0   210.0   177.1
Financing Receivable, Originated Two Years before Latest Fiscal Year 136.8   136.8   116.9
Financing Receivable, Originated Three Years before Latest Fiscal Year 82.6   82.6   46.3
Financing Receivable, Originated Four Years before Latest Fiscal Year 25.7   25.7   5.4
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 6.3   6.3   6.7
Financing Receivable, before Allowance for Credit Loss $ 550.5   $ 550.5   $ 664.3
Total ending managed receivables as percentage by major credit grade 3.30%   3.30%   3.80%
v3.25.2
Auto Loans Held for Investment (Allowance for Loan Losses) (Details) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Feb. 28, 2025
May 31, 2025
May 31, 2024
Feb. 29, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]                
Financing Receivable, Allowance for Credit Loss $ 507,286,000 $ 500,800,000 $ 507,286,000 $ 500,800,000 $ 458,730,000 $ 474,200,000 $ 493,100,000 $ 482,800,000
Financing Receivable, Allowance for Credit Loss, Writeoff (168,700,000) (163,800,000) (310,400,000) (296,900,000) $ (589,200,000)      
Financing Receivable, Allowance for Credit Loss, Recovery 59,600,000 58,900,000 115,100,000 121,100,000        
Provision for Loan, Lease, and Other Losses 142,200,000 112,600,000 243,904,000 193,798,000        
Item As Percent Of Total Ending Managed Receivables, Period Increase (Decrease)     41          
Revenue from Contract with Customer, Excluding Assessed Tax 6,594,700,000 $ 7,013,500,000 14,141,200,000 $ 14,126,900,000        
Transfer of auto loans held for sale                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Provision for Loan, Lease, and Other Losses (15,700,000)   (42,200,000)          
Auto loans held for investment                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Provision for Loan, Lease, and Other Losses $ 157,900,000   $ 286,100,000          
Allowance For Loan Losses, percent                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Item as percent of total ending managed receivables 3.02% 2.82% 3.02% 2.82% 2.61% 2.76% 2.79% 2.78%
Tier 1                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Financing Receivable, Allowance for Credit Loss $ 423,200,000 $ 417,300,000 $ 423,200,000 $ 417,300,000 $ 378,100,000 $ 395,800,000 $ 396,600,000 $ 389,700,000
Financing Receivable, Allowance for Credit Loss, Writeoff (141,300,000) (131,100,000) (261,500,000) (244,100,000)        
Financing Receivable, Allowance for Credit Loss, Recovery 51,400,000 52,100,000 100,200,000 106,000,000.0        
Provision for Loan, Lease, and Other Losses   99,700,000   165,700,000        
Tier 1 | Transfer of auto loans held for sale                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Provision for Loan, Lease, and Other Losses (11,200,000)   (30,300,000)          
Tier 1 | Auto loans held for investment                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Provision for Loan, Lease, and Other Losses 128,500,000   236,700,000          
Tier 2 & Tier 3                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Financing Receivable, Allowance for Credit Loss 84,100,000 83,500,000 84,100,000 83,500,000 $ 80,600,000 $ 78,400,000 $ 96,500,000 $ 93,100,000
Financing Receivable, Allowance for Credit Loss, Writeoff (27,400,000) (32,700,000) (48,900,000) (52,800,000)        
Financing Receivable, Allowance for Credit Loss, Recovery 8,200,000 6,800,000 14,900,000 15,100,000        
Provision for Loan, Lease, and Other Losses   $ 12,900,000   $ 28,100,000        
Tier 2 & Tier 3 | Transfer of auto loans held for sale                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Provision for Loan, Lease, and Other Losses (4,500,000)   (11,900,000)          
Tier 2 & Tier 3 | Auto loans held for investment                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Provision for Loan, Lease, and Other Losses $ 29,400,000   $ 49,400,000          
v3.25.2
Auto Loans Held for Investment (Past Due Receivables) (Details) - USD ($)
$ in Millions
Aug. 31, 2025
Feb. 28, 2025
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Current $ 15,835.6 $ 16,740.7
Past due receivables as a percentage of total auto loans held for investment 5.63% 4.85%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 944.1 $ 853.9
Financing Receivable, before Allowance for Credit Loss $ 16,779.7 $ 17,594.6
Item As A Percent Of Total Auto Loans Held for Investment 100.00% 100.00%
One to Thirty Days Past Due    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total auto loans held for investment 94.37% 95.15%
Thirty One To Sixty Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total auto loans held for investment 3.16% 2.98%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 530.2 $ 523.9
Sixty One To Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total auto loans held for investment 2.02% 1.49%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 338.6 $ 262.9
Greater Than Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total auto loans held for investment 0.45% 0.38%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 75.3 $ 67.1
Tier 1    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Current 15,420.2 16,199.5
Financing Receivable, before Allowance for Credit Loss, Noncurrent 809.0 730.8
Financing Receivable, before Allowance for Credit Loss 16,229.2 16,930.3
Tier 1 | Thirty One To Sixty Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 460.9 452.0
Tier 1 | Sixty One To Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 284.0 221.7
Tier 1 | Greater Than Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 64.1 57.1
Tier 1 | Credit Grade A    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Current 9,633.3 9,543.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent 58.8 57.4
Financing Receivable, before Allowance for Credit Loss 9,692.1 9,600.7
Tier 1 | Credit Grade A | Thirty One To Sixty Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 36.7 36.7
Tier 1 | Credit Grade A | Sixty One To Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 16.7 14.8
Tier 1 | Credit Grade A | Greater Than Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 5.4 5.9
Tier 1 | Credit Grade B    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Current 4,789.4 5,491.5
Financing Receivable, before Allowance for Credit Loss, Noncurrent 490.5 437.6
Financing Receivable, before Allowance for Credit Loss 5,279.9 5,929.1
Tier 1 | Credit Grade B | Thirty One To Sixty Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 286.9 276.0
Tier 1 | Credit Grade B | Sixty One To Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 164.3 127.3
Tier 1 | Credit Grade B | Greater Than Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 39.3 34.3
Tier 1 | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Current 997.5 1,164.7
Financing Receivable, before Allowance for Credit Loss, Noncurrent 259.7 235.8
Financing Receivable, before Allowance for Credit Loss 1,257.2 1,400.5
Tier 1 | Credit Grade C And Other | Thirty One To Sixty Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 137.3 139.3
Tier 1 | Credit Grade C And Other | Sixty One To Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 103.0 79.6
Tier 1 | Credit Grade C And Other | Greater Than Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 19.4 16.9
Tier 2 & Tier 3 | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Current 415.4 541.2
Financing Receivable, before Allowance for Credit Loss, Noncurrent 135.1 123.1
Financing Receivable, before Allowance for Credit Loss 550.5 664.3
Tier 2 & Tier 3 | Credit Grade C And Other | Thirty One To Sixty Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 69.3 71.9
Tier 2 & Tier 3 | Credit Grade C And Other | Sixty One To Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 54.6 41.2
Tier 2 & Tier 3 | Credit Grade C And Other | Greater Than Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 11.2 $ 10.0
v3.25.2
Derivative Instruments And Hedging Activities (Narrative) (Details) - Interest Rate Swaps - Cash Flow Hedging - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Feb. 28, 2025
Designated As Hedging Instrument          
Derivative [Line Items]          
Additional reclassification from AOCL to CAF income within the next 12 months     $ 20.3    
Derivative, Notional Amount $ 4,310.0   4,310.0   $ 3,760.0
Not Designated as Hedging Instrument [Member]          
Derivative [Line Items]          
Derivative, Gain (Loss) on Derivative, Net (0.5) $ (4.6) (1.6) $ (7.7)  
Derivative, Notional Amount $ 0.0   $ 0.0   $ 181.0
v3.25.2
Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
Feb. 28, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market securities $ 1,186,946 $ 842,691
Mutual fund investments 31,906 27,495
Total assets at fair value $ 1,219,586 $ 882,575
Percent of total assets at fair value 100.00% 100.00%
Percent of total assets 4.50% 3.20%
Total liabilities at fair value $ (11,899) $ (8,728)
Percent of total liabilities 0.10% 0.00%
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market securities $ 1,186,946 $ 842,691
Mutual fund investments 31,906 27,495
Total assets at fair value $ 1,218,852 $ 870,186
Percent of total assets at fair value 99.90% 98.60%
Percent of total assets 4.50% 3.20%
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
Total assets at fair value $ 734 $ 12,389
Percent of total assets at fair value 0.10% 1.40%
Percent of total assets 0.00% 0.00%
Total liabilities at fair value $ (11,899) $ (8,728)
Percent of total liabilities 0.10% 0.00%
Designated As Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset $ 734 $ 10,813
Liabilities: Derivative instruments (11,899) (8,728)
Designated As Hedging Instrument | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 0 0
Liabilities: Derivative instruments 0 0
Designated As Hedging Instrument | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 734 10,813
Liabilities: Derivative instruments $ (11,899) (8,728)
Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   1,576
Not Designated as Hedging Instrument [Member] | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   0
Not Designated as Hedging Instrument [Member] | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   $ 1,576
v3.25.2
Fair Value Measurements Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values) (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
Feb. 28, 2025
Fair Value Disclosures [Abstract]    
Senior Notes $ 400,000 $ 400,000
Debt Instrument, Fair Value Disclosure 395,202 390,201
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance 921,928 0
Loans Receivable, Fair Value Disclosure $ 959,724 $ 0
v3.25.2
Cancellation Reserves (Narrative) (Details) - USD ($)
$ in Millions
Aug. 31, 2025
Feb. 28, 2025
Cancellation Reserves [Abstract]    
Cancellation reserves, current portion $ 72.3 $ 69.8
v3.25.2
Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]        
Balance as of beginning of period $ 138.7 $ 131.3 $ 133.9 $ 128.3
Cancellations (19.9) (22.6) (39.9) (43.9)
Provision for future cancellations 17.1 25.0 41.9 49.3
Balance as of end of period $ 135.9 $ 133.7 $ 135.9 $ 133.7
v3.25.2
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
Aug. 31, 2025
Feb. 28, 2025
Federal Income Tax Note    
Unrecognized tax benefits, gross $ 20.6 $ 18.0
v3.25.2
Debt (Schedule Of Debt) (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
Feb. 28, 2025
Debt Instrument [Line Items]    
Long-term Debt $ 17,817,387 $ 18,137,340
Financing Obligations 487,023 487,676
Non-recourse Notes Payable 17,056,916 17,119,758
Debt, Long-Term and Short-Term, Combined Amount 18,643,782 18,707,207
Debt, Current (797,873) (543,339)
Unamortized Debt Issuance Expense (28,522) (26,528)
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Long-term Debt 0 0
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 $ 699,843 $ 699,773
v3.25.2
Debt (Schedule of Funding Vehicles) (Details) - USD ($)
$ in Thousands
Sep. 12, 2025
Aug. 31, 2025
Feb. 28, 2025
Debt Instrument [Line Items]      
Non-recourse Notes Payable   $ 17,056,916 $ 17,119,758
Warehouse Facility One      
Debt Instrument [Line Items]      
Warehouse Facilities Maximum Borrowing Capacity $ 2,550,000 2,300,000  
Warehouse Facility Two      
Debt Instrument [Line Items]      
Warehouse Facilities Maximum Borrowing Capacity   3,100,000  
Warehouse Facility Three      
Debt Instrument [Line Items]      
Warehouse Facilities Maximum Borrowing Capacity   700,000  
Warehouse Facilities [Member]      
Debt Instrument [Line Items]      
Warehouse Facilities Maximum Borrowing Capacity   6,100,000  
Debt Instrument, Unused Borrowing Capacity, Amount   2,530,000  
Non-recourse Notes Payable   3,570,000  
Term Securitizations Debt [Member]      
Debt Instrument [Line Items]      
Non-recourse Notes Payable   $ 13,490,000  
v3.25.2
Debt (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Sep. 12, 2025
Feb. 28, 2025
Debt Instrument [Line Items]        
Outstanding Balance $ 17,817,387     $ 18,137,340
Capitalized interest 6,800 $ 3,100    
Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity 2,000,000      
Unused capacity 2,000,000      
Senior Notes [Member]        
Debt Instrument [Line Items]        
Outstanding Balance $ 400,000      
Financing obligation | Minimum        
Debt Instrument [Line Items]        
Initial lease terms, in years 15 years      
Financing obligation | Maximum        
Debt Instrument [Line Items]        
Initial lease terms, in years 20 years      
October 2021 Term Loan        
Debt Instrument [Line Items]        
Outstanding Balance $ 700,000      
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate 5.36%      
Warehouse Facility One        
Debt Instrument [Line Items]        
Warehouse Facilities Maximum Borrowing Capacity $ 2,300,000   $ 2,550,000  
v3.25.2
Stock and Stock-Based Incentive Plans (Narrative) (Details) - USD ($)
$ in Millions
Aug. 31, 2025
Aug. 31, 2024
Stock and Stock-Based Incentive Plans    
Stock Repurchase Program, Authorized Amount $ 2,000.0  
Share Repurchase Program    
Stock and Stock-Based Incentive Plans    
Available for repurchase, as of end of period $ 1,557.1 $ 2,150.1
v3.25.2
Stock and Stock-Based Incentive Plans (Schedule of Common Stock Repurchases) (Details) - Share Repurchase Program - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares repurchased 2,921,000 1,376,700 5,873,400 2,822,400
Average Cost Per Share $ 61.63 $ 77.04 $ 64.66 $ 74.41
Available for repurchase, as of end of period $ 1,557.1 $ 2,150.1 $ 1,557.1 $ 2,150.1
v3.25.2
Stock and Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense, before income taxes $ 24,813 $ 35,221 $ 72,472 $ 84,016
Cost of sales        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense, before income taxes 1,222 1,639 1,869 2,648
Carmax Auto Finance Income        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense, before income taxes 1,146 1,449 2,556 2,134
Selling, general and administrative expenses        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense, before income taxes $ 22,445 $ 32,133 $ 68,047 $ 79,234
v3.25.2
Stock and Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense, before income taxes $ 24,813 $ 35,221 $ 72,472 $ 84,016
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense, before income taxes 6,930 9,174 26,874 28,118
Cash-settled restricted stock units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense, before income taxes 11,060 17,277 16,927 28,667
Stock-settled market stock units (MSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense, before income taxes 4,338 4,187 13,769 11,767
Stock-settled performance stock units (PSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense, before income taxes 281 2,117 12,020 12,301
Stock-settled deferred stock units (DSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense, before income taxes 1,665 1,850 1,665 1,850
Employee stock purchase plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense, before income taxes 539 616 1,217 1,313
Other share-based incentives        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense, before income taxes $ 2,485 $ 4,583 $ 14,902 $ 15,464
v3.25.2
Stock and Stock-Based Incentive Plans (Stock Incentive Plan Information) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 6 Months Ended
Aug. 31, 2025
Feb. 28, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number 8,608 7,309
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value $ 26.23  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value $ 28.26  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 43.1  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross 1,446  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (132)  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period (15)  
Stock-settled market stock units (MSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 649 525
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 91.98  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 95.36  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 24.8  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 248  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (124)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period 0  
Other share-based incentives    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 625 411
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 66.09  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 70.92  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 278  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (64)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period 0  
Cash-settled restricted stock units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 1,734 1,524
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 65.52  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 66.79  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 7.4  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 976  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (701)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (65)  
v3.25.2
Net Earnings Per Share (Basic And Dilutive Net Earnings Per Share Reconciliations) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Aug. 31, 2025
May 31, 2025
Aug. 31, 2024
May 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]            
Net earnings $ 95,378 $ 210,381 $ 132,809 $ 152,440 $ 305,759 $ 285,249
Weighted average common shares outstanding, shares 149,291   155,866   150,714 156,513
Weighted average common shares and dilutive potential common shares, shares 149,637   156,526   151,122 157,116
Basic net earnings per share (in dollars per share) $ 0.64   $ 0.85   $ 2.03 $ 1.82
Diluted net earnings per share (in dollars per share) $ 0.64   $ 0.85   $ 2.02 $ 1.82
Stock options            
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]            
Dilutive potential common shares, shares 0   349   13 316
Stock-settled stock units and awards            
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]            
Dilutive potential common shares, shares 346   311   395 287
v3.25.2
Net Earnings Per Share (Narrative) (Details) - shares
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Earnings Per Share [Abstract]        
Anti-dilutive securities not included in calculation of diluted net earnings per share 8,610,659 5,083,556 8,133,984 5,133,763
v3.25.2
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 31, 2025
May 31, 2025
Aug. 31, 2024
May 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Schedule of Accumulated Other Comprehensive Loss [Line Items]            
Beginning balance   $ 3,080     $ 3,080  
Other comprehensive loss before reclassifications         (9,625)  
Amounts reclassified from accumulated other comprehensive (loss) income         (14,761)  
Other comprehensive income (loss), net of taxes $ (13,060) (11,326) $ (52,621) $ 2,399 (24,386) $ (50,222)
Ending balance (21,306)       (21,306)  
Net Unrecognized Actuarial Losses            
Schedule of Accumulated Other Comprehensive Loss [Line Items]            
Beginning balance   (36,008)     (36,008)  
Other comprehensive loss before reclassifications         0  
Amounts reclassified from accumulated other comprehensive (loss) income         152  
Other comprehensive income (loss), net of taxes         152  
Ending balance (35,856)       (35,856)  
Net Unrecognized Hedge Gains (Losses)            
Schedule of Accumulated Other Comprehensive Loss [Line Items]            
Beginning balance   $ 39,088     39,088  
Other comprehensive loss before reclassifications         (9,625)  
Amounts reclassified from accumulated other comprehensive (loss) income         (14,913)  
Other comprehensive income (loss), net of taxes         (24,538)  
Ending balance $ 14,550       $ 14,550  
v3.25.2
Accumulated Other Comprehensive Income (Loss) (Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Total amortization reclassifications recognized in net pension expense $ 99 $ 110 $ 199 $ 221
Tax expense (23) (25) (47) (52)
Amortization reclassifications recognized in net pension expense, net of tax 76 85 152 169
Net change in retirement benefit plan unrecognized actuarial losses, net of tax 76 85 (152) (169)
Changes in fair value (8,117) 55,748 12,711 38,239
Tax benefit 1,971 (13,639) (3,086) (9,411)
Changes in fair value, net of tax (6,146) 42,109 9,625 28,828
Reclassifications to CarMax Auto Finance income (9,231) (14,010) (19,695) (28,508)
Tax benefit 2,241 3,413 4,782 6,945
Reclassification of hedge gains, net of tax (6,990) (10,597) 14,913 21,563
Net change in cash flow hedge unrecognized gains, net of tax (13,136) (52,706) (24,538) (50,391)
Total other comprehensive loss, net of tax (13,060) (52,621) (24,386) (50,222)
Cost of sales        
Total amortization reclassifications recognized in net pension expense 43 49 87 99
CarMax Auto Finance income        
Total amortization reclassifications recognized in net pension expense 3 3 7 7
Selling, general and administrative expenses        
Total amortization reclassifications recognized in net pension expense $ 53 $ 58 $ 105 $ 115
v3.25.2
Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($)
$ in Millions
Aug. 31, 2025
Feb. 28, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]    
Deferred tax $ 6.3 $ 1.5
v3.25.2
Leases Narrative (Details)
 6 Months Ended
Aug. 31, 2025
Minimum  
Lessee, Lease, Description [Line Items]  
Lease renewal term 1 year
Real Estate Lease Term 5 years
Equipment Lease Term 3 years
Maximum  
Lessee, Lease, Description [Line Items]  
Lease renewal term 20 years
Real Estate Lease Term 20 years
Equipment Lease Term 8 years
v3.25.2
Leases Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Leases [Abstract]        
Operating Lease, Cost $ 24,436 $ 22,873 $ 48,870 $ 46,101
Finance Lease, Right-of-Use Asset, Amortization 4,623 2,976 9,224 6,798
Finance Lease, Interest Expense 6,207 6,920 12,499 13,591
Finance Lease, Cost 10,830 9,896 21,723 20,389
Lease, Cost $ 35,266 $ 32,769 $ 70,593 $ 66,490
v3.25.2
Leases - Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
Feb. 28, 2025
Leases [Abstract]    
Operating lease assets $ 476,367 $ 493,355
Finance Lease, Right-of-Use Asset 152,483 160,535
Total lease assets 628,850 653,890
Current portion of operating lease liabilities 57,948 59,335
Finance Lease, Liability, Current 16,533 15,015
Operating lease liabilities, excluding current portion 463,844 481,963
Finance Lease, Liability, Noncurrent 182,101 189,216
Total lease liabilities 720,426 745,529
Finance Lease Accumulated Depreciation $ 76,900 $ 67,600
v3.25.2
Lease Term and Discount Rate (Details)
Aug. 31, 2025
Rate
Feb. 28, 2025
Rate
Leases [Abstract]    
Operating Lease, Weighted Average Remaining Lease Term 15 years 6 months 3 days 15 years 5 months 26 days
Finance Lease, Weighted Average Remaining Lease Term 14 years 1 month 17 days 14 years 3 months 21 days
Operating Lease, Weighted Average Discount Rate, Percent 5.28% 5.21%
Finance Lease, Weighted Average Discount Rate, Percent 16.67% 16.78%
v3.25.2
Lease Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Leases [Abstract]    
Operating Lease, Payments $ 51,869 $ 47,610
Finance Lease, Interest Payment on Liability 12,162 12,642
Finance Lease, Principal Payments 7,105 9,056
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 10,709 4,189
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability $ 1,171 $ 24,497
v3.25.2
Leases Maturities of Lease Liabilities (Details)
$ in Thousands
Aug. 31, 2025
USD ($)
Leases [Abstract]  
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year $ 42,273
Lessee, Operating Lease, Liability, Payments, Due Year Two 81,142
Lessee, Operating Lease, Liability, Payments, Due Year Three 76,744
Lessee, Operating Lease, Liability, Payments, Due Year Four 54,913
Lessee, Operating Lease, Liability, Payments, Due Year Five 45,075
Lessee, Operating Lease, Liability, Payments, Due after Year Five 505,508
Lessee, Operating Lease, Liability, Payments, Due 805,655
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (283,863)
Operating Lease, Liability 521,792
Finance Lease, Liability, Payments, Remainder of Fiscal Year 19,717
Finance Lease, Liability, Payments, Due Year Two 40,040
Finance Lease, Liability, Payments, Due Year Three 35,908
Finance Lease, Liability, Payments, Due Year Four 35,645
Finance Lease, Liability, Payments, Due Year Five 28,563
Finance Lease, Liability, Payments, Due after Year Five 252,863
Finance Lease, Liability, Payment, Due 412,736
Finance Lease, Liability, Undiscounted Excess Amount (214,102)
Finance Lease, Liability $ 198,634
v3.25.2
Contingent Liabilities (Details) - USD ($)
$ in Millions
Aug. 31, 2025
Feb. 28, 2025
Commitments and Contingencies Disclosure [Abstract]    
Liability associated with guarantee $ 30.3 $ 28.8
v3.25.2
Subsequent Events (Details) - Subsequent Event [Member] - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2025
Sep. 24, 2025
Subsequent Event [Line Items]    
Beneficial Interest, Auto Loans 5.00%  
Financing Receivable, Held-for-Sale   $ 930
Minimum    
Subsequent Event [Line Items]    
Gain (Loss) on Sales of Loans, Net $ 25  
Maximum    
Subsequent Event [Line Items]    
Gain (Loss) on Sales of Loans, Net $ 30