CarMax, Inc. (KMX) shares tumbled 7.0% to $55.11 as of September 30, 2026, a significant decline from the prior close of $59.23. BestStocks flagged the session as a major change for KMX. The move is tied to a new SEC filing. Below, we break down what changed for KMX, why it matters for investors, how the stock reacted, and the catalysts on the calendar.
What happened
SEC Filing
CarMax, Inc. (KMX) filed a 10-Q on 2026-09-30, disclosing financial results for the most recent quarter. CarMax's earnings announcement on 2026-12-17 to compare reported results against the $0.43 consensus estimate.
This summary describes the catalyst and move as first detected on Sep 30, 2026, 4:46 PM EDT; the stock has continued trading since, so the current price and percentage move (shown above) may be larger or smaller than the figures here.
FilingsMedium confidence
Rel. volume
2.1×
Very High
Vs peers
—
No comparable peers
Market cap
$7.8B
New York Stock Exchange
Analyst target
$59
+6.9% vs price
Price chart
Aug 31 – Sep 30
E earnings
F filing
A analyst
V/N other
click a marker to highlight
Change events — click to jump to details
What it means for CarMax, Inc. investors
For CarMax, Inc. investors, the recent signals add up to a bearish shift. On the constructive side: Earnings beat — stock sold off (sell-the-news reaction); CarMax, Inc. (KMX) moved +3.04% from $55.91 to $57.61 on 2026-07-21. Weighing against that: Sharp 7.0% decline — elevated risk; High volume 2.1x on decline — distribution signal. Wall Street's consensus price target sits at $58.89, implying +6.9% upside from $55.11. Over the past 90 days analysts logged 2 upgrades and 0 downgrades. BestStocks rates the overall signal quality medium (76/100). With earnings roughly 78 days out, the next report is the most likely near-term test of the move.
KMX price reaction
KMX last traded at $55.11, down $4.12 (-6.96%) from the previous close of $59.23. The session traded on 2.1× average volume (very high), so the move carried above-average conviction. Over the past month the stock has ranged between $55.11 and $63.29, and it currently sits about 0% of the way up that band.
Bullish and bearish analyst opinions on CarMax, Inc. (KMX)
▼Latest catalyst·a bearish counterpoint
The latest catalyst — a new SEC filing the market took poorly — a bearish counterpoint that challenges the prevailing bullish analyst view.
The consensus analyst price target on CarMax, Inc. (KMX) is $58.89, 6.9% above the recent $55.11. Over the past 90 days analysts logged 2 upgrades, 11 maintains, and 0 downgrades. Here is how the bullish and bearish cases on KMX line up.
▲ The bullish case
+Wall Street's consensus price target of $58.89 implies +6.9% upside from $55.11.
+The Street's most bullish target is $74.00 (+34.3%).
+2 analyst upgrades in the past 90 days, most recently JP Morgan to Neutral (2026-07-29).
+Earnings beat — stock sold off (sell-the-news reaction).
+CarMax, Inc. (KMX) moved +3.04% from $55.91 to $57.61 on 2026-07-21.
▼ The bearish case
−The most bearish analyst target is $43.00 (-22.0%).
−Sharp 7.0% decline — elevated risk.
−High volume 2.1x on decline — distribution signal.
−CarMax, Inc. moved -2.25% intraday from $57.46 to $56.17.
Bull vs bear balanceBearish Shift
BearishNeutralBullish
Weighing both sides, BestStocks' composite read of recent signals is bearish, as the bull-versus-bear meter above shows. This is an educational summary of the bull and bear case, not investment advice.
Analyst price targets and ratings are FMP consensus figures as of Sep 30, 2026; other aggregators may differ. High and low targets show the range of estimates, not forecasts.
CarMax reported fiscal Q2 2027 earnings on September 30, 2026, with revenue and EPS beats offset by declining profit margins. Retail gross profit per used unit dropped year-over-year as management cut vehicle prices to drive sales volume, reducing per-unit profitability and total net income. The stock fell 4.90% to $56.33 on the margin contraction despite the headline beat.
CarMax, Inc. moved +4.70% intraday from $56.55 to $59.21. CarMax (KMX) shares jumped following a strong fiscal second-quarter 2026 earnings report and an announcement to resume share repurchases. ### 📊 Earnings & Performance Highlights - Net revenues rose 19.5% to $7.9 billion. - Same-store sales increased by 18.9% year over year. - Diluted EPS hit $1.16, up 81.3% from $0.64 a year ago. - Earnings beat analyst expectations by 59.7%. ### 💡 Strategic Drivers - Competitive Pricing: Gross profit per retail unit dipped slightly to drive volume. - Share Repurchases: Management announced plans to resume buybacks in Q4. - Expense Leverage: Higher unit volume successfully lowered relative SG&A costs. Would you like a breakdown of CarMax's valuation metrics or a comparison against competitors like Carvana?
Material / Earnings2026-09-29+4.7%
CarMax, Inc. (KMX) reported EPS of $1.16 vs. consensus estimate of $0.73, beating expectations by 58.5% for Q2 FY2027.
CarMax, Inc. moved -2.25% intraday from $57.46 to $56.17. CarMax (KMX) Q2 Earnings Preview: What You Should Know Beyond the Headline Estimates: Looking beyond Wall Street's top-and-bottom-line estimate forecasts for CarMax (KMX), delve into some of its key metrics to gain a deeper insight into the company's potential performance for the quarter ended August 2026 [2026-09-24]
CarMax, Inc. moved +3.11% intraday from $56.84 to $58.61. CarMax (KMX ) is drawing investor focus following its recent announcements regarding corporate restructuring and cost-cutting measures aimed at achieving $200 million in annualized overhead savings by fiscal 2027. ### 💡 Key Drivers - Cost Discipline: Implementation of ongoing structural overhead reductions. - Savings Target: Targeting ~$200M in annualized savings by fiscal 2027. - Operational Focus: Managing a soft retail auto market environment through streamlined corporate efficiency. If you'd like, let me know: - Your investment timeframe (short-term swing or long-term hold) - Whether you want a review of upcoming earnings estimates I can provide a more tailored breakdown of the stock's risk-reward outlook.
CarMax, Inc. moved -2.22% intraday from $57.86 to $56.58. CarMax (NYSE: KMX ) is heading into its upcoming Q2 earnings report on September 29, 2026, with investors exercising caution over softer used-car margins and recent corporate cost-cutting measures. ### 📉 Pre-Earnings Caution & Macro Pressures - Earnings Anticipation : Investors are weighing whether ongoing cost cuts and execution under new leadership can offset compressed margins in the used-vehicle sector. - Recent Restructuring : CarMax recently cut corporate jobs for the third time in 12 months, reducing Richmond-area staff as it navigates a soft auto market. - Peer and Sector Scrutiny : Broader sector scrutiny and recent legal probes into retail operations have kept downward pressure on used-car equities. If you're looking at positioning around the September 29 earnings release, would you like details on: - The options-implied move for KMX? - Current analyst consensus estimates for Q2?
Upcoming catalysts & outlook
Next earnings
2026-12-17 (est.)
in 78 days
Thesis shift
Bearish Shift
bearish signal
Risk level
Medium
from change events
Frequently asked questions about KMX
Why did CarMax, Inc. (KMX) stock move?
KMX tumbled 7.0% to $55.11. The move is associated with a new SEC filing.
How much did KMX stock fall?
KMX lost 6.96% ($4.12) versus the prior close of $59.23, last trading at $55.11 on 2.1× average volume.
When is CarMax, Inc.'s next earnings date?
KMX's next earnings report is estimated for 2026-12-17 — about 78 days away.
What is the analyst price target for KMX?
The consensus analyst price target for KMX is $58.89, about 6.9% above the current $55.11. Over the past 90 days, analysts recorded 2 upgrades, 11 maintains, and 0 downgrades.
How BestStocks tracks KMX
This page is generated automatically by BestStocks' change-detection system after a new SEC filing was detected and verified against independent data sources. It draws on 20 tracked change events for KMX, cross-checked against the data sources listed below. Price, volume, and market-capitalization figures are the live intraday quote as of September 30, 2026 and refresh as new information is detected; for companies with multiple share classes, market-cap figures can differ by data source. Analyst price targets and ratings are FMP consensus. This is an educational summary of what changed and why — not personalized investment advice.
