CarMax pauses buybacks, cuts margin $230/unit to chase volume as market share slips to 3.6%

Filed June 24, 2026 · Period ending May 31, 2026 · Compared to 10-Q Jun 26, 2025 · ~2 min read

Key Changes

• high

  Share repurchases paused in Q4 FY26 and remained suspended in Q1 FY27 due to leverage above target range during a "transitional period," versus $204M repurchased in Q1 FY26. Company intends to resume buybacks "at the appropriate time."

  MD&A: Capital Allocation verify on EDGAR →
• high

  Market share declined to 3.6% in calendar 2025 from 3.7% in 2024, the first year-over-year loss disclosed in the periods compared. Company notes share gains in H1 2025 but pressure in H2, and expects to "grow our market share on a sustainable basis going forward."

  MD&A: Market Share verify on EDGAR →
• high

  Used GPU fell $230 (9.6%) to $2,177 as the company executed pricing actions to drive volume, coming in below the $300/unit reduction previously guided. Q1 FY27 used unit sales were flat year-over-year with a 0.8% comp decline, versus 9.0% total unit growth and 8.1% comp increase in Q1 FY26.

  MD&A: Used Vehicle Sales & Margin verify on EDGAR →