Cash Flow Statement

Operating Cash Flow

+108%

+231%

10Y

Currency: USD

	Feb-2002	May-2002	Aug-2002	Nov-2002	Feb-2003	May-2003	Aug-2003	Nov-2003	Feb-2004	May-2004	Aug-2004	Nov-2004	Feb-2005	May-2005	Aug-2005	Nov-2005	Feb-2006	May-2006	Aug-2006	Nov-2006	Feb-2007	May-2007	Aug-2007	Nov-2007	Feb-2008	May-2008	Aug-2008	Nov-2008	Feb-2009	May-2009	Aug-2009	Nov-2009	Feb-2010	May-2010	Aug-2010	Nov-2010	Feb-2011	May-2011	Aug-2011	Nov-2011	Feb-2012	May-2012	Aug-2012	Nov-2012	Feb-2013	May-2013	Aug-2013	Nov-2013	Feb-2014	May-2014	Aug-2014	Nov-2014	Feb-2015	May-2015	Aug-2015	Nov-2015	Feb-2016	May-2016	Aug-2016	Nov-2016	Feb-2017	May-2017	Aug-2017	Nov-2017	Feb-2018	May-2018	Aug-2018	Nov-2018	Feb-2019	May-2019	Aug-2019	Nov-2019	Feb-2020	May-2020	Aug-2020	Nov-2020	Feb-2021	May-2021	Aug-2021	Nov-2021	Feb-2022	May-2022	Aug-2022	Nov-2022	Feb-2023	May-2023	Aug-2023	Nov-2023	Feb-2024	May-2024	Aug-2024	Nov-2024	Feb-2025	May-2025	Aug-2025	Nov-2025
Operating Cash Flow
Net Income	91	93	98	94	95	101	109	113	116	117	107	106	101	103	111	116	134	154	171	193	199	207	218	202	182	146	95	44	59	58	147	244	278	350	355	363	377	402	405	407	414	409	410	420	434	460	489	501	493	516	530	553	597	610	627	626	623	617	607	615	627	663	682	695	664	691	731	772	842	871	883	866	888	627	690	752	747	1 179	1 167	1 201	1 151	967	807	576	485	461	454	498	479	403	418	461	501	558	521	458
Depreciation & Amortization	16	16	15	15	15	15	15	15	16	16	17	17	20	22	23	26	27	29	31	33	35	37	40	44	47	49	52	54	55	57	57	57	75	75	75	75	76	82	87	81	83	86	90	106	95	97	98	99	102	105	109	113	115	120	125	131	137	146	155	163	169	172	174	176	180	181	182	182	182	188	195	205	216	223	231	238	242	246	252	262	273	281	282	275	265	258	254	256	260	267	275	284	295	305	317	330
Change in Deffered Taxes	3	1	(0)	3	9	2	1	(1)	(1)	5	6	5	(7)	(11)	(13)	(28)	(19)	(34)	(31)	(11)	(14)	(2)	3	(3)	(24)	(32)	(46)	(56)	(42)	(50)	(36)	13	28	66	56	22	17	11	11	(1)	(1)	(2)	(5)	(4)	4	3	1	6	(17)	(23)	(21)	(26)	(4)	5	1	1	17	14	25	25	2	2	(2)	17	81	78	81	68	2	8	4	1	(1)	15	4	(20)	(36)	(36)	(12)	3	15	2	(17)	(7)	(7)	(25)	(32)	(33)	(5)	0	8	4	(24)	(19)	30	73
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	19	0	0	0	22	0	0	0	33	10	18	26	33	34	35	34	35	38	39	39	38	39	37	41	44	45	48	47	48	49	52	58	62	69	70	70	66	59	66	69	82	90	78	70	51	59	78	78	92	79	68	72	62	72	80	71	75	91	90	112	109	89	103	85	122	138	132	157	109	91	83	65	86	100	108	111	120	131	133	136	135	134	123	115
Other Non-Cash Items	0	0	0	0	0	0	0	(1)	(1)	(1)	(1)	(2)	17	21	26	32	21	23	31	32	37	39	35	37	35	36	38	44	46	48	48	42	40	42	50	62	72	72	78	83	87	98	103	112	120	129	136	173	218	237	263	251	239	244	243	245	243	262	285	293	310	299	285	284	264	280	295	292	296	325	332	359	387	443	437	381	353	217	229	325	347	434	469	458	506	532	545	533	520	532	558	574	588	606	618	576
Cash Taxes Paid	42	0	0	0	49	0	0	0	60	0	0	0	72	0	0	0	94	0	0	0	99	0	0	0	125	0	0	0	64	0	0	0	163	0	0	0	243	0	0	0	224	0	0	0	244	0	0	458	287	293	478	361	347	342	353	327	320	0	0	0	371	0	0	0	354	0	0	0	221	0	0	0	286	0	0	0	248	0	0	0	373	0	0	0	153	0	0	0	165	0	0	0	70	0	0	0
Cash Interest Paid	5	0	0	0	4	0	0	0	5	0	0	0	6	0	0	0	8	0	0	0	10	0	0	0	10	0	0	0	10	0	0	0	40	0	0	0	35	0	0	0	34	0	0	0	33	0	0	56	31	39	46	30	33	35	38	41	44	0	0	0	55	0	0	0	69	0	0	0	74	0	0	0	86	0	0	0	86	0	0	0	92	0	0	0	122	0	0	0	124	0	0	0	105	0	0	0
Change in Working Capital	(68)	(40)	(8)	(71)	(47)	17	(28)	4	17	(60)	(31)	(27)	(89)	(32)	(56)	(49)	(45)	(70)	(114)	(130)	(119)	(118)	(73)	(122)	(160)	(116)	(14)	141	146	(7)	(222)	(342)	(361)	(338)	(434)	(541)	(551)	(604)	(654)	(557)	(645)	(794)	(870)	(1 193)	(1 432)	(1 430)	(1 479)	(1 550)	(1 409)	(1 579)	(1 667)	(1 796)	(1 915)	(1 620)	(1 612)	(1 567)	(1 169)	(1 218)	(1 169)	(1 199)	(1 564)	(1 500)	(1 493)	(1 497)	(1 269)	(1 271)	(1 340)	(1 087)	(1 160)	(1 416)	(1 488)	(1 501)	(1 727)	(337)	(583)	(601)	(639)	(2 300)	(3 244)	(4 075)	(4 336)	(3 591)	(2 226)	(107)	34	(659)	(478)	(1 484)	(796)	(676)	(238)	(535)	(735)	(410)	(279)	1 048
Cash from Operating Activities	43 N/A	71 +66%	106 +49%	41 -61%	72 +74%	135 +88%	97 -29%	130 +35%	147 +13%	77 -48%	97 +26%	100 +3%	42 -58%	103 +145%	91 -12%	97 +7%	118 +21%	102 -13%	88 -14%	116 +32%	137 +18%	164 +20%	223 +36%	158 -29%	80 -50%	83 +5%	125 +50%	227 +81%	265 +16%	106 -60%	(6) N/A	14 N/A	60 +312%	195 +227%	101 -48%	(19) N/A	(7) +65%	(37) -454%	(73) -95%	13 N/A	(62) N/A	(203) -226%	(272) -34%	(559) -105%	(778) -39%	(741) +5%	(756) -2%	(772) -2%	(613) +21%	(745) -21%	(786) -6%	(905) -15%	(968) -7%	(641) +34%	(616) +4%	(565) +8%	(149) +74%	(179) -20%	(97) +46%	(103) -6%	(455) -341%	(364) +20%	(354) +3%	(325) +8%	(81) +75%	(41) +49%	(51) -23%	227 N/A	163 -28%	(25) N/A	(73) -197%	(70) +5%	(237) -240%	970 N/A	779 -20%	750 -4%	668 -11%	(694) N/A	(1 607) -132%	(2 283) -42%	(2 549) -12%	(1 907) +25%	(685) +64%	1 195 N/A	1 283 +7%	567 -56%	743 +31%	(230) N/A	459 N/A	526 +15%	1 021 +94%	788 -23%	624 -21%	1 042 +67%	1 208 +16%	2 484 +106%
Investing Cash Flow
Capital Expenditures	(41)	(67)	(73)	(90)	(122)	(128)	(165)	(188)	(181)	(193)	(217)	(220)	(230)	(239)	(227)	(207)	(194)	(165)	(134)	(156)	(192)	(228)	(270)	(269)	(253)	(268)	(259)	(225)	(186)	(116)	(63)	(40)	(22)	(26)	(23)	(43)	(77)	(98)	(142)	(144)	(173)	(189)	(196)	(252)	(236)	(230)	(268)	(264)	(310)	(322)	(310)	(336)	(310)	(316)	(320)	(312)	(316)	(354)	(384)	(390)	(418)	(400)	(359)	(330)	(297)	(297)	(313)	(313)	(305)	(304)	(305)	(311)	(332)	(316)	(253)	(207)	(165)	(161)	(210)	(267)	(309)	(344)	(375)	(401)	(423)	(465)	(428)	(459)	(465)	(433)	(468)	(450)	(468)	(501)	(523)	(536)
Other Items	99	99	3	41	42	42	67	76	107	126	126	88	89	87	124	115	78	62	4	4	5	5	(3)	(2)	(4)	(5)	(3)	24	30	31	34	7	1	14	(5)	2	4	(18)	16	(9)	(47)	(11)	(51)	(29)	(20)	(51)	(34)	(41)	(26)	(62)	(62)	(38)	(51)	(48)	(56)	(57)	(63)	(51)	(57)	(52)	(2)	(22)	(1)	(31)	(5)	(9)	(8)	(3)	(4)	(6)	(8)	(8)	(57)	(53)	(50)	(48)	36	35	(206)	(171)	(215)	(215)	24	(9)	(3)	1	(2)	(6)	(2)	(4)	(2)	(8)	7	4	5	11
Cash from Investing Activities	58 N/A	32 -44%	(70) N/A	(49) +30%	(80) -63%	(87) -8%	(98) -13%	(112) -14%	(74) +34%	(67) +10%	(91) -37%	(133) -46%	(141) -6%	(152) -8%	(103) +32%	(93) +10%	(116) -25%	(103) +11%	(130) -26%	(152) -17%	(187) -23%	(223) -19%	(272) -22%	(272) +0%	(257) +5%	(273) -6%	(261) +4%	(201) +23%	(155) +23%	(84) +46%	(29) +66%	(34) -16%	(21) +36%	(12) +46%	(28) -145%	(41) -45%	(72) -76%	(116) -61%	(126) -8%	(153) -22%	(219) -43%	(200) +9%	(248) -24%	(280) -13%	(255) +9%	(281) -10%	(301) -7%	(305) -1%	(337) -10%	(384) -14%	(372) +3%	(374) -1%	(361) +4%	(364) -1%	(376) -4%	(369) +2%	(379) -3%	(405) -7%	(441) -9%	(442) 0%	(420) +5%	(423) -1%	(359) +15%	(361) 0%	(302) +16%	(306) -1%	(321) -5%	(315) +2%	(309) +2%	(310) -1%	(312) -1%	(318) -2%	(389) -22%	(368) +5%	(303) +18%	(255) +16%	(128) +50%	(126) +2%	(416) -230%	(439) -5%	(524) -19%	(560) -7%	(351) +37%	(410) -17%	(426) -4%	(463) -9%	(430) +7%	(464) -8%	(467) -1%	(436) +7%	(471) -8%	(458) +3%	(461) -1%	(496) -8%	(518) -4%	(524) -1%
Financing Cash Flow
Net Issuance of Common Stock	(2)	(1)	(2)	(2)	1	1	3	4	5	5	3	3	4	5	6	7	6	10	16	28	35	33	31	21	15	19	14	12	10	(1)	5	24	31	39	34	40	38	31	36	11	16	20	15	(11)	(140)	(262)	(309)	(295)	(268)	(321)	(440)	(733)	(835)	(763)	(831)	(965)	(937)	(971)	(838)	(595)	(504)	(551)	(592)	(463)	(506)	(527)	(519)	(696)	(847)	(823)	(768)	(630)	(443)	(317)	(150)	(145)	(87)	(147)	(420)	(422)	(497)	(544)	(513)	(417)	(317)	(160)	18	(12)	(49)	(145)	(256)	(328)	(355)	(452)	(548)	(641)
Net Issuance of Debt	(104)	(51)	16	60	68	(51)	(3)	1	(52)	14	1	0	60	13	(0)	(14)	(7)	(12)	(2)	(8)	(10)	2	(17)	71	149	154	121	90	8	101	140	(130)	(196)	(348)	(180)	71	55	252	276	428	658	670	769	893	1 156	1 528	1 632	1 572	1 374	1 240	1 161	1 494	1 514	1 516	1 525	1 699	1 445	1 258	1 597	1 143	1 443	1 358	1 047	1 169	936	957	966	845	1 050	1 187	1 212	1 098	1 150	363	422	(93)	(319)	797	1 871	3 060	3 622	2 739	1 547	207	(374)	231	161	668	379	58	(243)	(264)	(78)	6	(68)	(1 360)
Cash Paid for Dividends	0	0	0	(28)	(28)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other	0	0	0	0	0	0	0	0	(1)	0	0	0	3	4	5	6	4	6	10	11	22	20	18	18	7	6	4	2	0	0	1	3	4	6	6	8	9	13	14	9	10	13	12	19	24	25	26	20	23	17	41	43	49	71	44	44	29	(2)	(5)	(12)	(17)	(3)	(3)	(3)	(16)	(17)	(17)	(17)	(17)	(17)	(20)	(20)	(20)	(19)	(17)	(18)	(18)	(20)	(20)	(20)	(20)	(20)	(21)	(20)	(20)	(19)	(20)	(21)	(22)	(24)	(24)	(23)	(21)	(24)	(22)	(23)
Cash from Financing Activities	(106) N/A	(52) +51%	14 N/A	30 +105%	40 +34%	(78) N/A	(28) +64%	5 N/A	(48) N/A	18 N/A	4 -77%	3 -37%	68 +2 511%	22 -68%	11 -51%	(0) N/A	3 N/A	5 +62%	24 +365%	31 +29%	48 +54%	55 +14%	33 -40%	110 +234%	171 +56%	179 +5%	139 -22%	103 -26%	18 -82%	100 +445%	146 +46%	(104) N/A	(161) -55%	(303) -89%	(140) +54%	120 N/A	102 -15%	296 +191%	325 +10%	449 +38%	683 +52%	703 +3%	797 +13%	901 +13%	1 040 +16%	1 291 +24%	1 349 +5%	1 297 -4%	1 128 -13%	936 -17%	763 -19%	804 +5%	729 -9%	825 +13%	739 -10%	778 +5%	537 -31%	285 -47%	754 +165%	536 -29%	922 +72%	804 -13%	452 -44%	703 +55%	413 -41%	413 0%	430 +4%	132 -69%	186 +41%	347 +87%	424 +22%	448 +6%	687 +53%	26 -96%	254 +865%	(256) N/A	(424) -65%	631 N/A	1 431 +127%	2 618 +83%	3 105 +19%	2 175 -30%	1 013 -53%	(230) N/A	(710) -209%	51 N/A	159 +210%	634 +299%	308 -51%	(111) N/A	(522) -370%	(614) -18%	(454) +26%	(471) -4%	(638) -36%	(2 023) -217%
Change in Cash
Net Change in Cash	(6) N/A	51 N/A	50 -2%	22 -57%	31 +45%	(29) N/A	(29) +0%	23 N/A	26 +10%	28 +10%	10 -65%	(31) N/A	(32) -3%	(27) +14%	(2) +93%	4 N/A	5 +4%	5 -3%	(18) N/A	(5) +73%	(2) +53%	(4) -74%	(16) -303%	(4) +75%	(6) -63%	(10) -56%	3 N/A	130 +3 799%	128 -2%	122 -5%	111 -8%	(123) N/A	(122) +0%	(120) +2%	(67) +44%	59 N/A	23 -61%	142 +523%	127 -11%	309 +144%	402 +30%	300 -25%	277 -8%	62 -78%	7 -89%	269 +3 909%	291 +8%	220 -25%	179 -19%	(193) N/A	(395) -105%	(475) -20%	(600) -26%	(180) +70%	(254) -41%	(157) +38%	10 N/A	(299) N/A	216 N/A	(10) N/A	47 N/A	18 -62%	(261) N/A	16 N/A	31 +88%	66 +111%	59 -10%	44 -26%	40 -7%	12 -70%	38 +217%	61 +58%	61 +1%	628 +929%	730 +16%	238 -67%	116 -52%	(189) N/A	(592) -213%	(104) +82%	32 N/A	(291) N/A	(22) +92%	555 N/A	147 -73%	155 +5%	471 +204%	(60) N/A	299 N/A	(21) N/A	28 N/A	(284) N/A	(290) -2%	75 N/A	52 -31%	(63) N/A
Free Cash Flow
Free Cash Flow	1 N/A	4 +246%	33 +682%	(48) N/A	(50) -3%	7 N/A	(68) N/A	(58) +15%	(34) +40%	(116) -237%	(121) -4%	(121) 0%	(188) -56%	(136) +28%	(136) 0%	(110) +19%	(77) +30%	(62) +19%	(46) +27%	(40) +13%	(55) -39%	(63) -15%	(46) +27%	(111) -140%	(174) -56%	(184) -6%	(133) +28%	3 N/A	79 +2 933%	(10) N/A	(68) -594%	(26) +62%	37 N/A	169 +355%	78 -54%	(62) N/A	(83) -34%	(136) -63%	(215) -58%	(131) +39%	(235) -80%	(392) -67%	(468) -20%	(811) -73%	(1 014) -25%	(971) +4%	(1 024) -5%	(1 036) -1%	(923) +11%	(1 067) -16%	(1 096) -3%	(1 241) -13%	(1 278) -3%	(957) +25%	(937) +2%	(877) +6%	(464) +47%	(532) -15%	(482) +10%	(494) -3%	(873) -77%	(764) +12%	(713) +7%	(655) +8%	(377) +42%	(338) +10%	(364) -7%	(85) +77%	(142) -66%	(329) -132%	(378) -15%	(380) 0%	(569) -50%	654 N/A	526 -20%	543 +3%	503 -7%	(854) N/A	(1 818) -113%	(2 551) -40%	(2 858) -12%	(2 251) +21%	(1 060) +53%	794 N/A	861 +8%	102 -88%	314 +207%	(688) N/A	(7) +99%	94 N/A	553 +490%	338 -39%	157 -54%	541 +246%	685 +27%	1 949 +184%

Income Statement Balance Sheet Cash Flow Statement

Carmax Inc
NYSE:KMX

Cash Flow Statement

Cash Flow Statement
Carmax Inc

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Carmax Inc NYSE:KMX

Cash Flow Statement

Cash Flow Statement Carmax Inc

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Carmax Inc
NYSE:KMX

Cash Flow Statement
Carmax Inc