CARMAX, INC.
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $247.3M | $500.6M | $479.2M | $484.8M | $1.15B | $746.9M | $888.4M | $842.4M |
| Depreciation & Amortization | $346.0M | $294.8M | $260.4M | $265.2M | $273.2M | $242.2M | $215.8M | $182.2M |
| Depreciation | $318.3M | $287.8M | $261.4M | $244.4M | $215.3M | $195.3M | $190.6M | $169.8M |
| Amortization | $15.4M | $15.4M | $15.4M | $15.4M | $11.5M | — | — | — |
| Stock-Based Compensation | $99.0M | $134.7M | $119.7M | $85.6M | $109.2M | $121.9M | $108.9M | $75.0M |
| Net Cash from Operating Activities | $1.78B | $624.4M | $458.6M | $1.28B | $-2.55B | $667.8M | $-236.6M | $163.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $541.0M | $467.9M | $465.3M | $422.7M | $308.5M | $164.5M | $331.9M | $304.6M |
| Business Acquisitions | — | — | $0 | $0 | $-241.6M | $0 | $0 | — |
| Net Cash from Investing Activities | $-540.0M | $-461.0M | $-467.0M | $-425.8M | $-523.7M | $-128.2M | $-389.4M | $-308.5M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $642.8M | $428.5M | $94.1M | $333.9M | $576.5M | $229.9M | $567.7M | $904.7M |
| Net Cash from Financing Activities | $-1.34B | $-453.5M | $307.8M | $-710.2M | $3.10B | $-424.0M | $687.0M | $186.0M |
| Net Change in Cash | — | — | — | — | — | — | — | — |
| Free Cash Flow | $1.24B | $156.5M | $-6.7M | $860.6M | $-2.86B | $503.2M | $-568.5M | $-141.7M |