Financial Analysis

COMMITMENTS AND CONTINGENCIES (A) 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. On December 19, 2025, CarMax received $8.2 million in additional 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 CarMaxs participation in the Volkswagen matter. On November 3, 2025, a putative class action complaint titled Jason Cap v. CarMax, Inc., et al. was filed in the United States District Court for the District of Maryland against the company and certain present or former offi …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT (In thousands) As of February 28 Debt Description (1) Maturity Date 2026 2025 Revolving credit facility (2) June 2028 $ 840,800 $ Term loan (2) November 2030 499,271 699,773 4.17% Senior notes April 2026 200,000 200,000 4.27% Senior notes April 2028 200,000 200,000 Financing obligations Various dates through February 2059 483,633 487,676 Non-recourse notes payable Various dates through February 2033 15,827,609 17,119,758 Total debt 18,051,313 18,707,207 Less: current portion (761,974) (543,339) Less: unamortized debt issuance costs (28,792) (26,528) Long-term debt, net $ 17,260,547 $ 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 February 28, 2026, the unused capacity of $1.16 billion was fully available to us. The weighted average interest rate for the cred …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Disaggregation of Revenue Years Ended February 28 or 29 (In millions) 2026 2025 2024 Used vehicle sales $ 20,702.4 $ 21,079.7 $ 20,922.3 Wholesale vehicle sales 4,504.6 4,587.5 4,975.8 Other sales and revenues: Extended protection plan revenues 448.7 451.7 401.8 Third-party finance fees, net (8.7) (1.5) (5.8) Advertising & subscription revenues (1) 144.5 139.3 135.8 Service revenues 76.6 83.4 85.1 Other 13.1 13.4 21.1 Total other sales and revenues 674.2 686.3 638.0 Total net sales and operating revenues $ 25,881.1 $ 26,353.4 $ 26,536.0 (1) Excludes intercompany sales and operating revenues that have been eliminated in consolidation.

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STOCK AND STOCK-BASED INCENTIVE PLANS (A) Preferred Stock Under the terms of our Articles of Incorporation, the board of directors (board) may determine the rights, preferences and terms of our authorized but unissued shares of preferred stock. We have authorized 20,000,000 shares of preferred stock, $20 par value. No shares of preferred stock are currently outstanding. (B) Share Repurchase Program As of February 28, 2026, a total of $2 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.31 billion remained available for repurchase. Common Stock Repurchases Years Ended February 28 or 29 2026 2025 2024 Number of shares repurchased (in thousands) 11,752.7 5,506.3 1,334.1 Average cost per share $ 53.76 $ 76.87 $ 68.33 Available for repurchase, as of end of year (in millions) $ 1,305.1 $ 1,936.9 $ 2,360.1 (C) Stock Incentive Plans We maintain long-term incentive plans for management, certain employees and the nonemployee members of our board. The plans allow for the granting of equity-based compensation awards, including nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, stock- and cash-settled restricted stock units, stock grants or a combination of awards. To date, we have not awarded any incentive stock options. As of February 28, 2026, a total of 62,850,000 shares of our common stock had been authorized to be issued under the long-term incentive plans. T …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

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 managements 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 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND INTANGIBLE ASSETS Goodwill We test goodwill for impairment annually as of December 1, or whenever events and circumstances indicate that the carrying value of a reporting unit may be higher than its fair value. Goodwill is tested for impairment at the reporting unit level, which are determined in accordance with the provisions of ASC 350, Intangibles Goodwill and Other . Subsequent to the operating segment change made during the first quarter of fiscal 2025, the goodwill acquired as part of the Edmunds acquisition of $141.3 million was allocated solely to our CarMax Sales Operations reporting unit. The quantitative goodwill impairment test requires determination of whether the fair value of a reporting unit is less than its carrying value. The fair value of our reporting units is estimated using a combination of an income approach, which uses discounted cash flow (DCF) analysis, and a market approach, which relies on valuation multiples derived from operating values and financial and/or operating measures for publicly traded comparable companies. The fair value is intended to represent our estimate of the price a potential market participant would be willing to pay for the reporting unit in an arms-length transaction. If the carrying value of a reporting unit exceeds its estimated fair value, an impairment charge is recognized. The DCF analysis requires the use of estimates and assumptions including, but not limited to, revenue growth rates, margin rates, capital …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Income Tax Provision Years Ended February 28 or 29 2026 2025 2024 (In thousands) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 39,579 $ 71,014 $ 110,593 $ 156,819 $ (22,253) $ 134,566 $ 140,480 $ (6,542) $ 133,938 State 22,764 2,786 25,550 35,709 (1,471) 34,238 26,711 1,742 28,453 Total $ 62,343 $ 73,800 $ 136,143 $ 192,528 $ (23,724) $ 168,804 $ 167,191 $ (4,800) $ 162,391 Income Tax Provision and Effective Tax Rate Reconciliation Years Ended February 28 or 29 2026 2025 2024 (In thousands) $ % $ % $ % Federal tax at statutory rate 80,521 21.0 140,566 21.0 134,735 21.0 Domestic federal: Effect of changes in tax laws or rates enacted in the current period 3,273 0.9 Tax credits: Research and development credit (4,158) (1.1) (5,426) (0.8) (4,179) (0.6) Purchased tax credits (4,468) (1.2) (5,777) (0.9) Other credits (115) (63) (375) (0.1) Changes in valuation allowances (10) 55 (117) Nontaxable or nondeductible items: Executive compensation 6,055 1.6 7,238 1.1 5,786 0.9 Goodwill impairment 29,564 7.7 Other nontaxable or nondeductible items 3,242 0.8 2,840 0.4 2,873 0.4 Other (1) 2,384 0.6 3,449 0.5 1,367 0.2 Domestic state and local income taxes, net of federal effect (2) 20,713 5.4 26,841 4.0 23,495 3.7 Changes in prior year unrecognized tax benefits (858) (0.2) (919) (0.1) (1,194) (0.2) Income tax provision and effective tax rate 136,143 35.5 168,804 25.2 162,391 25.3 (1) Includes the federal tax impact of share-based compensation. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASE COMMITMENTS 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 12. 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 responsib …

LeasesOfLesseeDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Adopted in the Current Period In December 2023, the Financial Accounting Standards Board (FASB) issued an accounting pronouncement (ASU 2023-09) related to income tax disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024. We adopted this pronouncement retrospectively in the fourth quarter of fiscal 2026, and it did not have a material effect on our consolidated financial statements. Effective in Future Periods In July 2025, the 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 accountin …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

BENEFIT PLANS (A) Retirement Benefit Plans We have two frozen noncontributory defined benefit plans: our pension plan (the pension plan) and our unfunded, nonqualified plan (the restoration plan), which restores retirement benefits for certain associates who are affected by Internal Revenue Code limitations on benefits provided under the pension plan. No additional benefits have accrued under these plans since they were frozen; however, we have a continuing obligation to fund the pension plan and will continue to recognize net periodic pension expense for both plans for benefits earned prior to being frozen. We use a fiscal year end measurement date for both the pension plan and the restoration plan. We are currently in the process of terminating our pension plan. On September 30, 2025, our Board of Directors approved the termination, effective December 31, 2025. Termination activities are expected to continue through the end of fiscal 2027. Benefit Plan Information As of February 28 Pension Plan Restoration Plan Total (In thousands) 2026 2025 2026 2025 2026 2025 Plan assets $ 209,763 $ 206,384 $ $ $ 209,763 $ 206,384 Projected benefit obligation 209,823 206,860 8,421 8,565 218,244 215,425 Funded status recognized $ (60) $ (476) $ (8,421) $ (8,565) $ (8,481) $ (9,041) Amounts recognized in the consolidated balance sheets: Current liability $ $ $ (656) $ (655) $ (656) $ (655) Noncurrent liability (60) (476) (7,765) (7,910) (7,825) (8,386) Net amount recognized $ (60) $ (476) $ …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

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 Years Ended February 28 or 29 (In millions) 2026 2025 2024 Used vehicle sales $ 20,702.4 $ 21,079.7 $ 20,922.3 Wholesale vehicle sales 4,504.6 4,587.5 4,975.8 Other sales and revenues: Extended protection plan revenues 448.7 451.7 401.8 Third-party finance fees, net (8.7) (1.5) (5.8) Advertising & subscription revenues (1) 144.5 139.3 135.8 Service revenues 76.6 83.4 85.1 Other 13.1 13.4 21.1 Total other sales and revenues 674.2 686.3 638.0 Total net sales and operating revenues $ 25,881.1 $ 26,353.4 $ 26,536.0 (1) Excludes intercompany sales and operating revenues that have b …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (A) Business and Background CarMax, Inc. (we, our, us, CarMax and the company), including its wholly owned subsidiaries, is the nations 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 companys 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 an …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

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. On December 19, 2025, CarMax received $8.2 million in additional 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 CarMaxs participation in the Volkswagen matter. On November 3, 2025, a putative class action complaint titled Jason Cap v. CarMax, Inc., et al. was filed in the United States District Court for the District of Maryland against the company and certain present or former officers of t …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt (In thousands) As of May 31 As of February 28 Debt Description (1) Maturity Date 2026 2026 Revolving credit facility (2) June 2028 $ 893,000 $ 840,800 Term loan (2) November 2030 499,309 499,271 4.17% Senior notes April 2026 200,000 4.27% Senior notes April 2028 200,000 200,000 Financing obligations Various dates through February 2059 486,325 483,633 Non-recourse notes payable Various dates through April 2033 16,082,391 15,827,609 Total debt 18,161,025 18,051,313 Less: current portion (571,315) (761,974) Less: unamortized debt issuance costs (28,734) (28,792) Long-term debt, net $ 17,560,976 $ 17,260,547 (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 May 31, 2026, the unused capacity of $1.11 billion was fully available to us. Term Loan. Borrowings under the $500 milli …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Disaggregation of Revenue Three Months Ended May 31 (In millions) 2026 2025 Used vehicle sales $ 6,391.3 $ 6,103.4 Wholesale vehicle sales 1,427.6 1,252.7 Other sales and revenues: Extended protection plan revenues 133.5 131.7 Third-party finance fees, net (4.5) (0.7) Advertising & subscription revenues (1) 36.7 36.5 Service revenues 24.2 19.5 Other 4.7 3.4 Total other sales and revenues 194.6 190.4 Total net sales and operating revenues $ 8,013.5 $ 7,546.5 (1) Excludes intercompany sales and operating revenues that have been eliminated in consolidation.

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Stock and Stock-Based Incentive Plans (A) Share Repurchase Program As of May 31, 2026, a total of $2.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.31 billion remained available for repurchase. Common Stock Repurchases Three Months Ended May 31 2026 2025 Number of shares repurchased (in thousands) 2,952.5 Average cost per share $ $ 67.66 Available for repurchase, as of end of period (in millions) $ 1,305.1 $ 1,737.1 (B) Share-Based Compensation We maintain long-term incentive plans for management, certain employees and the non-employee members of our board. The plans allow for the granting of equity-based compensation awards, including nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, stock- and cash-settled restricted stock units, stock grants or a combination of awards. To date, we have not awarded any incentive stock options. The majority of associates who receive share-based compensation awards primarily receive cash-settled restricted stock units. Senior management and other key associates receive awards of nonqualified stock options, stock-settled restricted stock units and/or restricted stock awards. Non-employee directors are eligible to receive awards of nonqualified stock options, stock grants, stock-settled restricted stock units and/or restricted stock awards. Excluding stock grants and stock-settled deferred stock units, all share-ba …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

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 managements 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 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes We had $20.6 million of gross unrecognized tax benefits as of May 31, 2026, and $18.8 million as of February 28, 2026. There were no significant changes to the gross unrecognized tax benefits as reported for the fiscal year ended February 28, 2026.

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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 payme …

LeasesOfLesseeDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements. Adopted in the Current Period In November 2024, the Financial Accounting Standards Board (FASB) issued an accounting pronouncement (ASU 2024-04) related to induced conversions of convertible debt instruments. The amendments in this update clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption was permitted. We adopted this pronouncement for our fiscal year beginning March 1, 2026, and it did not have a material effect on our consolidated financial statements. In July 2025, the 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 was permitted. We adopted this pronouncement for our fiscal year beginning March 1, 2026, and it did not have a material effect on our consolidat …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

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 May 31 (In millions) 2026 2025 Used vehicle sales $ 6,391.3 $ 6,103.4 Wholesale vehicle sales 1,427.6 1,252.7 Other sales and revenues: Extended protection plan revenues 133.5 131.7 Third-party finance fees, net (4.5) (0.7) Advertising & subscription revenues (1) 36.7 36.5 Service revenues 24.2 19.5 Other 4.7 3.4 Total other sales and revenues 194.6 190.4 Total net sales and operating revenues $ 8,013.5 $ 7,546.5 (1) Excludes intercompany sales and operating revenues that have been eliminated in consolidation. Used Vehicle Sales. Revenue from the sale of use …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing