CarMax Reports Quarterly Earnings Than Miss Expectations

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CarMax shares hit the gas as strong demand for used autos powers earnings beat

CarMax reported earnings before the market opened Friday.

6/20/25 8:43AM

CarMax reported earnings ahead of market open on Thursday and the used vehicle retailer posted a 38% jump in profit from last year. Its shares climbed 10% in premarket trading.

The company posted earnings of $1.38 per share, beating analyst estimates of $1.16. Sales reached $7.55 billion, compared to Wall Street’s $7.5 billion outlook.

CarMax logged its biggest jump in used vehicle sales since late 2021, selling 230,000 used retail vehicles on the quarter, a 9% year-over-year increase. Its sales are still significantly ahead of rival Carvana, though the latter has been gaining ground. In its most recent earnings report, posted last month, Carvana sold just shy of 134,000 used vehicles, a 46% spike.

CarMax’s average selling price for used vehicles dipped 1.5% to $26,120. The number of vehicles the company bought on the quarter rose more than 7% to 336,000, led by a 38% surge in buying through dealers.

The used vehicle market has shown strength as new vehicles face price hikes amid tariffs and the end of tariff-based sales incentives. According to Cox Automotive, 1.53 million used vehicles were sold in the US in May, up 4% from last year.

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Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

385 ✈️ 434

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Boeing on Tuesday announced that it delivered 57 commercial jets in August, its best total for the month in seven years. That brings its year-to-date delivery total to 385 planes, eclipsing its full-year 2024 figure by about 11%.

The August figure marked Boeing’s second-highest delivery total of 2025 and represented a 43% jump from the same month last year. Through August, Boeing has boosted its deliveries by 50% from last year.

The plane maker is still trailing its European rival Airbus, which delivered 61 planes in August and 434 year to date.

CarMax shares hit the gas as strong demand for used autos powers earnings beat

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