CarMax Reports Quarterly Earnings Than Miss Expectations

(Justin Sullivan/Getty Images)

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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OpenAI’s ARR reached over $20 billion in 2025, CFO says

Sam Altman’s $500 billion artificial intelligence behemoth hit a major financial milestone last year, according to a new blog post over the weekend from OpenAI CFO Sarah Friar, as the company confirmed it had hit a more than $20 billion annual revenue run rate at the end of 2025.

Elsewhere in the blog post, Friar spent time addressing the company’s shifting goals, referencing plans to “close the distance between where intelligence is advancing and how individuals, companies, and countries actually adopt and use it.” As has become customary in the AI company press release genre, the CFO was also keen to tout the unending growth of the business, writing:

“Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.”
“Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.”

And, perhaps most importantly for current backers and those keeping an eye on the private company before its rumored mega IPO:

“Revenue followed the same curve growing 3X year over year, or 10X from 2023 to 2025: $2B ARR in 2023, $6B in 2024, and $20B+ in 2025. This is never-before-seen growth at such scale.”

That latest figure has certainly set tongues in the tech world wagging, just as the company announced it would begin rolling out ads to free and ChatGPT Go users. It also puts the chatbot giant a fair way ahead of competitors like Anthropic, the company behind Claude.

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“Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.”
“Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.”