CarMax (KMX) 10-Q 5 Jan 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Nov. 30, 2023	Jan. 03, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2023
Document Transition Report	false
Entity File Number	1-31420
Entity Registrant Name	CARMAX, INC.
Entity Central Index Key	0001170010
Current Fiscal Year End Date	--02-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1821055
Entity Address, Address Line One	12800 Tuckahoe Creek Parkway
Entity Address, City or Town	Richmond,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23238
City Area Code	804
Local Phone Number	747-0422
Title of 12(b) Security	Common Stock
Trading Symbol	KMX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		157,921,209

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 6,148,538	$ 6,505,956	$ 20,909,437	$ 23,962,380
TOTAL COST OF SALES	5,535,675	5,929,268	18,782,419	21,773,156
GROSS PROFIT	612,863	576,688	2,127,018	2,189,224
CARMAX AUTO FINANCE INCOME	148,659	152,196	421,004	539,538
Selling, general and administrative expenses	559,962	591,727	1,705,493	1,914,508
Depreciation, Depletion and Amortization, Nonproduction	60,623	57,377	177,859	170,717
Interest expense	31,265	30,150	93,316	91,670
Other income	(886)	(363)	(4,730)	(2,303)
Earnings before income taxes	110,558	49,993	576,084	554,170
Income tax provision	28,555	12,413	147,148	138,420
NET EARNINGS	$ 82,003	$ 37,580	$ 428,936	$ 415,750
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	158,446	158,003	158,347	159,044
Diluted, shares	158,799	158,536	158,866	160,195
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 0.52	$ 0.24	$ 2.71	$ 2.61
Diluted (in dollars per share)	$ 0.52	$ 0.24	$ 2.70	$ 2.60
Used vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 4,832,077	$ 5,204,584	$ 16,424,691	$ 18,503,159
TOTAL COST OF SALES	4,434,165	4,801,790	15,060,045	17,041,898
Wholesale vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	1,165,204	1,152,207	4,001,542	4,959,050
TOTAL COST OF SALES	1,042,303	1,037,534	3,574,200	4,512,053
Total other sales and revenues
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	151,257	149,165	483,204	500,171
TOTAL COST OF SALES	$ 59,207	$ 89,944	$ 148,174	$ 219,205
NET SALES AND OPERATING REVENUES
Percentage of Sales
Item as a percent of net sales and operating revenues	100%	100%	100%	100%
TOTAL COST OF SALES
Percentage of Sales
Item as a percent of net sales and operating revenues	90%	91.10%	89.80%	90.90%
GROSS PROFIT
Percentage of Sales
Item as a percent of net sales and operating revenues	10%	8.90%	10.20%	9.10%
CARMAX AUTO FINANCE INCOME
Percentage of Sales
Item as a percent of net sales and operating revenues	2.40%	2.30%	2%	2.30%
Selling, general and administrative expenses
Percentage of Sales
Item as a percent of net sales and operating revenues	9.10%	9.10%	8.20%	8%
Depreciation and Amortization, Nonproduction
Percentage of Sales
Item as a percent of net sales and operating revenues	1%	0.90%	0.90%	0.70%
Interest expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.50%	0.50%	0.40%	0.40%
Other income
Percentage of Sales
Item as a percent of net sales and operating revenues	0%	0%	0%	0%
Earnings before income taxes
Percentage of Sales
Item as a percent of net sales and operating revenues	1.80%	0.80%	2.80%	2.30%
Income tax provision
Percentage of Sales
Item as a percent of net sales and operating revenues	0.50%	0.20%	0.70%	0.60%
NET EARNINGS
Percentage of Sales
Item as a percent of net sales and operating revenues	1.30%	0.60%	2.10%	1.70%
NET SALES AND OPERATING REVENUES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	78.60%	80%	78.60%	77.20%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	19%	17.70%	19.10%	20.70%
NET SALES AND OPERATING REVENUES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	2.50%	2.30%	2.30%	2.10%
TOTAL COST OF SALES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	72.10%	73.80%	72%	71.10%
TOTAL COST OF SALES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	17%	15.90%	17.10%	18.80%
TOTAL COST OF SALES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	1%	1.40%	0.70%	0.90%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 82,003	$ 37,580	$ 428,936	$ 415,750
Other comprehensive (loss) income, net of taxes:
Net change in retirement benefit plan unrecognized actuarial losses	98	482	294	1,444
Net change in cash flow hedge unrecognized gains	(18,028)	24,939	(37,496)	102,398
Other comprehensive income (loss), net of taxes	(17,930)	25,421	(37,202)	103,842
TOTAL COMPREHENSIVE INCOME	$ 64,073	$ 63,001	$ 391,734	$ 519,592

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2023	Feb. 28, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 605,375	$ 314,758
Restricted cash from collections on auto loans receivable	483,570	470,889
Accounts receivable, net	212,406	298,783
Inventory	3,638,946	3,726,142
Other current assets	169,653	230,795
TOTAL CURRENT ASSETS	5,109,950	5,041,367
Auto loans receivable, net of allowance for loan losses of $511,924 and $507,201 as of November 30, 2023 and February 28, 2023, respectively	17,081,891	16,341,791
Property and equipment, net of accumulated depreciation of $1,782,087 and $1,614,924 as of November 30, 2023 and February 28, 2023, respectively	3,623,697	3,430,914
Deferred Income Tax Assets, Net	121,219	80,740
Operating lease assets	533,387	545,677
Goodwill	141,258	141,258
Other assets	561,848	600,989
TOTAL ASSETS	27,173,250	26,182,736
CURRENT LIABILITIES:
Accounts payable	762,594	826,592
Accrued expenses and other current liabilities	494,365	478,964
Accrued income taxes	10,581	0
Current portion of operating lease liabilities	56,410	53,287
Current portion of long-term debt	312,744	111,859
Current portion of non-recourse notes payable	446,544	467,609
TOTAL CURRENT LIABILITIES	2,083,238	1,938,311
Long-term debt, excluding current portion	1,605,638	1,909,361
Non-recourse notes payable, excluding current portion	16,558,053	15,865,776
Operating lease liabilities, excluding current portion	509,141	523,828
Other liabilities	372,815	332,383
TOTAL LIABILITIES	21,128,885	20,569,659
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 158,021,407 and 158,079,033 shares issued and outstanding as of November 30, 2023 and February 28, 2023, respectively	79,011	79,040
Capital in excess of par value	1,786,924	1,713,074
Accumulated other comprehensive income	60,667	97,869
Retained earnings	4,117,763	3,723,094
TOTAL SHAREHOLDERS’ EQUITY	6,044,365	5,613,077
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 27,173,250	$ 26,182,736

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2023	Feb. 28, 2023
Statement of Financial Position [Abstract]
Financing Receivable, Allowance for Credit Loss	$ 511,924	$ 507,201
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,782,087	$ 1,614,924
Common Stock, Par or Stated Value Per Share	$ 0.50	$ 0.50
Common Stock, Shares Authorized	350,000,000	350,000,000
Common Stock, Shares, Issued	158,021,407	158,079,033
Common stock, shares outstanding	158,021,407	158,079,033

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
OPERATING ACTIVITIES:
Net earnings	$ 428,936	$ 415,750
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	193,528	202,655
Share-based compensation expense	90,479	64,974
Provision for loan losses	238,952	218,967
Provision for cancellation reserves	62,587	79,924
Deferred income tax benefit	(28,290)	(2,178)
Other	8,534	8,879
Net decrease (increase) in:
Accounts receivable, net	86,377	314,190
Inventory	87,196	1,709,632
Other current assets	91,793	149,777
Auto loans receivable, net	(979,052)	(1,170,098)
Other assets	(8,775)	(43,502)
Net decrease in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	(60,365)	(195,154)
Other liabilities	(62,921)	(91,739)
Net Cash Provided by (Used in) Operating Activities	148,979	1,662,077
INVESTING ACTIVITIES:
Capital expenditures	(355,442)	(319,486)
Proceeds from disposal of property and equipment	1,299	3,806
Purchases of investments	(4,641)	(6,460)
Sales and returns of investments	1,562	3,486
Net Cash Provided by (Used in) Investing Activities	(357,222)	(318,654)
FINANCING ACTIVITIES:
Proceeds from issuances of long-term debt	134,600	2,863,500
Payments on long-term debt	(242,989)	(4,116,775)
Cash paid for debt issuance costs	(15,576)	(13,987)
Payments on finance lease obligations	(12,177)	(10,056)
Issuances of non-recourse notes payable	9,099,929	11,351,696
Payments on non-recourse notes payable	(8,430,615)	(10,581,076)
Repurchase and retirement of common stock	(44,287)	(333,814)
Equity issuances	28,430	13,504
Net Cash Provided by (Used in) Financing Activities	517,315	(827,008)
Increase in cash, cash equivalents, and restricted cash	309,072	516,415
Cash, cash equivalents, and restricted cash at beginning of year	951,004	803,618
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	1,260,076	1,320,033
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	605,375	688,618
Restricted cash from collections on auto loans receivable	483,570	466,525
Restricted cash included in other assets	171,131	164,890
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 1,260,076	$ 1,320,033

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
BALANCE, SHARES at Feb. 28, 2022		161,054,000
BALANCE at Feb. 28, 2022	$ 5,235,439	$ 80,527	$ 1,677,268	$ 3,524,066	$ (46,422)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	252,265			252,265
Other Comprehensive Income (Loss), Net of Tax	52,314				52,314
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	21,594		21,594
Stock Repurchased and Retired During Period, Shares		(1,644,000)
Stock Repurchased and Retired During Period, Value	(157,594)	$ (822)	(17,207)	(139,565)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		49,000
Stock Issued During Period, Value, Stock Options Exercised	3,442	$ 24	3,418
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		155,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(6,823)	$ 78	(6,901)
BALANCE, SHARES at May. 31, 2022		159,614,000
BALANCE at May. 31, 2022	5,400,637	$ 79,807	1,678,172	3,636,766	5,892
BALANCE, SHARES at Feb. 28, 2022		161,054,000
BALANCE at Feb. 28, 2022	5,235,439	$ 80,527	1,677,268	3,524,066	(46,422)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	415,750
Other Comprehensive Income (Loss), Net of Tax	103,842
BALANCE, SHARES at Nov. 30, 2022		158,019,000
BALANCE at Nov. 30, 2022	5,487,573	$ 79,010	1,697,062	3,654,081	57,420
BALANCE, SHARES at May. 31, 2022		159,614,000
BALANCE at May. 31, 2022	5,400,637	$ 79,807	1,678,172	3,636,766	5,892
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	125,905			125,905
Other Comprehensive Income (Loss), Net of Tax	26,107				26,107
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	15,062		15,062
Stock Repurchased and Retired During Period, Shares		(1,730,000)
Stock Repurchased and Retired During Period, Value	(163,017)	$ (865)	(18,279)	(143,873)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		155,000
Stock Issued During Period, Value, Stock Options Exercised	9,840	$ 78	9,762
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		5,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(307)	$ 2	(309)
BALANCE, SHARES at Aug. 31, 2022		158,044,000
BALANCE at Aug. 31, 2022	5,414,227	$ 79,022	1,684,408	3,618,798	31,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	37,580			37,580
Other Comprehensive Income (Loss), Net of Tax	25,421				25,421
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	12,797		12,797
Stock Repurchased and Retired During Period, Shares		(30,000)
Stock Repurchased and Retired During Period, Value	(2,632)	$ (15)	(320)	(2,297)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		4,000
Stock Issued During Period, Value, Stock Options Exercised	220	$ 2	218
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		1,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(40)	$ 1	(41)
BALANCE, SHARES at Nov. 30, 2022		158,019,000
BALANCE at Nov. 30, 2022	$ 5,487,573	$ 79,010	1,697,062	3,654,081	57,420
BALANCE, SHARES at Feb. 28, 2023	158,079,033	158,079,000
BALANCE at Feb. 28, 2023	$ 5,613,077	$ 79,040	1,713,074	3,723,094	97,869
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	228,298			228,298
Other Comprehensive Income (Loss), Net of Tax	(36,539)				(36,539)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	21,274		21,274
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		18,000
Stock Issued During Period, Value, Stock Options Exercised	988	$ 9	979
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		112,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(3,930)	$ 56	(3,986)
BALANCE, SHARES at May. 31, 2023		158,209,000
BALANCE at May. 31, 2023	$ 5,823,168	$ 79,105	1,731,341	3,951,392	61,330
BALANCE, SHARES at Feb. 28, 2023	158,079,033	158,079,000
BALANCE at Feb. 28, 2023	$ 5,613,077	$ 79,040	1,713,074	3,723,094	97,869
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	428,936
Other Comprehensive Income (Loss), Net of Tax	$ (37,202)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	476,000
BALANCE, SHARES at Nov. 30, 2023	158,021,407	158,021,000
BALANCE at Nov. 30, 2023	$ 6,044,365	$ 79,011	1,786,924	4,117,763	60,667
BALANCE, SHARES at May. 31, 2023		158,209,000
BALANCE at May. 31, 2023	5,823,168	$ 79,105	1,731,341	3,951,392	61,330
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	118,635			118,635
Other Comprehensive Income (Loss), Net of Tax	17,267				17,267
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	20,256		20,256
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		446,000
Stock Issued During Period, Value, Stock Options Exercised	26,546	$ 223	26,323
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		1,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(213)	$ 0	(213)
BALANCE, SHARES at Aug. 31, 2023		158,656,000
BALANCE at Aug. 31, 2023	6,005,659	$ 79,328	1,777,707	4,070,027	78,597
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	82,003			82,003
Other Comprehensive Income (Loss), Net of Tax	(17,930)				(17,930)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	15,728		15,728
Stock Repurchased and Retired During Period, Shares		(649,000)
Stock Repurchased and Retired During Period, Value	(41,903)	$ (324)	(7,312)	(34,267)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		12,000
Stock Issued During Period, Value, Stock Options Exercised	896	$ 6	890
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		2,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	$ (88)	$ 1	(89)
BALANCE, SHARES at Nov. 30, 2023	158,021,407	158,021,000
BALANCE at Nov. 30, 2023	$ 6,044,365	$ 79,011	$ 1,786,924	$ 4,117,763	$ 60,667

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Nov. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Supplemental Cash Flow Information Supplemental disclosures of cash flow information: Nine Months Ended November 30 (In thousands) 2023 2022 Non-cash investing and financing activities: (Decrease) increase in accrued capital expenditures $ (17,419) $ 3,123 Increase in financing obligations $ 4,527 $ — See Note 13 for supplemental cash flow information related to leases.
Cash Flow, Supplemental Disclosures [Text Block]	Nine Months Ended November 30 (In thousands) 2023 2022 Non-cash investing and financing activities: (Decrease) increase in accrued capital expenditures $ (17,419) $ 3,123 Increase in financing obligations $ 4,527 $ —

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information Supplemental Cash Flow Information	9 Months Ended
	Nov. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	Nine Months Ended November 30 (In thousands) 2023 2022 Non-cash investing and financing activities: (Decrease) increase in accrued capital expenditures $ (17,419) $ 3,123 Increase in financing obligations $ 4,527 $ —

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Supplemental Cash Flow Information - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Capital Expenditures Incurred but Not yet Paid	$ 17,419	$ 3,123
Increase in financing obligations	$ 4,527	$ 0

Background

Background	9 Months Ended
	Nov. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description and Accounting Policies [Text Block]	Background Business. CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s 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. On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”), which does not meet the quantitative thresholds to be considered a reportable segment. See Note 16 for additional information on our reportable segments. We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process. Our omni-channel platform, which gives us the largest addressable market in the used car industry, empowers our retail customers to buy a car on their terms – online, in-store or an integrated combination of both. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); and vehicle repair service. Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site or virtual wholesale auctions. Basis of Presentation and Use of Estimates. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These interim unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. The accounting policies followed in the presentation of our interim financial results are consistent with those included in the company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2023 (the “2023 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2023 Annual Report. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding. Recent Accounting Pronouncements. Effective in Future Periods In October 2023, the Financial Accounting Standards Board ( “ FASB ” ) issued an accounting pronouncement (ASU 2023-06) related to disclosure or presentation requirements for various subtopics in the FASB’s Accounting Standards Codification (“Codification”). The amendments in the update are intended to align the requirements in the Codification with the U.S. Securities and Exchange Commission's (“SEC”) regulations and facilitate the application of GAAP for all entities. The effective date for each amendment is the date on which the SEC removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or if the SEC has not removed the requirements by June 30, 2027, this amendment will be removed from the Codification and will not become effective for any entity. Early adoption is prohibited. We do not expect this update to have a material impact on our consolidated financial statements. In November 2023, the FASB issued an accounting pronouncement (ASU 2023-07) related to the disclosure of incremental segment information on an annual and interim basis. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We plan to adopt this pronouncement beginning with our fiscal year ended February 28, 2025, and we do not expect it to have a material effect on our consolidated financial statements. In December 2023, the 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, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2025, and we do not expect it to have a material effect on our consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Nov. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	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 November 30 Nine Months Ended November 30 (In millions) 2023 2022 2023 2022 Used vehicle sales $ 4,832.1 $ 5,204.6 $ 16,424.7 $ 18,503.2 Wholesale vehicle sales 1,165.2 1,152.2 4,001.5 4,959.1 Other sales and revenues: Extended protection plan revenues 90.8 91.8 303.8 318.1 Third-party finance (fees)/income, net (1.2) 1.0 (2.4) 7.1 Advertising & subscription revenues (1) 36.7 33.3 101.6 101.9 Service revenues 20.3 19.6 63.8 60.8 Other 4.7 3.5 16.4 12.3 Total other sales and revenues 151.3 149.2 483.2 500.2 Total net sales and operating revenues $ 6,148.5 $ 6,506.0 $ 20,909.4 $ 23,962.4 (1) Excludes intersegment sales and operating revenues that have been eliminated in consolidation. See Note 16 for further details. Used Vehicle Sales. Revenue from the sale of used vehicles is recognized upon transfer of control of the vehicle to the customer. As part of our customer service strategy, we guarantee the retail vehicles we sell with a 30-day/1,500 mile, money-back guarantee. We record a reserve for estimated returns based on historical experience and trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with a return asset recorded in other current assets and a refund liability recorded in accrued expenses and other current liabilities. We also guarantee the used vehicles we sell with a 90-day/4,000-mile limited warranty. These warranties are deemed assurance-type warranties and are accounted for as warranty obligations. See Note 15 for additional information on this warranty and its related obligation. Wholesale Vehicle Sales. Wholesale vehicles are sold at our auctions, and revenue from the sale of these vehicles is recognized upon transfer of control of the vehicle to the customer. Dealers also pay a fee to us based on the sale price of the vehicles they purchase. This fee is recognized as revenue at the time of sale. While we provide condition disclosures on each wholesale vehicle sold, the vehicles are subject to a limited right of return. We record a reserve for estimated returns based on historical experience and trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with a return asset recorded in other current assets and a refund liability recorded in accrued expenses and other current liabilities. EPP Revenues. We also sell ESP and GAP products on behalf of unrelated third parties, who are primarily responsible for fulfilling the contract, to customers who purchase a retail vehicle. The ESPs we currently offer on all used vehicles provide coverage up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize revenue, on a net basis, at the time of sale. We also record a reserve, or refund liability, for estimated contract cancellations. The reserve for cancellations is evaluated for each product and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and credit mix of the customer base. Our risk related to contract cancellations is limited to the revenue that we receive. Cancellations fluctuate depending on the volume of EPP sales, customer financing default or prepayment rates, and shifts in customer behavior, including those related to changes in the coverage or term of the product. The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. See Note 7 for additional information on cancellation reserves. We are contractually entitled to receive profit-sharing revenues based on the performance of the ESPs administered by third parties. These revenues are a form of variable consideration included in EPP revenues to the extent that it is probable that it will not result in a significant revenue reversal. An estimate of the amount to which we expect to be entitled is determined upon satisfying the performance obligation of selling the ESP. This estimate is subject to various constraints; primarily, factors that are outside of the company’s influence or control. We have determined that these constraints generally preclude any profit-sharing revenues from being recognized before they are paid. As of November 30, 2023 and February 28, 2023, no current or long-term contract asset was recognized related to cumulative profit-sharing payments to which we expect to be entitled. The estimate of the amount to which we expect to be entitled is reassessed each reporting period and any changes are reflected in other sales and revenues on our consolidated statements of earnings and other assets on our consolidated balance sheets. Third-Party Finance (Fees)/Income. Customers applying for financing who are not approved or are conditionally approved by CAF are generally evaluated by other third-party finance providers. These providers generally either pay us or are paid a fixed, pre-negotiated fee per contract. We recognize these fees at the time of sale. Advertising and Subscription Revenues. Advertising and subscription revenues consist of revenues earned by our Edmunds business. Advertising revenues are derived from advertising contracts with automotive manufacturers based on fixed fees per impression and fees for certain activities completed by customers on the manufacturers' websites. These fees are recognized in the period the impressions are delivered or certain activities occurred. Subscription revenues are derived from packages sold to automotive dealers that include car leads, inventory listings and enhanced placement in Edmunds' dealer locator and are recognized over the period that the services are made available to the dealers. Subscription revenues also include a digital marketing subscription service, which allows dealers to gain exposure on third party partner websites. Revenues for this service are recognized on a net basis. Service Revenues. Service revenue consists of labor and parts income related to vehicle repair service, including repairs of vehicles covered under an ESP we sell or warranty program. Service revenue is recognized at the time the work is completed. Other Revenues. Other revenues include miscellaneous goods and services, which are immaterial to our consolidated financial statements.

CarMax Auto Finance

CarMax Auto Finance	9 Months Ended
	Nov. 30, 2023
CarMax Auto Finance Income [Abstract]
CarMax Auto Finance	CarMax Auto Finance CAF provides financing to qualified retail customers purchasing vehicles from CarMax. CAF provides us the opportunity to capture additional profits, cash flows and sales while managing our reliance on third-party finance sources. Management regularly analyzes CAF’s operating results by assessing profitability, the performance of the auto loans receivable, including trends in credit losses and delinquencies, and CAF direct expenses. This information is used to assess CAF’s performance and make operating decisions, including resource allocation. We typically use securitizations or other funding arrangements to fund loans originated by CAF. CAF income primarily reflects the interest and fee income generated by the auto loans receivable less the interest expense associated with the debt issued to fund these receivables, a provision for estimated loan losses and direct CAF expenses. CAF income does not include any allocation of indirect costs. Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions. Examples of indirect costs not allocated to CAF include retail store expenses and corporate expenses. In addition, except for auto loans receivable, which are disclosed in Note 4, CAF assets are not separately reported nor do we allocate assets to CAF because such allocation would not be useful to management in making operating decisions. Components of CAF Income Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2023 % (1) 2022 % (1) 2023 % (1) 2022 % (1) Interest margin: Interest and fee income $ 426.9 9.8 $ 365.4 8.8 $ 1,244.3 9.6 $ 1,069.3 8.8 Interest expense (170.2) (3.9) (88.8) (2.1) (464.8) (3.6) (200.1) (1.6) Total interest margin 256.7 5.9 276.6 6.7 779.5 6.0 869.2 7.2 Provision for loan losses (68.3) (1.6) (85.7) (2.1) (239.0) (1.8) (219.0) (1.8) Total interest margin after provision for loan losses 188.4 4.3 190.9 4.6 540.5 4.2 650.2 5.4 Direct expenses: Payroll and fringe benefit expense (16.2) (0.4) (16.1) (0.4) (49.6) (0.4) (46.7) (0.4) Depreciation and amortization (4.1) (0.1) (4.0) (0.1) (12.3) (0.1) (11.6) (0.1) Other direct expenses (19.4) (0.4) (18.7) (0.5) (57.6) (0.4) (52.4) (0.4) Total direct expenses (39.7) (0.9) (38.8) (0.9) (119.5) (0.9) (110.7) (0.9) CarMax Auto Finance income $ 148.7 3.4 $ 152.2 3.7 $ 421.0 3.2 $ 539.5 4.4 Total average managed receivables $ 17,508.9 $ 16,540.2 $ 17,276.0 $ 16,177.8 (1)

Auto Loan Receivables

Auto Loan Receivables	9 Months Ended
	Nov. 30, 2023
Receivables [Abstract]
Auto Loan Receivables	Auto Loans Receivable Auto loans receivable include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for estimated loan losses. These auto loans represent a large group of smaller-balance homogeneous loans, which we consider to be part of one class of financing receivable and one portfolio segment for purposes of determining our allowance for loan losses. We generally use warehouse facilities to fund auto loans receivable originated by CAF until we elect to fund them through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement. We recognize transfers of auto loans receivable into the warehouse facilities and asset-backed term funding transactions (together, “non-recourse funding vehicles”) as secured borrowings, which result in recording the auto loans receivable and the related non-recourse notes payable on our consolidated balance sheets. The majority of the auto loans receivable serve as collateral for the related non-recourse notes payable of $17.03 billion as of November 30, 2023, and $16.36 billion as of February 28, 2023. See Note 9 for additional information on securitizations and non-recourse notes payable. Interest income and expenses related to auto loans are included in CAF income. Interest income on auto loans receivable is recognized when earned based on contractual loan terms. All loans continue to accrue interest until repayment or charge-off. When a charge-off occurs, accrued interest is written off by reversing interest income. Direct costs associated with loan originations are not considered material, and thus, are expensed as incurred. See Note 3 for additional information on CAF income. Auto Loans Receivable, Net As of November 30 As of February 28 (In millions) 2023 2023 Asset-backed term funding $ 12,053.2 $ 12,242.8 Warehouse facilities 4,529.6 3,649.9 Overcollateralization (1) 783.4 739.9 Other managed receivables (2) 138.9 135.3 Total ending managed receivables 17,505.1 16,767.9 Accrued interest and fees 97.9 78.0 Other (9.2) 3.1 Less: allowance for loan losses (511.9) (507.2) Auto loans receivable, net $ 17,081.9 $ 16,341.8 (1) Represents receivables restricted as excess collateral for the non-recourse funding vehicles. (2) Other managed receivables includes receivables not funded through the non-recourse funding vehicles. Credit Quality. When customers apply for financing, CAF’s proprietary scoring models utilize the customers’ credit history and certain application information to evaluate and rank their risk. We obtain credit histories and other credit data that includes information such as number, age, type of and payment history for prior or existing credit accounts. The application information that is used includes income, collateral value and down payment. The scoring models yield credit grades that represent the relative likelihood of repayment. Customers with the highest probability of repayment are A-grade customers. Customers assigned a lower grade are determined to have a lower probability of repayment. For loans that are approved, the credit grade influences the terms of the agreement, such as the required loan-to-value ratio and interest rate. After origination, credit grades are generally not updated. CAF uses a combination of the initial credit grades and historical performance to monitor the credit quality of the auto loans receivable on an ongoing basis. We validate the accuracy of the scoring models periodically. Loan performance is reviewed on a recurring basis to identify whether the assigned grades adequately reflect the customers’ likelihood of repayment. Ending Managed Receivables by Major Credit Grade As of November 30, 2023 Fiscal Year of Origination (1) (In millions) 2024 2023 2022 2021 2020 Prior to 2020 Total % (2) Core managed receivables (3) : A $ 3,217.4 $ 2,922.2 $ 1,842.0 $ 725.5 $ 355.1 $ 69.4 $ 9,131.6 52.2 B 1,980.5 1,899.8 1,359.4 564.5 289.1 95.0 6,188.3 35.4 C and other 281.6 552.1 447.9 219.6 104.8 38.3 1,644.3 9.3 Total core managed receivables 5,479.5 5,374.1 3,649.3 1,509.6 749.0 202.7 16,964.2 96.9 Other managed receivables (4) : C and other 225.0 197.6 80.7 10.5 14.2 12.9 540.9 3.1 Total ending managed receivables $ 5,704.5 $ 5,571.7 $ 3,730.0 $ 1,520.1 $ 763.2 $ 215.6 $ 17,505.1 100.0 Gross charge-offs $ 26.1 $ 188.8 $ 120.2 $ 36.9 $ 18.3 $ 11.4 $ 401.7 As of February 28, 2023 Fiscal Year of Origination (1) (In millions) 2023 2022 2021 2020 2019 Prior to 2019 Total % (2) Core managed receivables (3) : A $ 3,890.9 $ 2,555.3 $ 1,112.0 $ 677.1 $ 218.3 $ 36.3 $ 8,489.9 50.6 B 2,497.5 1,839.9 816.2 488.9 215.1 56.0 5,913.6 35.3 C and other 732.7 609.5 314.5 169.3 74.1 25.6 1,925.7 11.5 Total core managed receivables 7,121.1 5,004.7 2,242.7 1,335.3 507.5 117.9 16,329.2 97.4 Other managed receivables (4) : C and other 272.0 112.5 15.0 21.1 13.2 4.9 438.7 2.6 Total ending managed receivables $ 7,393.1 $ 5,117.2 $ 2,257.7 $ 1,356.4 $ 520.7 $ 122.8 $ 16,767.9 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. (3) Represents CAF's Tier 1 originations. (4) Represents CAF's Tier 2 and Tier 3 originations. Allowance for Loan Losses. The allowance for loan losses at November 30, 2023 represents the net credit losses expected over the remaining contractual life of our managed receivables. The allowance for loan losses is determined using a net loss timing curve, primarily based on the composition of the portfolio of managed receivables and historical gross loss and recovery trends. Due to the fact that losses for receivables with less than 18 months of performance history can be volatile, our net loss estimate weights both historical losses by credit grade at origination and actual loss data on the receivables to-date, along with forward loss curves, in estimating future performance. Once the receivables have 18 months of performance history, the net loss estimate reflects actual loss experience of those receivables to date, along with forward loss curves, to predict future performance. The forward loss curves are constructed using historical performance data and show the average timing of losses over the course of a receivable’s life. The net loss estimate is calculated by applying the loss rates developed using the methods described above to the amortized cost basis of the managed receivables at inception of the loan. The output of the net loss timing curve is adjusted to take into account reasonable and supportable forecasts about the future. Specifically, the change in U.S. unemployment rates and the National Automobile Dealers Association used vehicle price index are used to predict changes in gross loss and recovery rates, respectively. An economic adjustment factor, based upon a single macroeconomic scenario, is developed to capture the relationship between changes in these forecasts and changes in gross loss and recovery rates. This factor is applied to the output of the net loss timing curve for the reasonable and supportable forecast period of two years. After the end of this two-year period, we revert to historical experience on a straight-line basis over a period of 12 months. We periodically consider whether the use of alternative metrics would result in improved model performance and revise the models when appropriate. We also consider whether qualitative adjustments are necessary for factors that are not reflected in the quantitative methods but impact the measurement of estimated credit losses. Such adjustments include the uncertainty of the impacts of recent economic trends on customer behavior. The change in the allowance for loan losses is recognized through an adjustment to the provision for loan losses. Allowance for Loan Losses Three Months Ended November 30, 2023 (In millions) Core Other Total % (1) Balance as of beginning of period $ 433.0 $ 105.0 $ 538.0 3.08 Charge-offs (125.1) (23.6) (148.7) Recoveries (2) 47.2 7.1 54.3 Provision for loan losses 57.3 11.0 68.3 Balance as of end of period $ 412.4 $ 99.5 $ 511.9 2.92 Three Months Ended November 30, 2022 (In millions) Core Other Total % (1) Balance as of beginning of period $ 396.1 $ 81.4 $ 477.5 2.92 Charge-offs (96.3) (16.3) (112.6) Recoveries (2) 35.7 4.7 40.4 Provision for loan losses 60.9 24.8 85.7 Balance as of end of period $ 396.4 $ 94.6 $ 491.0 2.95 Nine Months Ended November 30, 2023 (In millions) Core Other Total % (1) Balance as of beginning of period $ 401.5 $ 105.7 $ 507.2 3.02 Charge-offs (336.9) (64.8) (401.7) Recoveries (2) 146.2 21.2 167.4 Provision for loan losses 201.6 37.4 239.0 Balance as of end of period $ 412.4 $ 99.5 $ 511.9 2.92 Nine Months Ended November 30, 2022 (In millions) Core Other Total % (1) Balance as of beginning of period $ 377.5 $ 55.5 $ 433.0 2.77 Charge-offs (241.9) (35.0) (276.9) Recoveries (2) 104.7 11.2 115.9 Provision for loan losses 156.1 62.9 219.0 Balance as of end of period $ 396.4 $ 94.6 $ 491.0 2.95 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle. During the first nine months of fiscal 2024, the allowance for loan losses as a percent of total ending managed receivables decreased by 10 basis points. The decrease was primarily driven by the impact of our tightened underwriting standards in response to the current environment, partially offset by unfavorable loss performance as well as our continued investment in the Tier 2 business. The increase in net charge-offs primarily reflects continued customer hardship in the current economic environment. The allowance for loan losses as of November 30, 2023 reflects our best estimate of expected future losses based on recent trends in delinquencies, loss performance, recovery rates and the economic environment. Past Due Receivables. An account is considered delinquent when the related customer fails to make a substantial portion of a scheduled payment on or before the due date. In general, accounts are charged-off on the last business day of the month during which the earliest of the following occurs: the receivable is 120 days or more delinquent as of the last business day of the month, the related vehicle is repossessed and liquidated, or the receivable is otherwise deemed uncollectible. For purposes of determining impairment, auto loans are evaluated collectively, as they represent a large group of smaller-balance homogeneous loans, and therefore, are not individually evaluated for impairment. Past Due Receivables As of November 30, 2023 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 9,079.3 $ 5,715.6 $ 1,294.5 $ 16,089.4 $ 398.3 $ 16,487.7 94.19 Delinquent loans: 31-60 days past due 31.6 270.6 178.1 480.3 68.1 548.4 3.13 61-90 days past due 15.5 165.0 144.2 324.7 62.3 387.0 2.21 Greater than 90 days past due 5.2 37.1 27.5 69.8 12.2 82.0 0.47 Total past due 52.3 472.7 349.8 874.8 142.6 1,017.4 5.81 Total ending managed receivables $ 9,131.6 $ 6,188.3 $ 1,644.3 $ 16,964.2 $ 540.9 $ 17,505.1 100.00 As of February 28, 2023 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 8,450.3 $ 5,540.2 $ 1,612.3 $ 15,602.8 $ 327.6 $ 15,930.4 95.00 Delinquent loans: 31-60 days past due 25.1 225.7 175.4 426.2 60.6 486.8 2.90 61-90 days past due 10.6 120.0 114.5 245.1 42.1 287.2 1.71 Greater than 90 days past due 3.9 27.7 23.5 55.1 8.4 63.5 0.39 Total past due 39.6 373.4 313.4 726.4 111.1 837.5 5.00 Total ending managed receivables $ 8,489.9 $ 5,913.6 $ 1,925.7 $ 16,329.2 $ 438.7 $ 16,767.9 100.00 (1)

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	9 Months Ended
	Nov. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments And Hedging Activities	Derivative Instruments and Hedging Activities We use derivatives to manage certain risks arising from both our business operations and economic conditions, particularly with regard to issuances of debt. Primary exposures include SOFR and other rates used as benchmarks in our securitizations and other debt financing. We enter into derivative instruments to manage exposures related to the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates, and generally designate these derivative instruments as cash flow hedges for accounting purposes. In certain cases, we may choose not to designate a derivative instrument as a cash flow hedge for accounting purposes due to uncertainty around the probability that future hedged transactions will occur. Our derivative instruments are used to manage (i) differences in the amount of our known or expected cash receipts and our known or expected cash payments principally related to the funding of our auto loans receivable, and (ii) exposure to variable interest rates associated with our term loans. For the derivatives associated with our non-recourse funding vehicles that are designated as cash flow hedges, the changes in fair value are initially recorded in accumulated other comprehensive income (“AOCI”). For the majority of these derivatives, the amounts are subsequently reclassified into CAF income in the period that the hedged forecasted transaction affects earnings, which occurs as interest expense is recognized on those future issuances of debt. During the next 12 months, we estimate that an additional $52.1 million will be reclassified from AOCI as an increase to CAF income. Changes in fair value related to derivatives that have not been designated as cash flow hedges for accounting purposes are recognized in the income statement in the period in which the change occurs. For the three and nine months ended November 30, 2023, we recognized expense of $6.1 million and $16.6 million, respectively, in CAF income representing these changes in fair value. As of November 30, 2023 and February 28, 2023, we had interest rate swaps outstanding with a combined notional amount of $5.00 billion and $4.49 billion, respectively, that were designated as cash flow hedges of interest rate risk. As of November 30, 2023 and February 28, 2023, we had interest rate swaps with a combined notional amount of $0.90 billion and $1.14 billion, respectively, outstanding that were not designated as cash flow hedges for accounting purposes. See Note 6 for discussion of fair values of financial instruments and Note 12 for the effect on comprehensive income.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Nov. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 management’s 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 that fair values are appropriate. Such controls include model validation, review of key model inputs, analysis of period-over-period fluctuations and reviews by senior management. Valuation Methodologies Money Market Securities. Money market securities are cash equivalents, which are included in cash and cash equivalents, restricted cash from collections on auto loans receivable and other assets. They consist of highly liquid investments with original maturities of three months or less and are classified as Level 1. Mutual Fund Investments. Mutual fund investments consist of publicly traded mutual funds that primarily include diversified equity investments in large-, mid- and small-cap domestic and international companies or investment grade debt securities. The investments, which are included in other assets, are held in a rabbi trust established to fund informally our executive deferred compensation plan and are classified as Level 1. Derivative Instruments. The fair values of our derivative instruments are included in either other current assets, other assets, accounts payable or other liabilities. Our derivatives are not exchange-traded and are over-the-counter customized derivative instruments. All of our derivative exposures are with highly rated bank counterparties. We measure derivative fair values assuming that the unit of account is an individual derivative instrument and that derivatives are sold or transferred on a stand-alone basis. We estimate the fair value of our derivatives using quotes determined by the derivative counterparties and third-party valuation services. Quotes from third-party valuation services and quotes received from bank counterparties project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates and the contractual terms of the derivative instruments. The models do not require significant judgment and model inputs can typically be observed in a liquid market; however, because the models include inputs other than quoted prices in active markets, all derivatives are classified as Level 2. Our derivative fair value measurements consider assumptions about counterparty and our own nonperformance risk. We monitor counterparty and our own nonperformance risk and, in the event that we determine that a party is unlikely to perform under terms of the contract, we would adjust the derivative fair value to reflect the nonperformance risk. Items Measured at Fair Value on a Recurring Basis As of November 30, 2023 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 1,194,255 $ — $ 1,194,255 Mutual fund investments 22,809 — 22,809 Derivative instruments designated as hedges — 59,137 59,137 Derivative instruments not designated as hedges — 17,246 17,246 Total assets at fair value $ 1,217,064 $ 76,383 $ 1,293,447 Percent of total assets at fair value 94.1 % 5.9 % 100.0 % Percent of total assets 4.5 % 0.3 % 4.8 % Liabilities: Derivative instruments designated as hedges $ — $ (6,208) $ (6,208) Total liabilities at fair value $ — $ (6,208) $ (6,208) Percent of total liabilities — % — % — % As of February 28, 2023 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 865,943 $ — $ 865,943 Mutual fund investments 22,671 — 22,671 Derivative instruments designated as hedges — 97,328 97,328 Derivative instruments not designated as hedges — 33,870 33,870 Total assets at fair value $ 888,614 $ 131,198 $ 1,019,812 Percent of total assets at fair value 87.1 % 12.9 % 100.0 % Percent of total assets 3.4 % 0.5 % 3.9 % Liabilities: Total liabilities at fair value $ — $ — $ — Percent of total liabilities — % — % — % Fair Value of Financial Instruments The carrying value of our cash and cash equivalents, accounts receivable, other restricted cash deposits and accounts payable approximates fair value due to the short-term nature and/or variable rates associated with these financial instruments. Auto loans receivable are presented net of an allowance for estimated loan losses, which we believe approximates fair value. We believe that the carrying value of our revolving credit facility and term loans approximates fair value due to the variable rates associated with these obligations. The fair value of our senior unsecured notes, which are not carried at fair value on our consolidated balance sheets, was determined using Level 2 inputs based on quoted market prices. The carrying value and fair value of the senior unsecured notes as of November 30, 2023 and February 28, 2023, respectively, are as follows: (In thousands) As of November 30, 2023 As of February 28, 2023 Carrying value $ 400,000 $ 500,000 Fair value $ 376,076 $ 473,749

Cancellation Reserves

Cancellation Reserves	9 Months Ended
	Nov. 30, 2023
Cancellation Reserves [Abstract]
Cancellation Reserves	Cancellation Reserves We recognize revenue for EPP products, on a net basis, at the time of sale. We also record a reserve, or refund liability, for estimated contract cancellations. Cancellations of these services may result from early termination by the customer, or default or prepayment on the finance contract. The reserve for cancellations is evaluated for each product and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and credit mix of the customer base. Cancellation Reserves Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2023 2022 2023 2022 Balance as of beginning of period $ 136.6 $ 148.8 $ 139.2 $ 144.7 Cancellations (22.4) (25.2) (70.2) (80.3) Provision for future cancellations 17.4 20.7 62.6 79.9 Balance as of end of period $ 131.6 $ 144.3 $ 131.6 $ 144.3 The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. As of November 30, 2023 and February 28, 2023, the current portion of cancellation reserves was $68.0 million and $76.1 million, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Nov. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $31.1 million of gross unrecognized tax benefits as of November 30, 2023, and $27.1 million as of February 28, 2023. There were no significant changes to the gross unrecognized tax benefits as reported for the fiscal year ended February 28, 2023.

Debt

Debt	3 Months Ended
	Nov. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt (In thousands) As of November 30 As of February 28 Debt Description (1) Maturity Date 2023 2023 Revolving credit facility (2) June 2028 $ — $ — Term loan (2) June 2024 300,000 300,000 Term loan (2) October 2026 699,598 699,493 3.86% Senior notes April 2023 — 100,000 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 519,396 522,526 Non-recourse notes payable Various dates through December 2030 17,029,405 16,360,092 Total debt 18,948,399 18,382,111 Less: current portion (759,288) (579,468) Less: unamortized debt issuance costs (25,420) (27,506) Long-term debt, net $ 18,163,691 $ 17,775,137 (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 November 30, 2023, the unused capacity of $2.00 billion was fully available to us. Term Loans. Borrowings under our $300 million and $700 million term loans are available for working capital and general corporate purposes. The interest rate on our term loans was 6.32% as of November 30, 2023. The $300 million term loan matures in June 2024 and was therefore classified as current. The $700 million term loan was classified as long-term debt as no repayments are scheduled to be made within the next 12 months. Senior Notes. The 3.86% senior notes matured during the first quarter of fiscal 2024. Borrowings under our unsecured senior notes totaling $400 million are available for working capital and general corporate purposes. As of November 30, 2023, all notes were classified as long-term debt as no repayments are scheduled to be made within the next 12 months. Financing Obligations. Financing obligations relate to stores subject to sale-leaseback transactions that do not qualify for sale accounting. The financing obligations were structured at varying interest rates and generally have initial lease terms ranging from 15 to 20 years with payments made monthly. We have not entered into any new sale-leaseback transactions since fiscal 2009. In the event the agreements are modified or extended beyond their original term, the related obligation is adjusted based on the present value of the revised future payments, with a corresponding change to the assets subject to these transactions. Upon modification, the amortization of the obligation is reset, resulting in more of the payments being applied to interest expense in the initial years following the modification. Non-Recourse Notes Payable. The non-recourse notes payable relate to auto loans receivable funded through non-recourse funding vehicles. The timing of principal payments on the non-recourse notes payable is based on the timing of principal collections and defaults on the related auto loans receivable. The current portion of non-recourse notes payable represents principal payments that are due to be distributed in the following period. Notes payable related to our asset-backed term funding transactions accrue interest predominantly at fixed rates and have scheduled maturities through December 2030, but may mature earlier, depending upon the repayment rate of the underlying auto loans receivable. Information on our funding vehicles of non-recourse notes payable as of November 30, 2023 are as follows: (In billions) Capacity Warehouse facilities: December 2023 expiration $ 0.50 February 2024 expiration 2.80 August 2024 expiration 2.30 Combined warehouse facility limit $ 5.60 Unused capacity $ 1.07 Non-recourse notes payable outstanding: Warehouse facilities $ 4.53 Asset-backed term funding transactions 12.50 Non-recourse notes payable $ 17.03 We generally enter into warehouse facility agreements for one-year terms and typically renew the agreements annually. In December 2023, the $0.50 billion facility was extended with an expiration date of January 2024, which we expect to renew for an annual term in January 2024. The return requirements of warehouse facility investors could fluctuate significantly depending on market conditions. At renewal, the cost, structure and capacity of the facilities could change. These changes could have a significant impact on our funding costs. See Note 4 for additional information on the related auto loans receivable. Capitalized Interest. We capitalize interest in connection with the construction of certain facilities. For the nine months ended November 30, 2023 and 2022, we capitalized interest of $4.6 million and $3.6 million, respectively. Financial Covenants. The credit facility, term loans and senior note agreements contain representations and warranties, conditions and covenants. We must also meet financial covenants in conjunction with certain financing obligations. The agreements governing our non-recourse funding vehicles contain representations and warranties, as well as financial covenants and performance triggers related to events of default. As of November 30, 2023, we were in compliance with these financial covenants and our non-recourse funding vehicles were in compliance with these performance triggers.

Stock and Stock-Based Incentive

Stock and Stock-Based Incentive Plans	9 Months Ended
	Nov. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock and Stock-Based Incentive Plans	Stock and Stock-Based Incentive Plans (A) Share Repurchase Program During the third quarter of fiscal 2024, we resumed our share repurchase program after having paused it during the third quarter of fiscal year 2023. As of November 30, 2023, a total of $4.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $2.41 billion remained available for repurchase. Common Stock Repurchases Three Months Ended Nine Months Ended November 30 November 30 2023 2022 2023 2022 Number of shares repurchased (in thousands) 648.5 30.0 648.5 3,403.9 Average cost per share $ 64.60 $ 87.70 $ 64.60 $ 94.95 Available for repurchase, as of end of period (in millions) $ 2,409.4 $ 2,451.3 $ 2,409.4 $ 2,451.3 (B) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2023 2022 2023 2022 Cost of sales $ 692 $ 333 $ 3,277 $ 1,474 CarMax Auto Finance income 1,016 981 2,663 1,394 Selling, general and administrative expenses 19,918 17,213 86,516 63,983 Share-based compensation expense, before income taxes $ 21,626 $ 18,527 $ 92,456 $ 66,851 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2023 2022 2023 2022 Nonqualified stock options $ 12,334 $ 8,968 $ 40,061 $ 29,648 Cash-settled restricted stock units (RSUs) 5,306 5,167 33,221 15,521 Stock-settled market stock units (MSUs) 3,531 3,358 13,639 12,234 Other share-based incentives: Stock-settled performance stock units (PSUs) (137) 209 1,401 5,150 Restricted stock (RSAs) — 262 307 571 Stock-settled deferred stock units (DSUs) — — 1,850 1,850 Employee stock purchase plan 592 563 1,977 1,877 Total other share-based incentives $ 455 $ 1,034 $ 5,535 $ 9,448 Share-based compensation expense, before income taxes $ 21,626 $ 18,527 $ 92,456 $ 66,851 (C) Stock Incentive Plan Information Share/Unit Activity Nine Months Ended November 30, 2023 Equity Classified Liability Classified (Shares/units in thousands) Options MSUs Other RSUs Outstanding as of February 28, 2023 6,776 404 130 1,004 Granted 1,549 186 76 914 Exercised or vested and converted (476) (187) (11) (489) Cancelled (175) (19) — (96) Outstanding as of November 30, 2023 7,674 384 195 1,333 Weighted average grant date fair value per share/unit: Granted $ 29.10 $ 99.81 $ 74.31 $ 70.68 Ending outstanding $ 26.90 $ 123.67 $ 88.70 $ 81.34 As of November 30, 2023 Unrecognized compensation (in millions) $ 54.2 $ 19.6 $ 0.8

Net Earnings Per Share

Net Earnings Per Share	9 Months Ended
	Nov. 30, 2023
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding. Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of weighted average number of shares of common stock outstanding and dilutive potential common stock. Diluted net earnings per share is calculated using the “if-converted” treasury stock method. Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended Nine Months Ended November 30 November 30 (In thousands except per share data) 2023 2022 2023 2022 Net earnings $ 82,003 $ 37,580 $ 428,936 $ 415,750 Weighted average common shares outstanding 158,446 158,003 158,347 159,044 Dilutive potential common shares: Stock options 156 268 301 857 Stock-settled stock units and awards 197 265 218 294 Weighted average common shares and dilutive potential common shares 158,799 158,536 158,866 160,195 Basic net earnings per share $ 0.52 $ 0.24 $ 2.71 $ 2.61 Diluted net earnings per share $ 0.52 $ 0.24 $ 2.70 $ 2.60

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Nov. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Income Changes in Accumulated Other Comprehensive Income By Component Total Net Net Accumulated Unrecognized Unrecognized Other Actuarial Hedge Comprehensive (In thousands, net of income taxes) Losses Gains Income Balance as of February 28, 2023 $ (44,590) $ 142,459 $ 97,869 Other comprehensive loss before reclassifications — (8,623) (8,623) Amounts reclassified from accumulated other comprehensive income 294 (28,873) (28,579) Other comprehensive income (loss) 294 (37,496) (37,202) Balance as of November 30, 2023 $ (44,296) $ 104,963 $ 60,667 Changes In and Reclassifications Out of Accumulated Other Comprehensive Income Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2023 2022 2023 2022 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 58 $ 272 $ 174 $ 810 CarMax Auto Finance income 4 19 11 51 Selling, general and administrative expenses 67 346 202 1,048 Total amortization reclassifications recognized in net pension expense 129 637 387 1,909 Tax expense (31) (155) (93) (465) Amortization reclassifications recognized in net pension expense, net of tax 98 482 294 1,444 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 98 482 294 1,444 Cash Flow Hedges (Note 5): Changes in fair value (10,594) 42,521 (11,599) 152,731 Tax benefit (expense) 2,640 (10,919) 2,976 (39,221) Changes in fair value, net of tax (7,954) 31,602 (8,623) 113,510 Reclassifications to CarMax Auto Finance income (13,321) (8,965) (38,180) (14,951) Tax benefit 3,247 2,302 9,307 3,839 Reclassification of hedge gains, net of tax (10,074) (6,663) (28,873) (11,112) Net change in cash flow hedge unrecognized gains, net of tax (18,028) 24,939 (37,496) 102,398 Total other comprehensive (loss) income, net of tax $ (17,930) $ 25,421 $ (37,202) $ 103,842 Changes in the funded status of our retirement plans and changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive income. The cumulative balances are net of deferred taxes of $20.4 million as of November 30, 2023 and $32.6 million as of February 28, 2023.

Leases (Notes)

Leases (Notes)	9 Months Ended
	Nov. 30, 2023
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	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 payment of certain real estate taxes, insurance and other expenses on our leases. These amounts are generally considered to be variable and are not included in the measurement of the ROU asset and lease liability. We generally account for non-lease components, such as maintenance, separately from lease components. For certain equipment leases, we apply a portfolio approach to account for the lease assets and liabilities. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases with a term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The components of lease expense were as follows: Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2023 2022 2023 2022 Operating lease cost (1) $ 22,772 $ 22,450 $ 66,958 $ 68,381 Finance lease cost: Depreciation of lease assets 5,266 4,178 14,708 11,701 Interest on lease liabilities 6,610 5,728 19,112 16,129 Total finance lease cost 11,876 9,906 33,820 27,830 Total lease cost $ 34,648 $ 32,356 $ 100,778 $ 96,211 (1) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to leases was as follows: As of November 30 As of February 28 (In thousands) Classification 2023 2023 Assets: Operating lease assets Operating lease assets $ 533,387 $ 545,677 Finance lease assets Property and equipment, net (1) 179,381 145,372 Total lease assets $ 712,768 $ 691,049 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 56,410 $ 53,287 Finance leases Accrued expenses and other current liabilities 20,452 18,788 Long-term: Operating leases Operating lease liabilities, excluding current portion 509,141 523,828 Finance leases Other liabilities 202,024 165,135 Total lease liabilities $ 788,027 $ 761,038 (1) Finance lease assets are recorded net of accumulated depreciation of $53.1 million as of November 30, 2023 and $46.7 million as of February 28, 2023. Lease term and discount rate information related to leases was as follows: As of November 30 As of February 28 Lease Term and Discount Rate 2023 2023 Weighted Average Remaining Lease Term (in years) Operating leases 16.09 16.35 Finance leases 11.56 10.84 Weighted Average Discount Rate Operating leases 5.02 % 4.91 % Finance leases 17.17 % 19.34 % Supplemental cash flow information related to leases was as follows: Nine Months Ended November 30 (In thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 66,352 $ 67,675 Operating cash flows from finance leases $ 18,387 $ 12,747 Financing cash flows from finance leases $ 12,177 $ 10,056 Lease assets obtained in exchange for lease obligations: Operating leases $ 29,080 $ 29,027 Finance leases $ 50,085 $ 31,344 Maturities of lease liabilities were as follows: As of November 30, 2023 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2024, remaining $ 20,661 $ 10,886 Fiscal 2025 82,816 45,606 Fiscal 2026 77,454 47,365 Fiscal 2027 71,099 43,554 Fiscal 2028 66,952 36,691 Thereafter 561,850 258,658 Total lease payments 880,832 442,760 Less: interest (315,281) (220,284) Present value of lease liabilities $ 565,551 $ 222,476 (1) Lease payments exclude $5.1 million of legally binding minimum lease payments for leases signed but not yet commenced.

Contingent Liabilities

Contingent Liabilities	9 Months Ended
	Nov. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities Litigation . CarMax entities are defendants in a proceeding asserting wage and hour claims with respect to non-exempt CarMax employees in California. The asserted claims include failure to provide meal periods and rest breaks; pay statutory or contractual wages; reimburse for work-related expenses; and Private Attorneys General Act (“PAGA”) claims. On July 9, 2021, Daniel Bendure v. CarMax Auto Superstores California, LLC et al., a putative class action, was filed in the Superior Court of California, County of San Bernardino. The Bendure lawsuit seeks civil penalties for violation of the Labor Code, attorneys’ fees, costs, restitution of unpaid wages, interest, injunctive and equitable relief, general damages, and special damages. Bendure subsequently decided not to proceed with an individual or putative class claim, but rather filed and served a PAGA-only complaint in the Superior Court of California for the County of San Bernardino on December 7, 2021, based on the same allegations pled in the original complaint. The California Supreme Court held in Adolph v. Uber that an employee who signs an arbitration agreement, as Bendure has, may still pursue a representative PAGA action in court if the employee is successful in his individual PAGA action in arbitration. In light of this decision, Bendure filed a demand on October 16, 2023 for an individual arbitration. We are unable to make a reasonable estimate of the amount or range of loss that could result from an unfavorable outcome in this matter. We are involved in various other legal proceedings in the normal course of business. Based upon our evaluation of information currently available, we believe that the ultimate resolution of any such proceedings will not have a material adverse effect, either individually or in the aggregate, on our financial condition, results of operations or cash flows. Other Matters. In accordance with the terms of real estate lease agreements, we generally agree to indemnify the lessor from certain liabilities arising as a result of the use of the leased premises, including environmental liabilities and repairs to leased property upon termination of the lease. Additionally, in accordance with the terms of agreements entered into for the sale of properties, we generally agree to indemnify the buyer from certain liabilities and costs arising subsequent to the date of the sale, including environmental liabilities and liabilities resulting from the breach of representations or warranties made in accordance with the agreements. We do not have any known material environmental commitments, contingencies or other indemnification issues arising from these arrangements. As part of our customer service strategy, we guarantee the used vehicles we retail with a 90-day/4,000 mile limited warranty. A vehicle in need of repair within this period will be repaired free of charge. As a result, each vehicle sold has an implied liability associated with it. Accordingly, based on historical trends, we record a provision for estimated future repairs during the guarantee period for each vehicle sold. The liability for this guarantee was $25.4 million as of November 30, 2023, and $27.1 million as of February 28, 2023, and is included in accrued expenses and other current liabilities.

Segment Reporting

Segment Reporting	9 Months Ended
	Nov. 30, 2023
Segment Reporting [Abstract]
Segment Reporting Disclosure	Segment Information We operate in two reportable segments: CarMax Sales Operations and 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. We also have a non-reportable operating segment related to our Edmunds business, which is reflected as “Other” in the segment tables below. Revenue generated by Edmunds primarily represents advertising and subscription revenues as discussed in Note 2. Edmunds also generates intersegment revenue as a result of transactions between Edmunds and CarMax Sales Operations, which represent arm’s length transactions at prevailing market prices. Such amounts are eliminated in consolidation. The performance of our CarMax Sales Operations segment is reviewed by our chief operating decision maker at the gross profit level, the components of which are presented in the tables below. 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. Segment Information Three Months Ended November 30, 2023 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 6,111,839 $ 36,699 $ — $ 6,148,538 Intersegment sales and operating revenues — 8,100 (8,100) — Total sales and operating revenues $ 6,111,839 $ 44,799 $ (8,100) $ 6,148,538 Depreciation and amortization (1) $ 393 $ 5,097 $ — $ 5,490 Gross profit $ 586,332 $ 27,710 $ (1,179) $ 612,863 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 148,659 Selling, general and administrative expenses (559,962) Depreciation and amortization (2) (60,623) Interest expense (31,265) Other income (expense) 886 Earnings before income taxes $ 110,558 Three Months Ended November 30, 2022 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 6,472,702 $ 33,254 $ — $ 6,505,956 Intersegment sales and operating revenues — 5,549 (5,549) — Total sales and operating revenues $ 6,472,702 $ 38,803 $ (5,549) $ 6,505,956 Depreciation and amortization (1) $ 404 $ 3,735 $ — $ 4,139 Gross profit $ 554,057 $ 23,780 $ (1,149) $ 576,688 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 152,196 Selling, general and administrative expenses (591,727) Depreciation and amortization (2) (57,377) Interest expense (30,150) Other income (expense) 363 Earnings before income taxes $ 49,993 Nine Months Ended November 30, 2023 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 20,807,858 $ 101,579 $ — $ 20,909,437 Intersegment sales and operating revenues — 26,165 (26,165) — Total sales and operating revenues $ 20,807,858 $ 127,744 $ (26,165) $ 20,909,437 Depreciation and amortization (1) $ 1,239 $ 14,236 $ — $ 15,475 Gross profit $ 2,053,228 $ 77,269 $ (3,479) $ 2,127,018 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 421,004 Selling, general and administrative expenses (1,705,493) Depreciation and amortization (2) (177,859) Interest expense (93,316) Other income (expense) 4,730 Earnings before income taxes $ 576,084 Nine Months Ended November 30, 2022 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 23,860,462 $ 101,918 $ — $ 23,962,380 Intersegment sales and operating revenues — 20,219 (20,219) — Total sales and operating revenues $ 23,860,462 $ 122,137 $ (20,219) $ 23,962,380 Depreciation and amortization (1) $ 1,092 $ 10,199 $ — $ 11,291 Gross profit $ 2,115,631 $ 77,869 $ (4,276) $ 2,189,224 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 539,538 Selling, general and administrative expenses (1,914,508) Depreciation and amortization (2) (170,717) Interest expense (91,670) Other income (expense) 2,303 Earnings before income taxes $ 554,170 (1) Represents only the portion of depreciation and amortization recorded within Cost of sales, and thus included in the calculation of Gross profit. (2) Exclusive of depreciation and amortization recorded within Cost of sales.

Background Basis of Accounting

Background Basis of Accounting (Policies)	9 Months Ended
	Nov. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Business. CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s 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. On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”), which does not meet the quantitative thresholds to be considered a reportable segment. See Note 16 for additional information on our reportable segments. We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process. Our omni-channel platform, which gives us the largest addressable market in the used car industry, empowers our retail customers to buy a car on their terms – online, in-store or an integrated combination of both. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); and vehicle repair service. Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site or virtual wholesale auctions.
Basis of Presentation	Basis of Presentation and Use of Estimates. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These interim unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. The accounting policies followed in the presentation of our interim financial results are consistent with those included in the company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2023 (the “2023 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2023 Annual Report.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding.
Recent Accounting Pronouncements	Effective in Future Periods In October 2023, the Financial Accounting Standards Board ( “ FASB ” ) issued an accounting pronouncement (ASU 2023-06) related to disclosure or presentation requirements for various subtopics in the FASB’s Accounting Standards Codification (“Codification”). The amendments in the update are intended to align the requirements in the Codification with the U.S. Securities and Exchange Commission's (“SEC”) regulations and facilitate the application of GAAP for all entities. The effective date for each amendment is the date on which the SEC removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or if the SEC has not removed the requirements by June 30, 2027, this amendment will be removed from the Codification and will not become effective for any entity. Early adoption is prohibited. We do not expect this update to have a material impact on our consolidated financial statements. In November 2023, the FASB issued an accounting pronouncement (ASU 2023-07) related to the disclosure of incremental segment information on an annual and interim basis. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We plan to adopt this pronouncement beginning with our fiscal year ended February 28, 2025, and we do not expect it to have a material effect on our consolidated financial statements. In December 2023, the 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, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2025, and we do not expect it to have a material effect on our consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Nov. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2023 2022 2023 2022 Used vehicle sales $ 4,832.1 $ 5,204.6 $ 16,424.7 $ 18,503.2 Wholesale vehicle sales 1,165.2 1,152.2 4,001.5 4,959.1 Other sales and revenues: Extended protection plan revenues 90.8 91.8 303.8 318.1 Third-party finance (fees)/income, net (1.2) 1.0 (2.4) 7.1 Advertising & subscription revenues (1) 36.7 33.3 101.6 101.9 Service revenues 20.3 19.6 63.8 60.8 Other 4.7 3.5 16.4 12.3 Total other sales and revenues 151.3 149.2 483.2 500.2 Total net sales and operating revenues $ 6,148.5 $ 6,506.0 $ 20,909.4 $ 23,962.4 (1) Excludes intersegment sales and operating revenues that have been eliminated in consolidation. See Note 16 for further details.

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	9 Months Ended
	Nov. 30, 2023
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2023 % (1) 2022 % (1) 2023 % (1) 2022 % (1) Interest margin: Interest and fee income $ 426.9 9.8 $ 365.4 8.8 $ 1,244.3 9.6 $ 1,069.3 8.8 Interest expense (170.2) (3.9) (88.8) (2.1) (464.8) (3.6) (200.1) (1.6) Total interest margin 256.7 5.9 276.6 6.7 779.5 6.0 869.2 7.2 Provision for loan losses (68.3) (1.6) (85.7) (2.1) (239.0) (1.8) (219.0) (1.8) Total interest margin after provision for loan losses 188.4 4.3 190.9 4.6 540.5 4.2 650.2 5.4 Direct expenses: Payroll and fringe benefit expense (16.2) (0.4) (16.1) (0.4) (49.6) (0.4) (46.7) (0.4) Depreciation and amortization (4.1) (0.1) (4.0) (0.1) (12.3) (0.1) (11.6) (0.1) Other direct expenses (19.4) (0.4) (18.7) (0.5) (57.6) (0.4) (52.4) (0.4) Total direct expenses (39.7) (0.9) (38.8) (0.9) (119.5) (0.9) (110.7) (0.9) CarMax Auto Finance income $ 148.7 3.4 $ 152.2 3.7 $ 421.0 3.2 $ 539.5 4.4 Total average managed receivables $ 17,508.9 $ 16,540.2 $ 17,276.0 $ 16,177.8 (1)

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	9 Months Ended
	Nov. 30, 2023
Receivables [Abstract]
Auto Loan Receivables, Net	Auto Loans Receivable, Net As of November 30 As of February 28 (In millions) 2023 2023 Asset-backed term funding $ 12,053.2 $ 12,242.8 Warehouse facilities 4,529.6 3,649.9 Overcollateralization (1) 783.4 739.9 Other managed receivables (2) 138.9 135.3 Total ending managed receivables 17,505.1 16,767.9 Accrued interest and fees 97.9 78.0 Other (9.2) 3.1 Less: allowance for loan losses (511.9) (507.2) Auto loans receivable, net $ 17,081.9 $ 16,341.8 (1) Represents receivables restricted as excess collateral for the non-recourse funding vehicles. (2) Other managed receivables includes receivables not funded through the non-recourse funding vehicles.
Ending Managed Receivables By Major Credit Grade	Ending Managed Receivables by Major Credit Grade As of November 30, 2023 Fiscal Year of Origination (1) (In millions) 2024 2023 2022 2021 2020 Prior to 2020 Total % (2) Core managed receivables (3) : A $ 3,217.4 $ 2,922.2 $ 1,842.0 $ 725.5 $ 355.1 $ 69.4 $ 9,131.6 52.2 B 1,980.5 1,899.8 1,359.4 564.5 289.1 95.0 6,188.3 35.4 C and other 281.6 552.1 447.9 219.6 104.8 38.3 1,644.3 9.3 Total core managed receivables 5,479.5 5,374.1 3,649.3 1,509.6 749.0 202.7 16,964.2 96.9 Other managed receivables (4) : C and other 225.0 197.6 80.7 10.5 14.2 12.9 540.9 3.1 Total ending managed receivables $ 5,704.5 $ 5,571.7 $ 3,730.0 $ 1,520.1 $ 763.2 $ 215.6 $ 17,505.1 100.0 Gross charge-offs $ 26.1 $ 188.8 $ 120.2 $ 36.9 $ 18.3 $ 11.4 $ 401.7 As of February 28, 2023 Fiscal Year of Origination (1) (In millions) 2023 2022 2021 2020 2019 Prior to 2019 Total % (2) Core managed receivables (3) : A $ 3,890.9 $ 2,555.3 $ 1,112.0 $ 677.1 $ 218.3 $ 36.3 $ 8,489.9 50.6 B 2,497.5 1,839.9 816.2 488.9 215.1 56.0 5,913.6 35.3 C and other 732.7 609.5 314.5 169.3 74.1 25.6 1,925.7 11.5 Total core managed receivables 7,121.1 5,004.7 2,242.7 1,335.3 507.5 117.9 16,329.2 97.4 Other managed receivables (4) : C and other 272.0 112.5 15.0 21.1 13.2 4.9 438.7 2.6 Total ending managed receivables $ 7,393.1 $ 5,117.2 $ 2,257.7 $ 1,356.4 $ 520.7 $ 122.8 $ 16,767.9 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. (3) Represents CAF's Tier 1 originations. (4) Represents CAF's Tier 2 and Tier 3 originations.
Allowance For Loan Losses	Allowance for Loan Losses Three Months Ended November 30, 2023 (In millions) Core Other Total % (1) Balance as of beginning of period $ 433.0 $ 105.0 $ 538.0 3.08 Charge-offs (125.1) (23.6) (148.7) Recoveries (2) 47.2 7.1 54.3 Provision for loan losses 57.3 11.0 68.3 Balance as of end of period $ 412.4 $ 99.5 $ 511.9 2.92 Three Months Ended November 30, 2022 (In millions) Core Other Total % (1) Balance as of beginning of period $ 396.1 $ 81.4 $ 477.5 2.92 Charge-offs (96.3) (16.3) (112.6) Recoveries (2) 35.7 4.7 40.4 Provision for loan losses 60.9 24.8 85.7 Balance as of end of period $ 396.4 $ 94.6 $ 491.0 2.95 Nine Months Ended November 30, 2023 (In millions) Core Other Total % (1) Balance as of beginning of period $ 401.5 $ 105.7 $ 507.2 3.02 Charge-offs (336.9) (64.8) (401.7) Recoveries (2) 146.2 21.2 167.4 Provision for loan losses 201.6 37.4 239.0 Balance as of end of period $ 412.4 $ 99.5 $ 511.9 2.92 Nine Months Ended November 30, 2022 (In millions) Core Other Total % (1) Balance as of beginning of period $ 377.5 $ 55.5 $ 433.0 2.77 Charge-offs (241.9) (35.0) (276.9) Recoveries (2) 104.7 11.2 115.9 Provision for loan losses 156.1 62.9 219.0 Balance as of end of period $ 396.4 $ 94.6 $ 491.0 2.95 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle.
Past Due Receivables	Past Due Receivables As of November 30, 2023 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 9,079.3 $ 5,715.6 $ 1,294.5 $ 16,089.4 $ 398.3 $ 16,487.7 94.19 Delinquent loans: 31-60 days past due 31.6 270.6 178.1 480.3 68.1 548.4 3.13 61-90 days past due 15.5 165.0 144.2 324.7 62.3 387.0 2.21 Greater than 90 days past due 5.2 37.1 27.5 69.8 12.2 82.0 0.47 Total past due 52.3 472.7 349.8 874.8 142.6 1,017.4 5.81 Total ending managed receivables $ 9,131.6 $ 6,188.3 $ 1,644.3 $ 16,964.2 $ 540.9 $ 17,505.1 100.00 As of February 28, 2023 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 8,450.3 $ 5,540.2 $ 1,612.3 $ 15,602.8 $ 327.6 $ 15,930.4 95.00 Delinquent loans: 31-60 days past due 25.1 225.7 175.4 426.2 60.6 486.8 2.90 61-90 days past due 10.6 120.0 114.5 245.1 42.1 287.2 1.71 Greater than 90 days past due 3.9 27.7 23.5 55.1 8.4 63.5 0.39 Total past due 39.6 373.4 313.4 726.4 111.1 837.5 5.00 Total ending managed receivables $ 8,489.9 $ 5,913.6 $ 1,925.7 $ 16,329.2 $ 438.7 $ 16,767.9 100.00 (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Nov. 30, 2023
Fair Value Disclosures [Abstract]
Schedule Of Items Measured At Fair Value On A Recurring Basis	Items Measured at Fair Value on a Recurring Basis As of November 30, 2023 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 1,194,255 $ — $ 1,194,255 Mutual fund investments 22,809 — 22,809 Derivative instruments designated as hedges — 59,137 59,137 Derivative instruments not designated as hedges — 17,246 17,246 Total assets at fair value $ 1,217,064 $ 76,383 $ 1,293,447 Percent of total assets at fair value 94.1 % 5.9 % 100.0 % Percent of total assets 4.5 % 0.3 % 4.8 % Liabilities: Derivative instruments designated as hedges $ — $ (6,208) $ (6,208) Total liabilities at fair value $ — $ (6,208) $ (6,208) Percent of total liabilities — % — % — % As of February 28, 2023 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 865,943 $ — $ 865,943 Mutual fund investments 22,671 — 22,671 Derivative instruments designated as hedges — 97,328 97,328 Derivative instruments not designated as hedges — 33,870 33,870 Total assets at fair value $ 888,614 $ 131,198 $ 1,019,812 Percent of total assets at fair value 87.1 % 12.9 % 100.0 % Percent of total assets 3.4 % 0.5 % 3.9 % Liabilities: Total liabilities at fair value $ — $ — $ — Percent of total liabilities — % — % — %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	(In thousands) As of November 30, 2023 As of February 28, 2023 Carrying value $ 400,000 $ 500,000 Fair value $ 376,076 $ 473,749

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	9 Months Ended
	Nov. 30, 2023
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2023 2022 2023 2022 Balance as of beginning of period $ 136.6 $ 148.8 $ 139.2 $ 144.7 Cancellations (22.4) (25.2) (70.2) (80.3) Provision for future cancellations 17.4 20.7 62.6 79.9 Balance as of end of period $ 131.6 $ 144.3 $ 131.6 $ 144.3

Debt (Tables)

Debt (Tables)	9 Months Ended
	Nov. 30, 2023
Debt Disclosure [Abstract]
Schedule Of Debt	(In thousands) As of November 30 As of February 28 Debt Description (1) Maturity Date 2023 2023 Revolving credit facility (2) June 2028 $ — $ — Term loan (2) June 2024 300,000 300,000 Term loan (2) October 2026 699,598 699,493 3.86% Senior notes April 2023 — 100,000 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 519,396 522,526 Non-recourse notes payable Various dates through December 2030 17,029,405 16,360,092 Total debt 18,948,399 18,382,111 Less: current portion (759,288) (579,468) Less: unamortized debt issuance costs (25,420) (27,506) Long-term debt, net $ 18,163,691 $ 17,775,137 (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.
Schedule of Funding Vehicles [Table Text Block]	(In billions) Capacity Warehouse facilities: December 2023 expiration $ 0.50 February 2024 expiration 2.80 August 2024 expiration 2.30 Combined warehouse facility limit $ 5.60 Unused capacity $ 1.07 Non-recourse notes payable outstanding: Warehouse facilities $ 4.53 Asset-backed term funding transactions 12.50 Non-recourse notes payable $ 17.03

Stock and Stock-Based Incenti_2

Stock and Stock-Based Incentive Plans (Tables)	9 Months Ended
	Nov. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Common Stock Repurchases	Common Stock Repurchases Three Months Ended Nine Months Ended November 30 November 30 2023 2022 2023 2022 Number of shares repurchased (in thousands) 648.5 30.0 648.5 3,403.9 Average cost per share $ 64.60 $ 87.70 $ 64.60 $ 94.95 Available for repurchase, as of end of period (in millions) $ 2,409.4 $ 2,451.3 $ 2,409.4 $ 2,451.3
Composition of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2023 2022 2023 2022 Cost of sales $ 692 $ 333 $ 3,277 $ 1,474 CarMax Auto Finance income 1,016 981 2,663 1,394 Selling, general and administrative expenses 19,918 17,213 86,516 63,983 Share-based compensation expense, before income taxes $ 21,626 $ 18,527 $ 92,456 $ 66,851
Composition Of Share-Based Compensation Expense - By Grant Type	Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2023 2022 2023 2022 Nonqualified stock options $ 12,334 $ 8,968 $ 40,061 $ 29,648 Cash-settled restricted stock units (RSUs) 5,306 5,167 33,221 15,521 Stock-settled market stock units (MSUs) 3,531 3,358 13,639 12,234 Other share-based incentives: Stock-settled performance stock units (PSUs) (137) 209 1,401 5,150 Restricted stock (RSAs) — 262 307 571 Stock-settled deferred stock units (DSUs) — — 1,850 1,850 Employee stock purchase plan 592 563 1,977 1,877 Total other share-based incentives $ 455 $ 1,034 $ 5,535 $ 9,448 Share-based compensation expense, before income taxes $ 21,626 $ 18,527 $ 92,456 $ 66,851
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	Share/Unit Activity Nine Months Ended November 30, 2023 Equity Classified Liability Classified (Shares/units in thousands) Options MSUs Other RSUs Outstanding as of February 28, 2023 6,776 404 130 1,004 Granted 1,549 186 76 914 Exercised or vested and converted (476) (187) (11) (489) Cancelled (175) (19) — (96) Outstanding as of November 30, 2023 7,674 384 195 1,333 Weighted average grant date fair value per share/unit: Granted $ 29.10 $ 99.81 $ 74.31 $ 70.68 Ending outstanding $ 26.90 $ 123.67 $ 88.70 $ 81.34 As of November 30, 2023 Unrecognized compensation (in millions) $ 54.2 $ 19.6 $ 0.8

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
	Nov. 30, 2023
Earnings Per Share [Abstract]
Basic And Dilutive Net Earnings Per Share Reconciliations	Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended Nine Months Ended November 30 November 30 (In thousands except per share data) 2023 2022 2023 2022 Net earnings $ 82,003 $ 37,580 $ 428,936 $ 415,750 Weighted average common shares outstanding 158,446 158,003 158,347 159,044 Dilutive potential common shares: Stock options 156 268 301 857 Stock-settled stock units and awards 197 265 218 294 Weighted average common shares and dilutive potential common shares 158,799 158,536 158,866 160,195 Basic net earnings per share $ 0.52 $ 0.24 $ 2.71 $ 2.61 Diluted net earnings per share $ 0.52 $ 0.24 $ 2.70 $ 2.60

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Nov. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes In Accumulated Other Comprehensive Loss By Component	Changes in Accumulated Other Comprehensive Income By Component Total Net Net Accumulated Unrecognized Unrecognized Other Actuarial Hedge Comprehensive (In thousands, net of income taxes) Losses Gains Income Balance as of February 28, 2023 $ (44,590) $ 142,459 $ 97,869 Other comprehensive loss before reclassifications — (8,623) (8,623) Amounts reclassified from accumulated other comprehensive income 294 (28,873) (28,579) Other comprehensive income (loss) 294 (37,496) (37,202) Balance as of November 30, 2023 $ (44,296) $ 104,963 $ 60,667
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss	Changes In and Reclassifications Out of Accumulated Other Comprehensive Income Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2023 2022 2023 2022 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 58 $ 272 $ 174 $ 810 CarMax Auto Finance income 4 19 11 51 Selling, general and administrative expenses 67 346 202 1,048 Total amortization reclassifications recognized in net pension expense 129 637 387 1,909 Tax expense (31) (155) (93) (465) Amortization reclassifications recognized in net pension expense, net of tax 98 482 294 1,444 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 98 482 294 1,444 Cash Flow Hedges (Note 5): Changes in fair value (10,594) 42,521 (11,599) 152,731 Tax benefit (expense) 2,640 (10,919) 2,976 (39,221) Changes in fair value, net of tax (7,954) 31,602 (8,623) 113,510 Reclassifications to CarMax Auto Finance income (13,321) (8,965) (38,180) (14,951) Tax benefit 3,247 2,302 9,307 3,839 Reclassification of hedge gains, net of tax (10,074) (6,663) (28,873) (11,112) Net change in cash flow hedge unrecognized gains, net of tax (18,028) 24,939 (37,496) 102,398 Total other comprehensive (loss) income, net of tax $ (17,930) $ 25,421 $ (37,202) $ 103,842

Leases (Tables)

Leases (Tables)	9 Months Ended
	Nov. 30, 2023
Leases [Abstract]
Lease, Cost [Table Text Block]	Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2023 2022 2023 2022 Operating lease cost (1) $ 22,772 $ 22,450 $ 66,958 $ 68,381 Finance lease cost: Depreciation of lease assets 5,266 4,178 14,708 11,701 Interest on lease liabilities 6,610 5,728 19,112 16,129 Total finance lease cost 11,876 9,906 33,820 27,830 Total lease cost $ 34,648 $ 32,356 $ 100,778 $ 96,211 (1) Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]	As of November 30 As of February 28 (In thousands) Classification 2023 2023 Assets: Operating lease assets Operating lease assets $ 533,387 $ 545,677 Finance lease assets Property and equipment, net (1) 179,381 145,372 Total lease assets $ 712,768 $ 691,049 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 56,410 $ 53,287 Finance leases Accrued expenses and other current liabilities 20,452 18,788 Long-term: Operating leases Operating lease liabilities, excluding current portion 509,141 523,828 Finance leases Other liabilities 202,024 165,135 Total lease liabilities $ 788,027 $ 761,038 (1) Finance lease assets are recorded net of accumulated depreciation of $53.1 million as of November 30, 2023 and $46.7 million as of February 28, 2023.
Other Lease Disclosures [Table Text Block]	As of November 30 As of February 28 Lease Term and Discount Rate 2023 2023 Weighted Average Remaining Lease Term (in years) Operating leases 16.09 16.35 Finance leases 11.56 10.84 Weighted Average Discount Rate Operating leases 5.02 % 4.91 % Finance leases 17.17 % 19.34 % Nine Months Ended November 30 (In thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 66,352 $ 67,675 Operating cash flows from finance leases $ 18,387 $ 12,747 Financing cash flows from finance leases $ 12,177 $ 10,056 Lease assets obtained in exchange for lease obligations: Operating leases $ 29,080 $ 29,027 Finance leases $ 50,085 $ 31,344
Schedule Of Future Minimum Lease Obligations [Table Text Block]	As of November 30, 2023 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2024, remaining $ 20,661 $ 10,886 Fiscal 2025 82,816 45,606 Fiscal 2026 77,454 47,365 Fiscal 2027 71,099 43,554 Fiscal 2028 66,952 36,691 Thereafter 561,850 258,658 Total lease payments 880,832 442,760 Less: interest (315,281) (220,284) Present value of lease liabilities $ 565,551 $ 222,476 (1) Lease payments exclude $5.1 million of legally binding minimum lease payments for leases signed but not yet commenced.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Nov. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Three Months Ended November 30, 2023 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 6,111,839 $ 36,699 $ — $ 6,148,538 Intersegment sales and operating revenues — 8,100 (8,100) — Total sales and operating revenues $ 6,111,839 $ 44,799 $ (8,100) $ 6,148,538 Depreciation and amortization (1) $ 393 $ 5,097 $ — $ 5,490 Gross profit $ 586,332 $ 27,710 $ (1,179) $ 612,863 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 148,659 Selling, general and administrative expenses (559,962) Depreciation and amortization (2) (60,623) Interest expense (31,265) Other income (expense) 886 Earnings before income taxes $ 110,558 Three Months Ended November 30, 2022 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 6,472,702 $ 33,254 $ — $ 6,505,956 Intersegment sales and operating revenues — 5,549 (5,549) — Total sales and operating revenues $ 6,472,702 $ 38,803 $ (5,549) $ 6,505,956 Depreciation and amortization (1) $ 404 $ 3,735 $ — $ 4,139 Gross profit $ 554,057 $ 23,780 $ (1,149) $ 576,688 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 152,196 Selling, general and administrative expenses (591,727) Depreciation and amortization (2) (57,377) Interest expense (30,150) Other income (expense) 363 Earnings before income taxes $ 49,993 Nine Months Ended November 30, 2023 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 20,807,858 $ 101,579 $ — $ 20,909,437 Intersegment sales and operating revenues — 26,165 (26,165) — Total sales and operating revenues $ 20,807,858 $ 127,744 $ (26,165) $ 20,909,437 Depreciation and amortization (1) $ 1,239 $ 14,236 $ — $ 15,475 Gross profit $ 2,053,228 $ 77,269 $ (3,479) $ 2,127,018 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 421,004 Selling, general and administrative expenses (1,705,493) Depreciation and amortization (2) (177,859) Interest expense (93,316) Other income (expense) 4,730 Earnings before income taxes $ 576,084 Nine Months Ended November 30, 2022 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 23,860,462 $ 101,918 $ — $ 23,962,380 Intersegment sales and operating revenues — 20,219 (20,219) — Total sales and operating revenues $ 23,860,462 $ 122,137 $ (20,219) $ 23,962,380 Depreciation and amortization (1) $ 1,092 $ 10,199 $ — $ 11,291 Gross profit $ 2,115,631 $ 77,869 $ (4,276) $ 2,189,224 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 539,538 Selling, general and administrative expenses (1,914,508) Depreciation and amortization (2) (170,717) Interest expense (91,670) Other income (expense) 2,303 Earnings before income taxes $ 554,170 (1) Represents only the portion of depreciation and amortization recorded within Cost of sales, and thus included in the calculation of Gross profit. (2) Exclusive of depreciation and amortization recorded within Cost of sales.

Background (Narrative) (Details

Background (Narrative) (Details)	9 Months Ended
	Nov. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	2

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 6,148.5	$ 6,506	$ 20,909.4	$ 23,962.4
Used vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,832.1	5,204.6	16,424.7	18,503.2
Wholesale vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,165.2	1,152.2	4,001.5	4,959.1
Extended protection plan revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	90.8	91.8	303.8	318.1
Third-party finance (fees)/income, net
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(1.2)	1	(2.4)	7.1
Advertising & subscription revenues [Domain]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	36.7	33.3	101.6	101.9
Service revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	20.3	19.6	63.8	60.8
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4.7	3.5	16.4	12.3
Total other sales and revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 151.3	$ 149.2	$ 483.2	$ 500.2

CarMax Auto Finance (Components

CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Auto Finance Income [Line Items]
Interest and fee income	$ 426,900	$ 365,400	$ 1,244,300	$ 1,069,300
Interest expense	(170,200)	(88,800)	(464,800)	(200,100)
Total interest margin	256,700	276,600	779,500	869,200
Provision for loan losses	(68,300)	(85,700)	(239,000)	(219,000)
Total interest margin after provision for loan losses	188,400	190,900	540,500	650,200
Payroll and fringe benefit expense	(16,200)	(16,100)	(49,600)	(46,700)
Other Depreciation and Amortization	(4,100)	(4,000)	(12,300)	(11,600)
Other direct expenses	(19,400)	(18,700)	(57,600)	(52,400)
Total direct expenses	(39,700)	(38,800)	(119,500)	(110,700)
CarMax Auto Finance income	148,659	152,196	421,004	539,538
Total average managed receivables	$ 17,508,900	$ 16,540,200	$ 17,276,000	$ 16,177,800
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	9.80%	8.80%	9.60%	8.80%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(3.90%)	(2.10%)	(3.60%)	(1.60%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	5.90%	6.70%	6%	7.20%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.60%)	(2.10%)	(1.80%)	(1.80%)
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	4.30%	4.60%	4.20%	5.40%
Payroll and fringe benefit expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.40%)	(0.40%)	(0.40%)	(0.40%)
Other Depreciation and Amortization
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.10%)	(0.10%)	(0.10%)	(0.10%)
Other direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.40%)	(0.50%)	(0.40%)	(0.40%)
Total direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.90%)	(0.90%)	(0.90%)	(0.90%)
CarMax Auto Finance income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	3.40%	3.70%	3.20%	4.40%

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	Nov. 30, 2023	Aug. 31, 2023	Feb. 28, 2023	Nov. 30, 2022	Aug. 31, 2022	Feb. 28, 2022
Non-recourse Notes Payable	$ 17,029,405		$ 16,360,092
Financing Receivable, before Allowance for Credit Loss	17,505,100		16,767,900
Interest Receivable	97,900		78,000
Other	(9,200)		(3,100)
Financing Receivable, Allowance for Credit Loss	511,924	$ 538,000	507,201	$ 491,000	$ 477,500	$ 433,000
Financing Receivable, after Allowance for Credit Loss	17,081,891		16,341,791
Asset-backed term funding
Financing Receivable, before Allowance for Credit Loss	12,053,200		12,242,800
Warehouse facilities
Financing Receivable, before Allowance for Credit Loss	4,529,600		3,649,900
Overcollateralization
Financing Receivable, before Allowance for Credit Loss	783,400		739,900
Other managed receivables
Financing Receivable, before Allowance for Credit Loss	$ 138,900		$ 135,300

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022	Feb. 28, 2023
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 5,704.5		$ 5,704.5		$ 7,393.1
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	5,571.7		5,571.7		5,117.2
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,730		3,730		2,257.7
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,520.1		1,520.1		1,356.4
Financing Receivable, Originated Four Years before Latest Fiscal Year	763.2		763.2		520.7
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	215.6		215.6		122.8
Financing Receivable, before Allowance for Credit Loss	$ 17,505.1		$ 17,505.1		$ 16,767.9
Total ending managed receivables as percentage by major credit grade	100%		100%		100%
Financing Receivable, Allowance for Credit Loss, Writeoff	$ 148.7	$ 112.6	$ 401.7	$ 276.9
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff			120.2
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff			188.8
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff			36.9
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff			18.3
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff			11.4
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff			26.1
Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	5,479.5		5,479.5		$ 7,121.1
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	5,374.1		5,374.1		5,004.7
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,649.3		3,649.3		2,242.7
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,509.6		1,509.6		1,335.3
Financing Receivable, Originated Four Years before Latest Fiscal Year	749		749		507.5
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	202.7		202.7		117.9
Financing Receivable, before Allowance for Credit Loss	$ 16,964.2		$ 16,964.2		$ 16,329.2
Total ending managed receivables as percentage by major credit grade	96.90%		96.90%		97.40%
Financing Receivable, Allowance for Credit Loss, Writeoff	$ 125.1	96.3	$ 336.9	241.9
Other managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Allowance for Credit Loss, Writeoff	23.6	$ 16.3	64.8	$ 35
Credit Grade A | Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	3,217.4		3,217.4		$ 3,890.9
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,922.2		2,922.2		2,555.3
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,842		1,842		1,112
Financing Receivable, Originated Three Years before Latest Fiscal Year	725.5		725.5		677.1
Financing Receivable, Originated Four Years before Latest Fiscal Year	355.1		355.1		218.3
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	69.4		69.4		36.3
Financing Receivable, before Allowance for Credit Loss	$ 9,131.6		$ 9,131.6		$ 8,489.9
Total ending managed receivables as percentage by major credit grade	52.20%		52.20%		50.60%
Credit Grade B | Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 1,980.5		$ 1,980.5		$ 2,497.5
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,899.8		1,899.8		1,839.9
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,359.4		1,359.4		816.2
Financing Receivable, Originated Three Years before Latest Fiscal Year	564.5		564.5		488.9
Financing Receivable, Originated Four Years before Latest Fiscal Year	289.1		289.1		215.1
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	95		95		56
Financing Receivable, before Allowance for Credit Loss	$ 6,188.3		$ 6,188.3		$ 5,913.6
Total ending managed receivables as percentage by major credit grade	35.40%		35.40%		35.30%
Credit Grade C And Other | Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 281.6		$ 281.6		$ 732.7
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	552.1		552.1		609.5
Financing Receivable, Originated Two Years before Latest Fiscal Year	447.9		447.9		314.5
Financing Receivable, Originated Three Years before Latest Fiscal Year	219.6		219.6		169.3
Financing Receivable, Originated Four Years before Latest Fiscal Year	104.8		104.8		74.1
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	38.3		38.3		25.6
Financing Receivable, before Allowance for Credit Loss	$ 1,644.3		$ 1,644.3		$ 1,925.7
Total ending managed receivables as percentage by major credit grade	9.30%		9.30%		11.50%
Credit Grade C And Other | Other managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 225		$ 225		$ 272
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	197.6		197.6		112.5
Financing Receivable, Originated Two Years before Latest Fiscal Year	80.7		80.7		15
Financing Receivable, Originated Three Years before Latest Fiscal Year	10.5		10.5		21.1
Financing Receivable, Originated Four Years before Latest Fiscal Year	14.2		14.2		13.2
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	12.9		12.9		4.9
Financing Receivable, before Allowance for Credit Loss	$ 540.9		$ 540.9		$ 438.7
Total ending managed receivables as percentage by major credit grade	3.10%		3.10%		2.60%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022	Aug. 31, 2023	Feb. 28, 2023	Aug. 31, 2022	Feb. 28, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	$ 511,924	$ 491,000	$ 511,924	$ 491,000	$ 538,000	$ 507,201	$ 477,500	$ 433,000
Financing Receivable, Allowance for Credit Loss, Writeoff	(148,700)	(112,600)	(401,700)	(276,900)
Financing Receivable, Allowance for Credit Loss, Recovery	54,300	40,400	167,400	115,900
Provision for loan losses	$ 68,300	$ 85,700	$ 239,000	$ 219,000
Allowance For Loan Losses, percent
Financing Receivable, Allowance for Credit Loss [Line Items]
Item as percent of total ending managed receivables	2.92%	2.95%	2.92%	2.95%	3.08%	3.02%	2.92%	2.77%
Core managed receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	$ 412,400	$ 396,400	$ 412,400	$ 396,400	$ 433,000	$ 401,500	$ 396,100	$ 377,500
Financing Receivable, Allowance for Credit Loss, Writeoff	(125,100)	(96,300)	(336,900)	(241,900)
Financing Receivable, Allowance for Credit Loss, Recovery	47,200	35,700	146,200	104,700
Provision for loan losses	57,300	60,900	201,600	156,100
Other managed receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	99,500	94,600	99,500	94,600	$ 105,000	$ 105,700	$ 81,400	$ 55,500
Financing Receivable, Allowance for Credit Loss, Writeoff	(23,600)	(16,300)	(64,800)	(35,000)
Financing Receivable, Allowance for Credit Loss, Recovery	7,100	4,700	21,200	11,200
Provision for loan losses	$ 11,000	$ 24,800	$ 37,400	$ 62,900

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	Nov. 30, 2023	Feb. 28, 2023
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	$ 16,487.7	$ 15,930.4
Past due receivables as a percentage of total ending managed receivables	5.81%	5%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 1,017.4	$ 837.5
Financing Receivable, before Allowance for Credit Loss	$ 17,505.1	$ 16,767.9
Item As A Percent Of Total Ending Managed Receivables	100%	100%
One to Thirty Days Past Due
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	94.19%	95%
Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	3.13%	2.90%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 548.4	$ 486.8
Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	2.21%	1.71%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 387	$ 287.2
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	0.47%	0.39%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 82	$ 63.5
Core managed receivables
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	16,089.4	15,602.8
Financing Receivable, before Allowance for Credit Loss, Noncurrent	874.8	726.4
Financing Receivable, before Allowance for Credit Loss	16,964.2	16,329.2
Core managed receivables | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	480.3	426.2
Core managed receivables | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	324.7	245.1
Core managed receivables | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	69.8	55.1
Core managed receivables | Credit Grade A
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	9,079.3	8,450.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent	52.3	39.6
Financing Receivable, before Allowance for Credit Loss	9,131.6	8,489.9
Core managed receivables | Credit Grade A | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	31.6	25.1
Core managed receivables | Credit Grade A | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	15.5	10.6
Core managed receivables | Credit Grade A | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	5.2	3.9
Core managed receivables | Credit Grade B
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	5,715.6	5,540.2
Financing Receivable, before Allowance for Credit Loss, Noncurrent	472.7	373.4
Financing Receivable, before Allowance for Credit Loss	6,188.3	5,913.6
Core managed receivables | Credit Grade B | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	270.6	225.7
Core managed receivables | Credit Grade B | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	165	120
Core managed receivables | Credit Grade B | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	37.1	27.7
Core managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	1,294.5	1,612.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent	349.8	313.4
Financing Receivable, before Allowance for Credit Loss	1,644.3	1,925.7
Core managed receivables | Credit Grade C And Other | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	178.1	175.4
Core managed receivables | Credit Grade C And Other | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	144.2	114.5
Core managed receivables | Credit Grade C And Other | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	27.5	23.5
Other managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	398.3	327.6
Financing Receivable, before Allowance for Credit Loss, Noncurrent	142.6	111.1
Financing Receivable, before Allowance for Credit Loss	540.9	438.7
Other managed receivables | Credit Grade C And Other | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	68.1	60.6
Other managed receivables | Credit Grade C And Other | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	62.3	42.1
Other managed receivables | Credit Grade C And Other | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 12.2	$ 8.4

Derivative Instruments And He_2

Derivative Instruments And Hedging Activities (Narrative) (Details) - Interest Rate Swaps - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Nov. 30, 2023	Nov. 30, 2023	Feb. 28, 2023
Designated As Hedging Instrument
Derivative [Line Items]
Additional reclassification from AOCL to CAF income within the next 12 months		$ 52.1
Derivative, Notional Amount	$ 5,000	5,000	$ 4,490
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(6.1)	(16.6)
Derivative, Notional Amount	$ 900	$ 900	$ 1,140

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Nov. 30, 2023	Feb. 28, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 1,194,255	$ 865,943
Mutual fund investments	22,809	22,671
Total assets at fair value	$ 1,293,447	$ 1,019,812
Percent of total assets at fair value	100%	100%
Percent of total assets	4.80%	3.90%
Total liabilities at fair value	$ (6,208)	$ 0
Percent of total liabilities	0%	0%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 1,194,255	$ 865,943
Mutual fund investments	22,809	22,671
Total assets at fair value	$ 1,217,064	$ 888,614
Percent of total assets at fair value	94.10%	87.10%
Percent of total assets	4.50%	3.40%
Total liabilities at fair value	$ 0	$ 0
Percent of total liabilities	0%	0%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 0	$ 0
Mutual fund investments	0	0
Total assets at fair value	$ 76,383	$ 131,198
Percent of total assets at fair value	5.90%	12.90%
Percent of total assets	0.30%	0.50%
Total liabilities at fair value	$ (6,208)	$ 0
Percent of total liabilities	0%	0%
Designated As Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 59,137	$ 97,328
Liabilities: Derivative instruments	(6,208)
Designated As Hedging Instrument | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Liabilities: Derivative instruments	0
Designated As Hedging Instrument | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	59,137	97,328
Liabilities: Derivative instruments	(6,208)
Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	17,246	33,870
Not Designated as Hedging Instrument [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Not Designated as Hedging Instrument [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 17,246	$ 33,870

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Debt Instruments) (Details) - USD ($) $ in Thousands	Nov. 30, 2023	Feb. 28, 2023
Fair Value Disclosures [Abstract]
Senior Notes	$ 400,000	$ 500,000
Debt Instrument, Fair Value Disclosure	$ 376,076	$ 473,749

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2023	Feb. 28, 2023
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 68	$ 76.1

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance as of beginning of period	$ 136.6	$ 148.8	$ 139.2	$ 144.7
Cancellations	(22.4)	(25.2)	(70.2)	(80.3)
Provision for future cancellations	17.4	20.7	62.6	79.9
Balance as of end of period	$ 131.6	$ 144.3	$ 131.6	$ 144.3

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2023	Feb. 28, 2023
Federal Income Tax Note
Unrecognized tax benefits, gross	$ 31.1	$ 27.1

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Nov. 30, 2023	Feb. 28, 2023
Debt Instrument [Line Items]
Long-term Debt	$ 18,163,691	$ 17,775,137
Financing Obligations	519,396	522,526
Non-recourse Notes Payable	17,029,405	16,360,092
Total debt	18,948,399	18,382,111
Less: current portion	(759,288)	(579,468)
Unamortized Debt Issuance Expense	(25,420)	(27,506)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	0	0
Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	300,000	300,000
3.86% senior notes dues 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt	0	100,000
4.17% senior notes due 2026 [Member]
Debt Instrument [Line Items]
Long-term Debt	200,000	200,000
4.27% senior notes due 2028 [Member]
Debt Instrument [Line Items]
Long-term Debt	200,000	200,000
October 2021 Term Loan
Debt Instrument [Line Items]
Long-term Debt	$ 699,598	$ 699,493

Debt (Schedule of Funding Vehic

Debt (Schedule of Funding Vehicles) (Details) - USD ($) $ in Thousands	Nov. 30, 2023	Feb. 28, 2023
Debt Instrument [Line Items]
Non-recourse Notes Payable	$ 17,029,405	$ 16,360,092
Warehouse Facility Three
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	2,800,000
Warehouse Facility Two
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	2,300,000
Warehouse Facility One
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	500,000
Warehouse Facilities [Member]
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	5,600,000
Debt Instrument, Unused Borrowing Capacity, Amount	1,070,000
Non-recourse Notes Payable	4,530,000
Term Securitizations Debt [Member]
Debt Instrument [Line Items]
Non-recourse Notes Payable	$ 12,500,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Feb. 28, 2023
Debt Instrument [Line Items]
Outstanding Balance	$ 18,163,691		$ 17,775,137
Capitalized interest	4,600	$ 3,600
Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	2,000,000
Unused capacity	2,000,000
Term Loan [Member]
Debt Instrument [Line Items]
Outstanding Balance	$ 300,000
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate	6.32%
Senior Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance	$ 400,000
Financing obligation | Minimum
Debt Instrument [Line Items]
Initial lease terms, in years	15 years
Financing obligation | Maximum
Debt Instrument [Line Items]
Initial lease terms, in years	20 years
October 2021 Term Loan
Debt Instrument [Line Items]
Outstanding Balance	$ 700,000
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate	6.32%

Stock and Stock-Based Incenti_3

Stock and Stock-Based Incentive Plans (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2023	Nov. 30, 2022
Stock and Stock-Based Incentive Plans
Stock Repurchase Program, Authorized Amount	$ 4,000
Share Repurchase Program
Stock and Stock-Based Incentive Plans
Available for repurchase, as of end of period	$ 2,409.4	$ 2,451.3

Stock and Stock-Based Incenti_4

Stock and Stock-Based Incentive Plans (Schedule of Common Stock Repurchases) (Details) - Share Repurchase Program - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased	648,500	30,000	648,500	3,403,900
Average Cost Per Share	$ 64.60	$ 87.70	$ 64.60	$ 94.95
Available for repurchase, as of end of period	$ 2,409.4	$ 2,451.3	$ 2,409.4	$ 2,451.3

Stock and Stock-Based Incenti_5

Stock and Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 21,626	$ 18,527	$ 92,456	$ 66,851
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	692	333	3,277	1,474
Carmax Auto Finance Income
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	1,016	981	2,663	1,394
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 19,918	$ 17,213	$ 86,516	$ 63,983

Stock and Stock-Based Incenti_6

Stock and Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 21,626	$ 18,527	$ 92,456	$ 66,851
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	12,334	8,968	40,061	29,648
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	5,306	5,167	33,221	15,521
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	3,531	3,358	13,639	12,234
Stock-settled performance stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	(137)	209	1,401	5,150
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	0	262	307	571
Stock-settled deferred stock units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	0	0	1,850	1,850
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	592	563	1,977	1,877
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 455	$ 1,034	$ 5,535	$ 9,448

Stock and Stock-Based Incenti_7

Stock and Stock-Based Incentive Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Nov. 30, 2023	Feb. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	7,674	6,776
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,549
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(476)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	(175)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 29.10
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value	$ 26.90
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 54.2
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	384	404
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	186
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(187)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(19)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 99.81
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 123.67
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 19.6
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	195	130
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	76
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(11)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 74.31
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 88.70
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 0.8
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,333	1,004
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	914
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(489)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(96)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 70.68
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 81.34

Net Earnings Per Share (Basic A

Net Earnings Per Share (Basic And Dilutive Net Earnings Per Share Reconciliations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 30, 2023	Aug. 31, 2023	May 31, 2023	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022	Nov. 30, 2023	Nov. 30, 2022
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 82,003	$ 118,635	$ 228,298	$ 37,580	$ 125,905	$ 252,265	$ 428,936	$ 415,750
Weighted average common shares outstanding, shares	158,446			158,003			158,347	159,044
Weighted average common shares and dilutive potential common shares, shares	158,799			158,536			158,866	160,195
Basic net earnings per share (in dollars per share)	$ 0.52			$ 0.24			$ 2.71	$ 2.61
Diluted net earnings per share (in dollars per share)	$ 0.52			$ 0.24			$ 2.70	$ 2.60
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	156			268			301	857
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	197			265			218	294

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	6,263,513	4,934,554	5,732,651	1,917,727

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 30, 2023	Aug. 31, 2023	May 31, 2023	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022	Nov. 30, 2023	Nov. 30, 2022
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			$ 97,869				$ 97,869
Other comprehensive loss before reclassifications							(8,623)
Amounts reclassified from accumulated other comprehensive income							(28,579)
Other comprehensive income (loss), net of taxes	$ (17,930)	$ 17,267	(36,539)	$ 25,421	$ 26,107	$ 52,314	(37,202)	$ 103,842
Ending balance	60,667						60,667
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			(44,590)				(44,590)
Other comprehensive loss before reclassifications							0
Amounts reclassified from accumulated other comprehensive income							294
Other comprehensive income (loss), net of taxes							294
Ending balance	(44,296)						(44,296)
Net Unrecognized Hedge Gains (Losses)
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			$ 142,459				142,459
Other comprehensive loss before reclassifications							(8,623)
Amounts reclassified from accumulated other comprehensive income							(28,873)
Other comprehensive income (loss), net of taxes							(37,496)
Ending balance	$ 104,963						$ 104,963

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Total amortization reclassifications recognized in net pension expense	$ 129	$ 637	$ 387	$ 1,909
Tax expense	(31)	(155)	(93)	(465)
Amortization reclassifications recognized in net pension expense, net of tax	98	482	294	1,444
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	98	482	294	1,444
Changes in fair value	(10,594)	42,521	(11,599)	152,731
Tax benefit (expense)	2,640	(10,919)	2,976	(39,221)
Changes in fair value, net of tax	(7,954)	31,602	(8,623)	113,510
Reclassifications to CarMax Auto Finance income	(13,321)	(8,965)	(38,180)	(14,951)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	3,247	2,302	9,307	3,839
Reclassification of hedge gains, net of tax	(10,074)	(6,663)	(28,873)	(11,112)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(18,028)	24,939	(37,496)	102,398
Total other comprehensive (loss) income, net of tax	(17,930)	25,421	(37,202)	103,842
Cost of sales
Total amortization reclassifications recognized in net pension expense	58	272	174	810
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	4	19	11	51
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 67	$ 346	$ 202	$ 1,048

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2023	Feb. 28, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 20.4	$ 32.6

Leases Narrative (Details)

Leases Narrative (Details)	9 Months Ended
	Nov. 30, 2023
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Real Estate Lease Term	5 years
Equipment Lease Term	3 years
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	20 years
Real Estate Lease Term	20 years
Equipment Lease Term	8 years

Leases Components of Lease Cost

Leases Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Leases [Abstract]
Operating Lease, Cost	$ 22,772	$ 22,450	$ 66,958	$ 68,381
Finance Lease, Right-of-Use Asset, Amortization	5,266	4,178	14,708	11,701
Finance Lease, Interest Expense	6,610	5,728	19,112	16,129
Finance Lease, Cost	11,876	9,906	33,820	27,830
Lease, Cost	$ 34,648	$ 32,356	$ 100,778	$ 96,211

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Nov. 30, 2023	Feb. 28, 2023
Leases [Abstract]
Operating lease assets	$ 533,387	$ 545,677
Finance Lease, Right-of-Use Asset	179,381	145,372
Total lease assets	712,768	691,049
Current portion of operating lease liabilities	56,410	53,287
Finance Lease, Liability, Current	20,452	18,788
Operating lease liabilities, excluding current portion	509,141	523,828
Finance Lease, Liability, Noncurrent	202,024	165,135
Total lease liabilities	788,027	761,038
Finance Lease Accumulated Depreciation	$ 53,100	$ 46,700

Lease Term and Discount Rate (D

Lease Term and Discount Rate (Details)	Nov. 30, 2023 Rate	Feb. 28, 2023 Rate
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	16 years 1 month 2 days	16 years 4 months 6 days
Finance Lease, Weighted Average Remaining Lease Term	11 years 6 months 21 days	10 years 10 months 2 days
Operating Lease, Weighted Average Discount Rate, Percent	5.02%	4.91%
Finance Lease, Weighted Average Discount Rate, Percent	17.17%	19.34%

Lease Supplemental Cash Flow In

Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Leases [Abstract]
Operating Lease, Payments	$ 66,352	$ 67,675
Finance Lease, Interest Payment on Liability	18,387	12,747
Finance Lease, Principal Payments	12,177	10,056
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	29,080	29,027
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 50,085	$ 31,344

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Thousands	Nov. 30, 2023 USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 20,661
Lessee, Operating Lease, Liability, Payments, Due Year Two	82,816
Lessee, Operating Lease, Liability, Payments, Due Year Three	77,454
Lessee, Operating Lease, Liability, Payments, Due Year Four	71,099
Lessee, Operating Lease, Liability, Payments, Due Year Five	66,952
Lessee, Operating Lease, Liability, Payments, Due after Year Five	561,850
Lessee, Operating Lease, Liability, Payments, Due	880,832
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(315,281)
Operating Lease, Liability	565,551
Finance Lease, Liability, Payments, Remainder of Fiscal Year	10,886
Finance Lease, Liability, Payments, Due Year Two	45,606
Finance Lease, Liability, Payments, Due Year Three	47,365
Finance Lease, Liability, Payments, Due Year Four	43,554
Finance Lease, Liability, Payments, Due Year Five	36,691
Finance Lease, Liability, Payments, Due after Year Five	258,658
Finance Lease, Liability, Payment, Due	442,760
Finance Lease, Liability, Undiscounted Excess Amount	(220,284)
Finance Lease, Liability	222,476
lessee, minimum lease payments for leases not yet commenced	$ 5,100

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	Nov. 30, 2023	Feb. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Liability associated with guarantee	$ 25.4	$ 27.1

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	$ 6,148,538	$ 6,505,956	$ 20,909,437	$ 23,962,380
Depreciation and amortization			193,528	202,655
Gross Profit	612,863	576,688	2,127,018	2,189,224
CARMAX AUTO FINANCE INCOME	148,659	152,196	421,004	539,538
Selling, General and Administrative Expense	(559,962)	(591,727)	(1,705,493)	(1,914,508)
Depreciation, Depletion and Amortization, Nonproduction	(60,623)	(57,377)	(177,859)	(170,717)
Interest expense	(31,265)	(30,150)	(93,316)	(91,670)
Other income	886	363	4,730	2,303
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	110,558	49,993	576,084	554,170
TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	5,490	4,139	15,475	11,291
Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	(8,100)	(5,549)	(26,165)	(20,219)
Gross Profit	(1,179)	(1,149)	(3,479)	(4,276)
CarMax Sales Operations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	6,111,839	6,472,702	20,807,858	23,860,462
Gross Profit	586,332	554,057	2,053,228	2,115,631
CarMax Sales Operations | TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	393	404	1,239	1,092
CarMax Sales Operations | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	6,111,839	6,472,702	20,807,858	23,860,462
Other Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	36,699	33,254	101,579	101,918
Gross Profit	27,710	23,780	77,269	77,869
Other Segments | TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	5,097	3,735	14,236	10,199
Other Segments | Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	8,100	5,549	26,165	20,219
Other Segments | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	$ 44,799	$ 38,803	$ 127,744	$ 122,137