CarMax (KMX) 10-Q 27 Jun 24 2025 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 31, 2024	Jun. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2024
Document Transition Report	false
Entity File Number	1-31420
Entity Registrant Name	CARMAX, INC.
Entity Central Index Key	0001170010
Current Fiscal Year End Date	--02-28
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
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		156,078,952

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 31, 2024	May 31, 2023
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 7,113,397	$ 7,687,063
TOTAL COST OF SALES	6,321,502	6,869,673
GROSS PROFIT	791,895	817,390
CARMAX AUTO FINANCE INCOME	146,970	137,358
Selling, general and administrative expenses	638,578	559,837
Depreciation, Depletion and Amortization, Nonproduction	61,869	58,419
Interest expense	31,362	30,466
Other expense (income)	416	(1,214)
Earnings before income taxes	206,640	307,240
Income tax provision	54,200	78,942
NET EARNINGS	$ 152,440	$ 228,298
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	157,161	158,116
Diluted, shares	157,706	158,561
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 0.97	$ 1.44
Diluted (in dollars per share)	$ 0.97	$ 1.44
Used vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 5,677,476	$ 6,001,471
TOTAL COST OF SALES	5,181,979	5,486,846
Wholesale vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	1,256,439	1,514,363
TOTAL COST OF SALES	1,099,311	1,346,538
Total other sales and revenues
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	179,482	171,229
TOTAL COST OF SALES	$ 40,212	$ 36,289
NET SALES AND OPERATING REVENUES
Percentage of Sales
Item as a percent of net sales and operating revenues	100%	100%
TOTAL COST OF SALES
Percentage of Sales
Item as a percent of net sales and operating revenues	88.90%	89.40%
GROSS PROFIT
Percentage of Sales
Item as a percent of net sales and operating revenues	11.10%	10.60%
CARMAX AUTO FINANCE INCOME
Percentage of Sales
Item as a percent of net sales and operating revenues	2.10%	1.80%
Selling, general and administrative expenses
Percentage of Sales
Item as a percent of net sales and operating revenues	9%	7.30%
Depreciation and Amortization, Nonproduction
Percentage of Sales
Item as a percent of net sales and operating revenues	0.90%	0.80%
Interest expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.40%	0.40%
Other expense (income)
Percentage of Sales
Item as a percent of net sales and operating revenues	0%	0%
Earnings before income taxes
Percentage of Sales
Item as a percent of net sales and operating revenues	2.90%	4%
Income tax provision
Percentage of Sales
Item as a percent of net sales and operating revenues	0.80%	1%
NET EARNINGS
Percentage of Sales
Item as a percent of net sales and operating revenues	2.10%	3%
NET SALES AND OPERATING REVENUES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	79.80%	78.10%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	17.70%	19.70%
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%	2.20%
TOTAL COST OF SALES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	72.80%	71.40%
TOTAL COST OF SALES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	15.50%	17.50%
TOTAL COST OF SALES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	0.60%	0.50%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May 31, 2024	May 31, 2023
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 152,440	$ 228,298
Other comprehensive income (loss), net of taxes:
Net change in retirement benefit plan unrecognized actuarial losses	84	98
Net change in cash flow hedge unrecognized gains	2,315	(36,637)
Other comprehensive income (loss), net of taxes	2,399	(36,539)
TOTAL COMPREHENSIVE INCOME	$ 154,839	$ 191,759

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2024	Feb. 29, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 218,931	$ 574,142
Restricted cash from collections on auto loans receivable	536,407	506,648
Accounts receivable, net	212,370	221,153
Inventory	3,772,885	3,678,070
Other current assets	229,714	246,581
TOTAL CURRENT ASSETS	4,970,307	5,226,594
Auto loans receivable, net of allowance for loan losses of $493,064 and $482,790 as of May 31, 2024 and February 29, 2024, respectively	17,268,321	17,011,844
Property and equipment, net of accumulated depreciation of $1,877,474 and $1,813,783 as of May 31, 2024 and February 29, 2024, respectively	3,734,736	3,665,530
Deferred Income Tax Assets, Net	100,104	98,790
Operating lease assets	509,043	520,717
Goodwill	141,258	141,258
Other assets	518,325	532,064
TOTAL ASSETS	27,242,094	27,196,797
CURRENT LIABILITIES:
Accounts payable	911,348	933,708
Accrued expenses and other current liabilities	456,277	523,971
Accrued income taxes	24,792	0
Current portion of operating lease liabilities	57,534	57,161
Current portion of long-term debt	21,550	313,282
Current portion of non-recourse notes payable	514,394	484,167
TOTAL CURRENT LIABILITIES	1,985,895	2,312,289
Long-term debt, excluding current portion	1,591,366	1,602,355
Non-recourse notes payable, excluding current portion	16,626,011	16,357,301
Operating lease liabilities, excluding current portion	484,632	496,210
Other liabilities	387,320	354,902
TOTAL LIABILITIES	21,075,224	21,123,057
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 156,352,956 and 157,611,939 shares issued and outstanding as of May 31, 2024 and February 29, 2024, respectively	78,176	78,806
Capital in excess of par value	1,834,218	1,808,746
Accumulated other comprehensive income	61,678	59,279
Retained earnings	4,192,798	4,126,909
TOTAL SHAREHOLDERS’ EQUITY	6,166,870	6,073,740
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 27,242,094	$ 27,196,797

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2024	Feb. 29, 2024
Statement of Financial Position [Abstract]
Financing Receivable, Allowance for Credit Loss	$ 493,064	$ 482,790
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,877,474	$ 1,813,783
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	156,352,956	157,611,939
Common stock, shares outstanding	156,352,956	157,611,939

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 31, 2024	May 31, 2023
OPERATING ACTIVITIES:
Net earnings	$ 152,440	$ 228,298
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	69,244	62,998
Share-based compensation expense	48,098	36,384
Provision for loan losses	81,226	80,890
Provision for cancellation reserves	24,343	24,070
Deferred income tax benefit	(2,036)	(7,127)
Other	2,545	2,976
Net decrease (increase) in:
Accounts receivable, net	8,783	(22,439)
Inventory	(94,815)	(355,078)
Other current assets	32,881	30,923
Auto loans receivable, net	(337,703)	(483,964)
Other assets	(3,797)	634
Net (decrease) increase in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	(75,206)	239,276
Other liabilities	(23,692)	(23,126)
Net Cash Provided by (Used in) Operating Activities	(117,689)	(185,285)
INVESTING ACTIVITIES:
Capital expenditures	(103,914)	(136,719)
Proceeds from disposal of property and equipment	1	1,171
Purchases of investments	(2,093)	(1,228)
Sales and returns of investments	136	17
Net Cash Provided by (Used in) Investing Activities	(105,870)	(136,759)
FINANCING ACTIVITIES:
Proceeds from issuances of long-term debt	0	98,600
Payments on long-term debt	(303,080)	(201,377)
Cash paid for debt issuance costs	(5,668)	(3,608)
Payments on finance lease obligations	(4,548)	(3,785)
Issuances of non-recourse notes payable	3,676,000	3,125,929
Payments on non-recourse notes payable	(3,376,447)	(2,706,222)
Repurchase and retirement of common stock	(106,850)	(3,931)
Equity issuances	8,209	989
Net Cash Provided by (Used in) Financing Activities	(112,384)	306,595
Decrease in cash, cash equivalents, and restricted cash	(335,943)	(15,449)
Cash, cash equivalents, and restricted cash at beginning of year	1,250,410	951,004
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	914,467	935,555
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	218,931	264,247
Restricted cash from collections on auto loans receivable	536,407	506,465
Restricted cash included in other assets	159,129	164,843
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 914,467	$ 935,555

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, 2023		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. 29, 2024	157,611,939	157,612,000
BALANCE at Feb. 29, 2024	$ 6,073,740	$ 78,806	1,808,746	4,126,909	59,279
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	152,440			152,440
Other Comprehensive Income (Loss), Net of Tax	2,399				2,399
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	36,708		36,708
Stock Repurchased and Retired During Period, Shares		(1,446,000)
Stock Repurchased and Retired During Period, Value	$ (104,889)	$ (723)	(17,615)	(86,551)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	138,000	138,000
Stock Issued During Period, Value, Stock Options Exercised	$ 8,209	$ 69	8,140
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		49,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	$ (1,737)	$ 24	(1,761)
BALANCE, SHARES at May. 31, 2024	156,352,956	156,353,000
BALANCE at May. 31, 2024	$ 6,166,870	$ 78,176	$ 1,834,218	$ 4,192,798	$ 61,678

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	May 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Supplemental Cash Flow Information Supplemental disclosures of cash flow information: Three Months Ended May 31 (In thousands) 2024 2023 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 2,659 $ (16,136) See Note 13 for supplemental cash flow information related to leases.
Cash Flow, Supplemental Disclosures [Text Block]	Three Months Ended May 31 (In thousands) 2024 2023 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 2,659 $ (16,136)

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information Supplemental Cash Flow Information	3 Months Ended
	May 31, 2024
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	Three Months Ended May 31 (In thousands) 2024 2023 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 2,659 $ (16,136)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Supplemental Cash Flow Information - USD ($) $ in Thousands	3 Months Ended
	May 31, 2024	May 31, 2023
Supplemental Cash Flow Elements [Abstract]
Increase (decrease) in accrued capital expenditures	$ 2,659	$ 16,136
Capital Expenditures Incurred but Not yet Paid	$ (2,659)	$ (16,136)

Background

Background	3 Months Ended
	May 31, 2024
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”). At that time, Edmunds was identified as a non-reportable operating segment and has been presented as “Other” in the Segment Information footnote in our prior period financial statements. Since the acquisition, Edmunds’ business strategy has become increasingly integrated with that of CarMax Sales Operations. Beginning in the first quarter of fiscal 2025, the chief operating decision maker (“CODM”) assessed the financial performance related to Edmunds’ operations together with the rest of the CarMax Sales Operations segment. As a result, as of May 31, 2024, the company realigned its operating segments to be consistent with the manner in which the CODM assesses performance and makes resource allocations. The company now operates in two operating segments, CarMax Sales Operations and CAF, both of which continue to be reportable segments. The operating segment change did not impact the company’s consolidated financial statements but did impact our previous segment footnote disclosure. The Segment Information footnote is no longer presented, as the previous disclosures were for the purpose of presenting the Edmunds operating segment separate from CarMax Sales Operations. The current and prior period required disclosures related to our reportable segments are included elsewhere within the consolidated financial statements and related footnotes. The performance of our CarMax Sales Operations segment is reviewed by our CODM at the gross profit level, the components of which are presented within the consolidated statement of earnings. The required segment information related to our CAF segment is presented in Note 3. Additionally, asset information by segment is not utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented. We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles 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”); advertising and subscription services; 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 29, 2024 (the “2024 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 2024 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. Adopted in the Current Period In June 2022, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2022-03) related to accounting for equity securities. The amendments in the update clarify the guidance for measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of equity securities, as well as introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. This update is effective for annual periods beginning after December 15, 2023, and interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements. In March 2023, the FASB issued an accounting pronouncement (ASU 2023-01) related to accounting for leases between entities under common c ontrol. The amendments in this update that apply to public business entities clarify the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements. In March 2023, the FASB issued an accounting pronouncement (ASU 2023-02) related to accounting for investments in tax credit structures using the proportional amortization method. The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements.

Revenue

Revenue	3 Months Ended
	May 31, 2024
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 May 31 (In millions) 2024 2023 Used vehicle sales $ 5,677.5 $ 6,001.5 Wholesale vehicle sales 1,256.4 1,514.4 Other sales and revenues: Extended protection plan revenues 118.8 111.2 Third-party finance (fees)/income, net (1.7) 0.3 Advertising & subscription revenues (1) 34.7 31.4 Service revenues 22.7 22.1 Other 5.0 6.2 Total other sales and revenues 179.5 171.2 Total net sales and operating revenues $ 7,113.4 $ 7,687.1 (1) Excludes intercompany sales and operating revenues that have been eliminated in consolidation. 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 10-day 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 May 31, 2024 and February 29, 2024, 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	3 Months Ended
	May 31, 2024
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 May 31 (In millions) 2024 % (1) 2023 % (1) Interest margin: Interest and fee income $ 452.5 10.3 $ 400.5 9.4 Interest expense (182.3) (4.2) (142.6) (3.4) Total interest margin 270.2 6.2 257.9 6.1 Provision for loan losses (81.2) (1.9) (80.9) (1.9) Total interest margin after provision for loan losses 189.0 4.3 177.0 4.2 Direct expenses: Payroll and fringe benefit expense (18.6) (0.4) (16.6) (0.4) Depreciation and amortization (4.2) (0.1) (4.1) (0.1) Other direct expenses (19.2) (0.4) (18.9) (0.4) Total direct expenses (42.0) (1.0) (39.6) (0.9) CarMax Auto Finance income $ 147.0 3.3 $ 137.4 3.2 Total average managed receivables $ 17,551.2 $ 17,003.4 (1)

Auto Loan Receivables

Auto Loan Receivables	3 Months Ended
	May 31, 2024
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 $17.17 billion as of May 31, 2024, and $16.87 billion as of February 29, 2024. 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 May 31 As of February 29 (In millions) 2024 2024 Asset-backed term funding $ 12,475.5 $ 12,638.2 Warehouse facilities 4,176.6 3,744.6 Overcollateralization (1) 813.2 790.9 Other managed receivables (2) 176.3 218.1 Total ending managed receivables 17,641.6 17,391.8 Accrued interest and fees 100.3 90.9 Other 19.5 11.9 Less: allowance for loan losses (493.1) (482.8) Auto loans receivable, net $ 17,268.3 $ 17,011.8 (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 May 31, 2024 Fiscal Year of Origination (1) (In millions) 2025 2024 2023 2022 2021 Prior to 2021 Total % (2) Core managed receivables (3) : A $ 1,298.6 $ 3,535.2 $ 2,388.4 $ 1,428.4 $ 507.2 $ 212.1 $ 9,369.9 53.1 B 650.6 2,172.1 1,582.3 1,092.5 423.8 217.2 6,138.5 34.8 C and other 94.0 318.2 451.2 357.7 166.0 86.7 1,473.8 8.4 Total core managed receivables 2,043.2 6,025.5 4,421.9 2,878.6 1,097.0 516.0 16,982.2 96.3 Other managed receivables (4) : C and other 131.6 278.1 159.7 65.3 8.2 16.5 659.4 3.7 Total ending managed receivables $ 2,174.8 $ 6,303.6 $ 4,581.6 $ 2,943.9 $ 1,105.2 $ 532.5 $ 17,641.6 100.0 Gross charge-offs $ 0.4 $ 40.1 $ 50.8 $ 27.4 $ 8.1 $ 6.3 $ 133.1 As of February 29, 2024 Fiscal Year of Origination (1) (In millions) 2024 2023 2022 2021 2020 Prior to 2020 Total % (2) Core managed receivables (3) : A $ 3,922.7 $ 2,660.6 $ 1,635.1 $ 614.0 $ 268.7 $ 40.0 $ 9,141.1 52.6 B 2,370.8 1,738.8 1,225.9 493.3 233.4 61.3 6,123.5 35.2 C and other 344.1 498.6 400.3 192.2 86.6 26.9 1,548.7 8.9 Total core managed receivables 6,637.6 4,898.0 3,261.3 1,299.5 588.7 128.2 16,813.3 96.7 Other managed receivables (4) : C and other 299.0 176.3 72.6 9.3 12.1 9.2 578.5 3.3 Total ending managed receivables $ 6,936.6 $ 5,074.3 $ 3,333.9 $ 1,308.8 $ 600.8 $ 137.4 $ 17,391.8 100.0 Gross charge-offs $ 111.0 $ 248.6 $ 129.8 $ 41.0 $ 19.7 $ 11.4 $ 561.5 (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 May 31, 2024 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 method (“method”), 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 method 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 method 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 May 31, 2024 (In millions) Core Other Total % (1) Balance as of beginning of period $ 389.7 $ 93.1 $ 482.8 2.78 Charge-offs (113.0) (20.1) (133.1) Recoveries (2) 53.9 8.3 62.2 Provision for loan losses 66.0 15.2 81.2 Balance as of end of period $ 396.6 $ 96.5 $ 493.1 2.79 Three Months Ended May 31, 2023 (In millions) Core Other Total % (1) Balance as of beginning of period $ 401.5 $ 105.7 $ 507.2 3.02 Charge-offs (93.1) (16.7) (109.8) Recoveries (2) 50.5 6.6 57.1 Provision for loan losses 68.6 12.3 80.9 Balance as of end of period $ 427.5 $ 107.9 $ 535.4 3.11 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle. During the first three months of fiscal 2025, the allowance for loan losses as a percent of total ending managed receivables increased by 1 basis point. The increase was primarily due to CAF’s expanded investment in Tier 2, partially offset by the previously implemented tightened underwriting standards in response to the current environment. The increase in net charge-offs primarily reflects continued customer hardship in the current economic environment. The allowance for loan losses as of May 31, 2024 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 uncollectable. 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 May 31, 2024 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 9,316.9 $ 5,672.3 $ 1,180.7 $ 16,169.9 $ 522.7 $ 16,692.6 94.62 Delinquent loans: 31-60 days past due 33.9 272.2 159.5 465.6 71.3 536.9 3.04 61-90 days past due 14.1 157.7 112.8 284.6 54.9 339.5 1.93 Greater than 90 days past due 5.0 36.3 20.8 62.1 10.5 72.6 0.41 Total past due 53.0 466.2 293.1 812.3 136.7 949.0 5.38 Total ending managed receivables $ 9,369.9 $ 6,138.5 $ 1,473.8 $ 16,982.2 $ 659.4 $ 17,641.6 100.00 As of February 29, 2024 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 9,088.1 $ 5,666.3 $ 1,243.7 $ 15,998.1 $ 447.1 $ 16,445.2 94.56 Delinquent loans: 31-60 days past due 32.1 271.3 162.9 466.3 68.1 534.4 3.07 61-90 days past due 15.1 149.4 118.5 283.0 53.0 336.0 1.93 Greater than 90 days past due 5.8 36.5 23.6 65.9 10.3 76.2 0.44 Total past due 53.0 457.2 305.0 815.2 131.4 946.6 5.44 Total ending managed receivables $ 9,141.1 $ 6,123.5 $ 1,548.7 $ 16,813.3 $ 578.5 $ 17,391.8 100.00 (1)

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	3 Months Ended
	May 31, 2024
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 $51.7 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 months ended May 31, 2024, we recognized expense of $3.2 million in CAF income representing these changes in fair value. As of May 31, 2024 and February 29, 2024, we had interest rate swaps outstanding with a combined notional amount of $4.99 billion and $5.21 billion, respectively, that were designated as cash flow hedges of interest rate risk. As of May 31, 2024 and February 29, 2024, we had interest rate swaps with a combined notional amount of $529.0 million and $704.0 million, 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	3 Months Ended
	May 31, 2024
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 May 31, 2024 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 836,465 $ — $ 836,465 Mutual fund investments 25,175 — 25,175 Derivative instruments designated as hedges — 51,354 51,354 Derivative instruments not designated as hedges — 9,913 9,913 Total assets at fair value $ 861,640 $ 61,267 $ 922,907 Percent of total assets at fair value 93.4 % 6.6 % 100.0 % Percent of total assets 3.2 % 0.2 % 3.4 % Liabilities: Derivative instruments designated as hedges $ — $ (1,019) $ (1,019) Total liabilities at fair value $ — $ (1,019) $ (1,019) Percent of total liabilities — % — % — % As of February 29, 2024 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 1,164,270 $ — $ 1,164,270 Mutual fund investments 24,312 — 24,312 Derivative instruments designated as hedges — 45,761 45,761 Derivative instruments not designated as hedges — 13,064 13,064 Total assets at fair value $ 1,188,582 $ 58,825 $ 1,247,407 Percent of total assets at fair value 95.3 % 4.7 % 100.0 % Percent of total assets 4.4 % 0.2 % 4.6 % Liabilities: Derivative instruments designated as hedges $ — $ (2,302) $ (2,302) Total liabilities at fair value $ — $ (2,302) $ (2,302) 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 May 31, 2024 and February 29, 2024, respectively, are as follows: (In thousands) As of May 31, 2024 As of February 29, 2024 Carrying value $ 400,000 $ 400,000 Fair value $ 380,320 $ 380,249

Cancellation Reserves

Cancellation Reserves	3 Months Ended
	May 31, 2024
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 May 31 (In millions) 2024 2023 Balance as of beginning of period $ 128.3 $ 139.2 Cancellations (21.3) (24.6) Provision for future cancellations 24.3 24.1 Balance as of end of period $ 131.3 $ 138.7 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 May 31, 2024 and February 29, 2024, the current portion of cancellation reserves was $70.9 million and $69.7 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
	May 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $30.0 million of gross unrecognized tax benefits as of May 31, 2024, and $28.8 million as of February 29, 2024. There were no significant changes to the gross unrecognized tax benefits as reported for the fiscal year ended February 29, 2024. Within the next 12 months, it is reasonably possible that statutes will expire and previously unrecognized tax benefits related to the prepayment of services provided by related entities will be recognized. Recognition of the benefits will decrease gross unrecognized tax benefits by approximately $14.0 million and would not materially impact our effective tax rate.

Debt

Debt	3 Months Ended
	May 31, 2024
Debt Disclosure [Abstract]
Debt	Debt (In thousands) As of May 31 As of February 29 Debt Description (1) Maturity Date 2024 2024 Revolving credit facility (2) June 2028 $ — $ — Term loan (2) June 2024 — 300,000 Term loan (2) October 2026 699,668 699,633 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 513,707 516,544 Non-recourse notes payable Various dates through December 2030 17,166,525 16,866,972 Total debt 18,779,900 18,783,149 Less: current portion (535,944) (797,449) Less: unamortized debt issuance costs (26,579) (26,044) Long-term debt, net $ 18,217,377 $ 17,959,656 (1) Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually. (2) Borrowings accrue interest at variable rates based on SOFR, the federal funds rate, or the prime rate, depending on the type of borrowing. Revolving Credit Facility. Borrowings under our $2.00 billion unsecured revolving credit facility (the “credit facility”) are available for working capital and general corporate purposes. We pay a commitment fee on the unused portions of the available funds. Borrowings under the credit facility are either due “on demand” or at maturity depending on the type of borrowing. Borrowings with “on demand” repayment terms are presented as short-term debt, while amounts due at maturity are presented as long-term debt. As of May 31, 2024, the unused capacity of $2.00 billion was fully available to us. Term Loans. The $300 million term loan was paid in May 2024. Borrowings under the $700 million term loan are available for working capital and general corporate purposes. The interest rate on our term loan was 6.33% as of May 31, 2024. 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. Borrowings under our unsecured senior notes totaling $400 million are available for working capital and general corporate purposes. As of May 31, 2024, 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 May 31, 2024 are as follows: (In billions) Capacity Warehouse facilities: August 2024 expiration $ 2.30 December 2024 expiration 0.70 March 2025 expiration 3.10 Combined warehouse facility limit $ 6.10 Unused capacity $ 1.92 Non-recourse notes payable outstanding: Warehouse facilities $ 4.18 Asset-backed term funding transactions 12.99 Non-recourse notes payable $ 17.17 We generally enter into warehouse facility agreements for one-year terms and typically renew the agreements annually. 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. In June 2024, we entered into a $625 million asset-backed term funding transaction for our new non-prime securitization program. Going forward, we plan to expand our current asset-backed securitization program from a single issuance to one that more broadly incorporates the funding of CAF’s receivables across distinct prime and non-prime segments. We believe this new program will enable us to fund incremental originations and support future CAF growth across the credit spectrum by creating additional funding capacity, driving additional finance income for the business over time. 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 three months ended May 31, 2024 and 2023, we capitalized interest of $1.5 million and $1.4 million, respectively. Financial Covenants. The credit facility, term loan 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 May 31, 2024, 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	3 Months Ended
	May 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock and Stock-Based Incentive Plans	Stock and Stock-Based Incentive Plans (A) Share Repurchase Program As of May 31, 2024, a total of $4.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $2.26 billion remained available for repurchase. Common Stock Repurchases Three Months Ended May 31 2024 2023 Number of shares repurchased (in thousands) 1,445.8 — Average cost per share $ 71.91 $ — Available for repurchase, as of end of period (in millions) $ 2,256.2 $ 2,451.3 (B) Stock Incentive Plans We maintain long-term incentive plans for management, certain employees and the nonemployee members of our board. The plans allow for the granting of equity-based compensation awards, including nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, stock- and cash-settled restricted stock units, stock grants or a combination of awards. To date, we have not awarded any incentive stock options. The majority of associates who receive share-based compensation awards primarily receive cash-settled restricted stock units. Senior management and other key associates receive awards of nonqualified stock options, stock-settled restricted stock units and/or restricted stock awards. Nonemployee directors are eligible to receive awards of nonqualified stock options, stock grants, stock-settled restricted stock units and/or restricted stock awards. Excluding stock grants and stock-settled deferred stock units, all share-based compensation awards, including any associated dividend rights, are subject to forfeiture. Nonqualified Stock Options. Nonqualified stock options are awards that allow the recipient to purchase shares of our common stock at a fixed price. Stock options are granted at an exercise price equal to the fair market value of our common stock on the grant date. The stock options generally vest annually in equal amounts over four years. These options expire seven years after the date of the grant. Cash-Settled Restricted Stock Units. Also referred to as restricted stock units, or RSUs, these are awards that entitle the holder to a cash payment equal to the fair market value of a share of our common stock for each unit granted. Conversion generally occurs annually in equal amounts over three years. However, the cash payment per RSU will not be greater than 200% or less than 75% of the fair market value of a share of our common stock on the grant date. The initial grant date fair values are based on the closing prices of our common stock on the grant dates. RSUs are liability-classified awards and do not have voting rights. Stock-Settled Market Stock Units. Also referred to as market stock units, or MSUs, these are restricted stock unit awards with market conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted. Conversion generally occurs at the end of a three three Other Share-Based Incentives Stock-Settled Performance Stock Units . Also referred to as performance stock units, or PSUs, these are restricted stock unit awards with performance conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted. Conversion generally occurs at the end of a three one-year period, with the resulting quotients subject to meeting a minimum 25% threshold and capped at 200%. For the third-year period of the fiscal 2023 grants, the second-year period of the fiscal 2024 grants and the fiscal 2025 grants, the conversion ratio is based on the company reaching certain target levels set by the board, with the resulting quotients subject to meeting a minimum 50% threshold and capped at 200%. These quotients are then multiplied by the number of PSUs granted to yield the number of shares awarded. For the first year of the fiscal 2022 awards, these targets were based on annual pretax diluted earnings per share excluding any unrealized gains or losses on equity investments in private companies; the board certified a performance adjustment factor of 200%. For the second- and third-year periods of the fiscal 2022 awards, the first- and second-year periods of the fiscal 2023 awards and the first-year period of the fiscal 2024 awards, the performance targets are based on annual pretax diluted earnings per share, excluding any unrealized gains or losses on equity investments in private companies, and market share. For the second-year period of the fiscal 2022 awards and the first-year period of the fiscal 2023 awards, the board certified a performance adjustment factor of 4%. For the third-year period of the fiscal 2022 awards, the second-year period of the fiscal 2023 grants and the first-year period of the fiscal 2024 grants, the board certified a performance adjustment factor of 38%. For the third-year period of the fiscal 2023 awards and the second-year period of the fiscal 2024 awards, the performance targets are based on the annual pre-tax earnings, excluding any unrealized gains or losses on equity investments in private companies and any significant non-recurring non-cash gains or losses. For the third-year period of the fiscal 2024 awards, the remaining awarded 23,551 PSUs do not qualify as grants under ASC 718 as mutual understanding of the target performance levels are either not fully set or have not been set. For the fiscal 2025 awards, the performance targets are based on the cumulative three-year pretax earnings, excluding any unrealized gains or losses on equity investments in private companies and any significant non-recurring non-cash gains or losses. PSUs do not have voting rights. The grant date fair values are based on the closing prices of our common stock on the grant dates. As of May 31, 2024, 296,997 units were outstanding at a weighted average grant date fair value per share of $71.11. Stock-Settled Deferred Stock Units . Also referred to as deferred stock units, or DSUs, these are restricted stock unit awards granted to non-employee members of our board that are converted into one share of common stock for each unit granted. Conversion occurs at the end of the one Restricted Stock Awards . Restricted stock awards, or RSAs, are awards of our common stock that are subject to specified restrictions that generally lapse after a one three (C) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended May 31 (In thousands) 2024 2023 Cost of sales $ 1,009 $ 1,390 CarMax Auto Finance income 685 449 Selling, general and administrative expenses 47,101 35,304 Share-based compensation expense, before income taxes $ 48,795 $ 37,143 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended May 31 (In thousands) 2024 2023 Nonqualified stock options $ 18,944 $ 14,077 Cash-settled restricted stock units (RSUs) 11,390 15,111 Stock-settled market stock units (MSUs) 7,580 6,224 Other share-based incentives: Stock-settled performance stock units (PSUs) 10,184 741 Restricted stock (RSAs) — 231 Employee stock purchase plan 697 759 Total other share-based incentives $ 10,881 $ 1,731 Share-based compensation expense, before income taxes $ 48,795 $ 37,143 Unrecognized Share-Based Compensation Expense – By Grant Type As of May 31, 2024 Weighted Average Unrecognized Remaining Compensation Recognition Life (Costs in millions) Costs (Years) Nonqualified stock options $ 55.0 2.4 Stock-settled market stock units 28.5 2.1 Other share-based incentives: Stock-settled performance stock units 6.8 2.4 Total other share-based incentives 6.8 2.4 Total $ 90.3 2.3 We recognize compensation expense for stock options, MSUs, PSUs, DSUs and RSAs on a straight-line basis (net of estimated forfeitures) over the requisite service period, which is generally the vesting period of the award. The PSU expense is adjusted for any change in management’s assessment of the performance target level that is probable of being achieved. The variable expense associated with RSUs is recognized over their vesting period (net of estimated forfeitures) and is calculated based on the closing price of our common stock on the last trading day of each reporting period. The total costs for matching contributions for our employee stock purchase plan are included in share-based compensation expense. There were no capitalized share-based compensation costs as of or for the three months ended May 31, 2024 or 2023. Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Shares and intrinsic value in thousands) Shares Price Life (Years) Value Outstanding as of February 29, 2024 7,393 $ 82.03 Options granted 1,218 $ 67.21 Options exercised (138) $ 59.39 Options forfeited or expired (70) $ 83.25 Outstanding as of May 31, 2024 8,403 $ 80.25 4.0 $ 11,182 Exercisable as of May 31, 2024 5,317 $ 82.02 2.8 $ 7,295 Stock Option Information Three Months Ended May 31 2024 2023 Options granted 1,218,305 1,491,326 Weighted average grant date fair value per share $ 29.18 $ 29.1 Cash received from options exercised (in millions) $ 8.2 $ 1.0 Intrinsic value of options exercised (in millions) $ 1.8 $ 0.2 Realized tax benefits (in millions) $ 0.4 $ 0.1 For stock options, the fair value of each award is estimated as of the date of grant using a binomial valuation model. In computing the value of the option, the binomial model considers characteristics of fair-value option pricing that are not available for consideration under a closed-form valuation model (for example, the Black-Scholes model), such as the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life and the probability of termination or retirement of the option holder. For this reason, we believe that the binomial model provides a fair value that is more representative of actual experience and future expected experience than the value calculated using a closed-form model. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the recipients of share-based awards. Assumptions Used to Estimate Option Values Three Months Ended May 31 2024 2023 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 39.6 % - 46.1 % 44.1 % - 44.7 % Weighted average expected volatility 45.4 % 44.6 % Risk-free interest rate (2) 4.6 % - 5.4 % 3.6 % - 5.2 % Expected term (in years) (3) 4.7 4.6 (1) Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock. (2) Based on the U.S. Treasury yield curve at the time of grant. (3) Represents the estimated number of years that options will be outstanding prior to exercise. Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 29, 2024 1,297 $ 81.42 Stock units granted 915 $ 67.21 Stock units vested and converted (538) $ 88.54 Stock units cancelled (26) $ 76.27 Outstanding as of May 31, 2024 1,648 $ 71.29 Cash-Settled Restricted Stock Unit Information Three Months Ended May 31 2024 2023 Stock units granted 914,848 900,511 Initial weighted average grant date fair value per share $ 67.21 $ 70.48 Payments (before payroll tax withholdings) upon vesting (in millions) $ 39.6 $ 36.3 Realized tax benefits (in millions) $ 9.8 $ 9.0 Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of May 31, 2024 (In thousands) Minimum (1) Maximum (1) Fiscal 2026 $ 37,620 $ 100,320 Fiscal 2027 25,580 68,214 Fiscal 2028 12,835 34,228 Total expected cash settlements $ 76,035 $ 202,762 (1) Net of estimated forfeitures. Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 29, 2024 383 $ 123.73 Stock units granted 234 $ 95.65 Stock units vested and converted (75) $ 176.46 Stock units cancelled (10) $ 110.47 Outstanding as of May 31, 2024 532 $ 104.23 Stock-Settled Market Stock Unit Information Three Months Ended May 31 2024 2023 Stock units granted 233,963 178,232 Weighted average grant date fair value per share $ 95.65 $ 99.49 Realized tax benefits (in millions) $ 0.7 $ 2.1

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	May 31, 2024
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 May 31 (In thousands except per share data) 2024 2023 Net earnings $ 152,440 $ 228,298 Weighted average common shares outstanding 157,161 158,116 Dilutive potential common shares: Stock options 282 164 Stock-settled stock units and awards 263 281 Weighted average common shares and dilutive potential common shares 157,706 158,561 Basic net earnings per share $ 0.97 $ 1.44 Diluted net earnings per share $ 0.97 $ 1.44 Certain options to purchase shares of common stock were outstanding and not included in the calculation of diluted net earnings per share because their inclusion would have been antidilutive. On a weighted average basis, for the three months ended May 31, 2024 and 2023, options to purchase 4,796,089 shares and 5,425,830 shares of common stock, respectively, were not included.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	May 31, 2024
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 29, 2024 $ (37,116) $ 96,395 $ 59,279 Other comprehensive income before reclassifications — 13,281 13,281 Amounts reclassified from accumulated other comprehensive income 84 (10,966) (10,882) Other comprehensive income 84 2,315 2,399 Balance as of May 31, 2024 $ (37,032) $ 98,710 $ 61,678 Changes In and Reclassifications Out of Accumulated Other Comprehensive Income Three Months Ended May 31 (In thousands) 2024 2023 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 50 $ 58 CarMax Auto Finance income 4 4 Selling, general and administrative expenses 57 67 Total amortization reclassifications recognized in net pension expense 111 129 Tax expense (27) (31) Amortization reclassifications recognized in net pension expense, net of tax 84 98 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 84 98 Cash Flow Hedges (Note 5): Changes in fair value 17,509 (36,007) Tax (expense) benefit (4,228) 8,871 Changes in fair value, net of tax 13,281 (27,136) Reclassifications to CarMax Auto Finance income (14,498) (12,564) Tax benefit 3,532 3,063 Reclassification of hedge gains, net of tax (10,966) (9,501) Net change in cash flow hedge unrecognized gains, net of tax 2,315 (36,637) Total other comprehensive income (loss), net of tax $ 2,399 $ (36,539) 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 $20.0 million as of May 31, 2024 and $19.3 million as of February 29, 2024.

Leases (Notes)

Leases (Notes)	3 Months Ended
	May 31, 2024
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 May 31 (In thousands) 2024 2023 Operating lease cost (1) $ 23,228 $ 21,947 Finance lease cost: Depreciation of lease assets 3,822 4,535 Interest on lease liabilities 6,671 6,095 Total finance lease cost 10,493 10,630 Total lease cost $ 33,721 $ 32,577 (1) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to leases was as follows: As of May 31 As of February 29 (In thousands) Classification 2024 2024 Assets: Operating lease assets Operating lease assets $ 509,043 $ 520,717 Finance lease assets Property and equipment, net (1) 202,052 174,998 Total lease assets $ 711,095 $ 695,715 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 57,534 $ 57,161 Finance leases Accrued expenses and other current liabilities 21,102 20,877 Long-term: Operating leases Operating lease liabilities, excluding current portion 484,632 496,210 Finance leases Other liabilities 227,528 198,759 Total lease liabilities $ 790,796 $ 773,007 (1) Finance lease assets are recorded net of accumulated depreciation of $59.4 million as of May 31, 2024 and $55.5 million as of February 29, 2024. Lease term and discount rate information related to leases was as follows: As of May 31 As of February 29 Lease Term and Discount Rate 2024 2024 Weighted Average Remaining Lease Term (in years) Operating leases 16.04 16.07 Finance leases 12.89 11.43 Weighted Average Discount Rate Operating leases 5.08 % 5.05 % Finance leases 15.66 % 17.16 % Supplemental cash flow information related to leases was as follows: Three Months Ended May 31 (In thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 22,760 $ 21,103 Operating cash flows from finance leases $ 6,432 $ 5,912 Financing cash flows from finance leases $ 4,548 $ 3,785 Lease assets obtained in exchange for lease obligations: Operating leases $ 2,780 $ 9,752 Finance leases $ 33,315 $ 14,498 Maturities of lease liabilities were as follows: As of May 31, 2024 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2025, remaining $ 62,791 $ 34,677 Fiscal 2026 78,362 50,625 Fiscal 2027 72,027 46,929 Fiscal 2028 67,898 40,141 Fiscal 2029 46,072 32,976 Thereafter 517,505 290,365 Total lease payments 844,655 495,713 Less: interest (302,489) (247,083) Present value of lease liabilities $ 542,166 $ 248,630 (1) Lease payments exclude $4.7 million of legally binding minimum lease payments for leases signed but not yet commenced.

Contingent Liabilities

Contingent Liabilities	3 Months Ended
	May 31, 2024
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. The parties have agreed to settle the matter for a nominal amount. The company is a class member in a consolidated and settled class action lawsuit (In re: Takata Airbag Product Liability Litigation (U.S. District Court, Southern District of Florida)) against Toyota, Mazda, Subaru, BMW, Honda, Nissan, Ford and Volkswagen related to the economic loss associated with defective Takata airbags installed as original equipment in certain model vehicles from model years 2000-2019. In April 2020, CarMax received $40.3 million in net recoveries from the Toyota, Mazda, Subaru, BMW, Honda and Nissan settlement funds. In January 2022, CarMax received $3.8 million in net recoveries from the Ford settlement funds. On April 21, 2023, CarMax received $59.3 million in net recoveries from residual undisbursed funds in the Toyota, Mazda, Subaru, BMW, Honda and Nissan settlements. On August 9, 2023, CarMax received $7.9 million in additional residual funds in the BMW, Mazda, and Nissan settlements. CarMax remains a class member for residual funds in the Ford settlement. The Volkswagen settlement has not yet been resolved. We are unable to make a reasonable estimate of the amount or range of gain that could result from CarMax’s participation in the Ford residual or Volkswagen matters. 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 $30.5 million as of May 31, 2024, and $30.9 million as of February 29, 2024, and is included in accrued expenses and other current liabilities.

Background Basis of Accounting

Background Basis of Accounting (Policies)	3 Months Ended
	May 31, 2024
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”). At that time, Edmunds was identified as a non-reportable operating segment and has been presented as “Other” in the Segment Information footnote in our prior period financial statements. Since the acquisition, Edmunds’ business strategy has become increasingly integrated with that of CarMax Sales Operations. Beginning in the first quarter of fiscal 2025, the chief operating decision maker (“CODM”) assessed the financial performance related to Edmunds’ operations together with the rest of the CarMax Sales Operations segment. As a result, as of May 31, 2024, the company realigned its operating segments to be consistent with the manner in which the CODM assesses performance and makes resource allocations. The company now operates in two operating segments, CarMax Sales Operations and CAF, both of which continue to be reportable segments. The operating segment change did not impact the company’s consolidated financial statements but did impact our previous segment footnote disclosure. The Segment Information footnote is no longer presented, as the previous disclosures were for the purpose of presenting the Edmunds operating segment separate from CarMax Sales Operations. The current and prior period required disclosures related to our reportable segments are included elsewhere within the consolidated financial statements and related footnotes. The performance of our CarMax Sales Operations segment is reviewed by our CODM at the gross profit level, the components of which are presented within the consolidated statement of earnings. The required segment information related to our CAF segment is presented in Note 3. Additionally, asset information by segment is not utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented. We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles 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”); advertising and subscription services; 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 29, 2024 (the “2024 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 2024 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	Adopted in the Current Period In June 2022, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2022-03) related to accounting for equity securities. The amendments in the update clarify the guidance for measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of equity securities, as well as introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. This update is effective for annual periods beginning after December 15, 2023, and interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements. In March 2023, the FASB issued an accounting pronouncement (ASU 2023-01) related to accounting for leases between entities under common c ontrol. The amendments in this update that apply to public business entities clarify the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements. In March 2023, the FASB issued an accounting pronouncement (ASU 2023-02) related to accounting for investments in tax credit structures using the proportional amortization method. The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2024, and it did not have a material effect on our consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	May 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended May 31 (In millions) 2024 2023 Used vehicle sales $ 5,677.5 $ 6,001.5 Wholesale vehicle sales 1,256.4 1,514.4 Other sales and revenues: Extended protection plan revenues 118.8 111.2 Third-party finance (fees)/income, net (1.7) 0.3 Advertising & subscription revenues (1) 34.7 31.4 Service revenues 22.7 22.1 Other 5.0 6.2 Total other sales and revenues 179.5 171.2 Total net sales and operating revenues $ 7,113.4 $ 7,687.1 (1) Excludes intercompany sales and operating revenues that have been eliminated in consolidation.

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	3 Months Ended
	May 31, 2024
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Three Months Ended May 31 (In millions) 2024 % (1) 2023 % (1) Interest margin: Interest and fee income $ 452.5 10.3 $ 400.5 9.4 Interest expense (182.3) (4.2) (142.6) (3.4) Total interest margin 270.2 6.2 257.9 6.1 Provision for loan losses (81.2) (1.9) (80.9) (1.9) Total interest margin after provision for loan losses 189.0 4.3 177.0 4.2 Direct expenses: Payroll and fringe benefit expense (18.6) (0.4) (16.6) (0.4) Depreciation and amortization (4.2) (0.1) (4.1) (0.1) Other direct expenses (19.2) (0.4) (18.9) (0.4) Total direct expenses (42.0) (1.0) (39.6) (0.9) CarMax Auto Finance income $ 147.0 3.3 $ 137.4 3.2 Total average managed receivables $ 17,551.2 $ 17,003.4 (1)

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	3 Months Ended
	May 31, 2024
Receivables [Abstract]
Auto Loan Receivables, Net	Auto Loans Receivable, Net As of May 31 As of February 29 (In millions) 2024 2024 Asset-backed term funding $ 12,475.5 $ 12,638.2 Warehouse facilities 4,176.6 3,744.6 Overcollateralization (1) 813.2 790.9 Other managed receivables (2) 176.3 218.1 Total ending managed receivables 17,641.6 17,391.8 Accrued interest and fees 100.3 90.9 Other 19.5 11.9 Less: allowance for loan losses (493.1) (482.8) Auto loans receivable, net $ 17,268.3 $ 17,011.8 (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 May 31, 2024 Fiscal Year of Origination (1) (In millions) 2025 2024 2023 2022 2021 Prior to 2021 Total % (2) Core managed receivables (3) : A $ 1,298.6 $ 3,535.2 $ 2,388.4 $ 1,428.4 $ 507.2 $ 212.1 $ 9,369.9 53.1 B 650.6 2,172.1 1,582.3 1,092.5 423.8 217.2 6,138.5 34.8 C and other 94.0 318.2 451.2 357.7 166.0 86.7 1,473.8 8.4 Total core managed receivables 2,043.2 6,025.5 4,421.9 2,878.6 1,097.0 516.0 16,982.2 96.3 Other managed receivables (4) : C and other 131.6 278.1 159.7 65.3 8.2 16.5 659.4 3.7 Total ending managed receivables $ 2,174.8 $ 6,303.6 $ 4,581.6 $ 2,943.9 $ 1,105.2 $ 532.5 $ 17,641.6 100.0 Gross charge-offs $ 0.4 $ 40.1 $ 50.8 $ 27.4 $ 8.1 $ 6.3 $ 133.1 As of February 29, 2024 Fiscal Year of Origination (1) (In millions) 2024 2023 2022 2021 2020 Prior to 2020 Total % (2) Core managed receivables (3) : A $ 3,922.7 $ 2,660.6 $ 1,635.1 $ 614.0 $ 268.7 $ 40.0 $ 9,141.1 52.6 B 2,370.8 1,738.8 1,225.9 493.3 233.4 61.3 6,123.5 35.2 C and other 344.1 498.6 400.3 192.2 86.6 26.9 1,548.7 8.9 Total core managed receivables 6,637.6 4,898.0 3,261.3 1,299.5 588.7 128.2 16,813.3 96.7 Other managed receivables (4) : C and other 299.0 176.3 72.6 9.3 12.1 9.2 578.5 3.3 Total ending managed receivables $ 6,936.6 $ 5,074.3 $ 3,333.9 $ 1,308.8 $ 600.8 $ 137.4 $ 17,391.8 100.0 Gross charge-offs $ 111.0 $ 248.6 $ 129.8 $ 41.0 $ 19.7 $ 11.4 $ 561.5 (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 May 31, 2024 (In millions) Core Other Total % (1) Balance as of beginning of period $ 389.7 $ 93.1 $ 482.8 2.78 Charge-offs (113.0) (20.1) (133.1) Recoveries (2) 53.9 8.3 62.2 Provision for loan losses 66.0 15.2 81.2 Balance as of end of period $ 396.6 $ 96.5 $ 493.1 2.79 Three Months Ended May 31, 2023 (In millions) Core Other Total % (1) Balance as of beginning of period $ 401.5 $ 105.7 $ 507.2 3.02 Charge-offs (93.1) (16.7) (109.8) Recoveries (2) 50.5 6.6 57.1 Provision for loan losses 68.6 12.3 80.9 Balance as of end of period $ 427.5 $ 107.9 $ 535.4 3.11 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle.
Past Due Receivables	Past Due Receivables As of May 31, 2024 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 9,316.9 $ 5,672.3 $ 1,180.7 $ 16,169.9 $ 522.7 $ 16,692.6 94.62 Delinquent loans: 31-60 days past due 33.9 272.2 159.5 465.6 71.3 536.9 3.04 61-90 days past due 14.1 157.7 112.8 284.6 54.9 339.5 1.93 Greater than 90 days past due 5.0 36.3 20.8 62.1 10.5 72.6 0.41 Total past due 53.0 466.2 293.1 812.3 136.7 949.0 5.38 Total ending managed receivables $ 9,369.9 $ 6,138.5 $ 1,473.8 $ 16,982.2 $ 659.4 $ 17,641.6 100.00 As of February 29, 2024 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 9,088.1 $ 5,666.3 $ 1,243.7 $ 15,998.1 $ 447.1 $ 16,445.2 94.56 Delinquent loans: 31-60 days past due 32.1 271.3 162.9 466.3 68.1 534.4 3.07 61-90 days past due 15.1 149.4 118.5 283.0 53.0 336.0 1.93 Greater than 90 days past due 5.8 36.5 23.6 65.9 10.3 76.2 0.44 Total past due 53.0 457.2 305.0 815.2 131.4 946.6 5.44 Total ending managed receivables $ 9,141.1 $ 6,123.5 $ 1,548.7 $ 16,813.3 $ 578.5 $ 17,391.8 100.00 (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 31, 2024
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 May 31, 2024 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 836,465 $ — $ 836,465 Mutual fund investments 25,175 — 25,175 Derivative instruments designated as hedges — 51,354 51,354 Derivative instruments not designated as hedges — 9,913 9,913 Total assets at fair value $ 861,640 $ 61,267 $ 922,907 Percent of total assets at fair value 93.4 % 6.6 % 100.0 % Percent of total assets 3.2 % 0.2 % 3.4 % Liabilities: Derivative instruments designated as hedges $ — $ (1,019) $ (1,019) Total liabilities at fair value $ — $ (1,019) $ (1,019) Percent of total liabilities — % — % — % As of February 29, 2024 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 1,164,270 $ — $ 1,164,270 Mutual fund investments 24,312 — 24,312 Derivative instruments designated as hedges — 45,761 45,761 Derivative instruments not designated as hedges — 13,064 13,064 Total assets at fair value $ 1,188,582 $ 58,825 $ 1,247,407 Percent of total assets at fair value 95.3 % 4.7 % 100.0 % Percent of total assets 4.4 % 0.2 % 4.6 % Liabilities: Derivative instruments designated as hedges $ — $ (2,302) $ (2,302) Total liabilities at fair value $ — $ (2,302) $ (2,302) Percent of total liabilities — % — % — %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	(In thousands) As of May 31, 2024 As of February 29, 2024 Carrying value $ 400,000 $ 400,000 Fair value $ 380,320 $ 380,249

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	3 Months Ended
	May 31, 2024
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended May 31 (In millions) 2024 2023 Balance as of beginning of period $ 128.3 $ 139.2 Cancellations (21.3) (24.6) Provision for future cancellations 24.3 24.1 Balance as of end of period $ 131.3 $ 138.7

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 31, 2024
Debt Disclosure [Abstract]
Schedule Of Debt	(In thousands) As of May 31 As of February 29 Debt Description (1) Maturity Date 2024 2024 Revolving credit facility (2) June 2028 $ — $ — Term loan (2) June 2024 — 300,000 Term loan (2) October 2026 699,668 699,633 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 513,707 516,544 Non-recourse notes payable Various dates through December 2030 17,166,525 16,866,972 Total debt 18,779,900 18,783,149 Less: current portion (535,944) (797,449) Less: unamortized debt issuance costs (26,579) (26,044) Long-term debt, net $ 18,217,377 $ 17,959,656 (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: August 2024 expiration $ 2.30 December 2024 expiration 0.70 March 2025 expiration 3.10 Combined warehouse facility limit $ 6.10 Unused capacity $ 1.92 Non-recourse notes payable outstanding: Warehouse facilities $ 4.18 Asset-backed term funding transactions 12.99 Non-recourse notes payable $ 17.17

Stock and Stock-Based Incenti_2

Stock and Stock-Based Incentive Plans (Tables)	3 Months Ended
	May 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Common Stock Repurchases	Common Stock Repurchases Three Months Ended May 31 2024 2023 Number of shares repurchased (in thousands) 1,445.8 — Average cost per share $ 71.91 $ — Available for repurchase, as of end of period (in millions) $ 2,256.2 $ 2,451.3
Composition of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Three Months Ended May 31 (In thousands) 2024 2023 Cost of sales $ 1,009 $ 1,390 CarMax Auto Finance income 685 449 Selling, general and administrative expenses 47,101 35,304 Share-based compensation expense, before income taxes $ 48,795 $ 37,143
Composition Of Share-Based Compensation Expense - By Grant Type	Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended May 31 (In thousands) 2024 2023 Nonqualified stock options $ 18,944 $ 14,077 Cash-settled restricted stock units (RSUs) 11,390 15,111 Stock-settled market stock units (MSUs) 7,580 6,224 Other share-based incentives: Stock-settled performance stock units (PSUs) 10,184 741 Restricted stock (RSAs) — 231 Employee stock purchase plan 697 759 Total other share-based incentives $ 10,881 $ 1,731 Share-based compensation expense, before income taxes $ 48,795 $ 37,143 Unrecognized Share-Based Compensation Expense – By Grant Type As of May 31, 2024 Weighted Average Unrecognized Remaining Compensation Recognition Life (Costs in millions) Costs (Years) Nonqualified stock options $ 55.0 2.4 Stock-settled market stock units 28.5 2.1 Other share-based incentives: Stock-settled performance stock units 6.8 2.4 Total other share-based incentives 6.8 2.4 Total $ 90.3 2.3
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Shares and intrinsic value in thousands) Shares Price Life (Years) Value Outstanding as of February 29, 2024 7,393 $ 82.03 Options granted 1,218 $ 67.21 Options exercised (138) $ 59.39 Options forfeited or expired (70) $ 83.25 Outstanding as of May 31, 2024 8,403 $ 80.25 4.0 $ 11,182 Exercisable as of May 31, 2024 5,317 $ 82.02 2.8 $ 7,295
Outstanding Stock Options	Stock Option Information Three Months Ended May 31 2024 2023 Options granted 1,218,305 1,491,326 Weighted average grant date fair value per share $ 29.18 $ 29.1 Cash received from options exercised (in millions) $ 8.2 $ 1.0 Intrinsic value of options exercised (in millions) $ 1.8 $ 0.2 Realized tax benefits (in millions) $ 0.4 $ 0.1
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Assumptions Used to Estimate Option Values Three Months Ended May 31 2024 2023 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 39.6 % - 46.1 % 44.1 % - 44.7 % Weighted average expected volatility 45.4 % 44.6 % Risk-free interest rate (2) 4.6 % - 5.4 % 3.6 % - 5.2 % Expected term (in years) (3) 4.7 4.6 (1) Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock. (2) Based on the U.S. Treasury yield curve at the time of grant. (3) Represents the estimated number of years that options will be outstanding prior to exercise.
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 29, 2024 1,297 $ 81.42 Stock units granted 915 $ 67.21 Stock units vested and converted (538) $ 88.54 Stock units cancelled (26) $ 76.27 Outstanding as of May 31, 2024 1,648 $ 71.29 Cash-Settled Restricted Stock Unit Information Three Months Ended May 31 2024 2023 Stock units granted 914,848 900,511 Initial weighted average grant date fair value per share $ 67.21 $ 70.48 Payments (before payroll tax withholdings) upon vesting (in millions) $ 39.6 $ 36.3 Realized tax benefits (in millions) $ 9.8 $ 9.0 Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 29, 2024 383 $ 123.73 Stock units granted 234 $ 95.65 Stock units vested and converted (75) $ 176.46 Stock units cancelled (10) $ 110.47 Outstanding as of May 31, 2024 532 $ 104.23 Stock-Settled Market Stock Unit Information Three Months Ended May 31 2024 2023 Stock units granted 233,963 178,232 Weighted average grant date fair value per share $ 95.65 $ 99.49 Realized tax benefits (in millions) $ 0.7 $ 2.1
Expected Cash Settlement Range Upon Cash Settled Restricted Stock Unit Vesting	Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of May 31, 2024 (In thousands) Minimum (1) Maximum (1) Fiscal 2026 $ 37,620 $ 100,320 Fiscal 2027 25,580 68,214 Fiscal 2028 12,835 34,228 Total expected cash settlements $ 76,035 $ 202,762 (1) Net of estimated forfeitures.

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	May 31, 2024
Earnings Per Share [Abstract]
Basic And Dilutive Net Earnings Per Share Reconciliations	Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended May 31 (In thousands except per share data) 2024 2023 Net earnings $ 152,440 $ 228,298 Weighted average common shares outstanding 157,161 158,116 Dilutive potential common shares: Stock options 282 164 Stock-settled stock units and awards 263 281 Weighted average common shares and dilutive potential common shares 157,706 158,561 Basic net earnings per share $ 0.97 $ 1.44 Diluted net earnings per share $ 0.97 $ 1.44

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	May 31, 2024
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 29, 2024 $ (37,116) $ 96,395 $ 59,279 Other comprehensive income before reclassifications — 13,281 13,281 Amounts reclassified from accumulated other comprehensive income 84 (10,966) (10,882) Other comprehensive income 84 2,315 2,399 Balance as of May 31, 2024 $ (37,032) $ 98,710 $ 61,678
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss	Changes In and Reclassifications Out of Accumulated Other Comprehensive Income Three Months Ended May 31 (In thousands) 2024 2023 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 50 $ 58 CarMax Auto Finance income 4 4 Selling, general and administrative expenses 57 67 Total amortization reclassifications recognized in net pension expense 111 129 Tax expense (27) (31) Amortization reclassifications recognized in net pension expense, net of tax 84 98 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 84 98 Cash Flow Hedges (Note 5): Changes in fair value 17,509 (36,007) Tax (expense) benefit (4,228) 8,871 Changes in fair value, net of tax 13,281 (27,136) Reclassifications to CarMax Auto Finance income (14,498) (12,564) Tax benefit 3,532 3,063 Reclassification of hedge gains, net of tax (10,966) (9,501) Net change in cash flow hedge unrecognized gains, net of tax 2,315 (36,637) Total other comprehensive income (loss), net of tax $ 2,399 $ (36,539)

Leases (Tables)

Leases (Tables)	3 Months Ended
	May 31, 2024
Leases [Abstract]
Lease, Cost [Table Text Block]	Three Months Ended May 31 (In thousands) 2024 2023 Operating lease cost (1) $ 23,228 $ 21,947 Finance lease cost: Depreciation of lease assets 3,822 4,535 Interest on lease liabilities 6,671 6,095 Total finance lease cost 10,493 10,630 Total lease cost $ 33,721 $ 32,577 (1) Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]	As of May 31 As of February 29 (In thousands) Classification 2024 2024 Assets: Operating lease assets Operating lease assets $ 509,043 $ 520,717 Finance lease assets Property and equipment, net (1) 202,052 174,998 Total lease assets $ 711,095 $ 695,715 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 57,534 $ 57,161 Finance leases Accrued expenses and other current liabilities 21,102 20,877 Long-term: Operating leases Operating lease liabilities, excluding current portion 484,632 496,210 Finance leases Other liabilities 227,528 198,759 Total lease liabilities $ 790,796 $ 773,007 (1) Finance lease assets are recorded net of accumulated depreciation of $59.4 million as of May 31, 2024 and $55.5 million as of February 29, 2024.
Other Lease Disclosures [Table Text Block]	As of May 31 As of February 29 Lease Term and Discount Rate 2024 2024 Weighted Average Remaining Lease Term (in years) Operating leases 16.04 16.07 Finance leases 12.89 11.43 Weighted Average Discount Rate Operating leases 5.08 % 5.05 % Finance leases 15.66 % 17.16 % Three Months Ended May 31 (In thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 22,760 $ 21,103 Operating cash flows from finance leases $ 6,432 $ 5,912 Financing cash flows from finance leases $ 4,548 $ 3,785 Lease assets obtained in exchange for lease obligations: Operating leases $ 2,780 $ 9,752 Finance leases $ 33,315 $ 14,498
Schedule Of Future Minimum Lease Obligations [Table Text Block]	As of May 31, 2024 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2025, remaining $ 62,791 $ 34,677 Fiscal 2026 78,362 50,625 Fiscal 2027 72,027 46,929 Fiscal 2028 67,898 40,141 Fiscal 2029 46,072 32,976 Thereafter 517,505 290,365 Total lease payments 844,655 495,713 Less: interest (302,489) (247,083) Present value of lease liabilities $ 542,166 $ 248,630 (1) Lease payments exclude $4.7 million of legally binding minimum lease payments for leases signed but not yet commenced.

Background (Narrative) (Details

Background (Narrative) (Details)	3 Months Ended
	May 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	2

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2024	May 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 7,113.4	$ 7,687.1
Used vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,677.5	6,001.5
Wholesale vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,256.4	1,514.4
Extended protection plan revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	118.8	111.2
Third-party finance (fees)/income, net
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(1.7)	0.3
Advertising & subscription revenues [Domain]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	34.7	31.4
Service revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	22.7	22.1
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5	6.2
Total other sales and revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 179.5	$ 171.2

CarMax Auto Finance (Components

CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2024	May 31, 2023
Auto Finance Income [Line Items]
Interest and fee income	$ 452,500	$ 400,500
Interest expense	(182,300)	(142,600)
Total interest margin	270,200	257,900
Provision for loan losses	(81,200)	(80,900)
Total interest margin after provision for loan losses	189,000	177,000
Payroll and fringe benefit expense	(18,600)	(16,600)
Other Depreciation and Amortization	(4,200)	(4,100)
Other direct expenses	(19,200)	(18,900)
Total direct expenses	(42,000)	(39,600)
CarMax Auto Finance income	146,970	137,358
Total average managed receivables	$ 17,551,200	$ 17,003,400
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	10.30%	9.40%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(4.20%)	(3.40%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	6.20%	6.10%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.90%)	(1.90%)
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	4.30%	4.20%
Payroll and fringe benefit expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(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%)
Other direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.40%)	(0.40%)
Total direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.00%)	(0.90%)
CarMax Auto Finance income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	3.30%	3.20%

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	May 31, 2024	Feb. 29, 2024	May 31, 2023	Feb. 28, 2023
Non-recourse Notes Payable	$ 17,166,525	$ 16,866,972
Financing Receivable, before Allowance for Credit Loss	17,641,600	17,391,800
Interest Receivable	100,300	90,900
Other	19,500	11,900
Financing Receivable, Allowance for Credit Loss	493,064	482,790	$ 535,400	$ 507,200
Financing Receivable, after Allowance for Credit Loss	17,268,321	17,011,844
Asset-backed term funding
Financing Receivable, before Allowance for Credit Loss	12,475,500	12,638,200
Warehouse facilities
Financing Receivable, before Allowance for Credit Loss	4,176,600	3,744,600
Overcollateralization
Financing Receivable, before Allowance for Credit Loss	813,200	790,900
Other managed receivables
Financing Receivable, before Allowance for Credit Loss	$ 176,300	$ 218,100

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	May 31, 2024	May 31, 2023	Feb. 29, 2024
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 2,174.8		$ 6,936.6
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	6,303.6		5,074.3
Financing Receivable, Originated Two Years before Latest Fiscal Year	4,581.6		3,333.9
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,943.9		1,308.8
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,105.2		600.8
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	532.5		137.4
Financing Receivable, before Allowance for Credit Loss	$ 17,641.6		$ 17,391.8
Total ending managed receivables as percentage by major credit grade	100%		100%
Financing Receivable, Allowance for Credit Loss, Writeoff	$ 133.1	$ 109.8	$ 561.5
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	50.8		129.8
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	40.1		248.6
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	27.4		41
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	8.1		19.7
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	6.3		11.4
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	0.4		111
Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	2,043.2		6,637.6
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	6,025.5		4,898
Financing Receivable, Originated Two Years before Latest Fiscal Year	4,421.9		3,261.3
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,878.6		1,299.5
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,097		588.7
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	516		128.2
Financing Receivable, before Allowance for Credit Loss	$ 16,982.2		$ 16,813.3
Total ending managed receivables as percentage by major credit grade	96.30%		96.70%
Financing Receivable, Allowance for Credit Loss, Writeoff	$ 113	93.1
Other managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Allowance for Credit Loss, Writeoff	20.1	$ 16.7
Credit Grade A | Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	1,298.6		$ 3,922.7
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	3,535.2		2,660.6
Financing Receivable, Originated Two Years before Latest Fiscal Year	2,388.4		1,635.1
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,428.4		614
Financing Receivable, Originated Four Years before Latest Fiscal Year	507.2		268.7
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	212.1		40
Financing Receivable, before Allowance for Credit Loss	$ 9,369.9		$ 9,141.1
Total ending managed receivables as percentage by major credit grade	53.10%		52.60%
Credit Grade B | Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 650.6		$ 2,370.8
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,172.1		1,738.8
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,582.3		1,225.9
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,092.5		493.3
Financing Receivable, Originated Four Years before Latest Fiscal Year	423.8		233.4
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	217.2		61.3
Financing Receivable, before Allowance for Credit Loss	$ 6,138.5		$ 6,123.5
Total ending managed receivables as percentage by major credit grade	34.80%		35.20%
Credit Grade C And Other | Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 94		$ 344.1
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	318.2		498.6
Financing Receivable, Originated Two Years before Latest Fiscal Year	451.2		400.3
Financing Receivable, Originated Three Years before Latest Fiscal Year	357.7		192.2
Financing Receivable, Originated Four Years before Latest Fiscal Year	166		86.6
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	86.7		26.9
Financing Receivable, before Allowance for Credit Loss	$ 1,473.8		$ 1,548.7
Total ending managed receivables as percentage by major credit grade	8.40%		8.90%
Credit Grade C And Other | Other managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 131.6		$ 299
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	278.1		176.3
Financing Receivable, Originated Two Years before Latest Fiscal Year	159.7		72.6
Financing Receivable, Originated Three Years before Latest Fiscal Year	65.3		9.3
Financing Receivable, Originated Four Years before Latest Fiscal Year	8.2		12.1
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	16.5		9.2
Financing Receivable, before Allowance for Credit Loss	$ 659.4		$ 578.5
Total ending managed receivables as percentage by major credit grade	3.70%		3.30%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance for Loan Losses) (Details) - USD ($)	3 Months Ended		12 Months Ended
	May 31, 2024	May 31, 2023	Feb. 29, 2024	Feb. 28, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	$ 493,064,000	$ 535,400,000	$ 482,790,000	$ 507,200,000
Financing Receivable, Allowance for Credit Loss, Writeoff	(133,100,000)	(109,800,000)	$ (561,500,000)
Financing Receivable, Allowance for Credit Loss, Recovery	62,200,000	57,100,000
Provision for loan losses	81,200,000	$ 80,900,000
Item As Percent Of Total Ending Managed Receivables, Period Increase (Decrease)	$ 1
Allowance For Loan Losses, percent
Financing Receivable, Allowance for Credit Loss [Line Items]
Item as percent of total ending managed receivables	2.79%	3.11%	2.78%	3.02%
Core managed receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	$ 396,600,000	$ 427,500,000	$ 389,700,000	$ 401,500,000
Financing Receivable, Allowance for Credit Loss, Writeoff	(113,000,000)	(93,100,000)
Financing Receivable, Allowance for Credit Loss, Recovery	53,900,000	50,500,000
Provision for loan losses	66,000,000	68,600,000
Other managed receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	96,500,000	107,900,000	$ 93,100,000	$ 105,700,000
Financing Receivable, Allowance for Credit Loss, Writeoff	(20,100,000)	(16,700,000)
Financing Receivable, Allowance for Credit Loss, Recovery	8,300,000	6,600,000
Provision for loan losses	$ 15,200,000	$ 12,300,000

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	May 31, 2024	Feb. 29, 2024
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	$ 16,692.6	$ 16,445.2
Past due receivables as a percentage of total ending managed receivables	5.38%	5.44%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 949	$ 946.6
Financing Receivable, before Allowance for Credit Loss	$ 17,641.6	$ 17,391.8
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	94.62%	94.56%
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	3.04%	3.07%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 536.9	$ 534.4
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	1.93%	1.93%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 339.5	$ 336
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	0.41%	0.44%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 72.6	$ 76.2
Core managed receivables
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	16,169.9	15,998.1
Financing Receivable, before Allowance for Credit Loss, Noncurrent	812.3	815.2
Financing Receivable, before Allowance for Credit Loss	16,982.2	16,813.3
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	465.6	466.3
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	284.6	283
Core managed receivables | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	62.1	65.9
Core managed receivables | Credit Grade A
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	9,316.9	9,088.1
Financing Receivable, before Allowance for Credit Loss, Noncurrent	53	53
Financing Receivable, before Allowance for Credit Loss	9,369.9	9,141.1
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	33.9	32.1
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	14.1	15.1
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	5.8
Core managed receivables | Credit Grade B
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	5,672.3	5,666.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent	466.2	457.2
Financing Receivable, before Allowance for Credit Loss	6,138.5	6,123.5
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	272.2	271.3
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	157.7	149.4
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	36.3	36.5
Core managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	1,180.7	1,243.7
Financing Receivable, before Allowance for Credit Loss, Noncurrent	293.1	305
Financing Receivable, before Allowance for Credit Loss	1,473.8	1,548.7
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	159.5	162.9
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	112.8	118.5
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	20.8	23.6
Other managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	522.7	447.1
Financing Receivable, before Allowance for Credit Loss, Noncurrent	136.7	131.4
Financing Receivable, before Allowance for Credit Loss	659.4	578.5
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	71.3	68.1
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	54.9	53
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	$ 10.5	$ 10.3

Derivative Instruments And He_2

Derivative Instruments And Hedging Activities (Narrative) (Details) - Interest Rate Swaps - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	May 31, 2024	Feb. 29, 2024
Designated As Hedging Instrument
Derivative [Line Items]
Additional reclassification from AOCL to CAF income within the next 12 months	$ 51.7
Derivative, Notional Amount	4,990	$ 5,210
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(3.2)
Derivative, Notional Amount	$ 529	$ 704

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	May 31, 2024	Feb. 29, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 836,465	$ 1,164,270
Mutual fund investments	25,175	24,312
Total assets at fair value	$ 922,907	$ 1,247,407
Percent of total assets at fair value	100%	100%
Percent of total assets	3.40%	4.60%
Total liabilities at fair value	$ (1,019)	$ (2,302)
Percent of total liabilities	0%	0%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 836,465	$ 1,164,270
Mutual fund investments	25,175	24,312
Total assets at fair value	$ 861,640	$ 1,188,582
Percent of total assets at fair value	93.40%	95.30%
Percent of total assets	3.20%	4.40%
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	$ 61,267	$ 58,825
Percent of total assets at fair value	6.60%	4.70%
Percent of total assets	0.20%	0.20%
Total liabilities at fair value	$ (1,019)	$ (2,302)
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	$ 51,354	$ 45,761
Liabilities: Derivative instruments	(1,019)	(2,302)
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	0
Designated As Hedging Instrument | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	51,354	45,761
Liabilities: Derivative instruments	(1,019)	(2,302)
Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	9,913	13,064
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	$ 9,913	$ 13,064

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	May 31, 2024	Feb. 29, 2024
Fair Value Disclosures [Abstract]
Senior Notes	$ 400,000	$ 400,000
Debt Instrument, Fair Value Disclosure	$ 380,320	$ 380,249

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	May 31, 2024	Feb. 29, 2024
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 70.9	$ 69.7

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2024	May 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance as of beginning of period	$ 128.3	$ 139.2
Cancellations	(21.3)	(24.6)
Provision for future cancellations	24.3	24.1
Balance as of end of period	$ 131.3	$ 138.7

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	May 31, 2024	Feb. 29, 2024
Federal Income Tax Note
Unrecognized tax benefits, gross	$ 30	$ 28.8
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 14

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	May 31, 2024	Feb. 29, 2024
Debt Instrument [Line Items]
Long-term Debt	$ 18,217,377	$ 17,959,656
Financing Obligations	513,707	516,544
Non-recourse Notes Payable	17,166,525	16,866,972
Total debt	18,779,900	18,783,149
Less: current portion	(535,944)	(797,449)
Unamortized Debt Issuance Expense	(26,579)	(26,044)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	0	0
Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	0	300,000
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	$ 699,668	$ 699,633

Debt (Schedule of Funding Vehic

Debt (Schedule of Funding Vehicles) (Details) - USD ($) $ in Thousands	May 31, 2024	Feb. 29, 2024
Debt Instrument [Line Items]
Non-recourse Notes Payable	$ 17,166,525	$ 16,866,972
Warehouse Facility Three
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	3,100,000
Warehouse Facility Two
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	700,000
Warehouse Facility One
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	2,300,000
Warehouse Facilities [Member]
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	6,100,000
Debt Instrument, Unused Borrowing Capacity, Amount	1,920,000
Non-recourse Notes Payable	4,180,000
Term Securitizations Debt [Member]
Debt Instrument [Line Items]
Non-recourse Notes Payable	$ 12,990,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2024	May 31, 2023	Jun. 26, 2024	Feb. 29, 2024
Debt Instrument [Line Items]
Outstanding Balance	$ 18,217,377			$ 17,959,656
Capitalized interest	1,500	$ 1,400
Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	2,000,000
Unused capacity	2,000,000
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	6.33%
Asset-Backed Securities
Debt Instrument [Line Items]
Asset-Backed Securities, at Carrying Value			$ 625,000

Stock and Stock-Based Incenti_3

Stock and Stock-Based Incentive Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2024	Feb. 29, 2024	May 31, 2023
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	$ 2,256.2		$ 2,451.3
Equity Option [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	7 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Cash-settled restricted stock units (RSUs)
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,648,000	1,297,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 71.29	$ 81.42
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Cash-settled restricted stock units (RSUs) | Minimum
Stock and Stock-Based Incentive Plans
cash payment per cash settled restricted stock unit	75%
Cash-settled restricted stock units (RSUs) | Maximum
Stock and Stock-Based Incentive Plans
cash payment per cash settled restricted stock unit	200%
Stock-settled market stock units (MSUs)
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	532,000	383,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 104.23	$ 123.73
Market Stock Units Converted To Common Stock Conversion Ratio Number Of Final Trading Days In Vesting Period	40 days
Share-based Compensation Arrangement by Share-based Payment Award, Conversion Ratio Quotient	2
Stock-settled market stock units (MSUs) | Minimum
Stock and Stock-Based Incentive Plans
stock units converted to common stock for each unit granted	0
Stock-settled market stock units (MSUs) | Maximum
Stock and Stock-Based Incentive Plans
stock units converted to common stock for each unit granted	2
Performance Shares [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	296,997
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 71.11
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Performance Shares [Member] | Minimum
Stock and Stock-Based Incentive Plans
stock units converted to common stock for each unit granted	0
Performance Shares [Member] | Maximum
Stock and Stock-Based Incentive Plans
stock units converted to common stock for each unit granted	2
PSU conversion threshold	200%
Deferred Stock Units [Member]
Stock and Stock-Based Incentive Plans
stock units converted to common stock for each unit granted	1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	97,001
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 89.80
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Restricted Stock [Member] | Minimum
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Restricted Stock [Member] | Maximum
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
PSU Grants - Performance Target Not Set [Member] | Performance Shares [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	23,551
Fiscal 2022 grants - Year 1 | Performance Shares [Member]
Stock and Stock-Based Incentive Plans
PSU conversion threshold	200%
Fiscal 2023 grants - Year 1 [Member] | Performance Shares [Member]
Stock and Stock-Based Incentive Plans
PSU conversion threshold	4%
Fiscal 2023 grants - Year 1 [Member] | Performance Shares [Member] | Minimum
Stock and Stock-Based Incentive Plans
PSU conversion threshold	25%
Fiscal 2022 grants - Year 2 | Performance Shares [Member]
Stock and Stock-Based Incentive Plans
PSU conversion threshold	4%
Fiscal 2022 - Year 3 grants | Performance Shares [Member]
Stock and Stock-Based Incentive Plans
PSU conversion threshold	38%
Fiscal 2024 grants - Year 1 [Member] | Performance Shares [Member]
Stock and Stock-Based Incentive Plans
PSU conversion threshold	38%
Fiscal 2024 grants - Year 1 [Member] | Performance Shares [Member] | Minimum
Stock and Stock-Based Incentive Plans
PSU conversion threshold	25%
Fiscal 2023 grants - Year 2 | Performance Shares [Member]
Stock and Stock-Based Incentive Plans
PSU conversion threshold	38%
Fiscal 2023 grants - Year 2 | Performance Shares [Member] | Minimum
Stock and Stock-Based Incentive Plans
PSU conversion threshold	25%
Fiscal 2022 grants | Performance Shares [Member] | Minimum
Stock and Stock-Based Incentive Plans
PSU conversion threshold	25%
Fiscal 2023 grants - Year 3 | Performance Shares [Member] | Minimum
Stock and Stock-Based Incentive Plans
PSU conversion threshold	50%
Fiscal 2024 grants - Year 2 | Performance Shares [Member] | Minimum
Stock and Stock-Based Incentive Plans
PSU conversion threshold	50%
Fiscal 2025 grants | Performance Shares [Member] | Minimum
Stock and Stock-Based Incentive Plans
PSU conversion threshold	50%

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
	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased	1,445,800	0
Average Cost Per Share	$ 71.91	$ 0
Available for repurchase, as of end of period	$ 2,256.2	$ 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
	May 31, 2024	May 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 48,795	$ 37,143
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	1,009	1,390
Carmax Auto Finance Income
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	685	449
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 47,101	$ 35,304

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
	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 48,795	$ 37,143
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	18,944	14,077
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	11,390	15,111
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	7,580	6,224
Stock-settled performance stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	10,184	741
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	0	231
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	697	759
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 10,881	$ 1,731

Stock and Stock-Based Incenti_7

Stock and Stock-Based Incentive Plans (Unrecognized Compensation Expense) (Details) $ in Millions	3 Months Ended
	May 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 90.3
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 55
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 28.5
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 1 month 6 days
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 6.8
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 6.8
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days

Stock and Stock-Based Incenti_8

Stock and Stock-Based Incentive Plans (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 31, 2024	May 31, 2023	Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	8,403,000		7,393,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	1,218,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(138,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	(70,000)
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 80.25		$ 82.03
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	1,218,305	1,491,326
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 67.21
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	59.39
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 83.25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 11,182
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	5,317,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 82.02
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 7,295

Stock and Stock-Based Incenti_9

Stock and Stock-Based Incentive Plans (Settled) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	1,218,000
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	1,218,305	1,491,326
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 29.18	$ 29.1
Proceeds from Stock Options Exercised	$ 8.2	$ 1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	1.8	0.2
Share-based Payment Arrangement, Tax Benefit	$ 0.4	$ 0.1

Stock and Stock-Based Incent_10

Stock and Stock-Based Incentive Plans (Assumptions Used to Estimate Option Value) (Details)	3 Months Ended
	May 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0%	0%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	39.60%	44.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	46.10%	44.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	45.40%	44.60%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	4.60%	3.60%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	5.40%	5.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	4 years 8 months 12 days	4 years 7 months 6 days

Stock and Stock-Based Incent_11

Stock and Stock-Based Incentive Plans (Cash-Settled Restricted Stock Unit Activity) (Details) - Cash-settled restricted stock units (RSUs) - $ / shares	3 Months Ended
	May 31, 2024	May 31, 2023	Feb. 29, 2024
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	1,648,000		1,297,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 71.29		$ 81.42
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	914,848	900,511
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 67.21	$ 70.48
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(538,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 88.54
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(26,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 76.27

Stock and Stock-Based Incent_12

Stock and Stock-Based Incentive Plans (Cash-Settled Restricted Stock Unit Information) (Details) - Cash-settled restricted stock units (RSUs) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2024	May 31, 2023
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, Grants in Period	914,848	900,511
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 67.21	$ 70.48
Share-based Compensation Arrangement by Share-based Payment Award, Payments Upon Vesting	$ 39.6	$ 36.3
Share-based Payment Arrangement, Tax Benefit	$ 9.8	$ 9

Stock and Stock-Based Incent_13

Stock and Stock-Based Incentive Plans (Expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (Details) $ in Thousands	May 31, 2024 USD ($)
Minimum
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, Expected Cash Payouts Upon Vesting In Two Years	$ 25,580
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting In Three Years	12,835
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting	76,035
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting In Next Fiscal Year	37,620
Maximum
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, Expected Cash Payouts Upon Vesting In Two Years	68,214
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting In Three Years	34,228
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting	202,762
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting In Next Fiscal Year	$ 100,320

Stock and Stock-Based Incent_14

Stock and Stock-Based Incentive Plans (Stock-Settled Activity) (Details) - Stock-settled market stock units (MSUs) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2024	May 31, 2023	Feb. 29, 2024
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	532,000		383,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 104.23		$ 123.73
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	233,963	178,232
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 95.65	$ 99.49
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(75,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 176.46
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(10,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 110.47
Share-based Payment Arrangement, Tax Benefit	$ 0.7	$ 2.1

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
	May 31, 2024	May 31, 2023
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 152,440	$ 228,298
Weighted average common shares outstanding, shares	157,161	158,116
Weighted average common shares and dilutive potential common shares, shares	157,706	158,561
Basic net earnings per share (in dollars per share)	$ 0.97	$ 1.44
Diluted net earnings per share (in dollars per share)	$ 0.97	$ 1.44
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	282	164
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	263	281

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	May 31, 2024	May 31, 2023
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	4,796,089	5,425,830

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2024	May 31, 2023
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	$ 59,279
Other comprehensive income before reclassifications	13,281
Amounts reclassified from accumulated other comprehensive income	(10,882)
Other comprehensive income (loss), net of taxes	2,399	$ (36,539)
Ending balance	61,678
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	(37,116)
Other comprehensive income before reclassifications	0
Amounts reclassified from accumulated other comprehensive income	84
Other comprehensive income (loss), net of taxes	84
Ending balance	(37,032)
Net Unrecognized Hedge Gains (Losses)
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	96,395
Other comprehensive income before reclassifications	13,281
Amounts reclassified from accumulated other comprehensive income	(10,966)
Other comprehensive income (loss), net of taxes	2,315
Ending balance	$ 98,710

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
	May 31, 2024	May 31, 2023
Total amortization reclassifications recognized in net pension expense	$ 111	$ 129
Tax expense	(27)	(31)
Amortization reclassifications recognized in net pension expense, net of tax	84	98
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	84	98
Changes in fair value	17,509	(36,007)
Tax (expense) benefit	(4,228)	8,871
Changes in fair value, net of tax	13,281	(27,136)
Reclassifications to CarMax Auto Finance income	(14,498)	(12,564)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	3,532	3,063
Reclassification of hedge gains, net of tax	(10,966)	(9,501)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	2,315	(36,637)
Total other comprehensive income (loss), net of tax	2,399	(36,539)
Cost of sales
Total amortization reclassifications recognized in net pension expense	50	58
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	4	4
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 57	$ 67

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Millions	May 31, 2024	Feb. 29, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 20	$ 19.3

Leases Narrative (Details)

Leases Narrative (Details)	3 Months Ended
	May 31, 2024
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
	May 31, 2024	May 31, 2023
Leases [Abstract]
Operating Lease, Cost	$ 23,228	$ 21,947
Finance Lease, Right-of-Use Asset, Amortization	3,822	4,535
Finance Lease, Interest Expense	6,671	6,095
Finance Lease, Cost	10,493	10,630
Lease, Cost	$ 33,721	$ 32,577

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	May 31, 2024	Feb. 29, 2024
Leases [Abstract]
Operating lease assets	$ 509,043	$ 520,717
Finance Lease, Right-of-Use Asset	202,052	174,998
Total lease assets	711,095	695,715
Current portion of operating lease liabilities	57,534	57,161
Finance Lease, Liability, Current	21,102	20,877
Operating lease liabilities, excluding current portion	484,632	496,210
Finance Lease, Liability, Noncurrent	227,528	198,759
Total lease liabilities	790,796	773,007
Finance Lease Accumulated Depreciation	$ 59,400	$ 55,500

Lease Term and Discount Rate (D

Lease Term and Discount Rate (Details)	May 31, 2024 Rate	Feb. 29, 2024 Rate
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	16 years 14 days	16 years 25 days
Finance Lease, Weighted Average Remaining Lease Term	12 years 10 months 20 days	11 years 5 months 4 days
Operating Lease, Weighted Average Discount Rate, Percent	5.08%	5.05%
Finance Lease, Weighted Average Discount Rate, Percent	15.66%	17.16%

Lease Supplemental Cash Flow In

Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2024	May 31, 2023
Leases [Abstract]
Operating Lease, Payments	$ 22,760	$ 21,103
Finance Lease, Interest Payment on Liability	6,432	5,912
Finance Lease, Principal Payments	4,548	3,785
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	2,780	9,752
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 33,315	$ 14,498

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Thousands	May 31, 2024 USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 62,791
Lessee, Operating Lease, Liability, Payments, Due Year Two	78,362
Lessee, Operating Lease, Liability, Payments, Due Year Three	72,027
Lessee, Operating Lease, Liability, Payments, Due Year Four	67,898
Lessee, Operating Lease, Liability, Payments, Due Year Five	46,072
Lessee, Operating Lease, Liability, Payments, Due after Year Five	517,505
Lessee, Operating Lease, Liability, Payments, Due	844,655
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(302,489)
Operating Lease, Liability	542,166
Finance Lease, Liability, Payments, Remainder of Fiscal Year	34,677
Finance Lease, Liability, Payments, Due Year Two	50,625
Finance Lease, Liability, Payments, Due Year Three	46,929
Finance Lease, Liability, Payments, Due Year Four	40,141
Finance Lease, Liability, Payments, Due Year Five	32,976
Finance Lease, Liability, Payments, Due after Year Five	290,365
Finance Lease, Liability, Payment, Due	495,713
Finance Lease, Liability, Undiscounted Excess Amount	(247,083)
Finance Lease, Liability	248,630
lessee, minimum lease payments for leases not yet commenced	$ 4,700

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	May 31, 2024	Feb. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Liability associated with guarantee	$ 30.5	$ 30.9