CarMax Nears A Defining Q4 Call Under Keith Barr

CarMax heads into its April 14 fourth quarter call with a chance to show that the used car business still has a few gears left. The company said it will report results for the quarter ended February 28, 2026 before the market opens and host investors at 9:00 a.m. ET. Analysts currently expect earnings of about $0.19 a share on revenue of roughly $5.69 billion. This will also be the first regular earnings call since Keith Barr became president and chief executive officer on March 16, which gives the morning a little more significance than usual. Investors will not just be listening for the numbers. They will be listening for what the new boss thinks needs fixing first.

That attention comes from what shareholders heard the last time CarMax stepped up to the microphone. In the third quarter, retail used unit sales fell 8.0%, comparable store used unit sales fell 9.0%, total gross profit dropped 12.9%, and diluted earnings per share came in at $0.43 versus $0.81 a year earlier. CarMax also said steep market depreciation weighed on wholesale volume and wholesale gross profit per unit, while SG&A rose as advertising and restructuring costs picked up. Put plainly, this call is shaping up as management’s opportunity to explain whether late-winter conditions brought some order back to the lot or whether the business is still cleaning up the skid marks.

There are still a few reasons investors may be willing to keep an open mind. CarMax said its digital capabilities supported 81% of retail unit sales in the third quarter, omni sales were 69%, and online retail sales accounted for 12%. CarMax Auto Finance income rose 9.3% to $174.7 million, the company repurchased $201.6 million of stock, and management said it remains on track for at least $150 million of SG&A exit-rate savings by the end of fiscal 2027. The April 14 call will also include Tom Folliard, Enrique Mayor-Mora, and Jon Daniels, which should give investors a fairly direct read on operations, finance, and credit in one sitting.

What investors likely want most is not a heroic monologue. They want signs that unit trends are stabilizing, margins are calming down, and CarMax’s next chapter under Barr sounds disciplined rather than improvised. If the company can deliver that on April 14, the call could do something genuinely useful for the stock. It could make CarMax sound like a retailer that finally has both hands back on the wheel.

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