CarMax (KMX 5.91%) reported Q1 FY2026 earnings on June 20, 2025, with total sales rising 6% year over year to $7.5 billion, used unit comps up 8.1$1.38, up 42% year over year. Management accelerated the share repurchase pace, advanced omnichannel and artificial intelligence (AI)-driven efficiency gains, and earmarked a $632 million principal balance of non-prime auto loans for a risk-mitigating securitization. The following analysis focuses on fundamental shifts in funding strat ...