CARMAX INC KMX
COM · Common Stock · CUSIP 143130102 · ISIN US1431301027
US-based used car retailer
- SectorConsumer discretionary
- IndustryRetail-Auto Dealers & Gasoline Stations
- HeadquartersRichmond, VA
- Founded1993
- Websitecarmax.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($18.7m this quarter). Holder counts are more reliable. Shares outstanding: 141.8m as of 2026-04-13, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $41.53. Options: 18 managers hold calls ($141.2m notional), 27 hold puts ($166.8m).
Trends to Q1 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 640 |
| Q4 2022 | 658 |
| Q1 2023 | 673 |
| Q2 2023 | 705 |
| Q3 2023 | 683 |
| Q4 2023 | 707 |
| Q1 2024 | 716 |
| Q2 2024 | 707 |
| Q3 2024 | 743 |
| Q4 2024 | 749 |
| Q1 2025 | 754 |
| Q2 2025 | 732 |
| Q3 2025 | 622 |
| Q4 2025 | 537 |
| Q1 2026 | 550 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 368 | 289 |
| Q3 2024 | 320 | 334 |
| Q4 2024 | 311 | 359 |
| Q1 2025 | 340 | 360 |
| Q2 2025 | 357 | 396 |
| Q3 2025 | 291 | 413 |
| Q4 2025 | 250 | 397 |
| Q1 2026 | 270 | 272 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $184.4m | $110.0m | 0.60 |
| Q3 2025 | $187.0m | $189.4m | 1.01 |
| Q4 2025 | $187.6m | $139.9m | 0.75 |
| Q1 2026 | $141.2m | $166.8m | 1.18 |
Biggest buyers
| Starboard Value LP | New | +6.2m |
| TWO SIGMA INVESTMENTS, LP | Added | +2.4m |
| AQR CAPITAL MANAGEMENT LLC | Added | +2.1m |
| Pacer Advisors, Inc. | New | +1.2m |
| GOLDMAN SACHS GROUP INC | Added | +1.1m |
| Holocene Advisors, LP | New | +826.1k |
| Focus Partners Wealth | Added | +726.4k |
| Woodline Partners LP | Added | +698.8k |
| AMERICAN CENTURY COMPANIES INC | Added | +658.7k |
| MILLENNIUM MANAGEMENT LLC | Added | +647.5k |
Biggest sellers
| TWO SIGMA ADVISERS, LP | Sold out | -2.9m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Sold out | -1.8m |
| Diamond Hill Capital Management, LLC (Investment Advisor) | Reduced | -1.7m |
| Apollo Management Holdings, L.P. | Reduced | -901.7k |
| NOMURA HOLDINGS INC | Sold out | -778.1k |
| MANE GLOBAL CAPITAL MANAGEMENT LP | Sold out | -749.4k |
| Vulcan Value Partners, LLC | Reduced | -724.0k |
| D. E. Shaw & Co., Inc. | Reduced | -722.5k |
| TUDOR INVESTMENT CORP ET AL | Reduced | -661.9k |
| BlackRock, Inc. | Reduced | -592.7k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $31.9m767.2k shares |
| CITADEL ADVISORS LLC | Reduced | $20.9m503.7k shares |
| IMC-Chicago, LLC | Added | $18.3m440.4k shares |
| JANE STREET GROUP, LLC | Added | $15.2m366.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $8.6m208.0k shares |
| Point72 Asset Management, L.P. | Added | $7.0m168.7k shares |
| GROUP ONE TRADING LLC | Added | $6.1m146.4k shares |
| Walleye Capital LLC | Reduced | $5.0m119.7k shares |
| Walleye Trading LLC | Reduced | $4.8m116.5k shares |
| Squarepoint Ops LLC | Reduced | $4.4m106.9k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $32.2m774.7k shares |
| UBS Group AG | New | $29.7m715.0k shares |
| CITIGROUP INC | Added | $14.4m347.3k shares |
| CITADEL ADVISORS LLC | Reduced | $12.9m309.9k shares |
| D. E. Shaw & Co., Inc. | Reduced | $11.7m282.5k shares |
| IMC-Chicago, LLC | Added | $11.4m274.3k shares |
| Point72 Asset Management, L.P. | Added | $7.0m168.2k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $6.1m147.7k shares |
| Walleye Capital LLC | Reduced | $4.2m101.8k shares |
| SIMPLEX TRADING, LLC | Added | $4.2m101.4k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution +4.9 pts · filed 2025-11-06 | 11.4% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.3% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.2% |
Fell to 5% or below in the last year: AQR CAPITAL MANAGEMENT LLC (4.7%, 2026-08-12), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q1 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2024 | 0 | — | 2 | $1.2m | — |
| Q3 2024 | 0 | — | 6 | $15.8m | — |
| Q4 2024 | 0 | — | 3 | $14.9m | — |
| Q1 2025 | 0 | — | 5 | $7.6m | — |
| Q2 2025 | 1 | $85.1k | 0 | — | — |
| Q3 2025 | 0 | — | 1 | $108.8k | — |
| Q4 2025 | 2 | $590.9k | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 17.3m $717.6m | Reduced -592.7k |
| AQR CAPITAL MANAGEMENT LLC 0.19% of their portfolio | 10.1m $412.6m | Added +2.1m |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.02% of their portfolio | 7.3m $302.5m | First filing |
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 6.4m $265.6m | First filing |
| Starboard Value LP 5.64% of their portfolio | 6.2m $257.9m | New |
| SRS Investment Management, LLC 2.48% of their portfolio | 5.7m $235.0m | Added +13.9k |
| TWO SIGMA INVESTMENTS, LP 0.18% of their portfolio | 5.3m $222.3m | Added +2.4m |
| STATE STREET CORP 0.01% of their portfolio | 4.9m $203.1m | Reduced -166.2k |
| JANUS HENDERSON GROUP PLC 0.09% of their portfolio | 4.6m $190.5m | Added +50.0k |
| PRIMECAP MANAGEMENT CO/CA/ 0.14% of their portfolio | 4.4m $181.2m | Reduced -9.1k |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 4.3m $177.8m | Added +289.8k |
| Apollo Management Holdings, L.P. 2.88% of their portfolio | 4.1m $172.3m | Reduced -901.7k |
| Baird Financial Group, Inc. 0.20% of their portfolio | 3.1m $127.6m | Added +407.2k |
| First Pacific Advisors, LP 1.74% of their portfolio | 3.0m $124.0m | Added +57.6k |
| D. E. Shaw & Co., Inc. 0.10% of their portfolio | 2.9m $121.4m | Reduced -722.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.6m $106.3m | Reduced -3.1k |
| MORGAN STANLEY 0.01% of their portfolio | 2.5m $105.4m | Added +234.6k |
| Diamond Hill Capital Management, LLC (Investment Advisor) 0.64% of their portfolio | 2.5m $102.7m | Reduced -1.7m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.09% of their portfolio | 2.4m $99.7m | Reduced -23.8k |
| Vulcan Value Partners, LLC 2.43% of their portfolio | 2.2m $91.7m | Reduced -724.0k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.7m $70.2m | Added +643.8k |
| UBS Group AG 0.01% of their portfolio | 1.6m $67.1m | Added +82.1k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.6m $66.6m | Added +1.1m |
| Focus Partners Wealth 0.07% of their portfolio | 1.5m $62.1m | Added +726.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.4m $59.7m | Added +87.9k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 1.4m $57.8m | Added +658.7k |
| MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio | 1.3m $54.7m | Added +647.5k |
| RENAISSANCE TECHNOLOGIES LLC 0.08% of their portfolio | 1.2m $51.8m | Added +96.0k |
| Pacer Advisors, Inc. 0.14% of their portfolio | 1.2m $48.6m | New |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.1m $45.3m | Added +4.0k |
| Invesco Ltd. 0.00% of their portfolio | 1.1m $43.8m | Reduced -83.5k |
| Gotham Asset Management, LLC 0.13% of their portfolio | 984.5k $40.9m | Added +558.2k |
| Rings Capital Management LLC 21.20% of their portfolio | 949.0k $39.5m | Unchanged |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 917.8k $38.2m | Reduced -426.3k |
| Silver Heights Capital Management Inc 14.66% of their portfolio | 917.7k $38.2m | Reduced -13.5k |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 881.7k $36.7m | First filing |
| Holocene Advisors, LP 0.08% of their portfolio | 826.1k $34.4m | New |
| Bank of New York Mellon Corp 0.01% of their portfolio | 817.8k $34.0m | Reduced -31.7k |
| Woodline Partners LP 0.12% of their portfolio | 765.2k $31.8m | Added +698.8k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 687.0k $28.6m | Reduced -10.8k |
| IEQ CAPITAL, LLC 0.12% of their portfolio | 621.3k $25.8m | Added +290.0k |
| DAVENPORT & Co LLC 0.14% of their portfolio | 616.1k $25.6m | Added +478.9k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 597.3k $24.8m | Reduced -151.3k |
| ARIEL INVESTMENTS, LLC 0.26% of their portfolio | 561.9k $23.4m | Reduced -1.5k |
| Framtiden Holdings Management Co LLC 21.98% of their portfolio | 540.0k $22.5m | Unchanged |
| Public Sector Pension Investment Board 0.07% of their portfolio | 507.3k $21.1m | Reduced -876 |
| Man Group plc 0.04% of their portfolio | 501.8k $20.9m | Added +434.6k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 485.1k $20.2m | Reduced -13.3k |
| Nexus Investment Management ULC 2.70% of their portfolio | 464.8k $19.3m | Added +12.0k |
| FMR LLC 0.00% of their portfolio | 463.2k $19.3m | Reduced -216.2k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 457.7k $19.0m | Reduced -406.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 450.6k $18.7m | Reduced -305.5k |
| EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 2.20% of their portfolio | 446.9k $18.6m | Added +63.9k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 437.6k $18.2m | Reduced -112.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 434.9k $18.1m | Added +801 |
| Welch & Forbes LLC 0.23% of their portfolio | 426.8k $17.7m | Reduced -19.7k |
| Mount Capital Ltd 6.88% of their portfolio | 410.4k $17.1m | Unchanged |
| Kiltearn Partners LLP 4.42% of their portfolio | 394.7k $16.4m | Reduced -47.5k |
| Trexquant Investment LP 0.11% of their portfolio | 379.7k $15.8m | Reduced -24.8k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 377.5k $15.7m | Reduced -1.4k |
| Endure Capital Management, LLC 10.56% of their portfolio | 365.4k $15.2m | First filing |
| Legal & General Group Plc 0.00% of their portfolio | 359.5k $14.9m | Reduced -36.3k |
| Mariner, LLC 0.02% of their portfolio | 356.7k $14.8m | Added +203.7k |
| Cerity Partners LLC 0.02% of their portfolio | 346.8k $14.4m | Added +97.5k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 331.4k $13.8m | Added +137.2k |
| CLIFFORD SWAN INVESTMENT COUNSEL LLC 0.46% of their portfolio | 324.1k $13.5m | Added +23.5k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 319.6k $13.3m | Added +262.1k |
| GAGNON SECURITIES LLC 2.97% of their portfolio | 309.7k $12.9m | Reduced -10.4k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 291.7k $12.1m | Added +69.2k |
| Quantinno Capital Management LP 0.02% of their portfolio | 288.4k $12.0m | Added +131.5k |
| Broad Run Investment Management, LLC 2.08% of their portfolio | 284.4k $11.8m | Reduced -1.2k |
| Nuveen, LLC 0.00% of their portfolio | 283.4k $11.8m | Added +29.0k |
| Swiss National Bank 0.01% of their portfolio | 280.6k $11.7m | Reduced -8.8k |
| CWM, LLC 0.03% of their portfolio | 276.6k $11.5m | Added +145.8k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 275.0k $11.4m | Added +7.0k |
| QVT Financial LP 0.86% of their portfolio | 260.9k $10.8m | Added +30.9k |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.04% of their portfolio | 227.2k $9.4m | Added +156.7k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.58% of their portfolio | 220.7k $9.2m | New |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 216.0k $9.0m | Reduced -20.3k |
| HITE Hedge Asset Management LLC 0.48% of their portfolio | 203.2k $8.5m | Added +195.5k |
| OLD NATIONAL BANCORP /IN/ 0.14% of their portfolio | 193.9k $8.1m | Added +35.3k |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.03% of their portfolio | 189.1k $7.9m | Reduced -164.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 188.2k $7.5m | Added +65.9k |
| ASSETMARK, INC 0.02% of their portfolio | 187.2k $7.8m | Reduced -326.2k |
| California Public Employees Retirement System 0.00% of their portfolio | 185.5k $7.7m | Reduced -64.1k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.02% of their portfolio | 185.2k $7.1m | Added +97.2k |
| OPPENHEIMER & CO INC 0.09% of their portfolio | 180.7k $7.5m | Added +8.6k |
| BANYAN CAPITAL MANAGEMENT, INC. 3.09% of their portfolio | 172.2k $7.2m | Added +26.0k |
| Lighthouse Investment Partners, LLC 0.26% of their portfolio | 167.0k $6.9m | Added +109.4k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 163.9k $6.8m | Added +24.6k |
| BARCLAYS PLC 0.00% of their portfolio | 163.2k $6.8m | Reduced -159.3k |
| Qsemble Capital Management, LP 0.51% of their portfolio | 161.4k $6.7m | Added +80.6k |
| BESSEMER GROUP INC 0.01% of their portfolio | 156.1k $6.5m | Added +34.2k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 155.1k $6.0m | Added +74.3k |
| BML Capital Management, LLC 4.15% of their portfolio | 155.0k $6.4m | Unchanged |
| WS MANAGEMENT LLLP 0.82% of their portfolio | 150.5k $6.3m | Unchanged |
| Kinsale Capital Group, Inc. 0.98% of their portfolio | 147.0k $6.1m | Added +25.9k |
| HANTZ FINANCIAL SERVICES, INC. 0.09% of their portfolio | 145.4k $6.0m | Reduced -18.8k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 144.3k $6.0m | Added +579 |
| Markel Group Inc. 0.05% of their portfolio | 136.5k $5.7m | Unchanged |