CarMax Shares Jump 5.9% as Same-Store Sales Rise 13%, Ending Four-Quarter Slide

CarMax Inc. (KMX) shares climbed as much as 5.9% in premarket trading on September 29, 2026, after the used-car retailer reported second-quarter same-store sales up 13% — far exceeding the 5.6% growth analysts expected and ending four consecutive quarters of declines. Gross profit from used-vehicle sales grew for the first time in five quarters, and total used vehicles sold topped analyst projections. CEO Keith Barr's four-pillar turnaround strategy, introduced last quarter, includes price cuts to draw customers. The Virginia-based company plans to resume share buybacks "at a modest level" in the third quarter and will host a strategic update in November. CarMax shares have risen 46% this year through September 28, outpacing the S&P Small Cap 600 Index's 14% gain. JPMorgan analyst Rajat Gupta, who holds a neutral rating, cautioned that further evidence is needed to validate the recovery amid higher interest rates and weakening consumer sentiment.