What move does the options market price into CarMax's report?

Implied ±16.1%, either direction · provisional.

KMXNYSERetail-Auto Dealers & Gasoline Stations

CarMax Inc (KMX) earnings date, market-implied expected move, and options open interest by expiry

55.60

−0.57 · −1.02%

post 55.60 0.00%

Closed16:00 ET

Open56.00Volume2.6MMkt cap$7.9BP/E26.10EPS2.13

Day55.04 – 56.7832%52-wk30.26 – 65.2872%

KMX

CarMax Inc

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±16.1%implied · straddle

46.6164.55

spot 55.58exp Jan 15ATM strike 55ATM straddle 10.55IV 52%

Oct 30 closeprovisional

Expected move

Inputs

Next report

Dec 21

before open · in 51 days

est.Q3 FY27

Calendar

Next report

Last report

+4.74%

vs ±10.9% implied · ×0.43

shaded = implied · ▲▼ = realized

Sep 29 '26 · confirmed

Implied vs realized

Largest filed tie

—

Supply chain

Largest filed tie

13F top-10 QoQ

−2.39%

shares held · 10 largest managers

13F · Jun 30 '26123d lag

556 managers

Top fund weight

0.14%

KMX weight · REVS

N-PORTJul 31 '26

3 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

CarMax (KMX) is expected to report on Dec 21 before open (estimated date).

Implied vs realized

1 report

—≥ implied

Q2 FY27Sep 29 '26confirmed±10.9%▲+4.74%×0.43

quarterimplied−15%0+15%realized×

Q2 FY27±10.9%▲+4.74%×0.43

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 4 expiries · Oct 29 close

0.89OI · 4 expiries · Oct 29 closeP/C open interest · Jan 15 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

4,294+47%Nov 2020d0.884,902+30%0.88

1,452+21%Dec 1848d2.01721+12%2.01

report · Dec 21 · before open · est.

8,615+4%Jan 1576d9,6400%

583+14%Apr 16167d0.252,293−1%0.25

ExpiryPutsCallsP/C

Nov 2020d4,294+47%4,902+30%0.88

Dec 1848d1,452+21%721+12%2.01

report · Dec 21 · before open · est.

Jan 1576d8,615+4%

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±16.1%

Funds 3

REVS±0.0%

Linked exposure

Revenue flow

as filedQ2 FY27

2.10%as filednet margin · revenue −1.69% QoQ · +19.46% YoY

Revenue

$7.9B−1.69% QoQ

Gross profit

$799M−6.43% QoQ

10.15% margin

Operating income

$101M−32.82% QoQ

1.28% margin

Pre-tax income

$223M−13.73% QoQ

Net income

$165M−10.96% QoQ

2.10% margin

Cost of revenue

$7.1B−1.13% QoQ

Operating expenses

$699M−0.81% QoQ

SG&A $629M

Depreciation $70M

Tax

$58M−20.77% QoQ

Other income

$122M+12.67% QoQ

Revenue$7.9B−1.69%

Gross profit

$799M−6.43%

10.15% margin

Operating income

$101M−32.82%

1.28% margin

Pre-tax income

$223M−13.73%

Net income

$165M−10.96%

2.10% margin

Cost of revenue

$7.1B−1.13%

Operating expenses

$699M−0.81%

SG&A $629M

Depreciation $70M

Other income$122M+12.67%

Tax$58M−20.77%

flow · deduction · inflow · signed % = QoQSource: SEC filings · standardized · QE Aug 31 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 16:00 ET

Intraday

Event sensitivity

PPI ×2.10· ±3.9% vs ±1.9% · 11 releases

eventrelease day|move|up · n×base

PPIproducer prices±3.9%7 of 11×2.10

CPROFcorporate profits±3.7%7 of 12×1.99

GDPgross domestic product±2.8%9 of 19×1.48

FOMCrate decision±2.2%10 of 24×1.16

CPIconsumer prices±2.0%8 of 11×1.08

PCEpersonal income & outlays±1.9%6 of 19×1.01

NFPjobs report±0.9%6 of 10×0.46

Bar = avg |move| to ±4% · tick = ±1.9% avg day · ×base = |move| ÷ ±1.9% · min 6 releases

Earnings history

EPS 1.16 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY27	Sep 29 '26 · confirmed	1.16	—
Q1 FY27	—	1.31	—
Q3 FY26	—	0.43	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod