Subtext

CarMax, Inc. KMX

SectorConsumer Discretionary
Transcripts63
Date range2009-06-19 – 2025-04-10
Calls charted63

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-15-8+0+8+152010 Q12012 Q22014 Q22016 Q22018 Q22020 Q22022 Q22024 Q22010 Q1 · Overall: +4.12010 Q2 · Overall: +3.82010 Q3 · Overall: +4.72010 Q4 · Overall: +5.52011 Q1 · Overall: +2.02011 Q3 · Overall: +2.42011 Q4 · Overall: +2.02012 Q1 · Overall: -1.32012 Q2 · Overall: -4.62012 Q3 · Overall: -1.32012 Q4 · Overall: +0.32013 Q1 · Overall: -1.22013 Q2 · Overall: +4.52013 Q3 · Overall: +2.92013 Q4 · Overall: -0.82014 Q1 · Overall: +5.82014 Q2 · Overall: +2.72014 Q3 · Overall: +2.92014 Q4 · Overall: +1.42015 Q1 · Overall: +1.62015 Q2 · Overall: -0.22015 Q3 · Overall: +4.62015 Q4 · Overall: +6.32016 Q1 · Overall: +3.92016 Q2 · Overall: +0.32016 Q3 · Overall: +0.92016 Q4 · Overall: +4.42017 Q1 · Overall: -1.32017 Q2 · Overall: +3.62017 Q3 · Overall: +0.62017 Q4 · Overall: -2.02018 Q1 · Overall: +4.12018 Q2 · Overall: +2.72018 Q3 · Overall: +5.52018 Q4 · Overall: -1.92019 Q1 · Overall: +7.12019 Q2 · Overall: -0.52019 Q3 · Overall: +6.42019 Q4 · Overall: +10.42020 Q1 · Overall: +10.92020 Q2 · Overall: +7.02020 Q3 · Overall: +8.42020 Q4 · Overall: -2.22021 Q1 · Overall: +4.52021 Q2 · Overall: +6.52021 Q3 · Overall: +7.42021 Q4 · Overall: +7.82022 Q1 · Overall: +12.92022 Q2 · Overall: +12.62022 Q3 · Overall: +10.02022 Q4 · Overall: +8.92023 Q1 · Overall: +10.02023 Q2 · Overall: +3.52023 Q3 · Overall: +3.42023 Q4 · Overall: +9.52024 Q1 · Overall: +11.32024 Q2 · Overall: +6.62024 Q3 · Overall: +5.22024 Q4 · Overall: +5.32025 Q1 · Overall: +6.82025 Q2 · Overall: +5.42025 Q3 · Overall: +11.02025 Q4 · Overall: +13.0
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-29-15+0+15+292010 Q12012 Q22014 Q22016 Q22018 Q22020 Q22022 Q22024 Q22010 Q1 · CEO: +9.42010 Q2 · CEO: +11.42010 Q3 · CEO: +10.92010 Q4 · CEO: +10.72011 Q1 · CEO: +5.82011 Q3 · CEO: +6.82011 Q4 · CEO: +13.02012 Q1 · CEO: +4.42012 Q2 · CEO: +2.32012 Q3 · CEO: +2.62012 Q4 · CEO: +6.12013 Q1 · CEO: +2.12013 Q2 · CEO: +8.62013 Q3 · CEO: +8.42013 Q4 · CEO: +3.02014 Q1 · CEO: +13.22014 Q2 · CEO: +6.82014 Q3 · CEO: +10.82014 Q4 · CEO: +6.72015 Q1 · CEO: +7.82015 Q2 · CEO: +6.32015 Q3 · CEO: +13.42015 Q4 · CEO: +7.42016 Q2 · CEO: +4.52016 Q3 · CEO: +7.12016 Q4 · CEO: +7.72017 Q1 · CEO: +3.62017 Q2 · CEO: +16.22017 Q3 · CEO: +6.92017 Q4 · CEO: +5.22018 Q1 · CEO: +10.82018 Q2 · CEO: +8.02018 Q3 · CEO: +13.12018 Q4 · CEO: +3.72019 Q1 · CEO: +14.62019 Q2 · CEO: +4.22019 Q3 · CEO: +17.42019 Q4 · CEO: +15.32020 Q1 · CEO: +22.72020 Q2 · CEO: +11.12020 Q3 · CEO: +17.82020 Q4 · CEO: -1.52021 Q1 · CEO: +9.82021 Q2 · CEO: +14.02021 Q3 · CEO: +17.52021 Q4 · CEO: +13.32022 Q1 · CEO: +22.72022 Q3 · CEO: +17.12022 Q4 · CEO: +16.62023 Q1 · CEO: +17.12023 Q2 · CEO: +7.92023 Q3 · CEO: +14.62023 Q4 · CEO: +20.52024 Q1 · CEO: +16.62024 Q2 · CEO: +10.82024 Q3 · CEO: +12.82024 Q4 · CEO: +11.52025 Q1 · CEO: +15.72025 Q2 · CEO: +19.02025 Q3 · CEO: +17.12025 Q4 · CEO: +20.22010 Q1 · CFO: +7.72010 Q2 · CFO: -5.62010 Q3 · CFO: +2.32010 Q4 · CFO: +6.62011 Q1 · CFO: +0.02011 Q3 · CFO: +2.12011 Q4 · CFO: -10.02012 Q1 · CFO: +0.82012 Q2 · CFO: -2.62012 Q3 · CFO: -2.22012 Q4 · CFO: +3.02013 Q1 · CFO: +3.32013 Q2 · CFO: +2.42013 Q3 · CFO: +10.02013 Q4 · CFO: +5.52014 Q1 · CFO: +9.72014 Q2 · CFO: +9.32014 Q3 · CFO: +4.52014 Q4 · CFO: -3.72015 Q1 · CFO: -5.42015 Q2 · CFO: +6.52015 Q3 · CFO: +3.62015 Q4 · CFO: +8.22016 Q2 · CFO: +3.92016 Q3 · CFO: -8.02016 Q4 · CFO: +10.92017 Q1 · CFO: +0.42017 Q2 · CFO: +0.02017 Q3 · CFO: -5.42017 Q4 · CFO: -3.32018 Q1 · CFO: -3.52018 Q2 · CFO: -15.42018 Q3 · CFO: +0.72018 Q4 · CFO: -1.42019 Q1 · CFO: +0.92019 Q2 · CFO: -1.82019 Q3 · CFO: -2.82019 Q4 · CFO: +10.22020 Q1 · CFO: +8.52020 Q2 · CFO: +9.02020 Q3 · CFO: +3.02020 Q4 · CFO: +10.12021 Q1 · CFO: +14.62021 Q2 · CFO: +7.82021 Q3 · CFO: +6.22021 Q4 · CFO: +18.82022 Q1 · CFO: +19.62022 Q3 · CFO: +25.32022 Q4 · CFO: +7.32023 Q1 · CFO: +10.52023 Q2 · CFO: +11.52023 Q3 · CFO: +2.22023 Q4 · CFO: +10.92024 Q1 · CFO: +23.92024 Q2 · CFO: +11.42024 Q3 · CFO: +10.62024 Q4 · CFO: +15.42025 Q1 · CFO: +7.92025 Q2 · CFO: +23.02025 Q3 · CFO: +17.72025 Q4 · CFO: +24.9
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-28-14+0+14+282010 Q12012 Q22014 Q22016 Q22018 Q22020 Q22022 Q22024 Q22010 Q1 · Prepared remarks: +7.92010 Q2 · Prepared remarks: +19.82010 Q3 · Prepared remarks: +9.52010 Q4 · Prepared remarks: +21.62011 Q1 · Prepared remarks: +11.12011 Q3 · Prepared remarks: +18.52011 Q4 · Prepared remarks: +7.12012 Q1 · Prepared remarks: +14.82012 Q2 · Prepared remarks: -2.22012 Q3 · Prepared remarks: +8.12012 Q4 · Prepared remarks: +8.62013 Q1 · Prepared remarks: -1.92013 Q2 · Prepared remarks: +5.42013 Q3 · Prepared remarks: +6.92013 Q4 · Prepared remarks: +3.42014 Q1 · Prepared remarks: +11.02014 Q2 · Prepared remarks: +5.72014 Q3 · Prepared remarks: +6.22014 Q4 · Prepared remarks: -1.82015 Q1 · Prepared remarks: +2.62015 Q2 · Prepared remarks: +2.92015 Q3 · Prepared remarks: +2.22015 Q4 · Prepared remarks: +0.92016 Q1 · Prepared remarks: +4.52016 Q2 · Prepared remarks: +0.02016 Q3 · Prepared remarks: -5.12016 Q4 · Prepared remarks: +6.92017 Q1 · Prepared remarks: -0.72017 Q2 · Prepared remarks: +7.22017 Q3 · Prepared remarks: +7.12017 Q4 · Prepared remarks: +4.32018 Q1 · Prepared remarks: +12.52018 Q2 · Prepared remarks: +0.62018 Q3 · Prepared remarks: +12.32018 Q4 · Prepared remarks: +2.22019 Q1 · Prepared remarks: +13.52019 Q2 · Prepared remarks: +4.82019 Q3 · Prepared remarks: +15.42019 Q4 · Prepared remarks: +15.12020 Q1 · Prepared remarks: +16.42020 Q2 · Prepared remarks: +12.62020 Q3 · Prepared remarks: +13.52020 Q4 · Prepared remarks: -1.22021 Q1 · Prepared remarks: +6.22021 Q2 · Prepared remarks: +14.32021 Q3 · Prepared remarks: +17.82021 Q4 · Prepared remarks: +19.72022 Q1 · Prepared remarks: +22.32022 Q2 · Prepared remarks: +22.92022 Q3 · Prepared remarks: +17.72022 Q4 · Prepared remarks: +16.72023 Q1 · Prepared remarks: +13.52023 Q2 · Prepared remarks: +10.92023 Q3 · Prepared remarks: +14.42023 Q4 · Prepared remarks: +18.52024 Q1 · Prepared remarks: +13.92024 Q2 · Prepared remarks: +12.12024 Q3 · Prepared remarks: +6.02024 Q4 · Prepared remarks: +17.52025 Q1 · Prepared remarks: +17.92025 Q2 · Prepared remarks: +13.42025 Q3 · Prepared remarks: +23.92025 Q4 · Prepared remarks: +24.72010 Q1 · Q&A responses: +8.42010 Q2 · Q&A responses: -0.62010 Q3 · Q&A responses: +7.02010 Q4 · Q&A responses: +6.52011 Q1 · Q&A responses: +3.32011 Q3 · Q&A responses: +2.02011 Q4 · Q&A responses: +4.72012 Q1 · Q&A responses: -0.22012 Q2 · Q&A responses: -0.42012 Q3 · Q&A responses: -0.72012 Q4 · Q&A responses: +1.52013 Q1 · Q&A responses: +1.82013 Q2 · Q&A responses: +6.52013 Q3 · Q&A responses: +5.92013 Q4 · Q&A responses: +1.52014 Q1 · Q&A responses: +9.22014 Q2 · Q&A responses: +6.42014 Q3 · Q&A responses: +5.72014 Q4 · Q&A responses: +5.72015 Q1 · Q&A responses: +4.12015 Q2 · Q&A responses: +5.32015 Q3 · Q&A responses: +11.22015 Q4 · Q&A responses: +8.92016 Q1 · Q&A responses: +7.32016 Q2 · Q&A responses: +4.72016 Q3 · Q&A responses: +5.32016 Q4 · Q&A responses: +7.92017 Q1 · Q&A responses: +2.62017 Q2 · Q&A responses: +8.32017 Q3 · Q&A responses: +1.12017 Q4 · Q&A responses: -0.52018 Q1 · Q&A responses: +6.32018 Q2 · Q&A responses: +7.82018 Q3 · Q&A responses: +8.62018 Q4 · Q&A responses: +2.62019 Q1 · Q&A responses: +10.02019 Q2 · Q&A responses: +0.22019 Q3 · Q&A responses: +11.02019 Q4 · Q&A responses: +12.42020 Q1 · Q&A responses: +18.22020 Q2 · Q&A responses: +8.82020 Q3 · Q&A responses: +10.52020 Q4 · Q&A responses: +0.52021 Q1 · Q&A responses: +5.22021 Q2 · Q&A responses: +7.12021 Q3 · Q&A responses: +10.52021 Q4 · Q&A responses: +6.72022 Q1 · Q&A responses: +14.62022 Q2 · Q&A responses: +16.12022 Q3 · Q&A responses: +12.62022 Q4 · Q&A responses: +6.42023 Q1 · Q&A responses: +10.02023 Q2 · Q&A responses: +6.42023 Q3 · Q&A responses: +2.12023 Q4 · Q&A responses: +8.42024 Q1 · Q&A responses: +15.72024 Q2 · Q&A responses: +8.32024 Q3 · Q&A responses: +6.62024 Q4 · Q&A responses: +6.02025 Q1 · Q&A responses: +6.02025 Q2 · Q&A responses: +5.52025 Q3 · Q&A responses: +10.72025 Q4 · Q&A responses: +14.5
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$2.11$4.90$7.702010 Q12012 Q22014 Q22016 Q22018 Q22020 Q22022 Q22024 Q22014 Q1: $2.492014 Q2: $2.522014 Q3: $2.692014 Q4: $2.732015 Q1: $2.932015 Q2: $3.182015 Q3: $3.292015 Q4: $3.432016 Q1: $3.372016 Q2: $3.422016 Q3: $3.442016 Q4: $3.482017 Q1: $3.592017 Q2: $3.642017 Q3: $3.872017 Q4: $4.032018 Q1: $4.542018 Q2: $4.552018 Q3: $4.822018 Q4: $4.952019 Q1: $5.092019 Q2: $5.292019 Q3: $5.502019 Q4: $5.642020 Q1: $5.482020 Q2: $3.462020 Q3: $4.372020 Q4: $5.382021 Q1: $5.772021 Q2: $6.002021 Q3: $7.212021 Q4: $7.322022 Q1: $7.282022 Q2: $6.002022 Q3: $5.832022 Q4: $4.372023 Q1: $3.062023 Q2: $2.762023 Q3: $3.372023 Q4: $3.492024 Q1: $3.562024 Q2: $3.302024 Q3: $3.422024 Q4: $3.67

Forward P/E

7.1918.8530.522010 Q12012 Q22014 Q22016 Q22018 Q22020 Q22022 Q22024 Q22014 Q1: 19.002014 Q2: 17.812014 Q3: 19.822014 Q4: 22.032015 Q1: 22.352015 Q2: 22.732015 Q3: 18.872015 Q4: 17.122016 Q1: 14.862016 Q2: 14.432016 Q3: 16.502016 Q4: 17.622017 Q1: 17.682017 Q2: 16.992017 Q3: 17.852017 Q4: 16.752018 Q1: 13.852018 Q2: 16.062018 Q3: 16.312018 Q4: 11.662019 Q1: 11.962019 Q2: 15.782019 Q3: 15.542019 Q4: 17.482020 Q1: 8.802020 Q2: 28.032020 Q3: 23.902020 Q4: 18.402021 Q1: 22.882021 Q2: 19.582021 Q3: 18.982021 Q4: 19.412022 Q1: 14.022022 Q2: 15.272022 Q3: 14.652022 Q4: 15.492023 Q1: 19.332023 Q2: 28.912023 Q3: 23.892023 Q4: 20.372024 Q1: 23.392024 Q2: 21.642024 Q3: 22.552024 Q4: 22.17

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q2 tone ↓ -3.1 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -3.6 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q1 tone ↓ -5.6 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -3.0 fwd EPS ↑ +0.23 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q4 tone ↓ -2.6 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -7.4 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -7.6 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q4 tone ↓ -10.5 fwd EPS ↑ +1.01 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q42025-04-10+13.0——View →
2025 Q32024-12-19+11.0——View →
2025 Q22024-09-26+5.4——View →
2025 Q12024-06-21+6.8——View →
2024 Q42024-04-11+5.3$3.6722.2View →
2024 Q32023-12-21+5.2$3.4222.6View →
2024 Q22023-09-28+6.6$3.3021.6View →
2024 Q12023-06-23+11.3$3.5623.4View →