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Stock And Stock-Based Incentive Plans (Tables)
 12 Months Ended
Feb. 29, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Common Stock Repurchases Common Stock Repurchases
 Years Ended February 29 or 28
 202420232022
Number of shares repurchased (in thousands)
1,334.1 3,403.9 4,475.2 
Average cost per share$68.33 $94.95 $125.49 
Available for repurchase, as of end of year (in millions)
$2,360.1 $2,451.3 $774.5 
Composition Of Share-Based Compensation Expense
Composition of Share-Based Compensation Expense
 Years Ended February 29 or 28
(In thousands)202420232022
Cost of sales$4,644 $2,269 $4,924 
CarMax Auto Finance income3,643 2,295 5,043 
Selling, general and administrative expenses114,090 83,608 101,966 
Share-based compensation expense, before income taxes$122,377 $88,172 $111,933 
Composition Of Share-Based Compensation Expense - By Grant Type
Composition of Share-Based Compensation Expense – By Grant Type
 Years Ended February 29 or 28
(In thousands)202420232022
Nonqualified stock options$50,456 $38,629 $33,598 
Cash-settled restricted stock units (RSUs)48,762 23,567 52,435 
Stock-settled market stock units (MSUs)16,298 15,617 13,984 
Other share-based incentives:
Stock-settled performance stock units (PSUs)2,046 5,123 6,289 
Stock-settled deferred stock units (DSUs)1,850 1,850 1,925 
Restricted stock (RSAs)307 806 966 
Employee stock purchase plan2,658 2,580 2,736 
Total other share-based incentives6,861 10,359 11,916 
Share-based compensation expense, before income taxes$122,377 $88,172 $111,933 

Unrecognized Share-Based Compensation Expense – By Grant Type
 As of February 29, 2024
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$42.1 1.6
Stock-settled market stock units15.6 1.5
Stock-settled performance stock units0.5 1.0
Total$58.2 1.5
Stock Option Activity
Stock Option Activity
   Weighted 
  WeightedAverage 
  AverageRemainingAggregate
 Number ofExerciseContractualIntrinsic
(Shares and intrinsic value in thousands)SharesPriceLife (Years)Value
Outstanding as of February 28, 20236,776 $82.28   
Options granted1,554 70.55   
Options exercised(752)59.56   
Options forfeited or expired(185)85.95   
Outstanding as of February 29, 20247,393 $82.03 3.7$42,459 
Exercisable as of February 29, 20244,323 $79.97 2.6$27,379 
Outstanding Stock Options
Stock Option Information
Years Ended February 29 or 28
202420232022
Options granted1,554,029 1,301,862 922,475 
Weighted average grant date fair value per share$29.11 $33.24 $42.31 
Cash received from options exercised (in millions)
$44.8 $17.1 $79.8 
Intrinsic value of options exercised (in millions)
$15.0 $7.3 $95.2 
Realized tax benefits (in millions)
$3.6 $1.8 $20.6 
Assumptions Used To Estimate Option Values
Assumptions Used to Estimate Option Values
 Years Ended February 29 or 28
 202420232022
Dividend yield  0.0 %  0.0 %  0.0 %
Expected volatility factor (1)  
39.2 %-45.9 %38.7 %-53.6 %31.8 %-37.6 %
Weighted average expected volatility  44.6 %  39.5 %  36.2 %
Risk-free interest rate (2)
3.6 %-5.5 %0.4 %-4.7 %— %-1.4 %
Expected term (in years) (3)  
  4.6  4.6  4.6
 
(1)Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock.
(2)Based on the U.S. Treasury yield curve at the time of grant.
(3)Represents the estimated number of years that options will be outstanding prior to exercise.
Restricted Stock Awards And Restricted Stock Unit Activity
Cash-Settled Restricted Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 20231,004 $97.19 
Stock units granted915 70.69 
Stock units vested and converted(501)93.29 
Stock units cancelled(121)81.96 
Outstanding as of February 29, 20241,297 $81.42 
Cash-Settled Restricted Stock Unit Information
Years Ended February 29 or 28
202420232022
Stock units granted915,122 677,783 378,382 
Initial weighted average grant date fair value per share$70.69 $91.14 $136.46 
Payments (before payroll tax withholdings) upon
vesting (in millions)
$39.0 $67.1 $92.6 
Realized tax benefits (in millions)
$9.7 $16.8 $23.0 
Stock-Settled Market Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 2023404 $120.61 
Stock units granted187 99.86 
Stock units vested and converted(189)94.02 
Stock units cancelled(19)118.50 
Outstanding as of February 29, 2024383 $123.73 

Stock-Settled Market Stock Unit Information
Years Ended February 29 or 28
202420232022
Stock units granted186,678 140,743 82,061 
Weighted average grant date fair value per share$99.86 $125.37 $178.15 
Realized tax benefits (in millions)
$2.3 $2.9 $10.4 
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of February 29, 2024
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2025$34,794 $92,784 
Fiscal 202625,212 67,231 
Fiscal 202713,215 35,240 
Total expected cash settlements$73,221 $195,255 
 
(1)Net of estimated forfeitures.