v3.26.1
Stock And Stock-Based Incentive Plans (Tables)
 12 Months Ended
Feb. 28, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Common Stock Repurchases Common Stock Repurchases
 Years Ended February 28 or 29
 202620252024
Number of shares repurchased (in thousands)
11,752.7 5,506.3 1,334.1 
Average cost per share$53.76 $76.87 $68.33 
Available for repurchase, as of end of year (in millions)
$1,305.1 $1,936.9 $2,360.1 
Composition Of Share-Based Compensation Expense
Composition of Share-Based Compensation Expense
 Years Ended February 28 or 29
(In thousands)202620252024
Cost of sales$3,710 $5,296 $4,644 
CarMax Auto Finance income4,240 5,024 3,643 
Selling, general and administrative expenses93,400 126,931 114,090 
Share-based compensation expense, before income taxes$101,350 $137,251 $122,377 
Composition Of Share-Based Compensation Expense - By Grant Type
Composition of Share-Based Compensation Expense – By Grant Type
 Years Ended February 28 or 29
(In thousands)202620252024
Nonqualified stock options$38,836 $41,008 $50,456 
Cash-settled restricted stock units (CRSUs)30,366 55,124 48,762 
Stock-settled market stock units (MSUs)21,957 19,560 16,298 
Other share-based incentives:
Stock-settled performance stock units (PSUs)5,069 17,167 2,046 
Stock-settled deferred stock units (DSUs)1,665 1,850 1,850 
Stock-settled restricted stock units (SRSUs)1,125 — — 
Restricted stock (RSAs)— — 307 
Employee stock purchase plan2,332 2,542 2,658 
Total other share-based incentives10,191 21,559 6,861 
Share-based compensation expense, before income taxes$101,350 $137,251 $122,377 

Unrecognized Share-Based Compensation Expense – By Grant Type
 As of February 28, 2026
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$31.3 2.0
Stock-settled market stock units16.5 1.3
Other share-based incentives:
Stock-settled performance stock units4.0 1.5
Stock-settled restricted stock units1.1 0.2
Total other share-based incentives5.1 1.2
Total$52.9 1.7
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, 20257,309 $82.32   
Options granted1,452 65.44   
Options exercised(132)63.05   
Options forfeited or expired(78)73.05   
Outstanding as of February 28, 20268,551 $79.83 3.3$3 
Exercisable as of February 28, 20266,105 $84.19 2.5$— 
Outstanding Stock Options
Stock Option Information
Years Ended February 28 or 29
202620252024
Options granted1,452,018 1,234,215 1,554,029 
Weighted average grant date fair value per share$26.20 $29.21 $29.11 
Cash received from options exercised (in millions)
$8.3 $73.7 $44.8 
Intrinsic value of options exercised (in millions)
$0.4 $19.9 $15.0 
Realized tax benefits (in millions)
$0.1 $3.0 $3.6 
Assumptions Used To Estimate Option Values
Assumptions Used to Estimate Option Values
 Years Ended February 28 or 29
 202620252024
Dividend yield  0.0 %  0.0 %  0.0 %
Expected volatility factor (1)  
36.3 %-54.8 %35.5 %-46.7 %39.2 %-45.9 %
Weighted average expected volatility  41.9 %  45.4 %  44.6 %
Risk-free interest rate (2)
3.4 %-4.4 %3.5 %-5.4 %3.6 %-5.5 %
Expected term (in years) (3)  
  4.7  4.7  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, 20251,524 $71.07 
Stock units granted978 65.49 
Stock units vested and converted(727)73.97 
Stock units cancelled(189)67.01 
Outstanding as of February 28, 20261,586 $66.78 

Cash-Settled Restricted Stock Unit Information
Years Ended February 28 or 29
202620252024
Stock units granted978,159 918,098 915,122 
Initial weighted average grant date fair value per share$65.49 $67.22 $70.69 
Payments (before payroll tax withholdings) upon
vesting (in millions)
$47.7 $42.8 $39.0 
Realized tax benefits (in millions)
$11.8 $10.6 $9.7 
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of February 28, 2026
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2027$37,227 $99,272 
Fiscal 202825,306 67,481 
Fiscal 202913,173 35,131 
Total expected cash settlements$75,706 $201,884 
 
(1)Net of estimated forfeitures.
Share-Based Payment Arrangement, Market Stock Unit, Activity
Stock-Settled Market Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 2025525 $104.12 
Stock units granted252 91.45 
Stock units vested and converted(130)124.11 
Stock units cancelled(15)94.81 
Outstanding as of February 28, 2026632 $95.19 
Stock-Settled Market Stock Unit Information
Years Ended February 28 or 29
202620252024
Stock units granted251,784 238,865 186,678 
Weighted average grant date fair value per share$91.45 $95.80 $99.86 
Realized tax benefits (in millions)
$1.6 $0.8 $2.3