Latest news with #CAF
Yahoo
7 hours ago
- Automotive
- Yahoo
CarMax Reports First Quarter Fiscal Year 2026 Results
RICHMOND, Va., June 20, 2025--(BUSINESS WIRE)--CarMax, Inc. (NYSE:KMX) today reported results for the first quarter ended May 31, 2025. First Quarter Highlights:(1) Net earnings per diluted share increased 42.3% to $1.38 from $0.97 a year ago. Retail used unit sales increased 9.0% and comparable store used unit sales increased 8.1%; wholesale units increased 1.2%. Total gross profit increased 12.8% to $893.6 million, driven by higher unit volumes and strong unit margin performance. Record high gross profit per retail used unit of $2,407, up $60 per unit Historically strong gross profit per wholesale unit of $1,047, down $17 per unit Extended Protection Plans (EPP) margin per retail unit of $572, an increase of $9 per unit Service margin of $143 per retail unit, an improvement of $128 per retail unit Bought 336,000 vehicles from consumers and dealers, an increase of 7.2%. 288,000 vehicles were purchased from consumers, up 3.3% 48,000 vehicles were purchased through dealers, up 38.4% SG&A increased 3.3% to $659.6 million. Ongoing cost management efforts supported strong leverage of 680 basis points in SG&A as a percent of gross profit. Expanded CarMax Auto Finance (CAF) non-prime funding program, which we expect to provide significant flexibility in supporting CAF's full spectrum penetration growth plans while mitigating risk. CAF income decreased 3.6% to $141.7 million as an increase in the provision for loan losses outweighed growth in the net interest margin percentage. Accelerated the pace of share buybacks with $199.8 million in shares of common stock repurchased in the first quarter of fiscal year 2026. (1) Comparisons to the prior year's first quarter unless otherwise stated CEO Commentary: "We delivered our fourth consecutive quarter of positive retail comps and double-digit year-over-year earnings per share growth. These results highlight the strength of our earnings growth model, which is underpinned by our best-in-class omni-channel experience, the diversity of our business, and our sharp focus on execution," said Bill Nash, president and chief executive officer. "Our associates, stores, technology and digital capabilities, all seamlessly tied together, enable us to provide the most customer-centric car buying and selling experience. This is a key differentiator in a very large and fragmented market that positions us to continue to drive sales, gain market share, and deliver significant year-over-year earnings growth for years to come." First Quarter Business Performance Review: Sales. Combined retail and wholesale used vehicle unit sales were 379,727, an increase of 5.8% from the prior year's first quarter. Total retail used vehicle unit sales increased 9.0% to 230,210 compared to the prior year's first quarter. Comparable store used unit sales increased 8.1% from the prior year's first quarter. Total retail used vehicle revenues increased 7.5% compared with the prior year's first quarter, driven by the increase in retail used units sold. Total wholesale vehicle unit sales increased 1.2% to 149,517 versus the prior year's first quarter. Total wholesale revenues declined 0.3% compared with the prior year's first quarter due to a decrease in the average wholesale selling price of approximately $150 per unit or 1.7%, partially offset by the increase in wholesale units sold. We bought 336,000 vehicles from consumers and dealers, up 7.2% compared to last year's first quarter. Of these vehicles, 288,000 were bought from consumers and 48,000 were bought through dealers, an increase of 3.3% and 38.4%, respectively, from last year's first quarter. Other sales and revenues increased by 6.1%, or $10.9 million, compared with the first quarter of fiscal 2025, primarily reflecting an increase in EPP revenues driven by an increase in retail unit sales. Our digital capabilities supported 80% of retail unit sales. Omni sales(2) were 66% and online retail sales(3) accounted for 14% of retail unit sales. Gross Profit. Total gross profit was $893.6 million, up 12.8% versus last year's first quarter. Retail used vehicle gross profit increased 11.8% and retail gross profit per used unit increased $60 from the prior year's first quarter to $2,407, a record high. Wholesale vehicle gross profit decreased 0.4% versus the prior year's first quarter. Gross profit per unit was historically strong at $1,047, though a decrease of $17 from the prior year's first quarter. Other gross profit increased 31.3% primarily reflecting growth in service gross profit driven by cost coverage measures, positive retail unit growth, and increased efficiencies as well as growth in EPP revenues supported by stronger retail unit sales. SG&A. Compared with the first quarter of fiscal 2025, SG&A expenses increased 3.3% or $21.1 million to $659.6 million, primarily driven by an increase in compensation and benefits driven by costs related to unit volume growth. SG&A as a percent of gross profit improved by 680 basis points to 73.8% in the first quarter compared to 80.6% in the prior year's first quarter, driven by the growth in gross profit and ongoing cost management efforts in the stores and customer experience centers. CarMax Auto Finance Expands Non-Prime Funding Program. During the first quarter, CAF earmarked $637.9 million of non-prime loans from the CAF portfolio that are intended to be fully sold off our balance sheet. As of May 31, 2025, these loans have been reclassified as held for sale on our consolidated balance sheet. Auto loans in CAF's portfolio that have not been designated as held for sale are designated as held for investment. We expect that the expansion of our non-prime funding program will provide significant flexibility in supporting CAF's full spectrum penetration growth plans while mitigating risk. CarMax Auto Finance.(4) CAF income decreased 3.6% to $141.7 million as an increase in the provision for loan losses outweighed growth in CAF's net interest margin percentage. This quarter's provision for loan losses was $101.7 million compared to $81.2 million in the prior year's first quarter, driven by loss performance among 2022 and 2023 vintages and economic uncertainty. There was a reduction in this quarter's provision due to the release of $26 million for the allowance previously recorded for loans that are now classified as held for sale. As of May 31, 2025, the allowance for loan losses of $474.2 million was 2.76% of auto loans held for investment, up from 2.61% as of February 28, 2025. CAF's total interest margin percentage, which represents the spread between interest and fees charged to consumers and our funding costs, was 6.5% of average auto loans outstanding, which includes held for investment and held for sale, up 30 basis points from both the prior year's first quarter and from the fourth quarter of fiscal 2025. After the effect of 3-day payoffs, CAF financed 41.8% of units sold in the current quarter, down from 43.3% in the prior year's first quarter. CAF's reduction in penetration was primarily driven by an influx of self-funded, higher credit purchasers seen during the initial announcement of tariffs, and to a lesser degree, a higher Tier 3 penetration, both of which more than offset our expansion since the fourth quarter of last year. CAF's weighted average contract rate was 11.4% in the quarter, consistent with the first quarter last year. Share Repurchase Activity. During the first quarter of fiscal year 2026, we repurchased 3.0 million shares of common stock for $199.8 million. As of May 31, 2025, we had $1.74 billion remaining available for repurchase under the outstanding authorization. Location Openings. During the first quarter of fiscal 2026, we opened two new stand-alone reconditioning/auction centers. The centers are located in El Mirage, Arizona, supporting the Phoenix metro market, and Midlothian, Texas, supporting the Dallas metro market. (2) An omni retail unit sale is defined as a sale where customers complete at least one, but not all, of the four activities listed in note (3) below online. An omni retail unit sale also includes additional steps that can be completed online, including pre-qualifying for financing, setting appointments and signing up for notifications of cars coming soon. (3) An online retail sale is defined as a sale where the customer completes all four of these major transactional activities online: reserving the vehicle; financing the vehicle, if needed; trading-in or opting out of a trade in; and creating an online sales order. (4) Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions. Supplemental Financial Information Amounts and percentage calculations may not total due to rounding. Sales Components Three Months Ended May 31 (In millions) 2025 2024 Change Used vehicle sales $ 6,103.4 $ 5,677.5 7.5 % Wholesale vehicle sales 1,252.7 1,256.4 (0.3 )% Other sales and revenues: Extended protection plan revenues 131.7 118.8 10.8 % Third-party finance fees, net (0.7 ) (1.7 ) 58.3 % Advertising & subscription revenues (1) 36.5 34.7 5.3 % Other 22.9 27.7 (17.3 )% Total other sales and revenues 190.4 179.5 6.1 % Total net sales and operating revenues $ 7,546.5 $ 7,113.4 6.1 % (1) Excludes intercompany revenues that have been eliminated in consolidation. Unit Sales Three Months Ended May 31 2025 2024 Change Used vehicles 230,210 211,132 9.0 % Wholesale vehicles 149,517 147,685 1.2 % Average Selling Prices Three Months Ended May 31 2025 2024 Change Used vehicles $ 26,120 $ 26,526 (1.5 )% Wholesale vehicles $ 7,959 $ 8,094 (1.7 )% Vehicle Sales Changes Three Months Ended May 31 2025 2024 Used vehicle units 9.0 % (3.1 )% Used vehicle revenues 7.5 % (5.4 )% Wholesale vehicle units 1.2 % (8.3 )% Wholesale vehicle revenues (0.3 )% (17.0 )% Comparable Store Used Vehicle Sales Changes (1) Three Months Ended May 31 2025 2024 Used vehicle units 8.1 % (3.8 )% Used vehicle revenues 6.6 % (6.1 )% (1) Stores are added to the comparable store base beginning in their fourteenth full month of operation. Comparable store calculations include results for a set of stores that were included in our comparable store base in both the current and corresponding prior year periods. Used Vehicle Financing Penetration by Channel (Before the Impact of 3-day Payoffs) (1) Three Months Ended May 31 2025 2024 CAF (2) 44.4 % 45.3 % Tier 2 (3) 17.7 % 18.7 % Tier 3 (4) 8.0 % 7.5 % Other (5) 29.9 % 28.5 % Total 100.0 % 100.0 % (1) Calculated as used vehicle units financed for respective channel as a percentage of total used units sold. (2) Includes CAF's Tier 2 and Tier 3 loan originations, which represent approximately 2% of total used units sold. (3) Third-party finance providers who generally pay us a fee or to whom no fee is paid. (4) Third-party finance providers to whom we pay a fee. (5) Represents customers arranging their own financing and customers that do not require financing. Selected Operating Ratios Three Months Ended May 31 (In millions) 2025 % (1) 2024 % (1) Net sales and operating revenues $ 7,546.5 100.0 $ 7,113.4 100.0 Gross profit $ 893.6 11.8 $ 791.9 11.1 CarMax Auto Finance income $ 141.7 1.9 $ 147.0 2.1 Selling, general, and administrative expenses $ 659.6 8.7 $ 638.6 9.0 Interest expense $ 27.1 0.4 $ 31.4 0.4 Earnings before income taxes $ 283.1 3.8 $ 206.6 2.9 Net earnings $ 210.4 2.8 $ 152.4 2.1 (1) Calculated as a percentage of net sales and operating revenues. Gross Profit (1) Three Months Ended May 31 (In millions) 2025 2024 Change Used vehicle gross profit $ 554.2 $ 495.5 11.8 % Wholesale vehicle gross profit 156.6 157.1 (0.4 )% Other gross profit 182.8 139.3 31.3 % Total $ 893.6 $ 791.9 12.8 % (1) Amounts are net of intercompany eliminations. Gross Profit per Unit (1) Three Months Ended May 31 2025 2024 $ per unit(2) %(3) $ per unit(2) %(3) Used vehicle gross profit per unit $ 2,407 9.1 $ 2,347 8.7 Wholesale vehicle gross profit per unit $ 1,047 12.5 $ 1,064 12.5 Other gross profit per unit $ 794 96.1 $ 660 77.6 (1) Amounts are net of intercompany eliminations. (2) Calculated as category gross profit divided by its respective units sold, except the other category, which is divided by total used units sold. (3) Calculated as a percentage of its respective sales or revenue. SG&A Expenses (1) Three Months Ended May 31 (In millions) 2025 2024 Change Compensation and benefits: Compensation and benefits, excluding share-based compensation expense $ 349.0 $ 328.1 6.4 % Share-based compensation expense 45.6 47.1 (3.2 )% Total compensation and benefits (2) $ 394.6 $ 375.2 5.2 % Occupancy costs 68.9 70.6 (2.4 )% Advertising expense 67.9 71.7 (5.3 )% Other overhead costs (3) 128.2 121.1 5.9 % Total SG&A expenses $ 659.6 $ 638.6 3.3 % SG&A as a % of gross profit 73.8 % 80.6 % (6.8 )% (1) Amounts are net of intercompany eliminations. (2) Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales. (3) Includes IT expenses, non-CAF bad debt, insurance, preopening and relocation costs, travel, charitable contributions and other administrative expenses. Components of CAF Income and Other CAF Information Three Months Ended May 31 (In millions) 2025 2024 Interest margin: Interest and fee income $ 485.4 $ 452.5 Interest expense (197.5 ) (182.3 ) Total interest margin 287.9 270.2 Provision for loan losses (101.7 ) (81.2 ) Total interest margin after provision for loan losses 186.2 189.0 Total direct expenses (44.5 ) (42.0 ) CarMax Auto Finance income $ 141.7 $ 147.0 Average auto loans outstanding (1) $ 17,719.9 $ 17,551.2 Total interest margin as a percent of average auto loans outstanding 6.5 % 6.2 % Net auto loans originated (1) $ 2,318.5 $ 2,265.7 Net penetration rate (1) 41.8 % 43.3 % Weighted average contract rate (1) 11.4 % 11.4 % Ending allowance for loan losses $ 474.2 $ 493.1 (1) Includes auto loans held for investment and auto loans held for sale. Earnings Highlights Three Months Ended May 31 (In millions except per share data) 2025 2024 Change Net earnings $ 210.4 $ 152.4 38.0 % Diluted weighted average shares outstanding 152.6 157.7 (3.2 )% Net earnings per diluted share $ 1.38 $ 0.97 42.3 % Conference Call Information We will host a conference call for investors at 9:00 a.m. ET today, June 20, 2025. Domestic investors may access the call at 1-800-225-9448 (international callers dial 1-203-518-9708). The conference I.D. for both domestic and international callers is 3171396. A live webcast of the call will be available on our investor information home page at A replay of the webcast will be available on the company's website at through September 24, 2025, or via telephone (for approximately one week) by dialing 1-800-839-1247 (or 1-402-220-0470 for international access) and entering the conference ID 3171396. Second Quarter Fiscal 2026 Earnings Release Date We currently plan to release results for the second quarter ending August 31, 2025, on Thursday, September 25, 2025, before the opening of trading on the New York Stock Exchange. We plan to host a conference call for investors at 9:00 a.m. ET on that date. Information on this conference call will be available on our investor information home page at in early September 2025. About CarMax CarMax, the nation's largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year that ended February 28, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in auto loans during fiscal 2025, adding to its nearly $18 billion portfolio. CarMax has 250 store locations, over 30,000 associates, and is proud to have been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to helping its communities thrive and reducing the environmental footprint of its operations. Learn more in the 2025 Responsibility Report. For more information, visit Forward-Looking Statements We caution readers that the statements contained in this release that are not statements of historical fact, including statements about our future business plans, operations, challenges, opportunities or prospects, including without limitation any statements or factors regarding expected operating capacity, sales, inventory, market share, financial and operational targets and goals, revenue, margins, expenses, liquidity, loan originations, capital expenditures, share repurchase plans, debt obligations or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as "anticipate," "believe," "could," "enable," "estimate," "expect," "intend," "may," "outlook," "plan," "positioned," "predict," "should," "target," "will" and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management's current knowledge, expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following: Changes in the competitive landscape and/or our failure to successfully adjust to such changes. Changes in general or regional U.S. economic conditions, including economic downturns, inflationary pressures, fluctuating interest rates, tariffs or the effect of trade policies, and the potential impact of international events. Changes in the availability or cost of capital and working capital financing, including changes related to the asset-backed securitization market. Events that damage our reputation or harm the perception of the quality of our brand. Significant changes in prices of new and used vehicles. A reduction in the availability of or access to sources of inventory or a failure to expeditiously liquidate inventory. Our inability to realize the benefits associated with our omni-channel platform or initiatives designed to leverage evolving technologies, including AI. Factors related to geographic and sales growth, including the inability to effectively manage our growth. Our inability to recruit, develop and retain associates and maintain positive associate relations. The loss of key associates from our store, regional or corporate management teams or a significant increase in labor costs. Changes in economic conditions or other factors that result in greater credit losses for CAF's portfolio of auto loans than anticipated. The failure or inability to realize the benefits associated with our strategic investments. Changes in consumer credit availability provided by our third-party finance providers. Changes in the availability of extended protection plan products from third-party providers. The performance of the third-party vendors we rely on for key components of our business. Adverse conditions affecting one or more automotive manufacturers. The inaccuracy of estimates and assumptions used in the preparation of our financial statements, or the effect of new accounting requirements or changes to U.S. generally accepted accounting principles. The failure or inability to adequately protect our intellectual property. The occurrence of severe weather events. The failure or inability to meet our environmental goals or satisfy related disclosure requirements. Factors related to the geographic concentration of our stores. Security breaches or other events that result in the misappropriation, loss or other unauthorized disclosure of confidential customer, associate or corporate information. The failure of or inability to sufficiently enhance key information systems. Factors related to the regulatory and legislative environment in which we operate. The effect of evolving regulations, disclosure requirements, standards and expectations relating to environmental, social and governance matters. The effect of various litigation matters. The volatility in the market price for our common stock. For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at Requests for information may also be made to the Investor Relations Department by email to investor_relations@ or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. CARMAX, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) Three Months Ended May 31 (In thousands except per share data) 2025 %(1) 2024 %(1) SALES AND OPERATING REVENUES: Used vehicle sales $ 6,103,440 80.9 $ 5,677,476 79.8 Wholesale vehicle sales 1,252,738 16.6 1,256,439 17.7 Other sales and revenues 190,363 2.5 179,482 2.5 NET SALES AND OPERATING REVENUES 7,546,541 100.0 7,113,397 100.0 COST OF SALES: Used vehicle cost of sales 5,549,257 73.5 5,181,979 72.8 Wholesale vehicle cost of sales 1,096,167 14.5 1,099,311 15.5 Other cost of sales 7,494 0.1 40,212 0.6 TOTAL COST OF SALES 6,652,918 88.2 6,321,502 88.9 GROSS PROFIT 893,623 11.8 791,895 11.1 CARMAX AUTO FINANCE INCOME 141,650 1.9 146,970 2.1 Selling, general, and administrative expenses 659,643 8.7 638,578 9.0 Depreciation and amortization 65,739 0.9 61,869 0.9 Interest expense 27,070 0.4 31,362 0.4 Other (income) expense (309 ) — 416 — Earnings before income taxes 283,130 3.8 206,640 2.9 Income tax provision 72,749 1.0 54,200 0.8 NET EARNINGS $ 210,381 2.8 $ 152,440 2.1 WEIGHTED AVERAGE COMMON SHARES: Basic 152,137 157,161 Diluted 152,607 157,706 NET EARNINGS PER SHARE: Basic $ 1.38 $ 0.97 Diluted $ 1.38 $ 0.97 (1) Percents are calculated as a percentage of net sales and operating revenues and may not total due to rounding. CARMAX, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of May 31 February 28 May 31 (In thousands except share data) 2025 2025 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 262,819 $ 246,960 $ 218,931 Restricted cash from collections on auto loans held for investment 584,277 559,118 536,407 Accounts receivable, net 200,305 188,733 212,370 Auto loans held for sale 637,947 — — Inventory 3,624,353 3,934,622 3,772,885 Other current assets 142,890 148,203 229,714 TOTAL CURRENT ASSETS 5,452,591 5,077,636 4,970,307 Auto loans held for investment, net 16,802,744 17,242,789 17,268,321 Property and equipment, net 3,909,977 3,841,833 3,734,736 Deferred income taxes 141,183 140,332 100,104 Operating lease assets 482,613 493,355 509,043 Goodwill 141,258 141,258 141,258 Other assets 456,039 467,003 518,325 TOTAL ASSETS $ 27,386,405 $ 27,404,206 $ 27,242,094 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 980,499 $ 977,845 $ 911,348 Accrued expenses and other current liabilities 409,003 529,926 456,277 Accrued income taxes 79,412 87,526 24,792 Current portion of operating lease liabilities 58,332 59,335 57,534 Current portion of long-term debt 217,319 16,821 21,550 Current portion of non-recourse notes payable 532,787 526,518 514,394 TOTAL CURRENT LIABILITIES 2,277,352 2,197,971 1,985,895 Long-term debt, excluding current portion 1,366,176 1,570,296 1,591,366 Non-recourse notes payable, excluding current portion 16,639,622 16,567,044 16,626,011 Operating lease liabilities, excluding current portion 470,912 481,963 484,632 Other liabilities 345,434 343,944 387,320 TOTAL LIABILITIES 21,099,496 21,161,218 21,075,224 Commitments and contingent liabilities SHAREHOLDERS' EQUITY: Common stock, $0.50 par value; 350,000,000 shares authorized; 150,582,152 and 153,319,678 shares issued and outstanding as of May 31, 2025 and February 28, 2025, respectively 75,291 76,660 78,176 Capital in excess of par value 1,899,003 1,891,012 1,834,218 Accumulated other comprehensive (loss) income (8,246 ) 3,080 61,678 Retained earnings 4,320,861 4,272,236 4,192,798 TOTAL SHAREHOLDERS' EQUITY 6,286,909 6,242,988 6,166,870 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 27,386,405 $ 27,404,206 $ 27,242,094 CARMAX, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended May 31 (In thousands) 2025 2024 OPERATING ACTIVITIES: Net earnings $ 210,381 $ 152,440 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization 79,784 69,244 Share-based compensation expense 46,981 48,098 Provision for loan losses 101,707 81,226 Provision for cancellation reserves 24,803 24,343 Deferred income tax provision (benefit) 2,782 (2,036 ) Other 1,310 2,545 Net (increase) decrease in: Accounts receivable, net (11,572 ) 8,783 Auto loans held for sale (637,947 ) — Inventory 310,269 (94,815 ) Other current assets 2,692 32,881 Auto loans held for investment, net 338,338 (337,703 ) Other assets (5,712 ) (3,797 ) Net decrease in: Accounts payable, accrued expenses and other current liabilities and accrued income taxes (141,867 ) (75,206 ) Other liabilities (22,406 ) (23,692 ) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 299,543 (117,689 ) INVESTING ACTIVITIES: Capital expenditures (136,736 ) (103,914 ) Proceeds from disposal of property and equipment 48 1 Purchases of investments (4,926 ) (2,093 ) Sales and returns of investments 425 136 NET CASH USED IN INVESTING ACTIVITIES (141,189 ) (105,870 ) FINANCING ACTIVITIES: Proceeds from issuances of long-term debt 87,000 — Payments on long-term debt (90,930 ) (303,080 ) Cash paid for debt issuance costs (8,895 ) (5,668 ) Payments on finance lease obligations (3,443 ) (4,548 ) Issuances of non-recourse notes payable 3,988,864 3,676,000 Payments on non-recourse notes payable (3,906,323 ) (3,376,447 ) Repurchase and retirement of common stock (204,027 ) (106,850 ) Equity issuances 8,329 8,209 NET CASH USED IN FINANCING ACTIVITIES (129,425 ) (112,384 ) Increase (decrease) in cash, cash equivalents, and restricted cash 28,929 (335,943 ) Cash, cash equivalents, and restricted cash at beginning of year 960,310 1,250,410 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD $ 989,239 $ 914,467 View source version on Contacts Investors:David Lowenstein, Vice President, Investor Relationsinvestor_relations@ (804) 747-0422 x7865 Media:pr@ (855) 887-2915
Business Wire
7 hours ago
- Automotive
- Business Wire
CarMax Reports First Quarter Fiscal Year 2026 Results
RICHMOND, Va.--(BUSINESS WIRE)--CarMax, Inc. (NYSE:KMX) today reported results for the first quarter ended May 31, 2025. First Quarter Highlights: (1) Net earnings per diluted share increased 42.3% to $1.38 from $0.97 a year ago. Retail used unit sales increased 9.0% and comparable store used unit sales increased 8.1%; wholesale units increased 1.2%. Total gross profit increased 12.8% to $893.6 million, driven by higher unit volumes and strong unit margin performance. Record high gross profit per retail used unit of $2,407, up $60 per unit Historically strong gross profit per wholesale unit of $1,047, down $17 per unit Extended Protection Plans (EPP) margin per retail unit of $572, an increase of $9 per unit Service margin of $143 per retail unit, an improvement of $128 per retail unit Bought 336,000 vehicles from consumers and dealers, an increase of 7.2%. 288,000 vehicles were purchased from consumers, up 3.3% 48,000 vehicles were purchased through dealers, up 38.4% SG&A increased 3.3% to $659.6 million. Ongoing cost management efforts supported strong leverage of 680 basis points in SG&A as a percent of gross profit. Expanded CarMax Auto Finance (CAF) non-prime funding program, which we expect to provide significant flexibility in supporting CAF's full spectrum penetration growth plans while mitigating risk. CAF income decreased 3.6% to $141.7 million as an increase in the provision for loan losses outweighed growth in the net interest margin percentage. Accelerated the pace of share buybacks with $199.8 million in shares of common stock repurchased in the first quarter of fiscal year 2026. CEO Commentary: 'We delivered our fourth consecutive quarter of positive retail comps and double-digit year-over-year earnings per share growth. These results highlight the strength of our earnings growth model, which is underpinned by our best-in-class omni-channel experience, the diversity of our business, and our sharp focus on execution,' said Bill Nash, president and chief executive officer. 'Our associates, stores, technology and digital capabilities, all seamlessly tied together, enable us to provide the most customer-centric car buying and selling experience. This is a key differentiator in a very large and fragmented market that positions us to continue to drive sales, gain market share, and deliver significant year-over-year earnings growth for years to come.' First Quarter Business Performance Review: Sales. Combined retail and wholesale used vehicle unit sales were 379,727, an increase of 5.8% from the prior year's first quarter. Total retail used vehicle unit sales increased 9.0% to 230,210 compared to the prior year's first quarter. Comparable store used unit sales increased 8.1% from the prior year's first quarter. Total retail used vehicle revenues increased 7.5% compared with the prior year's first quarter, driven by the increase in retail used units sold. Total wholesale vehicle unit sales increased 1.2% to 149,517 versus the prior year's first quarter. Total wholesale revenues declined 0.3% compared with the prior year's first quarter due to a decrease in the average wholesale selling price of approximately $150 per unit or 1.7%, partially offset by the increase in wholesale units sold. We bought 336,000 vehicles from consumers and dealers, up 7.2% compared to last year's first quarter. Of these vehicles, 288,000 were bought from consumers and 48,000 were bought through dealers, an increase of 3.3% and 38.4%, respectively, from last year's first quarter. Other sales and revenues increased by 6.1%, or $10.9 million, compared with the first quarter of fiscal 2025, primarily reflecting an increase in EPP revenues driven by an increase in retail unit sales. Our digital capabilities supported 80% of retail unit sales. Omni sales (2) were 66% and online retail sales (3) accounted for 14% of retail unit sales. Gross Profit. Total gross profit was $893.6 million, up 12.8% versus last year's first quarter. Retail used vehicle gross profit increased 11.8% and retail gross profit per used unit increased $60 from the prior year's first quarter to $2,407, a record high. Wholesale vehicle gross profit decreased 0.4% versus the prior year's first quarter. Gross profit per unit was historically strong at $1,047, though a decrease of $17 from the prior year's first quarter. Other gross profit increased 31.3% primarily reflecting growth in service gross profit driven by cost coverage measures, positive retail unit growth, and increased efficiencies as well as growth in EPP revenues supported by stronger retail unit sales. SG&A. Compared with the first quarter of fiscal 2025, SG&A expenses increased 3.3% or $21.1 million to $659.6 million, primarily driven by an increase in compensation and benefits driven by costs related to unit volume growth. SG&A as a percent of gross profit improved by 680 basis points to 73.8% in the first quarter compared to 80.6% in the prior year's first quarter, driven by the growth in gross profit and ongoing cost management efforts in the stores and customer experience centers. CarMax Auto Finance Expands Non-Prime Funding Program. During the first quarter, CAF earmarked $637.9 million of non-prime loans from the CAF portfolio that are intended to be fully sold off our balance sheet. As of May 31, 2025, these loans have been reclassified as held for sale on our consolidated balance sheet. Auto loans in CAF's portfolio that have not been designated as held for sale are designated as held for investment. We expect that the expansion of our non-prime funding program will provide significant flexibility in supporting CAF's full spectrum penetration growth plans while mitigating risk. CarMax Auto Finance. (4) CAF income decreased 3.6% to $141.7 million as an increase in the provision for loan losses outweighed growth in CAF's net interest margin percentage. This quarter's provision for loan losses was $101.7 million compared to $81.2 million in the prior year's first quarter, driven by loss performance among 2022 and 2023 vintages and economic uncertainty. There was a reduction in this quarter's provision due to the release of $26 million for the allowance previously recorded for loans that are now classified as held for sale. As of May 31, 2025, the allowance for loan losses of $474.2 million was 2.76% of auto loans held for investment, up from 2.61% as of February 28, 2025. CAF's total interest margin percentage, which represents the spread between interest and fees charged to consumers and our funding costs, was 6.5% of average auto loans outstanding, which includes held for investment and held for sale, up 30 basis points from both the prior year's first quarter and from the fourth quarter of fiscal 2025. After the effect of 3-day payoffs, CAF financed 41.8% of units sold in the current quarter, down from 43.3% in the prior year's first quarter. CAF's reduction in penetration was primarily driven by an influx of self-funded, higher credit purchasers seen during the initial announcement of tariffs, and to a lesser degree, a higher Tier 3 penetration, both of which more than offset our expansion since the fourth quarter of last year. CAF's weighted average contract rate was 11.4% in the quarter, consistent with the first quarter last year. Share Repurchase Activity. During the first quarter of fiscal year 2026, we repurchased 3.0 million shares of common stock for $199.8 million. As of May 31, 2025, we had $1.74 billion remaining available for repurchase under the outstanding authorization. Location Openings. During the first quarter of fiscal 2026, we opened two new stand-alone reconditioning/auction centers. The centers are located in El Mirage, Arizona, supporting the Phoenix metro market, and Midlothian, Texas, supporting the Dallas metro market. Supplemental Financial Information Amounts and percentage calculations may not total due to rounding. Sales Components Three Months Ended May 31 (In millions) 2025 2024 Change Used vehicle sales $ 6,103.4 $ 5,677.5 7.5 % Wholesale vehicle sales 1,252.7 1,256.4 (0.3 )% Other sales and revenues: Extended protection plan revenues 131.7 118.8 10.8 % Third-party finance fees, net (0.7 ) (1.7 ) 58.3 % Advertising & subscription revenues (1) 36.5 34.7 5.3 % Other 22.9 27.7 (17.3 )% Total other sales and revenues 190.4 179.5 6.1 % Total net sales and operating revenues $ 7,546.5 $ 7,113.4 6.1 % Expand (1) Excludes intercompany revenues that have been eliminated in consolidation. Expand Unit Sales Three Months Ended May 31 2025 2024 Change Used vehicles 230,210 211,132 9.0 % Wholesale vehicles 149,517 147,685 1.2 % Expand Average Selling Prices Three Months Ended May 31 2025 2024 Change Used vehicles $ 26,120 $ 26,526 (1.5 )% Wholesale vehicles $ 7,959 $ 8,094 (1.7 )% Expand Vehicle Sales Changes Three Months Ended May 31 2025 2024 Used vehicle units 9.0 % (3.1 )% Used vehicle revenues 7.5 % (5.4 )% Wholesale vehicle units 1.2 % (8.3 )% Wholesale vehicle revenues (0.3 )% (17.0 )% Expand Comparable Store Used Vehicle Sales Changes (1) Three Months Ended May 31 2025 2024 Used vehicle units 8.1 % (3.8 )% Used vehicle revenues 6.6 % (6.1 )% Expand (1) Stores are added to the comparable store base beginning in their fourteenth full month of operation. Comparable store calculations include results for a set of stores that were included in our comparable store base in both the current and corresponding prior year periods. Expand Used Vehicle Financing Penetration by Channel (Before the Impact of 3-day Payoffs) (1) Three Months Ended May 31 2025 2024 CAF (2) 44.4 % 45.3 % Tier 2 (3) 17.7 % 18.7 % Tier 3 (4) 8.0 % 7.5 % Other (5) 29.9 % 28.5 % Total 100.0 % 100.0 % Expand (1) Calculated as used vehicle units financed for respective channel as a percentage of total used units sold. (2) Includes CAF's Tier 2 and Tier 3 loan originations, which represent approximately 2% of total used units sold. (3) Third-party finance providers who generally pay us a fee or to whom no fee is paid. (4) Third-party finance providers to whom we pay a fee. (5) Expand Selected Operating Ratios Three Months Ended May 31 (In millions) 2025 % (1) 2024 % (1) Net sales and operating revenues $ 7,546.5 100.0 $ 7,113.4 100.0 Gross profit $ 893.6 11.8 $ 791.9 11.1 CarMax Auto Finance income $ 141.7 1.9 $ 147.0 2.1 Selling, general, and administrative expenses $ 659.6 8.7 $ 638.6 9.0 Interest expense $ 27.1 0.4 $ 31.4 0.4 Earnings before income taxes $ 283.1 3.8 $ 206.6 2.9 Net earnings $ 210.4 2.8 $ 152.4 2.1 Expand (1) Calculated as a percentage of net sales and operating revenues. Expand Gross Profit (1) Three Months Ended May 31 (In millions) 2025 2024 Change Used vehicle gross profit $ 554.2 $ 495.5 11.8 % Wholesale vehicle gross profit 156.6 157.1 (0.4 )% Other gross profit 182.8 139.3 31.3 % Total $ 893.6 $ 791.9 12.8 % Expand (1) Amounts are net of intercompany eliminations. Expand Gross Profit per Unit (1) Three Months Ended May 31 2025 2024 $ per unit (2) % (3) $ per unit (2) % (3) Used vehicle gross profit per unit $ 2,407 9.1 $ 2,347 8.7 Wholesale vehicle gross profit per unit $ 1,047 12.5 $ 1,064 12.5 Other gross profit per unit $ 794 96.1 $ 660 77.6 Expand (1) Amounts are net of intercompany eliminations. (2) Calculated as category gross profit divided by its respective units sold, except the other category, which is divided by total used units sold. (3) Calculated as a percentage of its respective sales or revenue. Expand (1) Amounts are net of intercompany eliminations. (2) Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales. (3) Includes IT expenses, non-CAF bad debt, insurance, preopening and relocation costs, travel, charitable contributions and other administrative expenses. Expand Components of CAF Income and Other CAF Information Three Months Ended May 31 (In millions) 2025 2024 Interest margin: Interest and fee income $ 485.4 $ 452.5 Interest expense (197.5 ) (182.3 ) Total interest margin 287.9 270.2 Provision for loan losses (101.7 ) (81.2 ) Total interest margin after provision for loan losses 186.2 189.0 Total direct expenses (44.5 ) (42.0 ) CarMax Auto Finance income $ 141.7 $ 147.0 Average auto loans outstanding (1) $ 17,719.9 $ 17,551.2 Total interest margin as a percent of average auto loans outstanding 6.5 % 6.2 % Net auto loans originated (1) $ 2,318.5 $ 2,265.7 Net penetration rate (1) 41.8 % 43.3 % Weighted average contract rate (1) 11.4 % 11.4 % Ending allowance for loan losses $ 474.2 $ 493.1 Expand (1) Includes auto loans held for investment and auto loans held for sale. Expand Earnings Highlights Three Months Ended May 31 (In millions except per share data) 2025 2024 Change Net earnings $ 210.4 $ 152.4 38.0 % Diluted weighted average shares outstanding 152.6 157.7 (3.2 )% Net earnings per diluted share $ 1.38 $ 0.97 42.3 % Expand Conference Call Information We will host a conference call for investors at 9:00 a.m. ET today, June 20, 2025. Domestic investors may access the call at 1-800-225-9448 (international callers dial 1-203-518-9708). The conference I.D. for both domestic and international callers is 3171396. A live webcast of the call will be available on our investor information home page at A replay of the webcast will be available on the company's website at through September 24, 2025, or via telephone (for approximately one week) by dialing 1-800-839-1247 (or 1-402-220-0470 for international access) and entering the conference ID 3171396. Second Quarter Fiscal 2026 Earnings Release Date We currently plan to release results for the second quarter ending August 31, 2025, on Thursday, September 25, 2025, before the opening of trading on the New York Stock Exchange. We plan to host a conference call for investors at 9:00 a.m. ET on that date. Information on this conference call will be available on our investor information home page at in early September 2025. About CarMax CarMax, the nation's largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year that ended February 28, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than $8 billion in auto loans during fiscal 2025, adding to its nearly $18 billion portfolio. CarMax has 250 store locations, over 30,000 associates, and is proud to have been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to helping its communities thrive and reducing the environmental footprint of its operations. Learn more in the 2025 Responsibility Report. For more information, visit Forward-Looking Statements We caution readers that the statements contained in this release that are not statements of historical fact, including statements about our future business plans, operations, challenges, opportunities or prospects, including without limitation any statements or factors regarding expected operating capacity, sales, inventory, market share, financial and operational targets and goals, revenue, margins, expenses, liquidity, loan originations, capital expenditures, share repurchase plans, debt obligations or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as 'anticipate,' 'believe,' 'could,' 'enable,' 'estimate,' 'expect,' 'intend,' 'may,' 'outlook,' 'plan,' 'positioned,' 'predict,' 'should,' 'target,' 'will' and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management's current knowledge, expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following: Changes in the competitive landscape and/or our failure to successfully adjust to such changes. Changes in general or regional U.S. economic conditions, including economic downturns, inflationary pressures, fluctuating interest rates, tariffs or the effect of trade policies, and the potential impact of international events. Changes in the availability or cost of capital and working capital financing, including changes related to the asset-backed securitization market. Events that damage our reputation or harm the perception of the quality of our brand. Significant changes in prices of new and used vehicles. A reduction in the availability of or access to sources of inventory or a failure to expeditiously liquidate inventory. Our inability to realize the benefits associated with our omni-channel platform or initiatives designed to leverage evolving technologies, including AI. Factors related to geographic and sales growth, including the inability to effectively manage our growth. Our inability to recruit, develop and retain associates and maintain positive associate relations. The loss of key associates from our store, regional or corporate management teams or a significant increase in labor costs. Changes in economic conditions or other factors that result in greater credit losses for CAF's portfolio of auto loans than anticipated. The failure or inability to realize the benefits associated with our strategic investments. Changes in consumer credit availability provided by our third-party finance providers. Changes in the availability of extended protection plan products from third-party providers. The performance of the third-party vendors we rely on for key components of our business. Adverse conditions affecting one or more automotive manufacturers. The inaccuracy of estimates and assumptions used in the preparation of our financial statements, or the effect of new accounting requirements or changes to U.S. generally accepted accounting principles. The failure or inability to adequately protect our intellectual property. The occurrence of severe weather events. The failure or inability to meet our environmental goals or satisfy related disclosure requirements. Factors related to the geographic concentration of our stores. Security breaches or other events that result in the misappropriation, loss or other unauthorized disclosure of confidential customer, associate or corporate information. The failure of or inability to sufficiently enhance key information systems. Factors related to the regulatory and legislative environment in which we operate. The effect of evolving regulations, disclosure requirements, standards and expectations relating to environmental, social and governance matters. The effect of various litigation matters. The volatility in the market price for our common stock. For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at Requests for information may also be made to the Investor Relations Department by email to investor_relations@ or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. (1) Percents are calculated as a percentage of net sales and operating revenues and may not total due to rounding. Expand CARMAX, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of May 31 February 28 May 31 (In thousands except share data) 2025 2025 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 262,819 $ 246,960 $ 218,931 Restricted cash from collections on auto loans held for investment 584,277 559,118 536,407 Accounts receivable, net 200,305 188,733 212,370 Auto loans held for sale 637,947 — — Inventory 3,624,353 3,934,622 3,772,885 Other current assets 142,890 148,203 229,714 TOTAL CURRENT ASSETS 5,452,591 5,077,636 4,970,307 Auto loans held for investment, net 16,802,744 17,242,789 17,268,321 Property and equipment, net 3,909,977 3,841,833 3,734,736 Deferred income taxes 141,183 140,332 100,104 Operating lease assets 482,613 493,355 509,043 Goodwill 141,258 141,258 141,258 Other assets 456,039 467,003 518,325 TOTAL ASSETS $ 27,386,405 $ 27,404,206 $ 27,242,094 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 980,499 $ 977,845 $ 911,348 Accrued expenses and other current liabilities 409,003 529,926 456,277 Accrued income taxes 79,412 87,526 24,792 Current portion of operating lease liabilities 58,332 59,335 57,534 Current portion of long-term debt 217,319 16,821 21,550 Current portion of non-recourse notes payable 532,787 526,518 514,394 TOTAL CURRENT LIABILITIES 2,277,352 2,197,971 1,985,895 Long-term debt, excluding current portion 1,366,176 1,570,296 1,591,366 Non-recourse notes payable, excluding current portion 16,639,622 16,567,044 16,626,011 Operating lease liabilities, excluding current portion 470,912 481,963 484,632 Other liabilities 345,434 343,944 387,320 TOTAL LIABILITIES 21,099,496 21,161,218 21,075,224 Commitments and contingent liabilities SHAREHOLDERS' EQUITY: Common stock, $0.50 par value; 350,000,000 shares authorized; 150,582,152 and 153,319,678 shares issued and outstanding as of May 31, 2025 and February 28, 2025, respectively 75,291 76,660 78,176 Capital in excess of par value 1,899,003 1,891,012 1,834,218 Accumulated other comprehensive (loss) income (8,246 ) 3,080 61,678 Retained earnings 4,320,861 4,272,236 4,192,798 TOTAL SHAREHOLDERS' EQUITY 6,286,909 6,242,988 6,166,870 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 27,386,405 $ 27,404,206 $ 27,242,094 Expand
CAF
15 hours ago
- Sport
- CAF
WAFCON D-15: 2015, the Year the Women's AFCON Embraced Its Identity
Published: Friday, 20 June 2025 The countdown continues to the CAF Women's Africa Cup of Nations TotalEnergies Morocco 2024. As the tournament approaches, looks back on the key milestones that have shaped this iconic competition, with its 13th edition already promising plenty of excitement. Today's spotlight is on August 6, 2015 — the date when the CAF Executive Committee made a symbolic decision: to officially rename the tournament the 'Women's Africa Cup of Nations,' in direct alignment with its male counterpart. The CAF Women's Africa Cup of Nations TotalEnergies 2024 kicks off in just 15 days. It wasn't until 2015 that Africa's premier women's tournament truly embraced its full identity. On August 6 of that year, following an Executive Committee meeting, the Confederation of African Football (CAF) made a historic move: the continental competition would now be called the 'Women's Africa Cup of Nations,' mirroring the name of the men's tournament. A minor detail? Far from it. This name change signaled formal recognition of the competition's status and the growing importance of women's football on the continent. No more secondary or marginal titles — from then on, the Women's AFCON would stand as a full-fledged institution, with its own legacy, stakes, and heroines. 'It's more than just a name — it's a statement,' said then CAF President Issa Hayatou. 'We're no longer talking about a 'small women's tournament'; we're affirming that this is a major championship.' This identity shift came amid a time of deep transformation. In 2016, the tournament hosted in Cameroon was the first to carry the new name. On the pitch, Nigeria clinched their 8th title by defeating the Indomitable Lionesses in Yaoundé (1-0) in front of a packed stadium. Behind the scenes, CAF secured a major sponsorship deal with TotalEnergies, ushering in a new era of financial and media support for the competition.
CAF
a day ago
- Sport
- CAF
TotalEnergies CAF CHAN 2024: Tanzania to Host Opening match, Uganda to host Third/Fourth and Kenya to Host Final Match
Published: Thursday, 19 June 2025 The Confédération Africaine de Football ('CAF'), in consultation with the three Nations that will host this year's TotalEnergies CAF African Nations Championship Kenya, Tanzania and Uganda (CHAN) 2024 have announced the venues that will host the Opening, Third and Fourth and the Final Match of the Competition. The TotalEnergies CAF African Nations Championship Kenya, Tanzania and Uganda (CHAN) 2024 will be held between 02 – 30 August, 2025, marking a return to East African soil following the 2016 edition in Rwanda. Tanzania's Benjamin Mkapa Stadium in Dar es Salaam will host the opening match of TotalEnergies CAF African Nations Championship Kenya, Tanzania and Uganda (CHAN) 2024 on 02 August 2024. The Mandela Stadium in Kampala, Uganda has been designated to host the third and fourth match of the event. Kenya's Kasarani Stadium in Nairobi will host the Final match of the Competition on 30 August 2025. The Host Nations: The Opening Match will be hosted in Dar es Salaam, Tanzania on Saturday, 02 August. will be hosted in on Saturday, 02 August. The Final Match will take place in Nairobi, Kenya on Saturday, 30 August. will take place in on Saturday, 30 August. The Third-Place Match will be staged in Kampala, Uganda Additionally, Zanzibar has been designated as one of the Host Venues – a decision that underscores CAF's commitment to expanding the reach and inclusivity of African football. Zanzibar's Amaan Stadium recently staged a successful TotalEnergies CAF Confederation Cup 2024/25 Final in May this year. The Host Cities for the Group Stages of the tournament are as follows: Group A | Nairobi, Kenya: Kenya, Morocco, Angola, DR Congo, Zambia Kenya, Morocco, Angola, DR Congo, Zambia Group B | Dar es Salaam, Tanzania: Tanzania, Madagascar, Mauritania, Burkina Faso, Central African Republic Tanzania, Madagascar, Mauritania, Burkina Faso, Central African Republic Group C | Kampala, Uganda: Uganda, Niger, Guinea, South Africa, Algeria Uganda, Niger, Guinea, South Africa, Algeria Group D | Zanzibar: Senegal, *Congo, Sudan, Nigeria *Following the decision of the of the CAF Appeals Board, Equatorial Guinea was replaced by Congo. Further information regarding match schedule, ticketing and fan engagement activities will be communicated by CAF in due course. For more details on the TotalEnergies CAF African Nations Championship, please visit Further Enquiries: communications@ CAF | Communication Department
CAF
2 days ago
- Sport
- CAF
Barbra Banda, Jennifer Echegini, Dr Desiree Ellis and others share their inspirational TotalEnergies CAF Women's Africa Cup of Nations stories in special media pack
Published: Wednesday, 18 June 2025 The TotalEnergies CAF Women's Africa Cup of Nations (WAFCON), Morocco 2024 will showcase the growth of the women's game on the continent and write another chapter in the rich history of the women's championship when it is played from July 5-26, 2025. The TotalEnergies CAF WAFCON already has a storied history, as legends of the African game emerge from past competitions. The Confédération Africaine de Football (CAF) has spoken to players and coaches from various competing teams to hear their stories of courage, hope and achievement ahead of this year's finals. Included in this package of features are: To download the pack containing links to the stories, CLICK HERE For more on the TotalEnergies CAF Women's Africa Cup of Nations (WAFCON), Morocco 2024, visit Further Inquiries: communications@ CAF | Communication Department
