• CarMax 2025 shares outstanding were 0.156B, a 1.67% decline from 2024.
• CarMax 2024 shares outstanding were 0.159B, a 0.67% decline from 2023.
• CarMax 2023 shares outstanding were 0.16B, a 3.27% decline from 2022.

Shares outstanding can be defined as the number of shares held by shareholders (including insiders) assuming conversion of all convertible debt, securities, warrants and options. This metric excludes the company's treasury shares.