MarketPressures News & Analysis

CarMax (KMX) Cuts 145 Jobs, Totaling 4% of Workforce

CarMax (KMX) has laid off 145 corporate employees, marking the third job cut this year, representing about 4% of its total corporate headcount. This follows prior cuts of 350 jobs in October 2025 and 230 in January 2026, totaling over 1,000 layoffs since 2024. The current CEO, Keith Barr, aims to reduce costs and enhance competitiveness amid challenges from high vehicle prices and rising interest rates. CarMax's revenue grew by 6.2% to $8.01 billion in the last quarter, although net earnings fell by 11.8% to $185.6 million, highlighting ongoing pressures in the used-car market.