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Stock And Stock-Based Incentive Plans (Tables)
 12 Months Ended
Feb. 28, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Common Stock Repurchases Common Stock Repurchases
 Years Ended February 28
 202320222021
Number of shares repurchased (in thousands)
3,403.9 4,475.2 2,379.8 
Average cost per share$94.95 $125.49 $90.87 
Available for repurchase, as of end of year (in millions)
$2,451.3 $774.5 $1,336.1 
Composition Of Share-Based Compensation Expense
Composition of Share-Based Compensation Expense
 Years Ended February 28
(In thousands)202320222021
Cost of sales$2,269 $4,924 $6,805 
CarMax Auto Finance income2,295 5,043 5,657 
Selling, general and administrative expenses83,608 101,966 111,749 
Share-based compensation expense, before income taxes$88,172 $111,933 $124,211 
Composition Of Share-Based Compensation Expense - By Grant Type
Composition of Share-Based Compensation Expense – By Grant Type
 Years Ended February 28
(In thousands)202320222021
Nonqualified stock options$38,629 $33,598 $31,500 
Cash-settled restricted stock units (RSUs)23,567 52,435 72,243 
Stock-settled market stock units (MSUs)15,617 13,984 15,596 
Other share-based incentives:
Stock-settled performance stock units (PSUs)5,123 6,289 489 
Stock-settled deferred stock units (DSUs)1,850 1,925 1,925 
Restricted stock (RSAs)806 966 147 
Employee stock purchase plan2,580 2,736 2,311 
Total other share-based incentives10,359 11,916 4,872 
Share-based compensation expense, before income taxes$88,172 $111,933 $124,211 
Unrecognized Share-Based Compensation Expense – By Grant Type
 As of February 28, 2023
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$50.9 1.7
Stock-settled market stock units15.4 1.1
Other share-based incentives:
Stock-settled performance stock units1.1 1.6
Restricted stock0.3 0.4
Total other share-based incentives1.4 1.3
Total$67.7 1.6
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, 20225,796 $79.66   
Options granted1,302 90.71   
Options exercised(268)63.74   
Options forfeited or expired(54)96.21   
Outstanding as of February 28, 20236,776 $82.28 3.8$15,008 
Exercisable as of February 28, 20233,937 $73.20 2.8$14,838 
Outstanding Stock Options
Stock Option Information
Years Ended February 28
202320222021
Options granted1,301,862 922,475 1,607,401 
Weighted average grant date fair value per share$33.24 $42.31 $22.80 
Cash received from options exercised (in millions)
$17.1 $79.8 $143.1 
Intrinsic value of options exercised (in millions)
$7.3 $95.2 $94.0 
Realized tax benefits (in millions)
$1.8 $20.6 $25.5 
Assumptions Used To Estimate Option Values
Assumptions Used to Estimate Option Values
 Years Ended February 28
 202320222021
Dividend yield  0.0 %  0.0 %  0.0 %
Expected volatility factor (1)  
38.7 %-53.6 %31.8 %-37.6 %36.1 %-56.1 %
Weighted average expected volatility  39.5 %  36.2 %  38.2 %
Risk-free interest rate (2)
0.4 %-4.7 %— %-1.4 %0.1 %-0.7 %
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, 20221,163 $93.37 
Stock units granted678 91.14 
Stock units vested and converted(755)85.83 
Stock units cancelled(82)97.66 
Outstanding as of February 28, 20231,004 $97.19 

 Cash-Settled Restricted Stock Unit Information
Years Ended February 28
202320222021
Stock units granted677,783 378,382 669,937 
Initial weighted average grant date fair value per share$91.14 $136.46 $71.09 
Payments (before payroll tax withholdings) upon
vesting (in millions)
$67.1 $92.6 $38.1 
Realized tax benefits (in millions)
$16.8 $23.0 $10.5 
Stock-Settled Market Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 2022393 $112.17 
Stock units granted141 125.37 
Stock units vested and converted(123)98.76 
Stock units cancelled(7)127.97 
Outstanding as of February 28, 2023404 $120.61 

Stock-Settled Market Stock Unit Information
Years Ended February 28
202320222021
Stock units granted140,743 82,061 199,916 
Weighted average grant date fair value per share$125.37 $178.15 $93.82 
Realized tax benefits (in millions)
$2.9 $10.4 $3.2 
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of February 28, 2023
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2024$30,096 $80,255 
Fiscal 202522,407 59,752 
Fiscal 202612,525 33,399 
Total expected cash settlements$65,028 $173,406 
 
(1)Net of estimated forfeitures.