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Stock and Stock-Based Incentive Plans (Tables)
 3 Months Ended
May 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Common Stock Repurchases
Common Stock Repurchases
 Three Months Ended
 May 31
 20252024
Number of shares repurchased (in thousands)
2,952.5 1,445.8 
Average cost per share$67.66 $71.91 
Available for repurchase, as of end of period (in millions)
$1,737.1 $2,256.2 
Composition of Share-Based Compensation Expense
Composition of Share-Based Compensation Expense
 Three Months Ended
 May 31
(In thousands)20252024
Cost of sales$647 $1,009 
CarMax Auto Finance income1,410 685 
Selling, general and administrative expenses45,602 47,101 
Share-based compensation expense, before income taxes$47,659 $48,795 
Composition Of Share-Based Compensation Expense - By Grant Type
Composition of Share-Based Compensation Expense – By Grant Type
 Three Months Ended
 May 31
(In thousands)20252024
Nonqualified stock options$19,944 $18,944 
Cash-settled restricted stock units (RSUs)5,867 11,390 
Stock-settled market stock units (MSUs)9,431 7,580 
Other share-based incentives:
Stock-settled performance stock units (PSUs)11,739 10,184 
Employee stock purchase plan678 697 
Total other share-based incentives12,417 10,881 
Share-based compensation expense, before income taxes$47,659 $48,795 

Unrecognized Share-Based Compensation Expense – By Grant Type
 As of May 31, 2025
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$49.9 2.5
Stock-settled market stock units29.2 2.0
Stock-settled performance stock units9.2 2.2
Total$88.3 2.3
Share-based Payment Arrangement, Option, Activity [Table Text Block]
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 granted1,439 $65.52 
Options exercised(132)$63.04 
Options forfeited or expired(7)$66.06 
Outstanding as of May 31, 20258,609 $79.82 3.9$71 
Exercisable as of May 31, 20255,281 $86.46 2.7$29 
Outstanding Stock Options
Stock Option Information
Three Months Ended May 31
20252024
Options granted1,439,463 1,218,305 
Weighted average grant date fair value per share$26.23 $29.18 
Cash received from options exercised (in millions)
$8.3 $8.2 
Intrinsic value of options exercised (in millions)
$0.4 $1.8 
Realized tax benefits (in millions)
$0.1 $0.4 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
Assumptions Used to Estimate Option Values
 Three Months Ended May 31
 20252024
Dividend yield 0.0 % 0.0 %
Expected volatility factor (1)
41.9 %-42.0 %39.6 %-46.1 %
Weighted average expected volatility41.9 %45.4 %
Risk-free interest rate (2)
3.7 %-4.3 %4.6 %-5.4 %
Expected term (in years) (3)
 4.7 4.7

(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.
Expected Cash Settlement Range Upon Cash Settled Restricted Stock Unit Vesting
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of May 31, 2025
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2027$38,436 $102,495 
Fiscal 202826,014 69,372 
Fiscal 202913,658 36,421 
Total expected cash settlements$78,108 $208,288 

(1)Net of estimated forfeitures.