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Stock and Stock-Based Incentive Plans
 6 Months Ended
Aug. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans
(A)Share Repurchase Program
As of August 31, 2025, a total of $2.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.56 billion remained available for repurchase.
Common Stock Repurchases
 Three Months EndedSix Months Ended
 August 31August 31
 2025202420252024
Number of shares repurchased (in thousands)
2,921.0 1,376.7 5,873.4 2,822.4 
Average cost per share$61.63 $77.04 $64.66 $74.41 
Available for repurchase, as of end of period (in millions)
$1,557.1 $2,150.1 $1,557.1 $2,150.1 

(B)Share-Based Compensation
Composition of Share-Based Compensation Expense
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands)2025202420252024
Cost of sales$1,222 $1,639 $1,869 $2,648 
CarMax Auto Finance income1,146 1,449 2,556 2,134 
Selling, general and administrative expenses22,445 32,133 68,047 79,234 
Share-based compensation expense, before income taxes$24,813 $35,221 $72,472 $84,016 

Composition of Share-Based Compensation Expense – By Grant Type
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands)2025202420252024
Nonqualified stock options$6,930 $9,174 $26,874 $28,118 
Cash-settled restricted stock units (RSUs)11,060 17,277 16,927 28,667 
Stock-settled market stock units (MSUs)4,338 4,187 13,769 11,767 
Other share-based incentives:
Stock-settled performance stock units (PSUs)281 2,117 12,020 12,301 
Stock-settled deferred stock units (DSUs)1,665 1,850 1,665 1,850 
Employee stock purchase plan539 616 1,217 1,313 
Total other share-based incentives2,485 4,583 $14,902 $15,464 
Share-based compensation expense, before income taxes$24,813 $35,221 $72,472 $84,016 
(C)Stock Incentive Plan Information
Share/Unit Activity
Six Months Ended August 31, 2025
Equity ClassifiedLiability Classified
(Shares/units in thousands)OptionsMSUsOtherRSUs
Outstanding as of February 28, 20257,309 525 411 1,524 
Granted1,446 248 278 976 
Exercised or vested and converted(132)(124)(64)(701)
Cancelled(15)— — (65)
Outstanding as of August 31, 20258,608 649 625 1,734 
Weighted average grant date fair value per share/unit:
Granted$26.23 $91.98 $66.09 $65.52 
Ending outstanding$28.26 $95.36 $70.92 $66.79 
As of August 31, 2025
Unrecognized compensation (in millions)
$43.1 $24.8 $7.4