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Stock and Stock-Based Incentive Plans
 9 Months Ended
Nov. 30, 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 November 30, 2025, a total of $2.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.36 billion remained available for repurchase.
Common Stock Repurchases
 Three Months EndedNine Months Ended
 November 30November 30
 2025202420252024
Number of shares repurchased (in thousands)
4,613.2 1,505.1 10,486.7 4,327.5 
Average cost per share$43.71 $76.26 $55.44 $75.05 
Available for repurchase, as of end of period (in millions)
$1,355.4 $2,035.3 $1,355.4 $2,035.3 
(B)Share-Based Compensation
Composition of Share-Based Compensation Expense
 Three Months EndedNine Months Ended
 November 30November 30
(In thousands)2025202420252024
Cost of sales$913 $1,250 $2,782 $3,898 
CarMax Auto Finance income988 1,427 3,544 3,561 
Selling, general and administrative expenses14,680 22,252 82,727 101,486 
Share-based compensation expense, before income taxes$16,581 $24,929 $89,053 $108,945 

Composition of Share-Based Compensation Expense – By Grant Type
 Three Months EndedNine Months Ended
 November 30November 30
(In thousands)2025202420252024
Nonqualified stock options$6,109 $6,760 $32,984 $34,878 
Cash-settled restricted stock units (RSUs)4,577 13,156 21,503 41,823 
Stock-settled market stock units (MSUs)4,461 3,789 18,229 15,556 
Other share-based incentives:
Stock-settled performance stock units (PSUs)960 713 12,980 13,014 
Stock-settled deferred stock units (DSUs)— — 1,665 1,850 
Employee stock purchase plan474 511 1,692 1,824 
Total other share-based incentives1,434 1,224 $16,337 $16,688 
Share-based compensation expense, before income taxes$16,581 $24,929 $89,053 $108,945 
(C)Stock Incentive Plan Information
Share/Unit Activity
Nine Months Ended November 30, 2025
Equity ClassifiedLiability Classified
(Shares/units in thousands)OptionsMSUsOtherRSUs
Outstanding as of February 28, 20257,309 525 411 1,524 
Granted1,451 249 278 978 
Exercised or vested and converted(132)(124)(64)(707)
Cancelled(37)(6)— (111)
Outstanding as of November 30, 20258,591 644 625 1,684 
Weighted average grant date fair value per share/unit:
Granted$26.21 $91.81 $66.09 $65.49 
Ending outstanding$28.25 $95.27 $70.92 $66.77 
As of November 30, 2025
Unrecognized compensation (in millions)
$37.0 $20.6 $6.4