CarMax ( KMX ) shares fell sharply Thursday after the used-car retailer's fiscal fourth-quarter profit and used-vehicle sales came in below analysts' expectations.

The Virginia-based company reported earnings per share (EPS) of $0.58 on net sales and operating revenue of $6.00 billion, both up from $0.32 and $5.63 billion a year ago. Analysts polled by Visible Alpha projected $0.68 and $5.99 billion, respectively.

CarMax sold a total of 301,811 used vehicles, including 182,655 retail and 119,156 wholesale units, each below consensus. Analysts were looking for 312,800 units of combined sales, consisting of 185,900 retail and 126,900 wholesale vehicles.

CarMax shares were down 16% shortly after the opening bell amid a broad market sell-off following yesterday's historic rally .

CarMax Axes Timelines for Long-Term Growth Targets

CarMax didn't give specific financial forecasts for fiscal 2026, but the company did suspend the timelines for its previously announced long-term growth targets "given the potential impact of broader macro factors."

A year ago, CarMax said it expected to reach 2 million annual vehicle sales between fiscal 2026 and 2030. It said that before it reached that unit figure, it expected annual revenue to reach $33 billion and market share of up to 10-year-old used vehicles to hit 5%.

Analysts have said both new and used cars are likely to become thousands of dollars more expensive as a result of the Trump administration's tariffs.

Last quarter, the stock surged as CEO Bill Nash said the better-than-expected results were helped by "a more stable environment for vehicle valuations."

UPDATE—This article has been updated with the latest share price information.

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