Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>CarMax, Inc.’s fiscal fourth quarter 2026 results reflected mixed operational outcomes amid strategic shifts to improve competitiveness in the evolving used car market.</li><li>Total sales decreased marginally by 1% year-over-year to $5.9 billion, while total vehicle units sold increased slightly by 1% to approximately 304,000, marking an improvement over the more pronounced unit sales declines seen in prior quarters.</li><li>Retail unit sales declined marginally by 0.8%, with used unit comparable sales down 1.9%, an improvement compared to sharper declines earlier in the fiscal year.</li></ul>

CarMax, Inc.’s fiscal fourth quarter 2026 results reflected mixed operational outcomes amid strategic shifts to improve competitiveness in the evolving used car market.Total sales decreased marginally by 1% year-over-year to $5.9 billion, while total vehicle units sold increased slightly by 1% to approximately 304,000, marking an improvement over the more pronounced unit sales declines seen in prior quarters.Retail unit sales declined marginally by 0.8%, with used unit comparable sales down 1.9%, an improvement compared to sharper declines earlier in the fiscal year.

CarMax: A $5.9 Billion Quarter Masks Weak Earnings And Margin Declines!

<ul><li>CarMax is no longer just a story about two new board members joining after talks with activist investor Starboard Value.</li><li>The bigger story is that the boardroom change appears to be the public signal of a deeper operating reset now underway inside the country’s largest used-car retailer.</li><li>Starboard built an approximately $350 million stake and pushed the company to revisit its pricing framework, improve digital execution, and cut costs, and recent management commentary suggests those concerns were not isolated critiques from an outside shareholder.</li></ul>

CarMax is no longer just a story about two new board members joining after talks with activist investor Starboard Value.The bigger story is that the boardroom change appears to be the public signal of a deeper operating reset now underway inside the country’s largest used-car retailer.Starboard built an approximately $350 million stake and pushed the company to revisit its pricing framework, improve digital execution, and cut costs, and recent management commentary suggests those concerns were not isolated critiques from an outside shareholder.

CarMax’s $350 Million Wake-Up Call: Why The Board Shake-Up Could Be Just The Beginning!

<ul><li>CarMax, Inc. entered its third fiscal quarter of 2026 amid transitional leadership and intensified efforts to regain sales momentum following consecutive declines in unit volumes and profitability.</li><li>Management acknowledged that recent performance did not reflect the company’s long-term potential and outlined immediate priorities centered on pricing adjustments, marketing investment, digital streamlining, and cost reduction.</li><li>Total sales of $5.8 billion declined 6.9 percent year-over-year, with retail unit sales down 8 percent and comparable used unit sales decreasing 9 percent.</li></ul>

CarMax, Inc. entered its third fiscal quarter of 2026 amid transitional leadership and intensified efforts to regain sales momentum following consecutive declines in unit volumes and profitability.Management acknowledged that recent performance did not reflect the company’s long-term potential and outlined immediate priorities centered on pricing adjustments, marketing investment, digital streamlining, and cost reduction.Total sales of $5.8 billion declined 6.9 percent year-over-year, with retail unit sales down 8 percent and comparable used unit sales decreasing 9 percent.

CarMax Just Attracted A $350 Million Activist Bet—Here’s Why Wall Street Sees A Turnaround Coming

CarMax Inc.: From Pricing Competitiveness to Conversion Lift—Which Needle Mover Will Matter Most for the Stock Next?

<ul><li>CarMax's second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market.</li><li>The company reported total sales of $6.6 billion, down 6% compared to the previous year, mainly due to lower volume.</li><li>Retail unit sales declined by 5.4%, while used unit comps fell by 6.3%.</li></ul>

CarMax's second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market.The company reported total sales of $6.6 billion, down 6% compared to the previous year, mainly due to lower volume.Retail unit sales declined by 5.4%, while used unit comps fell by 6.3%.

CarMax CEO Walks Out, Earnings Tank—Wall Street Sounds The Alarm!

United States

CarMax, Inc. sells at retail used cars and light trucks. The Company purchases, reconditions, and sells used vehicles in its superstores and franchises throughout the United States.

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Carmax Inc (KMX US)

CarMax: A $5.9 Billion Quarter Masks Weak Earnings And Margin Declines!

CarMax, Inc.’s fiscal fourth quarter 2026 results reflected mixed operational outcomes amid strategic shifts to improve competitiveness in the...

Baptista Research

CarMax’s $350 Million Wake-Up Call: Why The Board Shake-Up Could Be Just The Beginning!

CarMax is no longer just a story about two new board members joining after talks with activist investor Starboard Value. The bigger story is that...

Baptista Research

CarMax Just Attracted A $350 Million Activist Bet—Here’s Why Wall Street Sees A Turnaround Coming

CarMax, Inc. entered its third fiscal quarter of 2026 amid transitional leadership and intensified efforts to regain sales momentum following...

Baptista Research

CarMax Inc.: From Pricing Competitiveness to Conversion Lift—Which Needle Mover Will Matter Most for the Stock Next?

CarMax, Inc. entered its third fiscal quarter of 2026 amid transitional leadership and intensified efforts to regain sales momentum following...

Baptista Research

CarMax CEO Walks Out, Earnings Tank—Wall Street Sounds The Alarm!

CarMax's second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market. The company reported total sales of $6.6...

Baptista Research

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