Company: KMX
Filing Date: 2025-05-08
Form Type: DEF 14A
Source: 0001170010-25-000073
Chunk: 23

Company: CARMAX INC
Filing Date: 2025-05-08
Form: DEF 14A
Chunk 23
---
 Committee makes all executive compensation decisions using its own independent judgment.

#### 27

#### PEER GROUP
Each year, generally in January, in consultation with the independent compensation consultant, the Committee reviews market compensation data provided by its independent consultant to determine whether the compensation opportunities of the named executive officers are appropriate and competitive.

In January 2024, the Committee used the following peer group of companies to assess the market competitiveness of the fiscal 2025 compensation disclosed in this proxy statement. All of the peer group companies fell within a reasonable range (both above and below CarMax) of comparative factors such as revenue, market capitalization, net income, revenue growth, assets and one- and three-year total shareholder return. These peers are generally comparable retailers or direct competitors.

| Advance Auto Parts, Inc.    |     | Genuine Parts Company        |
| AutoNation, Inc.            |     | Kohl’s Corporation           |
| AutoZone, Inc.              |     | Lowe’s Companies, Inc.       |
| Best Buy Co., Inc.          |     | Macy’s, Inc.                 |
| Dick’s Sporting Goods, Inc. |     | Ross Stores, Inc.            |
| Dollar General Corporation  |     | The Sherwin-Williams Company |
| Dollar Tree, Inc.           |     | Target Corporation           |
| eBay Inc.                   |     | The TJX Companies, Inc.      |
| The Gap, Inc.               |     | Tractor Supply Company       |

The Committee reviews the peer group at least annually. Subsequent to the establishment of his CarMax compensation for fiscal 2025, Mr. Nash joined the Board of Directors of eBay Inc. As a result of Mr. Nash’s service on eBay Inc.’s Board of Directors, effective for fiscal 2026 and thereafter, the Committee has removed eBay Inc. from the peer group.

#### BENCHMARKING
The Committee considers a blend of peer group data and broader survey data in benchmarking compensation. For fiscal 2025, in addition to the peer group, the Committee considered national compensation surveys produced by Equilar and Willis Towers Watson with a focus on executives within the retail/wholesale and automotive industries.

The Committee believes that this mix of data provides the most comprehensive view of executive compensation practices at companies with whom we compete for talent and allows the Committee to ensure that CarMax continues to provide appropriate and competitive compensation. This mix of data also allows the Committee to obtain broader market context with regard to certain positions that may not exist in a comparable form at