401(k) · DOL Form 5500 · 2023

Carmax, Inc. 401(k) Plan

Data updated 2026-08-11

$1.5B
Total assets
31,272
Participants
99th
Percentile by assets
$48,893
Avg per participant
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Official DOL plan name: Carmax, Inc. Retirement Savings Plan · Sponsored by Carmax, Inc. · Virginia · Retail Trade

$1.5B in assets, 31,272 participants

Carmax, Inc.'s Carmax, Inc. Retirement Savings Plan reported $1.5B in total assets and 31,272 participants in its 2023 DOL Form 5500 filing, ranking in the 99th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

  • 99th percentile by assets (of 127,072 plans)
  • #8,365 in Retail Trade (8,414 peers)

Coverage in Virginia

Carmax, Inc. Retirement Savings Plan covers 31,272 participants in Virginia, 40x the typical Virginia plan (state average ~782 per filing). Assets: $1.5B.

$1.5B
total plan assets (2023 EOY)
31,272
covered participants
99th
percentile by assets (of 127,072 plans)
$48,893
avg assets per participant

What changed between DOL Form 5500 filings

plan year 2022 → plan year 2023

  • Carmax, Inc. Retirement Savings Plan reported net income rose from -$157M in the plan year 2022 filing to $320M in the plan year 2023 filing.
  • Carmax, Inc. Retirement Savings Plan end-of-year assets rose from $1.2B in the plan year 2022 filing to $1.5B in the plan year 2023 filing.
  • Carmax, Inc. Retirement Savings Plan reported participants rose from 30,993 in the plan year 2022 filing to 31,272 in the plan year 2023 filing.

See the national 2023→2024 release diff →

State
Virginia
Industry
Retail Trade

Participants vs Virginia filers

In Virginia, the average filing covers about 782 participants across 3,655 plans. Carmax, Inc. Retirement Savings Plan reports 31,272 participants - 40x that state average ($1.5B EOY assets).

Virginia filing particulars

Total Assets (Beginning of Year)$1.2B
Net Assets (End of Year)$1.5B
Net Income$320M
Employer EIN541821055
Plan Effective Date2002-10-01
Filing StatusFILING RECEIVED

Sponsor Plan History (Carmax, Inc.)

$1.2B$1.4B$1.6B$1.8B$2B$2.2B 202220232024 $1.39B $2.01B ▲ +44.6%
Total plan assets by year, all Carmax, Inc. plans on file
Year Plans Participants Total Assets
2022 2 33,895 $1.4B
2023 2 34,013 $1.7B
2024 2 32,246 $2.0B

Nearby 401(k) Plans in Virginia

Peer 401(k) plans, same state, same plan type, ranked by total assets.

Carmax, Inc. Retirement Savings Plan vs. nearby 401(k) plans in Virginia, assets vs. participants

Carmax, Inc. Retirement Savings Plan vs. nearby 401(k) plans in Virginia, assets vs. participants Scatter plot of 6 data points. 20000400006000080000100000120000 -10010203040 Total assets ($B) Participants Carmax, Inc. Retirem…Northrop Grumman Sav…401(k) Pension PlanGeneral Dynamics Cor…Leidos, Inc. Retirem…Bae Systems Employee…
Carmax, Inc. Retirement Savings Plan vs. nearby 401(k) plans in Virginia, assets vs. participants
Compare Carmax, Inc. Retirement Savings Plan side-by-side with 3 peers →

Scale composition for Carmax, Inc. Retirement Savings Plan

Carmax, Inc. Retirement Savings Plan reports $1.5B in end-of-year assets across 31,272 participants (0.012% of the $12.3T held by all Form 5500 filers in the national rollup , and 0.033% of 93,925,755 covered participants) - about $48,893 per participant (35% of the national average assets-per-participant) . Net income for plan year 2023 was $320M.

This plan identity (EIN 541821055, plan #003) has 3 Form 5500 filings on file from 2022 to 2024 , with end-of-year assets moving from $1.2B to $1.8B (+49.9%) while covered participants moved from 30,993 to 29,683 . Single-year sparse filers cannot show that trail.

Plan year Participants EOY assets Filing
2022 30,993 $1.2B Open filing
2023 31,272 $1.5B This page
2024 · index core 29,683 $1.8B Open filing

The same sponsor also keeps 2 other index-core plans on PlainRetire:

Similar-Sized 401(k) Plans Nationally

401(k) plans in other states closest to Carmax, Inc. Retirement Savings Plan by total assets, not by location.

Frequently Asked Questions

How did Carmax, Inc. Retirement Savings Plan assets move in 2023? ▼
Carmax, Inc. Retirement Savings Plan grew sharply - up 26.5% during 2023, from $1.2B to $1.5B. Reported net income was $320M.
How have Carmax, Inc. plan assets changed over time? ▼
Across 3 plan years on file (2022-2024), Carmax, Inc.'s sponsor-wide assets grew 44.4%, from $1.4B to $2.0B.
Where does Carmax, Inc. Retirement Savings Plan rank by assets among Form 5500 filers? ▼
Carmax, Inc. Retirement Savings Plan ranks in the 99th percentile by end-of-year assets among 127,072 plans that reported assets for plan year 2023 (among the largest 1% of all filed plans).
Which 401(k) plans are similar in size to Carmax, Inc. Retirement Savings Plan? ▼
Among 401(k) plans in other states, the closest by assets is Lockheed Martin Corporation Hourly Employee Savings Plan Plus in MD ($1.5B, 15,472 participants).

Next read for Carmax, Inc. Retirement Savings Plan

Filing takeaways

Ways to act on Carmax, Inc. Retirement Savings Plan's numbers.

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2023.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 541821055.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.