AMERICAS CARMART INC (CRMT) FY2026 10-K Annual Report
AMERICAS CARMART INC (CRMT) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Jul 14, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
AMERICAS CARMART INC FY2026 10-K Analysis
Business Overview
- • Core business: Integrated auto sales and financing focused on used vehicles for credit-challenged customers, operating 94 dealerships mainly in South-Central U.S.
- • Strategic shift: Closed 60 dealerships in fiscal 2026, centralizing collections; pacing further closures based on early-stage centralized collections model capacity
- • Liquidity focus: $300M senior secured term loan obtained Oct 2025; covenant relief amended June 2026, with going concern risk and lender negotiations ongoing
- • Credit losses rose to 40.8% of sales in FY 2026 from 22.9% in FY 2022, driven by reduced originations and macroeconomic factors
- • Workforce reduced due to dealership closures, now about 1,500 full-time associates with ongoing talent development and enhanced external hires
Management Discussion & Analysis
- • Revenue $1,281.5M, down 7.9% YoY ($109.4M decrease), due to 14.3% decline in retail units sold, offset by 3.4% price increase and 3.7% interest income growth
- • Gross margin 35.4% vs 36.7% in fiscal 2025; SG&A expenses 20.2% of sales vs 16.5%; provision for credit losses 40.8% vs 32.7%
- • Best performing: Interest and other income up 3.7% to $253.7M; worst performing: Retail vehicle sales revenue down 10.3% to $1,027.8M
- • Operating cash flow $65.0M vs negative $48.8M prior year; Capex $1.8M; senior secured term loan raised $300M used to retire $163M revolving line; no buybacks; dividends $40K
- • Management warns liquidity constraints, covenant waivers through Sept 2026, ongoing going concern doubt; plans marketing process for financing or restructuring
Risk Factors
- • Regulatory risk: CFPB examination and supervision of Colonial finance subsidiary as a “larger participant” in auto finance market
- • Macroeconomic threat: 50% rise in U.S. gasoline prices since Feb 2026 conflict involving U.S., Israel, Iran impacting non-prime customers' disposable income
- • Operational risk: Closure of 60 dealerships in fiscal 2026 disrupting in-person payment collections, ongoing transition to centralized collections increases default risk
- • Competitive risk: Pressure from franchised dealers and independent retailers forcing price reductions and increasing credit losses in non-prime financing
- • Financial risk: $722.4M total debt including $263.7M Term Loan with covenant waivers only through Nov 2026, substantial doubt about going concern status
AMERICAS CARMART INC FY2026 Key Financial MetricsXBRL
Revenue
$1.0B
▼ -10.3% YoY
Net Income
-$139M
▼ -877.7% YoY
Net Margin
-13.5%
▼ -1510bp YoY
ROE
-31.2%
▼ -3437bp YoY
Total Assets
$1.4B
▼ -11.8% YoY
EPS (Diluted)
$-16.79
▼ -820.6% YoY
Operating Cash Flow
$65M
▲ +233.2% YoY
Source: XBRL data from AMERICAS CARMART INC FY2026 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on AMERICAS CARMART INC
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.