Short answer
AMERICAS CARMART INC (CRMT) filed its fiscal 2026 10-K annual report with the SEC on Jul 14, 2026. It reported revenue of $1.0B (−10.3% year over year) and net income of −$139M.
- Top risk flagged: Regulatory risk: CFPB examination and supervision of Colonial finance subsidiary as a “larger participant” in auto finance market
FY2026 key financial metrics · XBRL
- Revenue
- $1.0B
- −10.3% YoY
- Net income
- −$139M
- −877.7% YoY
- EPS (diluted)
- −$16.79
- −820.6% YoY
- ROE
- -31.2%
- −34.4 pp YoY
- Operating cash flow
- $65M
- +233.2% YoY
Source: XBRL data from the AMERICAS CARMART INC (CRMT) FY2026 10-K on SEC EDGAR. USD.
AMERICAS CARMART INC FY2026 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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