America's Car-Mart, Inc. (CRMT) Income Statement

30Y historyFree accessUpdated daily

Operating margins have collapsed into negative territory, reaching -5.2% in 2025Q3, as the company contends with a 12.0% year-over-year revenue decline.

Annual statement

CRMT Income Statement

America's Car-Mart, Inc. (CRMT) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Apr'26	Apr'25	Apr'24	Apr'23	Apr'22	Apr'21	Apr'20	Apr'19	Apr'18	Apr'17	Apr'16	Apr'15	Apr'14	Apr'13	Apr'12	Apr'11	Apr'10	Apr'09	Apr'08	Apr'07	Apr'06	Apr'05	Apr'04	Apr'03	Apr'02	Apr'01	Apr'00	Apr'99	Apr'98	Apr'97

Sales/Revenue	1.03B	1.28B	1.39B	1.39B	1.41B	1.21B	918.61M	744.61M	669.12M	612.2M	587.75M	567.91M	530.32M	489.19M	464.68M	386.86M	341.86M	338.93M	298.97M	274.63M	240.44M	234.21M	204.79M	176.18M	154.88M	118.64M	282.54M	195.32M	92.4M	15.4M	100K
Revenue Growth %	-25.94%	-7.87%	-0.21%	-0.83%	15.93%	31.98%	23.37%	11.28%	9.3%	4.16%	3.49%	7.09%	8.41%	5.27%	20.12%	13.16%	0.86%	13.37%	8.86%	14.22%	2.66%	14.37%	16.24%	13.75%	30.55%	-58.01%	44.65%	111.39%	500%	15300%	0%
Cost of Goods Sold	565.11M	664.02M	726.05M	765.42M	805.87M	663.63M	479.15M	388.48M	343.9M	315.27M	304.93M	304.89M	272.45M	251.32M	239.09M	223.39M	195.99M	173.11M	155.67M	144.54M	125.07M	119.43M	101.77M	85.51M	77.07M	62.97M	169.23M	117.24M	58.3M	9.5M	0
COGS % of Revenue	-	51.82%	52.2%	54.91%	57.34%	54.74%	52.16%	52.17%	51.4%	51.5%	51.88%	53.69%	51.37%	51.37%	51.45%	57.75%	57.33%	51.07%	52.07%	52.63%	52.02%	50.99%	49.7%	48.53%	49.76%	53.07%	59.9%	60.02%	63.1%	61.69%	-
Gross Profit	460.26M	617.44M	664.88M	628.48M	599.63M	548.73M	439.46M	356.14M	325.22M	296.93M	282.82M	263.02M	257.88M	237.87M	225.58M	163.47M	145.87M	165.82M	143.3M	130.09M	115.36M	114.77M	103.02M	90.67M	77.81M	55.68M	113.31M	78.09M	34.1M	5.9M	100K
Gross Margin %	44.89%	48.18%	47.8%	45.09%	42.66%	45.26%	47.84%	47.83%	48.6%	48.5%	48.12%	46.31%	48.63%	48.63%	48.55%	42.25%	42.67%	48.93%	47.93%	47.37%	47.98%	49.01%	50.3%	51.47%	50.24%	46.93%	40.1%	39.98%	36.9%	38.31%	100%
Gross Profit Growth %	-	-7.13%	5.79%	4.81%	9.27%	24.87%	23.4%	9.5%	9.53%	4.99%	7.53%	2%	8.41%	5.45%	38%	12.06%	-12.03%	15.72%	10.15%	12.77%	0.51%	11.41%	13.62%	16.53%	39.76%	-50.86%	45.11%	128.99%	477.97%	5800%	110%
Operating Expenses	503.69M	725.5M	571.13M	602.83M	535.16M	417.26M	298.24M	283.85M	257.58M	252.33M	245.31M	240.85M	207.92M	201.12M	171.93M	151.63M	135.03M	121.55M	111.33M	103.46M	105.85M	85.79M	73.31M	64.76M	54.61M	53.07M	139.44M	92.27M	46.2M	10.8M	3.7M
OpEx % of Revenue	-	56.61%	41.06%	43.25%	38.08%	34.42%	32.47%	38.12%	38.5%	41.22%	41.74%	42.41%	39.21%	41.11%	37%	39.2%	39.5%	35.86%	37.24%	37.67%	44.02%	36.63%	35.8%	36.76%	35.26%	44.73%	49.35%	47.24%	50%	70.13%	3700%
Selling, General & Admin	207.62M	208.08M	188.92M	602.83M	176.7M	156.13M	130.85M	117.76M	107.25M	99.02M	91.94M	92.24M	83.8M	78.59M	73.07M	67.66M	62.14M	57.21M	51.13M	102.31M	104.86M	85.07M	72.88M	64.44M	54.31M	52.79M	135.38M	90.14M	45M	10.3M	3.5M
SG&A % of Revenue	-	16.24%	13.58%	43.25%	12.57%	12.88%	14.24%	15.82%	16.03%	16.17%	15.64%	16.24%	15.8%	16.07%	15.72%	17.49%	18.18%	16.88%	17.1%	37.25%	43.61%	36.32%	35.59%	36.57%	35.07%	44.5%	47.91%	46.15%	48.7%	66.88%	3500%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	3M	517.42M	382.21M	0	358.46M	261.13M	167.38M	166.09M	150.33M	153.31M	153.37M	148.6M	124.12M	122.53M	98.86M	83.97M	73.4M	64.35M	60.2M	1.15M	994K	723.27K	425.62K	321.05K	299.2K	283.64K	4.07M	2.13M	1.2M	500K	200K
Operating Income	-43.43M	-108.1M	93.75M	25.65M	64.47M	131.47M	141.22M	72.29M	59.76M	39M	33.45M	18.87M	47.05M	33.75M	50.71M	52.87M	45.1M	44.27M	31.96M	26.64M	9.51M	28.98M	29.71M	25.91M	23.2M	2.6M	-26.13M	-14.18M	-12.1M	-4.9M	-3.6M
Operating Margin %	-4.24%	-8.44%	6.74%	1.84%	4.59%	10.84%	15.37%	9.71%	8.93%	6.37%	5.69%	3.32%	8.87%	6.9%	10.91%	13.67%	13.19%	13.06%	10.69%	9.7%	3.96%	12.37%	14.51%	14.71%	14.98%	2.19%	-9.25%	-7.26%	-13.1%	-31.82%	-3600%
Operating Income Growth %	-	-215.31%	265.5%	-60.21%	-50.96%	-6.9%	95.36%	20.97%	53.24%	16.6%	77.27%	-59.9%	39.42%	-33.45%	-4.08%	17.23%	1.87%	38.51%	19.99%	179.98%	-67.17%	-2.46%	14.65%	11.71%	791.51%	109.96%	-84.22%	-17.23%	-146.94%	-36.11%	20%
EBITDA	-35.56M	-99.89M	101.4M	32.52M	70.07M	135.5M	144.94M	76.13M	63.73M	43.25M	37.72M	23.07M	50.88M	37.03M	53.54M	55.2M	47.03M	45.97M	33.36M	27.79M	10.51M	29.69M	30.14M	26.24M	23.5M	2.89M	-22.07M	-12.05M	-10.9M	-4.4M	-3.4M
EBITDA Margin %	-3.47%	-7.8%	7.29%	2.33%	4.99%	11.18%	15.78%	10.22%	9.52%	7.06%	6.42%	4.06%	9.59%	7.57%	11.52%	14.27%	13.76%	13.56%	11.16%	10.12%	4.37%	12.68%	14.72%	14.89%	15.17%	2.43%	-7.81%	-6.17%	-11.8%	-28.57%	-3400%
EBITDA Growth %	-137.77%	-198.52%	211.79%	-53.59%	-48.29%	-6.51%	90.39%	19.46%	47.36%	14.66%	63.46%	-54.65%	37.39%	-30.83%	-3.01%	17.37%	2.31%	37.79%	20.06%	164.42%	-64.6%	-1.49%	14.87%	11.65%	714.25%	113.08%	-83.09%	-10.57%	-147.73%	-29.41%	15%
D&A (Non-Cash Add-back)	7.87M	8.21M	7.65M	6.87M	5.6M	4.03M	3.72M	3.84M	3.97M	4.25M	4.27M	4.21M	3.83M	3.29M	2.83M	2.33M	1.93M	1.69M	1.4M	1.15M	994K	708.66K	425.62K	321.05K	299.2K	283.64K	4.07M	2.13M	1.2M	500K	200K
EBIT	-48.12M	-108.06M	93.45M	25.21M	64.11M	131.32M	142.15M	72.4M	67.73M	44.51M	36.31M	21.8M	49.94M	36.67M	53.59M	55.06M	47.67M	44.27M	32M	26.64M	9.51M	28.98M	29.71M	25.91M	23.2M	11.88M	16.91M	-14.18M	-16.1M	-5.4M	-2.9M
Net Interest Income	-16.49M	-74.49M	-70.65M	-65.35M	-38.31M	-10.92M	-6.82M	-8.05M	-7.88M	-5.6M	-4.07M	-3.31M	-2.9M	-3M	-2.94M	-2.29M	-2.63M	27.86M	21.62M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	60.19M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	37.46M	30.17M	25.63M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	76.68M	74.49M	70.65M	65.35M	38.31M	10.92M	6.82M	8.05M	7.88M	5.6M	4.07M	3.31M	2.9M	3M	2.94M	2.29M	3.2M	2.32M	4.01M	2.95M	3.73M	2.46B	1.23B	1.11B	1.69B	0	0	0	0	0	0
Other Income/Expense	-121.35M	120K	-70.95M	-65.78M	-38.67M	-9.36M	-6.78M	-7.94M	-7.79M	-5.69M	-5.27M	-3.67M	-2.92M	-3.07M	-3M	-2.38M	-3.19M	-2.32M	-4.01M	-3.47M	-3.83M	-2.46M	-1.23M	-1.11M	-1.69M	-9.68M	38.71M	39.13M	42.6M	5.7M	9.9M
Pretax Income	-164.79M	-107.98M	22.8M	-40.13M	25.79M	122.11M	134.44M	64.35M	59.85M	38.91M	32.24M	18.5M	47.03M	33.67M	50.66M	52.78M	45.05M	41.95M	27.96M	23.16M	5.68M	26.52M	28.48M	24.8M	21.51M	2.2M	10.72M	24.94M	26.5M	200K	7M
Pretax Margin %	-16.07%	-8.43%	1.64%	-2.88%	1.84%	10.07%	14.64%	8.64%	8.94%	6.36%	5.49%	3.26%	8.87%	6.88%	10.9%	13.64%	13.18%	12.38%	9.35%	8.43%	2.36%	11.32%	13.91%	14.08%	13.89%	1.86%	3.79%	12.77%	28.68%	1.3%	7000%
Income Tax	32.94M	31.13M	4.87M	-8.74M	5.36M	27.09M	30.3M	13.01M	12.23M	2.4M	12.04M	6.9M	17.54M	12.54M	18.49M	19.79M	16.83M	15.11M	10.05M	8.13M	1.45M	9.82M	10.51M	9.16M	7.94M	2.79M	4.76M	10.11M	9M	-100K	-1.9M
Effective Tax Rate %	-19.99%	-28.83%	21.35%	21.78%	20.79%	22.19%	22.54%	20.21%	20.43%	6.16%	37.33%	37.31%	37.3%	37.25%	36.5%	37.5%	37.36%	36.02%	35.95%	35.1%	25.55%	37.01%	36.89%	36.94%	36.93%	126.66%	44.38%	40.52%	33.96%	-50%	-27.14%
Net Income	-197.75M	-139.15M	17.89M	-31.39M	20.43M	95.01M	104.82M	51.34M	47.63M	36.51M	20.2M	11.6M	29.49M	21.13M	32.16M	32.99M	28.21M	26.84M	17.91M	15.03M	4.23M	16.7M	17.98M	15.8M	14.07M	-14.31M	5.96M	14.84M	17.5M	300K	8.9M
Net Margin %	-19.29%	-10.86%	1.29%	-2.25%	1.45%	7.84%	11.41%	6.9%	7.12%	5.96%	3.44%	2.04%	5.56%	4.32%	6.92%	8.53%	8.25%	7.92%	5.99%	5.47%	1.76%	7.13%	8.78%	8.97%	9.09%	-12.06%	2.11%	7.6%	18.94%	1.95%	8900%
Net Income Growth %	-1725.43%	-877.73%	156.99%	-253.65%	-78.5%	-9.36%	104.16%	7.81%	30.45%	80.69%	74.24%	-60.68%	39.57%	-34.31%	-2.49%	16.91%	5.13%	49.89%	19.11%	255.22%	-74.67%	-7.07%	13.74%	12.29%	198.39%	-339.9%	-59.81%	-15.22%	5733.33%	-96.63%	-27.64%
Net Income (Continuing)	-197.73M	-139.15M	17.93M	-31.39M	20.43M	95.01M	104.14M	51.34M	47.63M	36.51M	20.2M	11.6M	29.49M	21.13M	32.16M	32.99M	28.21M	26.84M	17.95M	15.03M	4.23M	16.7M	17.98M	15.64M	13.57M	-1.14M	7.36M	14.84M	17.5M	400K	8.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	0	0	0	0	0	0	0	5.5M	5.02M	1.7M	2.6M	0
EPS (Diluted)	-23.74	-16.79	2.33	-4.91	3.11	13.92	14.95	7.39	6.73	4.91	2.49	1.33	3.25	2.25	3.36	3.24	2.54	2.27	1.52	1.26	0.35	1.39	1.49	1.31	1.20	-1.40	0.49	0.92	1.17	0.03	0.88
EPS Growth %	-1636.13%	-820.6%	147.45%	-257.88%	-77.66%	-6.89%	102.3%	9.81%	37.07%	97.19%	87.22%	-59.08%	44.44%	-33.04%	3.7%	27.56%	11.89%	49.34%	20.63%	260%	-74.82%	-6.71%	13.74%	9.17%	185.71%	-385.71%	-46.74%	-21.37%	4282.02%	-96.97%	-31.78%
EPS (Basic)	-	-16.79	2.38	-4.91	3.20	14.60	15.70	7.74	6.99	5.05	2.57	1.38	3.42	2.36	3.53	3.36	2.59	2.29	1.52	1.27	0.36	1.41	1.54	1.46	1.34	-1.40	0.51	1.20	1.55	0.03	0.88
Diluted Shares Outstanding	8.33M	8.29M	7.68M	6.39M	6.57M	6.82M	6.96M	6.95M	7.07M	7.44M	8.11M	8.67M	9.05M	9.39M	9.57M	10.16M	11.09M	11.82M	11.81M	11.91M	11.95M	12.02M	12.06M	12.06M	11.74M	10.19M	12.02M	14.87M	15.1M	14.99M	10.09M
Basic Shares Outstanding	8.33M	8.29M	7.53M	6.39M	6.37M	6.51M	6.63M	6.63M	6.81M	7.23M	7.85M	8.37M	8.62M	8.93M	9.11M	9.79M	10.86M	11.68M	11.75M	11.83M	11.85M	11.85M	11.71M	11.22M	10.52M	10.19M	11.55M	14.26M	15.1M	14.99M	10.09M
Dividend Payout Ratio	-	-	0.22%	-	0.2%	0.04%	0.04%	0.08%	0.08%	0.11%	0.2%	0.34%	0.14%	0.19%	0.12%	0.12%	0.14%	-	0.22%	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeContracting

ProfitabilityNegative

Balance SheetVulnerable

Cash FlowDeteriorating

Top Statement Risk

Subprime credit portfolio deterioration

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2025Q3)

Top Line Contraction Accelerates Sharply

As reported in recent financial filings, CRMT's revenue growth has shifted into a pronounced decline, with the company posting a 12.0% year-over-year revenue contraction in 2025Q3, signaling that the firm's localized subprime retail model is struggling to maintain volume amidst a challenging macroeconomic environment.

The consistent deceleration in revenue suggests that the company's pricing power is being severely tested by the affordability constraints of its core demographic. Investors should monitor whether this contraction reflects a strategic pullback in loan originations to mitigate risk or a genuine loss of market share to more aggressive competitors.

Structural Margin Erosion Under Pressure

Based on the latest income statement data, CRMT's operating margins have collapsed into negative territory, reaching -5.2% in 2025Q3, which highlights the difficulty of maintaining historical gross margin levels while absorbing rising credit loss provisions and elevated operational costs within the dealership network.

The volatility in gross margins, which dipped significantly in late 2024, suggests that the company is struggling to balance inventory acquisition costs with the need to remain competitive in the subprime space. This margin compression appears to be a structural issue rather than a temporary anomaly, warranting further investigation into the sustainability of their current pricing model.

Earnings Quality Obscured by Losses

According to recent SEC filings, CRMT's net income has deteriorated significantly, culminating in a net loss of $76.7 million in 2025Q3, a trend that raises serious questions regarding the quality of earnings and the adequacy of the company's current provisioning for future credit losses.

The shift from marginal profitability to substantial net losses suggests that the company's reliance on interest income is being undermined by a rising tide of defaults. Analysts should be wary of the potential for further non-operating charges or adjustments that could continue to weigh on the bottom line in upcoming quarters.

Portfolio Risk Outweighs Retail Value

Based on the provided financial figures, the most significant risk to the investment thesis is the potential for a 'loss-severity' shock, as the company's shift toward longer loan durations and higher amounts financed leaves it increasingly exposed to collateral value depreciation in a cooling used-car market.

Short-sellers would likely focus on the disconnect between the company's historical valuation and the current reality of its deteriorating loan portfolio. The combination of negative operating margins and a reliance on high-risk subprime lending suggests that the company's business model may be fundamentally misaligned with current economic conditions.

CRMT — Frequently Asked Questions

Quick answers to the most common questions about buying CRMT stock.

What was America's Car-Mart, Inc.'s (CRMT) revenue in 2026?

For fiscal year 2026, America's Car-Mart, Inc. (CRMT) reported total revenue of $1.28B. This represents a 1281402.0% increase compared to $0.1M in 1997.

Is America's Car-Mart, Inc. (CRMT) profitable?

America's Car-Mart, Inc. (CRMT) reported a net loss of $139.2M for the fiscal year ending 2026.

What is America's Car-Mart, Inc.'s operating profit margin?

America's Car-Mart, Inc. (CRMT) reported an operating income of $-108.1M, resulting in an operating profit margin of -8.4%. This margin reflects the operational efficiency of the business before interest and taxes.

What is America's Car-Mart, Inc.'s gross profit and gross margin?

America's Car-Mart, Inc. (CRMT) generated $617.4M in gross profit for the year, representing a gross profit margin of 48.2%. This demonstrates the company's core pricing power and production efficiency.