Copart Reports First Quarter Fiscal 2026 Financial Results

November 20, 2025 at 16:15 PM EST

Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended October 31, 2025.

For the three months ended October 31, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $1.16 billion, $537.0 million, and $403.7 million, respectively. These represent an increase in revenue of $8.2 million, or 0.7%; an increase in gross profit of $24.9 million, or 4.9%; and an increase in net income attributable to Copart, Inc. of $41.6 million, or 11.5%, respectively, from the same period last year. Fully diluted earnings per share for three months ended October 31, 2025 was $0.41 compared to $0.37 last year, an increase of 11.7%.

The Company has provided segment reporting information as a new table within this press release.

On Thursday, November 20, 2025, at 5:30 p.m. Eastern Time (4:30 p.m. Central Time), Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live and can be accessed via hyperlink at www.copart.com/investorrelations. A replay of the call will be available through February 2026 by visiting www.copart.com/investorrelations.

About Copart

Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platforms connect vehicle consignors to approximately 1 million members in over 185 countries. Copart offers a comprehensive suite of vehicle remarketing services to insurance companies, financial institutions, dealers, rental car companies, charities, fleet operators, and individuals, and offers vehicles via auction to dealers, dismantlers, rebuilders, exporters, and the general public. With operations at over 250 locations in 11 countries, Copart sold more than 4 million units in the last year. Copart currently operates in the United States (Copart.com), Canada (Copart.ca), the United Kingdom (Copart.co.uk), Brazil (Copart.com.br), the Republic of Ireland (Copart.ie), Germany (Copart.de), Finland (Copart.fi), the United Arab Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es). For more information, or to become a Member, visit Copart.com/register.

Cautionary Note About Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to substantial risks and uncertainties. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or implied by our statements and comments. For a more complete discussion of the risks that could affect our business, please review the “Management’s Discussion and Analysis” and the other risks identified in Copart’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.

Copart, Inc. Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited)

	Three Months Ended
	October 31,
	2025			2024			% Change
Service revenues and vehicle sales:
Service revenues	$	991,845		$	986,336			0.6	%
Vehicle sales		163,185			160,493			1.7	%
Total service revenues and vehicle sales		1,155,030			1,146,829			0.7	%
Operating expenses:
Facility operations		427,164			447,245			-4.5	%
Cost of vehicle sales		141,543			138,178			2.4	%
Facility depreciation and amortization		47,390			47,477			-0.2	%
Facility stock-based compensation		1,935			1,824			6.1	%
Gross profit		536,998			512,105			4.9	%
General and administrative		92,268			90,997			1.4	%
General and administrative depreciation and amortization		6,652			6,150			8.2	%
General and administrative stock-based compensation		7,384			8,591			-14.0	%
Total operating expenses		724,336			740,462			-2.2	%
Operating income		430,694			406,367			6.0	%
Other income:
Interest income, net		53,505			45,547			17.5	%
Other income (expense), net		2,924			(596	)		-590.6	%
Total other income		56,429			44,951			25.5	%
Income before income taxes		487,123			451,318			7.9	%
Income tax expense		84,913			90,142			-5.8	%
Net income		402,210			361,176			11.4	%
Less: Net income (loss) attributable to noncontrolling interest		(1,504	)		(910	)		65.3	%
Net income attributable to Copart, Inc.	$	403,714		$	362,086			11.5	%

Basic net income per common share	$	0.42		$	0.38			11.0	%
Weighted average common shares outstanding		967,650			963,176			0.5	%

Diluted net income per common share	$	0.41		$	0.37			11.7	%
Diluted weighted average common shares outstanding		977,100			976,506			0.1	%

Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited)

	October 31, 2025			July 31, 2025
ASSETS
Current assets:
Cash, cash equivalents, and restricted cash	$	5,233,590		$	2,780,531
Investment in held to maturity securities		9,861			2,008,539
Accounts receivable, net of allowance for credit losses of $14,916 and $12,945, respectively		759,687			762,811
Vehicle pooling costs		118,166			116,145
Inventories		40,408			39,661
Income taxes receivable		574			580
Prepaid expenses and other assets		39,848			46,361
Total current assets		6,202,134			5,754,628
Property and equipment, net		3,650,424			3,598,093
Operating lease right-of-use assets		95,594			99,708
Intangibles, net		59,615			62,832
Goodwill		518,756			517,779
Other assets		54,491			57,862
Total assets		10,581,014			10,090,902

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	607,386		$	591,831
Deferred revenue		30,471			30,440
Income taxes payable		125,469			41,141
Current portion of operating and finance lease liabilities		17,870			19,869
Total current liabilities		781,196			683,281
Deferred income taxes		85,839			80,625
Income taxes payable		12,802			35,635
Operating and finance lease liabilities, net of current portion		82,066			83,870
Total liabilities		961,903			883,411
Commitments and contingencies
Redeemable non-controlling interest		18,954			20,458
Stockholders’ equity:
Preferred stock		-			-
Common stock		97.00			97.00
Additional paid-in capital		1,224,683			1,214,150
Accumulated other comprehensive loss		(120,076	)		(120,283	)
Retained earnings		8,495,453			8,093,069
Total stockholders’ equity		9,600,157			9,187,033
Total liabilities, redeemable noncontrolling interests and stockholders’ equity		10,581,014			10,090,902

Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited)

	Three Months Ended October 31,
(In thousands)	2025			2024
Cash flows from operating activities:
Net income	$	402,210		$	361,176
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost		54,199			54,862
Allowance for credit losses		1,977			1,094
Equity in (earnings) losses of unconsolidated affiliates		(47	)		(20	)
Stock-based compensation		9,319			10,415
Gain on sale of property and equipment		(1,128	)		(133	)
Deferred income taxes		5,290			1,740
Changes in operating assets and liabilities:
Accounts receivable		(25,168	)		(49,093	)
Vehicle pooling costs		(1,955	)		(15,218	)
Inventories		(655	)		(8,652	)
Prepaid expenses, other current and non-current assets		7,891			59,026
Operating lease right-of-use assets and lease liabilities		290			883
Accounts payable and accrued liabilities		21,474			59,826
Deferred revenue		56			(2,564	)
Income taxes receivable		-			1
Income taxes payable		61,500			8,931
Net cash provided by operating activities		535,253			482,274
Cash flows from investing activities:
Purchases of property and equipment		(108,042	)		(236,758	)
Assets and liabilities acquired in connection with acquisition		(4,699	)		(1,257	)
Proceeds from sale of property and equipment		7,932			243
Proceeds from held to maturity securities		2,025,000			1,940,000
Investment in unconsolidated affiliate		(3,885	)		-
Net cash provided by investing activities		1,916,306			1,702,228
Cash flows from financing activities:
Proceeds from the exercise of stock options		1,785			2,857
Payments for employee stock-based tax withholdings		(1,330	)		(720	)
Payments of finance lease obligations		(5	)		-
Net cash provided by financing activities		450			2,137
Effect of foreign currency translation		1,050			(2,632	)
Net increase in cash, cash equivalents, and restricted cash		2,453,059			2,184,007
Cash, cash equivalents, and restricted cash at beginning of period		2,780,531			1,514,111
Cash, cash equivalents, and restricted cash at end of period	$	5,233,590		$	3,698,118
Supplemental disclosure of cash flow information:
Interest paid	$	641		$	10
Income taxes paid, net of refunds	$	20,055		$	80,826
Purchase of property and equipment through settlement of deposit	$	2,035		$	-

Copart, Inc. Segments Information (In thousands) (Unaudited)

	Three Months Ended October 31, 2025						Three Months Ended October 31, 2024
	United States		International		Total		United States		International		Total
Service revenues	$	855,534	$	136,311	$	991,845	$	859,990	$	126,346	$	986,336
Vehicle sales		97,080		66,105		163,185		87,549		72,944		160,493
Total service revenues and vehicle sales		952,614		202,416		1,155,030		947,539		199,290		1,146,829
Facility operations		398,485		78,004		476,489		423,617		72,929		496,546
Cost of vehicle sales		89,959		51,584		141,543		76,286		61,892		138,178
General and administrative		89,198		17,106		106,304		92,577		13,161		105,738
Operating income	$	374,972	$	55,722	$	430,694	$	355,059	$	51,308	$	406,367