Copart Reports First Quarter Fiscal 2026 Financial Results
DALLAS, Texas--( BUSINESS WIRE)--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