Business
Copart Reports Third Quarter Fiscal 2026 Financial Results
Copart Reports Third Quarter Fiscal 2026 Financial
About this update from Copart, Inc.
Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended April 30, 2026. For the three months ended April 30, 2026, revenue, gross profit, and net income attributable to Copart, Inc. were $1.2 billion, $572.6 million, and $402.4 million, respectively. These represent an increase in revenue of $25.4 million, or 2.1%; an increase in gross profit of $20.3 million, or 3.7%; and a decrease in net income attributable to Copart, Inc. of $(4.2) million, or (1.0)%, respectively, from the same period last year. Fully diluted earnings per share for three months ended April 30, 2026 was $0.43 compared to $0.42 last year, an increase of 2.4%. For the nine months ended April 30, 2026, revenue, gross profit, and net income attributable to Copart, Inc. were $3.5 billion, $1.6 billion, and $1.2 billion, respectively. These represent a decrease in revenue of $(8.1) million, or (0.2)%; an increase in gross profit of $12.5 million, or 0.8%; and an increase in net income attributable to Copart, Inc. of $0.8 million, or 0.1 %, respectively, from the same period last year. Fully diluted earnings per share for nine months ended April 30, 2026 was $1.20 compared to $1.18 last year, an increase of 1.7 %. On Thursday, May 21, 2026, 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 September 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 April 30, Nine Months Ended April 30, 2026 2025 % Change 2026 2025 % Change Service revenues and vehicle sales: Service revenues $ 1,056,080 $ 1,034,836 2.1 % $ 2,999,976 $ 3,012,453 (0.4 )% Vehicle sales 180,986 176,880 2.3 % 513,794 509,408 0.9 % Total service revenues and vehicle sales 1,237,066 1,211,716 2.1 % 3,513,770 3,521,861 (0.2 )% Operating expenses: Facility operations 450,317 439,417 2.5 % 1,305,002 1,325,936 (1.6 )% Cost of vehicle sales 160,277 169,714 (5.6 )% 452,252 455,599 (0.7 )% Facility depreciation and amortization 51,993 48,163 8.0 % 147,910 144,603 2.3 % Facility stock-based compensation 1,880 2,155 (12.8 )% 6,197 5,798 6.9 % Gross profit 572,599 552,267 3.7 % 1,602,409 1,589,925 0.8 % General and administrative 93,744 87,451 7.2 % 275,405 265,056 3.9 % General and administrative depreciation and amortization 6,990 6,253 11.8 % 20,502 17,639 16.2 % General and administrative stock-based compensation 7,583 7,018 8.1 % 22,816 23,107 (1.3 )% Total operating expenses 772,784 760,171 1.7 % 2,230,084 2,237,738 (0.3 )% Operating income 464,282 451,545 2.8 % 1,283,686 1,284,123 (0.0 )% Other income (expense): Interest income, net 38,813 42,776 (9.3 )% 142,305 129,070 10.3 % Other (expense) income, net (1,001 ) 8,483 (111.8 )% 4,275 3,980 7.4 % Total other income 37,812 51,259 (26.2 )% 146,580 133,050 10.2 % Income before income taxes 502,094 502,804 (0.1 )% 1,430,266 1,417,173 0.9 % Income tax expense 100,701 97,466 3.3 % 276,696 264,118 4.8 % Net income 401,393 405,338 (1.0 )% 1,153,570 1,153,055 0.0 % Less: Net loss attributable to noncontrolling interest (1,008 ) (1,271 ) (20.7 )% (3,277 ) (3,040 ) 7.8 % Net income attributable to Copart, Inc. $ 402,401 $ 406,609 (1.0 )% $ 1,156,847 $ 1,156,095 0.1 % Basic net income per common share $ 0.43 $ 0.42 2.4 % $ 1.21 $ 1.20 0.8 % Weighted average common shares outstanding 936,293 966,234 (3.1 )% 957,280 964,702 (0.8 )% Diluted net income per common share $ 0.43 $ 0.42 2.4 % $ 1.20 $ 1.18 1.7 % Diluted weighted average common shares outstanding 942,770 978,089 (3.6 )% 965,215 977,485 (1.3 )% Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) April 30, 2026 July 31, 2025 ASSETS Current assets: Cash, cash equivalents, and restricted cash $ 3,354,142 $ 2,780,531 Investment in held to maturity securities 845,570 2,008,539 Accounts receivable, net of allowance for credit losses of $14,636 and $12,945, respectively 794,472 762,811 Vehicle pooling costs 117,979 116,145 Inventories 49,632 39,661 Income taxes receivable 721 580 Prepaid expenses and other assets 54,157 46,361 Total current assets 5,216,673 5,754,628 Property and equipment, net 3,715,922 3,598,093 Operating lease right-of-use assets 88,066 99,708 Intangibles, net 53,943 62,832 Goodwill 522,703 517,779 Other assets 51,729 57,862 Total assets $ 9,649,036 $ 10,090,902 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 598,290 $ 591,831 Deferred revenue 33,494 30,440 Income taxes payable 37,650 41,141 Current portion of operating and finance lease liabilities 15,825 19,869 Total current liabilities 685,259 683,281 Deferred income taxes 89,733 80,625 Income taxes payable 5,308 35,635 Operating and finance lease liabilities, net of current portion 77,291 83,870 Total liabilities 857,591 883,411 Commitments and contingencies Redeemable non controlling interest 17,181 20,458 Stockholders’ equity: Preferred stock - - Common stock 93 97 Additional paid-in capital 1,207,201 1,214,150 Accumulated other comprehensive loss (87,207 ) (120,283 ) Retained earnings 7,654,177 8,093,069 Total stockholders’ equity 8,774,264 9,187,033 Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 9,649,036 $ 10,090,902 Copart, Inc. Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended April 30, (In thousands) 2026 2025 Cash flows from operating activities: Net income $ 1,153,570 $ 1,153,055 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including debt cost 168,799 163,642 Allowance for credit losses 1,634 153 Equity in (earnings) losses of unconsolidated affiliates (390 ) (135 ) Stock-based compensation 29,013 28,905 Loss (gain) on sale of property and equipment 1,665 (1,041 ) Deferred income taxes 8,274 67 Changes in operating assets and liabilities: Accounts receivable (57,293 ) (1,916 ) Vehicle pooling costs (1,182 ) 14,944 Inventories (9,442 ) (180 ) Prepaid expenses, other current and non-current assets (11,519 ) (935 ) Operating lease right-of-use assets and lease liabilities 853 915 Accounts payable and accrued liabilities (5,479 ) 56,060 Deferred revenue 2,839 1,961 Income taxes receivable (128 ) 1 Income taxes payable (34,263 ) (54,222 ) Net cash provided by operating activities 1,246,951 1,361,274 Cash flows from investing activities: Purchases of property and equipment (258,553 ) (481,349 ) Assets and liabilities acquired in connection with acquisition (4,747 ) (1,213 ) Proceeds from sale of property and equipment 11,077 4,533 Purchases of held to maturity securities (845,570 ) (2,017,843 ) Proceeds from held to maturity securities 2,035,000 1,940,000 Investment in unconsolidated affiliate (3,737 ) (3,177 ) Net cash provided by (used in) investing activities 933,470 (559,049 ) Cash flows from financing activities: Proceeds from the exercise of stock options 14,162 40,171 Proceeds from the issuance of Employee Stock Purchase Plan shares 7,460 7,404 Repurchases of common stock (1,632,537 ) - Payments for employee stock-based tax withholdings (2,762 ) (3,358 ) Debt issuance costs (1,534 ) - Payments of finance lease obligations (11 ) (44 ) Net cash (used in) provided by financing activities (1,615,222 ) 44,173 Effect of foreign currency translation 8,412 5,990 Net increase in cash, cash equivalents, and restricted cash 573,611 852,388 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 $ 3,354,142 $ 2,366,499 Supplemental disclosure of cash flow information: Interest paid $ 1,628 $ 1,972 Income taxes paid, net of refunds $ 315,537 $ 318,989 Purchase of property and equipment through settlement of deposit $ 2,850 $ 64,050 Copart, Inc. Segments Information (In thousands) (Unaudited) Three Months Ended April 30, 2026 Three Months Ended April 30, 2025 United States International Total United States International Total Service revenues $ 895,464 $ 160,616 $ 1,056,080 $ 898,625 $ 136,211 $ 1,034,836 Vehicle sales 107,398 73,588 180,986 107,832 69,048 176,880 Total service revenues and vehicle sales 1,002,862 234,204 1,237,066 1,006,457 205,259 1,211,716 Facility operations 419,714 84,476 504,190 412,895 76,840 489,735 Cost of vehicle sales 99,024 61,253 160,277 113,853 55,861 169,714 General and administrative 93,679 14,638 108,317 87,244 13,478 100,722 Operating income $ 390,445 $ 73,837 $ 464,282 $ 392,465 $ 59,080 $ 451,545 Nine Months Ended April 30, 2026 Nine Months Ended April 30, 2025 United States International Total United States International Total Service revenues $ 2,570,465 $ 429,511 $ 2,999,976 $ 2,626,745 $ 385,708 $ 3,012,453 Vehicle sales 306,631 207,163 513,794 302,097 207,311 509,408 Total service revenues and vehicle sales 2,877,096 636,674 3,513,770 2,928,842 593,019 3,521,861 Facility operations 1,213,549 245,560 1,459,109 1,255,336 221,001 1,476,337 Cost of vehicle sales 285,356 166,896 452,252 282,946 172,653 455,599 General and administrative 271,301 47,422 318,723 267,142 38,660 305,802 Operating income $ 1,106,890 $ 176,796 $ 1,283,686 $ 1,123,418 $ 160,705 $ 1,284,123 View source version on businesswire.com: https://www.businesswire.com/news/home/20260521385731/en/