Copart Reports Third Quarter Fiscal 2026 Financial Results
Dallas, Texas May 21, 2026 — 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.
Copart, Inc.
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.
Contact:
Copart Investor Relations
investor.relations@copart.com
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