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Copart (CPRT) FY2025 results: revenue $4.6 billion, up 9.7% on the year

Copart Inc. (CPRT) reported revenue of $4.6 billion for fiscal 2025, the year ended 31 July 2025, up 9.7% on the year before. Net income was $1.6 billion, up 13.9%, and diluted earnings per share $1.59. The figures are the company's own, from the 10-K it filed with the SEC on 26 September 2025.

Revenue
$4.6 billion
+9.7% on the year
FY2018FY2025
Operating margin
36.5%
37.1% a year earlier
FY2018FY2025
Net income
$1.6 billion
+13.9% on the year
FY2018FY2025
Diluted EPS
$1.59
+13.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

Copart runs online auctions for vehicles, mostly salvage. Insurance companies and other owners hand it damaged, total-loss or recovered stolen vehicles; it stores them, photographs them, sorts out the title and sells them over the internet to dismantlers, rebuilders, repair licensees, used vehicle dealers, exporters and the public. It was incorporated in California in 1982, became a public company in 1994 and reincorporated in Delaware in January 2012. It operates in the United States, the United Kingdom, Germany, Brazil, Canada, the United Arab Emirates, Spain, Finland, Oman, the Republic of Ireland and Bahrain, and is headquartered in Dallas, Texas.

Copart Inc., the 10-K for 2025

Copart runs online auctions for vehicles, mostly salvage. Insurance companies and other owners hand it damaged, total-loss or recovered stolen vehicles; it stores them, photographs them, sorts out the title and sells them over the internet to dismantlers, rebuilders, repair licensees, used vehicle dealers, exporters and the public. It was incorporated in California in 1982, became a public company in 1994 and reincorporated in Delaware in January 2012. It operates in the United States, the United Kingdom, Germany, Brazil, Canada, the United Arab Emirates, Spain, Finland, Oman, the Republic of Ireland and Bahrain, and is headquartered in Dallas, Texas.

How the auction works

Sales run on the company's own platform, Virtual Bidding Third Generation, or VB3, and are open to registered buyers, called members, anywhere with an internet connection. Bidding has two steps. The first is open preliminary bidding during the preview period, where members can see the current high bids and the BID4U feature bids incrementally on their behalf up to a maximum they set. The second is an internet-only virtual auction in real time, where bidders compete against each other and against the high preliminary bidder, ending in a countdown that closes the sale if no further bid arrives. The company states that the virtual format widens the pool of buyers and removes the expense and capital of holding live auctions.

Where the cars come from

Insurance companies supplied 81% of the total vehicles processed in fiscal 2025, the same share as 2024 and against 83% in 2023, with the rest from dealers, individuals, charities, rental car companies, banks, finance companies and fleet operators. Most insurance vehicles are either a declared total loss, not economically repairable, or a recovered stolen vehicle already settled with the owner. Buyers are spread widely: on a unit basis, 69.8% of U.S. vehicles sold in fiscal 2025 went to members registered outside the state where the vehicle sat, 31.0% to out-of-state members inside the country and 38.8% to international members, judged by the IP address used during the auction.

Agent or principal

In the United States, Canada, Brazil, the Republic of Ireland, Finland, the United Arab Emirates, Oman and Bahrain the company sells as an agent, earning auction and auction-related fees plus charges for services after the sale such as delivery and storage. In the United Kingdom, Germany and Spain it acts both as agent and as principal, in some cases buying salvage vehicles outright and reselling them for its own account. In the United Kingdom it also sells dismantled parts through Green Parts Specialist, and in Germany it lists vehicles for insurance companies and experts to establish a residual value or arrange a sale for the insured.

Services and other businesses

Around the auction sit mobile applications with bidding in numerous languages, a recommendations engine, Buy It Now and Make An Offer for purchases ahead of the live auction, payment through ePay, cards and third-party finance, digital imaging and document scanning at the storage sites, total loss assessment through Total Loss Express 360 and Co.ai, title procurement and loan payoff through Title Express, specialty sales for motorcycles, heavy equipment, boats, recreational vehicles and rental cars, and Night Cap sales for vehicles that missed their minimum bid. BluCar serves financial institutions, fleet and rental car companies, and majority-owned Purple Wave, based in Manhattan, Kansas, runs no-reserve online auctions of construction, agriculture and fleet equipment sold from the seller's own location.

Segments and people

There are two reportable segments, the United States and International, which are geographic. The U.S. segment produced 83.0% of revenue in fiscal 2025 and the international segment 17.0%. The company had approximately 11,600 full and part-time employees at 31 July 2025, of whom approximately 64% were in the United States and 36% in the International segment.

From Copart's annual report on Form 10-K for the year ended 31 July 2025. The filing

Written from the 10-K filed 26 September 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue4,6474,2373,870+9.7%
Operating income1,6971,5721,487+7.9%
Operating margin36.5%37.1%38.4%
Pre-tax income1,8961,7151,554+10.6%
Income tax347352317-1.4%
Effective tax rate18.3%20.5%20.4%
Net income1,5521,3631,238+13.9%
Net margin33.4%32.2%32.0%
Diluted EPS$1.59$1.40$1.28+13.6%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,8001,4731,364+22.2%
Capital expenditure569511517+11.4%
Free cash flow1,231962848+28.0%
Free cash flow margin26.5%22.7%21.9%
Cash from investing-587-940-1,892
Cash from financing52.119.366.6+170.4%
Depreciation and amortisation216190159+13.7%
Share-based compensation38.035.239.7+7.9%
Buybacks0.00.0n/a
Diluted shares, weighted978m975m967m+0.3%
Shares outstanding at period end967m963m957m+0.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity9,1877,5245,987+22.1%
Redeemable equity20.524.50.0-16.6%
Debt0.00.011.0
Operating lease liabilities81.297.488.1-16.6%
Finance lease liabilities2.60.00.0
Other liabilities800782651+2.3%
Total liabilities and equity10,0918,4286,738+19.7%
Fixed assets3,5983,1762,844+13.3%
Goodwill518514394+0.8%
Intangible assets62.874.162.7-15.2%
Securities held for sale or to maturity2,0091,9081,407+5.3%
Cash and equivalents2,7811,514957+83.6%
Receivables763786702-2.9%
Inventory39.743.640.0-9.1%
Other assets321412331-22.2%
Total assets10,0918,4286,738+19.7%

10-K for the year ended 31 July 2025, filed 26 September 2025: the filing.