Copart (CPRT) Q1 FY2026 earnings: revenue $1.2 billion, up 0.7% on the year

Copart Inc. (CPRT) reported revenue of $1.2 billion for Q1 FY2026, the quarter ended 31 October 2025, up 0.7% on the same quarter a year earlier. Net income was $404 million, up 11.5% on the year, and diluted earnings per share $0.41. The figures are the company's own, from the 10-Q it filed with the SEC on 24 November 2025.

Revenue

$1.2 billion

+0.7% on the year · +2.7% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

37.3%

35.4% a year earlier

Q2 FY2024Q1 FY2026

Net income

$404 million

+11.5% on the year · +1.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.41

+10.8% on the year · 0.0% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue and net income increased: Total service revenues and vehicle sales were $1,155,030 thousand, up 0.7%. Gross profit was $536,998 thousand, up 4.9%. Net income attributable to Copart was $403,714 thousand, up 11.5%.
Diluted EPS rose 11.7%: Diluted net income per share was $0.41, against $0.37. Diluted weighted average shares were 977,100 thousand, up 0.1%.
US operating income rose: United States operating income was $374,972 thousand, against $355,059 thousand. United States total service revenues and vehicle sales were $952,614 thousand, against $947,539 thousand.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,155	1,125	1,147	+2.7%	+0.7%
Operating income	431	413	406	+4.4%	+6.0%
Operating margin	37.3%	36.7%	35.4%
Pre-tax income	487	478	451	+1.8%	+7.9%
Income tax	84.9	83.1	90.1	+2.2%	-5.8%
Effective tax rate	17.4%	17.4%	20.0%
Net income	404	396	362	+1.9%	+11.5%
Net margin	35.0%	35.2%	31.6%
Diluted EPS	$0.41	$0.41	$0.37	0.0%	+10.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	535	438	482	+22.1%	+11.0%
Capital expenditure	108	87.6	237	+23.3%	-54.4%
Free cash flow	427	351	246	+21.8%	+74.0%
Free cash flow margin	37.0%	31.2%	21.4%
Cash from investing	1,916	-28.4	1,702		+12.6%
Cash from financing	0.5	7.9	2.1	-94.3%	-78.9%
Depreciation and amortisation	54.0	53.6	53.6	+0.8%	+0.8%
Share-based compensation	9.3	9.1	10.4	+2.4%	-10.5%
Diluted shares, weighted	977m	978m	977m	-0.1%	+0.1%
Shares outstanding at period end	968m	967m	964m	+0.0%	+0.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	9,600	9,187	7,896	+4.5%	+21.6%
Redeemable equity	19.0	20.5	23.6	-7.4%	-19.8%
Debt	0.0	0.0	0.0
Operating lease liabilities	n/a	81.2	n/a
Finance lease liabilities	n/a	2.6	n/a
Other liabilities	962	800	950	+20.3%	+1.3%
Total liabilities and equity	10,581	10,091	8,869	+4.9%	+19.3%
Fixed assets	3,650	3,598	3,363	+1.5%	+8.5%
Goodwill	519	518	514	+0.2%	+0.8%
Intangible assets	59.6	62.8	72.5	-5.1%	-17.8%
Securities held for sale or to maturity	9.9	2,009	0.0	-99.5%
Cash and equivalents	5,234	2,781	3,698	+88.2%	+41.5%
Receivables	760	763	802	-0.4%	-5.3%
Inventory	40.4	39.7	52.4	+1.9%	-22.9%
Other assets	309	321	367	-3.7%	-15.9%
Total assets	10,581	10,091	8,869	+4.9%	+19.3%

Questions

What was Copart's revenue in Q1 FY2026?

Copart (CPRT) reported revenue of $1.2 billion for Q1 FY2026, the quarter ended 31 October 2025, up 0.7% on the same quarter a year earlier.

How much did Copart earn in Q1 FY2026?

Net income for Q1 FY2026 was $404 million, up 11.5% on the year, and diluted earnings per share $0.41.

When did Copart report Q1 FY2026 results?

Copart filed its 10-Q for the quarter ended 31 October 2025 with the SEC on 24 November 2025.

Quarterly results, the last 20 quarters

	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	810	867	940	883	893	957	1,022	998	1,020	1,020	1,127	1,069	1,147	1,163	1,212	1,125	1,155	1,122	1,237	1,152
Operating income	330	347	373	325	312	366	419	391	395	380	437	360	406	426	452	413	431	389	464	369
Operating margin	41%	40%	40%	37%	35%	38%	41%	39%	39%	37%	39%	34%	35%	37%	37%	37%	37%	35%	38%	32%
Pre-tax income	326	342	370	303	313	377	440	424	423	411	472	408	451	463	503	478	487	441	502	405
Tax rate	20%	16%	25%	13%	21%	22%	20%	18%	21%	21%	19%	21%	20%	17%	19%	17%	17%	21%	20%	19%
Net income	260	287	279	264	246	294	350	348	333	326	382	323	362	387	407	396	404	351	402	327
Net margin	32%	33%	30%	30%	28%	31%	34%	35%	33%	32%	34%	30%	32%	33%	34%	35%	35%	31%	33%	28%
Diluted EPS	$0.27	$0.30	$0.29	$0.27	$0.26	$0.30	$0.36	$0.36	$0.34	$0.33	$0.39	$0.33	$0.37	$0.40	$0.42	$0.41	$0.41	$0.36	$0.43	$0.35
Operating cash flow	313	134	417	313	312	188	506	359	375	162	496	439	482	178	701	438	535	128	584	358
Capital expenditure	64.7	92.0	78.6	103	153	104	89.8	170	162	123	87.8	138	237	174	70.5	87.6	108	69.6	80.9	78.8
Free cash flow	248	42.0	339	210	159	84.2	416	188	213	38.8	408	301	246	4.0	630	351	427	57.9	503	279
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1,414	n/a
Shares outstanding	949m	950m	950m	952m	952m	953m	954m	957m	960m	961m	962m	963m	964m	966m	967m	967m	968m	963m	926m	926m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 October 2025, filed 24 November 2025: the filing.