Copart Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 20 November 2025: press release. The quarter’s numbers.

Key takeaways

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%. Source
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%. Source
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. Source
Vehicle sales moved in opposite directions: United States vehicle sales were $97,080 thousand, against $87,549 thousand. International vehicle sales were $66,105 thousand, against $72,944 thousand. Source
Facility operations costs fell: Facility operations expense was $427,164 thousand, against $447,245 thousand, down 4.5%. Source
Operating cash flow rose: Net cash provided by operating activities was $535,253 thousand, against $482,274 thousand. Net income in the cash flow statement was $402,210 thousand, against $361,176 thousand. Source
Cash balance rose as securities matured: Cash, cash equivalents and restricted cash were $5,233,590 thousand at October 31, 2025, against $2,780,531 thousand at July 31, 2025. Held-to-maturity securities were $9,861 thousand, against $2,008,539 thousand. Source
Capital spending fell: Purchases of property and equipment were $108,042 thousand, against $236,758 thousand. Proceeds from sale of property and equipment were $7,932 thousand, against $243 thousand. Source

“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.”
Copart Inc., press release

What changed from last quarter

New: Segment reporting for the United States and International is a new table in this press release. The previous press release had no segment table. Source
New: The expense line previously labelled Yard operations is now Facility operations. The related depreciation and stock-based compensation lines are relabelled as Facility. Source

Quarter results and earnings

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%. Source
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%. Source
Pre-tax income rose; tax expense fell: Income before income taxes was $487,123 thousand, up 7.9%. Income tax expense was $84,913 thousand, down 5.8% from $90,142 thousand. Source
Revenue above prior quarter: Revenue of $1,155,030 thousand compares with $1,125,097 thousand for the quarter ended July 31, 2025. Gross profit for that quarter was $509,718 thousand.

Segments: United States and International

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. Source
Service revenues by segment: International service revenues were $136,311 thousand, against $126,346 thousand. United States service revenues were $855,534 thousand, against $859,990 thousand. Source
Vehicle sales moved in opposite directions: United States vehicle sales were $97,080 thousand, against $87,549 thousand. International vehicle sales were $66,105 thousand, against $72,944 thousand. Source
Segment cost of vehicle sales shifted: United States cost of vehicle sales was $89,959 thousand, against $76,286 thousand. International cost of vehicle sales was $51,584 thousand, against $61,892 thousand. Source
Segment G&A reconciles to consolidated lines: Segment general and administrative totals $106,304 thousand. This equals the consolidated general and administrative, depreciation and amortization, and stock-based compensation lines added together. Source

“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%.”
Copart Inc., press release

Service revenues and vehicle sales

Service revenues rose 0.6%: Service revenues were $991,845 thousand, against $986,336 thousand, up 0.6%. Service revenues are the larger of the two revenue lines. Source

Operating costs

Facility operations costs fell: Facility operations expense was $427,164 thousand, against $447,245 thousand, down 4.5%. Source
G&A expense rose 1.4%: General and administrative expense was $92,268 thousand, against $90,997 thousand, up 1.4%. Depreciation and amortization in G&A rose 8.2% to $6,652 thousand. Source
Total operating expenses declined 2.2%: Total operating expenses were $724,336 thousand, against $740,462 thousand, down 2.2%. Operating income was $430,694 thousand, up 6.0%. Source
G&A stock-based compensation fell: General and administrative stock-based compensation was $7,384 thousand, against $8,591 thousand, down 14.0%. Source

Cash flow and cash position

Operating cash flow rose: Net cash provided by operating activities was $535,253 thousand, against $482,274 thousand. Net income in the cash flow statement was $402,210 thousand, against $361,176 thousand. Source
Cash balance rose as securities matured: Cash, cash equivalents and restricted cash were $5,233,590 thousand at October 31, 2025, against $2,780,531 thousand at July 31, 2025. Held-to-maturity securities were $9,861 thousand, against $2,008,539 thousand. Source
Held-to-maturity proceeds of $2.0 billion: Proceeds from held-to-maturity securities were $2,025,000 thousand, against $1,940,000 thousand in the prior-year quarter. Source
Income taxes payable rose: Current income taxes payable rose to $125,469 thousand, from $41,141 thousand at July 31, 2025. Income taxes paid, net of refunds, were $20,055 thousand, against $80,826 thousand. Source
Financing flows were small: Net cash provided by financing activities was $450 thousand, against $2,137 thousand. The lines shown are stock option proceeds, employee tax withholdings and finance lease payments. No dividend or repurchase line appears. Source
Equity rose with retained earnings: Total stockholders’ equity was $9,600,157 thousand, against $9,187,033 thousand at July 31, 2025. Retained earnings rose to $8,495,453 thousand from $8,093,069 thousand. Source

Capital spending and investments

Capital spending fell: Purchases of property and equipment were $108,042 thousand, against $236,758 thousand. Proceeds from sale of property and equipment were $7,932 thousand, against $243 thousand. Source
Property and equipment rose: Property and equipment, net was $3,650,424 thousand, against $3,598,093 thousand at July 31, 2025. Goodwill was $518,756 thousand, against $517,779 thousand. Source
Investment in unconsolidated affiliate: Investment in an unconsolidated affiliate was $3,885 thousand, and the prior-year quarter shows no such investment. Assets and liabilities acquired in connection with an acquisition were $4,699 thousand. Source

Footprint and member base

Operations across 250-plus locations: The company reported operations at over 250 locations in 11 countries and sold more than 4 million units in the last year. Source
Member base and reach: The company says its platforms connect vehicle consignors to approximately 1 million members in over 185 countries. Source

Figures management reported

Figure	Reported
Inventory Source	$40,408 thousand at October 31, 2025 (July 31, 2025: $39,661 thousand)

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Copart Reports First Quarter Fiscal 2026 Financial Results

Dallas, Texas November 20, 2025 - 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.

Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

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.

Consolidated Statements of Income

(In thousands, except per share amounts)

	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. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Consolidated Balance Sheets

	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. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Consolidated Statements of Cash Flows

	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. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Segments Information

	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

Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

Contacts
Copart Investor Relations · investor.relations@copart.com
Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000