Copart (CPRT) Q2 FY2026 earnings: revenue $1.1 billion, down 3.6% on the year

Copart Inc. (CPRT) reported revenue of $1.1 billion for Q2 FY2026, the quarter ended 31 January 2026, down 3.6% on the same quarter a year earlier. Net income was $351 million, down 9.5% on the year, and diluted earnings per share $0.36. The figures are the company's own, from the 10-Q it filed with the SEC on 3 March 2026.

Revenue

$1.1 billion

-3.6% on the year · -2.9% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

34.7%

36.6% a year earlier

Q3 FY2024Q2 FY2026

Net income

$351 million

-9.5% on the year · -13.1% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.36

-10.0% on the year · -12.2% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Quarterly diluted EPS declined 10%: Diluted EPS was $0.36 against $0.40. Net income attributable to Copart fell 9.5% to $350.7 million. Revenue was $1.12 billion, down from $1.16 billion in the first quarter.
Six-month profit roughly flat: Six-month revenue fell 1.4% to $2.28 billion. Net income attributable to Copart rose 0.7% to $754.4 million, and diluted EPS stayed at $0.77.
United States operating income fell: United States operating income was $341.5 million against $375.9 million. Six-month United States operating income was $716.4 million against $731.0 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	1,122	1,155	1,163	-2.9%	-3.6%
Operating income	389	431	426	-9.7%	-8.8%
Operating margin	34.7%	37.3%	36.6%
Pre-tax income	441	487	463	-9.5%	-4.8%
Income tax	91.1	84.9	76.5	+7.3%	+19.0%
Effective tax rate	20.7%	17.4%	16.5%
Net income	351	404	387	-13.1%	-9.5%
Net margin	31.3%	35.0%	33.3%
Diluted EPS	$0.36	$0.41	$0.40	-12.2%	-10.0%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	128	535	178	-76.2%	-28.4%
Capital expenditure	69.6	108	174	-35.6%	-60.0%
Free cash flow	57.9	427	4.0	-86.5%	+1,330.4%
Free cash flow margin	5.2%	37.0%	0.3%
Cash from investing	-57.7	1,916	-575
Cash from financing	-206	0.5	35.6
Depreciation and amortisation	8.6	54.0	54.2	-84.2%	-84.2%
Share-based compensation	10.2	9.3	9.3	+9.8%	+9.8%
Diluted shares, weighted	975m	977m	978m	-0.2%	-0.3%
Shares outstanding at period end	963m	968m	966m	-0.5%	-0.3%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	9,789	9,600	8,301	+2.0%	+17.9%
Redeemable equity	18.2	19.0	22.8	-4.0%	-20.1%
Debt	0.0	0.0	0.0
Other liabilities	788	962	863	-18.1%	-8.8%
Total liabilities and equity	10,595	10,581	9,187	+0.1%	+15.3%
Fixed assets	3,694	3,650	3,463	+1.2%	+6.7%
Goodwill	523	519	510	+0.9%	+2.7%
Intangible assets	57.3	59.6	68.1	-3.9%	-15.8%
Securities held for sale or to maturity	0.0	9.9	459
Cash and equivalents	5,102	5,234	3,339	-2.5%	+52.8%
Receivables	862	760	883	+13.4%	-2.4%
Inventory	41.9	40.4	59.1	+3.6%	-29.1%
Other assets	315	309	408	+2.0%	-22.7%
Total assets	10,595	10,581	9,187	+0.1%	+15.3%

Questions

What was Copart's revenue in Q2 FY2026?

Copart (CPRT) reported revenue of $1.1 billion for Q2 FY2026, the quarter ended 31 January 2026, down 3.6% on the same quarter a year earlier.

How much did Copart earn in Q2 FY2026?

Net income for Q2 FY2026 was $351 million, down 9.5% on the year, and diluted earnings per share $0.36.

When did Copart report Q2 FY2026 results?

Copart filed its 10-Q for the quarter ended 31 January 2026 with the SEC on 3 March 2026.

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 January 2026, filed 3 March 2026: the filing.