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.

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.

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	$	2,850		$	64,050

Copart, Inc. Segments Information (In thousands) (Unaudited)

	Three Months Ended April 30, 2026						Three Months Ended April 30, 2025
	United States		International		Total		United States		International		Total
Service revenues	$	895,464	$	160,616	$	1,056,080	$	898,625	$	136,211	$	1,034,836
Vehicle sales		107,398		73,588		180,986		107,832		69,048		176,880
Total service revenues and vehicle sales		1,002,862		234,204		1,237,066		1,006,457		205,259		1,211,716
Facility operations		419,714		84,476		504,190		412,895		76,840		489,735
Cost of vehicle sales		99,024		61,253		160,277		113,853		55,861		169,714
General and administrative		93,679		14,638		108,317		87,244		13,478		100,722
Operating income	$	390,445	$	73,837	$	464,282	$	392,465	$	59,080	$	451,545

	Nine Months Ended April 30, 2026						Nine Months Ended April 30, 2025
	United States		International		Total		United States		International		Total
Service revenues	$	2,570,465	$	429,511	$	2,999,976	$	2,626,745	$	385,708	$	3,012,453
Vehicle sales		306,631		207,163		513,794		302,097		207,311		509,408
Total service revenues and vehicle sales		2,877,096		636,674		3,513,770		2,928,842		593,019		3,521,861
Facility operations		1,213,549		245,560		1,459,109		1,255,336		221,001		1,476,337
Cost of vehicle sales		285,356		166,896		452,252		282,946		172,653		455,599
General and administrative		271,301		47,422		318,723		267,142		38,660		305,802
Operating income	$	1,106,890	$	176,796	$	1,283,686	$	1,123,418	$	160,705	$	1,284,123

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Copart Investor Relations

investor.relations@copart.com

Copart Reports Third Quarter Fiscal 2026 Financial Results