Copart, Inc. (NASDAQ:CPRT) today reported financial results for the quarter and year ended July 31, 2025.

For the three months ended July 31, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $1.1 billion, $510 million, and $396 million, respectively. These represent an increase in revenue of $56.1 million, or 5.2%; an increase in gross profit of $56.1 million, or 12.4%; and an increase in net income attributable to Copart, Inc. of $73.8 million, or 22.9%, respectively, from the same period last year. Fully diluted earnings per share for the three months ended July 31, 2025 was $0.41 compared to $0.33 last year, an increase of 24.2%.

For the year ended July 31, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $4.6 billion, $2.1 billion, and $1.6 billion, respectively. These represent an increase in revenue of $410.1 million, or 9.7%; an increase in gross profit of $192.4 million, or 10.1%; and an increase in net income attributable to Copart, Inc. of $189.4 million, or 13.9%, respectively, from the same period last year. Fully diluted earnings per share for the year ended July 31, 2025 was $1.59 compared to $1.40 last year, an increase of 13.6%.

On Thursday, September 4, 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 at www.copart.com/investorrelations. A replay of the call will be available through November 2025 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 July 31,								Twelve Months Ended July 31,
		2025			2024		% Change			2025			2024		% Change
Service revenues and vehicle sales:
Service revenues	$	956,209		$	893,091		7.1	%		3,968,662		$	3,561,002		11.4	%
Vehicle sales		168,888			175,908		(4.0	)%		678,296			675,821		0.4	%
Total service revenues and vehicle sales		1,125,097			1,068,999		5.2	%		4,646,958			4,236,823		9.7	%
Operating expenses:
Yard operations		418,500			407,044		2.8	%		1,744,436			1,532,484		13.8	%
Cost of vehicle sales		147,398			161,891		(9.0	)%		602,997			619,487		(2.7	)%
Yard depreciation and amortization		47,172			44,539		5.9	%		191,775			170,650		12.4	%
Yard stock-based compensation		2,309			1,949		18.5	%		8,107			6,950		16.6	%
Gross profit		509,718			453,576		12.4	%		2,099,643			1,907,252		10.1	%
General and administrative		83,902			81,377		3.1	%		348,958			287,834		21.2	%
General and administrative depreciation and amortization		6,435			6,064		6.1	%		24,074			19,111		26.0	%
General and administrative stock-based compensation		6,790			6,591		3.0	%		29,897			28,284		5.7	%
Total operating expenses		712,506			709,455		0.4	%		2,950,244			2,664,800		10.7	%
Operating income		412,591			359,544		14.8	%		1,696,714			1,572,023		7.9	%
Other income (expense):
Interest income (expense), net		49,839			43,494		14.6	%		178,909			145,673		22.8	%
Other income (expense), net		15,978			5,389		196.5	%		19,958			(3,095	)	(744.8	)%
Total other income		65,817			48,883		34.6	%		198,867			142,578		39.5	%
Income before income taxes		478,408			408,427		17.1	%		1,895,581			1,714,601		10.6	%
Income tax expense		83,100			86,249		(3.7	)%		347,218			352,254		(1.4	)%
Net income		395,308			322,178		22.7	%		1,548,363			1,362,347		13.7	%
Less: Net loss attributable to noncontrolling interest		(1,046	)		(389	)	168.9	%		(4,086	)		(673	)	507.1	%
Net income attributable to Copart, Inc.	$	396,354		$	322,567		22.9	%	$	1,552,449		$	1,363,020		13.9	%

Basic net income per common share	$	0.41		$	0.34		20.6	%	$	1.61		$	1.42		13.4	%
Weighted average common shares outstanding		967,100			962,515		0.5	%		965,306			960,739		0.5	%

Diluted net income per common share	$	0.41		$	0.33		24.2	%	$	1.59		$	1.40		13.6	%
Diluted weighted average common shares outstanding		977,778			976,500		0.1	%		977,563			974,798		0.3	%

Copart, Inc. Consolidated Balance Sheets (In thousands) (Unaudited)

	July 31, 2025			July 31, 2024
ASSETS
Current assets:
Cash, cash equivalents, and restricted cash	$	2,780,531		$	1,514,111
Investment in held to maturity securities		2,008,539			1,908,047
Accounts receivable, net		762,811			785,877
Vehicle pooling costs		116,145			132,638
Inventories		39,661			43,639
Income taxes receivable		580			—
Prepaid expenses and other assets		46,361			33,872
Total current assets		5,754,628			4,418,184
Property and equipment, net		3,598,093			3,175,838
Operating lease right-of-use assets		99,708			116,301
Intangibles, net		62,832			74,088
Goodwill		517,779			513,909
Other assets		57,862			129,444
Total assets	$	10,090,902		$	8,427,764

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities		591,831		$	518,148
Deferred revenue		30,440			28,121
Income taxes payable		41,141			60,994
Current portion of operating and finance lease liabilities		19,869			21,304
Total current liabilities		683,281			628,567
Deferred income taxes		80,625			93,653
Income taxes payable		35,635			59,560
Operating and finance lease liabilities, net of current portion		83,870			97,429
Total liabilities		883,411			879,209
Commitments and contingencies
Redeemable non-controlling interest		20,458			24,544
Stockholders' equity:
Preferred stock		—			—
Common stock		97			96
Additional paid-in capital		1,214,150			1,120,985
Accumulated other comprehensive loss		(120,283	)		(142,972	)
Retained earnings		8,093,069			6,545,902
Total stockholders' equity		9,187,033			7,524,011
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$	10,090,902		$	8,427,764

Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited)
	Year Ended July 31,
		2025			2024
Cash flows from operating activities:
Net Income	$	1,548,363		$	1,362,347
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost		217,784			190,256
Allowance for credit losses		354			3,914
Gain on extinguishment of liabilities		—			(4,058	)
Equity in losses of unconsolidated affiliates		(149	)		2,241
Stock-based compensation		38,004			35,234
Gain on sale of property and equipment		(13,726	)		(2,386	)
Deferred income taxes		(13,440	)		(847	)
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable		(33,950	)		(145,385	)
Vehicle pooling costs		16,705			(9,542	)
Inventories		4,655			(3,698	)
Prepaid expenses and other current and non-current assets		7,748			(71,067	)
Operating lease right-of-use assets and lease liabilities		478			1,064
Accounts payable and accrued liabilities		69,599			59,528
Deferred revenue		2,159			1,867
Income taxes receivable		(575	)		6,561
Income taxes payable		(44,259	)		46,535
Net cash provided by operating activities		1,799,750			1,472,564

Cash flows from investing activities:
Purchases of property and equipment		(568,990	)		(510,990	)
Assets and liabilities acquired in connection with acquisition		(1,223	)		17,662
Proceeds from sale of property and equipment		31,831			4,166
Investment in held to maturity securities		(4,001,918	)		(4,087,162	)
Proceeds from held to maturity securities		3,960,000			3,645,000
Acquisition of investment in unconsolidated affiliates		(7,148	)		(8,755	)
Net cash used in investing activities		(587,448	)		(940,079	)

Cash flows from financing activities:
Proceeds from the exercise of stock options		42,759			24,260
Proceeds from the issuance of Employee Stock Purchase Plan shares		14,679			12,406
Payments for employee stock-based tax withholdings		(5,282	)		(6,558	)
Principal payments on revolver facility		—			(10,821	)
Payments of finance lease obligations		(49	)		(14	)
Net cash provided by financing activities		52,107			19,273
Effect of foreign currency translation		2,011			4,958
Net increase in cash, cash equivalents, and restricted cash		1,266,420			556,716
Cash, cash equivalents, and restricted cash at beginning of period		1,514,111			957,395
Cash, cash equivalents, and restricted cash at end of period	$	2,780,531		$	1,514,111

Supplemental disclosure of cash flow information:
Interest paid	$	2,019		$	3,127
Income taxes paid, net of refunds	$	409,003		$	285,891
Purchase of property and equipment through settlement of deposit	$	64,050		$	—

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Copart Investor Relations

investor.relations@copart.com

Copart Reports Fourth Quarter Fiscal 2025 Financial Results