Copart Reports Third Quarter Fiscal 2025 Financial Results

Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended April 30, 2025.

For the three months ended April 30, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $1.2 billion, $552.3 million, and $406.6 million, respectively. These represent an increase in revenue of $84.5 million, or 7.5%; an increase in gross profit of $26.8 million, or 5.1%; and an increase in net income attributable to Copart, Inc. of $24.3 million, or 6.4%, respectively, from the same period last year. Fully diluted earnings per share for three months ended April 30, 2025 was $0.42 compared to $0.39 last year, an increase of 7.7%.

For the nine months ended April 30, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $3.5 billion, $1.6 billion, and $1.2 billion, respectively. These represent an increase in revenue of $354.0 million, or 11.2%; an increase in gross profit of $136.2 million, or 9.4%; and an increase in net income attributable to Copart, Inc. of $115.6 million, or 11.1%, respectively, from the same period last year. Fully diluted earnings per share for the nine months ended April 30, 2025 was $1.18 compared to $1.07 last year, an increase of 10.3%.

On Thursday, May 22, 2025, at 5:30 p.m. Eastern Time (4:30 p.m. Central Time), Copart, Inc. 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/investorrelation. A replay of the call will be available through September 2025 by visiting www.copart.com/investorrelation.

About Copart

Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platform 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,
		2025			2024		% Change			2025			2024		% Change
Service revenues and vehicle sales:
Service revenues	$	1,034,836		$	946,630		9.3	%	$	3,012,453		$	2,667,911		12.9	%
Vehicle sales		176,880			180,629		(2.1	)%		509,408			499,913		1.9	%
Total service revenues and vehicle sales		1,211,716			1,127,259		7.5	%		3,521,861			3,167,824		11.2	%
Operating expenses:
Facility operations		439,417			391,256		12.3	%		1,325,936			1,125,440		17.8	%
Cost of vehicle sales		169,714			162,881		4.2	%		455,599			457,596		(0.4	)%
Facility depreciation and amortization		48,163			45,800		5.2	%		144,603			126,111		14.7	%
Facility stock-based compensation		2,155			1,817		18.6	%		5,798			5,001		15.9	%
Gross profit		552,267			525,505		5.1	%		1,589,925			1,453,676		9.4	%
General and administrative		87,451			76,169		14.8	%		265,056			206,457		28.4	%
General and administrative depreciation and amortization		6,253			4,932		26.8	%		17,639			13,047		35.2	%
General and administrative stock-based compensation		7,018			7,201		(2.5	)%		23,107			21,693		6.5	%
Total operating expenses		760,171			690,056		10.2	%		2,237,738			1,955,345		14.4	%
Operating income		451,545			437,203		3.3	%		1,284,123			1,212,479		5.9	%
Other income (expense):
Interest income, net		42,776			36,218		18.1	%		129,070			102,179		26.3	%
Other income (expense), net		8,483			(1,309	)	(748.1	)%		3,980			(8,484	)	(146.9	)%
Total other income		51,259			34,909		46.8	%		133,050			93,695		42.0	%
Income before income taxes		502,804			472,112		6.5	%		1,417,173			1,306,174		8.5	%
Income tax expense		97,466			90,002		8.3	%		264,118			266,005		(0.7	)%
Net income		405,338			382,110		6.1	%		1,153,055			1,040,169		10.9	%
Less: Net (loss) income attributable to noncontrolling interest		(1,271	)		(181	)	602.2	%		(3,040	)		(284	)	970.4	%
Net income attributable to Copart, Inc.	$	406,609		$	382,291		6.4	%	$	1,156,095		$	1,040,453		11.1	%

Basic net income per common share	$	0.42		$	0.40		5.0	%	$	1.20		$	1.08		11.1	%
Weighted average common shares outstanding		966,234			961,813		0.5	%		964,702			960,143		0.5	%

Diluted net income per common share	$	0.42		$	0.39		7.7	%	$	1.18		$	1.07		10.3	%
Diluted weighted average common shares outstanding		978,089			976,445		0.2	%		977,485			974,226		0.3	%

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

	April 30, 2025			July 31, 2024
ASSETS
Current assets:
Cash, cash equivalents, and restricted cash	$	2,366,499		$	1,514,111
Investment in held to maturity securities		2,017,843			1,908,047
Accounts receivable, net		757,843			785,877
Vehicle pooling costs		117,916			132,638
Inventories		44,508			43,639
Prepaid expenses and other assets		54,545			33,872
Total current assets		5,359,154			4,418,184
Property and equipment, net		3,569,267			3,175,838
Operating lease right-of-use assets		97,678			116,301
Intangibles, net		66,417			74,088
Goodwill		518,600			513,909
Other assets		61,106			129,444
Total assets	$	9,672,222		$	8,427,764

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	576,923		$	518,148
Deferred revenue		30,292			28,121
Income taxes payable		30,125			60,994
Current portion of operating and finance lease liabilities		19,792			21,304
Total current liabilities		657,132			628,567
Deferred income taxes		94,551			93,653
Income taxes payable		36,574			59,560
Operating and finance lease liabilities, net of current portion		81,268			97,429
Total liabilities		869,525			879,209
Commitments and contingencies
Redeemable non-controlling interest		21,504			24,544
Stockholders' equity:
Preferred stock		—			—
Common stock		97			96
Additional paid-in capital		1,195,757			1,120,985
Accumulated other comprehensive loss		(113,300	)		(142,972	)
Retained earnings		7,698,639			6,545,902
Total stockholders' equity		8,781,193			7,524,011
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	9,672,222		$	8,427,764

Copart, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited)

	Nine Months Ended April 30,
		2025			2024
Cash flows from operating activities:
Net income	$	1,153,055		$	1,040,169
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost		163,642			139,178
Allowance for credit loss		153			2,513
Equity in losses of unconsolidated affiliates		(135	)		2,580
Stock-based compensation		28,905			26,694
Gain on sale of property and equipment		(1,041	)		(2,169	)
Deferred income taxes		67			(3,093	)
Changes in operating assets and liabilities:
Accounts receivable		(1,916	)		(152,564	)
Vehicle pooling costs		14,944			(1,784	)
Inventories		(180	)		(7,316	)
Prepaid expenses, other current and non-current assets		(935	)		(39,815	)
Operating lease right-of-use assets and lease liabilities		915			1,377
Accounts payable, accrued liabilities and other liabilities		56,060			40,305
Deferred revenue		1,961			2,660
Income taxes receivable		1			(16,846	)
Income taxes payable		(54,222	)		1,454
Net cash provided by operating activities		1,361,274			1,033,343

Cash flows from investing activities:
Purchases of property and equipment		(481,349	)		(373,104	)
Assets and liabilities acquired in connection with acquisition		(1,213	)		17,662
Proceeds from sale of property and equipment		4,533			3,453
Purchases of held to maturity securities		(2,017,843	)		(2,478,505	)
Proceeds from held to maturity securities		1,940,000			1,915,000
Investment in unconsolidated affiliate		(3,177	)		(1,000	)
Net cash used in investing activities		(559,049	)		(916,494	)

Cash flows from financing activities:
Proceeds from the exercise of stock options		40,171			20,377
Proceeds from the issuance of Employee Stock Purchase Plan shares		7,404			5,957
Payments for employee stock-based tax withholdings		(3,358	)		(4,613	)
Principal payments on revolver facility		—			(10,818	)
Payments of finance lease obligations		(44	)		(14	)
Net cash provided by financing activities		44,173			10,889
Effect of foreign currency translation		5,990			4,862
Net increase in cash, cash equivalents, and restricted cash		852,388			132,600
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	$	2,366,499		$	1,089,995
Supplemental disclosure of cash flow information:
Interest paid	$	1,972		$	1,946
Income taxes paid, net of refunds	$	318,989		$	266,400
Purchase of property and equipment through settlement of deposit	$	64,050		$	—

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Contacts

Copart Investor Relations

investor.relations@copart.com