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Copart
Copart (CPRT) investor relations material
Copart Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary19 Feb, 2026
Executive summary
Global insurance units declined 9% year-over-year, or 4% excluding catastrophic (CAT) units; U.S. insurance units fell 10.7%, or 4.8% excluding CAT.
Net income for the quarter was $350.7 million, down 9.5% year-over-year, with diluted EPS at $0.36, a 10% decrease.
Record average selling prices (ASPs) for U.S. insurance consignors, with ASPs up 6% year-over-year, or 9% excluding CAT.
Cash, cash equivalents, and restricted cash increased to $5.1 billion as of January 31, 2026, reflecting strong operating cash flow and proceeds from maturing securities.
Liquidity and technology, including AI deployment, are key competitive advantages, driving productivity and auction outcomes.
Financial highlights
Consolidated revenue for the quarter was $1.12 billion, down 3.6% year-over-year; excluding CAT, revenue increased 1.3%.
Global gross profit for the quarter was $492.8 million, down 6.2%; adjusted for CAT and a $6.8 million one-time VAT expense, gross profit increased 0.4% and gross margin rose 178 bps to 45%.
Operating income for the quarter was $388.7 million, down 8.8% year-over-year.
U.S. total revenue declined 5.5%, but was flat excluding CAT; international revenue increased 6.1% (7.7% ex-CAT) to $200 million, with a $13.4 million FX benefit.
Free cash flow increased 58% year-to-date; operating cash flow for the six months was $662.8 million.
Outlook and guidance
Management expects cyclical trends in insurance coverage and policy growth to eventually reverse, supporting future volume growth.
Sufficient liquidity for ongoing operations and future expansion, with $1.25 billion in unused credit facility capacity.
Continued disciplined investment in land, capacity, and facility expansion to support long-term growth.
Analyze international revenue drivers
What is the cash deployment strategy?
Explain rising cost of vehicle sales in Q2
Quantify Copart's superior economic outcomes
What guides Copart's long-term land acquisition
Monetize AI for external marketplace value
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Next Copart earnings date
Q3 202621 May, 2026
Copart
Next Copart earnings date
Q3 202621 May, 2026
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Frequently asked questions
The global leader for vehicle auctions
Copart is a company that provides online auctions and vehicle remarketing services. The business model centers around providing marketplaces for buyers and sellers of used and repairable vehicles. As for other marketplaces such as Amazon within ecommerce or Meta for social media, the business model entails network effects, which provides protection against competition for the entire business after reaching sufficient scale.
The company operates a network of over 200 locations in over 10 countries, where vehicles are collected and stored prior to being auctioned off to buyers. Buyers can bid on vehicles through Copart's online auction platform, which offers a wide range of vehicles, including cars, trucks, motorcycles, boats, and RVs. Copart’s online auction platform is one of the largest in the world of its kind.
Extraordinary financial development
Financially, Copart has experienced strong growth over the last few decades. The company's revenue has increased from $214 million in 2001 to over $3.8 billion in 2020. This growth has been driven by the company's expansion into new markets, as well as its ability to attract a wide range of buyers and sellers to its online platform.
In addition to its strong financial performance, Copart has also received numerous accolades for its business practices, including being named one of Forbes' Best Employers for Diversity in 2021 and being recognized by the Environmental Protection Agency for its sustainable business practices.
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