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Copart (CPRT) investor relations material
Copart Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary20 Nov, 2025
Executive summary
Net income for the quarter ended October 31, 2025, was $404 million, up 11.5% year-over-year, with diluted EPS of $0.41 compared to $0.37 last year.
Revenue for the quarter was $1.16 billion, up 0.7% year-over-year, driven by higher international service revenues and U.S. vehicle sales.
Operating income rose 6% to $431 million, reflecting improved revenue per car and cost management.
Global insurance units declined 8.4% year-over-year, or 5.6% excluding catastrophic (CAT) volumes, with U.S. insurance units down 9.5% (7.3% ex-CAT).
Despite lower volumes, average selling prices for U.S. insurance carriers reached all-time highs, with global insurance ASPs up 6.8% and U.S. insurance ASPs up 8.4% year-over-year.
Financial highlights
Consolidated revenue grew just under 1% year-over-year (2.9% ex-CAT) to $1.16 billion.
Gross profit increased 4.9% to $537 million; gross margin improved to 46.5%.
Operating income rose 6% (4.5% ex-CAT) to $431 million; net income was $404 million, up 11.5% year-over-year.
Net cash provided by operating activities was $535.3 million, up 11% year-over-year.
Cash and equivalents at quarter-end totaled $5.23 billion, up from $2.78 billion at the start of the quarter.
Outlook and guidance
Management maintains long-term conviction in rising total loss frequency, expecting it to reach 25–30% over time.
Sufficient liquidity and cash flow are expected to support ongoing operations, expansion, and potential acquisitions.
Softness in used car markets and potential insurance rate relief are seen as supportive for future volume growth.
Ongoing investments in technology, storage, and logistics are expected to support long-term growth.
What drove international operating income growth?
What are the plans for the increased cash reserves?
Explain the drivers of gross profit margin expansion?
Explain unit decline despite robust miles driven
What drives long-term total loss frequency to 30%?
Capital deployment priorities for $5.2B cash
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Next Copart earnings date
Q2 202619 Feb, 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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