DALLAS, Texas, May 22, 2025--(BUSINESS WIRE)--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.

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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
[email protected]

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