Q4 FY2026
Filed Sep 10, 2026Copart Reports Fourth Quarter Fiscal 2026 Financial Results
Fourth-quarter revenue increased 2.4%, but gross profit decreased 5.5%, operating income decreased 10.6%, and net income attributable to Copart, Inc. decreased 17.4%. Full-year revenue increased 0.4% while operating income and net income attributable to Copart, Inc. decreased.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q4 total service revenues and vehicle salesGAAP | $ 1,152,439 (In thousands) | – | 2.4 % |
| Q4 service revenuesGAAP | $ 969,544 (In thousands) | – | 1.4 % |
| Q4 vehicle salesGAAP | $ 182,895 (In thousands) | – | 8.3 % |
| Q4 facility operationsGAAP | $ 450,745 (In thousands) | – | 7.7 % |
| Q4 cost of vehicle salesGAAP | $ 164,211 (In thousands) | – | 11.4 % |
| Q4 facility depreciation and amortizationGAAP | $ 53,759 (In thousands) | – | 14.0 % |
| Q4 facility stock-based compensationGAAP | $ 2,275 (In thousands) | – | (1.5 )% |
| Q4 gross profitGAAP | $ 481,449 (In thousands) | – | (5.5 )% |
| Q4 general and administrativeGAAP | $ 97,813 (In thousands) | – | 16.6 % |
| Q4 general and administrative depreciation and amortizationGAAP | $ 7,202 (In thousands) | – | 11.9 % |
| Q4 general and administrative stock-based compensationGAAP | $ 7,530 (In thousands) | – | 10.9 % |
| Q4 total operating expensesGAAP | $ 783,535 (In thousands) | – | 10.0 % |
| Q4 operating incomeGAAP | $ 368,904 (In thousands) | – | (10.6 )% |
| Q4 interest income, netGAAP | $ 39,618 (In thousands) | – | (20.5 )% |
| Q4 other (expense) income, netGAAP | $ (3,811 ) (In thousands) | – | (123.9 )% |
| Q4 total other incomeGAAP | $ 35,807 (In thousands) | – | (45.6 )% |
| Q4 income before income taxesGAAP | $ 404,711 (In thousands) | – | (15.4 )% |
| Q4 income tax expenseGAAP | $ 77,884 (In thousands) | – | (6.3 )% |
| Q4 net incomeGAAP | $ 326,827 (In thousands) | – | (17.3 )% |
| Q4 net income attributable to Copart, Inc.GAAP | $ 327,423 (In thousands) | – | (17.4 )% |
| Q4 basic net income per common shareGAAP | $ 0.35 | – | (14.6 )% |
| Q4 diluted net income per common shareGAAP | $ 0.35 | – | (14.6 )% |
| FY2026 total service revenues and vehicle salesGAAP | $ 4,666,209 (In thousands) | – | 0.4 % |
| FY2026 service revenuesGAAP | $ 3,969,520 (In thousands) | – | 0.0 % |
| FY2026 vehicle salesGAAP | $ 696,689 (In thousands) | – | 2.7 % |
| FY2026 gross profitGAAP | $ 2,083,858 (In thousands) | – | (0.8 )% |
| FY2026 total operating expensesGAAP | $ 3,013,619 (In thousands) | – | 2.1 % |
| FY2026 operating incomeGAAP | $ 1,652,590 (In thousands) | – | (2.6 )% |
| FY2026 total other incomeGAAP | $ 182,387 (In thousands) | – | (8.3 )% |
| FY2026 net incomeGAAP | $ 1,480,397 (In thousands) | – | (4.4 )% |
| FY2026 net income attributable to Copart, Inc.GAAP | $ 1,484,270 (In thousands) | – | (4.4 )% |
| FY2026 diluted net income per common shareGAAP | $ 1.55 | – | (2.5 )% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| United StatesTotal service revenues and vehicle sales. | $ 930,334 (In thousands) | – | – |
| InternationalTotal service revenues and vehicle sales. | $ 222,105 (In thousands) | – | – |
Capital returns
- Repurchases of common stock: $ (1,632,538 ) (In thousands) for the year ended July 31, 2026.
What drove it
- Fourth-quarter vehicle sales increased 8.3 % to $ 182,895 (In thousands).
- Fourth-quarter service revenues increased 1.4 % to $ 969,544 (In thousands).
- Fourth-quarter International total service revenues and vehicle sales were $ 222,105 (In thousands), compared with $ 198,834 (In thousands) in the prior-year quarter.
- FY2026 vehicle sales increased 2.7 % to $ 696,689 (In thousands), while service revenues were $ 3,969,520 (In thousands), compared with $ 3,968,662 (In thousands) in FY2025.
Concerns
- Fourth-quarter gross profit decreased (5.5 )% to $ 481,449 (In thousands) despite 2.4 % revenue growth.
- Fourth-quarter total operating expenses increased 10.0 % to $ 783,535 (In thousands), while operating income decreased (10.6 )% to $ 368,904 (In thousands).
- Fourth-quarter interest income, net decreased (20.5 )% to $ 39,618 (In thousands), and other (expense) income, net was $ (3,811 ) (In thousands), compared with $ 15,978 (In thousands).
- FY2026 operating income decreased (2.6 )% to $ 1,652,590 (In thousands), and net income attributable to Copart, Inc. decreased (4.4 )% to $ 1,484,270 (In thousands).
What to watch
- The relationship between service-revenue growth and facility operations, which increased 7.7 % in the fourth quarter.
- Vehicle-sales growth, which was 8.3 % in the fourth quarter and 2.7 % for FY2026.
- The evolution of International total service revenues and vehicle sales, reported at $ 222,105 (In thousands) in the fourth quarter.
- Cash deployment following $ (1,632,538 ) (In thousands) of common-stock repurchases during FY2026.
Balance sheet and cash flow
- Cash, cash equivalents, and restricted cash: $ 1,907,901 (In thousands) at July 31, 2026, compared with $ 2,780,531 (In thousands) at July 31, 2025.
- Investment in held to maturity securities: $ 2,581,901 (In thousands) at July 31, 2026, compared with $ 2,008,539 (In thousands) at July 31, 2025.
- Property and equipment, net: $ 3,733,220 (In thousands) at July 31, 2026, compared with $ 3,598,093 (In thousands) at July 31, 2025.
- Net cash provided by operating activities: $ 1,604,492 (In thousands) for the year ended July 31, 2026, compared with $ 1,799,750 (In thousands) for the year ended July 31, 2025.
- Purchases of property and equipment: $ (337,363 ) (In thousands) for the year ended July 31, 2026, compared with $ (568,990 ) (In thousands) for the year ended July 31, 2025.
- Net cash used in investing activities: $ (877,601 ) (In thousands) for the year ended July 31, 2026, compared with $ (587,448 ) (In thousands) for the year ended July 31, 2025.
- Net cash used in financing activities: $ (1,606,854 ) (In thousands) for the year ended July 31, 2026, compared with $ 52,107 (In thousands) for the year ended July 31, 2025.
- Current portion of operating and finance lease liabilities: $ 15,163 (In thousands) at July 31, 2026.
- Operating and finance lease liabilities, net of current portion: $ 73,204 (In thousands) at July 31, 2026.
Analysis
Copart reported fourth-quarter total service revenues and vehicle sales of $ 1,152,439 (In thousands), up 2.4 % from $ 1,125,097 (In thousands). Service revenues increased 1.4 % to $ 969,544 (In thousands), while vehicle sales increased 8.3 % to $ 182,895 (In thousands). The filing shows United States total service revenues and vehicle sales of $ 930,334 (In thousands) and International total service revenues and vehicle sales of $ 222,105 (In thousands) for the quarter.
Profitability declined in the quarter. Gross profit decreased (5.5 )% to $ 481,449 (In thousands), while total operating expenses increased 10.0 % to $ 783,535 (In thousands). Facility operations increased 7.7 %, cost of vehicle sales increased 11.4 %, facility depreciation and amortization increased 14.0 %, and general and administrative increased 16.6 %. Operating income consequently decreased (10.6 )% to $ 368,904 (In thousands).
Below operating income, interest income, net decreased (20.5 )% to $ 39,618 (In thousands), and other (expense) income, net was $ (3,811 ) (In thousands), compared with $ 15,978 (In thousands) a year earlier. Net income attributable to Copart, Inc. decreased (17.4 )% to $ 327,423 (In thousands). Diluted net income per common share was $ 0.35, compared with $ 0.41 in the prior-year quarter.
For FY2026, total service revenues and vehicle sales increased 0.4 % to $ 4,666,209 (In thousands), with service revenues essentially unchanged at $ 3,969,520 (In thousands) and vehicle sales up 2.7 % to $ 696,689 (In thousands). Gross profit decreased (0.8 )%, operating income decreased (2.6 )%, and net income attributable to Copart, Inc. decreased (4.4 )%. Operating cash flow was $ 1,604,492 (In thousands), purchases of property and equipment were $ (337,363 ) (In thousands), and repurchases of common stock were $ (1,632,538 ) (In thousands).
The company ended July 31, 2026 with cash, cash equivalents, and restricted cash of $ 1,907,901 (In thousands) and investment in held to maturity securities of $ 2,581,901 (In thousands). The release did not provide forward financial guidance, management commentary, or an outlook comparison. The key reported items to monitor are expense growth relative to service revenues, the vehicle-sales contribution, International revenue, interest income, and continued capital deployment through repurchases.
Not in the filing
stated, not guessed- Forward financial guidance
- Previous-release outlook and comparison with prior guidance
- Non-GAAP metrics and reconciliations
- Gross margin
- Free cash flow
- Quarterly operating cash flow
- Quarterly capital expenditures
- Traditional debt balance
- Dividend declaration or payment
- Named executive commentary and executive quotes
- Quarter-over-quarter comparisons
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.