Copart Reports Third Quarter Fiscal 2025 Financial Results
Dallas, Texas May 22, 2025 — 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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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
Copart, Inc.
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.
Contact:
Copart Investor Relations
investor.relations@copart.com
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
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
%
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
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
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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
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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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000
