cprt-20250522
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
May 22, 2025
Date of Report (date of earliest event reported)
COPART, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-23255
94-2867490
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
14185 Dallas ParkwaySuite 300
Dallas
Texas
75254
(Address of principal executive offices, including zip code)
(972) 391-5000
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001CPRTThe NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




INFORMATION INCLUDED IN THIS REPORT
Section 2 — Financial Information
Item 2.02 Results of Operations and Financial Condition
The following information and the exhibit attached hereto as Exhibit 99.1 are intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information and the exhibit attached hereto as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing, except as shall be expressly set forth by specific reference in such filing.
On May 22, 2025, Copart, Inc. issued a press release announcing its financial results for the third quarter of fiscal year 2025, which ended April 30, 2025. The full text of the press release is furnished herewith as Exhibit 99.1.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are furnished herewith:
Exhibit
Number		Description
Press release, dated May 22, 2025 of Copart, Inc. announcing its financial results for the third quarter of fiscal year 2025, which ended April 30, 2025.
104Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:     May 22, 2025                 COPART, INC.
By: /s/ LEAH STEARNS
Leah Stearns, Chief Financial Officer
(Principal Financial and Accounting Officer and duly Authorized Officer)



INDEX TO EXHIBITS
Exhibit
Number		Description
Press release, dated May 22, 2025 of Copart, Inc. announcing its financial results for the third quarter of fiscal year 2025, which ended April 30, 2025.
104Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).



Exhibit 99.1
Copart, Inc.
For Immediate Release
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,
20252024% Change20252024% Change
Service revenues and vehicle sales:
Service revenues$1,034,836 $946,630 9.3 %$3,012,453 $2,667,911 12.9 %
Vehicle sales176,880 180,629 (2.1)%509,408 499,913 1.9 %
Total service revenues and vehicle sales1,211,716 1,127,259 7.5 %3,521,861 3,167,824 11.2 %
Operating expenses:   
Facility operations439,417 391,256 12.3 %1,325,936 1,125,440 17.8 %
Cost of vehicle sales169,714 162,881 4.2 %455,599 457,596 (0.4)%
Facility depreciation and amortization48,163 45,800 5.2 %144,603 126,111 14.7 %
Facility stock-based compensation2,155 1,817 18.6 %5,798 5,001 15.9 %
Gross profit552,267 525,505 5.1 %1,589,925 1,453,676 9.4 %
General and administrative87,451 76,169 14.8 %265,056 206,457 28.4 %
General and administrative depreciation and amortization6,253 4,932 26.8 %17,639 13,047 35.2 %
General and administrative stock-based compensation7,018 7,201 (2.5)%23,107 21,693 6.5 %
Total operating expenses760,171 690,056 10.2 %2,237,738 1,955,345 14.4 %
Operating income451,545 437,203 3.3 %1,284,123 1,212,479 5.9 %
Other income (expense):   
Interest income, net42,776 36,218 18.1 %129,070 102,179 26.3 %
Other income (expense), net8,483 (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 taxes502,804 472,112 6.5 %1,417,173 1,306,174 8.5 %
Income tax expense97,466 90,002 8.3 %264,118 266,005 (0.7)%
Net income405,338 382,110 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 outstanding966,234 961,813 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 outstanding978,089 976,445 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, 2025July 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, net757,843 785,877 
Vehicle pooling costs117,916 132,638 
Inventories44,508 43,639 
Prepaid expenses and other assets54,545 33,872 
Total current assets5,359,154 4,418,184 
Property and equipment, net3,569,267 3,175,838 
Operating lease right-of-use assets97,678 116,301 
Intangibles, net66,417 74,088 
Goodwill518,600 513,909 
Other assets61,106 129,444 
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 revenue30,292 28,121 
Income taxes payable30,125 60,994 
Current portion of operating and finance lease liabilities19,792 21,304 
Total current liabilities657,132 628,567 
Deferred income taxes94,551 93,653 
Income taxes payable36,574 59,560 
Operating and finance lease liabilities, net of current portion81,268 97,429 
Total liabilities869,525 879,209 
Commitments and contingencies
Redeemable non-controlling interest21,504 24,544 
Stockholders' equity:
Preferred stock— — 
Common stock97 96 
Additional paid-in capital1,195,757 1,120,985 
Accumulated other comprehensive loss(113,300)(142,972)
Retained earnings7,698,639 6,545,902 
Total stockholders' equity8,781,193 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,
20252024
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 cost163,642 139,178 
Allowance for credit loss153 2,513 
Equity in losses of unconsolidated affiliates(135)2,580 
Stock-based compensation28,905 26,694 
Gain on sale of property and equipment(1,041)(2,169)
Deferred income taxes67 (3,093)
Changes in operating assets and liabilities:
Accounts receivable(1,916)(152,564)
Vehicle pooling costs14,944 (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 liabilities915 1,377 
Accounts payable, accrued liabilities and other liabilities56,060 40,305 
Deferred revenue1,961 2,660 
Income taxes receivable1 (16,846)
Income taxes payable(54,222)1,454 
Net cash provided by operating activities1,361,274 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 equipment4,533 3,453 
Purchases of held to maturity securities(2,017,843)(2,478,505)
Proceeds from held to maturity securities1,940,000 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 options40,171 20,377 
Proceeds from the issuance of Employee Stock Purchase Plan shares7,404 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 activities44,173 10,889 
Effect of foreign currency translation5,990 4,862 
Net increase in cash, cash equivalents, and restricted cash852,388 132,600 
Cash, cash equivalents, and restricted cash at beginning of period1,514,111 957,395 
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