cprt-20250904
0000900075false00009000752024-09-042024-09-04

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
September 4, 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 September 4, 2025, Copart, Inc. issued a press release announcing its financial results for the fourth quarter of fiscal year 2025, which ended July 31, 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 September 4, 2025 of Copart, Inc. announcing its financial results for the fourth quarter of fiscal year 2025, which ended July 31, 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:     September 4, 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 September 4, 2025 of Copart, Inc. announcing its financial results for the fourth quarter of fiscal year 2025, which ended July 31, 2025.
104Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).



Exhibit 99.1
Copart, Inc.
For Immediate Release
Copart Reports Fourth Quarter Fiscal 2025 Financial Results
Dallas, Texas. (September 4, 2025) — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter and year ended July 31, 2025.
For the three months ended July 31, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $1.1 billion, $510 million, and $396 million, respectively. These represent an increase in revenue of $56.1 million, or 5.2%; an increase in gross profit of $56.1 million, or 12.4%; and an increase in net income attributable to Copart, Inc. of $73.8 million, or 22.9%, respectively, from the same period last year. Fully diluted earnings per share for the three months ended July 31, 2025 was $0.41 compared to $0.33 last year, an increase of 24.2%.
For the year ended July 31, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $4.6 billion, $2.1 billion, and $1.6 billion, respectively. These represent an increase in revenue of $410.1 million, or 9.7%; an increase in gross profit of $192.4 million, or 10.1%; and an increase in net income attributable to Copart, Inc. of $189.4 million, or 13.9%, respectively, from the same period last year. Fully diluted earnings per share for the year ended July 31, 2025 was $1.59 compared to $1.40 last year, an increase of 13.6%.
On Thursday, September 4, 2025, at 5:30 p.m. Eastern Time (4:30 p.m. Central Time), Copart, will conduct a conference call to discuss the results for the quarter. The call will be webcast live and can be accessed at www.copart.com/investorrelations. A replay of the call will be available through November 2025 by visiting www.copart.com/investorrelations.
About Copart
Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platforms 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
[email protected]


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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 
July 31,		Twelve Months Ended 
July 31,
20252024% Change20252024% Change
Service revenues and vehicle sales:
Service revenues$956,209 $893,091 7.1 %3,968,662 $3,561,002 11.4 %
Vehicle sales168,888 175,908 (4.0)%678,296 675,821 0.4 %
Total service revenues and vehicle sales1,125,097 1,068,999 5.2 %4,646,958 4,236,823 9.7 %
Operating expenses:
Yard operations418,500 407,044 2.8 %1,744,436 1,532,484 13.8 %
Cost of vehicle sales147,398 161,891 (9.0)%602,997 619,487 (2.7)%
Yard depreciation and amortization47,172 44,539 5.9 %191,775 170,650 12.4 %
Yard stock-based compensation2,309 1,949 18.5 %8,107 6,950 16.6 %
Gross profit509,718 453,576 12.4 %2,099,643 1,907,252 10.1 %
General and administrative83,902 81,377 3.1 %348,958 287,834 21.2 %
General and administrative depreciation and amortization6,435 6,064 6.1 %24,074 19,111 26.0 %
General and administrative stock-based compensation6,790 6,591 3.0 %29,897 28,284 5.7 %
Total operating expenses712,506 709,455 0.4 %2,950,244 2,664,800 10.7 %
Operating income412,591 359,544 14.8 %1,696,714 1,572,023 7.9 %
Other income (expense):
Interest income (expense), net49,839 43,494 14.6 %178,909 145,673 22.8 %
Other income (expense), net15,978 5,389 196.5 %19,958 (3,095)(744.8)%
Total other income65,817 48,883 34.6 %198,867 142,578 39.5 %
Income before income taxes478,408 408,427 17.1 %1,895,581 1,714,601 10.6 %
Income tax expense83,100 86,249 (3.7)%347,218 352,254 (1.4)%
Net income395,308 322,178 22.7 %1,548,363 1,362,347 13.7 %
Less: Net loss attributable to noncontrolling interest(1,046)(389)168.9 %(4,086)(673)507.1 %
Net income attributable to Copart, Inc.$396,354 $322,567 22.9 %$1,552,449 $1,363,020 13.9 %
Basic net income per common share$0.41 $0.34 20.6 %$1.61 $1.42 13.4 %
Weighted average common shares outstanding967,100 962,515 0.5 %965,306 960,739 0.5 %
Diluted net income per common share$0.41 $0.33 24.2 %$1.59 $1.40 13.6 %
Diluted weighted average common shares outstanding977,778 976,500 0.1 %977,563 974,798 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)
July 31, 2025July 31, 2024
ASSETS
Current assets:
Cash, cash equivalents, and restricted cash$2,780,531 $1,514,111 
Investment in held to maturity securities
2,008,539 1,908,047 
Accounts receivable, net762,811 785,877 
Vehicle pooling costs116,145 132,638 
Inventories39,661 43,639 
Income taxes receivable580 — 
Prepaid expenses and other assets46,361 33,872 
Total current assets5,754,628 4,418,184 
Property and equipment, net3,598,093 3,175,838 
Operating lease right-of-use assets99,708 116,301 
Intangibles, net62,832 74,088 
Goodwill517,779 513,909 
Other assets57,862 129,444 
Total assets$10,090,902 $8,427,764 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities591,831 $518,148 
Deferred revenue30,440 28,121 
Income taxes payable41,141 60,994 
Current portion of operating and finance lease liabilities19,869 21,304 
Total current liabilities683,281 628,567 
Deferred income taxes80,625 93,653 
Income taxes payable35,635 59,560 
Operating and finance lease liabilities, net of current portion83,870 97,429 
Total liabilities883,411 879,209 
Commitments and contingencies
Redeemable non-controlling interest20,458 24,544 
Stockholders’ equity:
Preferred stock— — 
Common stock97 96 
Additional paid-in capital1,214,150 1,120,985 
Accumulated other comprehensive loss(120,283)(142,972)
Retained earnings8,093,069 6,545,902 
Total stockholders’ equity9,187,033 7,524,011 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$10,090,902 $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)
Year Ended July 31,
20252024
Cash flows from operating activities:
Net Income$1,548,363 $1,362,347 
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including debt cost217,784 190,256 
Allowance for credit losses354 3,914 
Gain on extinguishment of liabilities— (4,058)
Equity in losses of unconsolidated affiliates(149)2,241 
Stock-based compensation38,004 35,234 
Gain on sale of property and equipment(13,726)(2,386)
Deferred income taxes(13,440)(847)
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable(33,950)(145,385)
Vehicle pooling costs16,705 (9,542)
Inventories4,655 (3,698)
Prepaid expenses and other current and non-current assets7,748 (71,067)
Operating lease right-of-use assets and lease liabilities478 1,064 
Accounts payable and accrued liabilities69,599 59,528 
Deferred revenue2,159 1,867 
Income taxes receivable(575)6,561 
Income taxes payable(44,259)46,535 
Net cash provided by operating activities1,799,750 1,472,564 
Cash flows from investing activities:
Purchases of property and equipment(568,990)(510,990)
Assets and liabilities acquired in connection with acquisition(1,223)17,662 
Proceeds from sale of property and equipment31,831 4,166 
Investment in held to maturity securities(4,001,918)(4,087,162)
Proceeds from held to maturity securities3,960,000 3,645,000 
Acquisition of investment in unconsolidated affiliates(7,148)(8,755)
Net cash used in investing activities(587,448)(940,079)
Cash flows from financing activities:
Proceeds from the exercise of stock options42,759 24,260 
Proceeds from the issuance of Employee Stock Purchase Plan shares14,679 12,406 
Payments for employee stock-based tax withholdings(5,282)(6,558)
Principal payments on revolver facility — (10,821)
Payments of finance lease obligations(49)(14)
Net cash provided by financing activities52,107 19,273 
Effect of foreign currency translation2,011 4,958 
Net increase in cash, cash equivalents, and restricted cash1,266,420 556,716 
Cash, cash equivalents, and restricted cash at beginning of period1,514,111 957,395 
Cash, cash equivalents, and restricted cash at end of period$2,780,531 $1,514,111 
Supplemental disclosure of cash flow information:
Interest paid$2,019 $3,127 
Income taxes paid, net of refunds$409,003 $285,891 
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