10-KPeriod: FY2025

COPART INC Annual Report, Year Ended Jul 31, 2025

Filed September 26, 2025For Securities:CPRT

Summary

Copart, Inc. (CPRT) is a global leader in online vehicle auctions and remarketing services, operating across the U.S., U.K., Germany, Brazil, and other international markets. The company facilitates the sale of vehicles primarily from insurance companies, but also from dealers, individuals, and other fleet operators. Copart's core business model leverages its proprietary Virtual Bidding Third Generation (VB3) technology, an internet-only auction platform that broadens buyer access globally and enhances selling efficiency. For the fiscal year ended July 31, 2025, Copart reported strong revenue growth, driven by increases in both service revenues and vehicle sales, particularly in the U.S. market. The company continues its strategic expansion through the acquisition and development of new facilities globally, reinforcing its market position and ability to respond to large-scale events like natural disasters. Copart's operational strategy focuses on expanding service offerings, pursuing global seller agreements, and leveraging technology to drive efficiency and maximize returns for sellers and buyers.

Financial Highlights

45 data points
Beta

Revenue

$4.65B

Net Income

$1.55B

33.4% Net Margin

EPS (Diluted)

$1.59

Total Assets

$10.09B

Cash & Equivalents

$2.78B

Free Cash Flow

$1.23B

Financial Statements
Beta
Revenue$4.65B
Operating Expenses$2.95B
Operating Income$1.70B
Net Income$1.55B
EPS (Basic)$1.61
EPS (Diluted)$1.59
Shares Outstanding (Basic)965.31M
Shares Outstanding (Diluted)977.56M

Key Highlights

  • 1Copart operates as a leading global provider of online auctions and vehicle remarketing services across multiple countries.
  • 2The company's primary revenue stream comes from service fees (auction and auction-related fees), with vehicle sales accounting for a smaller portion.
  • 3Insurance companies are the largest source of vehicles for Copart, representing approximately 81% of processed vehicles in fiscal 2025.
  • 4Copart utilizes its proprietary VB3 (Virtual Bidding Third Generation) technology to conduct internet-only auctions, expanding its global buyer base.
  • 5The company is actively engaged in international expansion, with recent facility openings in the U.K., Spain, and the U.S. during fiscal 2025.
  • 6For fiscal year 2025, total service revenues increased by 11.4% to $3,968,662,000, indicating robust business performance.
  • 7Copart highlights its environmental and social contributions, emphasizing the re-use and recycling of vehicles and parts to reduce environmental impact.

Frequently Asked Questions

Copart's primary business is providing online auctions and vehicle remarketing services. Its main revenue source is service fees, which include auction and auction-related sales transaction fees for remarketing services. They also generate revenue from the direct sale of vehicles they purchase.

Copart's primary sellers are insurance companies, accounting for a significant majority (81% in fiscal 2025) of the vehicles processed. Other sellers include dealers, individuals, charities, rental car companies, banks, finance companies, and fleet operators.

Copart utilizes its proprietary VB3 (Virtual Bidding Third Generation) technology, which is an internet-only auction platform. This technology allows for global participation from buyers, increases competition, and enhances operational efficiency by eliminating the need for physical auctions.

Copart is actively expanding its global presence. In fiscal 2025, they opened new operational facilities in the U.K., Spain, and the U.S. Their strategy involves acquiring and developing facilities in key markets, pursuing global seller agreements, and expanding the application of their VB3 platform into new international markets.