How did Copart perform in the fourth quarter of fiscal 2025?

Revenue rose 5.2% to $1.13 billion, gross profit increased 12.4% to $510 million, and net income attributable to Copart grew 22.9% to $396 million. Diluted EPS was $0.41, up from $0.33 a year earlier.

What drove the full-year growth in fiscal 2025?

Service revenues increased 11.4% for the year to $3.97 billion, while vehicle sales were roughly flat at $678 million (+0.4%). Net income attributable to Copart rose 13.9% to $1.55 billion, and diluted EPS increased 13.6% to $1.59.

Is Copart's cost base growing faster than its revenue?

In certain areas, yes. For the year, yard operations expense rose 13.8% and G&A expense rose 21.2%, compared with total revenue growth of 9.7%. Gross profit still grew 10.1%, and operating income rose 7.9%, so investors should watch whether these cost increases moderate.

How strong is Copart's balance sheet and liquidity?

Copart had $2.78 billion in cash, cash equivalents and restricted cash and $2.01 billion in held-to-maturity securities as of July 31, 2025. Total liabilities were $883 million against stockholders' equity of $9.19 billion, indicating a conservative capital structure.

Are these results final, and where can investors get more detail?

The financial statements in the press release are unaudited, and the release was furnished under Item 2.02 rather than filed. Management held a conference call on September 4, 2025 at 5:30 p.m. ET, with a replay available through November 2025 at www.copart.com/investorrelations, and the full 10-K would contain audited results.

CPRT 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed September 4, 2025. Cited figures are marked; the original filing is the authoritative source.

Copart (NASDAQ: CPRT) reported fourth-quarter and full-year fiscal 2025 results (quarter and year ended July 31, 2025) in a press release furnished under Item 2.02.

For the quarter, revenue rose 5.2% to $1.13 billion^a, gross profit grew 12.4% to $510 million, and net income attributable to Copart increased 22.9% to $396 million. Diluted EPS was $0.41 versus $0.33 a year earlier, up 24.2%. Growth was driven primarily by service revenues (up 7.1%), while vehicle sales declined 4.0%, and profitability improved as cost of vehicle sales fell 9.0%.

For the full fiscal year, revenue reached $4.6 billion^b (up 9.7%), gross profit was $2.1 billion (up 10.1%), and net income attributable to Copart was $1.55 billion (up 13.9%). Diluted EPS rose 13.6% to $1.59. Operating income grew 7.9% to $1.70 billion.

Yard operations expense rose 13.8% and general and administrative expense rose 21.2%, indicating cost pressure below the gross profit line that partly offset top-line strength. Operating cash flow was $1.80 billion^c, up 22% from $1.47 billion, while capital expenditures were $569 million, up from $511 million. The balance sheet strengthened considerably.

Cash, cash equivalents and restricted cash increased to $2.78 billion^d from $1.51 billion, held-to-maturity investments were $2.01 billion, and stockholders' equity reached $9.19 billion, up from $7.52 billion. Total liabilities are modest at $883 million. Management is scheduled to discuss results on a conference call on September 4, 2025, at 5:30 p.m.

ET. The earnings release is furnished rather than filed, and the financial figures are unaudited.

02—Key points

Key Highlights

Q4 FY2025 revenue of $1.13 billion, up 5.2% year over year; service revenues grew 7.1% while vehicle sales declined 4.0%.
Q4 net income attributable to Copart of $396 million, up 22.9%; diluted EPS of $0.41 vs. $0.33 (+24.2%).
Full-year FY2025 revenue of $4.65 billion (+9.7%) and net income attributable to Copart of $1.55 billion (+13.9%); diluted EPS of $1.59 (+13.6%).
Full-year operating cash flow of $1.80 billion (+22%) against capital expenditures of $569 million, supporting continued reinvestment in yards and facilities.
Cash and equivalents nearly doubled to $2.78 billion, with an additional $2.01 billion in held-to-maturity securities, providing substantial liquidity.
Stockholders' equity rose to $9.19 billion from $7.52 billion, while total liabilities remained low at $883 million.
Yard operations expense (+13.8%) and G&A (+21.2%) grew faster than revenue for the year, a cost trend investors should monitor.

03—Questions

Frequently Asked Questions

How did Copart perform in the fourth quarter of fiscal 2025?
Revenue rose 5.2% to $1.13 billion, gross profit increased 12.4% to $510 million, and net income attributable to Copart grew 22.9% to $396 million. Diluted EPS was $0.41, up from $0.33 a year earlier.
What drove the full-year growth in fiscal 2025?
Service revenues increased 11.4% for the year to $3.97 billion, while vehicle sales were roughly flat at $678 million (+0.4%). Net income attributable to Copart rose 13.9% to $1.55 billion, and diluted EPS increased 13.6% to $1.59.
Is Copart's cost base growing faster than its revenue?
In certain areas, yes. For the year, yard operations expense rose 13.8% and G&A expense rose 21.2%, compared with total revenue growth of 9.7%. Gross profit still grew 10.1%, and operating income rose 7.9%, so investors should watch whether these cost increases moderate.
How strong is Copart's balance sheet and liquidity?
Copart had $2.78 billion in cash, cash equivalents and restricted cash and $2.01 billion in held-to-maturity securities as of July 31, 2025. Total liabilities were $883 million against stockholders' equity of $9.19 billion, indicating a conservative capital structure.
Are these results final, and where can investors get more detail?
The financial statements in the press release are unaudited, and the release was furnished under Item 2.02 rather than filed. Management held a conference call on September 4, 2025 at 5:30 p.m. ET, with a replay available through November 2025 at www.copart.com/investorrelations, and the full 10-K would contain audited results.

04—Continue

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