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COPART INC 8-K Report, Financial Results (Nov 20, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 20, 2025
Period End
November 20, 2025
Security
CPRT
In the record · 2016–202610-K1110-Q328-K93

CPRT filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 93 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jul ’16Jul ’16
  2. Leadership change8-K · May ’21May ’21
  3. Leadership change8-K · May ’23May ’23
  4. Deal closed8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed November 20, 2025. Cited figures are marked; the original filing is the authoritative source.

Copart reported modest first-quarter fiscal 2026 results for the three months ended October 31, 2025.

Total service revenues and vehicle sales rose 0.7% to $1.155 billiona, while gross profit grew 4.9% to $537.0 million and net income attributable to Copart increased 11.5% to $403.7 million. Diluted EPS was $0.41 versus $0.37 a year earlier, up 11.7%. Top-line growth was limited, but margin expansion came from a 4.5% decline in facility operations expenses, which offset higher vehicle sales costs and G&A.

The balance sheet and cash flow picture changed meaningfully. Cash, cash equivalents, and restricted cash climbed to $5.23 billionb from $2.78 billion at July 31, 2025, largely because $2.0 billion of held-to-maturity securities matured during the quarter and were not reinvested. Capital expenditures fell sharply to $108 million from $237 million, and operating cash flow rose to $535 million from $482 million.

Income taxes payable jumped to $125 millionc from $41 million, which contributed to the operating cash flow result and warrants monitoring of future tax cash outflows. Segment data shows the United States generated $952.6 million of revenue and $375.0 million of operating income, up 5.6% in operating income.

International revenue rose 1.6% to $202.4 milliond, and its operating income increased 8.6% to $55.7 million, though International vehicle sales declined 9.4%. The filing contains no updated financial guidance, so forward expectations must be inferred from the trend data rather than management commentary.

02—Key points

Key Highlights

  1. Total service revenues and vehicle sales were $1.155 billion, up 0.7% year over year, indicating very slow top-line growth.
  2. Gross profit increased 4.9% to $537.0 million, and operating income rose 6.0% to $430.7 million, reflecting a 4.5% decline in facility operations expenses.
  3. Net income attributable to Copart grew 11.5% to $403.7 million, and diluted EPS rose 11.7% to $0.41 from $0.37.
  4. Cash and equivalents more than doubled to $5.23 billion, driven by $2.0 billion in matured held-to-maturity securities that were not reinvested.
  5. Capital expenditures fell 54% to $108 million from $237 million, and operating cash flow increased 11% to $535 million.
  6. Income taxes payable rose to $125 million from $41 million at fiscal year-end, a balance sheet item investors should watch as a future cash outflow.
  7. International operating income grew 8.6% to $55.7 million, while International vehicle sales fell 9.4% to $66.1 million.

03—Questions

Frequently Asked Questions

  1. Why did net income grow faster than revenue this quarter?

    Net income rose 11.5% while revenue increased only 0.7%, mainly because facility operations expenses fell 4.5% to $427.2 million. Interest income also rose 17.5% to $53.5 million, adding to pre-tax income. Income tax expense declined 5.8%, which further supported net income growth.

  2. Did the large increase in cash reflect new earnings or a one-time event?

    Mostly a balance sheet reclassification and timing effect. The $2.0 billion increase in cash came largely from the maturity of held-to-maturity investments, which moved from investments into cash, rather than from operating earnings. Operating cash flow of $535 million was a healthier indicator of underlying cash generation for the quarter.

  3. Is the jump in income taxes payable a concern?

    It is a point to monitor. Income taxes payable (current and non-current combined) rose to roughly $138 million from about $77 million at July 31, 2025. This increase boosted operating cash flow this quarter, but it implies cash taxes will need to be paid later. The filing does not explain the drivers of this change.

  4. Did the company provide guidance for the coming periods?

    No. This 8-K furnishes the press release with reported results only. The filing contains no forward-looking financial guidance, and investors should refer to the earnings call and subsequent disclosures for management's outlook.

04—Continue

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