Copart Reports 14.9% Revenue Growth to $1.16 Billion in Latest Quarter

Copart, Inc. reported significant financial growth in its latest quarterly filing for the period ending January 31, 2025. The company achieved total service revenues and vehicle sales of $1.16 billion for the three months ended January 31, 2025, marking a 14.9% increase from $1.02 billion in the same period last year. For the six months, revenues rose to $2.31 billion, up 13.8% from $2.04 billion. Net income for the quarter was $387.4 million, compared to $325.6 million in the prior year, reflecting a 19% increase. The basic net income per share also rose to $0.40 from $0.34 year-over-year.

The company’s operational metrics showed notable improvements, particularly in service revenues, which increased by $112.1 million in the U.S. and $17.4 million internationally for the quarter. The growth was attributed to higher volumes and increased revenue per vehicle sold. However, vehicle sales experienced a mixed performance, with U.S. sales rising by 42.9% while international sales fell by 22%. The overall vehicle sales for the quarter reached $172 million, a modest increase from $158 million in the previous year.

Strategically, Copart expanded its footprint by acquiring an 80% controlling interest in Purple Wave, Inc., an online heavy equipment auction company, in October 2023. This acquisition is expected to enhance Copart's service offerings and market reach. Additionally, the company opened several new operational facilities across the U.S. and internationally, including locations in Vermont, Arizona, and the U.K., as part of its ongoing expansion strategy.

Operationally, Copart reported a total of 966 million shares outstanding as of January 31, 2025, with cash and cash equivalents increasing significantly to $3.34 billion from $1.51 billion at the end of July 2024. The company’s working capital also rose by 14.4% to $4.34 billion. The increase in cash flow from operations, which rose by 23% to $660.4 million, was driven by higher vehicle processing volumes and improved fee structures.

Looking ahead, Copart remains optimistic about its growth trajectory, emphasizing its commitment to expanding its operational capabilities and enhancing its service offerings. The company plans to continue leveraging its online auction platform to capture a larger share of the vehicle remarketing market, while also navigating the challenges posed by fluctuating market conditions and competition.