Copart Reports Q3 Fiscal 2026 Revenue of $1.237 Billion, Net Income of $402.4 Million

Copart, Inc. reported its financial results for the third quarter of fiscal year 2026, revealing a total revenue of $1.237 billion, a 2.1% increase from $1.035 billion in the same quarter of the previous year. For the nine months ending April 30, 2026, total revenues reached $3.514 billion, slightly down from $3.522 billion year-over-year. The company’s net income for the quarter was $402.4 million, compared to $406.6 million in the prior year, while net income for the nine-month period was $1.157 billion, marginally up from $1.156 billion.

The company experienced a notable shift in its revenue streams, with service revenues increasing by 2.1% to $1.056 billion in the latest quarter, while vehicle sales rose by 2.3% to $181 million. However, the U.S. market saw a decline in service revenues of $3.2 million, attributed to decreased volume, which was partially offset by an increase in revenue per car. In contrast, international service revenues grew by 17.9%, driven by increased volume and revenue per car, despite currency fluctuations.

Operationally, Copart's total assets decreased to $9.649 billion as of April 30, 2026, down from $10.091 billion at the end of the previous fiscal year. The company’s cash and cash equivalents increased by 20.6% to $3.354 billion, reflecting strong cash generation from operations. The company also reported a decrease in working capital by 10.6%, primarily due to cash used for stock repurchases and timing of cash payments. Copart repurchased 43.4 million shares during the nine months, totaling $1.633 billion, as part of its ongoing stock repurchase program.

In terms of strategic developments, Copart entered into a new Senior Revolving Credit Agreement in January 2026, providing an unsecured revolving credit facility of up to $1.25 billion, which is expected to support future growth initiatives. The company continues to focus on expanding its operational capacity and enhancing its technology platform, which includes its Virtual Bidding Third Generation (VB3) auction technology.

Looking ahead, Copart anticipates continued growth in its international markets and aims to leverage its strong cash position to fund future expansions and acquisitions. The company remains committed to optimizing its operations and enhancing shareholder value through strategic investments and stock repurchases.