Revenue growth has decelerated to 2.1% in 2026Q3, yet the company maintains robust profitability with a 37.5% operating margin that significantly outperforms industry peers.
| Metric | TTM | Jul'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Sales/Revenue | 4.64B | 4.65B | 4.24B | 3.87B | 3.5B | 2.69B | 2.21B | 2.04B | 1.81B | 1.45B | 1.27B | 1.15B | 1.16B | 1.05B | 924.19M | 872.25M | 772.88M | 743.08M | 784.85M | 560.68M | 528.57M | 457.11M | 400.8M | 347.42M | 316.46M | 253.89M | 190.04M | 141.8M | 114.2M | 126.3M | 118.2M |
| Revenue Growth % | 1.05% | 9.68% | 9.49% | 10.53% | 30.02% | 22.08% | 8.01% | 13.08% | 24.7% | 14.15% | 10.68% | -1.5% | 11.19% | 13.22% | 5.96% | 12.86% | 4.01% | -5.32% | 39.98% | 6.07% | 15.63% | 14.05% | 15.36% | 9.79% | 24.64% | 33.6% | 34.02% | 24.17% | -9.58% | 6.85% | 103.44% |
| Cost of Goods Sold | 2.53B | 2.55B | 2.33B | 2.13B | 1.89B | 1.35B | 1.2B | 1.14B | 1.04B | 833M | 723.86M | 662.7M | 712.44M | 625.46M | 528.88M | 499.35M | 424.88M | 430.82M | 462.59M | 293.9M | 298.02M | 253.27M | 208.76M | 202.42M | 186.95M | 152.05M | 116.7M | 86.5M | 71.5M | 89.4M | 83.5M |
| COGS % of Revenue | - | 54.82% | 54.98% | 55.11% | 54.12% | 50.12% | 54.31% | 56.01% | 57.78% | 57.53% | 57.07% | 57.82% | 61.23% | 59.77% | 57.23% | 57.25% | 54.97% | 57.98% | 58.94% | 52.42% | 56.38% | 55.41% | 52.09% | 58.26% | 59.08% | 59.89% | 61.41% | 61% | 62.61% | 70.78% | 70.64% |
| Gross Profit | 2.11B | 2.1B | 1.91B | 1.74B | 1.61B | 1.34B | 1.01B | 898.34M | 762.37M | 614.98M | 544.59M | 483.38M | 451.05M | 420.92M | 395.32M | 372.89M | 347.99M | 312.26M | 322.26M | 266.78M | 230.55M | 203.84M | 192.04M | 145M | 129.5M | 101.84M | 73.34M | 55.3M | 42.7M | 36.9M | 34.7M |
| Gross Margin % | 45.53% | 45.18% | 45.02% | 44.89% | 45.88% | 49.88% | 45.69% | 43.99% | 42.22% | 42.47% | 42.93% | 42.18% | 38.77% | 40.23% | 42.77% | 42.75% | 45.03% | 42.02% | 41.06% | 47.58% | 43.62% | 44.59% | 47.91% | 41.74% | 40.92% | 40.11% | 38.59% | 39% | 37.39% | 29.22% | 29.36% |
| Gross Profit Growth % | - | 10.09% | 9.8% | 8.14% | 19.59% | 33.27% | 12.18% | 17.84% | 23.97% | 12.93% | 12.66% | 7.17% | 7.16% | 6.48% | 6.01% | 7.16% | 11.44% | -3.1% | 20.79% | 15.72% | 13.1% | 6.14% | 32.44% | 11.97% | 27.17% | 38.85% | 32.63% | 29.51% | 15.72% | 6.34% | 70.94% |
| Operating Expenses | 415.85M | 402.93M | 335.23M | 250.42M | 231.22M | 206.66M | 191.7M | 181.87M | 178.02M | 200.43M | 138.12M | 138.97M | 227.04M | 137.93M | 97.19M | 107.61M | 108.92M | 86.94M | 84.34M | 63.64M | 58.99M | 46.98M | 67.27M | 54.25M | 39.56M | 33.72M | 27.13M | 21.9M | 19.1M | 18.1M | 16.9M |
| OpEx % of Revenue | - | 8.67% | 7.91% | 6.47% | 6.6% | 7.68% | 8.69% | 8.91% | 9.86% | 13.84% | 10.89% | 12.13% | 19.51% | 13.18% | 10.52% | 12.34% | 14.09% | 11.7% | 10.75% | 11.35% | 11.16% | 10.28% | 16.79% | 15.61% | 12.5% | 13.28% | 14.28% | 15.44% | 16.73% | 14.33% | 14.3% |
| Selling, General & Admin | 359.31M | 348.96M | 335.23M | 250.42M | 231.22M | 206.66M | 191.7M | 181.87M | 176.89M | 151.36M | 138.12M | 138.97M | 164.53M | 137.93M | 114.49M | 107.61M | 108.92M | 86.94M | 84.34M | 63.64M | 58.99M | 46.98M | 36.47M | 28.7M | 23.26M | 19.37M | 15.65M | 12.1M | 11.3M | 10.6M | 10.9M |
| SG&A % of Revenue | - | 7.51% | 7.91% | 6.47% | 6.6% | 7.68% | 8.69% | 8.91% | 9.8% | 10.45% | 10.89% | 12.13% | 14.14% | 13.18% | 12.39% | 12.34% | 14.09% | 11.7% | 10.75% | 11.35% | 11.16% | 10.28% | 9.1% | 8.26% | 7.35% | 7.63% | 8.23% | 8.53% | 9.89% | 8.39% | 9.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.5M | 19.4M | 29.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.86% | 1.34% | 2.35% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 53.97M | 0 | 0 | 0 | 0 | 0 | 0 | -14.37M | 29.66M | -29.8M | 0 | 62.5M | 0 | -17.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.81M | 25.55M | 16.31M | 14.35M | 11.48M | 9.8M | 7.8M | 7.5M | 6M |
| Operating Income | 1.7B | 1.7B | 1.57B | 1.49B | 1.37B | 1.14B | 816.1M | 716.48M | 584.35M | 461.3M | 406.47M | 344.4M | 274.93M | 282.99M | 298.12M | 265.29M | 239.07M | 225.32M | 237.92M | 203.15M | 171.56M | 156.86M | 124.77M | 90.75M | 89.94M | 68.12M | 46.22M | 33.4M | 23.6M | 18.8M | 17.8M |
| Operating Margin % | 36.57% | 36.51% | 37.1% | 38.42% | 39.28% | 42.21% | 37% | 35.09% | 32.36% | 31.86% | 32.04% | 30.05% | 23.63% | 27.04% | 32.26% | 30.41% | 30.93% | 30.32% | 30.31% | 36.23% | 32.46% | 34.32% | 31.13% | 26.12% | 28.42% | 26.83% | 24.32% | 23.55% | 20.67% | 14.89% | 15.06% |
| Operating Income Growth % | - | 7.93% | 5.75% | 8.11% | 20.99% | 39.25% | 13.9% | 22.61% | 26.67% | 13.49% | 18.02% | 25.27% | -2.85% | -5.08% | 12.38% | 10.97% | 6.1% | -5.29% | 17.12% | 18.41% | 9.37% | 25.72% | 37.48% | 0.91% | 32.04% | 47.39% | 38.37% | 41.53% | 25.53% | 5.62% | 58.93% |
| EBITDA | 1.91B | 1.91B | 1.76B | 1.65B | 1.51B | 1.26B | 920.36M | 801.81M | 662.94M | 518.3M | 455.05M | 399.08M | 332.53M | 343.87M | 346.29M | 310.98M | 282.95M | 266.68M | 280.72M | 240.23M | 203.02M | 196.37M | 161.1M | 119.71M | 109.97M | 85.39M | 59.45M | 45M | 32.7M | 27M | 24.2M |
| EBITDA Margin % | 41.21% | 41.16% | 41.59% | 42.54% | 43.22% | 46.74% | 41.73% | 39.27% | 36.71% | 35.79% | 35.87% | 34.82% | 28.58% | 32.86% | 37.47% | 35.65% | 36.61% | 35.89% | 35.77% | 42.85% | 38.41% | 42.96% | 40.2% | 34.46% | 34.75% | 33.63% | 31.28% | 31.73% | 28.63% | 21.38% | 20.47% |
| EBITDA Growth % | 2.96% | 8.53% | 7.06% | 8.79% | 20.23% | 36.73% | 14.78% | 20.95% | 27.91% | 13.9% | 14.02% | 20.01% | -3.3% | -0.7% | 11.35% | 9.91% | 6.1% | -5% | 16.85% | 18.33% | 3.39% | 21.89% | 34.58% | 8.86% | 28.78% | 43.63% | 32.12% | 37.61% | 21.11% | 11.57% | 63.51% |
| D&A (Non-Cash Add-back) | 215.37M | 215.85M | 190.26M | 159.48M | 137.99M | 121.97M | 104.26M | 85.33M | 78.6M | 57M | 48.58M | 54.68M | 57.59M | 60.88M | 48.17M | 45.69M | 43.88M | 41.35M | 42.8M | 37.09M | 31.46M | 39.51M | 36.34M | 28.96M | 20.03M | 17.28M | 13.24M | 11.6M | 9.1M | 8.2M | 6.4M |
| EBIT | 1.76B | 1.9B | 1.57B | 1.49B | 1.37B | 1.14B | 816.1M | 722.54M | 582.88M | 463.88M | 419.47M | 344.4M | 278.8M | 287.14M | 289.4M | 267.95M | 239.71M | 228.01M | 249.86M | 217.5M | 174.59M | 156.44M | 124.46M | 90.75M | 89.94M | 68.12M | 46.22M | 33.4M | 23.6M | 18.8M | 17.8M |
| Net Interest Income | 192.14M | 178.91M | 145.67M | 65.93M | -16.69M | -20.25M | -18.87M | -17.59M | -19.07M | -22.37M | -22.16M | -17.3M | -8.28M | -9.63M | -10.98M | -3.58M | -11K | 1.42M | 7.55M | 13.64M | -4.57M | 4.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 192.14M | 178.91M | 145.67M | 65.93M | 0 | 0 | 1.36M | 2.23M | 1.29M | 1.41M | 1.45M | 817K | 491K | 638K | 357K | 493K | 205K | 1.69M | 7.76M | 13.73M | 8.18M | 4.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 16.69M | 20.25M | 20.23M | 19.81M | 20.37M | 23.78M | 23.61M | 18.12M | 8.77M | 10.27M | 11.34M | 4.08M | 216K | 274K | 209K | 83K | 12.75M | 62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 212.4M | 198.87M | 142.58M | 67.76M | -34.04M | -14.58M | -15.26M | -11.52M | -21.83M | -21.2M | -10.61M | -12.33M | -4.9M | -6.12M | -20.07M | -1.41M | 425K | 2.41M | 11.73M | 14.28M | 2.96M | 8.16M | 5.53M | 3.41M | 3.72M | 2.93M | 1.76M | 1.8M | 1.3M | 700K | 400K |
| Pretax Income | 1.91B | 1.9B | 1.71B | 1.55B | 1.34B | 1.12B | 800.84M | 704.95M | 562.51M | 440.1M | 395.87M | 332.07M | 270.04M | 276.87M | 278.06M | 263.88M | 239.5M | 227.73M | 249.65M | 217.42M | 174.52M | 165.07M | 130.3M | 94.17M | 93.66M | 71.04M | 47.97M | 35.2M | 24.9M | 19.5M | 18.2M |
| Pretax Margin % | 41.15% | 40.79% | 40.47% | 40.17% | 38.3% | 41.67% | 36.31% | 34.52% | 31.15% | 30.39% | 31.21% | 28.97% | 23.21% | 26.46% | 30.09% | 30.25% | 30.99% | 30.65% | 31.81% | 38.78% | 33.02% | 36.11% | 32.51% | 27.1% | 29.6% | 27.98% | 25.24% | 24.82% | 21.8% | 15.44% | 15.4% |
| Income Tax | 359.8M | 347.22M | 352.25M | 316.59M | 250.82M | 185.35M | 100.93M | 113.26M | 144.5M | 45.84M | 125.5M | 112.29M | 91.35M | 96.85M | 95.94M | 97.5M | 87.87M | 88.19M | 92.72M | 81.08M | 61.86M | 62.95M | 51.08M | 36.94M | 36.27M | 28.36M | 18.54M | 13.2M | 9.7M | 7.5M | 7M |
| Effective Tax Rate % | 18.85% | 18.32% | 20.54% | 20.37% | 18.7% | 16.52% | 12.6% | 16.07% | 25.69% | 10.42% | 31.7% | 33.81% | 33.83% | 34.98% | 34.5% | 36.95% | 36.69% | 38.72% | 37.14% | 37.29% | 35.45% | 38.14% | 39.2% | 39.23% | 38.72% | 39.92% | 38.66% | 37.5% | 38.96% | 38.46% | 38.46% |
| Net Income | 1.55B | 1.55B | 1.36B | 1.24B | 1.09B | 936.5M | 699.91M | 591.69M | 417.87M | 394.23M | 270.36M | 219.78M | 178.69M | 180.03M | 182.12M | 166.38M | 151.63M | 141.1M | 156.93M | 136.34M | 96.95M | 102.12M | 79.22M | 57.22M | 57.39M | 42.69M | 29.43M | 22M | 15.2M | 12M | 11.2M |
| Net Margin % | 33.48% | 33.41% | 32.17% | 31.99% | 31.14% | 34.78% | 31.73% | 28.98% | 23.14% | 27.23% | 21.31% | 19.18% | 15.36% | 17.2% | 19.71% | 19.07% | 19.62% | 18.99% | 20% | 24.32% | 18.34% | 22.34% | 19.77% | 16.47% | 18.14% | 16.81% | 15.49% | 15.51% | 13.31% | 9.5% | 9.48% |
| Net Income Growth % | 5.04% | 13.9% | 10.12% | 13.54% | 16.41% | 33.8% | 18.29% | 41.6% | 6% | 45.82% | 23.01% | 23% | -0.74% | -1.15% | 9.46% | 9.73% | 7.46% | -10.09% | 15.11% | 40.63% | -5.06% | 28.9% | 38.44% | -0.29% | 34.45% | 45.04% | 33.77% | 44.74% | 26.67% | 7.14% | 62.32% |
| Net Income (Continuing) | 1.55B | 1.55B | 1.36B | 1.24B | 1.09B | 936.5M | 699.91M | 591.69M | 418.01M | 394.26M | 270.36M | 219.78M | 178.69M | 180.03M | 182.12M | 166.38M | 151.63M | 139.55M | 156.93M | 136.34M | 112.66M | 101.82M | 78.99M | 57.22M | 57.39M | 42.69M | 29.43M | 22M | 15.2M | 12M | 11.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.56M | 0 | 0 | -15.71M | 293K | 228K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 20.46M | 24.54M | 0 | 0 | 0 | 0 | 0 | 0 | 534K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.61 | 1.59 | 1.40 | 1.28 | 1.13 | 0.97 | 0.73 | 0.62 | 0.43 | 0.42 | 0.28 | 0.21 | 0.17 | 0.17 | 0.17 | 0.14 | 0.11 | 0.10 | 0.11 | 0.09 | 0.07 | 0.07 | 0.05 | 0.04 | 0.04 | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 |
| EPS Growth % | 5.92% | 13.57% | 9.38% | 13.27% | 16.49% | 32.88% | 17.74% | 44.19% | 2.38% | 50% | 33.33% | 23.53% | 0% | 0% | 21.43% | 27.27% | 10% | -9.09% | 20.48% | 40.46% | -5.52% | 26.47% | 40.21% | -1.52% | 25.88% | 41.63% | 32.34% | 41.53% | - | - | - |
| EPS (Basic) | - | 1.61 | 1.42 | 1.30 | 1.15 | 0.99 | 0.75 | 0.64 | 0.45 | 0.43 | 0.30 | 0.22 | 0.18 | 0.18 | 0.18 | 0.14 | 0.11 | 0.11 | 0.11 | 0.09 | 0.07 | 0.07 | 0.06 | 0.04 | 0.04 | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 |
| Diluted Shares Outstanding | 965.22M | 977.56M | 974.8M | 966.65M | 964.6M | 961.16M | 954.62M | 961.81M | 967.51M | 948.08M | 977.18M | 1.05B | 1.05B | 1.04B | 1.05B | 1.23B | 1.36B | 1.36B | 1.44B | 1.5B | 1.49B | 1.49B | 1.46B | 1.49B | 1.46B | 1.35B | 1.33B | 1.32B | 1.29B | 1.25B | 1.22B |
| Basic Shares Outstanding | 957.28M | 965.31M | 960.74M | 953.57M | 949.68M | 945.01M | 932.81M | 921.96M | 927.17M | 914.74M | 915.38M | 1.01B | 1.01B | 999.3M | 1.02B | 1.21B | 1.35B | 1.34B | 1.4B | 1.45B | 1.45B | 1.44B | 1.43B | 1.46B | 1.42B | 1.32B | 1.29B | 1.28B | 1.27B | 1.2B | 1.17B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Used vehicle price normalization
As reported in recent financial filings, Copart's year-over-year revenue growth has decelerated to 2.1% in 2026Q3, marking a notable shift from the double-digit expansion observed in early 2025, which suggests that the company is navigating a more challenging environment for salvage volume and pricing realization.
The deceleration in top-line growth appears to correlate with the broader normalization of used vehicle prices, which directly impacts the percentage-based fees the company earns on auction transactions. Investors should monitor whether this trend reflects a structural cooling in salvage demand or merely a temporary adjustment following the pandemic-era pricing surge.
Based on the provided income statement data, Copart has maintained a robust operating margin of 37.5% in 2026Q3, demonstrating significant pricing power and operational efficiency that remains well above the 10.2% operating margin reported by industry peer Openlane, Inc. in recent market comparisons.
The company's ability to sustain high margins despite top-line volatility suggests that its virtual auction model and owned real estate footprint provide a substantial buffer against inflationary pressures. This structural advantage appears to be a key differentiator, allowing the firm to preserve profitability even when revenue growth faces cyclical headwinds.
According to the latest quarterly results, Copart continues to exhibit strong operating leverage, as evidenced by an operating income of $464.3 million on $1.2 billion in revenue, which highlights the scalability of its proprietary auction platform and the efficiency of its centralized yard management systems.
The company's ability to keep SG&A expenses relatively contained while scaling revenue suggests that the core business model benefits from significant economies of scale. This operational discipline appears to be a primary driver of the firm's consistent bottom-line performance, even during periods of slower revenue expansion.
Based on the reported figures, Copart's net income of $402.4 million in 2026Q3 reflects a high-quality earnings profile, with stock-based compensation remaining a modest $9.5 million, suggesting that management's compensation structure is not overly dilutive to shareholders relative to the company's substantial net income generation.
The consistency of the net margin, which has remained largely in the 30-35% range over the last ten quarters, indicates that the company's profitability is driven by core operational success rather than non-operating items. This stability warrants further investigation into how the company manages its tax rate and interest income from its significant cash reserves.
While Copart has demonstrated historical resilience, the recent trend of margin fluctuations, with gross margins dipping to 43.9% in 2026Q2, suggests that the company is not immune to cost pressures, particularly if fuel and labor expenses continue to outpace the company's ability to adjust auction fees.
Short-term investors should be wary of the potential for margin compression if the mix of 'purchased vehicles' increases, as this inventory-heavy model carries inherently lower margins than the agency-based auction business. The reliance on high-volume throughput means that any sustained decline in accident frequency or vehicle miles traveled could disproportionately impact the bottom line.
Quick answers to the most common questions about buying CPRT stock.
For fiscal year 2025, Copart, Inc. (CPRT) reported total revenue of $4.65B. This represents a 3831.4% increase compared to $118.2M in 1996.
Copart, Inc. (CPRT) is profitable, generating $1.55B in net income for the fiscal year ending 2025 with a net profit margin of 33.4%.
Copart, Inc. (CPRT) reported an operating income of $1.70B, resulting in an operating profit margin of 36.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Copart, Inc. (CPRT) generated $2.10B in gross profit for the year, representing a gross profit margin of 45.2%. This demonstrates the company's core pricing power and production efficiency.