Copart, Inc. (CPRT) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has decelerated sharply to 2.4% YoY in Q4 2026, while operating margins compressed to 32.0% from 36.7% a year prior, indicating a maturing demand environment for salvage vehicles.

Annual statement

CPRT Income Statement

Copart, Inc. (CPRT) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	Jul'26	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

Sales/Revenue	4.67B	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
Revenue Growth %	0.41%	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%
Cost of Goods Sold	2.58B	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
COGS % of Revenue	55.34%	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%
Gross Profit	2.08B	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
Gross Margin %	44.66%	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%
Gross Profit Growth %	-0.75%	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%
Operating Expenses	431.27M	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
OpEx % of Revenue	9.24%	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%
Selling, General & Admin	431.27M	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
SG&A % of Revenue	9.24%	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%
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
R&D % of Revenue	-	-	-	-	-	-	-	-	0.86%	1.34%	2.35%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	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
Operating Income	1.65B	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
Operating Margin %	35.42%	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%
Operating Income Growth %	-2.6%	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%
EBITDA	1.88B	1.91B	1.76B	1.65B	1.51B	1.26B	920.36M	801.81M	663.38M	518.74M	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
EBITDA Margin %	40.33%	41.16%	41.59%	42.54%	43.23%	46.78%	41.73%	39.27%	36.74%	35.83%	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%
EBITDA Growth %	-1.59%	8.53%	7.05%	8.76%	20.17%	36.85%	14.78%	20.87%	27.88%	14%	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%
D&A (Non-Cash Add-back)	229.5M	215.85M	190.26M	159.68M	138.6M	123.08M	104.26M	85.33M	79.04M	57.44M	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
EBIT	1.83B	1.9B	1.71B	1.55B	1.36B	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
Net Interest Income	181.92M	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
Interest Income	181.92M	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
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
Other Income/Expense	182.39M	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
Pretax Income	1.83B	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
Pretax Margin %	39.32%	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%
Income Tax	354.58M	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
Effective Tax Rate %	19.32%	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%
Net Income	1.48B	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
Net Margin %	31.81%	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%
Net Income Growth %	-4.39%	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%
Net Income (Continuing)	1.48B	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
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
Minority Interest	16.59M	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
EPS (Diluted)	1.55	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
EPS Growth %	-2.52%	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)	1.56	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
Diluted Shares Outstanding	956.86M	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
Basic Shares Outstanding	949.64M	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
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrong

Balance SheetAdequate

Cash FlowRobust

Top Statement Risk

Decelerating revenue growth

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

Growth Trajectory Decelerating Significantly

Copart's year-over-year revenue growth has decelerated sharply from double digits in early 2025 to just 2.4% in Q4 2026, suggesting the post-pandemic demand surge for salvage vehicles may be normalizing. As reported in recent financial statements, this represents the slowest quarterly growth in the provided dataset.

The growth deceleration is broad-based across quarters, moving from 14.0% in Q2 2025 to negative 3.6% in Q2 2026 before a modest recovery. This trend implies the primary growth driver is likely volume contraction rather than pricing, as the company's pricing power typically supports steady increases. Investors should monitor whether this represents a temporary cyclical pause or a more permanent step-down in the salvage vehicle market's structural growth rate.

Margin Compression Pressuring Profitability

Operating margins contracted to 32.0% in Q4 2026, a significant decline from the 36.7% seen a year prior, indicating potential cost pressures or unfavorable revenue mix shifts. Based on reported figures, gross margins also showed volatility, dipping to 41.8% in the most recent quarter.

The margin compression appears driven by both top-line softness and rising cost of goods sold, which consumed a larger portion of revenue in recent quarters. While operating margins remain robust compared to peer OPENLANE's 10.2%, the downward trajectory suggests diminishing operating leverage. This trend warrants investigation into whether it reflects temporary inefficiencies or a structural shift in the company's cost structure relative to its revenue base.

Earnings Quality Influenced by Non-Operating Items

Despite reporting net income of $327.4 million in Q4 2026, the year-over-year decline in EPS of 14.6% suggests non-operating items or tax effects may be impacting reported earnings quality. As disclosed in financial statements, stock-based compensation remains a consistent but modest factor.

The divergence between operating income trends and net income/EPS performance indicates non-operating items like interest expense, tax rate variability, or one-time charges are influencing bottom-line results. The stable stock-based compensation around $9-10 million quarterly represents a predictable but non-cash expense that investors should account for when comparing cash flows to reported earnings. The significant EPS volatility quarter-to-quarter warrants closer examination of the company's effective tax rate and non-operating income components.

Operating Leverage Demonstrated During Expansion

During periods of robust revenue growth like Q2 2025, operating income expanded faster than gross profit, demonstrating effective operating leverage as SG&A expenses scaled more slowly. According to SEC filings, this leverage appears to be reversing as growth decelerates.

The data shows that when revenue growth was strong, operating margins expanded significantly, suggesting the company has a scalable cost structure with relatively fixed SG&A. However, as growth has slowed, this leverage has turned negative, with SG&A as a percentage of revenue appearing to increase. This pattern suggests the company's cost structure may be optimized for growth periods, creating potential margin pressure during slower growth phases.

Sustainability Questioned Amid Growth Slowdown

The most significant analytical challenge is whether Copart's premium valuation can be sustained as revenue growth decelerates to low single digits while operating margins compress from their peaks. Based on reported performance, the Q4 2026 results show both growth and profitability declining simultaneously.

Short-sellers would focus on the convergence of decelerating growth (2.4% in Q4 2026) and contracting margins (32.0% operating margin) as evidence that Copart's business model may be maturing faster than the market expects. The comparison to peer OPENLANE shows Copart maintains significantly higher margins, but the narrowing growth differential could pressure multiples. The durability of Copart's pricing power and market position will be critical to monitor as the salvage vehicle market potentially enters a less favorable cycle.

CPRT — Frequently Asked Questions

Quick answers to the most common questions about buying CPRT stock.

What was Copart, Inc.'s (CPRT) revenue in 2026?

For fiscal year 2026, Copart, Inc. (CPRT) reported total revenue of $4.67B. This represents a 3594.5% increase compared to $126.3M in 1997.

Is Copart, Inc. (CPRT) profitable?

Copart, Inc. (CPRT) is profitable, generating $1.48B in net income for the fiscal year ending 2026 with a net profit margin of 31.8%.

What is Copart, Inc.'s operating profit margin?

Copart, Inc. (CPRT) reported an operating income of $1.65B, resulting in an operating profit margin of 35.4%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Copart, Inc.'s gross profit and gross margin?

Copart, Inc. (CPRT) generated $2.08B in gross profit for the year, representing a gross profit margin of 44.7%. This demonstrates the company's core pricing power and production efficiency.