EarningsQ4 2026 Earnings Report
MX:CPRT Q4 2026 EPS Results
Actual EPS$6.00
Consensus EPS$6.57
Beat/MissMissed by -$0.57
One Year Ago EPS$7.03
MX:CPRT Q4 2026 Revenue Results
Actual Revenue$19.76B
Expected Revenue$19.61B
Beat/MissBeat by +$149.09M
YoY Revenue Growth+2.43%
Earnings Announcement Details
QuarterQ4 2026
Date09/10/2026
TimeAfter Close
Conference CallThursday, September 10, 2026
MX:CPRT Upcoming Earnings
Copart's next earnings date is estimated for November 18, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
MX:CPRT Q4 2026 Earnings Call
0:00 / 0:00
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call had a positive strategic and management tone, supported by international growth, higher ASPs, improving non-insurance and dealer activity, strong liquidity, continued technology investment, and the planned ACV acquisition. However, the quarter also featured declines in global and U.S. unit volumes, gross profit, operating income, net income, and increased per-vehicle costs. Overall, the number and scope of stated strategic and operational positives outweighed the financial and volume-related challenges.Company Guidance
International Growth and Profitability
International fourth-quarter revenue grew 11.7% to $222.1 million, driven primarily by service revenue growth of 15%. International gross profit increased 11.8% to $77.6 million, with a 35.0% gross margin, while fiscal-year gross profit increased 12.3% to $301.9 million. International operating income reached $56.8 million, representing a 25.6% operating margin. Total international units sold increased 10% in the quarter, including insurance units up 11.2% and non-insurance units up 6%; international assignments grew 10% and inventory increased 10.4% year over year.
Quarterly Revenue Growth
Consolidated fourth-quarter revenue grew 2.4% year over year to $1.2 billion, driven by strength in service revenues and purchased vehicle sales. Global service revenue increased more than $13 million, or 1.4%, and global purchased vehicle sales increased $14 million, or 8.3%. Management also stated that purchased vehicle sales were up $18.4 million, or approximately 2.7%, during the quarter.
Full-Year Revenue Growth Excluding Prior-Year Catastrophe Benefit
Fiscal-year 2026 revenue was $4.7 billion, up 0.4%. Excluding the impact of Hurricanes Helene and Milton, fiscal-year total revenue grew 2.4%. Service revenue increased $1 million, primarily due to increased international volumes and higher revenue per unit.
Higher Revenue per Unit and Auction Pricing
Fourth-quarter revenue per unit increased 5.4% and approximately 5.7% for the full year. Global average selling prices increased 3.5% in the quarter and 5.5% for the full year, which management attributed to the strength of Copart's auctions and global auction liquidity. U.S. ASPs increased 4.2% in the quarter and 5.5% for the full year, while international ASPs increased 3.3% in the quarter and 7.3% for the full year.
Growing Buyer Liquidity and International Demand
Vehicles sold to buyers who had been with Copart for less than one year represented 8.9% of fiscal-year 2026 vehicles, up from 8.3% in fiscal 2025. Vehicles sold to buyers with less than two years of Copart tenure represented 21.7% of fiscal-year 2026 vehicles. International buyers purchased 38.2% of U.S.-sold units and represented 45.7% of the dollars spent, indicating that international buyers purchased a higher-value mix of vehicles.
U.S. Non-Insurance and Dealer Momentum
U.S. non-insurance unit volume returned to modest growth in the fourth quarter, increasing 0.2%, which management said reflected traction in commercial and dealer initiatives. Dealer units grew 5.8% in the quarter and 3.9% for the year. BluCar expanded nearly 20% over the prior-year quarter and increased 2.4% for fiscal 2026, with continued double-digit growth across bank and fleet customers.
U.S. Purchased Vehicle Profitability
U.S. purchased vehicle revenue increased $11.1 million, or 10.9%, in the fourth quarter, while purchased vehicle gross profit increased $5 million, or 8.7%. For the full year, purchased vehicle revenue increased $15.6 million, or 3.9%, and purchased vehicle gross profit increased $2.7 million, or 10.5%. Full-year U.S. purchased unit margins were 6.7%, up 40 basis points from fiscal 2025.
ACV Acquisition Expands Wholesale Marketplace
Copart agreed to acquire ACV in an all-cash transaction funded from cash on hand, with no financing conditions. ACV sells more than 800,000 vehicles annually and transacted approximately $10 billion of gross merchandise value in 2025 across more than 22,000 active buyers. Copart cited its more than 275 locations, over 4 million vehicles sold annually, approximately 1 million members, and buyer reach across more than 185 countries as complementary assets. The transaction is expected to be breakeven in the current period and accretive in the first full year, fiscal 2028; closing is expected by the end of the calendar year, subject to customary conditions including regulatory review.
ACV Integration and Technology Opportunities
ACV will operate as an independent subsidiary under its existing team and retain its brand and website, while buyer liquidity, logistics, and experiences will be integrated at certain levels. Management described planned investment in training, dedicated or partitioned facility areas, and technology to connect buyers to both platforms. Copart stated that it expects to use its locations as staging areas for ACV vehicles and combine its global buyer base with ACV's digital marketplace, inspections, valuation technology, and remarketing capabilities.
Continued Investment in Technology and Customer Services
Copart said it will continue investing in technology and services, including AI, to lower costs through automation, create more demand by connecting buyers with vehicles, and improve accuracy. The company is also investing in long-haul delivery, TitleExpress, loan payoff products for carrier customers, and dedicated wholesale facilities. Copart has 25 dedicated wholesale facilities colocated at existing U.S. locations, serving 80% of the addressable wholesale market.
Strong Liquidity and Financial Flexibility
As of the end of July, Copart had approximately $5.7 billion of liquidity, including $4.5 billion in cash, cash equivalents, and held-to-maturity securities, plus $2.05 billion of revolver capacity with no debt outstanding. Management stated that the company would retain significant financial flexibility after accounting for the ACV transaction and could continue pursuing accretive investments.
Positive Industry Severity and Total-Loss Trends
Total-loss frequency reached 23.3% in the second quarter of fiscal 2026, the highest second quarter on record, up from 22.4% in the same quarter last year. Average collision severity exceeded $6.3 thousand per claim, up nearly 8.8% year over year, representing the fastest increase in more than three years and the fourth consecutive quarter of acceleration. Repair costs were reported to be more than 50% above 2019 levels.
Expansion Plans Across Existing and New International Markets
Management stated that Copart is profitable in all of its international markets and intends to expand in existing markets as well as enter new countries. The company said it has developed both the U.S. and German operating models and plans to expand the German model across Europe.
MX:CPRT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed