What guidance did Copart's management provide for the next earnings period?

What does Copart do and what are its main business segments?

What is Copart's gross profit margin?

Did Copart beat or miss consensus estimates last quarter?

What factors drove the changes in Copart's revenue and profit?

What were the key takeaways from Copart's earnings call?

What is the revenue and EPS growth rate for Copart year over year?

What were the key takeaways from Copart’s earnings call?

- **Cyclical Growth**: Insurance industry trends drive 17.6% increase in total loss frequency, offsetting 3.6% revenue decline.
- **AI-Driven Efficiency**: Total loss decision tools reduce cycle times, enhancing customer satisfaction.
- **Organic Expansion**: 5% non-insurance growth in rental and fleet sectors.
- **Capital Discipline**: $500M share buybacks support long-term liquidity strategy.


**【CEO Summary Section】**
- Copart's revenue growth and unit volume trends reflect cyclical insurance industry dynamics, with total loss frequency increasing 17.6% year-over-year.
- Emphasis on artificial intelligence in operations and customer service, such as total loss decision tools, to enhance efficiency and reduce cycle times.
- Long-term focus on organic growth through technology investment and service expansion, particularly in non-insurance channels like rental and fleet sales.

**【CFO Financial Commentary】**
- Q2 revenue of $1.12 billion, down 3.6% YoY, driven by lower insurance units (-9.3%) offset by non-insurance growth (9.1%).
- Gross profit of $492.8 million, up 6.2% YoY, with operating income of $388.7 million (-8.8% YoY) due to higher SG&A expenses.
- Free cash flow of $580 million, supporting share buybacks and disciplined capital allocation.

**【Q&A Highlights】**
- **Market Share & Competition**: Copart's global scale and AI-driven services maintain competitive advantage, with 5% non-insurance growth outpacing industry.
- **Land Acquisition Strategy**: Long-term investments in high-liquidity markets like Florida and Texas to support 10-year growth projections.
- **Disruption Risks**: Focus on AI and service innovation to differentiate from virtual-only competitors.


Copart, Inc. (CPRT) Q2 2026 Earnings Call Transcript

- **Revenue Resilience**: Total revenue grew 1% YoY to $1.16B, with U.S. ASPs up 8.4% and international ASPs 6.8%, offsetting unit declines.
- **Auction Liquidity Dominance**: Pure sale auctions now dominate, with international buyers paying 38% more than U.S. peers, driving record gross returns.
- **Financial Strength**: Net income rose 11.5% to $404M, supported by 46.5% gross margin and $6.5B liquidity.
- **Growth Catalysts**: Non-insurance units grew 5.3%, and BluCar commercial partnerships expand addressable market beyond insurance.

**【CEO Summary Section】**
- **Insurance Business Trends**: Global insurance units declined 8.4% YoY (5.6% excluding catastrophic volumes), driven by reduced collision coverage and consumer retrenchment. U.S. insurance units fell 9.5% (7.3% excluding cat). Total loss frequency in the U.S. rose 80 bps YoY to 2.6%.
- **Auction Returns**: Global insurance ASPs increased 6.8% (8.4% in the U.S.), outpacing industry benchmarks. Pure sale auction mix for insurance units reached a supermajority, with international buyers paying 38% more on average than U.S. buyers.
- **Non-Insurance Growth**: Non-insurance units grew 5.3% (dealer units up 10.9%), supported by BluCar enhancements for commercial sellers. Direct buy units shifted to a referral fee model, reducing costs and cycle times by 9%.
- **Liquidity Indicators**: Unique bidders per auction hit all-time highs, preliminary bids per lot increased, and gross returns (selling price/ACV) reached all-time highs.

**【CFO Financial Commentary】**
- **Revenue Performance**: Total revenue rose 1% YoY to $1.16B (2.9% excluding cat), driven by fee revenue growth (+7%) and higher ASPs (+8.5%). U.S. segment revenue increased 0.5% (2.3% ex-cat), with gross margin expanding 180bps to 46.5%.
- **Profitability**: Operating income grew 6% to $431M, net income rose 11.5% to $404M, and EPS increased 10.8% to $0.41. International segment revenue climbed 1.6% (5.7% ex-cat), with operating margin expanding to 27.5%.
- **Balance Sheet Strength**: Liquidity stood at $6.5B, including $5.2B in cash. Free cash flow supported investments in yard capacity and technology.

**【Q&A Highlights】**
- **Market Share Dynamics**: Unit declines linked to reduced collision coverage rather than direct competitor poaching. Total loss frequency growth offset by ADAS adoption, but long-term trends remain bullish.
- **International Bidding**: International buyers focus on high-value, repairable vehicles, driving 38% higher ASPs than U.S. buyers. This trend reflects global demand for U.S. salvage vehicles.
- **Capacity Investment**: PPE grew 155% since 2019, but utilization varies by region. Future investments will focus on high-demand areas with shorter payback periods.
- **Share Buybacks**: Management prioritizes reinvesting cash into growth initiatives but remains open to buybacks if undervalued.


Copart, Inc. (CPRT) Q1 2026 Earnings Call Transcript

- **Revenue Outperformance**: Global revenue grew 5.2% YoY, driven by 5.6% ASP growth and AI-enhanced decision-making. 
- **AI-Driven Efficiency**: Direct buy channel optimization cut low-value unit costs, while LLMs reduced cycle times by 30%.
- **EV Growth Catalyst**: EV total loss frequency up 30% YoY, with Copart ASPs growing 5x faster than peers.
- **Liquidity Advantage**: $6B cash positions support buybacks and M&A, with Purple Wave GTV up 9.4%.

**【CEO Summary Section】**
- **Revenue Growth**: Global revenue increased by 5.2% year-over-year, driven by strong auction returns and service revenue growth. U.S. service revenue rose 6.2% in the quarter and 10.4% for the full year.
- **AI and Auction Liquidity**: Emphasized the role of AI in enhancing decision-making and cycle times. Global ASPs grew 5.6% in the quarter, outpacing industry benchmarks. International members account for ~40% of U.S. auction proceeds, highlighting global reach.
- **EV and Total Loss Trends**: Electric vehicles show higher total loss frequency due to advanced sensors and repair costs. Total loss frequency increased 0.7% year-over-year, aligning with industry trends.

**【CFO Financial Commentary】**
- **Financial Performance**: Global revenue reached $1.13 billion, up 5.2% YoY. GAAP net income was $396.4 million, reflecting a 22.9% increase. Non-GAAP EPS exceeded expectations at $1.08.
- **Cost Management**: Facility-related costs increased 3.2% in the quarter, offset by higher gross margins (45.3%). Direct buy channel optimization reduced low-value unit costs, improving efficiency.
- **International Growth**: Purple Wave GTV grew 9.4%, outpacing industry peers. German and U.K. units saw margin improvements, driving 13% international service revenue growth.

**【Q&A Key Highlights】**
- **AI and EV Impact**: AI tools reduce cycle times and improve decision-making. EVs likely to see higher total loss rates due to repair complexity. Copart's ASP growth (5x faster than peers) reflects superior auction execution.
- **Capital Allocation**: Share buybacks and M&A remain priorities. $6 billion liquidity supports strategic investments. Recent EV sales growth (~30%) signals potential future opportunities.
- **Market Share Dynamics**: Competitors face challenges in matching Copart's auction returns. Direct buy channel shifts reduced low-value unit costs, enhancing profitability.


Copart, Inc. (CPRT) Q4 2025 Earnings Call Transcript

- **Flat insurance volumes but rising total loss frequency**: U.S. total loss frequency up 100bps to 22.8%, driven by repair cost inflation and attractive salvage economics.
- **Record storm preparedness**: New 400-acre Florida facility enables handling storms 3x larger than historical max.
- **Strong financial growth**: Revenue up 9% YoY, gross profit +5%, net income +6% to $407M.
- **Tariffs creating tailwind**: Higher repair costs may increase total loss frequency, benefiting Copart's salvage business.
- **Key risk**: Cyclical rise in uninsured drivers could suppress near-term unit growth.

**【CEO Summary Section】**
- Global insurance volume remained flat year-over-year, with a 0.3% decline in unit sales and 0.9% in the U.S. Total loss frequency in the U.S. rose 100 basis points to 22.8%, driven by rising repair costs and attractive total loss economics for emerging markets.
- Acquired Hall Ranch in South Florida, adding 400 acres of storage capacity, enabling Copart to handle storms over 3x larger than historical records. 
- Emphasized long-term investments in real estate, technology, and operational readiness for both daily operations and catastrophe response.

**【CFO Financial Commentary】**
- Q3 2025 revenue reached $1.2B, up 9% YoY in service revenue due to international growth and higher ASPs. U.S. service revenue grew 8%, while international rose 18%.
- Global gross profit increased 5% to $552M, with U.S. gross margin at 48% and international at 35%. GAAP net income rose 6% to $407M, or $0.42 per share.
- Facility-related costs increased 12% YoY, driven by investments in operational capacity. Global inventory decreased 10% YoY due to faster cycle times and reduced low-value units.

**【Key Q&A Highlights】**
- **Land Utilization**: Physical storage is critical for insurance clients and Blue Car partners; land scarcity underscores strategic importance of Copart's real estate investments.
- **Underinsured Trends**: Cyclical rise in uninsured drivers impacts unit sales, but long-term total loss frequency trends remain favorable.
- **Trade Policy Impact**: Tariffs on auto parts make repair less economical, potentially increasing total loss frequency and ASPs for salvage vehicles.
- **Purple Wave Update**: Heavy equipment auctions face headwinds from tariffs and infrastructure uncertainty, but partnership with Copart provides operational synergies.
- **Market Share**: Gains driven by superior service, digital platform, and operational efficiency; share fluctuations reflect carrier growth dynamics.
- **Legislative Risks**: Capped storage fees could benefit insurers, while higher total loss thresholds may limit Copart's opportunities.


Copart, Inc. (CPRT) Q3 2025 Earnings Conference Call Transcript

- **Revenue Growth**: $1.2B global revenue (+14% YoY), driven by 15% U.S. service revenue and 17% intl. expansion.
- **AI & Title Express**: 1M+ titles/year processed, no carrier reverting to in-house, reducing cycle times and improving returns.
- **Profit Surge**: Purchased vehicle gross profit +110% YoY, with U.S. margin up 205%.
- **Tariff Impact**: Modestly positive via higher total loss frequency, offset by retaliatory tariffs' low likelihood.
- **Non-Salvage Expansion**: 27% YoY growth in bank/fleet sales, targeting 15M+ annual wholesale auction cars.


**【CEO Summary Section】**
- Global insurance volume grew 8% YoY, driven by 1 million+ titles processed annually via Title Express, with no carrier reverting to in-house operations.
- Total loss frequency in the U.S. hit 23.8% (Q4 2024), up from 22.2% annually, due to rising repair costs and auction liquidity.
- Tariffs on inbound vehicles could modestly benefit Copart by increasing total loss frequency, though retaliatory tariffs are unlikely to impact key international buyers.
- Non-insurance sellers (e.g., banks, rental fleets) grew 27% YoY, outpacing insurance volume excluding CAT events.

**【CFO Financial Commentary】**
- Global revenue reached $1.2B (+14% YoY), with U.S. service revenue up 15% and international +17%.
- Purchased vehicle gross profit surged 110% YoY, driven by 205% U.S. margin growth and 48% intl. margin expansion.
- Facility-related costs rose 20% ($81M) due to expanded operational capacity, though per-unit costs increased 12%.
- GAAP net income climbed 19% to $387M, with a 17% tax rate and $7M interest income from treasury investments.

**【Q&A Highlights】**
- **Salvage Friction Points**: Delayed tow notifications and title procurement for underwater loans. Copart's Title Express reduces cycle times and improves returns.
- **Non-Salvage Growth**: 27% YoY expansion in bank/fleet sales, targeting 15M+ wholesale auction cars annually.
- **Purple Wave Expansion**: 8% YoY GTV growth via salesforce densification and strategic hiring, with minimal physical infrastructure investment.
- **Germany Transition**: Shift to consignment models aligns interests with insurers, though cultural inertia persists.
- **G&A Trends**: Seasonal variability expected; no smoothing efforts, focus on long-term profitability.


Actual											0.1625	0.145	0.1725	0.1975	0.2	0.2725	0.2575	0.2675	0.275	0.2925	0.2825	0.255	0.305	0.36	0.34	0.34	0.33	0.39	0.33	0.37	0.4	0.42	0.41	0.41	0.36
Forecast											0.1652	0.158	0.0961	0.1761	0.1995	0.1992	0.2286	0.2511	0.2686	0.2853	0.2747	0.2815	0.2881	0.32	0.3244	0.3257	0.3447	0.3867	0.365	0.3667	0.3717	0.4167	0.3613	0.3897	0.3925
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.63%	-8.23%	+79.50%	+12.15%	+0.25%	+36.80%	+12.64%	+6.53%	+2.38%	+2.52%	+2.84%	-9.41%	+5.87%	+12.50%	+4.81%	+4.39%	-4.26%	+0.85%	-9.59%	+0.90%	+7.61%	+0.79%	+13.48%	+5.21%	-8.28%

CPRT

CPRT fundamentals

CPRT Q2 2026 Earnings

Earnings Call

You can ask Aime

CPRT

CPRT fundamentals

CPRT Q2 2026 Earnings

Earnings Call

CPRT Earnings Call Summary for Q2/20265:30 PM on Feb 19, 2026

CPRT Earnings Call Summary for Q1/20265:30 PM on Nov 20, 2025

CPRT Earnings Call Summary for Q4/20255:30 PM on Sep 4, 2025

CPRT Earnings Call Summary for Q3/20255:30 PM on May 22, 2025

CPRT Earnings Call Summary for Q2/20255:30 PM on Feb 20, 2025

You can ask Aime