Copart, Inc. Earnings Recaps
Q4 2026
Sep 12, 2026
Copart shares fell 2.6% after earnings, a roughly flat reaction. Results showed softer unit volumes—global sales fell 2.9%, led by a 5.7% domestic decline—while higher operating expense per car and limited forward guidance in the transcript temper the positives.
Key takeaways
- Global insurance units declined 4.2%; domestic insurance units fell 7.5%, while international insurance units rose 11.2%. Management said domestic assignments would have been up 2.3% excluding one customer loss.
- Collision claim frequency declined 3.4% year over year, moderating from high-single-digit declines in 2025. Total loss frequency reached 23.3% in the second quarter, versus 22.4% a year earlier.
- Global insurance ASPs increased 3.1% year over year; domestic ASPs rose 3.7%. Average collision severity topped $6,300, up nearly 8.8%.
- Operating expense per car rose 12.7% year over year in the quarter; management said it is focused on reducing costs per car.
- Copart agreed to acquire ACV, which sells more than 800,000 vehicles annually. Management highlighted the potential to combine ACV’s digital marketplace with Copart’s physical locations and buyer base.
Q3 2026
May 22, 2026
Shares rose 4.1% as Copart delivered record-high U.S. insurance average selling prices (ASPs) and demonstrated the resilience of its diverse global buyer base, offsetting modest volume declines in its insurance unit sales.
Key takeaways
- U.S. insurance unit volume declined 4.2% year-over-year, or just over 3% excluding last year’s catastrophe-related units.
- Despite volume softness, U.S. insurance ASPs increased 4.1% year-over-year, reaching a seasonally adjusted record high for Copart.
- Total loss frequency rose steadily, reaching 23.6% in the first calendar quarter of 2026, up nearly 5 percentage points over four years, supporting auction returns.
- International buyers now represent over one-third of U.S. volumes and nearly half of auction proceeds, highlighting the strength of Copart’s global network.
- Investments in technology and infrastructure continue, supporting broad buyer diversity and high pure sale insurance volume at all-time highs.
Q2 2026
Feb 20, 2026
Copart, Inc. reported a decline in insurance units in Q2 FY2026, primarily driven by shifts in policy coverage and consumer pullback, yet achieved record average selling prices for U.S. consignors.
Key takeaways
- U.S. insurance units declined 10.7% year-over-year; 4.8% excluding catastrophic events.
- Average selling prices for U.S. insurance climbed 6% year-over-year, with a 9% increase when adjusting for catastrophic impacts.
- Strong auction returns and enhanced liquidity continue to attract new sellers to Copart's platform, underpinning long-term competitive advantages.
- Cycle times for vehicle retrieval and sales have improved significantly, driven by Copart's expansive tow network and technological advancements.
- Increased deployment of artificial intelligence is enhancing operational efficiency and decision-making capabilities across the organization.