Copart, Inc. Q3 2026 Earnings Recap

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.