Copart, Inc.
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Earnings Call Q4 2026
September 10, 2026 - AI Summary
Core growth thesis reiterated (3 pillars) + near-term execution focus
- Management emphasized continued growth via (1) international expansion, (2) whole-car expansion domestically, and (3) technology/services investment.
- Differentiators stressed: founder mindset / decades-long view, liquidity/marketplace engine (buyer activity), and speed (products in quarters vs. years).
- Buyer/liquidity strategy highlighted with data: vehicles sold to newer buyers growing (buyers buying from Copart <1 year rose to 8.9% of FY26 vehicles vs 8.3% FY25; <2 years rose to 21.7% FY26).
Operating environment: units down, but pricing/value power and insurance trends show moderation
- Global unit sales down 2.9% YoY in Q4; domestic down 5.7%, international up 10%.
- Insurance units down 4.2%, with domestic insurance down 7.5% and international insurance up 11.2% (noted an exception tied to a single domestic customer; otherwise domestic insurance “up 2.3%”).
- Collision claim frequency down 3.4% YoY (moderating trend), but severity rising: average collision severity >$6.3k per claim (+8.8% YoY); rental car rates +4.5% YoY.
- Vehicle complexity framed as “computers on wheels,” implying total loss frequency likely continues to increase.
- Manheim Used Vehicle Value Index up 2.8% YoY in Q4, with management claiming Copart outpaced the index.
Financial results: revenue slightly up, profitability down due to investment and costs
- Q4 revenue $1.2B (+2.4% YoY) driven by service revenue +$13M (+1.4%) and purchased vehicle sales +$14M (+8.3%).
- FY26 revenue $4.7B (+0.4% YoY); excluding Hurricane impacts from FY25, management says FY26 revenue +2.4%.
- Gross profit down: Q4 gross profit $481M (-5.5%); FY26 gross profit $2.1B (-0.8%) (flat ex-cat events); gross margin 41.8% (Q4) and 44.7% (FY).
- Operating income down: Q4 $368.9M (-10.6%); FY $1.7B (-2.6%).
- Net income down: Q4 net income attributable to Copart $327.4M (-17.4%) (EPS $0.35); FY $1.48B (-4.4%) (EPS $1.55).
- Management tied net income weakness mainly to lower interest income after $1.63B deployed into share repurchases plus higher cost investments.
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Share Statistics
| Market cap | $27.91 Billion |
|---|---|
| Enterprise Value | $26.14 Billion |
| Earnings per Share | $1.56 |
| Beta | 1.06 |
| Outstanding Shares | 949,640,000 |
Return
| Return on Equity | 16.32% |
|---|---|
| Return on Assets | 14.80% |
| Return on Invested Capital | 19.10% |
Valuation & Multiples
| P/E Ratio | 19.31 |
|---|---|
| PEG | -111.06 |
| Price to Sales | 8.16 |
| Price to Book Ratio | 3.62 |
| Enterprise Value to Revenue | 5.6 |
| Enterprise Value to EBIT | 14.68 |
| Enterprise Value to Net Income | 17 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.02 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 10, 2026
EPS Estimate
$0.38
Consensus analyst estimateRevenue Estimate
$1.14 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 19, 2026
EPS Estimate
$0.40
Consensus analyst estimateRevenue Estimate
$1.19 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 148.64% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.71%▼ 77.81% |
|---|---|
| Total Invested | $1.22B▼ 94.52% |
| Investors Holding | 354▼ 743.00% |
About Copart, Inc.
7,600 employees
CEO: A. Jayson Adair
Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart's innovative technology and online auction platform links sellers to more than 750,000 Members in over 170 countries. The company offers services to pro...