Copart Inc

copart.com

What Do They Do?

Runs online auctions and vehicle remarketing services for insurance companies and other vehicle sellers, connecting them with dismantlers, repairers and other buyers.

How Do They Make Money?

Vehicle sellers are charged auction and related service fees when a consigned vehicle sells; members are charged an annual fee for access to the bidding platform. For vehicles Copart owns, it earns the sale price when the auction is completed.

revenue

Segment	Share	Revenue	How money arrives
Service revenues Sold outright	85% FY2023: 83%		Sold outright
Vehicle sales Sold outright	15% FY2023: 17%		Sold outright

Who Are Their Customers?

Insurance companies are the primary vehicle sellers, alongside dealers, rental companies, financial institutions and fleets; Copart contracts with sellers’ national, regional or branch offices. Buyers, including dismantlers, rebuilders and used-vehicle dealers, bid online as registered members, alongside the general public.

Do Revenues Turn Into Profits?

Yes. It kept 32 cents of every revenue dollar as net income in FY2026 and turned 27 cents into free cash flow.

Operating income, FY2026

35% of revenue

▼ −3% vs FY2025 ($1.7B, 37%)

Net income, FY2026

32% of revenue

▼ −4% vs FY2025 ($1.6B, 33%)

Free cash flow, FY2026

27% of revenue

▲ +3% vs FY2025 ($1.2B, 26%)

How Are They Changing?

Growing. Revenue grew 33% in 4 years, from $3.5B in FY2022 to $4.7B in FY2026, about 7% a year.

Revenue over time

Service revenues Vehicle sales

$5B$2.5B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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