For Immediate Release

Dallas, Texas May 22, 2025 — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended April 30, 2025.

For the three months ended April 30, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $1.2 billion, $552.3 million, and $406.6 million, respectively. These represent an increase in revenue of $84.5 million, or 7.5%; an increase in gross profit of $26.8 million, or 5.1%; and an increase in net income attributable to Copart, Inc. of $24.3 million, or 6.4%, respectively, from the same period last year. Fully diluted earnings per share for three months ended April 30, 2025 was $0.42 compared to $0.39 last year, an increase of 7.7%.

For the nine months ended April 30, 2025, revenue, gross profit, and net income attributable to Copart, Inc. were $3.5 billion, $1.6 billion, and $1.2 billion, respectively. These represent an increase in revenue of $354.0 million, or 11.2%; an increase in gross profit of $136.2 million, or 9.4%; and an increase in net income attributable to Copart, Inc. of $115.6 million, or 11.1%, respectively, from the same period last year. Fully diluted earnings per share for the nine months ended April 30, 2025 was $1.18 compared to $1.07 last year, an increase of 10.3%.

On Thursday, May 22, 2025, at 5:30 p.m. Eastern Time (4:30 p.m. Central Time), Copart, Inc. will conduct a conference call to discuss the results for the quarter. The call will be webcast live and can be accessed via hyperlink at www.copart.com/investorrelation. A replay of the call will be available through September 2025 by visiting www.copart.com/investorrelation.

Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platform connect vehicle consignors to approximately 1 million members in over 185 countries. Copart offers a comprehensive suite of vehicle remarketing services to insurance companies, financial institutions, dealers, rental car companies, charities, fleet operators, and individuals, and offers vehicles via auction to dealers, dismantlers, rebuilders, exporters, and the general public. With operations at over 250 locations in 11 countries, Copart sold more than 4 million units in the last year. Copart currently operates in the United States (Copart.com), Canada (Copart.ca), the United Kingdom (Copart.co.uk), Brazil (Copart.com.br), the Republic of Ireland (Copart.ie), Germany (Copart.de), Finland (Copart.fi), the United Arab Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es). For more information, or to become a Member, visit Copart.com/register.

This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to substantial risks and uncertainties. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or implied by our statements and comments. For a more complete discussion of the risks that could affect our business, please review the “Management’s Discussion and Analysis” and the other risks identified in Copart’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.

(In thousands, except per share amounts)

(Unaudited)

						Three Months Ended  April 30,																		Nine Months Ended  April 30,
						2025						2024						% Change						2025						2024						% Change
Service revenues and vehicle sales:
Service revenues						$	1,034,836					$	946,630					9.3		%				$	3,012,453					$	2,667,911					12.9		%
Vehicle sales						176,880						180,629						(2.1)		%				509,408						499,913						1.9		%
Total service revenues and vehicle sales						1,211,716						1,127,259						7.5		%				3,521,861						3,167,824						11.2		%
Operating expenses:
Facility operations						439,417						391,256						12.3		%				1,325,936						1,125,440						17.8		%
Cost of vehicle sales						169,714						162,881						4.2		%				455,599						457,596						(0.4)		%
Facility depreciation and amortization						48,163						45,800						5.2		%				144,603						126,111						14.7		%
Facility stock-based compensation						2,155						1,817						18.6		%				5,798						5,001						15.9		%
Gross profit						552,267						525,505						5.1		%				1,589,925						1,453,676						9.4		%
General and administrative						87,451						76,169						14.8		%				265,056						206,457						28.4		%
General and administrative depreciation and amortization						6,253						4,932						26.8		%				17,639						13,047						35.2		%
General and administrative stock-based compensation						7,018						7,201						(2.5)		%				23,107						21,693						6.5		%
Total operating expenses						760,171						690,056						10.2		%				2,237,738						1,955,345						14.4		%
Operating income						451,545						437,203						3.3		%				1,284,123						1,212,479						5.9		%
Other income (expense):
Interest income, net						42,776						36,218						18.1		%				129,070						102,179						26.3		%
Other income (expense), net						8,483						(1,309)						(748.1)		%				3,980						(8,484)						(146.9)		%
Total other income						51,259						34,909						46.8		%				133,050						93,695						42.0		%
Income before income taxes						502,804						472,112						6.5		%				1,417,173						1,306,174						8.5		%
Income tax expense						97,466						90,002						8.3		%				264,118						266,005						(0.7)		%
Net income						405,338						382,110						6.1		%				1,153,055						1,040,169						10.9		%
Less: Net (loss) income attributable to noncontrolling interest						(1,271)						(181)						602.2		%				(3,040)						(284)						970.4		%
Net income attributable to Copart, Inc.						$	406,609					$	382,291					6.4		%				$	1,156,095					$	1,040,453					11.1		%
Basic net income per common share						$	0.42					$	0.40					5.0		%				$	1.20					$	1.08					11.1		%
Weighted average common shares outstanding						966,234						961,813						0.5		%				964,702						960,143						0.5		%
Diluted net income per common share						$	0.42					$	0.39					7.7		%				$	1.18					$	1.07					10.3		%
Diluted weighted average common shares outstanding						978,089						976,445						0.2		%				977,485						974,226						0.3		%

(Unaudited)

						April 30, 2025						July 31, 2024
ASSETS
Current assets:
Cash, cash equivalents, and restricted cash						$	2,366,499					$	1,514,111
Investment in held to maturity securities						2,017,843						1,908,047
Accounts receivable, net						757,843						785,877
Vehicle pooling costs						117,916						132,638
Inventories						44,508						43,639
Prepaid expenses and other assets						54,545						33,872
Total current assets						5,359,154						4,418,184
Property and equipment, net						3,569,267						3,175,838
Operating lease right-of-use assets						97,678						116,301
Intangibles, net						66,417						74,088
Goodwill						518,600						513,909
Other assets						61,106						129,444
Total assets						$	9,672,222					$	8,427,764
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities						$	576,923					$	518,148
Deferred revenue						30,292						28,121
Income taxes payable						30,125						60,994
Current portion of operating and finance lease liabilities						19,792						21,304
Total current liabilities						657,132						628,567
Deferred income taxes						94,551						93,653
Income taxes payable						36,574						59,560
Operating and finance lease liabilities, net of current portion						81,268						97,429
Total liabilities						869,525						879,209
Commitments and contingencies
Redeemable non-controlling interest						21,504						24,544
Stockholders' equity:
Preferred stock						—						—
Common stock						97						96
Additional paid-in capital						1,195,757						1,120,985
Accumulated other comprehensive loss						(113,300)						(142,972)
Retained earnings						7,698,639						6,545,902
Total stockholders' equity						8,781,193						7,524,011
Total liabilities, redeemable noncontrolling interests and stockholders’ equity						$	9,672,222					$	8,427,764

(Unaudited)

						Nine Months Ended April 30,
						2025						2024
Cash flows from operating activities:
Net income						$	1,153,055					$	1,040,169
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost						163,642						139,178
Allowance for credit loss						153						2,513
Equity in losses of unconsolidated affiliates						(135)						2,580
Stock-based compensation						28,905						26,694
Gain on sale of property and equipment						(1,041)						(2,169)
Deferred income taxes						67						(3,093)
Changes in operating assets and liabilities:
Accounts receivable						(1,916)						(152,564)
Vehicle pooling costs						14,944						(1,784)
Inventories						(180)						(7,316)
Prepaid expenses, other current and non-current assets						(935)						(39,815)
Operating lease right-of-use assets and lease liabilities						915						1,377
Accounts payable, accrued liabilities and other liabilities						56,060						40,305
Deferred revenue						1,961						2,660
Income taxes receivable						1						(16,846)
Income taxes payable						(54,222)						1,454
Net cash provided by operating activities						1,361,274						1,033,343
Cash flows from investing activities:
Purchases of property and equipment						(481,349)						(373,104)
Assets and liabilities acquired in connection with acquisition						(1,213)						17,662
Proceeds from sale of property and equipment						4,533						3,453
Purchases of held to maturity securities						(2,017,843)						(2,478,505)
Proceeds from held to maturity securities						1,940,000						1,915,000
Investment in unconsolidated affiliate						(3,177)						(1,000)
Net cash used in investing activities						(559,049)						(916,494)
Cash flows from financing activities:
Proceeds from the exercise of stock options						40,171						20,377
Proceeds from the issuance of Employee Stock Purchase Plan shares						7,404						5,957
Payments for employee stock-based tax withholdings						(3,358)						(4,613)
Principal payments on revolver facility						—						(10,818)
Payments of finance lease obligations						(44)						(14)
Net cash provided by financing activities						44,173						10,889
Effect of foreign currency translation						5,990						4,862
Net increase in cash, cash equivalents, and restricted cash						852,388						132,600
Cash, cash equivalents, and restricted cash at beginning of period						1,514,111						957,395
Cash, cash equivalents, and restricted cash at end of period						$	2,366,499					$	1,089,995
Supplemental disclosure of cash flow information:
Interest paid						$	1,972					$	1,946
Income taxes paid, net of refunds						$	318,989					$	266,400
Purchase of property and equipment through settlement of deposit						$	64,050					$	—