Copart (CPRT) Q3 2026 Earnings Transcript

Copart's Q3 2026 results show the auction company expanding profitability even as unit volumes soften. Total revenue reached $1.24 billion, up 2.1% year over year, driven by higher selling prices and continued service activity. Global average selling price rose 4.6%, helping offset a 1.4% global decline in unit volumes. Insurance unit sales declined 2.7% worldwide and 4.2% in the U.S., with noninsurance volumes down 1.4% globally. International demand grew 5.9%, with insurance ASPs up 8.4% and noninsurance ASPs up 16.7%, reflecting geographic expansion. Liquidity remained strong at $5.5 billion, including $4.2 billion in cash, with no long-term debt. Net income was $402.4 million, and diluted EPS rose to $0.43. International revenue climbed 14.1%, while U.S. dealer services and BluCar units showed modest gains. Purple Wave GTV increased more than 25% as territory expansion and enterprise accounts expanded. Management credited higher ASPs and strategic buybacks totaling over $1.6 billion for the quarter's strength. The company also highlighted ongoing investments that are expected to sustain growth into 2027.