What it does
The company states that it provides online auctions and vehicle remarketing services. It processes and sells vehicles primarily through its VB3 internet auction platform. Sellers are primarily insurance companies, with dealers, individuals, charities, rental car companies, banks, finance companies, and fleet operators also included. The filing says vehicles sold for insurance companies are commonly total-loss or recovered-stolen vehicles. Buyers include dismantlers, rebuilders, repair licensees, used-vehicle dealers, exporters, and, where applicable, the general public. The company also describes transportation, title processing, storage, inspection, reporting, valuation, and related vehicle-processing services.
Source: Copart, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
How it makes money
The filing states that fiscal 2026 revenue was $4.7 billion. Service revenues were $4.0 billion and represented 85.1% of revenue; these consist principally of auction and auction-related transaction fees, including fees associated with remarketing, transportation, title processing, storage, bidding, and loading. Vehicle sales revenue was $696.7 million, or 14.9% of revenue, and reflects gross selling prices for vehicles the company has purchased or otherwise owns. The company generally acts as an agent in the U.S., Canada, Brazil, the Republic of Ireland, Finland, the U.A.E., Oman, and Bahrain; it operates as both agent and principal in the U.K., Germany, and Spain.
| Product or service | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| Service revenues | $4.0 billion | 85.1% | 0.02% |
| Vehicle sales | $696.7 million | 14.9% | 2.71% |
Source: Copart, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Customers and geography
The company operates in the U.S., the U.K., Germany, Brazil, Canada, the U.A.E., Spain, Finland, Oman, the Republic of Ireland, and Bahrain. It states that insurance companies supplied 79% of vehicles processed in fiscal 2026. The filing also says no single customer accounted for more than 10% of consolidated revenue in fiscal 2026. Its auction process is available to registered buyers with internet access worldwide, and sales of U.S. vehicles to international members represented 38.2% of U.S. vehicle sales on a unit basis during fiscal 2026. The filing identifies U.S. and International as its two reportable segments; the segment table below provides the comparative financial detail.
Source: Copart, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Competition
The filing states that the company faces significant competition from other salvage and non-salvage vehicle remarketers, including competition for seller contracts, supply agreements, and vehicle storage facilities. It identifies vehicle auction and sales companies and vehicle dismantlers as principal competitors. Named large U.S. national or regional auctioneers are RB Global, including Insurance Auto Auctions, Inc., Carvana, Openlane, Manheim, Inc., and ACV Auctions Inc. The filing names LKQ Corporation as the largest national dismantler in the U.S. It also cites the American Recycling Association, United Recyclers Group LLC, and regional and local dismantlers as parties that may buy salvage vehicles directly from insurers.
Source: Copart, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Key risks
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The filing says the company depends on a limited number of major vehicle sellers for a substantial portion of revenues.
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International operations expose it to risks including political issues, foreign laws and regulations, tariffs and trade barriers, currency exchange-rate risk, military conflicts, and different business cultures and market structures.
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Mild weather can reduce salvage-vehicle supply, while extreme weather can create oversupply and abnormal response expenses.
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Political, regulatory, economic, and reputational risks arise from its business activities and public-policy interests.
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IT outages, security failures, or unauthorized access to systems and confidential information could disrupt the business and adversely affect reputation and financial results.
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Annual and quarterly performance may fluctuate, including from used- and salvage-vehicle values, accident and total-loss rates, vehicle supply, title-processing changes, and legal or regulatory changes.
Source: Copart, Inc. Form 10-K for fiscal 2026, Item 1A — sec.gov
People and operations
As of July 31, 2026, the company had approximately 11,900 full- and part-time employees, with approximately 62% in the U.S. and 38% in its International segment. The filing describes a network of facilities and a hybrid technology infrastructure using co-located data centers, cloud platforms, and multiple networks. It says operating costs primarily include labor, transportation, facilities, other marketing and auction-related costs, and vehicle costs. Results have historically varied by quarter, principally with seasonal weather patterns: winter demand tends to be higher because of weather-related accidents, while severe weather events can affect vehicle volumes.
Source: Copart, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov