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Call sheet · Q4'26

Copart (CPRT)

Q4'26 earnings call · held September 10, 2026 · compared with the Q3'26 call · management-credibility review
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Disclosure score
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Financial quality
Bottom line
Copart retains considerable financial capacity, and international volumes plus broader buyer access offer credible growth avenues. The immediate evidence, however, is revenue resilience without profit resilience and FCF growth without CFO growth. ACV should be evaluated separately from a recovery in the existing business: closing the acquisition does not itself validate cost control, and an open FY2028 accretion target is not a realized return. [1][3]

What changed this quarter

MetricQ3'26Q4'26Change
Q4 revenue$1,125.097 million, Q4 FY2025$1,152.439 million, Q4 FY2026Up 2.4%; purchased-vehicle sales supplied 51.2% of the dollar increase. [3]
Q4 gross margin45.30%41.78%Down approximately 353 basis points on the same consolidated basis. [3]
Q4 attributable net income and diluted EPS$396.354 million; $0.41$327.423 million; $0.35Income fell 17.4%; reported EPS fell 14.6%, cushioned by fewer diluted shares. [3]
Full-year revenue, attributable net income and diluted EPS$4,646.958 million; $1,552.449 million; $1.59, FY2025$4,666.209 million; $1,484.270 million; $1.55, FY2026Revenue rose 0.4%, while income and EPS declined 4.4% and 2.5%, respectively. [3]
Full-year operating cash flow$1,799.750 million$1,604.492 millionDown 10.8%; conversion of consolidated net income declined from 116.2% to 108.4%. [3]
Full-year analyst-defined free cash flow$1,230.760 million$1,267.129 millionUp 3.0%, supported by lower cash property-and-equipment purchases rather than higher operating cash flow. [3]
Year-end net receivables and owned inventory$762.811 million; $39.661 million, July 31, 2025$809.247 million; $51.382 million, July 31, 2026Up 6.1% and 29.5%, respectively, versus 0.4% annual revenue growth. These are year-over-year balance-sheet comparisons. [3]

Accountability tracked

1 prior promise scored
Inside the full report
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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