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Copart (CPRT) delivered stable Q2 FY2026 results with net income rising 0.7% YoY to $754.4M, while operating income dipped 1.6% to $819.4M, supported by a fortress balance sheet with a current ratio above 10x and total assets growing 15.3% to $10.6B.
每股收益（基本）
$0.36
同比 -10.00%
营业利润
$388.71M
同比 -8.80%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
净利润 $350.73M，同比下降 9.5%，稀释每股收益 $0.36。
Net income grew 0.7% YoY to $754.4M in Q2 FY2026, even as operating income declined 1.6% YoY to $819.4M, suggesting below-the-line items such as interest income on the company's substantial cash holdings partially offset the operating-level softness.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Total assets surged 15.3% YoY to $10.6B, driven by a 24.3% increase in current assets to $6.2B, reflecting Copart's continued accumulation of cash and liquid assets that underpin its financial flexibility and land acquisition strategy.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Total liabilities fell 8.8% YoY to $787.7M, while current liabilities declined 2.5% to $613.9M, resulting in an exceptionally strong current ratio of 10.06x — indicating Copart carries minimal near-term financial obligations relative to its liquid resources.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Operating cash flow remained essentially flat at $662.8M (+0.4% YoY), while investing cash outflows jumped 64.8% YoY to $1.86B, likely reflecting accelerated capital deployment into land, storage capacity, and infrastructure to support long-term volume growth.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Copart repurchased $218.2M in shares during Q2 FY2026, and financing cash flow swung to -$205.4M from +$37.7M in the prior year period, indicating a shift toward returning capital to shareholders while maintaining a conservative leverage profile.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Operating income declined 1.6% YoY to $819.4M despite the company's scale, suggesting cost pressures — potentially from land, labor, or transportation — are outpacing revenue growth. Sustained margin compression could weigh on long-term earnings power if cost inflation persists.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Investing cash outflows surged 64.8% YoY to $1.86B in Q2 FY2026, reflecting significant ongoing investment in physical infrastructure. While necessary for capacity expansion, this level of capital intensity reduces near-term free cash flow and increases execution risk if volume growth disappoints.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Copart's business is highly concentrated in the salvage and used vehicle auction market, making it vulnerable to cyclical downturns in insurance claim volumes, changes in total-loss thresholds by insurers, or structural shifts in vehicle ownership patterns such as the rise of autonomous or shared mobility.
来源: Source: 10-Q (XBRL Financial Data — industry context)
Copart's growth strategy depends heavily on acquiring and permitting large tracts of land for vehicle storage. Zoning restrictions, environmental regulations, and rising real estate costs in key markets could constrain capacity expansion and increase costs, as reflected in the elevated investing cash outflows.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
As Copart continues to expand internationally, it faces currency translation risk and the complexities of operating in diverse regulatory environments. Adverse currency movements or regulatory changes in key international markets could negatively impact reported revenues and profitability.
来源: Source: 10-Q (XBRL Financial Data — operational context)
Q2 FY2026 实际 EPS $0.36，分析师一致预期 $0.40，不及预期 -10.0%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润 | $388.71M | $426.21M | -8.80% |
净利润 | $350.73M | $387.4M | -9.47% |
每股收益（基本） | $0.36 | $0.40 | -10.00% |
每股收益（稀释） | $0.36 | $0.40 | -10.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $10.59B | $9.19B | +15.32% |
流动资产 | $6.18B | $4.97B | +24.35% |
总负债 | $787.73M | $863.32M | -8.76% |
流动负债 | $613.87M | $629.64M | -2.50% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $662.75M | $660.4M | +0.36% |
投资活动现金流YTD | $1.86B | $1.13B | +64.84% |
筹资活动现金流YTD | $-205.38M | $37.71M | -644.58% |
股票回购YTD | $218.18M | — | — |
折旧及摊销 | $8.56M | $54.2M | -84.21% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产收益率 | 3.3% | — | — |
流动比率 | $10.061 | — | — |
Diversified Support Services 行业其他公司
Copart reported Q2 FY2026 net income of $754.4M, up 0.7% YoY, while operating income declined 1.6% to $819.4M. EPS held steady at $0.78 basic and $0.77 diluted, unchanged from the prior year period.
The key takeaways are that Copart maintained strong profitability with net income near $754M, expanded its balance sheet 15.3% to $10.6B in total assets, and deployed $1.86B in investing activities — likely land and infrastructure — signaling aggressive long-term capacity investment. The current ratio of over 10x underscores the company's exceptional financial strength.
Yes, Copart's financial health appears very strong: total liabilities fell 8.8% to $787.7M while total assets grew to $10.6B, yielding a current ratio of 10.06x. The company generated $662.8M in operating cash flow and holds a minimal debt load relative to its asset base.
Copart's operating income declined 1.6% YoY to $819.4M in Q2 FY2026, suggesting that operating costs — potentially related to land, labor, transportation, or vehicle processing — grew modestly faster than revenues. However, net income still rose 0.7% to $754.4M, likely supported by interest income on the company's large cash holdings.
Copart deployed $1.86B in investing activities in Q2 FY2026, up 64.8% YoY, reflecting significant capital investment likely in land and storage infrastructure to expand capacity. Additionally, the company repurchased $218.2M in shares, with financing cash flow swinging to -$205.4M from +$37.7M in the prior year period.