COPART INC

sults of Operations

The following table shows certain data from our consolidated statements of income expressed as a percentage of total service revenues and vehicle sales for the three and nine months ended April 30, 2026 and 2025:

Comparison of the three and nine months ended April 30, 2026 and 2025

The following table presents a comparison of service revenues for the three and nine months ended April 30, 2026 and 2025:

Service Revenues. The increase in service revenues during the three months ended April 30, 2026 of $21.2 million, or 2.1 %, as compared to the same period last year resulted from (i) a decrease in the U.S. of $(3.2) million and (ii) an increase in International of $24.4 million. The decrease in the U.S. compared to the same period last year was primarily driven by a decrease in volume, partially offset by an increase in revenue per car. The growth in International, after excluding positive fluctuations in currency exchange rates of $8.7 million, was driven primarily by an increase in volume and an increase in revenue per car.

The decrease in service revenues during the nine months ended April 30, 2026 of $(12.5) million, or (0.4)%, as compared to the same period last year resulted from (i) a decrease in the U.S. of $(56.3) million and (ii) an increase in International of $43.8 million. The decrease in the U.S. compared to the same period last year was primarily related to the one-time revenue associated with hurricanes Helene and Milton recognized in fiscal year 2025 offset by an increase in revenue per car. The growth in International, after excluding positive fluctuations in currency exchange rates of $20.9 million, was driven primarily by an increase in revenue per car and an increase in volume.

The following table presents a comparison of vehicle sales for the three and nine months ended April 30, 2026 and 2025:

Vehicle Sales. The increase in vehicle sales for the three months ended April 30, 2026 of $4.1 million, or 2.3 %, as compared to the same period last year, resulted from (i) a decrease in the U.S. of $(0.4) million and (ii) an increase in International of $4.5 million. The decrease in the U.S. was primarily driven by a decrease in volume, offset by an increase in revenue per car, which was due to a change in mix of vehicles sold. The increase in International, after excluding positive fluctuations in currency exchange rates of $4.4 million, was primarily driven by an increase in revenue per car, which was due to a change in mix of vehicles sold.

The increase in vehicle sales for the nine months ended April 30, 2026 of $4.4 million, or 0.9%, as compared to the same period last year, resulted from (i) an increase in the U.S. of $4.5 million and (ii) a decrease in International of $(0.1) million. The increase in the U.S. was primarily driven by an increase in revenue per car, which was due to a change in mix of vehicles sold, offset by a decrease in volume. The decrease in International, after excluding positive fluctuations in currency exchange rates of $12.0 million, was primarily driven by a decrease in volume related to sellers switching to a consignment model marginally offset by an increase in revenue per car, which was due to a change in mix of vehicles sold.

The following table presents a comparison of facility operations expenses for the three and nine months ended April 30, 2026 and 2025:

Facility Operations Expenses. The increase in facility operations expense for the three months ended April 30, 2026 of $14.5 million, or 3.0%, as compared to the same period last year resulted from (i) an increase in the U.S. of $6.8 million, and (ii) an increase in International of $7.6 million. The increase in the U.S. compared to the same period last year was primarily due to increases in subhaul, labor, and insurance offset by a decrease in deferred vehicle costs and facility repair costs. The increase in International, after excluding negative fluctuations in currency exchange rates of $(4.5) million, was the result of an increase in the cost to process a car. Included in facility operations expenses were depreciation and amortization expenses. The increase in facility operations depreciation and amortization expenses during the three months ended April 30, 2026 as compared to the same period last year resulted primarily from depreciating new and expanded facilities placed into service in the U.S. and International.

The decrease in facility operations expense for the nine months ended April 30, 2026 of $(17.2) million, or (1.2)%, as compared to the same period last year resulted from (i) a decrease in the U.S. of $(41.8) million, and (ii) an increase in International of $24.6 million. The decrease in the U.S. compared to the same period last year was related to one-time costs associated with hurricanes Helene and Milton recognized in fiscal year 2025 offset by increases in subhaul, insurance, and bank charges. The increase in International, after excluding negative fluctuations in currency exchange rates of $(12.2) million, was the result of an increase in the cost to process a car. Included in facility operations expenses were depreciation and amortization expenses. The increase in facility operations depreciation and amortization expenses during the nine months ended April 30, 2026 as compared to the same period last year resulted primarily from depreciating new and expanded facilities placed into service in the U.S. and International.

The following table presents a comparison of cost of vehicle sales for the three and nine months ended April 30, 2026 and 2025:

Cost of Vehicle Sales. The decrease in cost of vehicle sales for the three months ended April 30, 2026 of $(9.4) million, or (5.6)%, as compared to the same period last year resulted from (i) a decrease in the U.S. of $(14.8) million and (ii) an increase in International of $5.4 million. The decrease in the U.S. was primarily the result of a decrease in volume, offset by an increase in average purchase price due to a change in mix of vehicles sold. The increase in International, after excluding the negative fluctuations of currency exchange rates of $(3.9) million, was primarily due to an increase in average purchase price due to a change in mix of vehicles sold.

The decrease in cost of vehicle sales for the nine months ended April 30, 2026 of $(3.3) million, or (0.7)%, as compared to the same period last year resulted from (i) an increase in the U.S. of $2.4 million and (ii) a decrease in International of $(5.8) million. The increase in the U.S. was primarily the result of a change in the mix of vehicles sold, offset by a decrease in volume. The decrease in International, after excluding the negative fluctuations of currency exchange rates of $(10.2) million, was primarily due to a decrease in volume related to sellers switching to a consignment model, combined with a change in the mix of vehicles sold.

The following table presents a comparison of general and administrative expenses for the three and nine months ended April 30, 2026 and 2025:

General and Administrative Expenses. The increase in general and administrative expenses for the three months ended April 30, 2026 of $7.6 million, or 7.5%, as compared to the same period last year resulted from (i) an increase in the U.S. of $6.4 million and (ii) an increase in International of $1.2 million. Excluding depreciation and amortization, the increase in the U.S. of $5.7 million resulted primarily from an increase in labor, third party outside service, advertising, and insurance. The increase in International of $1.1 million, after excluding the negative fluctuations in currency exchange rates of $(1.0) million, resulted primarily from an increase in labor, and stock-based compensation, offset by a decrease in taxes. Depreciation and amortization expenses for the three months ended April 30, 2026 as compared to the same period last year increased as a result of the addition of technology assets being placed in service in the U.S. and International.

The increase in general and administrative expenses for the nine months ended April 30, 2026 of $12.9 million, or 4.2%, as compared to the same period last year resulted from (i) an increase in the U.S. of $4.2 million and (ii) an increase in International of $8.8 million. Excluding depreciation and amortization, the increase in the U.S. of $1.4 million resulted primarily from an increase in labor, insurance, and third party outside services offset by decreases in legal, compliance, and stock-based compensation. The increase in International of $8.7 million, after excluding the negative fluctuations in currency exchange rates of $(2.8) million, resulted primarily from an increase in labor, stock-based compensation, and third party outside services (including consulting and legal), offset by a decrease in taxes. Depreciation and amortization expenses for the nine months ended April 30, 2026 as compared to the same period last year increased as result of the addition of technology assets being placed in service in the U.S. and International.

The following table summarizes total other income (expense) for the three and nine months ended April 30, 2026 and 2025:

Other Income (Expense). The decrease in total other income for the three months ended April 30, 2026 of $(13.4) million, or (26.2)%, as compared to the same period last year was due to lower interest income earned from U.S. Treasury Bills, and realized and unrealized currency gains.

The increase in total other income for the nine months ended April 30, 2026 of $13.5 million, or 10.2%, as compared to the same period last year was due to higher interest income earned from U.S. Treasury Bills, realized and unrealized currency gains, and gain on sale of fixed assets.

The following table summarizes income taxes for the three and nine months ended April 30, 2026 and 2025:

Income Taxes. See the Note to Unaudited Consolidated Financial Statements, NOTE 7 – Income Taxesin this Quarterly Report on Form 10-Q.

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