Copart, Inc.

The filings in this data set describe a company whose reported earnings have grown while its disclosures point to a few concentrated dependencies. Net income reached $1.55 billion in FY2025, up from $1.36 billion in FY2024, and operating income rose from $1.57 billion to $1.7 billion. The data also shows net income of $417.87 million in FY2018, so the multi-year trend in the provided figures is strong. However, the revenue series in this data ends at FY2018, at $1.81 billion, so recent revenue growth and operating margin cannot be calculated from the provided figures. Readers may want to check the full income statement in the FY2025 Form 10-K. No forensic scores are on file for this company, so this synthesis gives no Beneish, Piotroski, Altman or Fog Index result, and the absence of a score should not be read as a clean result. The filing text that is present emphasizes supply concentration: insurance company sellers supplied 81% of vehicles processed in fiscal 2025, 81% in fiscal 2024 and 83% in fiscal 2023. The international strategy, covering the U.K., Canada, Europe, Brazil and the Middle East, is described as carrying integration and cost risks, including the planned deployment of proprietary auction technology at foreign operations. The 10-Q also discloses that a new financial system is being rolled out in stages, with member billing in the United States as the first stage, and management concluded that disclosure controls were effective as of January 31, 2026. Readers may want to look at how the system transition is handled in later filings, and at the segment and revenue detail that the provided excerpts do not reach.

Catalyst.Copart's FY2025 10-K reports net income of $1.55 billion, up from $1.36 billion in FY2024, an increase of about 14%, and operating income of $1.7 billion, up from $1.57 billion, an increase of about 8%. The 10-Q MD&A ties ongoing activity to its VB3 virtual auction platform and to international expansion into the U.K., Canada, Europe, Brazil and the Middle East. The 10-K describes the company's response to Hurricanes Helene and Milton in fall 2024, when it retrieved, stored and remarketed tens of thousands of flood-damaged vehicles in South Florida. For FY2025, 69.8% of U.S. vehicles sold went to members registered outside the state where the vehicle was located, including 38.8% to international members.

Hidden risk.The most material tension in this data is supply concentration. The filings state that insurance company sellers supplied 81% of vehicles processed in fiscal 2025, compared with 83% in fiscal 2023, and that a limited number of vehicle sellers historically accounted for a substantial portion of revenues. The risk factors say vehicle sellers have terminated agreements in particular markets in the past and that a reduction in supply from a significant seller could materially affect results. The 10-Q notes that no single customer exceeded 10% of consolidated revenues in the six months ended January 31, 2026. Separately, a new financial system is being implemented in stages, which the filing describes as a significant component of internal control over financial reporting.