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Copart, Inc. shares have declined ~46%, but now trade at a trough of 15.4x EV/EBITDA, well below historical multiples. Recent headwinds—declining insurance volumes and softer claims—are seen as transient, not indicative of structural weakness in CPRT's moat. CPRT management has initiated aggressive buybacks, repurchasing $1.1B in shares with $6.4B in liquidity and effectively no debt.

Copart has resumed opportunistic share buybacks, deploying $500 million, reflecting disciplined capital allocation and a rational approach to shareholder returns. CPRT's core moat remains intact; the duopoly structure, dominant marketplace, and international expansion underpin the long-term compounding thesis. Recent volume softness is tied to temporary insurance client share shifts, not structural weaknesses or loss of competitive advantage.

Copart Q2 EPS of 36 cents miss estimates as revenues fall 3.6% Y/Y to $1.12B, with operating income and net income down.

Copart missed on sales and earnings last night. Earnings shrank 10%, but are still flat against H1 2025 through the first half of this year.

Copart reported earnings per share of 36 cents, missing the consensus estimate of 40 cents. In addition, the company reported revenue of $1.12 billion, missing the consensus estimate of $1.14 billion.

U.S. stock futures rose on Friday after closing lower on Thursday. Futures of all the major benchmark indices were positive.

Copart, Inc. (CPRT) Q2 2026 Earnings Call Transcript