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Copart cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$279M in Q4 FY26

Operating cash flow$358M
Capital spending−$78.8M
Free cash flow+$279M
Cash / net income1.1×

Analysis

In Q4 FY26, Copart generated $358M of operating cash flow and spent $78.8M on capital projects, leaving free cash flow of $279M. That is $72.1M less than in Q4 FY25 ($351M).

Operating cash flow was $358M against net income of $327M — 1.1× profit, roughly in line with earnings. The largest differences: depreciation & amortization +$69.7M, deferred taxes +$39.1M, payables +$38.0M.

Free cash flow

Copart: free cash flow by quarterCopart: free cash flow by quarter$244MQ1 FY25$4.0MQ2 FY25$573MQ3 FY25$351MQ4 FY25$423MQ1 FY26$57.9MQ2 FY26$503MQ3 FY26$279MQ4 FY26
Operating cash flow less capital spending.
Copart: operating cash flow against capital spendingCopart: operating cash flow against capital spendingOperating cash flowCapital spending$482M$238MQ1 FY25$178M$174MQ2 FY25$701M$128MQ3 FY25$438M$87.7MQ4 FY25$535M$113MQ1 FY26$128M$69.6MQ2 FY26$584M$80.9MQ3 FY26$358M$78.8MQ4 FY26
Latest (Q4 FY26): Operating cash flow $358M, Capital spending $78.8M.

Capital allocation, year by year

Copart: where the cash came from (up) and went (down), by fiscal yearCopart: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $1.2BFY22: Net borrowing −$417MFY22: Shares issued $28.1MFY22: Asset sales $4.3MFY22: Capital spending −$444MFY22: Acquisitions −$107M$1.2BFY22FY23: Operating cash flow $1.4BFY23: Net borrowing $10.5MFY23: Shares issued $49.7MFY23: Asset sales $33.9MFY23: Capital spending −$517M$1.5BFY23FY24: Operating cash flow $1.5BFY24: Net borrowing −$10.8MFY24: Shares issued $24.3MFY24: Asset sales $4.2MFY24: Capital spending −$605MFY24: Acquisitions $17.7M$1.5BFY24FY25: Operating cash flow $1.8BFY25: Net borrowing −$49KFY25: Shares issued $42.8MFY25: Asset sales $31.8MFY25: Capital spending −$570MFY25: Acquisitions −$1.2M$1.9BFY25FY26: Operating cash flow $1.6BFY26: Net borrowing −$60KFY26: Shares issued $16.7MFY26: Asset sales $12.6MFY26: Capital spending −$337MFY26: Acquisitions −$5.0MFY26: Buybacks −$1.6B$1.6BFY26
Over these 5 years operating cash flow totalled $7.4B; the largest uses were capital spending ($2.5B) and buybacks ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.9B
Debtnone
Net cash$1.9B

Copart funds itself: free cash flow was — over the last twelve months, with $1.9B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Copart: sources (+) and uses (−) of cash, Q4 FY26Copart: sources (+) and uses (−) of cash, Q4 FY26Other investing−$1.7BCash drawn (+) / kept (−)$1.4BOperating cash flow$358MCapital spending−$78.8MOther financing$6.9MShares issued$2.5MAsset & business sales$1.5MExchange rates−$1.1MTaxes on employees’ shares−$974KAcquisitions−$257KNet borrowing (+) / repaid (−)−$49KBuybacks−$1K

From profit to cash

Copart: net income to operating cash flow, Q4 FY26Copart: net income to operating cash flow, Q4 FY26Net income$327MDepreciation & amortization$69.7MStock-based pay$9.8MDeferred taxes$39.1MGains on disposals−$535KReceivables−$23.3MInventory−$2.0MPayables$38.0MDeferred revenue−$931KPrepaid and other assets−$36.1MIncome taxes payable−$13.1MOperating cash flow$358M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$358M−$78.8M−$257K−$1K−$49K$2.5M$1.4B$279M
Q3 FY26$584M−$80.9M−$53K−$1.4B−$5K$5.1M$1.7B$503M
Q2 FY26$128M−$69.6M$5K—−$1K$7.3M$132M$57.9M
Q1 FY26$535M−$113M−$4.7M—−$5K$1.8M−$2.5B$423M
Q4 FY25$438M−$87.7M−$10K—−$5K$2.6M−$414M$351M
Q3 FY25$701M−$128M——−$4K$7.3M$972M$573M
Q2 FY25$178M−$174M$44K—−$40K$30.0M$359M$4.0M
Q1 FY25$482M−$238M−$1.3M——$2.9M−$2.2B$244M

Copart: income statement and cash flow

Copart, Q4 FY26: revenue $1.2B (+2% year over year), operating margin 32.0%. The chart follows the revenue to costs, profit and cash.

Copart: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.