Vehicle Auction Operating Income measures Copart's consolidated GAAP operating income from the vehicle-auction business.
Copart reported approximately $1.7 billion of operating income for fiscal 2025.
The two reported revenue lanes total about $4.647 billion
Copart reported $3.969 billion of Vehicle Auction Service Revenue and $678.296 million of principal vehicle sales revenue.
Together they total about $4.647 billion.
Using the approximately $1.7 billion operating-income figure gives a rough operating-margin scale of about 36.6%. Because the operating-income value is rounded, this should not be treated as a precision reconstruction of the filed margin.
Two major operating-cost lines leave about $2.100 billion before other expenses
Vehicle Auction Facility Operations Expense was $1.944 billion and cost of vehicle sales was $602.997 million.
Subtracting those two costs from $4.647 billion of combined revenue leaves about $2.100 billion before other operating expenses. Compared with approximately $1.7 billion of operating income, that implies roughly $0.4 billion of additional operating costs and rounding effects.
Operating income blends different economic models
The consolidated result combines high-service-revenue marketplace economics with a smaller gross principal-sales lane and the physical cost of processing vehicles.
It should not be interpreted as a per-vehicle auction margin or as the profitability of any one revenue stream.
Primary sources: Copart 2025 Form 10-K and Copart fiscal 2026 results.
Part of the Online Vehicle Auction Economics
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- CPRTOpen operating-model research →17 of 17 reviewed concepts in Online Vehicle Auction EconomicsAgent service revenue versus principal vehicle sales4 of 4 bridge concepts supportedContinue through this bridge:Vehicle Auction Cost of Vehicle SalesVehicle Auction Principal Vehicle Sales RevenueVehicle Auction Service Revenue
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