Copart (CPRT)

Hold Recap: Q4 FY26

Negative Operating Leverage Arrives, the Buyback Goes Dark, and $1.9B Goes to ACV: Downgrading Copart to Hold

Outperform Recap: Q3 FY26

Double-Beat, Ex-Cat Units at -3.0% (Third Sequential Improvement), Buyback Accelerated to $1.6B YTD — Maintaining Outperform

Outperform Recap: Q2 FY26

Ex-Cat Units Inflect +240 bps to -4.8%, Buyback Initiated at $500M+, Stock at 12-Month Low — Upgrading to Outperform

Hold Recap: Q1 FY26

U.S. Insurance Units Worsen to -7.3% Ex-Cat, Margin Hits All-Time High, Cash Balloons to $5.2B Without a Return Plan — Maintaining Hold

Hold Recap: Q4 FY25

U.S. Insurance Units Turn Negative for the First Time, $4.8B Cash Pile Has No Plan — Initiating at Hold (Constructive Bias)