Copart's stock experienced a significant 24-hour plunge of 7.04% following the release of its second-quarter fiscal 2026 financial results. The decline was particularly pronounced in post-market trading after the company reported earnings that fell short of analyst expectations.

The online vehicle auction operator reported quarterly earnings of $0.36 per share, missing the consensus estimate of $0.39 to $0.40. Revenue of $1.12 billion also fell below the $1.14 billion to $1.15 billion that analysts had anticipated. Both metrics showed year-over-year declines, with revenue down 3.6% and net income decreasing 9.5% compared to the same period last year.

According to company reports, the disappointing results were driven by lower vehicle sales and service volumes. Copart continues to face softening growth in vehicle volumes as insurance companies retain more cars and consumers reduce auto insurance coverage amid ongoing inflationary pressures, contributing to the revenue decline that sparked the stock's sharp downturn.