Copart reported a resilient QQ2 2025 performance with revenue of $1.163B, up 14% year over year, driven by an 8% increase in insurance volume and continued strength in non-insurance seller activity. The quarter benefited from the expansion of Title Express (processing >1 million titles annually) and ongoing investment in technology, capacity, and people to sustain growth. Gross margin stood at ~45.2%, with GAAP operating income of $426.2M and net income of $387.4M ($0.40 per share). Cash flow remained robust, delivering nearly $178.1M of operating cash flow and free cash flow of $61.5M, while the balance sheet remains extremely liquid with more than $3.3B in cash and cash equivalents and net debt of about -$3.22B, underscoring substantial financial flexibility. Management stressed the strategic importance of insurance, Title Express, international expansion, and Purple Wave as growth vectors, while acknowledging macro and policy risk factors such as total loss frequency dynamics, tariff considerations, and currency effects. The absence of formal numerical guidance was noted, but management signaled confidence in continued revenue growth and margin stability supported by scale, network effects, and ongoing capital investments. For investors, the key takeaway is a high-quality cash-generating platform with multiple growth rails and substantial liquidity, offset by macro uncertainties and competitive dynamics in the remarketing market.