Copart (NASDAQ:CPRT) shares fell more than 11% intra-day today after the company reported fiscal Q3 results that met earnings expectations but missed on revenue, dampening investor sentiment despite continued year-over-year growth.

The online vehicle auction platform posted EPS of $0.42 for the quarter, in line with analyst forecasts. Revenue came in at $1.21 billion, slightly below the $1.23 billion consensus estimate. Still, revenue rose 7.5% year-over-year, while net income increased 6.4% to $406.6 million.

Service revenues, which make up the bulk of Copart’s business, climbed 9.3% to $1.03 billion. However, vehicle sales fell 2.1% to $176.9 million, contributing to the top-line shortfall.

For the first nine months of fiscal 2025, Copart posted revenue of $3.52 billion—up 11.2% year-over-year—while net income rose 11.1% to $1.16 billion, underscoring solid underlying business momentum.

While profit growth remains steady, the modest Q3 revenue miss appears to have cooled investor enthusiasm in the near term.