Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-16

Copart (CPRT)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,072,692
Jeffrey Liaw total, FY2025
5th
CEO pay percentile vs peers
46:1
CEO-to-median pay ratio
92.37%
Say-on-pay support, latest vote
Companies that benchmark against CPRT
2 companies name CPRT as a compensation peer

Each company listed discloses CPRT in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CPRT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jeffrey Liaw$900,000$0$0$0$1,093,400$0$79,292$2,072,692
Chief Executive Officer
Leah Stearns580,591000464,000011,7141,056,305
Senior Vice President and Chief Financial Officer
Jayson Adair100000432,171432,172
Executive Chairman

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jeffrey Liaw$2,072,692$2,092,340$2,009,000−19,648
Leah Stearns1,056,3054,301,8879,706,927−3,245,582
Jayson Adair432,172845,412384,576−413,240

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Leah StearnsRSU60,000$2,719,800
Leah StearnsOption50,00050.81
Leah StearnsOption29,00032.85
Jeffrey LiawRSU70,0003,173,100
05

Incentive-plan design — the Compensation Discussion & Analysis

The primary objective of our executive compensation program is to incentivize our NEOs to think and behave like long-term owners of our business. The Compensation Committee implements this objective primarily through the grant of long-term equity awards, which vary based on the NEO. We have a long history of compensating our senior executives through large, front-end loaded, multi-year stock option awards.

CEO STI target (% of salary)122%
CEO LTI target (% of salary)
Independent consultantCompensia, Inc.
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-12-05770,518,44263,624,9571,744,10492.37%Passed
20242024-12-06786,703,92435,471,9384,601,99395.69%Passed
20232023-12-08663,404,339164,565,9486,432,69480.12%Passed
20222022-12-02130,777,50780,109,873546,30662.01%Passed
20212021-12-03188,414,62313,177,8676,149,85193.46%Passed
20202020-12-04115,259,24991,285,827536,97655.8%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-12-0592.37%a
20242024-12-0695.69%b
20232023-12-0880.12%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not counted as votes "FOR" or "AGAINST" and will not affect the outcome of this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not counted as votes "FOR" or "AGAINST" and will not affect the outcome of this proposal.”.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)46 : 1
CEO total compensation
Median employee compensation$44,620
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Willis J. JohnsonIndependent · Board Chair · Audit (Chair) · Compensation · Nominating, Governance, and Sustainability Committee$57,500$250,000$0$0$57,889$365,389
Steven D. CohanIndependent · Audit · Compensation · Nominating, Governance, and Sustainability Committee87,500250,00000337,500
Diane M. MorefieldIndependent · Lead Independent Director · Audit (Chair) · Compensation · Nominating, Governance, and Sustainability Committee87,500250,00000337,500
Daniel J. EnglanderIndependent · Audit · Compensation · Nominating, Governance, and Sustainability Committee87,500250,00000337,500
Cherylyn Harley LeBonIndependent · Audit · Compensation · Nominating, Governance, and Sustainability Committee77,500250,00000327,500
Thomas N. TryforosIndependent · Audit · Compensation · Nominating, Governance, and Sustainability Committee77,500250,00000327,500
Matt BluntIndependent · Audit · Compensation · Nominating, Governance, and Sustainability Committee77,500250,00000327,500
Carl D. SparksIndependent · Audit · Compensation · Nominating, Governance, and Sustainability Committee77,500250,00000327,500
Stephen FisherIndependent · Audit · Compensation · Nominating, Governance, and Sustainability Committee67,500250,00000317,500
James E. MeeksIndependent · Audit57,500250,00000307,500
Jeffrey LiawEmployee director · Newly elected000000
A. Jayson AdairEmployee director000000
09

Board fee structure and ownership guideline

Annual cash retainer$57,500
Annual equity retainer$250,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)57,500
Stock ownership guidelineWe maintain director and executive officer stock ownership guidelines
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$755,000
Equity awards (grant-date value)$2,500,000
All other compensation$57,889
Total cost of the board$3,312,889

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Copart names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Copart.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Cadence Design Systems, Inc.2025Anirudh Devgan$800,000$54,412,532$0$1,456,271$56,683,576
2ServiceNow, Inc.2025William McDermott1,516,66743,481,65103,522,37551,550,957
3CoStar Group, Inc.2025Andrew Florance1,000,00028,318,4003,425,3823,000,00036,431,936
4Fair Isaac Corporation2025William Lansing750,00034,091,86001,100,00036,045,267
5Shopify Inc.2025Tobias Lütke1035,000,026035,000,027
6ANSYS, Inc.2024Ajei Gopal850,00029,379,50702,550,00032,810,655
7eBay Inc.2025Jamie Iannone1,000,00023,518,31003,570,00028,463,890
8The Trade Desk, Inc.2025Jeff Green1,350,00011,589,47111,590,8642,804,77527,431,583
9Workday, Inc.2026Carl Eschenbach1,037,80822,982,99301,556,71226,031,706
10Equinix, Inc.2025Adaire Fox-Martin1,000,00021,416,9514322,654,885
11Snowflake Inc.2026Sridhar Ramaswamy750,00020,787,4610772,40722,310,492
12RB Global, Inc.2025James Kessler952,05517,816,34802,250,78821,551,858
13Digital Realty Trust, Inc.2025Andrew Power978,84614,174,68403,700,00021,071,498
14Intuitive Surgical, Inc.2025David Rosa858,75018,674,87201,373,85920,997,480
15Synopsys, Inc.2025Sassine Ghazi883,84613,019,6784,500,1081,194,83119,605,963
16CarMax, Inc.2026William Nash927,2166,024,6955,249,987487,22614,245,563
17Fortinet, Inc.2025Ken Xie597,00010,155,1020705,93711,458,039
18Tyler Technologies, Inc.2025H. Lynn Moore, Jr.675,0008,173,649008,858,370
19Carvana Co.2025Ernest C. Garcia, III961,6747,419,121008,382,555
20Copart2025Jeffrey Liaw900,000001,093,4002,072,692
21Atlassian Corp.2025Michael Cannon-Brookes48,25800054,240
Zillow Group, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Copart99%not disclosednot disclosedCompensia, Inc.
ANSYS, Inc.200.0%RSU 100not disclosedCompensia
Atlassian Corp.96.6%RSU 100not disclosedSemler Brossy
Cadence Design Systems, Inc.121.4%RSU 50 · PSU 50Yes — Relative TSR vs. IT companies in S&P 500 and S&P 400Semler Brossy
CarMax, Inc.30%PSU 50 · Options 50NoSemler Brossy
Carvana Co.not disclosedRSU 100not disclosedKorn Ferry
CoStar Group, Inc.200%RSU 45 · PSU 40 · Options 15NoWillis Towers Watson
Digital Realty Trust, Inc.378%PSU 60 · LTIP Units 40NoSemler Brossy
eBay Inc.179%PSU 60 · RSU 40Yes — Relative total shareholder return (rTSR)Pay Governance
Equinix, Inc.99%PSU 67 · RSU 33Yes — rTSRCompensia
Fair Isaac Corporation147%PSU 33 · RSU 33 · Other 33NoCompensia, Inc.
Fortinet, Inc.103%RSU 50 · PSU 50YesCompensia, Inc.
Intuitive Surgical, Inc.115.2%RSU 50 · PSU 50NoAon
RB Global, Inc.153.9%PSU 75 · RSU 25Yes — rTSRFW Cook
ServiceNow, Inc.not disclosedPSU 60 · RSU 40Yes — rTSR vs. S&P 500Pay Governance, LLC
Shopify Inc.not disclosednot disclosednot disclosednot disclosed
Snowflake Inc.103.0%PSU 70 · RSU 30NoCompensia
Synopsys, Inc.66.4%PRSU 50 · RSU 25 · Option 25NoAon Reward Solutions
The Trade Desk, Inc.not disclosedRSU 50 · Options 50not disclosedCompensia, Inc.
Tyler Technologies, Inc.120%PSU 80 · RSU 20NoRadford
Workday, Inc.101.8%RSU 75 · PSU 25NoSemler Brossy
Zillow Group, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jeffrey LiawDEF 14A2025-10-240001193125-25-249664Section “Fiscal Year 2025 Summary Compensation Table” · page 55. As printed: 2,072,692. Filing ↗machine: t209 · r7 · c27 · span 841085–841094
2Section 01, Leah StearnsDEF 14A2025-10-240001193125-25-249664Section “Fiscal Year 2025 Summary Compensation Table”. As printed: 1,056,305. Filing ↗machine: t51 · r7 · c39 · span 233278–233287
3Section 01, Jayson AdairDEF 14A2025-10-240001193125-25-249664Section “Fiscal Year 2025 Summary Compensation Table” · page 55. As printed: 432,172. Filing ↗machine: t209 · r3 · c27 · span 833207–833214
4Section 07, pay ratioDEF 14A2025-10-240001193125-25-249664Section “CEO Pay Ratio”. As printed: 46 : 1. Filing ↗machine: span 812042–812044
5Section 08, Willis J. JohnsonDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 365,389. Filing ↗machine: t123 · r3 · c15 · span 499597–499604
6Section 08, Steven D. CohanDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 337,500. Filing ↗machine: t123 · r7 · c15 · span 503030–503037
7Section 08, Diane M. MorefieldDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 337,500. Filing ↗machine: t123 · r17 · c15 · span 511661–511668
8Section 08, Daniel J. EnglanderDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 337,500. Filing ↗machine: t123 · r9 · c15 · span 504778–504785
9Section 08, Cherylyn Harley LeBonDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 327,500. Filing ↗machine: t123 · r13 · c15 · span 508221–508228
10Section 08, Thomas N. TryforosDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 327,500. Filing ↗machine: t123 · r21 · c15 · span 515665–515672
11Section 08, Matt BluntDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 327,500. Filing ↗machine: t123 · r5 · c15 · span 501336–501343
12Section 08, Carl D. SparksDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 327,500. Filing ↗machine: t123 · r19 · c15 · span 513354–513361
13Section 08, Stephen FisherDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 317,500. Filing ↗machine: t123 · r11 · c15 · span 506471–506478
14Section 08, James E. MeeksDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 307,500. Filing ↗machine: t123 · r15 · c15 · span 509914–509921
15Section 08, Jeffrey LiawDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, A. Jayson AdairDEF 14A2025-10-240001193125-25-249664Section “Director Compensation”. As printed: 0. Filing ↗
17Section 06, 2025 voteForm 8-K2025-12-110001193125-25-315830Item 5.07 · say-on-pay result. As reported: 92.37% (votes for as printed: 770,518,442). Filing ↗
18Section 06, 2024 voteForm 8-K2024-12-120001628280-24-050959Item 5.07 · say-on-pay result. As reported: 95.69% (votes for as printed: 786,703,924). Filing ↗
19Section 06, 2023 voteForm 8-K2023-12-140001628280-23-041601Item 5.07 · say-on-pay result. As reported: 80.12% (votes for as printed: 663,404,339). Filing ↗
20Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 09b board cost (computed)ComputedcomputedCash 755,000 + equity 2,500,000 + all other 57,889 = 3,312,889, summed across the director compensation table rows.machine: formula: Σ = 3,312,889
22Cadence Design Systems, Inc., Section 10b CEO totalDEF 14A2026-03-250001193125-26-124264CEO total compensation as printed in Cadence Design Systems, Inc.'s own proxy. As printed: 56,683,576. Filing ↗machine: t294 · r4 · c34 · span 1043936–1043946
23ServiceNow, Inc., Section 10b CEO totalDEF 14A2026-04-060001373715-26-000039CEO total compensation as printed in ServiceNow, Inc.'s own proxy. As printed: 51,550,957. Filing ↗machine: r2 · c8 · span 2636904–2636914
24CoStar Group, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-197205CEO total compensation as printed in CoStar Group, Inc.'s own proxy. As printed: 36,431,936. Filing ↗machine: t304 · r4 · c34 · span 1267602–1267613
25Fair Isaac Corporation, Section 10b CEO totalDEF 14A2026-01-270001193125-26-024403CEO total compensation as printed in Fair Isaac Corporation's own proxy. As printed: 36,045,267. Filing ↗machine: r3 · c35 · span 1413656–1413666
26Shopify Inc., Section 10b CEO total10-K2026-06-160001594805-26-000030CEO total compensation as printed in Shopify Inc.'s own proxy. As printed: 35,000,027. Filing ↗
27ANSYS, Inc., Section 10b CEO totalDEF 14A2025-04-290001104659-25-041176CEO total compensation as printed in ANSYS, Inc.'s own proxy. As printed: 32,810,655. Filing ↗machine: span 1192289–1192299
28eBay Inc., Section 10b CEO totalDEF 14A2026-04-300001552781-26-000285CEO total compensation as printed in eBay Inc.'s own proxy. As printed: 28,463,890. Filing ↗machine: t357 · r8 · c9 · span 939586–939596
29The Trade Desk, Inc., Section 10b CEO totalDEF 14A2026-04-090001671933-26-000034CEO total compensation as printed in The Trade Desk, Inc.'s own proxy. As printed: 27,431,583. Filing ↗machine: r2 · c54 · span 418098–418108
30Workday, Inc., Section 10b CEO totalDEF 14A2026-05-050001104659-26-055687CEO total compensation as printed in Workday, Inc.'s own proxy. As printed: 26,031,706. Filing ↗machine: r4 · c42 · span 1684714–1684724
31Equinix, Inc., Section 10b CEO totalDEF 14A2026-04-020001101239-26-000073CEO total compensation as printed in Equinix, Inc.'s own proxy. As printed: 22,654,885. Filing ↗machine: span 1101160–1101170
32Snowflake Inc., Section 10b CEO totalDEF 14A2026-05-180001640147-26-000019CEO total compensation as printed in Snowflake Inc.'s own proxy. As printed: 22,310,492. Filing ↗machine: r4 · c24 · span 835052–835062
33RB Global, Inc., Section 10b CEO totalDEF 14A2026-03-190001140361-26-010430CEO total compensation as printed in RB Global, Inc.'s own proxy. As printed: 21,551,858. Filing ↗machine: t279 · r2 · c25 · span 1510608–1510618
34Digital Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-04-170001308179-26-000296CEO total compensation as printed in Digital Realty Trust, Inc.'s own proxy. As printed: 21,071,498. Filing ↗machine: r2 · c14 · span 644147–644157
35Intuitive Surgical, Inc., Section 10b CEO totalDEF 14A2026-03-130001035267-26-000023CEO total compensation as printed in Intuitive Surgical, Inc.'s own proxy. As printed: 20,997,480. Filing ↗machine: r2 · c48 · span 762289–762299
36Synopsys, Inc., Section 10b CEO totalDEF 14A2026-02-190000883241-26-000007CEO total compensation as printed in Synopsys, Inc.'s own proxy. As printed: 19,605,963. Filing ↗machine: r2 · c24 · span 1273671–1273681
37CarMax, Inc., Section 10b CEO totalDEF 14A2026-05-120001170010-26-000045CEO total compensation as printed in CarMax, Inc.'s own proxy. As printed: 14,245,563. Filing ↗machine: r13 · c45 · span 642071–642081
38Fortinet, Inc., Section 10b CEO totalDEF 14A2026-04-290002077096-26-000106CEO total compensation as printed in Fortinet, Inc.'s own proxy. As printed: 11,458,039. Filing ↗machine: r4 · c14 · span 1588404–1588414
39Tyler Technologies, Inc., Section 10b CEO totalDEF 14A2026-03-230000860731-26-000022CEO total compensation as printed in Tyler Technologies, Inc.'s own proxy. As printed: 8,858,370. Filing ↗machine: t205 · r9 · c16 · span 1010313–1010322
40Carvana Co., Section 10b CEO totalDEF 14A2026-03-250001690820-26-000024CEO total compensation as printed in Carvana Co.'s own proxy. As printed: 8,382,555. Filing ↗machine: t63 · r3 · c17 · span 494349–494358
41Copart (subject), Section 10b CEO totalDEF 14A2025-10-240001193125-25-249664CEO total compensation as printed in Copart's own proxy. As printed: 2,072,692. Filing ↗machine: t209 · r7 · c27 · span 841085–841094
42Atlassian Corp., Section 10b CEO totalDEF 14A2025-10-150001650372-25-000058CEO total compensation as printed in Atlassian Corp.'s own proxy. As printed: 54,240. Filing ↗machine: r2 · c36 · span 772358–772364
43Section 10a, Synopsys, Inc. reciprocityDEF 14A0000883241-26-000007Synopsys, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
44Section 10a, RB Global, Inc. reciprocityDEF 14A0001140361-26-010430RB Global, Inc. names Copart in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Tyler Technologies, Inc. reciprocityDEF 14A0000860731-26-000022Tyler Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
46Section 10a, ANSYS, Inc. reciprocityDEF 14A0001104659-25-041176ANSYS, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
47Section 10a, Atlassian Corp. reciprocityDEF 14A0001650372-25-000058Atlassian Corp.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
48Section 10a, Snowflake Inc. reciprocityDEF 14A0001640147-26-000019Snowflake Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
49Section 10a, The Trade Desk, Inc. reciprocityDEF 14A0001671933-26-000034The Trade Desk, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
50Section 10a, Intuitive Surgical, Inc. reciprocityDEF 14A0001035267-26-000023Intuitive Surgical, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
51Section 10a, Carvana Co. reciprocityDEF 14A0001690820-26-000024Carvana Co.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
52Section 10a, CoStar Group, Inc. reciprocityDEF 14A0001193125-26-197205CoStar Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
53Section 10a, Fortinet, Inc. reciprocityDEF 14A0002077096-26-000106Fortinet, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
54Section 10a, Digital Realty Trust, Inc. reciprocityDEF 14A0001308179-26-000296Digital Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
55Section 10a, Workday, Inc. reciprocityDEF 14A0001104659-26-055687Workday, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
56Section 10a, Equinix, Inc. reciprocityDEF 14A0001101239-26-000073Equinix, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
57Section 10a, Cadence Design Systems, Inc. reciprocityDEF 14A0001193125-26-124264Cadence Design Systems, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗
58Section 10a, CarMax, Inc. reciprocityDEF 14A0001170010-26-000045CarMax, Inc.'s most recent proxy was read; its disclosed peer group does not include Copart. Filing ↗