CarGurus Inc

Latest Results (19.05.2026):

CarGurus Inc — Fourth Quarter 2025 (and full‑year 2025) results: Revenue and profitability continued to grow in Q4 and for the full year, driven by higher dealer monetization and international expansion, while the company completed the wind‑down of CarOffer and executed substantial share repurchases. Key financials: Q4 revenue $241.1M (+15% YoY) and GAAP net income from continuing operations $53.7M (+12%); full‑year 2025 revenue $907.0M (+14%) and GAAP net income from continuing operations $196.7M (+53%).

Revenue

Q4 2025 revenue was $241.1 million, up 15% year‑over‑year; full‑year 2025 revenue was $907.0 million, up 14% YoY. Geographically in Q4, U.S. revenue was $218.98M and international revenue $22.11M; full‑year international revenue was $79.68M.

Profitability

Q4 gross profit was $222.6M (+14% YoY) with a GAAP gross margin of 92% (down ~94 bps). Q4 GAAP net income from continuing operations was $53.7M (22% margin; down ~58 bps) and non‑GAAP adjusted EBITDA was $88.5M (37% margin; down ~55 bps). For the full year, gross profit was $841.5M (+16%) and non‑GAAP adjusted EBITDA was $319.0M (+25%), with GAAP net income from continuing operations $196.7M (+53%).

Cash, cash flow and capital allocation

Cash and cash equivalents at year‑end 2025 were $190.5M (down from ~$306.2M a year earlier). Net cash provided by operating activities was $83.1M in Q4 and $295.3M for the year; non‑GAAP free cash flow was $76.4M in Q4 and $266.0M for 2025. The company repurchased approximately $351.9M of common stock during 2025.

Key operating metrics

Paying dealers grew: U.S. paying dealers ~26,049 (+5% YoY), international paying dealers ~8,360 (+14%), total paying dealers ~34,409 (+7%). Quarterly average revenue per subscribing dealer (QARSD) was $6,616 consolidated (+8% YoY) and $2,413 internationally (+16% YoY).

Guidance for 2026

Full‑year 2026 guidance: revenue growth of 10% to 13% YoY. Management expects non‑GAAP adjusted EBITDA margin to decline roughly 1.5 to 2.5 percentage points YoY. Q1 2026 non‑GAAP EPS guidance assumes 94.0 million diluted weighted‑average shares. Guidance excludes material macro shocks and certain FX impacts.

Discontinued operations & reporting

The wind‑down of CarOffer was completed and considered abandoned for accounting purposes; beginning in Q4 2025 CarGurus’ CODM evaluates the business on consolidated results and the company reports as a single reportable segment going forward.

Balance sheet snapshot

Total assets at year‑end 2025 were $661.9M (down from $824.5M at year‑end 2024) and total stockholders’ equity was $374.2M (down from $541.7M). Accounts receivable rose modestly to $41.9M; deferred tax assets declined year‑over‑year.