Earnings summaries and quarterly performance for CarGurus.
Executive leadership at CarGurus.
Board of directors at CarGurus.
Research analysts who have asked questions during CarGurus earnings calls.
Rajat Gupta
JPMorgan Chase & Co.
6 questions for CARG
Also covers: ABG, ACVA, AN +11 more
Andrew Boone
JMP Securities
3 questions for CARG
Also covers: ACVA, CART, CSGP +26 more
Marvin Fong
BTIG, LLC
3 questions for CARG
Also covers: ATER, CARS, CVNA +10 more
Naved Khan
B. Riley Securities
3 questions for CARG
Also covers: ABNB, ACVA, BKNG +14 more
Ralph Schackart
William Blair
3 questions for CARG
Also covers: APP, DIBS, DLB +6 more
WS
Wyatt Swanson
D.A. Davidson & Co.
3 questions for CARG
Also covers: DUOL, EXPI, REAX +3 more
AP
Alejandro Palacio
UBS
2 questions for CARG
Brad Erickson
RBC Capital Markets
2 questions for CARG
Also covers: ANGI, CVNA, FVRR +9 more
CP
Chris Pierce
Needham
2 questions for CARG
Also covers: ACVA, AUR, BETA +7 more
Christopher Pierce
Needham & Company
2 questions for CARG
Also covers: ACHR, ACVA, AUR +12 more
JL
James Lewis
Citigroup
2 questions for CARG
John Colantuoni
Jefferies
2 questions for CARG
Also covers: ABNB, ACVA, BKNG +10 more
JS
Joseph Spak
UBS Group AG
2 questions for CARG
Also covers: ADNT, APH, APTV +17 more
NJ
Nicholas Jones
Citizens JMP
2 questions for CARG
Also covers: ACVA, ANGI, CSGP +15 more
DA
Douglas Arthur
Huber Research Partners
1 question for CARG
Also covers: FUBO, NYT, TRI
Jamesmichael Sherman-Lewis
Citigroup Inc.
1 question for CARG
Also covers: KIND, LAD, NXDR +1 more
JK
Jed Kelly
Oppenheimer & Co. Inc.
1 question for CARG
Also covers: ABNB, BKNG, DKNG +12 more
Ryan James Powell
B. Riley Securities
1 question for CARG
Also covers: EB
TW
Tom White
D.A. Davidson & Co.
1 question for CARG
Also covers: CARS, CRTO, EXPI +2 more
Vincent Kardos
Jefferies
1 question for CARG
Also covers: OPAD
ZW
Zachary Walljasper
UBS
1 question for CARG
Also covers: ST, TDY
Recent press releases and 8-K filings for CARG.
CarGurus Reports Strong Q4 and Full-Year 2025 Results, Issues Q1 2026 Guidance
CARG
Earnings
Guidance Update
Share Buyback
- CarGurus reported strong financial results for Q4 2025, with revenue from continuing operations growing 15% year-over-year to $241 million and non-GAAP adjusted EBITDA increasing 13% year-over-year to $88 million. For the full year 2025, revenue grew 14% to $907 million and adjusted EBITDA grew 25% to $319 million.
- The company completed the CarOffer wind down in Q4 2025, incurring $5.4 million in one-time cash restructuring charges.
- Product innovation was a key focus in 2025, with launches like Price Vantage and CG Discover driving increased dealer adoption, consumer engagement, and lead growth.
- CarGurus provided Q1 2026 guidance, expecting revenue between $240.5 million and $245.5 million and non-GAAP adjusted EBITDA between $72 million and $80 million.
- In 2025, the company repurchased approximately $350 million in shares and authorized a new $250 million share repurchase program through December 31, 2026.
Feb 19, 2026, 10:00 PM
CarGurus Reports Strong FY 2025 Results, Issues 2026 Guidance, and Authorizes New Share Repurchase Program
CARG
Earnings
Guidance Update
Share Buyback
- CarGurus (CARG) reported strong financial performance for fiscal year 2025, with revenue from continuing operations growing 14% and Adjusted EBITDA from continuing operations increasing 25% year-over-year. Non-GAAP net income per diluted share for FY 2025 was $2.28, up 31% year-over-year.
- For 2026, CarGurus expects full-year revenue growth of 10%-13% year-over-year, but anticipates non-GAAP Adjusted EBITDA margins to compress by approximately 1.5-2.5 percentage points due to increased investment in product, technology, and development.
- The company significantly expanded its product offerings in 2025, launching new solutions like Price Vantage and CG Discover, and scaling Digital Deal to 13,500 dealers globally, driven by accelerated AI-driven innovation.
- CarGurus returned capital to shareholders by repurchasing approximately $350 million in shares in 2025 and authorized a new $250 million share repurchase program through December 31, 2026.
- The strategic decision was made to wind down CarOffer, incurring $13.3 million in total expenditures, while retaining its core technology to enhance inventory products.
Feb 19, 2026, 10:00 PM
CarGurus announces Q4 2025 results and 2026 guidance
CARG
Earnings
Guidance Update
Share Buyback
- **CarGurus reported Q4 2025 revenue from continuing operations of $241.1 million, marking a 15% year-over-year increase, with Non-GAAP Adjusted EBITDA from continuing operations at $88.5 million and a 37% margin. **
- **For Q1 2026, the company expects total revenue between $240.5 million and $245.5 million, and Non-GAAP Adjusted EBITDA from continuing operations between $72 million and $80 million. Full-year 2026 revenue change is guided at 10% to 13% year-over-year. **
- **The company saw growth in its dealer base, with U.S. Paying Dealers reaching 26,049 and International Paying Dealers reaching 8,360 in Q4 2025. U.S. QARSD was $5,525 and International QARSD was $2,413. **
- **Digital Deal adoption reached 13,500 dealers globally, adding nearly 3,800 year-over-year, and Digital Deal leads with a high-value action grew 78% year-over-year in 2025. **
- **CarGurus repurchased 10.8 million shares in 2025 at a weighted average price of $32.65, and completed the wind-down of CarOffer as of December 31, 2025, with its financial results now presented as discontinued operations. **
Feb 19, 2026, 10:00 PM
CarGurus Reports Strong Q4 and Full Year 2025 Results, Issues 2026 Guidance
CARG
Earnings
Guidance Update
Share Buyback
- CarGurus reported strong financial results for Q4 2025, with revenue growing 15% year-over-year to $241 million and non-GAAP Adjusted EBITDA increasing 13% to $88 million. For the full year 2025, revenue grew 14% to $907 million, and non-GAAP Adjusted EBITDA grew 25% to $319 million.
- For Q1 2026, the company expects revenue between $240.5 million and $245.5 million and non-GAAP Adjusted EBITDA between $72 million and $80 million. Full year 2026 revenue is projected to grow 10%-13%, with non-GAAP Adjusted EBITDA margins expected to compress 1.5-2.5 percentage points due to increased investment in product, technology, and development.
- CarGurus completed the CarOffer wind-down in Q4 2025, incurring $5.4 million in one-time cash restructuring charges. The board authorized a new $250 million share repurchase program through December 31, 2026, following $350 million in repurchases in 2025.
- Operational highlights for 2025 included 8% year-over-year growth in Consolidated CarSid, an increase of 2,399 global paying dealers, and 27% year-over-year international revenue growth. The company also accelerated product innovation, launching new features like Price Vantage and CG Discover.
Feb 19, 2026, 10:00 PM
CarGurus Announces Fourth Quarter and Full-Year 2025 Results and 2026 Guidance
CARG
Earnings
Guidance Update
Share Buyback
- CarGurus reported full-year 2025 revenue from continuing operations grew 14% year-over-year, reaching $907.0 million, with GAAP Net Income from continuing operations increasing 53% to $196.7 million and Non-GAAP Adjusted EBITDA from continuing operations rising 25% to $319.0 million.
- The company repurchased approximately $350 million worth of shares in 2025 and announced a new $250.0 million share repurchase program for 2026.
- For the first quarter of 2026, CarGurus expects total revenue to be between $240.5 million and $245.5 million, and Non-GAAP Earnings per Share from continuing operations to range from $0.52 to $0.58.
- The wind-down of CarOffer was completed as of December 31, 2025, with its financial results presented as discontinued operations for all periods.
Feb 19, 2026, 9:10 PM
CarGurus Highlights 2025 Innovation, Strategic Pivot, and 2026 Investment Plans
CARG
Product Launch
New Projects/Investments
Guidance Update
- CarGurus significantly accelerated product innovation in 2025, launching new AI-driven products like PriceVantage for dealers and Discover and Dealership Mode for consumers, with PriceVantage expected to have a "breakout year" in 2026.
- The company exited its wholesale transaction business, CarOffer, to focus on its core competency of technology and data, a strategic pivot that effectively doubled its total addressable market (TAM) by expanding into dealer software and data solutions, adding an estimated $4 billion to its existing $3.5 billion marketplace TAM.
- CarGurus sustained low to mid-teens growth for a second consecutive year in 2025 and for the last 6-7 quarters, but anticipates a slight step down in margin in 2026 due to increased investments in innovation aimed at sustaining a higher long-term growth rate.
- The platform features 4 to 4.5 million vehicles, covering over 80% of U.S. inventory, and serves approximately 26,000 paying dealers in the U.S., with products like Digital Deal adopted by about half of its dealers.
Jan 13, 2026, 2:30 PM
CarGurus Discusses 2025 Innovation, TAM Expansion, and 2026 Investment Plans
CARG
Product Launch
New Projects/Investments
Revenue Acceleration/Inflection
- CarGurus focused on innovation in 2025, introducing new products such as PriceVantage for dealer inventory, Discover (an AI-based consumer assistant), and Dealership Mode (in-app tools for consumers at dealerships).
- The company wound down its CarOffer wholesale transaction business to concentrate on technology and data, aligning with its core competency.
- CarGurus is expanding its Total Addressable Market (TAM) by doubling it from $3.5 billion to $7.5 billion through new software and data products for dealers in inventory, conversion, and market intelligence.
- For 2026, the company anticipates a slight step down in margin due to increased investments in innovation, aiming for higher long-term growth, with AI playing a significant role in product development and efficiency.
- The company serves approximately 26,000 paying dealers in the U.S. and reported an average revenue per subscribing dealer (QARSD) of about $2,500 per month or $7,500 per quarter.
Jan 13, 2026, 2:30 PM
CarGurus CEO Discusses 2025 Innovation, Doubled TAM, and 2026 Investment Strategy
CARG
Product Launch
New Projects/Investments
Revenue Acceleration/Inflection
- CarGurus sustained low to mid-teens growth for a second consecutive year in 2025, driven by significant innovation, including the introduction of new AI-based products like PriceVantage for dealer inventory pricing and Discover for consumer car shopping. The company also wound down its CarOffer wholesale transaction business to focus on technology and data-driven solutions.
- The company has effectively doubled its Total Addressable Market (TAM) by expanding into software and data products for dealers (inventory, conversion, market intelligence), adding an estimated $4 billion to its existing $3.5 billion marketplace TAM.
- CarGurus expects a slight step down in margin in 2026 due to increased investments in innovation aimed at maintaining a higher, long-term sustainable growth rate.
- The company's marketplace features 4 to 4.5 million vehicles, representing over 80% of U.S. inventory, and serves 26,000 paying dealers in the U.S. with an average revenue per subscribing dealer (CarSID) of approximately $2,500 per month. CarGurus also had approximately $55 million remaining on its approved share repurchase program at the end of Q3.
Jan 13, 2026, 2:30 PM
CarGurus Announces Q3 2025 Results and Q4 2025 Guidance
CARG
Earnings
Guidance Update
Revenue Acceleration/Inflection
- CarGurus reported total revenue of $238.7 million in Q3 2025, with Non-GAAP Adjusted EBITDA of $78.7 million and a 33% margin.
- The Marketplace segment demonstrated strong performance, with revenue increasing 13.5% year-over-year to $232 million and a Non-GAAP Adjusted EBITDA margin of 34% in Q3 2025.
- Conversely, the Digital Wholesale segment's revenue declined to $7 million in Q3 2025, resulting in a Non-GAAP Adjusted EBITDA loss of $5 million.
- Operational metrics showed growth, with U.S. Paying Dealers increasing 4.8% year-over-year to 25,743 and U.S. QARSD rising 7.9% year-over-year to $7,742 in Q3 2025.
- For Q4 2025, CarGurus provided guidance for Marketplace Revenue between $236 million and $241 million, and Non-GAAP Earnings Per Share between $0.61 and $0.67.
Nov 6, 2025, 10:00 PM
CarGurus Reports Strong Q3 2025 Results and Positive Outlook
CARG
Earnings
Guidance Update
Product Launch
- CarGurus reported strong Q3 2025 financial results, with marketplace revenue growing 14% year-over-year to $232 million and non-GAAP diluted earnings per share increasing 30% year-over-year to $0.57.
- The company provided positive guidance for Q4 and full year 2025, projecting Q4 marketplace revenue between $236 million and $241 million and full year non-GAAP consolidated EPS between $2.19 and $2.25.
- CarGurus is expanding its addressable market by an additional $4 billion through new software and data products, such as the AI-driven Price Vantage, which helps dealers optimize workflows.
- During Q3 2025, the company repurchased $111 million in shares and is winding down its CarOffer transactions business, which will be accounted for as a discontinued operation in Q4.
Nov 6, 2025, 10:00 PM
Quarterly earnings call transcripts for CarGurus.
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