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.
4 questions for CARG
Also covers: ABG, ACVA, AN +10 more
Marvin Fong
BTIG, LLC
3 questions for CARG
Also covers: ATER, CARS, CVNA +10 more
Christopher Pierce
Needham & Company
2 questions for CARG
Also covers: ACHR, ACVA, AUR +12 more
JS
Joseph Spak
UBS Group AG
2 questions for CARG
Also covers: ADNT, APH, APTV +16 more
NJ
Nicholas Jones
Citizens JMP
2 questions for CARG
Also covers: ACVA, ANGI, CVNA +14 more
Andrew Boone
JMP Securities
1 question for CARG
Also covers: CART, CVNA, DASH +23 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
JK
Jed Kelly
Oppenheimer & Co. Inc.
1 question for CARG
Also covers: ABNB, BKNG, DKNG +11 more
Naved Khan
B. Riley Securities
1 question for CARG
Also covers: ABNB, ACVA, BKNG +13 more
Ralph Schackart
William Blair
1 question for CARG
Also covers: APP, DIBS, DLB +6 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
WS
Wyatt Swanson
D.A. Davidson & Co.
1 question for CARG
Also covers: DUOL, EXPI, REAX +2 more
ZW
Zachary Walljasper
UBS
1 question for CARG
Also covers: ST, TDY
Recent press releases and 8-K filings for CARG.
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
CarGurus Reports Strong Q3 2025 Marketplace Growth and Provides Q4/Full Year Guidance
CARG
Earnings
Guidance Update
Product Launch
- CarGurus reported Q3 2025 consolidated revenue of $239 million, a 3% year-over-year increase, with marketplace revenue growing 14% to $232 million. Non-GAAP diluted EPS for the quarter was $0.57, up 30% year over year, and consolidated adjusted EBITDA increased 21% to $79 million.
- For Q4 2025, the company expects marketplace revenue between $236 million and $241 million and non-GAAP consolidated EPS in the range of $0.61-$0.67. Full-year 2025 marketplace revenue is projected to be $902 million-$907 million, with non-GAAP consolidated EPS between $2.19-$2.25.
- CarGurus is winding down its CarOffer transactions business, which ceased facilitating transactions in Q3 2025 and will be accounted for as a discontinued operation in Q4. The company also repurchased $111 million in shares during the quarter, with $55 million remaining on its authorization.
- Strategic investments in AI-centric innovations, such as the GenAI-powered CG Discover shopping assistant, are showing strong early results, with Discover traffic nearly tripling and leads growing 3.3X quarter over quarter. AI is also enhancing internal efficiency, handling nearly 80% of managed leads in October and increasing engineering productivity by nearly 25%.
Nov 6, 2025, 10:00 PM
CarGurus Reports Strong Q3 2025 Results and Provides Q4/Full-Year Guidance
CARG
Earnings
Guidance Update
New Projects/Investments
- CarGurus reported Q3 2025 consolidated revenue of $239 million, a 3% year-over-year increase, with marketplace revenue growing 14% year-over-year to $232 million. Non-GAAP diluted earnings per share for the quarter was $0.57, up 30% year-over-year.
- The company added 1,989 net new dealers globally year-over-year, with U.S. CarSID growing 8% and international revenue increasing 27% year-over-year.
- CarGurus is expanding its addressable market by focusing on software and data products, aiming to add an estimated $4 billion to its current $3.5 billion marketplace segment. This includes new AI-powered tools like Price Vantage and the expanded CG Discover.
- For Q4 2025, CarGurus expects marketplace revenue to be in the range of $236 million-$241 million and non-GAAP consolidated earnings per share to be between $0.61-$0.67.
- The company is winding down its CarOffer transactions business, which is expected to be accounted for as a discontinued operation in the fourth quarter of 2025.
Nov 6, 2025, 10:00 PM
CarGurus Announces Third Quarter 2025 Results
CARG
Earnings
Guidance Update
Share Buyback
- CarGurus reported Marketplace revenue of $232 million for Q3 2025, marking a 14% year-over-year increase.
- The company's Non-GAAP Marketplace Adjusted EBITDA for Q3 2025 was $82.4 million, an 18% year-over-year increase.
- CarGurus repurchased $111 million worth of shares in Q3 2025, bringing the total repurchased to 23% of shares outstanding since the buyback program began in December 2022.
- For Q4 2025, the company anticipates Marketplace revenue to be between $236.0 million and $241.0 million, and Non-GAAP Earnings per Share between $0.61 and $0.67.
Nov 6, 2025, 9:12 PM
CarGurus Inc. Announces Q2 2025 Results and Q3 2025 Guidance
CARG
Earnings
Guidance Update
New Projects/Investments
- CarGurus Inc. reported total revenue of $234.0 million and Non-GAAP Adjusted EBITDA of $77.3 million for Q2 2025.
- The company's Marketplace segment revenue grew 14% year-over-year in Q2 2025, achieving a 36% non-GAAP adjusted EBITDA margin.
- CarGurus Inc. exited its CarOffer transactions business, planning to focus on technology and analytics, with transactions expected to decrease and cease over time.
- For Q3 2025, CarGurus Inc. provided guidance of Marketplace Revenue between $228 million and $233 million, Non-GAAP Marketplace Adjusted EBITDA between $76.5 million and $84.5 million, and Non-GAAP Earnings Per Share between $0.50 and $0.58.
- Operational highlights include approximately 18,500 subscribing dealers for Next Best Deal Rating and a 71% year-over-year increase in daily active users.
Aug 7, 2025, 9:00 PM
CarGurus, Inc. Holds 2025 Annual Meeting
CARG
Proxy Vote Outcomes
Auditor Change
Executive Compensation
- CarGurus, Inc. held its 2025 annual stockholder meeting on June 4, 2025, during which key proposals were presented and voted on.
- Directors were elected, with vote counts provided for nominees such as Steven Conine and Stephen Kaufer, and the appointment of Ernst & Young LLP as independent auditors was ratified.
- Non-binding advisory votes on executive compensation and future voting frequency were approved, with the next stockholder vote expected in 2031.
Jun 5, 2025, 12:00 AM
Quarterly earnings call transcripts for CarGurus.
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