Slide 1: Q4 and Full Year 2025 Earnings Presentation
Q4 and Full Year 2025 Earnings Presentation February 19, 2026
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward - Looking Statements This presentation includes forward - looking statements . Other than statements of historical facts, all statements contained in this presentation, including statements regarding our future financial and operating results ; our first quarter and
Slide 3: Financial Highlights: Q4 2025
Financial Highlights: Q4 202 5 Revenue from continuing Non - GAAP Gross Profit from Non - GAAP Adjusted EBITDA from operations 1 ($ millions) continuing operations 2 ($ millions) continuing operations 2 ($ millions) Non - GAAP Margin from Non - GAAP Margin from % YoY NP 3 13% 13% 13% 15% continuing
Slide 4: Drivers of Value Creation: Q4 2025 Updates
Drivers of Value Creation: Q4 202 5 Updates Expanding Suite of Data - Powering a More Intelligent Enabling More of the Driven Dealer Solutions to and Seamless Journey for Transaction Online to Drive Profitable Businesses Car Shoppers Streamline the Final Steps ● Nearly 80% of users of the PriceVanta
Slide 5: High-Single-Digit YoY QARSD Growth; Continued Expansion of Paying Dealer Base
High - Single - Digit YoY QARSD Growth; Continued Expansion of Paying Dealer Base QARSD 1 Drivers of QARSD 1 $7,742 $7,938 $7,337 $7,369 $7,533 U.S. Grew dealer footprint while we increased monetization through: +8.2 % YoY Subscription upgrades Like - for - like price increases $2,072 $2,073 $2,309
Slide 6: QARSD Growth + Paying Dealer Count Growth is a Rough Proxy of Revenue Growth
QARSD Growth + Paying Dealer Count Growth is a Rough Proxy of Revenue Growth Q1'25 Q2'25 Q3'25 Q4'25 1 – YoY Growth QARSD growth (+8% YoY)… Consolidated QARSD 9.0% 8.6% 7.5% 7.7% Consolidated Paying Dealer Count 1 – YoY Growth 3.8% 5.6% 6.3% 7.5% … + Paying Dealer Count growth (+7% YoY)… Sum of QARS
Slide 7: Market-leading Consumer Experience
Market - leading C onsumer E xperience U.S. Average Monthly Visitors 1 #1 Most Visited #1 Largest Inventory (millions) listings site in the U.S. 1 of vehicles in the U.S. 2 #1 Most Downloaded Exclusive audience U.S. car - shopping app in 2025 with the most 46% of our monthly unique visitors do not m
Slide 8: Balanced Capital Allocation Strategy to Maximize Stockholder Value
Balanced Capital Allocation Strategy to Maximize Stockholder Value 1 2 3 Investments in Growth Returning Value to Selective M&A Stockholders $600 $400 $352 $350 $500 $300 $400 $250 millions millions $204 $300 $200 $146 $150 $200 $100 $100 $50 $19 $0 $0 2023 2024 2025 2022 2023 2024 2025 Sales & Mark
Slide 9: First Quarter and Full Year 2026 Guidance
First Quarter and Full Year 2026 Guidance Q1’26 Total revenue $240.5 million to $ 245.5 million Non - GAAP Adjusted EBITDA from continuing operations $72 million to $ 80 million Non - GAAP Earnings Per Share from continuing operations $0. 52 to $0. 58 2026 Revenue Change YoY 10% to 13% Non - GAAP Ad
Slide 10: Appendix
Appendix Car Gurus
Slide 11: Discontinued Operations and Reportable Segments
Discontinued Operations and Reportable Segments In August 2025 our Board of Directors determined, after considering all reasonably available options and a broader strategic reassessment, that it is in the best interests of our stockholders to wind down CarOffer, LLC (“CarOffer”), including the CarOf
Slide 12: Reconciliation of GAAP Gross Profit and Margin to Non-GAAP Gross Profit and Margin
Reconciliation of GAAP Gross Profit and Margin to Non - GAAP Gross Profit and Margin from Continuing Operations ($ thousands) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 GAAP Revenue $ 210,244 $ 212,235 $ 221,998 $ 231,653 $ 241,094 GAAP Cost of Revenue 14,157 14,343 15,677 16,946 18,501 GAAP Gross Profit from Co
Slide 13: Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA and Margin
Reconciliation of GAAP Net Income from Continuing Operations to Non - GAAP Adjusted EBITDA and Margin from Continuing Operations ($ thousands) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 GAAP Net Income from Continuing Operations $ 48,075 $ 42,074 $ 48,989 $ 51,941 $ 53,738 Impact of Depreciation and Amortization