Business
CarGurus Announces Fourth Quarter and Full-Year 2025 Results
Full-year 2025 revenue from continuing operations grew 14% YoY for the second consecutive year Full-year 2025 GAAP Net Income from continuing operations of $196.7 million, up 53% YoY; Non-GAAP Adjusted EBITDA from continuing operations of $319.0 million, up 25% YoY Repurchased approximately $350 million worth of shares in 2025, and announces new $250.0 million share repurchase program for 2026 BOSTON, Feb. 19, 2026 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited automotive s
About this update from Cargurus, Inc.
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(Nasdaq: CARG), the No. 1 visited automotive shopping site in the U.S. 1 , today announced financial results for the fourth quarter and year ended December 31, 2025.","length":225,"tagName":"p"},{"type":"text","content":"“2025 was a pivotal year for CarGurus as we delivered strong financial performance while expanding our products and use cases across both dealer workflows and the consumer journey,” said Jason Trevisan, Chief Executive Officer at CarGurus. “Full-year revenue grew 14% for the second consecutive year, driven by expanding wallet share with accelerating product adoption, improving retention, and adding new dealers. This performance reflects more prolific innovation, particularly AI-driven products that put data and intelligence directly into the hands of our customers. Entering 2026, our leadership position is even stronger, as we’re more deeply embedded with and have higher engagement among both dealers and consumers, which we believe provides a strong foundation for long-term growth.”","length":793,"tagName":"p"},{"type":"text","content":" Fourth Quarter and Full-Year Financial Highlights ","length":49,"tagName":"p"},{"type":"text","content":"Below are our financial highlights from continuing operations for the three months and year ended December 31, 2025.","length":121,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:middle;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"6","style":"text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" Three Months Ended 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Guidance for the first quarter and full-year 2026 excludes macro-level industry issues that result in dealers and consumers materially changing their recent market trends or that cause us to enact measures to assist dealers. Guidance also excludes any potential impact of future foreign currency exchange gains or losses. CarGurus may incur charges, realize gains or losses, or experience other events or circumstances in 2026 that could cause any of these assumptions to change and/or actual results to vary from this guidance.","length":774,"tagName":"p"},{"type":"text","content":"CarGurus has not reconciled its guidance of non-GAAP Adjusted EBITDA from continuing operations to GAAP net income from continuing operations or non-GAAP earnings per share from continuing operations to GAAP earnings per share because we are unable to accurately predict without unreasonable effort the exact amount or timing of certain reconciling items between such GAAP and non-GAAP financial measures, including, as applicable, depreciation expenses, amortization of intangible assets, non-intangible amortization, stock-based compensation, transaction-related expenses, impairments, and income tax effects. The variability of these reconciling items could have a significant impact on our future GAAP reported results.","length":723,"tagName":"p"},{"type":"text","content":" Discontinued Operations and Reportable Segments ","length":47,"tagName":"p"},{"type":"text","content":"On August 6, 2025, the Board of Directors of CarGurus determined, after considering all reasonably available options and a broader strategic reassessment, that it is in the best interests of its stockholders to wind down CarOffer, LLC (“CarOffer”), including the CarOffer Dealer-to-Dealer and Instant Max Cash Offer products (the “CarOffer Transactions Business”). Following the broader strategic reassessment, we concluded that the CarOffer Transactions Business has proven less effective in today’s more volatile and unpredictable pricing environment, where dealers require more flexibility and automation to streamline fulfillment than the model could provide.","length":663,"tagName":"p"},{"type":"text","content":"The wind-down of CarOffer was completed and the business was considered abandoned for accounting purposes as of December 31, 2025. We have presented the financial results of CarOffer as discontinued operations in our unaudited condensed consolidated financial statements for all periods presented, except for the unaudited condensed consolidated statements of cash flows. This statement has not been separately reclassified and discontinued operations are included within for all periods presented.","length":498,"tagName":"p"},{"type":"text","content":"Beginning in the fourth quarter of 2025, in connection with the wind-down of CarOffer, our chief executive officer, who acts as the chief operating decision maker (“CODM”), began to manage our business, make operating decisions, and evaluate operating performance based on consolidated results. Accordingly, the change led to revisions to the nature and substance of information regularly provided to and used by the CODM, and served to align our reported results with our ongoing growth strategy. As a result, beginning in the fourth quarter of 2025, we report our financial results as a single reportable segment.","length":615,"tagName":"p"},{"type":"text","content":" Conference Call and Webcast Information ","length":39,"tagName":"p"},{"type":"text","content":"CarGurus will host a conference call and live webcast to discuss its fourth quarter and full-year 2025 financial results and business outlook at 5:00 p.m. Eastern Time today, February 19, 2026. To access the conference call, dial (877) 451-6152 for callers in the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of CarGurus’ website at investors.cargurus.com .","length":432,"tagName":"p"},{"type":"text","content":"An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time today, February 19, 2026, until 11:59 p.m. Eastern Time on March 5, 2026, by dialing (844) 512-2921 for callers in the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13757487. In addition, an archived webcast will be available on the Investors section of CarGurus’ website at investors.cargurus.com .","length":449,"tagName":"p"},{"type":"text","content":" About CarGurus ","length":14,"tagName":"p"},{"type":"text","content":"CarGurus (Nasdaq: CARG) is the leading multinational automotive platform helping consumers and dealers confidently buy and sell vehicles. Founded in 2006 with a mission to bring more trust and transparency to car shopping, CarGurus is the No. 1 visited automotive shopping site in the U.S. 1 with the largest selection of inventory and network of dealers. 2 CarGurus’ unmatched selection, trusted automotive insights, and data-driven products and solutions support each shopper’s journey — from online research and shopping to in-dealership decisions — to empower them at every step. And, by translating data from billions of monthly site interactions, CarGurus provides dealers a personalized, predictive intelligence platform with software solutions that helps them run their businesses more efficiently and profitably at all stages of inventory acquisition and pricing, marketing, and conversion to sale.","length":905,"tagName":"p"},{"type":"text","content":"CarGurus operates online marketplaces in the U.S., U.K., and Canada. The company’s network of brands includes PistonHeads, the largest online motoring community in the U.K. 3 , and Autolist, a U.S.- based online marketplace.","length":222,"tagName":"p"},{"type":"text","content":"To learn more about CarGurus, visit www.cargurus.com.","length":53,"tagName":"p"},{"type":"text","content":" 1 Similarweb: Traffic and Engagement Report (Cars.com, Autotrader.com, TrueCar.com, CARFAX.com Listings (defined as CARFAX.com Total Visits minus Vehicle History Reports)), Q4 2025, U.S. 2 Compared to Autotrader.com, Cars.com, TrueCar.com, and CARFAX (YipitData as of December 31, 2025) 3 Similarweb: Traffic Insights, Q4 2025, U.K.","length":332,"tagName":"p"},{"type":"text","content":"CarGurus® and Autolist® are each a registered trademark of CarGurus, Inc., and PistonHeads® is a registered trademark of CarGurus Ireland Limited in the U.K. and the European Union. All other product names, trademarks, and registered trademarks are property of their respective owners.","length":285,"tagName":"p"},{"type":"text","content":"© 2026 CarGurus, Inc., All Rights Reserved.","length":43,"tagName":"p"},{"type":"text","content":" Cautionary Language Concerning Forward-Looking Statements ","length":57,"tagName":"p"},{"type":"text","content":"This press release includes forward-looking statements. Other than statements of historical facts, all statements contained in this press release, including statements regarding our future financial and operating results; our first quarter and full-year 2026 financial and business performance, including guidance; our plans to focus on technology and analytics that will enable smarter sourcing and pricing decisions; our business and growth strategy and our plans to execute on our growth strategy; our ability to grow our business profitably and efficiently; our capital allocation and investment strategy; our plans relating to share repurchases; the attractiveness and value proposition of our current offerings and other product opportunities; the potential of, and expectations for, our current offerings and other product opportunities; our ability to maintain existing and acquire new customers; addressable opportunities; our expectation that we will continue to invest in growth initiatives; our ability to quickly make transformations necessary for our business to achieve long-term goals; and our ability to overcome challenges facing the automotive industry ecosystem, including inventory supply problems, global supply chain challenges, including disruptions to pre-existing supply chains and vendor relations, changes to trade policies or tariff regulations, financial market volatility and disruption, increased interest rates, inflationary concerns, and other macroeconomic issues, including uncertain or volatile economic conditions in the U.S. and abroad, are forward-looking statements. The words “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “guide,” “guidance,” “intend,” “may,” “might,” “plan,” “potential,” “predicts,” “projects,” “seeks,” “should,” “target,” “will,” “would,” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we reasonably believe may affect our business, financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, financial needs, and growth prospects. You should not rely upon forward-looking statements as predictions of future events.","length":2355,"tagName":"p"},{"type":"text","content":"These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including risks related to our growth and our ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; increased inflation and interest rates, global supply chain challenges, changes in international trade policies, including tariffs, volatile economic conditions, and other macroeconomic issues; the impact of changes in tax law and related guidance and regulations that may be implemented, including on tax rates, our business, and our financial results; changes in our key personnel; natural disasters, epidemics, or pandemics; and our ability to operate in compliance with applicable laws as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the U.S. Securities and Exchange Commission. We operate in a very competitive and rapidly changing environments. New risks and uncertainties emerge from time to time. It is not possible for us to predict all risks and uncertainties that could have an impact on any forward-looking statements we may make. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.","length":1707,"tagName":"p"},{"type":"text","content":" Investor Contact: Kirndeep Singh Vice President, Head of Investor Relations [email protected]","length":99,"tagName":"p"},{"type":"text","content":" Media Contact: Maggie Meluzio Director, Public Relations and External Communications [email protected]","length":101,"tagName":"p"},{"type":"text","content":" Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data) ","length":95,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 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