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Dec 31, 2025
Cargurus Q4 2025 Earnings Report
CarGurus reported strong financial performance in Q4 2025, with revenue growth and increased profitability.
Key Takeaways
CarGurus announced robust financial results for the fourth quarter and full-year 2025, with full-year revenue from continuing operations growing 14% year-over-year. GAAP Net Income from continuing operations increased by 53% year-over-year for the full year, and Non-GAAP Adjusted EBITDA from continuing operations was up 25% year-over-year for the full year. The company also announced a new $250.0 million share repurchase program for 2026.
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.
Full-year 2025 Non-GAAP Adjusted EBITDA from continuing operations of $319.0 million, up 25% YoY.
Repurchased approximately $350 million worth of shares in 2025, and announced a new $250.0 million share repurchase program for 2026.
Revenue by Geographic Location
Forward Guidance
CarGurus provided guidance for the first quarter and full-year 2026, anticipating continued revenue growth and strong Non-GAAP Adjusted EBITDA, while acknowledging potential macroeconomic uncertainties and the impact of the CarOffer wind-down.
Positive Outlook
- First quarter 2026 total revenue expected between $240.5 million to $245.5 million.
- First quarter 2026 Non-GAAP Adjusted EBITDA from continuing operations expected between $72.0 million to $80.0 million.
- First quarter 2026 Non-GAAP Earnings per Share from continuing operations expected between $0.52 to $0.58.
- Full-year 2026 revenue change YoY expected between 10% to 13%.
- Leadership position is stronger, with deeper embedding and higher engagement among dealers and consumers, providing a strong foundation for long-term growth.
Challenges Ahead
- Guidance excludes macro-level industry issues that may cause material changes in dealer and consumer trends.
- Guidance excludes any potential impact of future foreign currency exchange gains or losses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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