CarGurus Inc. Class A Common Stock (CARG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.61	$0.66	+8.2%	—	$251M	—
Q1 26	$0.57	$0.58	+1.8%	—	$243.6M	—
Q4 25	$0.63	$0.63	0.0%	—	$209.1M	—
Q3 25	$0.55	$0.57	+3.6%	—	$238.7M	—
Q2 25	$0.55	$0.57	+3.6%	—	$234M	—
Q1 25	$0.44	$0.46	+4.5%	—	$225.2M	—
Q4 24	$0.52	$0.55	+5.8%	—	$228.5M	—
Q3 24	$0.43	$0.45	+4.7%	—	$231.4M	—
Q2 24	$0.34	$0.41	+20.6%	—	$218.7M	—
Q1 24	$0.28	$0.32	+14.3%	—	$215.8M	—
Q4 23	$0.34	$0.35	+2.9%	—	$223.1M	—
Q3 23	$0.26	$0.34	+30.8%	—	$219.4M	—
Q2 23	$0.23	$0.29	+26.1%	—	$239.7M	—
Q1 23	$0.17	$0.26	+52.9%	—	$232M	—
Q4 22	$0.1	$0.22	+120.0%	—	$286.7M	—
Q3 22	$0.26	$0.21	-19.2%	—	$426.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.57	—	—	$907M	—
FY24	—	$0.2	—	—	$894.4M	—
FY23	—	$0.27	—	—	$914.2M	—
FY22	—	$1.64	—	—	$1.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$198.1M	$316.9M	$454.1M	$588.9M	$551.5M	$951.4M	$1.7B	$914.2M	$894.4M	$907M
YoY change	+101%	+59.9%	+43.3%	+29.7%	-6.36%	+72.5%	+74%	-44.8%	-2.17%	+1.41%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	198.1M	316.9M	454.1M	588.9M	551.5M	951.4M	1.7B	914.2M	894.4M	907M
Cost of revenue	9.6M	17.6M	24.8M	36.3M	42.7M	294M	997.5M	262.8M	155.4M	65.5M
Gross profit	188.6M	299.3M	429.3M	552.6M	508.7M	657.4M	657.6M	651.5M	738.9M	841.5M
Gross margin	95.2%	94.4%	94.5%	93.8%	92.3%	69.1%	39.7%	71.3%	82.6%	92.8%
Research & development	11.5M	22.5M	47.9M	69.5M	85.7M	106.4M	123.8M	146.2M	144.4M	138.3M
Selling, general & administrative	166.9M	258.9M	355.4M	444.3M	319.1M	388.3M	409.8M	456.8M	434.3M	442.3M
Operating expenses	178.4M	281.3M	403.3M	513.7M	404.9M	494.7M	533.6M	603M	578.7M	718.9M
Operating income	8.6M	15.3M	23.2M	34.3M	97.8M	148.3M	108.5M	32.6M	147.9M	244.9M
Operating margin	4.33%	4.82%	5.11%	5.83%	17.7%	15.6%	6.55%	3.57%	16.5%	27%
Non-operating income, net	-42K	-306K	10K	1.4M	279K	972K	-961K	630K	-135.4M	-1.3M
Pretax income	8.9M	15.8M	25.5M	38.7M	99.1M	149.4M	111.4M	51.7M	24.7M	252.8M
Income tax	2.4M	2.6M	-39.7M	-3.4M	21.6M	39M	32.4M	29.6M	3.7M	56.1M
Net income	6.5M	13.2M	65.2M	42.1M	77.6M	110.4M	79M	22.1M	21M	155.9M
Net margin	3.28%	4.17%	14.4%	7.16%	14.1%	11.6%	4.77%	2.41%	2.34%	17.2%
EBITDA	10.6M	19.1M	28.2M	42.1M	107.9M	188.7M	153.8M	81.1M	307.8M	273.8M
EPS	-0.25	0.13	0.6	0.38	0.69	-0	1.64	0.27	0.2	3.57
Diluted EPS	-0.25	0.12	0.57	0.37	0.68	-0	0.62	0.19	0.2	3.51

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	219.4M	223.1M	215.8M	218.7M	231.4M	228.5M	225.2M	234M	238.7M	209.1M	243.6M	251M
Cost of revenue	55.1M	55.1M	40.8M	36.2M	48.8M	29.5M	25.5M	29.7M	25.2M	-14.8M	18.9M	19.9M
Gross profit	164.3M	168M	175M	182.4M	182.6M	199M	199.7M	204.4M	213.5M	223.9M	224.6M	231.1M
Gross margin	74.9%	75.3%	81.1%	83.4%	78.9%	87.1%	88.7%	87.3%	89.5%	107.1%	92.2%	92.1%
Research & development	35.4M	36.7M	35.5M	36.6M	36.4M	35.9M	36.3M	34.4M	36.3M	31.3M	37.7M	38.1M
Selling, general & administrative	101.7M	149.5M	110.3M	109.7M	109.4M	104.8M	113.5M	111.4M	117.8M	99.6M	124M	125.8M
Operating expenses	137.2M	186.2M	145.9M	146.3M	145.8M	140.8M	149.7M	180.1M	190.5M	162.3M	199.3M	164M
Operating income	23.1M	-22.3M	26.3M	33.9M	34.5M	53.3M	45.8M	54.5M	54.7M	90M	59.3M	63.4M
Operating margin	10.5%	-9.98%	12.2%	15.5%	14.9%	23.3%	20.3%	23.3%	22.9%	43.1%	24.3%	25.3%
Non-operating income, net	-1.1M	782K	-505K	-126.8M	-7.1M	-1.1M	-302K	-29.2M	-399K	28.6M	-19.8M	-898K
Pretax income	27.3M	-16.4M	29.7M	-90.4M	30.1M	55.3M	48.6M	27.4M	56.6M	120.3M	41.1M	63.5M
Income tax	8.3M	6.2M	8.4M	-21.7M	7.5M	9.5M	9.5M	5.1M	11.8M	29.7M	8.9M	14.3M
Net income	19M	-22.6M	21.3M	-68.7M	22.5M	45.9M	39M	22.3M	44.7M	49.8M	32.2M	49.2M
Net margin	8.65%	-10.1%	9.87%	-31.4%	9.73%	20.1%	17.3%	9.55%	18.7%	23.8%	13.2%	19.6%
EBITDA	35.6M	-9.5M	33.8M	167M	46.7M	60.3M	52.3M	90.8M	62M	68.7M	85.7M	71.8M
EPS	0.2	-0.21	0.2	-0.66	0.22	0.44	0.38	0.23	0.46	1.08	0.34	0.55
Diluted EPS	0.17	-0.21	0.2	-0.66	0.21	0.43	0.37	0.22	0.45	1.07	0.34	0.54

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	3.9B	3.6B	3.9B	1.7B	2.7B	3.8B	3.8B	2.7B
Enterprise value	—	—	—	3.8B	3.4B	3.7B	1.3B	2.6B	3.7B	3.8B	2.9B
Shares outstanding	102.7M	55.8M	108.8M	111.5M	112.9M	117.1M	118.5M	113.2M	104.5M	98.8M	98.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	93	46.2	35.7	21	124.1	182.1	24.3	16
P/S	—	—	—	6.66	6.49	4.14	1	2.99	4.27	4.18	2.86
P/B	—	—	—	15.3	9.59	5.8	2.15	4.44	7.05	10.1	10.5
EV/EBITDA	—	—	—	90.6	31.1	19.5	8.17	32.3	12	13.8	10.4
EV/Sales	—	—	—	6.48	6.09	3.88	0.76	2.86	4.15	4.18	2.95
Earnings yield	—	—	—	1.07%	2.17%	2.8%	4.76%	0.81%	0.55%	4.11%	6.25%
FCF yield	—	—	—	1.43%	4.17%	2.14%	14.4%	3.05%	4.23%	7.02%	8.79%
PEG	—	—	—	—	—	—	—	—	—	—	0.11

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	95.2%	94.4%	94.5%	93.8%	92.3%	69.1%	39.7%	71.3%	82.6%	92.8%	92.1%
Operating margin	4.33%	4.82%	5.11%	5.83%	17.7%	15.6%	6.55%	3.57%	16.5%	27%	25.3%
Net margin	3.28%	4.17%	14.4%	7.16%	14.1%	11.6%	4.77%	2.41%	2.34%	17.2%	18.2%
ROE	10%	10.4%	33.6%	16.4%	20.8%	16.2%	10.2%	3.58%	3.87%	41.7%	53.5%
ROA	6.48%	7.47%	24.3%	10.7%	15.4%	11.8%	8.52%	2.4%	2.54%	23.6%	25%
ROIC	-65.4%	-119.1%	63.7%	22.2%	49.9%	25.6%	20.9%	2.79%	29.2%	50.9%	62.9%
Return on tangible assets	6.48%	7.47%	24.3%	11.9%	18.4%	24.7%	15.6%	3.96%	2.96%	26%	35.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.94	3.66	3.07	2.97	4.99	3.3	5.65	3.4	4.2	2.81	1.85
Quick ratio	2.94	3.66	3.07	2.97	4.99	3.18	5.59	3.39	4.2	2.81	1.85
Debt / equity	—	—	0	0.27	0.19	0.1	0.09	0.32	0.36	0.51	0.7
Debt / assets	—	—	0	0.18	0.14	0.08	0.07	0.21	0.23	0.29	0.33
Net debt / EBITDA	—	—	-5.59	-2.42	-2.04	-1.33	-2.62	-1.45	-0.36	0	0.22
Interest coverage	329.7	526.7	—	—	—	—	—	—	—	—	—
Effective tax rate	27.4%	16.7%	0%	0%	21.8%	26.1%	29.1%	57.3%	14.9%	22.2%	23%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.93	5.67	4.17	5.28	4.89	8.12	14	8.07	8.56	9.18	10.2
EPS (basic)	-0.25	0.13	0.6	0.38	0.69	-0	1.64	0.27	0.2	3.57	3.57
EPS (diluted)	-0.25	0.12	0.57	0.37	0.68	-0	0.62	0.19	0.2	3.51	1.94
Book value per share	0.63	2.28	1.78	2.3	3.31	5.8	6.51	5.45	5.18	3.79	2.96
FCF per share	0.12	0.33	0.41	0.5	1.32	0.72	2.02	0.74	1.55	2.69	3.2
Cash per share	0.72	2.47	1.45	1.54	2.57	2.75	3.96	2.76	2.91	1.93	1.37
Capex per share	0.06	0.09	0.05	0.1	0.03	0.07	0.05	0.21	0.72	0.23	0.26

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.95%	1.63%	1.31%	1.9%	0.54%	0.81%	0.36%	2.64%	8.41%	2.53%	2.54%
Capex / operating cash flow	31.7%	23.9%	10.1%	16.6%	2.07%	12.1%	2.07%	18.6%	71.1%	7.77%	7.51%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$219.4M	$223.1M	$215.8M	$218.7M	$231.4M	$228.5M	$225.2M	$234M	$238.7M	$209.1M	$243.6M	$251M
YoY change	-48.5%	-22.2%	-6.97%	-8.78%	+5.44%	+2.43%	+4.34%	+7.01%	+3.17%	-8.51%	+8.17%	+7.24%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	74.3M	137.7M	157.7M	171.6M	290.3M	321.9M	469.5M	312.1M	304.2M	190.5M
Receivables	6.7M	12.6M	13.6M	22.1M	18.2M	189.3M	46.8M	40M	44.2M	41.9M
Inventory	—	—	—	—	0	19.7M	5.3M	331K	338K	—
Total current assets	85.5M	157.2M	194.9M	219M	332M	563.1M	557.4M	391.2M	391.2M	282.9M
Property, plant & equipment	15.5M	21.5M	31.2M	87.9M	88.3M	92.8M	97M	253.1M	251.5M	248.4M
Goodwill & intangibles	—	—	0	38.3M	80M	484.4M	421M	361.9M	115.9M	63.3M
Total assets	100.3M	176.6M	268.3M	393.6M	502.3M	931.6M	927.1M	918.9M	824.5M	661.9M
Accounts payable	16.4M	23.9M	34.3M	36.7M	21.6M	66.2M	32.5M	47.9M	26.4M	29.1M
Short-term debt	—	—	—	8.8M	11.1M	13.2M	14.8M	12.3M	9M	9.5M
Total current liabilities	29.1M	43M	63.5M	73.8M	66.5M	170.7M	98.7M	115.2M	93.1M	100.5M
Long-term debt	—	—	0	60.8M	58.8M	57.5M	51.7M	182.1M	183.7M	181.4M
Total liabilities	35.6M	49.6M	74.2M	136.8M	128.7M	251.9M	155.7M	302.1M	282.8M	287.7M
Shareholders' equity	64.7M	127M	194.1M	256.9M	373.6M	679.6M	771.4M	616.9M	541.7M	374.2M
Total debt	—	—	0	69.6M	69.9M	70.7M	66.4M	194.4M	192.7M	190.8M
Net debt	—	—	-34.9M	9.7M	-120.4M	-161.2M	-403.1M	-97M	-111.4M	315K

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	447.2M	312.1M	246.3M	216.2M	246.7M	304.2M	172.9M	231.2M	178.8M	190.5M	72M	122.1M
Receivables	46.1M	40M	44.3M	39.8M	44.5M	44.2M	40.7M	41M	39.6M	41.9M	44.6M	43.7M
Inventory	323K	331K	391K	459K	345K	338K	810K	963K	0	—	—	—
Total current assets	535.4M	391.2M	323.8M	288.3M	326.6M	391.2M	252M	309M	269.4M	282.9M	161.9M	202.6M
Property, plant & equipment	238.5M	253.1M	261.9M	267.2M	253.7M	251.5M	252M	247.8M	249.6M	248.4M	228.8M	227.5M
Goodwill & intangibles	375.5M	361.9M	357.4M	118.8M	119.2M	115.9M	116.1M	65.3M	63.8M	63.3M	62M	61.3M
Total assets	1B	918.9M	870.8M	753.3M	778.2M	824.5M	689.1M	726.1M	660.5M	661.9M	519.6M	555.1M
Accounts payable	37.5M	47.9M	46.5M	46.1M	47.2M	26.4M	29.9M	32.7M	30.4M	29.1M	30.7M	36.1M
Short-term debt	13.2M	12.3M	10.1M	10.2M	9.9M	9M	10M	9.2M	9.3M	9.5M	9.6M	9.8M
Total current liabilities	108.6M	115.2M	116.3M	112M	110.6M	93.1M	94.5M	97.2M	93.9M	100.5M	98M	109.5M
Long-term debt	192.1M	182.1M	181.1M	183.7M	178.9M	183.7M	185.5M	186M	183.9M	181.4M	178.4M	175.3M
Total liabilities	305.2M	302.1M	302.4M	301.3M	294.7M	282.8M	287.1M	290.6M	285M	287.7M	282.5M	290.8M
Shareholders' equity	743.5M	616.9M	568.4M	452.1M	483.5M	541.7M	402.1M	435.5M	375.4M	374.2M	237.1M	264.4M
Total debt	205.3M	194.4M	191.1M	194M	188.8M	192.7M	195.4M	195.2M	193.3M	190.8M	188M	185.1M
Net debt	-150M	-97M	-55.2M	-22.2M	-58M	-111.4M	22.6M	-36M	14.4M	315K	115.9M	63M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	6.5M	13.2M	65.2M	42.1M	77.6M	110.4M	79M	22.1M	21M	155.9M
Depreciation & amortization	2.1M	3.8M	5M	7.8M	10.2M	40.5M	45.3M	48.5M	25.4M	28.3M
Stock-based compensation	322K	5M	20.8M	34.3M	45.1M	53.5M	54.8M	63.7M	62.3M	50.4M
Change in working capital	8.8M	637K	3.2M	-21.6M	-24M	-159.7M	117.5M	20.8M	16.8M	-9.2M
Operating cash flow	18.4M	21.5M	58.9M	67.3M	142.7M	63.5M	285.7M	129.6M	105.8M	295.3M
Capital expenditure	-5.8M	-5.2M	-6M	-11.2M	-3M	-7.7M	-5.9M	-24.1M	-75.2M	-22.9M
Investing cash flow	-50.6M	-10.4M	-78.8M	-19.2M	-12.3M	-62M	84.1M	-44.9M	-54.2M	-22.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-60M	0	0	—	0	0	-14.4M	-208.5M	-146.2M	-351.9M
Financing cash flow	553K	44.4M	-27M	-16.5M	-11.2M	2.9M	-93.3M	-253.7M	-173.6M	-384.2M
Net change in cash	-31.6M	55.5M	-46.9M	31.6M	119.2M	4.4M	276.4M	-169M	-122M	-111.9M
Free cash flow	12.8M	18.3M	44.2M	55.9M	149.2M	84.4M	238.8M	83.3M	161.5M	266M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	19M	-22.6M	21.3M	-68.7M	22.5M	45.9M	39M	22.3M	44.7M	49.8M	32.2M	49.2M
Depreciation & amortization	12.5M	12.8M	7.5M	5.7M	5.2M	7M	6.6M	6.7M	7.4M	7.8M	7.2M	7.9M
Stock-based compensation	14.3M	20M	15.8M	15.3M	15.5M	15.7M	12.9M	13M	12.6M	11.9M	13.3M	13.4M
Change in working capital	-15.4M	7.2M	5.7M	23.5M	-2.2M	-10.2M	7.4M	-563K	-5.8M	-10.3M	-7.1M	-972K
Operating cash flow	17.9M	14.9M	44.6M	-56.6M	41.5M	76.3M	66.4M	73.1M	71.2M	83.1M	69.8M	94.6M
Capital expenditure	-4.8M	-15.5M	-28.7M	-26M	-10.3M	-10.2M	-2.2M	-6.3M	-5.8M	-5.5M	-6.3M	-6.3M
Investing cash flow	-6.3M	58.3M	-7.7M	-26M	-10.3M	-10.2M	-2.2M	-6.3M	-5.8M	-5.5M	-6.3M	-6.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-16M	-101.1M	-77.4M	-65M	-3.7M	0	-182.8M	-1.8M	-110.3M	-57M	-174.4M	-27.7M
Financing cash flow	-22.7M	-130M	-83M	-71M	-10.3M	-9.2M	-191.9M	-9.1M	-118.5M	-64.8M	-181.1M	-37.4M
Net change in cash	-11.1M	-56.8M	-46.1M	-153.5M	20.8M	56.8M	-127.7M	57.8M	-53.1M	12.8M	-117.5M	50.9M
Free cash flow	17.2M	-17.9M	17.8M	40.4M	41.3M	62M	60.2M	65.3M	64M	76.4M	63.2M	87.7M

CarGurus Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement