CARG on Nasdaq

CarGurus

Logo: cargurus.com⁴

Car shopping and research website based in Cambridge, Massachusetts

Price unavailable

Last updated Oct 16, 2026.

Overview

$907.0MRevenue, fiscal 2025⁵

$155.9MNet income, fiscal 2025⁵

Nov 2005Founded¹

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TickerCARG on Nasdaq¹
IndustryServices-Computer Processing & Data Preparation¹
HeadquartersCambridge¹
Websitewww.cargurus.com
Legal formDelaware corporation¹
Incorporated inDE⁶
Business address1001 Boylston Street, 16Th Floor, Boston, Ma 02115⁶
Filer categoryLarge accelerated filer⁶

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CarGurus, Inc. is a Boston-based automotive research and shopping website operating in the U.S., U.K., and Canada that assists consumers and auto dealers in comparing local listings for used and new cars and contacting sellers. Its platform provides vehicle listings, pricing, pricing and dealer information, and tools for researching and financing vehicle purchases.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

92.8%Gross margin⁵

27.0%Operating margin⁵

17.2%Net margin⁵

13.7%Revenue growth, 2025⁵

41.7%Return on equity⁵

0.00×Debt to equity⁵

$288.9MFree cash flow⁵

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 91% of the revenue CarGurus broke down this way in fiscal 2025.

United States$827.3M⁵91%up 13% from 2024
Outside the United States$79.7M⁵9%up 27% from 2024

Regions by year

Regions	2023	2024	2025
United States	$647.5M	$735.1M	$827.3M
Outside the United States	$51.0M	$62.9M	$79.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Research and developmentOther costsProfit

Cost of revenue7¢$65.5M
Research and development15¢$138.3M
Other costs54¢$491.2M
Income tax6¢$56.1M
Profit17¢$155.9M

Out of $907.0M in revenue.⁵

Where each dollar of operating cash went, fiscal 2025

Share buybacks

Capital spending2¢$6.4M
Share buybacks98¢$351.9M

Out of $295.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.⁵

Financial statements

Revenue⁹¹⁰¹¹¹²¹³⁵$907.0M in 2025+100% since 2018

Gross profit⁹¹⁰¹¹¹²¹³⁵$841.5M in 2025+96% since 2018

Operating income⁹¹⁰¹¹¹²¹³⁵$244.4M in 2025+954% since 2018

Net income⁹¹⁰¹¹¹²¹³⁵$155.9M in 2025+139% since 2018

Every line of the income statement in the latest annual report, as filed.⁵

Period ending	2025-12-31	2024-12-31	2023-12-31
Revenue	$907.0M	$798.0M	$698.4M
Cost of revenue	$65.5M	$70.3M	$61.8M
Gross profit	$841.5M	$727.7M	$636.6M
Sales and marketing	$340.9M	$307.4M	$277.8M
Product, technology, and development	$138.3M	$139.0M	$136.8M
General and administrative	$101.4M	$103.2M	$95.0M
Impairment	$499.0K	$11.8M	$0
Depreciation and amortization	$16.0M	$9.1M	$6.7M
Total operating expenses	$597.1M	$570.5M	$516.3M
Income from continuing operations	$244.4M	$157.1M	$120.3M
Interest income	$9.2M	$12.2M	$18.4M
Other (expense) income, net	-$762.0K	-$957.0K	$364.0K
Total other income, net	$8.4M	$11.2M	$18.8M
Income from continuing operations before income taxes	$252.8M	$168.4M	$139.1M
Provision for income taxes	$56.1M	$39.6M	$46.7M
Net income from continuing operations	$196.7M	$128.7M	$92.4M
Net loss from discontinued operations, net of tax benefits	-$40.8M	-$107.8M	-$70.4M
Consolidated net income	$155.9M	$21.0M	$22.1M
Net loss attributable to redeemable noncontrolling interest	$0	$0	-$14.9M
Net income attributable to CarGurus, Inc.	$155.9M	$21.0M	$36.9M
Deemed dividend on redemption of noncontrolling interest	$0	$0	$5.8M
Net income attributable to common stockholders	$155.9M	$21.0M	$31.1M
Continuing operations	$2	$1	$1
Consolidated	$1.58	$0.20	$0.27
Continuing operations	$2	$1	$1
Consolidated	$1.55	$0.20	$0.19
Basic	98.8M shares	104.5M shares	113.2M shares
Diluted	100.4M shares	106.3M shares	114.2M shares
Depreciation and amortization expense	$9.3M	$8.5M	$6.9M
Impairment of other assets	$0	$9.8M

Total assets¹⁷⁹¹¹¹²¹³⁵$661.9M in 2025+147% since 2018

Total liabilities¹⁷⁹¹⁰¹¹¹²¹³⁵$287.7M in 2025+288% since 2018

Shareholders’ equity¹⁰¹¹¹²¹³⁵$374.2M in 2025+93% since 2018

Cash¹⁷⁹¹⁰¹¹¹²¹³⁵$190.5M in 2025+446% since 2018

Long-term debt¹¹¹²¹³⁵$0 in 2025

Every line of the balance sheet in the latest annual report, as filed.⁵

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$190.5M	$304.2M
Accounts receivable, net of allowance for doubtful accounts of $600 and $696, respectively	$41.9M	$38.3M
Prepaid expenses, prepaid income taxes and other current assets	$35.3M	$26.2M
Deferred contract costs	$15.2M	$12.5M
Restricted cash	$0	$2.0M
Current assets of discontinued operations	$0	$7.9M
Total current assets	$282.9M	$391.2M
Property and equipment, net	$133.0M	$124.4M
Intangible assets, net	$3.3M	$4.0M
Goodwill	$28.4M	$26.6M
Operating lease right-of-use assets	$115.5M	$121.5M
Deferred tax assets	$81.2M	$106.7M
Deferred contract costs, net of current portion	$13.6M	$13.2M
Other non-current assets	$4.1M	$3.8M
Non-current assets of discontinued operations	$0	$33.2M
Total assets	$661.9M	$824.5M
Accounts payable	$29.1M	$21.8M
Accrued expenses, accrued income taxes and other current liabilities	$38.4M	$32.2M
Deferred revenue	$23.6M	$21.5M
Operating lease liabilities	$9.5M	$9.0M
Current liabilities of discontinued operations	$0	$8.5M
Total current liabilities	$100.5M	$93.1M
Operating lease liabilities	$181.4M	$183.7M
Deferred tax liabilities	$442.0K	$26.0K
Other noncurrent liabilities	$5.4M	$6.0M
Non-current liabilities of discontinued operations	$0	$36.0K
Total liabilities	$287.7M	$282.8M
Additional paidin capital	$10.3M	$169.0M
Retained earnings	$362.4M	$375.1M
Accumulated other comprehensive income (loss)	$1.4M	-$2.5M
Total stockholders equity	$374.2M	$541.7M	$616.9M
Total liabilities and stockholders' equity	$661.9M	$824.5M
Allowance for doubtful accounts	$600.0K	$696.0K
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10.0M shares	10.0M shares
Preferred stock, shares issued	0 shares	0 shares
Preferred stock, shares outstanding	0 shares	0 shares

Cash from operations⁹¹⁰¹¹¹²¹³⁵$295.3M in 2025+471% since 2018

Capital spending⁹¹⁰¹¹¹²¹³⁵$6.4M in 2025+7% since 2018

Free cash flow⁹¹⁰¹¹¹²¹³⁵$288.9M in 2025+531% since 2018

Share buybacks¹³⁵$351.9M in 2025+2339% since 2022

Every line of the cash flow in the latest annual report, as filed.⁵

Period ending	2025-12-31	2024-12-31	2023-12-31
Consolidated net income	$155.9M	$21.0M	$22.1M
Depreciation and amortization	$28.3M	$25.4M	$48.5M
Gain on sale of property and equipment	$0	$0	-$460.0K
Currency loss (gain) on foreign denominated transactions	-$404.0K	$971.0K	-$283.0K
Other non-cash (income) expense, net	-$101.0K	-$816.0K	$88.0K
Deferred taxes	$25.9M	-$33.3M	-$37.9M
Provision for doubtful accounts	$2.4M	$2.1M	$378.0K
Stock-based compensation expense	$50.4M	$62.3M	$63.7M
Amortization of deferred financing costs	$515.0K	$515.0K	$515.0K
Amortization of deferred contract costs	$16.4M	$14.0M	$11.8M
Impairment	$32.6M	$144.4M	$184.0K
Accounts receivable	$675.0K	-$4.9M	$11.0M
Inventory	$338.0K	-$112.0K	$2.0M
Prepaid expenses, prepaid income taxes, and other assets	-$7.8M	-$1.6M	-$1.5M
Deferred contract costs	-$19.2M	-$15.7M	-$18.4M
Accounts payable	$3.6M	-$4.7M	$2.1M
Accrued expenses, accrued income taxes, and other liabilities	$336.0K	$3.9M	-$3.4M
Deferred revenue	$1.9M	$362.0K	$9.1M
Lease obligations	$3.6M	$41.8M	$15.2M
Net cash provided by operating activities	$295.3M	$255.5M	$124.5M
Purchases of property and equipment	-$6.4M	-$75.2M	-$24.6M
Proceeds from sale of property and equipment	$0	$0	$460.0K
Capitalization of website development costs	-$22.9M	-$18.8M	-$16.6M
Purchases of short-term investments	$0	-$494.0K	-$98.0M
Sale of short-term investments	$0	$21.2M	$77.5M
Advance payments to customers, net of collections	$0	$259.0K	-$259.0K
Net cash used in investing activities	-$29.3M	-$73.0M	-$61.6M
Proceeds from issuance of common stock upon exercise of stock options	$474.0K	$4.9M	$74.0K
Payment of withholding taxes on net share settlements of restricted stock units	-$30.4M	-$24.9M	-$15.6M
Repurchase of common stock	-$351.9M	-$146.2M	-$208.5M
Payment of excise taxes on repurchases of common stock	-$680.0K	-$1.6M	$0
Payment of finance lease obligations	-$81.0K	-$75.0K	-$70.0K
Payment of tax distributions to redeemable noncontrolling interest holders	$0	$0	-$38.0K
Acquisition of remaining interest in CarOffer, LLC	$0	$0	-$25.0M
Change in gross advance payments received from third-party transaction processor	-$1.2M	-$822.0K	-$4.5M
Net cash used in financing activities	-$383.8M	-$168.6M	-$253.6M
Impact of foreign currency on cash, cash equivalents, and restricted cash	$2.1M	-$1.6M	$475.0K
Net (decrease) increase in cash, cash equivalents, and restricted cash	-$115.7M	$12.3M	-$190.2M
Cash paid for income taxes	$19.8M	$40.8M	$74.8M
Cash paid for operating lease liabilities	$20.7M	$15.4M	$19.5M
Cash paid for interest	$590.0K	$772.0K	$566.0K
Unpaid purchases of property and equipment and capitalized hosting arrangements	$606.0K	$1.5M	$18.1M
Capitalized stock-based compensation expense in website development and internal-use software costs and hosting arrangements	$6.7M	$6.5M	$5.5M
Unpaid repurchases of common stock	$2.7M	$680.0K	$1.6M
Obtaining a right-of-use asset in exchange for an operating lease liability	$1.5M	-$5.0M	$149.2M

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The story

Founded by Langley Steinert on Nov 2005.¹

CarGurus was founded in 2006 by Langley Steinert, a co-founder of TripAdvisor. Langley Steinert served as the company's chief executive officer until January 2021, when he became executive chair and was succeeded as CEO by Jason Trevisan, the company's former chief financial officer. The company began as an automotive community blog where consumers could post reviews and questions about local dealers, shops, and types of cars. Dealers expressed interest in advertising on the site, and the company changed its business strategy to connect dealers and consumers by putting inventory on the site along with "Deal Ratings" to help shoppers understand if they were getting a good deal.

From 2009 to 2011, the company's visitor traffic increased from 9 million per month to 21 million per month. Today, CarGurus is one of the most visited automotive shopping websites in the United States, with over 40 million monthly visitors.

From Wikipedia’s article on CarGurus, shared under CC BY-SA 4.0.⁷

Leadership

Who has led CarGurus, and when. Pick a name to see everywhere that person has worked.

FounderLangley Steinert¹

Products and brands

CarGurus is an automotive research and shopping website that assists users in comparing local listings for used and new cars and contacting dealerships. CarGurus uses algorithms to analyze and compare prices and features on cars for sale. Users can search for specific cars in their local area and compare listings by price, features, and dealership reputation. The company operates websites in the United States, Canada, the United Kingdom.

CarGurus was privately owned until its $150 million IPO on October 12, 2017; its board of directors includes Steve Kaufer, co-founder and former CEO of TripAdvisor; Greg Schwartz, President Media and Marketplace of Zillow; Steve Conine, Co-founder of Wayfair; Lori Hickok, former EVP, Chief Financial and Development Officer for Scripps Networks Interactive; and Manik Gupta, Corporate VP, Microsoft Teams at Microsoft Corporation.

In 2018, CarGurus purchased the UK website and forum PistonHeads for an undisclosed amount.

In 2019, CarGurus announced a partnership with Capital One Auto Financing to integrate vehicle financing prequalifications into its online marketplace for participating dealerships. In 2024, they furthered their partnership with services from Chase Auto.

Read the full text

In 2020, CarGurus purchased US auto listings site Autolist and purchased a 51% stake in wholesale vehicle platform CarOffer, subsequently acquiring the remaining stake in 2023. At the end of 2025, CarGurus completed a wind-down of CarOffer, removing a long-standing drag on profitability. Full-year 2025 gross profit hit $841.5 million.