CarGurus (CARG) FY2024 results: revenue $798 million, up 14.3% on the year

CarGurus, Inc. (CARG) reported revenue of $798 million for fiscal 2024, the year ended 31 December 2024, up 14.3% on the year before. Net income was $21 million, down 43.2%, and diluted earnings per share $0.20. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$798 million

+14.3% on the year

FY2017FY2024

Operating margin

19.7%

17.2% a year earlier

FY2017FY2024

Net income

$21 million

-43.2% on the year

FY2017FY2024

Diluted EPS

$0.20

+5.3% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	798	698	1,655	+14.3%
Cost of revenue	70.3	61.8	997	+13.8%
Gross profit	728	637	658	+14.3%
Gross margin	91.2%	91.2%	39.7%
Research and development	139	137	124	+1.7%
Operating income	157	120	108	+30.6%
Operating margin	19.7%	17.2%	6.6%
Pre-tax income	168	139	111	+21.0%
Income tax	39.6	46.7	32.4	-15.1%
Effective tax rate	23.5%	33.6%	29.1%
Net income	21.0	36.9	84.4	-43.2%
Net margin	2.6%	5.3%	5.1%
Diluted EPS	$0.20	$0.19	$0.62	+5.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	255	125	256	+105.2%
Capital expenditure	75.2	24.6	5.9	+206.0%
Free cash flow	180	100.0	250	+80.4%
Free cash flow margin	22.6%	14.3%	15.1%
Cash from investing	-73.0	-61.6	72.7
Cash from financing	-169	-254	-92.6
Depreciation and amortisation	25.4	48.5	45.3	-47.7%
Share-based compensation	62.3	63.7	54.8	-2.3%
Buybacks	146	209	14.4	-29.9%
Diluted shares, weighted	106m	114m	128m	-6.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	542	617	735	-12.2%
Redeemable equity	n/a	0.0	36.7
Debt	0.0	0.0	0.0
Operating lease liabilities	184	182	51.7	+0.9%
Other liabilities	99.1	120	104	-17.4%
Total liabilities and equity	825	919	927	-10.3%
Fixed assets	124	83.4	40.1	+49.2%
Goodwill	26.6	158	157	-83.2%
Intangible assets	4.0	23.1	53.1	-82.6%
Investments	0.0	20.7	n/a
Cash and equivalents	304	291	470	+4.4%
Receivables	38.3	40.0	46.8	-4.2%
Inventory	0.3	0.3	5.3	+2.1%
Other assets	327	302	155	+8.1%
Total assets	825	919	927	-10.3%

10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.