CarGurus (CARG) FY2025 results: revenue $907 million, up 13.7% on the year
CarGurus, Inc. (CARG) reported revenue of $907 million for fiscal 2025, the year ended 31 December 2025, up 13.7% on the year before. Net income was $156 million, up 643.4%, and diluted earnings per share $1.55. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
Revenue
$907 million
+13.7% on the year
FY2018FY2025
Operating margin
27.0%
19.7% a year earlier
FY2018FY2025
Net income
$156 million
+643.4% on the year
FY2018FY2025
Diluted EPS
$1.55
+675.0% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 7 new.
Revenue up 14% for the year: Full-year 2025 revenue from continuing operations was $907.0 million. Fourth-quarter revenue was $241.1 million, up 15% from $210.2 million.
Net income and EBITDA both higher: Full-year GAAP net income from continuing operations was $196.7 million, up 53%. Non-GAAP Adjusted EBITDA from continuing operations was $319.0 million, up 25%.
Paying dealers up 7% to 34,409: U.S. paying dealers reached 26,049, up 5%. International paying dealers reached 8,360, up 14%, as of December 31, 2025.
Free cash flow rose to $266.0 million: Full-year non-GAAP free cash flow was $266.0 million, against $161.5 million. Fourth-quarter free cash flow was $76.4 million, against $62.0 million.
Buybacks reached $351.9 million: Repurchases of common stock totalled $351.9 million for 2025, against $146.2 million in 2024. Fourth-quarter repurchases were $57.0 million.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
295
255
125
+15.6%
Capital expenditure
6.4
75.2
24.6
-91.5%
Free cash flow
289
180
100.0
+60.2%
Free cash flow margin
31.9%
22.6%
14.3%
Cash from investing
-29.3
-73.0
-61.6
Cash from financing
-384
-169
-254
Depreciation and amortisation
28.3
25.4
48.5
+11.8%
Share-based compensation
50.4
62.3
63.7
-19.0%
Buybacks
352
146
209
+140.8%
Diluted shares, weighted
100m
106m
114m
-5.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
374
542
617
-30.9%
Redeemable equity
n/a
n/a
0.0
Debt
0.0
0.0
0.0
Operating lease liabilities
181
184
182
-1.3%
Other liabilities
106
99.1
120
+7.3%
Total liabilities and equity
662
825
919
-19.7%
Fixed assets
133
124
83.4
+6.9%
Goodwill
28.4
26.6
158
+6.8%
Intangible assets
3.3
4.0
23.1
-19.0%
Investments
n/a
0.0
20.7
Cash and equivalents
191
304
291
-37.4%
Receivables
41.9
38.3
40.0
+9.5%
Inventory
n/a
0.3
0.3
Other assets
265
327
302
-18.9%
Total assets
662
825
919
-19.7%
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.