10-K · February 19, 2026
CarGurus reports a recovery in 2025 with consolidated quarterly revenue of $225M, $234M, $239M and $209M (FY2025 TTM ≈ $907M), stronger margins, and materially improved free cash flow. Management completed the wind-down…
Earnings analysis · 10-Q
CARG earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
CarGurus reported strong Q1 2026 results with revenue increasing by 15% to $243.6 million compared to the same quarter last year, surpassing estimates. EPS beat expectations at $0.58, reflecting strong operational…
Read full summary
CarGurus reported strong Q1 2026 results with revenue increasing by 15% to $243.6 million compared to the same quarter last year, surpassing estimates. EPS beat expectations at $0.58, reflecting strong operational efficiency despite increased costs. Management anticipates revenue growth in Q2 2026 between $247 million and $252 million, guided by strategic enhancements and a focus on subscription growth.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.58
What stood out
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Revenue Growth Accelerates
Q1 2026 revenue reached $243.6 million, a 15% increase from $212.2 million in Q1 2025.
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EPS Exceeds Expectations
Reported diluted EPS of $0.58, outperforming the consensus estimate of $0.55.
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Strong Operating Cash Flow
Operating cash flow increased to $69.8 million in Q1 2026, up from $67.9 million in Q1 2025.
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Share Buyback Program
In Q1 2026, CarGurus repurchased $175 million of its stock, reducing the share count substantially.
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Adjusted EBITDA Rises
Adjusted EBITDA from continuing operations grew to $80.2 million, up from $68.7 million year-over-year.
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Cost Management Improvements
Despite increases in operating expenses, the gross margin improved to 92.2% from 93.1%.
What to watch
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Impairment Charges
Significant impairment charges of $19.2 million were recorded due to lower anticipated rental rates.
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Higher Operating Expenses
Operating expenses increased sharply by 25% to $184.5 million, driven primarily by increased marketing and personnel costs.
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Decline in Net Income
Net income from continuing operations fell to $32.2 million compared to $42.1 million a year prior.
Management's outlook
Management expects Q2 2026 revenue between $247 million and $252 million, and EPS in the range of $0.57 to $0.64.
Earlier filings 4
10-Q · August 7, 2025
CarGurus reported Q2 revenue of $234.0M, up from $218.7M a year ago, with gross profit of $204.4M and gross margin of ~87.3%. The company returned to operating profitability with operating income of $24.8M (10.6%…
10-Q · May 8, 2025
CarGurus reported quarterly revenue of $225,158,000, up from $215,796,000 a year ago, with gross profit rising to $199,707,000 and gross margin improving to ~88.7%. Operating income increased to $45,755,000 (from…
10-K · February 20, 2025
CarGurus positions itself as a data‑driven, multi‑marketplace automotive platform focused on expanding from a listings marketplace into digital retail and wholesale (CarOffer). The 10‑K emphasizes scale — "29.3 million…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.