CarGurus, Inc.

cargurus.com

What Do They Do?

Runs an automotive shopping marketplace for consumers and sells dealers marketing and software-and-data tools; it also sells advertising to automakers and other brands.

How Do They Make Money?

Dealers pay for listings and related services through subscriptions, billed in advance; advertisers pay based on delivered clicks or impressions, with monthly bills sent after service. Financing partners pay based on funded loans from shoppers who pre-qualify through the site.

FY2025 revenue

Who Are Their Customers?

Car shoppers use the marketplace to search dealer listings. Franchise and independent dealers buy subscriptions and other products through CarGurus sales teams; automakers and other brand advertisers buy ads directly or through advertising partners.

Do Revenues Turn Into Profits?

Yes. It kept 17 cents of every revenue dollar as net income in FY2025 and turned 32 cents into free cash flow.

Operating income, FY2025

27% of revenue

▲ +56% vs FY2024 ($157.1M, 20%)

Net income, FY2025

17% of revenue

▲ +643% vs FY2024 ($21M, 3%)

Free cash flow, FY2025

32% of revenue

▲ +60% vs FY2024 ($180.3M, 23%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +13%; vs $222M in Q2 FY2025
Net income: ▲ +120%; vs $22.3M in Q2 FY2025

Sep 3, 2026 Appointed Matthew Mandel as chief financial officer Effective October 19, 2026, Mandel is set to take over as CFO; Trevisan will remain CEO.
Aug 6, 2026 Issued third-quarter and full-year revenue guidance Third-quarter revenue guidance was $253.5 million to $258.5 million, and full-year revenue growth guidance was 10% to 13%.

Flat. Revenue was $907M in FY2025, about the same as the $951.4M of FY2021.

From transactions to intelligence The older report described CarOffer's dealer-to-dealer trades and consumer cash offers as part of a transaction-enabled platform. The latest report says CarOffer was wound down and CarGurus will focus on inventory intelligence and sourcing and pricing tools rather than facilitating transactions.

Who Do They Compete With?

Competes with AutoTrader.com, CARFAX.com, Cars.com, TrueCar.com, Edmunds.com, KBB.com, Carvana.com, Craigslist.com, and Amazon.com

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