olivLaw · US equity research
CarGurus, Inc. CARG
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
CarGurus is a multinational automotive platform that connects car buyers and sellers with dealers, earning revenue from dealer subscriptions, advertising and financing partnerships. It reported revenue of 907.0 million USD for fiscal 2025, and has now completed the wind-down of CarOffer and reports a single segment.
At the close of 04 Nov 2026, CarGurus, Inc. (CARG) stock was 36.52 USD (+8.14% on the day), with P/E 19.8 on diluted EPS of 1.84 USD over the last 12 months, beta 1.00, 52-week range 26.96–39.03 USD. Latest reported quarter (Q2 2026): revenue of 251.0 m USD (+13.1% YoY), net income of 49.2 m USD (+120.2% YoY), diluted EPS 0.54 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 72.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 27.58 – 35.09
- above the upper band · %B 1.19 · band width 24.0%
- SMA 50 / 200
- 32.22 / 32.87
- mixed trend
- MACD (12, 26, 9)
- 0.71 / 0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +24.4% | −1.1% | +25.5 pp | — |
| 3 months | +0.3% | −0.5% | +0.8 pp | — |
| 6 months | −2.4% | +4.4% | −6.8 pp | — |
| Year to date | −4.8% | +12.3% | −17.1 pp | — |
| 1 year | +7.5% | +13.5% | −6.1 pp | −19.2% |
| 3 years | +95.6% | +76.4% | +19.2 pp | −18.1% |
| 5 years | −0.0% | +63.7% | −63.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 204.6 m | 210.2 m | 212.2 m | 222.0 m | 231.7 m | 241.1 m | 243.6 m | 251.0 m |
| Cost of revenue | 25.1 m | 14.2 m | 14.3 m | 15.7 m | 16.9 m | 18.5 m | 18.9 m | 19.9 m |
| Gross profit | 179.5 m | 196.1 m | 197.9 m | 206.3 m | 214.7 m | 222.6 m | 224.6 m | 231.1 m |
| Research & development | 36.4 m | 30.5 m | 35.0 m | 33.7 m | 36.3 m | 31.3 m | 37.7 m | 38.1 m |
| Operating income | 27.4 m | 197.0 m | 50.7 m | 60.5 m | 54.7 m | 119.2 m | 40.1 m | 63.0 m |
| Depreciation & amortisation | 2.3 m | 7.0 m | 6.6 m | 3.7 m | 4.7 m | 7.8 m | 7.2 m | 3.7 m |
| Pre-tax income | 30.1 m | 199.1 m | 53.5 m | 63.1 m | 56.6 m | 120.3 m | 41.1 m | 63.5 m |
| Income tax | 7.5 m | 45.4 m | 11.4 m | 14.1 m | 11.9 m | 29.7 m | 8.9 m | 14.3 m |
| Net income | 22.5 m | 45.9 m | 39.0 m | 22.3 m | 44.7 m | 49.8 m | 32.2 m | 49.2 m |
| Diluted EPS | 0.21 | 0.43 | 0.37 | 0.22 | 0.45 | 0.51 | 0.34 | 0.54 |
| Operating cash flow | 56.2 m ≈ | 75.7 m | 67.9 m | 73.1 m ≈ | 71.2 m ≈ | 83.1 m | 69.8 m | 94.6 m ≈ |
| Capex | 10.3 m ≈ | 10.2 m | 2.2 m | 1.6 m ≈ | 1.4 m ≈ | 1.2 m | 391.0 k | 562.0 k ≈ |
| Share repurchases | 3.7 m ≈ | 0 | 182.8 m | 1.8 m ≈ | 110.3 m ≈ | 57.0 m | 174.4 m | 27.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 3 percentile of its own 30-quarter history (min 18.5, median 58.8, max 295.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 454.1 m | 588.9 m | 551.5 m | 951.4 m | 1.7 bn | 698.4 m | 798.0 m | 907.0 m |
| Revenue YoY | +43.3% | +29.7% | −6.4% | +72.5% | +74.0% | — | +14.3% | +13.7% |
| Net income | 65.2 m | 42.1 m | 77.6 m | 109.2 m | 84.4 m | 36.9 m | 21.0 m | 155.9 m |
| Net income YoY | +393.7% | −35.3% | +84.0% | +40.9% | −22.8% | — | −43.2% | +643.4% |
| Diluted EPS | 0.57 | 0.37 | 0.68 | 0.00 | 0.62 | 0.19 | 0.20 | 1.55 |
| Diluted EPS YoY | +375.0% | −35.1% | +83.8% | −100.0% | unavailable | — | +5.3% | +675.0% |
| net % | 14.4% | 7.2% | 14.1% | 11.5% | 5.1% | 5.3% | 2.6% | 17.2% |
| Free cash flow | 45.8 m | 58.9 m | 153.8 m | 90.6 m | 250.2 m | 100.0 m | 180.3 m | 288.9 m |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 190.5 m USD
- Financial debt
- 0 USD
- Net debt
- -190.5 m USD
- Equity
- 374.2 m USD
- Total assets
- 661.9 m USD
- Debt / equity
- 0.00x
- Current ratio
- 2.81x
- ROE
- 34.0%
- ROA
- 21.0%
- FCF margin
- 31.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 551.5 m | 951.4 m | 1.7 bn | 698.4 m | 798.0 m | 907.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 42.7 m | 294.0 m | 997.5 m | 61.8 m | 70.3 m | 65.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 508.7 m | 657.4 m | 657.6 m | 636.6 m | 727.7 m | 841.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Research & development | 85.7 m | 106.4 m | 123.8 m | 136.8 m | 139.0 m | 138.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 97.8 m | 148.3 m | 108.5 m | 120.3 m | 157.1 m | 244.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 10.2 m | 40.5 m | 45.3 m | 48.5 m | 25.4 m | 28.3 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 107.9 m ≈ | 188.7 m ≈ | 153.8 m ≈ | 168.8 m ≈ | 182.5 m ≈ | 272.8 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Pre-tax income | 99.1 m | 149.4 m | 111.4 m | 139.1 m | 168.4 m | 252.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 21.6 m | 39.0 m | 32.4 m | 46.7 m | 39.6 m | 56.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 77.6 m | 109.2 m | 84.4 m | 36.9 m | 21.0 m | 155.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 0.68 | 0.00 | 0.62 | 0.19 | 0.20 | 1.55 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 113.8 m | 117.1 m | 128.2 m | 114.2 m | 106.3 m | 100.4 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 190.3 m | 231.9 m | 469.5 m | 291.4 m | 304.2 m | 190.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 18.2 m | 189.3 m | 46.8 m | 40.0 m | 38.3 m | 41.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | — | 19.7 m | 5.3 m | 331.0 k | 338.0 k | — | SEC (XBRL)· 20 Feb 2025verified |
| Current assets | 332.0 m | 563.1 m | 557.4 m | 391.2 m | 391.2 m | 282.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 27.5 m | 32.2 m | 40.1 m | 83.4 m | 124.4 m | 133.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 29.1 m | 158.3 m | 157.5 m | 157.9 m | 26.6 m | 28.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 10.9 m | 83.9 m | 53.1 m | 23.1 m | 4.0 m | 3.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 502.3 m | 931.6 m | 927.1 m | 918.9 m | 824.5 m | 661.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 21.6 m | 66.2 m | 32.5 m | 47.9 m | 21.8 m | 29.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | — | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 66.5 m | 170.7 m | 98.7 m | 115.2 m | 93.1 m | 100.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 128.7 m | 251.9 m | 155.7 m | 302.1 m | 282.8 m | 287.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 373.6 m † | 516.8 m † | 734.6 m † | 616.9 m † | 541.7 m † | 374.2 m † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 156.7 m | 98.3 m | 256.1 m | 124.5 m | 255.5 m | 295.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 3.0 m | 7.7 m | 5.9 m | 24.6 m | 75.2 m | 6.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 153.8 m ≈ | 90.6 m ≈ | 250.2 m ≈ | 100.0 m ≈ | 180.3 m ≈ | 288.9 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -16.9 m | -68.1 m | 72.7 m | -61.6 m | -73.0 m | -29.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -10.1 m | 17.8 m | -92.6 m | -253.6 m | -168.6 m | -383.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | — | — | 14.4 m | 208.5 m | 146.2 m | 351.9 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
66% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 92.3% | 100 (on a fixed band) | 16% |
| EBIT margin · Quality | 28.6% | 87 (vs peers) | 13% |
| FCF margin · Quality | 32.6% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | -18.2% | 0 (on a fixed band) | 26% |
| Revenue growth (YoY) · Growth | 13.7% | 68 (vs peers) | 13% |
| Net debt / EBITDA · Balance sheet | -0.4x | 67 (vs peers) | 10% |
| Current ratio · Balance sheet | 1.8x | 62 (on a fixed band) | 10% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet64/100 · 2/2 factors with a value
- Growth23/100 · 2/2 factors with a value
- Quality96/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CarGurus, Inc. (CARG). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 907.0 m USD in 2025; YoY growth 13.7%; net margin 18.2%; ROE 50.3%; net debt/EBITDA -0.4x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 92.3%
- EBIT margin: 28.6%
- FCF margin: 32.6%
What contradicts it
- Revenue CAGR 3Y: -18.2%
Not assessed (insufficient data or a ratio without meaning): EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| ATHMAutohome Inc. | 10.4 bn | 53.5 | 6.3% | 443.2% | +11.1% | −5% / −18% |
| DXCDxc Technology Company | 2.3 bn | 21.9 | 3.7% | 0.9% | −1.8% | +13% / −36% |
| EVTCEVERTEC, Inc. | 2.1 bn | 22.9 | 14.4% | 9.0% | +10.2% | +20% / −6% |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| SOPHSOPHiA GENETICS SA | 477.3 m | — | -110.0% | -102.2% | +18.6% | +42% / +73% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| SOHUSohu.com Limited | 355.1 m | 1.0 | 35.8% | 67.4% | −2.4% | −12% / +70% |
| MOVECorvex, Inc. | 176.9 m | — | -9.6% | -623.5% | −57.3% | −17% / −93% |
| SSTKShutterstock, Inc. | 161.1 m | — | -43.4% | -22.9% | +5.8% | −79% / −90% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| GMHSGamehaus Holdings Inc. | 51.4 m | 8.5 | 11.8% | 4.1% | −11.3% | −35% / −93% |
| DDIDoubleDown Interactive Co., Ltd. | 34.1 m | 0.3 | 11.4% | 28.5% | +5.5% | +48% / +72% |
| SJScienjoy Holding Corporation | 23.5 m | — | -66.6% | -47.3% | −4.9% | +28% / −68% |
| DTSTData Storage Corporation | 6.5 m | 1.5 | 113.7% | 1,248.8% | +13.4% | −37% / −14% |
1- and 3-year price returns: for CARG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CarGurus is a multinational automotive platform that connects car buyers and sellers with dealers, earning revenue from dealer subscriptions, advertising and financing partnerships. It reported revenue of 907.0 million USD for fiscal 2025, and has now completed the wind-down of CarOffer and reports a single segment.13
SWOT
Strengths
- The platform has large traffic and inventory selection that attract consumers and dealers, and its gross margin remains high.
- The company generates solid operating cash flow and has substantially reduced its shares outstanding through repurchases.
- Its large volume of proprietary data allows the development of predictive tools for dealers.
Weaknesses
- Most dealer contracts are on monthly terms with no obligation to stay beyond the committed period.
- The company relied on a transaction segment that was abandoned, creating wind-down costs and impairments.
- Dependence on search engine traffic could leave traffic exposed to changes in search algorithms.
Opportunities
- AI products such as Discover and Guru could deepen consumer and dealer engagement.
- Expansion in the U.K. and Canada, and growth in paying dealers outside the U.S., could support revenue.
- Pricing and inventory-sourcing tools could increase the value of dealer subscriptions.
Threats
- Dealer closures and consolidation could reduce demand for the company's products.
- Regulation of artificial intelligence and data privacy could limit how data is collected and used.
- Competitive pressure from established platforms and direct automaker sales could weigh on pricing.
Risks
- Dealer dependencehigh
A significant number of dealers ending their subscriptions would directly affect revenue and financial results.
- Search engine dependencemedium
Lower visibility in search results could reduce traffic and affect the business.
- Innovation and adoptionmedium
If new products are not widely adopted, investments in AI could fail to generate revenue.
- Privacy and datamedium
Legal limits on cookies and user tracking can restrict data collection and may lead to disputes.
- Seasonality and volatilitylow
Quarterly results can fluctuate, and marketing and acquisition costs can vary from period to period.
Investment thesis
What would need to be true (bull case)
- If revenue growth stays within the 2026 guidance range, the company could show that its subscription model and data products support durable growth.
- Substantial share repurchases and high operating cash flow could support long-term shareholder value.
- International expansion and AI initiatives could deepen user engagement and strengthen competitive position.
What would break the thesis
- If more U.S. dealers close or consolidate, demand for subscriptions could fall.
- Dependence on search traffic and monthly subscription terms could make revenue harder to forecast.
- The costs of AI investment and the CarOffer exit show that some initiatives may not deliver results quickly.
What to watch
- Revenue and adjusted EBITDA guidance for the third quarterQ3 2026
- Development of U.S. and international paying dealer countsQ3 2026
- Results of adoption of AI products such as Guru and Discover2026
- Pace of share repurchases and use of free cash flownext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CarGurus describes its business as a two-sided marketplace that connects consumers with an extensive dealer network and offers dealers data-driven software products. Revenue comes from dealer subscription fees, advertising from auto manufacturers and other brand advertisers, and partnerships with financing services companies.1
The company operates marketplaces in the U.S., U.K. and Canada, and its products are grouped into four dealer pillars: inventory, marketing, conversion and data, supported by tools such as Sell My Car, PriceVantage and Dealer Dashboard.1
The wind-down of CarOffer means the company now focuses on AI-powered inventory intelligence, consumer vehicle sourcing and analytics that support smarter sourcing and pricing decisions rather than facilitating transactions.1
Segments
Consumer marketplace
The consumer platform covers research, comparison and purchase of new and used cars, using tools such as CG Discover, Deal Ratings and Digital Deal, plus Dealership Mode at the lot.1
Dealer solutions
Dealer products are grouped into four pillars, inventory, marketing, conversion and data, including Sell My Car, PriceVantage, Listings, Highlight and the Dealer Dashboard, all aimed at inventory and sales profitability.1
Market context
The market CarGurus serves is online car sales, where it competes with established U.S. platforms. The company says it is the most visited U.S. automotive shopping site, and its average monthly unique users reached 41,418 thousand in the fourth quarter of 2025.1
Revenue growth depends on the number of paying dealers and quarterly revenue per subscribing dealer, both of which rose over the last year, but could be affected by dealer closures and consolidation.13
Trends
- Artificial intelligence in productsmixed
CarGurus invests in AI-based products such as Discover and Guru, which could deepen dealer and consumer engagement, but involve high costs and regulatory uncertainty.
- Dealer consolidationheadwind
Dealer closures and consolidations can reduce demand for subscriptions, since combined entities often buy fewer services or pay less.
- International growthtailwind
Paying dealers and revenue per dealer in international regions rose over the last year, suggesting that expansion outside the U.S. may support growth.
- Response to pricing pressuremixed
The CarOffer exit shows that the transaction model was less effective in a volatile pricing environment, pointing to a shift toward analytics and data.
Competitive position
CarGurus compares itself directly with U.S. automotive platforms including Autotrader.com, Cars.com, TrueCar.com and CARFAX.com, which it uses as a reference group for claims about traffic and selection.1
Competition also comes from automakers developing direct-to-consumer sales and from other advertising and data platforms, which could reduce the number of independent dealers.1
- Autotrader.com
U.S. car listings platform, cited as a comparison point for traffic and selection.
- Cars.com
U.S. car marketplace included in the reference group for online traffic.
- TrueCar.com
U.S. automotive platform compared with CarGurus in company materials.
- CARFAX.com
Vehicle history service with its own listings, included in traffic comparisons.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- CarGurus COO Samuel Zales Sells 10,000 Shares for $365,000Yahoo Finance — News · 09 Sept 2026 · EN
SEC filings
- Current report03 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Material agreement · Results of operations · Financial statements and exhibits
- Current report04 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
- Annual report19 Feb 2026
- Current report19 Feb 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CarGurus, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CarGurus, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CarGurus, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.