CarGurus (CARG) financial statements
CarGurus reported revenue of $907M in fiscal 2025, up 18.4% a year over 9 years.
Net income was $156M and the operating margin 27.0%, against 4.3% in 2016.
Free cash flow was $266M, and the company returned $352M in net buybacks.
The diluted share count rose 127% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CarGurus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $198M | $317M | $454M | $589M | $551M | $951M | $1.7B | $698M | $798M | $907M |
| Cost of revenue | — | $18M | $25M | $36M | $43M | $294M | $997M | $62M | $70M | $65M |
| Gross profit | $189M | $299M | $429M | $553M | $509M | $657M | $658M | $637M | $728M | $842M |
| Research and development | $11M | $22M | $48M | $69M | $86M | $106M | $124M | $137M | $139M | $138M |
| Selling, general and admin | $167M | $259M | $355M | $444M | $319M | $388M | $410M | $373M | $411M | $442M |
| Operating income | $9M | $15M | $23M | $34M | $98M | $148M | $108M | $120M | $157M | $244M |
| Interest expense | $26,000 | $29,000 | — | — | — | — | — | — | — | — |
| Pre-tax income | $9M | $16M | $25M | $39M | $99M | $149M | $111M | $139M | $168M | $253M |
| Income tax | $2M | $3M | -$40M | -$3M | $22M | $39M | $32M | $47M | $40M | $56M |
| Net income | $6M | $13M | $65M | $42M | $78M | $109M | $84M | $37M | $21M | $156M |
| EPS (diluted) | -$0.58 | $0.12 | $0.57 | $0.37 | $0.68 | $0.00 | $0.62 | $0.19 | $0.20 | $1.55 |
| Diluted shares | 44M | 61M | 113M | 113M | 114M | 117M | 128M | 114M | 106M | 100M |
| Gross margin | 95.2% | 94.4% | 94.5% | 93.8% | 92.3% | 69.1% | 39.7% | 91.2% | 91.2% | 92.8% |
| Operating margin | 4.3% | 4.8% | 5.1% | 5.8% | 17.7% | 15.6% | 6.6% | 17.2% | 19.7% | 27.0% |
| Net margin | 3.3% | 4.2% | 14.4% | 7.2% | 14.1% | 11.5% | 5.1% | 5.3% | 2.6% | 17.2% |
Balance sheet
Fiscal years, from CarGurus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $74M | $138M | $35M | $60M | $190M | $232M | $470M | $312M | $304M | $191M |
| Receivables | $7M | $13M | $14M | $22M | $18M | $189M | $47M | $40M | $38M | $42M |
| Inventory | — | — | — | — | — | $20M | $5M | $331,000 | $338,000 | — |
| Total current assets | $86M | $157M | $195M | $219M | $332M | $563M | $557M | $391M | $391M | $283M |
| Property, plant and equipment | $13M | $17M | $24M | $28M | $27M | $32M | $40M | $83M | $124M | $133M |
| Goodwill | — | — | — | $15M | $29M | $158M | $157M | $158M | $27M | $28M |
| Total assets | $100M | $177M | $268M | $394M | $502M | $932M | $927M | $919M | $825M | $662M |
| Total current liabilities | $29M | $43M | $64M | $74M | $67M | $171M | $99M | $115M | $93M | $101M |
| Total liabilities | $36M | $50M | $74M | $137M | $129M | $252M | $156M | $302M | $283M | $288M |
| Shareholders' equity | -$68M | $127M | $194M | $257M | $374M | $517M | $735M | $617M | $542M | $374M |
| Net debt | -$29M | -$88M | -$35M | -$60M | -$190M | -$232M | -$470M | -$291M | -$304M | -$191M |
Cash flow
Fiscal years, from CarGurus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $20M | $26M | $52M | $70M | $157M | $98M | $256M | $125M | $255M | $295M |
| Capital spending | $7M | $7M | $7M | $14M | $8M | $14M | $17M | $41M | $94M | $29M |
| Free cash flow | $13M | $18M | $44M | $56M | $149M | $84M | $239M | $83M | $162M | $266M |
| Stock-based compensation | $322,000 | $5M | $21M | $34M | $45M | $54M | $55M | $64M | $62M | $50M |
| Share buybacks (net) | — | — | — | — | — | — | -$14M | -$209M | -$146M | -$352M |
| Free cash flow margin | 6.5% | 5.8% | 9.7% | 9.5% | 27.1% | 8.9% | 14.4% | 11.9% | 20.2% | 29.3% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CARG.
Open CARG in InvestinglyQuestions
What was CarGurus's revenue in 2025?
$907M in fiscal 2025, from its 10-K filing.
How much free cash flow does CarGurus generate?
$266M in fiscal 2025 (operating cash flow minus capital spending).
From CarGurus's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.