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Cargurus, Inc. (CARG) stock

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NASDAQ: CARG Nasdaq Interactive Media & Services Next results ~November 5, 2026

B+ Fundamentals grade

CarGurus, founded in 2006, runs online marketplaces connecting car shoppers with motor dealers in the United States, the United Kingdom and Canada. Consumers search new and used listings using tools such as its Instant Market Value pricing algorithm, Deal Ratings and CG Discover, an AI shopping assistant, and can begin a purchase online through Digital Deal. Dealers buy software and services grouped around inventory, marketing, conversion and data, including the Sell My Car trade-in tool and PriceVantage pricing software.

Its paying customers are dealers, while car shoppers use the site free. Revenue comes from dealer subscription fees, advertising bought by vehicle manufacturers and other brands, and partnerships with motor-finance providers, from which it earns fees on loans funded through the site.

In the UK it also operates PistonHeads — a marketplace, vehicle-auction platform and editorial site — and in the US it runs Autolist. During 2025 it wound down its CarOffer wholesale business and from the fourth quarter began reporting as a single segment rather than two. CarGurus had 1,218 full-time employees at the end of 2025, 82 of them outside the United States.

Based on Cargurus, Inc.'s 10-K filed February 19, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$43

Cash-flow model

Base case. Range ~$33–$57 across our lower- and higher-growth cases (-0.2%–9.8% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 21% below our base value.

Price used: $33.79, November 2, 2026

Cargurus, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 8 selling1 purchase and 38 sales by directors and officers, last 12 monthsInsider trades
  • Funds173 adding, 193 cuttingOf 62 active managers that changed their stake, 40 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cargurus files

Where Cargurus stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $967m, up 13.9% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 32.6% from 29.3% a year earlier. Operating margin narrowed to 28.6% from 39.5%. The diluted share count is down 8.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades A. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $41.44 a share, against a share price of $31.91. At that price, our model says the market is pricing in no cash-flow growth for five years, close to the 0.3% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Cargurus, Inc.'s trailing-twelve-month revenue grew 13.9% year on year, with a free-cash-flow margin of 32.6%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 32 interactive media & services companies we cover.

Our discounted-cash-flow model values the business at ~$43 per share in the base case (~$33–$57 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin compressing: TTM operating margin fell to 28.6%, down 10.9pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $33.79 is 27% below our value per share of $43.
  • High operating margin. 28.6% of revenue is left as operating profit, against a median of 0.3% for interactive media & services companies we cover.
  • Strong cash generation. 32.6% of revenue turned into free cash flow, against a median of 8.9% for interactive media & services companies we cover.
  • Shrinking share count. Diluted shares fell 8.1% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 10.9 points on a year ago.
  • Heavily shorted. 22.4% of the shares available to trade are sold short (5.7 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.66 against an average estimate of $0.61: beat by 7.6%
Revenue
$251m, up 13.1% on a year earlier
Share reaction
+7.1% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
total revenue $253.5m to $258.5m (Third Quarter 2026); non-GAAP Adjusted EBITDA from continuing operations $82m to $90m (Third Quarter 2026)
Next report
November 5, 2026; average EPS estimate $0.66

Cargurus' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.0%
  • 1 week+8.4%
  • 1 month+12.6%
  • This year-11.9%
  • 1 year-3.8%
  • 5 years-4.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$967M
Operating margin
28.6%
Net margin
18.2%
EPS (TTM, diluted)
$1.84

Growth

Revenue growth
+13.9%
Change in growth rate
−0.1 pts
Share count change
−8.1%

Cash

Free cash flow (TTM)
$315M
FCF margin
32.6%
Stock pay % of revenue
5.3%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Leadership
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cargurus, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 0.6% a year of cash-flow growth for five years.That is close to the 0.3% a year revenue growth Cargurus has delivered.

  • Priced in0.6%
  • Last 12 months13.9%
  • 3 years a year-6.5%
  • 5 years a year0.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($32.78, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$43
Price used
$32.78close November 3, 2026
Implied change
▲ +31%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Cargurus, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($187M, FY2026 Q2 TTM), growing 6.3% and 6.2% in the next two years (forecasts, guidance and its record), then back to 4.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$33–~$57 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Cargurus, Inc.'s free cash flow after stock-based pay ( $187M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Cargurus, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$43 ~$33–$57 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$29 ~$24–$51 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$9.0 ~$6.3–$13 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$7.0 ~$6.1–$8.2 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$26 ~$7.0–$43 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cargurus, Inc. with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +11%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $31$42$56$74$98$129
8.5% $24$32$42$55$72$94
10% $20$26$34$44$57$74

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$29.98$33.73$35.18$31.73$33.64$14.01$24.16$36.54$38.35$33.79
Market value$1.8bn$3.8bn$4.0bn$3.6bn$3.9bn$1.8bn$2.8bn$3.9bn$3.9bn$3.2bn
+ Net debt (− = net cash)−$88m−$35m−$60m−$190m−$232m−$470m−$291m−$304m−$191m−$122m
Enterprise value$1.7bn$3.8bn$3.9bn$3.4bn$3.7bn$1.3bn$2.5bn$3.6bn$3.7bn$3.1bn
Multiples
Price / sales 5.7x8.4x6.8x6.6x4.1x1.1x4.0x4.9x4.2x3.3x
Price / earnings 137.7x58.7x94.7x46.6x36.1x21.3x74.7x185.1x24.7x18.4x
Price / free cash flow 88.5x83.5x67.7x23.5x43.5x7.2x27.6x21.5x13.3x10.3x
EV / EBITDA 90.7x134.3x93.3x31.7x19.6x8.6x14.6x19.6x13.4x10.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

67 /100

Moderate moat

How hard Cargurus's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 28.5% of total assets over 9 years.

  • Pricing power 12 / 20

    Gross margin has been a median 92.3%, moving by 16.9 percentage points (standard deviation) across 10 years.

  • Durability 8 / 20

    Operating margin has been a median 7.9%; its worst year was 3.5%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 9 of 9 years, at a median 13.2% of revenue.

  • Discipline 16 / 20

    The diluted share count fell 17.7% over five years; stock-based pay has been a median 5.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (72 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $256m and EPS of $0.66 (range $0.63 to $0.70) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.62 +18% $1.0bn +8%
Next $3.02 +15% $1.1bn +9%

Next year's EPS estimate has moved +3.4% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.9% on 90 days ago. In the last 30 days, 1 analyst raised Cargurus, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Cargurus, Inc., last 90 days
$2.40 $2.60 $2.80 $3.00 $3.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.52 Current fiscal year, 60 days ago: $2.62 Current fiscal year, 30 days ago: $2.62 Current fiscal year, 7 days ago: $2.62 Current fiscal year, Now: $2.62 $2.62 Next fiscal year, 90 days ago: $2.92 Next fiscal year, 60 days ago: $3.01 Next fiscal year, 30 days ago: $3.02 Next fiscal year, 7 days ago: $3.02 Next fiscal year, Now: $3.02 $3.02

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.52$2.92
60 days ago $2.62$3.01
30 days ago $2.62$3.02
7 days ago $2.62$3.02
Now $2.62$3.02

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.61 $0.66 +7.6%
Mar 2026 $0.57 $0.58 +1.8%
Dec 2025 $0.63 $0.63 −0.4%
Sept 2025 $0.55 $0.57 +3.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Revenue change YoY Full-Year 2026 10% growth to 13% growth
    “Revenue change YoY 10% to 13%” source
  • Total revenue Third Quarter 2026 $254m to $259m
    “Total revenue $253.5 million to $258.5 million” source
  • Non-GAAP Earnings per Share from continuing operations Third Quarter 2026 $0.63 to $0.69 Non-GAAP
    “Non-GAAP Earnings per Share from continuing operations $0.63 to $0.69” source
  • Non-GAAP Adjusted EBITDA from continuing operations margin change YoY Full-Year 2026 -1.5% to -0.5% Non-GAAP
    “Non-GAAP Adjusted EBITDA from continuing operations margin change YoY (0.5)% to (1.5)%” source
  • Non-GAAP Adjusted EBITDA from continuing operations Third Quarter 2026 $82m to $90m Non-GAAP
    “Non-GAAP Adjusted EBITDA from continuing operations $82.0 million to $90.0 million” source
  • diluted weighted-average common shares outstanding third quarter 2026 about 90m Non-GAAP
    “Guidance for the third quarter 2026 non-GAAP earnings per share from continuing operations calculations assumes 90.0 million diluted weighted-average common shares outstanding.” source

How earlier guidance turned out

  • Total revenue, Second Quarter 2026 guided $247m to $252m Within range: $251m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Cargurus, Inc.'s revenue by +6.3% next year and +6.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.0%, weight 55%) , management guidance (+9.3%, weight 19%) and the company's own record (+4.8%, weight 26%) . How the weights are set.

Analyst recommendations

13 analysts, Oct 2026
Buy969%
Hold431%
Sell00%

Monthly trend

  1. Oct 202636413
  2. Sep 202636514
  3. Aug 202636615
  4. Jul 202636615

Counts of recommendations published by analysts covering Cargurus, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
22.4%
of tradable shares
Days to cover
5.73
at average volume
Short interest, 1 month
+31%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.8%
of shares
Employees
1,218
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −3.8%

$35.12 on October 31, 2025 to $33.79

ThenNowEffect
Revenue (last 12 months) $849m $967m +13.9%
Net margin 15.3% 18.2% +19.0%
P/E multiple 28.2x 18.4x −34.8%
Share count 104m 96m +8.8%

Biggest factor: p/e multiple.

Last 3 years +81.0%

$18.67 on November 3, 2023 to $33.79

ThenNowEffect
Revenue (last 12 months) $1.2bn $967m −18.4%
Net margin 6.6% 18.2% +177.2%
P/E multiple 30.4x 18.4x −39.6%
Share count 127m 96m +32.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CARG+6%−58%+72%+51%+5%−12%
Industry peers (median)−26%−54%−6%−21%−16%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CARG58%33%58%58%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CARG−35%−75%−28%−17%−38%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 12, 2017: 79% from September 27, 2018 to December 7, 2022. Getting back needed a 369% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$26.96 – $39.03
From 52-week high
−13.4%
vs 50-day average
+4.6%
vs 200-day average
+2.8%
Volatility (1 year)
40%
Beta vs S&P 500
0.44

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±8.4%
After a week
8 up, 4 down
typical move ±11.1%
After a month
8 up, 4 down
typical move ±14.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +7.1% +0.5% +4.2% −7.3%
May 7, 2026 −7.1% +0.5% −19.7% −26.5%
February 19, 2026 +6.6% +0.5% +9.6% +18.7%
November 6, 2025 −2.1% −1.0% +6.3% +4.0%
August 7, 2025 −8.5% +0.7% −0.2% +13.0%
May 8, 2025 +9.6% +0.6% +16.0% +12.9%
February 20, 2025 −18.3% −2.1% −19.4% −21.1%
November 7, 2024 +5.8% +1.2% +9.1% +15.1%
August 8, 2024 +21.8% +2.8% +27.7% +23.0%
May 9, 2024 +9.3% +0.7% +7.4% +17.3%
February 26, 2024 −1.3% −0.2% −3.8% −2.8%
November 7, 2023 +3.6% +0.4% +9.8% +15.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Cargurus, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Cargurus, Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cargurus, Inc.
$500M $600M $700M $800M $900M $1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $977.9M Revenue (TTM), FY23 Q4: $698.4M Revenue (TTM), FY24 Q1: $653.9M Revenue (TTM), FY24 Q2: $610M Revenue (TTM), FY24 Q3: $595.1M Revenue (TTM), FY24 Q4: $798M Revenue (TTM), FY25 Q1: $822.9M Revenue (TTM), FY25 Q2: $849M Revenue (TTM), FY25 Q3: $876.1M Revenue (TTM), FY25 Q4: $907M Revenue (TTM), FY26 Q1: $938.3M Revenue (TTM), FY26 Q2: $967.3M $967.3M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $977.9M
FY23 Q4 $698.4M
FY24 Q1 $653.9M
FY24 Q2 $610M
FY24 Q3 $595.1M
FY24 Q4 $798M
FY25 Q1 $822.9M
FY25 Q2 $849M
FY25 Q3 $876.1M
FY25 Q4 $907M
FY26 Q1 $938.3M
FY26 Q2 $967.3M
Revenue growth, TTM YoY Cargurus, Inc.
-100% -50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -42.7% Revenue growth, TTM YoY, FY23 Q4: -57.8% Revenue growth, TTM YoY, FY24 Q1: -55.1% Revenue growth, TTM YoY, FY24 Q2: -48.5% Revenue growth, TTM YoY, FY24 Q3: -39.1% Revenue growth, TTM YoY, FY24 Q4: 14.3% Revenue growth, TTM YoY, FY25 Q1: 25.9% Revenue growth, TTM YoY, FY25 Q2: 39.2% Revenue growth, TTM YoY, FY25 Q3: 47.2% Revenue growth, TTM YoY, FY25 Q4: 13.7% Revenue growth, TTM YoY, FY26 Q1: 14.0% Revenue growth, TTM YoY, FY26 Q2: 13.9% 13.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -42.7%
FY23 Q4 -57.8%
FY24 Q1 -55.1%
FY24 Q2 -48.5%
FY24 Q3 -39.1%
FY24 Q4 14.3%
FY25 Q1 25.9%
FY25 Q2 39.2%
FY25 Q3 47.2%
FY25 Q4 13.7%
FY26 Q1 14.0%
FY26 Q2 13.9%
Operating margin (TTM) Cargurus, Inc.
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 8.6% Operating margin (TTM), FY23 Q4: 17.2% Operating margin (TTM), FY24 Q1: 20.3% Operating margin (TTM), FY24 Q2: 3.5% Operating margin (TTM), FY24 Q3: 4.3% Operating margin (TTM), FY24 Q4: 19.7% Operating margin (TTM), FY25 Q1: 22.1% Operating margin (TTM), FY25 Q2: 39.5% Operating margin (TTM), FY25 Q3: 41.4% Operating margin (TTM), FY25 Q4: 31.4% Operating margin (TTM), FY26 Q1: 29.3% Operating margin (TTM), FY26 Q2: 28.6% 28.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 8.6%
FY23 Q4 17.2%
FY24 Q1 20.3%
FY24 Q2 3.5%
FY24 Q3 4.3%
FY24 Q4 19.7%
FY25 Q1 22.1%
FY25 Q2 39.5%
FY25 Q3 41.4%
FY25 Q4 31.4%
FY26 Q1 29.3%
FY26 Q2 28.6%
FCF margin (TTM) Cargurus, Inc.
0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 21.1% FCF margin (TTM), FY23 Q4: 14.3% FCF margin (TTM), FY24 Q1: 9.1% FCF margin (TTM), FY24 Q2: 12.7% FCF margin (TTM), FY24 Q3: 17.1% FCF margin (TTM), FY24 Q4: 22.6% FCF margin (TTM), FY25 Q1: 27.1% FCF margin (TTM), FY25 Q2: 29.3% FCF margin (TTM), FY25 Q3: 31.1% FCF margin (TTM), FY25 Q4: 31.9% FCF margin (TTM), FY26 Q1: 31.2% FCF margin (TTM), FY26 Q2: 32.6% 32.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 21.1%
FY23 Q4 14.3%
FY24 Q1 9.1%
FY24 Q2 12.7%
FY24 Q3 17.1%
FY24 Q4 22.6%
FY25 Q1 27.1%
FY25 Q2 29.3%
FY25 Q3 31.1%
FY25 Q4 31.9%
FY26 Q1 31.2%
FY26 Q2 32.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Cargurus took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $907M
  2. Cost of revenue $65.5M · 7.2%
  3. Gross profit $842M · 92.8%
  4. Research and development $138M · 15.2%
  5. Selling, general and admin $442M · 48.8%
  6. Other operating costs $16.5M · 1.8%
  7. Operating income $244M · 27.0%
  8. Income tax $56.1M · 6.2%
  9. Interest and other $32.5M · 3.6%
  10. Net income $156M · 17.2%

Shares of revenue. Source: Cargurus's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 99 198 317 454 589 551 951 1,655 698 798 907 967
Gross profit 94 189 299 429 553 509 657 658 637 728 842 893
EBITDA −1 11 19 28 42 108 189 154 169 183 273 300
Operating income −3 9 15 23 34 98 148 108 120 157 244 277
Net income −2 6 13 65 42 78 109 84 37 21 156 176
Diluted EPS −$0.41 −$0.58 $0.12 $0.57 $0.37 $0.68 $0.00 $0.62 $0.19 $0.20 $1.55 $1.84
Growth (year on year)
Revenue — +101.0% +59.9% +43.3% +29.7% −6.4% +72.5% +74.0% −57.8% +14.3% +13.7% +13.9%
EBITDA — — +79.2% +48.0% +49.3% +156.2% +74.8% −18.5% +9.7% +8.1% +49.5% −15.5%
Operating income — — +78.2% +51.8% +48.0% +184.8% +51.7% −26.8% +10.9% +30.6% +55.6% −17.5%
Net income — — +103.2% +393.7% −35.3% +84.0% +40.9% −22.8% −56.2% −43.2% +643.4% +35.6%
Diluted EPS — — — +375.0% −35.1% +83.8% −100.0% — −69.4% +5.3% +675.0% +47.5%
Margins
Gross margin 95.7% 95.2% 94.4% 94.5% 93.8% 92.3% 69.1% 39.7% 91.2% 91.2% 92.8% 92.3%
EBITDA margin −1.4% 5.4% 6.0% 6.2% 7.2% 19.6% 19.8% 9.3% 24.2% 22.9% 30.1% 31.0%
Operating margin −2.6% 4.3% 4.8% 5.1% 5.8% 17.7% 15.6% 6.6% 17.2% 19.7% 27.0% 28.6%
Net margin −1.7% 3.3% 4.2% 14.4% 7.2% 14.1% 11.5% 5.1% 5.3% 2.6% 17.2% 18.2%
Free-cash-flow margin 6.7% 7.1% 6.5% 10.1% 10.0% 27.9% 9.5% 15.1% 14.3% 22.6% 31.9% 32.6%
Cash flow
Cash from operations 13 20 26 52 70 157 98 256 125 255 295 319
Capital spending 6 6 5 6 11 3 8 6 25 75 6 4
Free cash flow 7 14 21 46 59 154 91 250 100 180 289 315
Stock-based pay 1 0 5 21 34 45 54 55 64 62 50 51
Free cash flow after stock pay 6 14 16 25 25 109 37 195 36 118 238 264
Balance sheet
Cash 63 29 88 35 60 190 232 470 291 304 191 122
Total debt 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −63 −29 −88 −35 −60 −190 −232 −470 −291 −304 −191 −122
Diluted shares 43m 44m 61m 113m 113m 114m 117m 128m 114m 106m 100m 96m
Returned to shareholders
Buybacks 18 60 — — — — — 14 209 146 352 369
Total returned 18 60 — — — — — 14 209 146 352 369

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · June 30, 2026
What it owns · $555m
Short-term assets $203mLonger-term assets $353m
What it owes, and who funded it · $555m
Short-term liabilities $110mLonger-term liabilities $181mShareholders' equity $264m
  • Short-term assets cover short-term liabilities $203m of assets due within a year against $110m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $203m short-term assets against $181m of longer-dated liabilities.
  • More cash than debt $122m of cash against $0 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt No debt to cover.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Cargurus, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$369M
Returned to shareholders
117%
of free cash flow
Buybacks, last 3 fiscal years
$707M
Diluted share count
−8.1%
year over year
Total shareholder yield
12.0%
dividends 0.0% + buybacks 12.0% of market value
R&D spending
14.8%
of revenue
Days sales outstanding
17 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in interactive media & services
Last 12 months unless stated CARG ANGI SSTK ATHM BMBL NRDS Median
Revenue, last 12 months $967m $993m $901m $898m $893m $860m $615m
Revenue growth, last 12 months 13.9% −8.8% −10.8% −8.2% −13.3% 11.5% 2.4%
Revenue growth, 3-year average −6.5% −13.2% 2.1% 65.5% −2.9% 12.9% 5.0%
Revenue growth, latest quarter 13.1% −10.9% −16.9% — −15.2% 5.6% 2.4%
Gross margin 92.3% 95.7% 56.9% 72.4% 72.8% 93.5% 60.4%
Operating margin 28.6% −21.7% −17.3% 11.9% −62.6% 10.2% 0.3%
Operating margin, 3-year average 23.9% −5.5% −1.1% 23.2% −52.5% 4.7% −0.4%
Net margin 18.2% −22.3% −22.9% 22.4% −58.0% 7.6% 3.8%
Cash from operations / revenue 33.0% 6.1% 14.7% 13.8% 29.9% 19.1% 11.4%
Free-cash-flow margin 32.6% −0.5% 10.0% 12.0% 27.9% 19.0% 7.5%
Free-cash-flow margin, 3-year average 24.9% 3.5% 4.7% 31.9% 17.0% 15.3% 7.2%
Stock pay / revenue 5.3% 2.0% 5.9% 3.4% 4.7% 3.2% 3.7%
Change in share count −8.1% −15.8% 2.9% −3.0% — −7.6% 2.0%

Median of all 63 companies we cover in interactive media & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

63 interactive media & services companies
Measure Company Peer median Rank
Revenue growth Growth 13.9% 2.4% 23 of 63
Change in growth rate Growth -0.1pp -0.2pp 30 of 63
Gross margin Profitability 92.3% 60.9% 4 of 54
Operating margin Profitability 28.6% 0.3% 9 of 63
Net margin Profitability 18.2% 3.8% 13 of 63
Free-cash-flow margin Cash generation 32.6% 8.9% 6 of 59
Stock pay as % of revenue Cash generation 5.3% 3.9% 35 of 61
Long-term debt as % of assets Balance sheet 0.0% 16.9% 1 of 32
Change in share count Balance sheet -8.1% 1.7% 11 of 55
Days sales outstanding Balance sheet 17 days 49 days 6 of 54

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $827M 91.2% ▲ 12.5%
Outside the US $79.7M 8.8% ▲ 26.6%

From Cargurus, Inc.'s 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.7B
Institutions reporting
366
Shares held vs prior quarter
▼ 3.3%
Positions opened / closed
57 / 49

Top buyers and sellers, Q2 2026: 173 institutions bought and 193 sold ; the biggest buyer was Manufacturers Life Insurance Company, The (+1.4M shares) and the biggest seller Wellington Management Group LLP (−2.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $402M 11.8M 14.8% ▼ 1.7%
Vanguard Portfolio Management LLC $161M 4.7M 5.9% ▲ 1.7%
Vanguard Capital Management LLC $113M 3.3M 4.1% ▼ 5.6%
Wellington Management Group LLP $111M 3.3M 4.1% ▼ 45.3%
Manufacturers Life Insurance Company, The $106M 3.1M 3.9% ▲ 83.3%
State Street Corp $103M 3.0M 3.8% ▼ 2.4%
Prevatt Capital Ltd $87.8M 2.6M 3.2% ▲ 4.0%
Orbis Allan Gray Ltd $82.1M 2.4M 3.0% ▲ 3.2%
Geode Capital Management, LLC $71.4M 2.1M 2.6% ▼ 0.3%
Congress Asset Management Co $67.4M 2.0M 2.5% ▼ 6.4%
Dimensional Fund Advisors LP $62.1M 1.8M 2.3% ▲ 2.0%
Boston Partners $58.1M 1.7M 2.1% ▲ 3.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cargurus, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 1 trade by 1 insider, last 12 months Insider sales History → $8.1M 38 trades by 8 insiders · 93% under pre-set plans
Net ▼ $7.1M net selling
Insider Date Trade Shares Price Value
Zales Samuel COO and President October 15, 2026 Sell pre-set plan 10,000 $30.31 $303,100
Elshareef Ismail Chief Product Officer October 2, 2026 Sell pre-set plan 2,673 $29.62 $79,174
Quinn Matthew Todd Chief Technology Officer October 2, 2026 Sell pre-set plan 3,824 $29.62 $113,267
Sarnoff Dafna Chief Marketing Officer October 2, 2026 Sell pre-set plan 7,234 $29.62 $214,271
Zales Samuel COO and President September 15, 2026 Sell pre-set plan 10,000 $34.62 $346,200
Zales Samuel COO and President August 28, 2026 Sell pre-set plan 10,000 $36.50 $365,000
Elshareef Ismail Chief Product Officer August 14, 2026 Sell pre-set plan 8,957 $38.00 $340,366
Sarnoff Dafna Chief Marketing Officer August 13, 2026 Sell pre-set plan 17,151 $37.00 $634,587
Schwartz Greg M Director August 12, 2026 Sell 10,000 $36.07 $360,700
Trevisan Jason Chief Executive Officer August 7, 2026 Sell pre-set plan 1,100 $41.06 $45,166
Zamora Javier General Counsel and Secretary August 3, 2026 Sell pre-set plan 6,205 $37.08 $230,081
Hanson Jennifer Ladd Chief People Officer July 2, 2026 Sell pre-set plan 567 $35.03 $19,862

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Cargurus, Inc. disclosed in the last 12 months; 4 earlier trades on record.

  • Lois Frankel(D-FL 21):Sale (full), $1,001 - $15,000, traded November 22, 2022, filed January 6, 2023
  • Lois Frankel(D-FL 21):Sale (partial), $1,001 - $15,000, traded September 20, 2022, filed October 24, 2022
  • Lois Frankel(D-FL 21):Purchase, $1,001 - $15,000, traded September 27, 2021, filed November 1, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 19, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Cargurus, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cargurus, Inc. in brief

What does Cargurus, Inc. do?
Cargurus, Inc. is a US-listed company in the interactive media & services industry. Its financial year ends in December.
What is Cargurus, Inc.'s stock ticker?
Cargurus, Inc. trades under the ticker CARG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cargurus, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cargurus, Inc. reported revenue of $967M, 13.9% higher than a year earlier, according to its SEC filings.
What is Cargurus, Inc.'s free cash flow?
Cargurus, Inc.'s free-cash-flow margin is 32.6% of revenue over the trailing twelve months, ranking 6 of the 59 interactive media & services companies we cover.
What is Cargurus, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Cargurus, Inc.'s free cash flow after stock-based pay gives ~$43 per share in the base case, and ~$33–$57 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Cargurus, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Cargurus, Inc. buying back stock, and does it pay a dividend?
Cargurus, Inc. spent $369M on share repurchases over the trailing twelve months, and its diluted share count fell 8.1% over the year.
What is Cargurus, Inc.'s market cap?
On November 2, 2026, Cargurus, Inc.'s market capitalisation was about $3.2B, with a price-to-earnings ratio of 18.4 and net debt of -$122M. Market figures come from third-party market data and may be delayed.
How much debt does Cargurus, Inc. have?
Cargurus, Inc.'s debt-to-equity ratio is 0.0%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Cargurus, Inc.'s competitors?
In our Interactive Media & Services peer group, the companies closest to Cargurus, Inc. are Angi Inc., Shutterstock, Inc., Autohome Inc., Bumble Inc. and Nerdwallet, Inc. The side-by-side comparison below sets their revenue, margins and growth against Cargurus, Inc.'s.
Are insiders buying or selling Cargurus, Inc. stock?
Over the last 12 months, Cargurus, Inc.'s directors and officers reported 1 open-market purchases and 38 sales on Form 4. The insider trading page charts every trade.
When is Cargurus, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cargurus, Inc. announces its own schedule.