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Internet content & information · Communication Services · Fiscal year ends Dec 31
CarGurus reported revenue of $907M in the fiscal year ended Dec 2025, up 13.7% from the year before. Operating income was $244M, an operating margin of 27.0%, and net income was $156M. Operating cash flow of $295M less capital expenditure of $6M left free cash flow of $289M. It held more cash than debt (net cash $191M).
Ranks among the 18 internet content & information companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 951 | 1,655 | 698 | 798 | 907 |
| Cost of revenue | 294 | 997 | 61.8 | 70.3 | 65.5 |
| Gross profit | 657 | 658 | 637 | 728 | 842 |
| Research & development | 106 | 124 | 137 | 139 | 138 |
| Selling, general & admin | 388 | 410 | 373 | 411 | 442 |
| Operating income | 148 | 108 | 120 | 157 | 244 |
| Pre-tax income | 149 | 111 | 139 | 168 | 253 |
| Income tax | 39.0 | 32.4 | 46.7 | 39.6 | 56.1 |
| Net income | 109 | 84.4 | 36.9 | 21.0 | 156 |
| Diluted EPS | 0.00 | 0.62 | 0.19 | 0.20 | 1.55 |
| Diluted shares | 117 | 128 | 114 | 106 | 100 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 232 | 470 | 291 | 304 | 191 |
| Receivables | 189 | 46.8 | 40.0 | 38.3 | 41.9 |
| Inventory | 19.7 | 5.3 | 0.3 | 0.3 | – |
| Current assets | 563 | 557 | 391 | 391 | 283 |
| Net PP&E | 32.2 | 40.1 | 83.4 | 124 | 133 |
| Goodwill | 158 | 157 | 158 | 26.6 | 28.4 |
| Total assets | 932 | 927 | 919 | 825 | 662 |
| Payables | 66.2 | 32.5 | 47.9 | 21.8 | 29.1 |
| Deferred revenue | 12.8 | 12.2 | 21.3 | 21.5 | 23.6 |
| Current liabilities | 171 | 98.7 | 115 | 93.1 | 101 |
| Long-term debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 252 | 156 | 302 | 283 | 288 |
| Shareholders' equity | 517 | 735 | 617 | 542 | 374 |
| Backlog (remaining obligations) | 9.2 | 7.2 | 41.8 | 63.7 | 77.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 98.3 | 256 | 125 | 255 | 295 |
| Capital expenditure | 7.7 | 5.9 | 24.6 | 75.2 | 6.4 |
| Free cash flow | 90.6 | 250 | 100.0 | 180 | 289 |
| Depreciation & amortisation | 40.5 | 45.3 | 48.5 | 25.4 | 28.3 |
| Stock-based compensation | 53.5 | 54.8 | 63.7 | 62.3 | 50.4 |
| Acquisitions | 64.3 | – | – | – | – |
| Share buybacks | – | 14.4 | 209 | 146 | 352 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 74.0% | −57.8% | 14.3% | 13.7% |
| Operating income growth (YoY) | – | −26.8% | 10.9% | 30.6% | 55.6% |
| EPS growth (YoY) | – | – | −69.4% | 5.3% | 675.0% |
| Gross margin | 69.1% | 39.7% | 91.2% | 91.2% | 92.8% |
| Operating margin | 15.6% | 6.6% | 17.2% | 19.7% | 27.0% |
| Net margin | 11.5% | 5.1% | 5.3% | 2.6% | 17.2% |
| Return on equityBlank when equity is negative | 21.1% | 11.5% | 6.0% | 3.9% | 41.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.5% | 13.1% | 15.0% | 21.5% | 43.5% |
| Free cash flow margin | 9.5% | 15.1% | 14.3% | 22.6% | 31.9% |
| Cash conversion (CFO ÷ net income) | 0.90x | 3.03x | 3.37x | 12.2x | 1.89x |
| Receivable days | 73 | 10 | 21 | 18 | 17 |
| Inventory days | 24 | 2 | 2 | 2 | – |
| Payable days | 82 | 12 | 283 | 113 | 162 |
| Debt ÷ equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −232 | −470 | −291 | −304 | −191 |
| Current ratio | 3.30x | 5.65x | 3.40x | 4.20x | 2.81x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.