CarGurus, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CarGurus, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	198	317	454	589	551	951	1,655	698	798	907
Cost of revenue		17.6	24.8	36.3	42.7	294	997	61.8	70.3	65.5
Gross profit	189	299	429	553	509	657	658	637	728	842
Research and development	11.5	22.5	47.9	69.5	85.7	106	124	137	139	138
Selling and marketing	154	236	316	394	257	291	337	278	307	341
General and administrative	12.8	22.7	39.5	50.4	62.2	97.7	73.1	95	103	101
Operating expenses	180	284	406	518	411	509	549	516	571	597
Operating income	8.57	15.3	23.2	34.3	97.8	148	108	120	157	244
Interest expense	0.03	0.03
Interest income	0.42	0.87	2.28	2.98	1.08	0.12	3.85	18.4	12.2	9.15
Other non-operating income	0.37	0.56	2.29	4.38	1.35	1.09	2.88	18.8	11.2	8.39
Pre-tax income	8.95	15.8	25.5	38.7	99.1	149	111	139	168	253
Income tax	2.45	2.64	-39.7	-3.44	21.6	39	32.4	46.7	39.6	56.1
Net income	6.5	13.2	65.2	42.1	77.6	109	84.4	36.9	21	156
EBITDA	10.6	19.1	28.2	42.1	108	189	154	169	183	273
EPS, basic	-0.58	0.13	0.60	0.38	0.69	0.00	1.64	0.27	0.20	1.58
EPS, diluted	-0.58	0.12	0.57	0.37	0.68	0.00	0.62	0.19	0.20	1.55
Shares, basic (weighted)	44.1	55.8	109	111	113	117	118	113	105	98.8
Shares, diluted (weighted)	44.1	60.6	113	113	114	117	128	114	106	100

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	29.5	87.7	34.9	59.9	190	232	470	291	304	191
Short-term investments	44.8	50						20.7	0
Receivables	6.65	12.6	13.6	22.1	18.2	189	46.8	40	38.3	41.9
Inventory						19.7	5.28	0.33	0.34
Other current assets	2.79	1.61	7.41	4.97	12.4	16.4	22	25.2	26.2	35.3
Total current assets	85.5	157	195	219	332	563	557	391	391	283
Property, plant and equipment	12.8	16.6	24.3	28	27.5	32.2	40.1	83.4	124	133
Lease right-of-use assets				60	60.8	60.6	56.9	170	121	115
Goodwill				15.2	29.1	158	157	158	26.6	28.4
Intangible assets				3.92	10.9	83.9	53.1	23.1	4.02	3.25
Other non-current assets		0.16	1.1	3.83	2.67	4.57	8.5	7.38	3.76	4.1
Total assets	100	177	268	394	502	932	927	919	825	662
Accounts payable	16.4	23.9	34.3	36.7	21.6	66.2	32.5	47.9	21.8	29.1
Accrued liabilities	8.38	13.6
Deferred revenue	3.33	4.31	8.81	9.98	9.14	12.8	12.2	21.3	21.5	23.6
Total current liabilities	29.1	43	63.5	73.8	66.5	171	98.7	115	93.1	101
Lease liabilities			9.4	60.8	58.8	57.5	51.7	182	184	181
Other non-current liabilities	0.59	0.96	1.28	1.91	3.08	23.6	5.3	4.73	6	5.35
Total liabilities	35.6	49.6	74.2	137	129	252	156	302	283	288
Total debt						0	0	0	0	0
Paid-in capital	3.71	185	184	205	242	388	413	263	169	10.3
Retained earnings	-71.7	-58.5	9.71	51.9	129	129	323	354	375	362
Other comprehensive income	-0.03	0.23	0.07	-0.35	1.88	-0.4	-1.64	-0.9	-2.55	1.43
Shareholders' equity	-68	127	194	257	374	517	735	617	542	374
Total equity	-68	127	194	257	374	517	735	617	542	374
Total liabilities and equity	100	177	268	394	502	932	927	919	825	662

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6.5	13.2	65.2	42.1	77.6	110	79	22.1	21	156
Depreciation and amortization	2.07	3.8	5.03	7.82	10.2	40.5	45.3	48.5	25.4	28.3
Stock-based compensation	0.32	5.03	20.8	34.3	45.1	53.5	54.8	63.7	62.3	50.4
Deferred income tax	0.78	-1.12	-39	-3.73	22.2	6.16	-22.1	-21.4	-7.61	27.7
Change in receivables	-1.43	-7.04	-1.91	-9.61	3.89	-175	153	11	-4.87	0.68
Change in inventory						-17.3	14.4	1.96	-0.11	0.34
Change in payables	5.81	6.24	9.35	4.27	-15.1	35.4	-35	2.08	-4.66	3.56
Cash from operations	20	25.7	51.7	70.1	157	98.3	256	125	255	295
Capital expenditures	-5.85	-5.16	-5.96	-11.2	-2.95	-7.71	-5.92	-24.6	-75.2	-6.38
Acquisitions				-19.1	-21.1	-64.3
Purchases of investments						-120	0	-98	-0.49	0
Sales and maturities of investments	15	44.8	140	189	112	130	90
Cash from investing	-52	-12.6	-80.3	-22.3	-16.9	-68.1	72.7	-61.6	-73	-29.3
Stock issued	0.14	0.4	3.63	1.81	1.14	0.66	0.72	0.07	4.92	0.47
Share buybacks	-60						-14.4	-209	-146	-352
Cash from financing	0.69	44.8	-23.4	-14.7	-10.1	17.8	-92.6	-254	-169	-384
Exchange rate effect	-0.05	0.16
Net change in cash	-31.3	58	-52	33.2	130	47.4	236	-190	12.3	-116
Free cash flow	14.2	20.5	45.8	58.9	154	90.6	250	100	180	289
Interest paid	0.03	0.03	0.02				0.06	0.57	0.77	0.59
Income taxes paid	2.05	4.39	2.31	0.3	2.83	27.5	61	74.8	40.8	19.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $31.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	92.3%	Gross profit / revenue.
Operating margin	28.6%	Operating income / revenue.
EBITDA margin	31.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	29.1%	Pre-tax income / revenue.
Net margin	18.2%	Net income / revenue.
FCF margin	32.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	33.0%	Cash from operations / revenue.
Effective tax rate	23.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	66.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	31.7%	Net income / average total assets.
Return on invested capital (ROIC)	149.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.8%	Research and development expense / revenue.
Stock-based pay / revenue	5.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-18.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	55.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	31.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	49.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	21.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	20.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	643.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	675.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	35.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	17.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	15.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	60.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-30.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-20.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-19.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-7.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.85x	Current assets / current liabilities.
Quick ratio	1.51x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	52.4%	Total liabilities / total assets.
Net debt	-$122.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.41x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$93.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$233.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.74x	Revenue / average total assets.
Fixed asset turnover	7.47x	Revenue / average property, plant and equipment.
Receivables turnover	22.1x	Revenue / average receivables.
Days sales outstanding	17 days	365 x average receivables / revenue.
Days payables	177 days	365 x average accounts payable / cost of revenue.
FCF conversion	179.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.62	Revenue / diluted weighted shares.
FCF per share	$3.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.50	Cash from operations / diluted weighted shares.
Book value per share	$2.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.57	Tangible book value / shares outstanding.
Cash per share	$1.34	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	117.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.79B	Share price x shares outstanding.
Enterprise value	$2.67B	Market cap + total debt - cash - short-term investments.
P/E	15.8x	Market cap / net income. Only when net income is positive.
P/S	2.88x	Market cap / revenue.
P/B	10.5x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.9x	Market cap / tangible book value, when positive.
P/FCF	8.84x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.75x	Market cap / cash from operations, when positive.
EV/Sales	2.76x	Enterprise value / revenue.
EV/EBIT	9.63x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.88x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.46x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.3%	Free cash flow / market cap.
Earnings yield	6.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	13.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.44x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CarGurus, Inc.'s revenue in fiscal 2025?

CarGurus, Inc. reported revenue of $907.0M for fiscal 2025, 13.7% higher than the year before.

Was CarGurus, Inc. profitable in fiscal 2025?

Yes. Net income was $155.9M, a net margin of 17.2%.

How much free cash flow did CarGurus, Inc. generate in fiscal 2025?

Cash from operations of $295.3M minus capital expenditures of $6.4M left free cash flow of $288.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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