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CarGurus (CARG) investor relations material
CarGurus Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved 14% year-over-year marketplace revenue growth in Q3 2025, with strong U.S. and international dealer adoption, and net income nearly doubling to $44.7 million.
Expanded AI-driven product offerings, including Price Vantage, Dealership Mode, and CG Discover, driving measurable improvements in engagement and conversion.
Added 1,989 net new dealers globally year-over-year, with global paying dealer count up 7.3% to 33,673 and strong international momentum.
Wound down CarOffer transactions business, with expected completion by year-end 2025 and total wind-down costs estimated at $13–15 million.
Continued significant share repurchases, reducing outstanding shares by 23% since December 2022 and spending $295.2 million year-to-date.
Financial highlights
Q3 2025 consolidated revenue was $238.7 million, up 3% year-over-year; marketplace revenue was $232 million, up 14% year-over-year.
Q3 2025 gross profit was $213.5 million, with a gross margin of 89%; non-GAAP gross margin was 90%.
Adjusted EBITDA for Q3 2025 was $79 million, up 21% year-over-year, with a margin of 33%.
Q3 2025 net income was $44.7 million, with a net margin of 19%; non-GAAP diluted EPS was $0.57, up 30% year-over-year.
Ended Q3 2025 with $178.8 million in cash and equivalents and no long-term debt.
Outlook and guidance
Q4 2025 marketplace revenue expected between $236 million–$241 million; full-year 2025 guidance is $902 million–$907 million.
Q4 2025 Adjusted EBITDA guidance: $83 million–$91 million; full-year 2025: $313 million–$321 million.
Q4 2025 non-GAAP EPS expected at $0.61–$0.67; full-year 2025 at $2.19–$2.25.
Guidance excludes major macroeconomic disruptions and future FX impacts.
Management expects sufficient liquidity for at least the next 12 months.
PriceVantage's impact on dealer profitability?
How does AI transform the consumer car buying journey?
AI's impact on internal operational efficiency?
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Frequently asked questions
CarGurus, Inc. operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. CarGurus, Inc's marketplace enables users with third-party validation on pricing and dealer reputation to buy smarter; and offers advertising and lead generation services. The company's portfolio of brands includes Cars.com, which serves the United States; AutoTrader.co.uk, which serves the United Kingdom; and Autotrader.fr, which serves France, as well as other sites that comprise Carfinder, DealerRater, and Vroom.
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