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Finance and operations leader brings deep marketplace and software experience, scaling consumer and B2B brands

BOSTON, Sept. 03, 2026 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the No. 1 most visited automotive shopping site in the U.S.1, today announced it has appointed Matthew Mandel as Chief Financial Officer (CFO), effective Oct. 19, 2026. Reporting to CarGurus Chief Executive Officer (CEO) Jason Trevisan, Mandel will lead financial strategy and operations; corporate development; and leadership operations as the company focuses on accelerating product innovation to deepen its role as a trusted partner for dealers and expert guide for shoppers. He succeeds Trevisan, who has served as interim principal financial and principal accounting officer since March 2025.

“Matt has a unique combination of strategic, operational, financial, and people leadership strengths that are well matched to our priorities as we grow our leading marketplace into a multi-product platform,” said Trevisan, CarGurus CEO. “His impact at both large-scale and hypergrowth organizations translates directly to our focus on expanding dealer software and data intelligence offerings and developing a trusted, AI-led consumer shopping experience. Matt’s role sits at the center of that strategy and our disciplined approach to capital, earnings power, and stockholder value.”

Mandel brings deep experience scaling teams with a focus on driving enterprise value through customer-centric products and technology. He joins CarGurus from Fleetio, a leading fleet maintenance and optimization software platform, where he was CFO and Chief Operating Officer (COO) since November 2023. Before Fleetio, he was COO and then Co-CEO at Cometeer, a beverage technology company, where his responsibilities included overseeing finance, strategy, and operations. Before Cometeer, Mandel held senior roles at Wayfair, including as head of the company’s North American Transportation and Home Delivery business, and prior to that was an investment professional at Advent International and Bain Capital.

“CarGurus’ market leadership and strong business model, exciting product roadmap, and talented team drew me to this role,” said Mandel. “It's especially compelling to support the company's evolution as it invests in platform growth across the dealer workflow and consumer journey.”

Mandel has an M.B.A. from Harvard Business School and a Bachelor of Arts from Duke University.

About CarGurus, Inc.
CarGurus (Nasdaq: CARG) is the leading multinational automotive platform helping consumers and dealers confidently buy and sell vehicles. Founded in 2006 with a mission to bring more trust and transparency to car shopping, CarGurus is the No. 1 visited automotive shopping site in the U.S.1 with the largest selection of inventory and network of dealers.2 CarGurus’ unmatched selection, trusted automotive insights, and data-driven products and solutions support each shopper’s journey — from online research and shopping to in-dealership decisions — to empower them at every step. And, by translating data from billions of monthly site interactions, CarGurus provides dealers a personalized, predictive intelligence platform with software solutions that helps them run their businesses more efficiently and profitably at all stages of inventory acquisition and pricing, marketing, and conversion to sale.

CarGurus operates online marketplaces in the U.S., U.K., and Canada. The company’s network of brands includes PistonHeads, the largest online motoring community in the U.K.3, and Autolist, a U.S.- based online marketplace.

To learn more about CarGurus, visit www.cargurus.com.

1Similarweb: Traffic and Engagement Report (Cars.com, Autotrader.com, TrueCar.com, CARFAX.com
Listings (defined as CARFAX.com Total Visits minus Vehicle History Reports)), Q2 2026, U.S.
2Compared to Autotrader.com, Cars.com, TrueCar.com, and CARFAX (Joreca as of June 30, 2026)
3Similarweb: Traffic Insights, Q2 2026, U.K.

CarGurus® and Autolist® are each a registered trademark of CarGurus, Inc., and PistonHeads® is a registered trademark of CarGurus Ireland Limited in the U.K. and the European Union. All other product names, trademarks, and registered trademarks are property of their respective owners.

© 2026 CarGurus, Inc., All Rights Reserved.

Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
[email protected]

Investor Contact:
Kirndeep Singh
Vice President, Head of Investor Relations
[email protected]

The disposition involved 17,151 shares valued at $634,587 based on the transaction-date weighted average price. The transaction reduced Sarnoff's direct equity holdings by 14%.

The 12 th annual awards recognize dealers delivering outstanding service, value, and transparency, with less than 10% of dealerships earning the distinction BOSTON, Aug. 11, 2026 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the No. 1 most visited automotive shopping site in the U.S.,¹ today announced the winners of its 2026 Top Dealer Awards across North America and the U.K. Now in its 12th year, the program recognizes dealerships that consistently earn shoppers' trust through exceptional service, competitive value, and transparent experiences.

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SummaryCarGurus is rated BUY, driven by robust AI adoption, strong cash flows, and an undervalued 10x forward EV/EBITDA multiple.Q2 2026 results exceeded expectations, with 13% revenue growth, 8–11% QARSD gains, and continued international expansion.AI-driven tools like PriceVantage and VINMax are boosting dealer engagement, conversion rates, and operational efficiency.CARG's clean balance sheet, aggressive share buybacks, and management's 10–15% revenue growth guidance support a compelling growth and valuation thesis. shaunl/E+ via Getty Images

Summary CarGurus (CARG) exceeded consensus' 2Q26 earnings forecast due to continuous product adoption for its AI initiatives for car dealerships. Management guided for full-year EBITDA margin improvement. The stock is only +4% YTD and is trading at a discount

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

CarGurus (CARG - Free Report) came out with quarterly earnings of $0.66 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.57 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +6.45%. A quarter ago, it was expected that this online auto shopping platform would post earnings of $0.56 per share when it actually produced earnings of $0.58, delivering a surprise of +3.57%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

CarGurus, which belongs to the Zacks Internet - Commerce industry, posted revenues of $250.97 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.62%. This compares to year-ago revenues of $234.03 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

CarGurus shares have lost about 5.1% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for CarGurus?While CarGurus has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for CarGurus was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.65 on $256.31 million in revenues for the coming quarter and $2.55 on $1.01 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Commerce is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Retail-Wholesale sector, Abercrombie & Fitch (ANF - Free Report) , has yet to report results for the quarter ended July 2026. The results are expected to be released on August 26.

This teen clothing retailer is expected to post quarterly earnings of $1.90 per share in its upcoming report, which represents a year-over-year change of -18.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Abercrombie & Fitch's revenues are expected to be $1.24 billion, up 2.8% from the year-ago quarter.

CarGurus, Inc. (CARG) Q2 2026 Earnings Call August 6, 2026 5:00 PM EDT

Company Participants

Javier Zamora - General Counsel & Corporate Secretary
Jason Trevisan - CEO, CFO, Interim Principal Financial & Accounting Officer, Treasurer & Director
Samuel Zales - COO & President

Conference Call Participants

Andrew Boone - Citizens JMP Securities, LLC, Research Division
Jash Patwa - JPMorgan Chase & Co, Research Division
John Babcock - Barclays Bank PLC, Research Division
Ryan James Powell - B. Riley Securities, Inc., Research Division
Christopher Pierce - Needham & Company, LLC, Research Division

Presentation

Operator

Good day, and welcome to the CarGurus' Second Quarter 2026 Earnings Conference Call. Please note, this event is being recorded.

I would now like to turn the call over to Javier Zamora, General Counsel & Corporate Secretary. Please go ahead.

Javier Zamora
General Counsel & Corporate Secretary

Good afternoon and thank you for joining us. With me on the call today are Jason Trevisan, Chief Executive Officer; and Sam Zales, President and Chief Operating Officer.

We will be making forward-looking statements, which are based on our current expectations and beliefs. These statements are subject to risks and uncertainties, and our actual results may differ materially. Information concerning those risks and uncertainties is discussed in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

Please refer to our press release and our investor presentation on the Investor Relations section of our website for a reconciliation of GAAP to non-GAAP measures.

I'll now turn the call over to Jason.

Jason Trevisan
CEO, CFO, Interim Principal Financial & Accounting Officer, Treasurer & Director

Good afternoon. We delivered strong second quarter results with revenue growing 13% year-over-year to $251 million, above the midpoint of our guidance range, including another robust quarter in our international business, which grew 28% year-over-year. Adjusted EBITDA increased 7% year-over-year to $85 million, at the

Q2'26 revenue grew 13% YoY to $251.0 million, above the midpoint of our guidance range

Q2'26 GAAP net income from continuing operations of $49.2 million; non-GAAP adjusted EBITDA from continuing operations of $84.7 million, toward the high end of our guidance range

Q2'26 cash flow from operations of $94.6 million; non-GAAP free cash flow of $87.7 million

Repurchased $29.2 million worth of shares in Q2'26, bringing total repurchases since December 2022 to over 30% of shares outstanding

BOSTON, Aug. 06, 2026 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited automotive shopping site in the U.S.1, today announced financial results for the second quarter ended June 30, 2026.

“We delivered strong second-quarter results, with 13% year-over-year revenue growth and continued momentum in our International business,” said Jason Trevisan, Chief Executive Officer at CarGurus. “We expanded the use of data and predictive intelligence in dealer workflows through our AI-powered products and solutions. At the same time, this quarter we introduced Guru, our consumer-facing AI layer that advances our broader strategy of becoming a trusted, AI-led expert consumer guide across the full car-shopping journey. Together, our dealer and consumer initiatives have been driving deeper engagement, which we believe strengthens our competitive position and creates durable long-term value for our customers and stockholders.”

Second Quarter Financial Highlights

Below are our financial highlights from continuing operations(1) for the three and six months ended June 30, 2026.

  Three Months Ended  Six Months Ended   June 30, 2026  June 30, 2026   Results
(in millions)  Variance
from Prior
Year  Results
(in millions)  Variance
from Prior
Year Revenue $251.0   13% $494.5   14%             Gross Profit(2) $231.1   12% $455.7   13%% Margin  92% (86) bps   92% (93) bps              Operating Expenses(2) $168.1   15% $352.7   20%             GAAP Net Income from continuing operations(2) $49.2   0% $81.4   (11)%% Margin  20% (247) bps   16% (451) bps              Non-GAAP Adjusted EBITDA from continuing operations(3) $84.7   7% $165.0   11%% Margin(3)  34% (199) bps   33% (74) bps              Cash and Cash Equivalents at period end(4) $122.1   (36)% $122.1   (36)% (1)In August 2025 the Board of Directors of CarGurus approved the wind-down of CarOffer, LLC (“CarOffer”), which was completed as of December 31, 2025. We have presented the financial results of CarOffer as discontinued operations in the Unaudited Condensed Consolidated Financial Statements. No assets or liabilities were classified as discontinued operations as of June 30, 2026 or December 31, 2025. No results of operations were classified as discontinued operations for the three and six months ended June 30, 2026. The Unaudited Condensed Consolidated Income Statement for the three and six months ended June 30, 2025, was derived from the Unaudited Condensed Consolidated Income Statement of CarGurus, Inc. as of that date, adjusted for the reclassification of discontinued operations. The Unaudited Condensed Consolidated Statement of Cash Flows as of June 30, 2025, related to discontinued operations has not been separately reclassified and are included within the period referenced.(2)During the three months ended June 30, 2026, we recognized $0.5 million of impairment in operating expenses. During the six months ended June 30, 2026, we recognized $20.2 million of impairments, inclusive of $0.5 million in cost of revenue and $19.7 million in operating expenses. During the three and six months ended June 30, 2025, we recognized $0.5 million of impairment in operating expenses.(3)For more information regarding our use of non-GAAP Adjusted EBITDA from continuing operations and other non-GAAP financial measures, please see the reconciliations of GAAP financial measures to non-GAAP financial measures and the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.(4)Variance represents the change from December 31, 2025.   Three Months Ended   June 30, 2026   Results  Variance from
Prior Year Key Performance Indicators(1)      U.S. Paying Dealers  26,151   3%International Paying Dealers  8,478   11%Total Paying Dealers  34,629   5%       U.S. QARSD $8,134   8%International QARSD $2,568   11%Consolidated QARSD $6,771   7% (1)For more information regarding our use of Key Performance Indicators, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below. Third Quarter and Full-Year 2026 Guidance 

The table below provides CarGurus’ guidance, which is based on recent market trends, industry conditions, and management’s expectations and assumptions as of today.

Third Quarter 2026 Guidance MetricsValuesTotal revenue$253.5 million to $258.5 millionNon-GAAP Adjusted EBITDA from continuing operations$82.0 million to $90.0 millionNon-GAAP Earnings per Share from continuing operations$0.63 to $0.69 Full-Year 2026 Guidance MetricsValuesRevenue change YoY10% to 13%Non-GAAP Adjusted EBITDA from continuing operations margin change YoY(0.5)% to (1.5)% 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.

The assumptions that are built into guidance for the third quarter and full-year 2026 regarding our pace of paid dealer acquisition, churn, and expansion activity for the relevant period are based on recent market trends and industry conditions. Guidance for the third quarter and full-year 2026 excludes macro-level industry issues that result in dealers and consumers materially changing their recent market trends or that cause us to enact measures to assist dealers. Guidance also excludes any potential impact of future foreign currency exchange gains or losses. CarGurus may incur charges, realize gains or losses, or experience other events or circumstances in 2026 that could cause any of these assumptions to change and/or actual results to vary from this guidance.

CarGurus has not reconciled its guidance of non-GAAP Adjusted EBITDA from continuing operations to GAAP net income from continuing operations or non-GAAP earnings per share from continuing operations to GAAP earnings per share from continuing operations because we are unable to accurately predict without unreasonable effort the exact amount or timing of certain reconciling items between such GAAP and non-GAAP financial measures, including, as applicable, depreciation expenses, amortization of intangible assets, non-intangible amortization, stock-based compensation, impairments, other income, net, and income tax effects. The variability of these reconciling items could have a significant impact on our future GAAP reported results.

Conference Call and Webcast Information

CarGurus will host a conference call and live webcast to discuss its second quarter 2026 financial results and business outlook at 5:00 p.m. Eastern Time today, August 6, 2026. To access the conference call, dial (877) 451-6152 for callers in the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of CarGurus’ website at investors.cargurus.com.

An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time today, August 6, 2026, until 11:59 p.m. Eastern Time on August 20, 2026, by dialing (844) 512-2921 for callers in the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13759727. In addition, an archived webcast will be available on the Investors section of CarGurus’ website at investors.cargurus.com.

About CarGurus

CarGurus (Nasdaq: CARG) is the leading multinational automotive platform helping consumers and dealers confidently buy and sell vehicles. Founded in 2006 with a mission to bring more trust and transparency to car shopping, CarGurus is the No. 1 visited automotive shopping site in the U.S.1 with the largest selection of inventory and network of dealers.2 CarGurus’ unmatched selection, trusted automotive insights, and data-driven products and solutions support each shopper’s journey — from online research and shopping to in-dealership decisions — to empower them at every step. And, by translating data from billions of monthly site interactions, CarGurus provides dealers a personalized, predictive intelligence platform with software solutions that helps them run their businesses more efficiently and profitably at all stages of inventory acquisition and pricing, marketing, and conversion to sale.

CarGurus operates online marketplaces in the U.S., U.K., and Canada. The company’s network of brands includes PistonHeads, the largest online motoring community in the U.K.3, and Autolist, a U.S.- based online marketplace. 

To learn more about CarGurus, visit www.cargurus.com. 

1 Similarweb: Traffic and Engagement Report (Cars.com, Autotrader.com, TrueCar.com, CARFAX.com Listings (defined as CARFAX.com Total Visits minus Vehicle History Reports)), Q2 2026, U.S.
2 Compared to Autotrader.com, Cars.com, TrueCar.com, and CARFAX (Joreca as of June 30, 2026)
3 Similarweb: Traffic and Engagement Report, Q2 2026, U.K.

CarGurus® and Autolist® are each a registered trademark of CarGurus, Inc., and PistonHeads® is a registered trademark of CarGurus Ireland Limited in the U.K. and the European Union. All other product names, trademarks, and registered trademarks are property of their respective owners.

© 2026 CarGurus, Inc., All Rights Reserved.

Cautionary Language Concerning Forward-Looking Statements

This press release includes forward-looking statements. Other than statements of historical facts, all statements contained in this press release, including statements regarding our future financial and operating results; our third quarter and full-year 2026 financial and business performance, including guidance; our plans to focus on technology and analytics that will enable smarter sourcing and pricing decisions; our business and growth strategy and our plans to execute on our growth strategy; our ability to grow our business profitably and efficiently; our capital allocation and investment strategy; our plans relating to share repurchases; the attractiveness and value proposition of our current offerings and other product opportunities; the potential of, and expectations for, our current offerings and other product opportunities; our ability to maintain existing and acquire new customers; addressable opportunities; our expectation that we will continue to invest in growth initiatives; our ability to quickly make transformations necessary for our business to achieve long-term goals; and our ability to overcome challenges facing the automotive industry ecosystem, including inventory supply problems, global supply chain challenges, including disruptions to pre-existing supply chains and vendor relations, changes to trade policies or tariff regulations, financial market volatility and disruption, increased interest rates, inflationary concerns, and other macroeconomic issues, including uncertain or volatile economic conditions in the U.S. and abroad, are forward-looking statements. The words “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “guide,” “guidance,” “intend,” “may,” “might,” “plan,” “potential,” “predicts,” “projects,” “seeks,” “should,” “target,” “will,” “would,” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we reasonably believe may affect our business, financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, financial needs, and growth prospects. You should not rely upon forward-looking statements as predictions of future events.

These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including risks related to our growth and our ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; increased inflation and interest rates, global supply chain challenges, changes in international trade policies, including tariffs, volatile economic conditions, and other macroeconomic issues; the impact of changes in tax law and related guidance and regulations that may be implemented, including on tax rates, our business, and our financial results; the impact of new or improved technologies, including artificial intelligence, on our business, operations, and strategy; changes in our key personnel; natural disasters, epidemics, or pandemics; and our ability to operate in compliance with applicable laws as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the U.S. Securities and Exchange Commission. We operate in a very competitive and rapidly changing environments. New risks and uncertainties emerge from time to time. It is not possible for us to predict all risks and uncertainties that could have an impact on any forward-looking statements we may make. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Investor Contact:
Kirndeep Singh
Vice President, Head of Investor Relations
[email protected] 

Media Contact:
Maggie Meluzio
Director, Public Relations and External Communications
[email protected] 

Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)

         As of 
June 30,
2026  As of 
December 31,
2025 Assets      Current assets      Cash and cash equivalents $122,136  $190,518 Accounts receivable, net of allowance for doubtful accounts of
$850 and $600, respectively  43,745   41,936 Prepaid expenses, prepaid income taxes, and other current assets  21,433   35,259 Deferred contract costs  15,279   15,235 Total current assets  202,593   282,948 Property and equipment, net  129,550   132,952 Intangible assets, net  2,740   3,253 Goodwill  27,933   28,397 Operating lease right-of-use assets  97,960   115,481 Deferred tax assets  76,080   81,201 Deferred contract costs, net of current portion  13,392   13,563 Other non-current assets  4,879   4,102 Total assets $555,127  $661,897 Liabilities and stockholders’ equity      Current liabilities      Accounts payable $36,063  $29,115 Accrued expenses, accrued income taxes, and other current liabilities  38,652   38,393 Deferred revenue  24,960   23,562 Operating lease liabilities  9,846   9,469 Total current liabilities  109,521   100,539 Operating lease liabilities  175,296   181,364 Deferred tax liabilities  —   442 Other non–current liabilities  5,954   5,354 Total liabilities  290,771   287,699 Stockholders’ equity      Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding  —   — Class A common stock, $0.001 par value per share; 500,000,000 shares authorized; 75,571,320 and 80,667,475 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively  76   81 Class B common stock, $0.001 par value per share; 100,000,000 shares authorized; 13,763,613 and 14,216,250 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively  14   14 Additional paid-in capital  6,764   10,297 Retained earnings  257,376   362,380 Accumulated other comprehensive income  126   1,426 Total stockholders’ equity  264,356   374,198 Total liabilities and stockholders’ equity $555,127  $661,897  Unaudited Condensed Consolidated Income Statements
(in thousands, except share and per share data)

  Three Months Ended  Six Months Ended   June 30,  June 30,   2026  2025  2026  2025 Revenue $250,971  $221,998  $494,526  $434,233 Cost of revenue(1)(2)  19,873   15,677   38,807   30,020 Gross profit  231,098   206,321   455,719   404,213 Operating expenses            Sales and marketing  97,635   82,587   195,119   166,256 Product, technology, and development  38,137   33,725   75,808   68,753 General and administrative  28,209   25,266   54,690   50,051 Impairments  450   499   19,651   499 Depreciation and amortization  3,685   3,695   7,390   7,451 Total operating expenses  168,116   145,772   352,658   293,010 Income from continuing operations  62,982   60,549   103,061   111,203 Other income, net            Interest income  956   2,134   2,627   5,232 Other (expense) income, net  (448)  430   (1,054)  128 Total other income, net  508   2,564   1,573   5,360 Income from continuing operations before income taxes  63,490   63,113   104,634   116,563 Provision for income taxes  14,297   14,124   23,213   25,500 Net income from continuing operations  49,193   48,989   81,421   91,063 Net loss from discontinued operations, net of tax benefits  —   (26,646)  —   (29,675)Consolidated net income $49,193  $22,343  $81,421  $61,388 Net income per share attributable to common stockholders            Basic            Continuing operations $0.55  $0.50  $0.88  $0.90 Consolidated $0.55  $0.23  $0.88  $0.61 Diluted            Continuing operations $0.54  $0.49  $0.87  $0.89 Consolidated $0.54  $0.22  $0.87  $0.60 Weighted-average number of shares of common stock used in computing net income per share attributable to common stockholders            Basic  90,131,442   98,889,893   92,082,411   100,980,676 Diluted  91,076,449   100,184,067   93,075,457   102,614,441  (1) For the three months ended June 30, 2026 and 2025, and for the six months ended June 30, 2026 and 2025, cost of revenue includes $4.2 million, $2.1 million, $7.7 million, and $4.0 million, respectively, of depreciation and amortization expense.
(2) For the three months ended June 30, 2026 and 2025, and for the six months ended June 30, 2025, there was no impairment recorded in cost of revenue. For the six months ended June 30, 2026, cost of revenue includes impairment of $0.5 million.

Unaudited Geographical Revenue
(in thousands)

  Three Months Ended  Six Months Ended   June 30,  June 30,   2026  2025  2026  2025 Revenue by Geographic Region            U.S. $226,272  $202,652  $446,261  $397,880 International  24,699   19,346   48,265   36,353 Total $250,971  $221,998  $494,526  $434,233  Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

  Three Months Ended  Six Months Ended   June 30,  June 30,   2026  2025  2026  2025 Operating Activities            Consolidated net income $49,193  $22,343  $81,421  $61,388 Adjustments to reconcile consolidated net income to net cash provided by operating activities            Depreciation and amortization  7,929   6,682   15,099   13,236 Currency loss (gain) on foreign denominated transactions  36   (292)  165   (457)Deferred taxes  3,639   (9,941)  4,693   (13,330)Provision for doubtful accounts  551   699   1,486   1,123 Stock-based compensation expense  13,358   13,025   26,630   25,925 Amortization of deferred financing costs  129   129   258   258 Amortization of deferred contract costs  5,047   4,004   9,749   7,814 Impairments  450   32,552   20,161   32,552 Changes in operating assets and liabilities            Accounts receivable  249   (847)  (3,410)  2,223 Inventory  —   (20)  —   (373)Prepaid expenses, prepaid income taxes, and other assets  8,331   2,093   12,997   8,894 Deferred contract costs  (5,304)  (4,685)  (9,716)  (9,429)Accounts payable  5,353   2,617   6,525   6,692 Accrued expenses, accrued income taxes, and other liabilities  6,900   2,388   (182)  (3,204)Deferred revenue  307   955   1,411   1,686 Lease obligations  (1,577)  1,417   (2,847)  6,000 Net cash provided by operating activities  94,591   73,119   164,440   140,998 Investing Activities            Purchases of property and equipment  (562)  (1,583)  (953)  (3,823)Capitalization of website development costs  (6,348)  (6,262)  (12,649)  (11,653)Net cash used in investing activities  (6,910)  (7,845)  (13,602)  (15,476)Financing Activities            Proceeds from issuance of common stock upon exercise of stock options  —   10   55   404 Payment of withholding taxes on net share settlements of restricted stock units  (6,987)  (6,345)  (13,596)  (15,330)Repurchases of common stock  (27,696)  (1,780)  (202,135)  (184,608)Payment of excise tax for repurchase of common stock  (2,654)  (682)  (2,654)  (682)Payment of finance lease obligations  (23)  (20)  (43)  (40)Change in gross advance payments received from third-party transaction processor  —   (243)  —   (281)Net cash used in financing activities  (37,360)  (9,060)  (218,373)  (200,537)Impact of foreign currency on cash, cash equivalents, and restricted cash  (234)  1,425   (847)  2,135 Net increase (decrease) in cash, cash equivalents, and restricted cash  50,087   57,639   (68,382)  (72,880)Cash, cash equivalents, and restricted cash at beginning of period  72,049   175,710   190,518   306,229 Cash, cash equivalents, and restricted cash at end of period $122,136  $233,349  $122,136  $233,349  Unaudited Reconciliation of GAAP Gross Profit from Continuing Operations to Non-GAAP Gross Profit from Continuing Operations and GAAP Gross Profit Margin from Continuing Operations to Non-GAAP Gross Profit Margin from Continuing Operations
(in thousands, except percentages)

  Three Months Ended  Six Months Ended   June 30,  June 30,   2026  2025  2026  2025 Revenue $250,971  $221,998  $494,526  $434,233 Cost of revenue  19,873   15,677   38,807   30,020 GAAP gross profit from continuing operations  231,098   206,321   455,719   404,213 Stock-based compensation expense included in cost of revenue  57   72   116   139 Impairments included in cost of revenue  —   —   510   — Non-GAAP gross profit from continuing operations $231,155  $206,393  $456,345  $404,352              GAAP gross profit margin from continuing operations  92%  93%  92%  93%Non-GAAP gross profit margin from continuing operations  92%  93%  92%  93% Unaudited Reconciliation of GAAP Net Income from Continuing Operations to Non-GAAP Net Income from Continuing Operations and GAAP Net Income from Continuing Operations Per Share Attributable to Common Stockholders to Non-GAAP Net Income from Continuing Operations Per Share Attributable to Common Stockholders
(in thousands, except per share data)

  Three Months Ended  Six Months Ended   June 30,  June 30,   2026  2025  2026  2025 GAAP net income from continuing operations $49,193  $48,989  $81,421  $91,063 Amortization of intangible assets  238   236   477   466 Stock-based compensation expense  13,358   12,517   26,630   24,900 Transaction-related expenses  —   5   —   7 Impairments  450   499   20,161   499 Income tax effects and adjustments  (2,847)  (4,860)  (12,725)  (9,247)Non-GAAP net income from continuing operations $60,392  $57,386  $115,964  $107,688 GAAP net income from continuing operations per share attributable to common stockholders            Basic $0.55  $0.50  $0.88  $0.90 Diluted $0.54  $0.49  $0.87  $0.89 Non-GAAP net income from continuing operations per share attributable to common stockholders            Basic $0.67  $0.58  $1.26  $1.07 Diluted $0.66  $0.57  $1.25  $1.05 Shares used in GAAP and Non-GAAP per share calculations            Basic  90,131   98,890   92,082   100,981 Diluted  91,076   100,184   93,075   102,614  Unaudited Reconciliation of GAAP Net Income from Continuing Operations to Non-GAAP Adjusted EBITDA from Continuing Operations and GAAP Net Income Margin from Continuing Operations to Non-GAAP Adjusted EBITDA Margin from Continuing Operations
(in thousands, except percentages)

  Three Months Ended  Six Months Ended   June 30,  June 30,   2026  2025  2026  2025 GAAP net income from continuing operations $49,193  $48,989  $81,421  $91,063 Depreciation and amortization  7,929   5,786   15,099   11,465 Stock-based compensation expense  13,358   12,517   26,630   24,900 Transaction-related expenses  —   5   —   7 Impairments  450   499   20,161   499 Other income, net  (508)  (2,564)  (1,573)  (5,360)Provision for income taxes  14,297   14,124   23,213   25,500 Non-GAAP adjusted EBITDA from continuing operations $84,719  $79,356  $164,951  $148,074              GAAP net income margin from continuing operations  20%  22%  16%  21%Non-GAAP adjusted EBITDA margin from continuing operations  34%  36%  33%  34% Unaudited Reconciliation of GAAP Expense from Continuing Operations to Non-GAAP Expense from Continuing Operations
(in thousands)

  Three Months Ended June 30, 2026   GAAP expense  Amortization of 
intangible assets  Stock-based 
compensation
expense  Transaction-
related expenses  Impairments  Non-GAAP
expense Cost of revenue $19,873  $—  $(57) $—  $—  $19,816 Sales and marketing  97,635   —   (2,969)  —   —   94,666 Product, technology, and development  38,137   —   (5,535)  —   —   32,602 General and administrative  28,209   —   (4,797)  —   —   23,412 Impairments  450   —   —   —   (450)  — Depreciation & amortization  3,685   (238)  —   —   —   3,447 Operating expenses from continuing operations(1) $168,116  $(238) $(13,301) $—  $(450) $154,127 Total cost of revenue and operating expenses from continuing operations $187,989  $(238) $(13,358) $—  $(450) $173,943                                         Three Months Ended June 30, 2025   GAAP expense  Amortization of 
intangible assets  Stock-based 
compensation
expense  Transaction-
related expenses  Impairments  Non-GAAP 
expense Cost of revenue $15,677  $—  $(72) $—  $—  $15,605 Sales and marketing  82,587   —   (2,851)  —   —   79,736 Product, technology, and development  33,725   —   (5,467)  (2)  —   28,256 General and administrative  25,266   —   (4,127)  (3)  —   21,136 Impairments  499   —   —   —   (499)  — Depreciation & amortization  3,695   (236)  —   —   —   3,459 Operating expenses from continuing operations(1) $145,772  $(236) $(12,445) $(5) $(499) $132,587 Total cost of revenue and operating expenses from continuing operations $161,449  $(236) $(12,517) $(5) $(499) $148,192                                         Six Months Ended June 30, 2026   GAAP expense  Amortization of 
intangible assets  Stock-based 
compensation
expense  Transaction-
related expenses  Impairments  
Non-GAAP
expense Cost of revenue $38,807  $—  $(116) $—  $(510) $38,181 Sales and marketing  195,119   —   (5,900)  —   —   189,219 Product, technology, and development  75,808   —   (11,036)  —   —   64,772 General and administrative  54,690   —   (9,578)  —   —   45,112 Impairments  19,651   —   —   —   (19,651)  — Depreciation & amortization  7,390   (477)  —   —   —   6,913 Operating expenses from continuing operations(1) $352,658  $(477) $(26,514) $—  $(19,651) $306,016 Total cost of revenue and operating expenses from continuing operations $391,465  $(477) $(26,630) $—  $(20,161) $344,197                      Six Months Ended June 30, 2025   GAAP expense  Amortization of 
intangible assets  Stock-based 
compensation
expense  Transaction-
related expenses  Impairments  
Non-GAAP
expense Cost of revenue $30,020  $—  $(139) $—  $—  $29,881 Sales and marketing  166,256   —   (5,576)  —   —   160,680 Product, technology, and development  68,753   —   (10,969)  (2)  —   57,782 General and administrative  50,051   —   (8,216)  (5)  —   41,830 Impairments  499   —   —   —   (499)  — Depreciation & amortization  7,451   (466)  —   —   —   6,985 Operating expenses from continuing operations(1) $293,010  $(466) $(24,761) $(7) $(499) $267,277 Total cost of revenue and operating expenses from continuing operations $323,030  $(466) $(24,900) $(7) $(499) $297,158  (1) Operating expenses include sales and marketing, product, technology, and development, general and administrative, impairments, and depreciation & amortization.

Unaudited Reconciliation of GAAP Net Cash, Cash Equivalents, and Restricted Cash Provided by Operating Activities to Non-GAAP Free Cash Flow
(in thousands)

  Three Months Ended  Six Months Ended   June 30,  June 30,   2026  2025  2026  2025 GAAP net cash, cash equivalents, and restricted cash provided by operating activities $94,591  $73,119  $164,440  $140,998 Purchases of property and equipment  (562)  (1,583)  (953)  (3,823)Capitalization of website development costs  (6,348)  (6,262)  (12,649)  (11,653)Non-GAAP free cash flow $87,681  $65,274  $150,838  $125,522  Non-GAAP Financial Measures and Other Business Metrics

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP"), we provide investors with certain non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included above, and not to rely on any single financial measure to evaluate our business.

While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis because we are unable to accurately predict without unreasonable effort the exact amount or timing of certain reconciling items between such GAAP and non-GAAP financial measures, including, as applicable, depreciation expenses, amortization of intangible assets, non-intangible amortization, stock-based compensation, transaction-related expenses, impairments, and income tax effects, we have provided a reconciliation of non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

We monitor operating measures of certain non-GAAP items including non-GAAP gross profit from continuing operations, non-GAAP gross margin from continuing operations, non-GAAP expense from continuing operations, non-GAAP net income from continuing operations, and non-GAAP net income from continuing operations per share attributable to common stockholders. These non-GAAP financial measures exclude the effect of amortization of intangible assets, stock-based compensation expense, transaction related-expenses, and impairments. Non-GAAP net income from continuing operations and non-GAAP net income from continuing operations per share attributable to common stockholders also exclude certain income tax effects and adjustments. Our calculations of non-GAAP net income from continuing operations per share attributable to common stockholders utilize applicable GAAP share counts as included in the accompanying financial statement tables included in this press release. In addition, we evaluate our non-GAAP gross profit from continuing operations in relation to our revenue. We refer to this as non-GAAP gross profit margin from continuing operations and define it as non-GAAP gross profit from continuing operations divided by total revenue. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

We define non-GAAP Adjusted EBITDA from continuing operations as net income from continuing operations adjusted to exclude: depreciation and amortization, stock-based compensation expense, transaction-related expenses, impairments, other income, net, and provision for income taxes. In addition, we evaluate our non-GAAP Adjusted EBITDA from continuing operations in relation to our revenue. We refer to this as non-GAAP Adjusted EBITDA margin from continuing operations and define it as non-GAAP Adjusted EBITDA from continuing operations divided by total revenue.

We have presented non-GAAP Adjusted EBITDA from continuing operations and non-GAAP Adjusted EBITDA margin from continuing operations because they are key measures used by our management and Board of Directors to understand and evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. We believe non-GAAP Adjusted EBITDA from continuing operations helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude. Accordingly, we believe that non-GAAP Adjusted EBITDA from continuing operations provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision making.

We define non-GAAP Free Cash Flow as cash flow from operations adjusted to include: purchases of property and equipment and capitalization of website development costs. We have presented non-GAAP Free Cash Flow because it is a measure of our financial performance that represents the cash that we are able to generate after expenditures required to maintain or expand our asset base.

We define a paying dealer as a dealer account with an active, paid subscription at the end of a defined period. The number of paying dealers we have is important to us and we believe it provides valuable information to investors because it is indicative of the value proposition of our products, as well as our sales and marketing success and opportunity, including our ability to retain paying dealers and develop new dealer relationships.

We define Quarterly Average Revenue per Subscribing Dealer (“QARSD”), which is measured at the end of a fiscal quarter, as the revenue primarily from subscription products during that trailing quarter divided by the average number of paying dealers during the quarter. We calculate the average number of paying dealers for a period by adding the number of paying dealers at the end of such period and the end of the prior period and dividing by two. This information is important to us, and we believe it provides useful information to investors, because we believe that our ability to grow QARSD is an indicator of the value proposition of our products and the return on investment that our paying dealers realize from our products. In addition, increases in QARSD, which we believe reflect the value of exposure to our engaged audience in relation to subscription cost, are driven in part by our ability to grow the volume of connections to our users and the quality of those connections, which result in increased opportunity to upsell package levels and cross-sell additional products to our paying dealers.

On July 22, 2026, CarGurus Inc CARG shares fell 4.0% to a current price of $33.67. This decline comes amidst a 52-week trading range of $26.39 to $39.42. Investors are evaluating the stock's performance against its intrinsic value as outlined by GuruFocus.

GF Value™ verdict: Current price of $33.67 is 17.3% undervalued compared to GF Value™ of $40.73.GF Score™ is 84/100, indicating a strong overall rating for the company.Notable signal: Insiders sold $0.8M in the last 3 months, with no buying activity reported. Is CARG Overvalued or Undervalued? The current price of CarGurus Inc at $33.67 is significantly below the GF Value™ estimate of $40.73, indicating that the stock is undervalued by approximately 17.3%. This discrepancy suggests a potential opportunity for investors, as it implies a margin of safety with respect to the intrinsic value. Given that the GF Valuation label is "Modestly Undervalued," it highlights the stock's attractiveness at its current price level while cautioning that market conditions and company performance should be considered before committing capital.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Therefore, while the stock appears to present a favorable buying opportunity, investors should remain vigilant about the broader market trends and CarGurus' operational performance moving forward.

How Does CARG's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 16.2x 36.9x Forward P/E 13.4x N/A CarGurus' current price-to-earnings (P/E) ratio of 16.2x is significantly below its 5-year median P/E of 36.9x, indicating that the stock is trading at a considerable discount to its historical valuation. The forward P/E of 13.4x further reinforces this perspective of undervaluation. This P/E analysis aligns with the GF Value™ verdict, suggesting that CarGurus presents a compelling investment case based on its historical earnings metrics.

What Does CARG's GF Score™ Tell Us? Metric Rating GF Score™ 84/100 Financial Strength 6/10 Profitability 8/10 Growth 7/10 Valuation 10/10 Momentum 5/10 The GF Score™ of 84/100 indicates that CarGurus Inc is a strong candidate for long-term investment potential. The company excels in the Valuation category with a perfect score of 10/10, suggesting that it is currently undervalued against its intrinsic worth. However, its Financial Strength rating of 6/10 points to some weaknesses in its balance sheet compared to its peers. Overall, the strong scores in Profitability (8/10) and Growth (7/10) reflect the company's ability to generate income and expand, which are pivotal for long-term success.

What Are Insiders Doing with CARG Stock? Recent insider activity shows that insiders have sold $0.8M worth of shares in the last three months, with no reported buying activity. This trend may suggest a level of caution from those closest to the company, potentially reflecting their outlook on short-term performance or company strategy. While insider selling can sometimes raise red flags, it's important to consider the broader context of the company's performance and market conditions before drawing conclusions.

What This Means for Investors Based on the GF Value™ assessment, CarGurus Inc CARG is currently undervalued at its price of $33.67, representing an opportunity for investors looking to capitalize on potential gains as the market corrects towards its intrinsic value of $40.73.

For the complete analysis, visit the CarGurus Inc CARG stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is CARG's GF Score™?

CARG's GF Score™ is 84/100, indicating a strong overall rating and potential for higher long-term returns based on historical performance metrics.

Is CARG overvalued or undervalued?

CARG is currently undervalued, with a GF Value™ of $40.73, suggesting that the stock is trading at a discount of approximately 17.3% to its intrinsic value.

What is CARG's P/E ratio?

CARG's current P/E ratio is 16.2x, which is significantly below its 5-year median of 36.9x, indicating that the stock is trading at a discount to its historical valuation metrics.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Building on its industry-leading commitment to trust and transparency, CarGurus is making it easier for shoppers to understand a car's total price while helping dealers build trust

BOSTON, July 20, 2026 (GLOBE NEWSWIRE) -- CarGurus, the No. 1 most visited automotive shopping site in the U.S.1, today announced enhanced price transparency features that give shoppers a better understanding of a vehicle's total price, and help dealers build trust earlier in the buying journey as expectations for clearer upfront pricing in automotive continue to rise. Updated Deal Ratings on used car inventory and improved badging and filters for listings with dealer-disclosed fees give shoppers more confidence in a car’s cost before visiting a dealership.

Starting this month, CarGurus’ Deal Ratings, trusted by tens of millions of shoppers each month to help evaluate vehicle prices, are available only on used listings where dealers disclose any mandatory fees charged outside of tax, title, and registration. Listings without fee information will receive a “No Rating” price analysis and will move lower in search results. As the No. 1 most visited site in the U.S.1, with the largest inventory and dealer base2, CarGurus’ leadership is helping move the industry toward a new standard of transparency.

CarGurus shoppers can easily understand upfront if dealer fees have been disclosed with new “Price includes fees” badges and filters that exclude listings missing fee details. When dealer fee information isn’t available, listing badges also flag that additional fees may apply.

“These updates reinforce the work CarGurus has led for decades to provide the most trustworthy car shopping experience that benefits consumers and dealers,” said Jason Trevisan, CEO of CarGurus. “Our enhancements address head-on one of the biggest pain points between the online and in-dealership experience: knowing whether the list price reflects the vehicle's total cost. The result is a better experience for both parties as shoppers can search and compare with a clearer picture of a vehicle’s price, and dealers can earn business from buyers who show up more informed and ready to act.”

Shoppers can explore the new dealer fee filters, badging, and price analysis features now at CarGurus.com.

About CarGurus, Inc.

CarGurus (Nasdaq: CARG) is the leading multinational automotive platform helping consumers and dealers confidently buy and sell vehicles. Founded in 2006 with a mission to bring more trust and transparency to car shopping, CarGurus is the No. 1 visited automotive shopping site in the U.S.1 with the largest selection of inventory and network of dealers.2 CarGurus’ unmatched selection, trusted automotive insights, and data-driven products and solutions support each shopper’s journey — from online research and shopping to in-dealership decisions — to empower them at every step. And, by translating data from billions of monthly site interactions, CarGurus provides dealers a personalized, predictive intelligence platform with software solutions that helps them run their businesses more efficiently and profitably at all stages of inventory acquisition and pricing, marketing, and conversion to sale.

CarGurus operates online marketplaces in the U.S., U.K., and Canada. The company’s network of brands includes PistonHeads, the largest online motoring community in the U.K.3, and Autolist, a U.S.- based online marketplace.

To learn more about CarGurus, visit www.cargurus.com.

1Similarweb: Traffic and Engagement Report (Cars.com, Autotrader.com, TrueCar.com, CARFAX.com
Listings (defined as CARFAX.com Total Visits minus Vehicle History Reports)), Q1 2026, U.S.
2Largest car shopping platform defined as most inventory and largest dealer network. Compared to Autotrader.com , Cars.com, TrueCar.com, and CARFAX (Joreca as of December 31, 2025).
3Similarweb: Traffic Insights, Q1 2026, U.K.

CarGurus® and Autolist® are each a registered trademark of CarGurus, Inc., and PistonHeads® is a registered trademark of CarGurus Ireland Limited in the U.K. and the European Union. All other product names, trademarks, and registered trademarks are property of their respective owners.

© 2026 CarGurus, Inc., All Rights Reserved.

Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
[email protected]

Investor Contact:
Kirndeep Singh
Vice President, Investor Relations
[email protected]

Photos accompanying this announcement are available at: 

https://www.globenewswire.com/NewsRoom/AttachmentNg/f6389909-b24f-4b42-82ea-ae469c83f3a5

https://www.globenewswire.com/NewsRoom/AttachmentNg/37bce39a-a838-41ae-bc68-cf89efddbb15

Posted by Defense World Staff on Apr 7th, 2026

SG Americas Securities LLC boosted its holdings in CarGurus, Inc. (NASDAQ:CARG – Free Report) by 61.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,812 shares of the company’s stock after purchasing an additional 14,788 shares during the quarter. SG Americas Securities LLC’s holdings in CarGurus were worth $1,488,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of CARG. Wealth Enhancement Advisory Services LLC grew its position in shares of CarGurus by 35.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,867 shares of the company’s stock worth $303,000 after purchasing an additional 2,049 shares in the last quarter. Occidental Asset Management LLC acquired a new stake in shares of CarGurus in the fourth quarter valued at approximately $307,000. GAMMA Investing LLC raised its position in shares of CarGurus by 22.3% in the fourth quarter. GAMMA Investing LLC now owns 5,547 shares of the company’s stock valued at $213,000 after buying an additional 1,012 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of CarGurus by 17.8% in the third quarter. JPMorgan Chase & Co. now owns 545,636 shares of the company’s stock valued at $20,314,000 after buying an additional 82,511 shares during the period. Finally, CIBC Bancorp USA Inc. bought a new stake in shares of CarGurus in the third quarter valued at approximately $327,000. Institutional investors own 86.90% of the company’s stock.

Analyst Ratings Changes CARG has been the topic of a number of recent research reports. Wall Street Zen lowered CarGurus from a “buy” rating to a “hold” rating in a research note on Sunday, February 15th. BTIG Research reduced their target price on CarGurus from $44.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 20th. DA Davidson decreased their price target on CarGurus from $37.50 to $33.50 and set a “neutral” rating on the stock in a research report on Friday, February 20th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of CarGurus in a research note on Monday, December 29th. Finally, Needham & Company LLC cut their price objective on shares of CarGurus from $44.00 to $37.00 and set a “buy” rating for the company in a research report on Thursday, February 5th. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $38.14.

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CarGurus Price Performance Shares of CARG opened at $34.75 on Tuesday. CarGurus, Inc. has a one year low of $24.65 and a one year high of $39.42. The company has a market cap of $3.31 billion, a P/E ratio of 22.42, a P/E/G ratio of 1.24 and a beta of 1.32. The firm has a 50 day simple moving average of $31.62 and a two-hundred day simple moving average of $34.59.

CarGurus (NASDAQ:CARG – Get Free Report) last issued its earnings results on Thursday, February 19th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. CarGurus had a return on equity of 47.50% and a net margin of 16.60%.The firm had revenue of $209.09 million for the quarter, compared to the consensus estimate of $239.07 million. During the same quarter last year, the business posted $0.55 EPS. The company’s revenue was up 14.7% compared to the same quarter last year. CarGurus has set its Q1 2026 guidance at 0.520-0.580 EPS. On average, analysts expect that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

Insider Buying and Selling at CarGurus In related news, CMO Dafna Sarnoff sold 5,445 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $33.04, for a total value of $179,902.80. Following the sale, the chief marketing officer directly owned 134,369 shares of the company’s stock, valued at $4,439,551.76. This trade represents a 3.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen Kaufer bought 30,766 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was acquired at an average price of $32.50 per share, for a total transaction of $999,895.00. Following the transaction, the director owned 323,939 shares of the company’s stock, valued at approximately $10,528,017.50. The trade was a 10.49% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 14,497 shares of company stock worth $484,038 over the last quarter. 16.99% of the stock is currently owned by company insiders.

CarGurus Company Profile (Free Report)

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company’s core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.

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Allspring Global Investments Holdings LLC trimmed its holdings in shares of CarGurus, Inc. (NASDAQ: CARG) by 40.2% in the undefined quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,941 shares of the company's stock after selling 61,183 shares during the period. Allspring

AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of CarGurus, Inc. (NASDAQ: CARG) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 55,100 shares of the company's stock, valued at approximately $2,113,000. AEGON ASSET MANAGEMENT UK Plc owned about 0.06%

Hyundai IONIQ 5 stands out in car shopping website's inaugural Confidence Awards CarGurus honors IONIQ 5 for delivering the best real-world EV experience 2026 IONIQ 5 delivers up to an EPA‑estimated 318 milesi of all-electric range with rapid 350kW DC fast‑chargingii capability IONIQ 5 is proudly assembled in the U.S. at Hyundai Motor Group Metaplant America (HMGMA) in Bryan County, GA , /PRNewswire/ -- Hyundai Motor America today announced that the 2026 Hyundai IONIQ 5 has been recognized with the "Best EV Experience" award in CarGurus' inaugural Confidence Awards. This new program highlights the top new vehicles that best meet the needs of today's car shoppers. IONIQ 5 is being honored for making electric vehicle ownership more intuitive, more confidence-inspiring and more accessible.

The Hyundai IONIQ 5 is photographed in Savannah, Ga., on April 20, 2026.

The Hyundai IONIQ 5 is photographed in Savannah, Ga., on April 20, 2026. "CarGurus' recognition highlights why IONIQ 5 continues to stand out. It is designed for the market. It fits into daily life with fast, predictable charging, a flexible and spacious interior, and intuitive systems that create a stable and attainable experience," said Olabisi Boyle, senior vice president, product planning and mobility strategy. "That is what helps to drive real adoption."

"The best EV experience isn't about the biggest battery or the fastest 0-60 — it's about a car that removes friction from your daily life," said David Undercoffler, head of consumer insights at CarGurus. "That was the standard we held every candidate to, and the Hyundai IONIQ 5 was the easy winner. Regardless of your budget, use case, charging habits, or experience with electric vehicles, the IONIQ 5 just does everything right."

Redefining the Electric Vehicle Segment
The Hyundai IONIQ 5, built on Hyundai Motor Group's dedicated E-GMP platform, continues to set benchmarks in the electric SUV segment with:

DC ultra-fast charging capability (10–80% in ~18 minutes under optimal conditions) Standard NACS port for superior public charging station access Spacious, flat-floor interior design optimized for comfort and flexibility Advanced driver assistance and connectivity features Distinctive retro-futuristic design language Competitive real-world driving range and efficiency Assembled in the U.S. quality About CarGurus, Inc.
CarGurus (Nasdaq: CARG) is the leading multinational automotive platform helping consumers and dealers confidently buy and sell vehicles. Founded in 2006 with a mission to bring more trust and transparency to car shopping, CarGurus is the No.1 visited automotive shopping site in the U.S.iii with the largest selection of inventory and network of dealers.iv CarGurus' unmatched selection, trusted automotive insights, and data-driven products and solutions support each shopper's journey — from online research and shopping to in-dealership decisions — to empower them at every step. And, by translating data from billions of monthly site interactions, CarGurus provides dealers a personalized, predictive intelligence platform with software solutions that helps them run their businesses more efficiently and profitably at all stages of inventory acquisition and pricing, marketing, and conversion to sale. To learn more about CarGurus, visit www.cargurus.com

Hyundai Motor America
Hyundai Motor America offers U.S. consumers a technology-rich lineup of cars, SUVs, and electrified vehicles, while supporting Hyundai Motor Company's Progress for Humanity vision. Hyundai has significant operations in the U.S., including its North American headquarters in California, the Hyundai Motor Manufacturing Alabama assembly plant, the all-new Hyundai Motor Group Metaplant America, several cutting-edge R&D facilities and more than 855 independent dealers. These operations are part of Hyundai Motor Group, which is investing $26 billion in the U.S. from 2025 to 2028. For more information, visit www.hyundainews.com.

Hyundai Motor America on Twitter | YouTube | Facebook | Instagram | LinkedIn | TikTok

i EPA-estimated 318 mile driving range for 2026 IONIQ 5 SE/SEL/Limited RWD; 290 mile driving range for 2026 IONIQ 5 SE/SEL AWD; 269 mile driving range for 2026 IONIQ 5 Limited AWD; 259 mile driving range for 2026 IONIQ 5 XRT AWD; and 245 mile driving range for 2026 IONIQ 5 SE RWD (Standard Range). All figures are EPA estimates and based on a fully charged battery. For comparison purposes only. Battery capacity decreases with time and use. Actual range will vary based on a number of factors, including vehicle options, driving conditions and habits, vehicle and battery's condition, battery temperature and outside temperature.

ii Approximately 20 minutes to charge from 10% to 80% on a 350-kW, 800V DC ultra-fast charger using the CCS adapter included with the 2026 IONIQ 5.  Actual charging time varies based on a number of factors, including current battery charge level, output of the charging unit, vehicle and battery settings, battery temperature and outside temperature.  Ultra-fast charging stations are provided by independent companies and availability is not guaranteed.

iii Similarweb: Traffic and Engagement Report [Cars.com, Autotrader.com, TrueCar.com, CARFAX.com Listings (defined as CARFAX.com Total Visits minus Vehicle History Reports)], Q4 2025, U.S.

iv Compared to Autotrader.com , Cars.com, TrueCar.com, and CARFAX (Joreca as of December 31, 2025).

SOURCE Hyundai Motor America

Image: Bigstock

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CarGurus (CARG - Free Report) reported $243.56 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 8.2%. EPS of $0.58 for the same period compares to $0.46 a year ago.

The reported revenue represents a surprise of +0.03% over the Zacks Consensus Estimate of $243.49 million. With the consensus EPS estimate being $0.56, the EPS surprise was +4.04%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how CarGurus performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Paying Dealers - U.S: 26,116 versus the three-analyst average estimate of 26,262.Paying Dealers - International: 8,480 compared to the 8,545 average estimate based on three analysts.Quarterly Average Revenue per Subscribing Dealer (QARSD) - Consolidated: $6,647.00 compared to the $6,636.30 average estimate based on three analysts.Paying Dealers - Total: 34,596 compared to the 34,807 average estimate based on three analysts.Quarterly Average Revenue per Subscribing Dealer (QARSD) - International: $2,468.00 versus the two-analyst average estimate of $2,445.94.Quarterly Average Revenue per Subscribing Dealer (QARSD) - United States: $7,996.00 compared to the $7,954.26 average estimate based on two analysts.View all Key Company Metrics for CarGurus here>>>

Shares of CarGurus have returned +8.2% over the past month versus the Zacks S&P 500 composite's +11.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Published in earnings earnings-estimates-revisions earnings-surprise

CarGurus, Inc. (CARG) Q1 2026 Earnings Call Transcript

Cars.com is a value trap despite a post-Q1 earnings rebound. The company faced flat revenue trends and weak dealer retention, which stands in stark contrast to larger rival CarGurus. Traffic is declining, while the company is facing flat dealer counts and flat average revenue (compared to mid-teens growth for CarGurus).

CarGurus, Inc. (CARG) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript

BOSTON, May 26, 2026 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited automotive shopping site in the U.S.1, today announced that Jason Trevisan, Chief Executive Officer, is scheduled to participate in a fireside chat at the BofA Securities 2026 Global Technology Conference on Tuesday, June 2, 2026, at 1:00 PM ET.

3 Cheap Stocks That Shouldn't Be This LowCarGurus NASDAQ: CARG highlighted its recent growth, artificial intelligence initiatives and dealer product strategy during a company discussion in which a CarGurus speaker identified as Jason addressed investor questions about valuation, guidance and the evolving online auto-shopping market.

Jason said the company is “very proud” of its recent performance, citing 15% year-over-year growth in the first quarter and multiple years of double-digit growth. He said that growth has been driven largely by product innovation and product expansion, while adjusted EBITDA margins remain “in the 30s.”

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CarMax Is Firing on All Pistons as Growth Returns He also pointed to earnings per share and free cash flow per share growth as potentially underappreciated, saying EPS grew at a compound annual growth rate of more than 50% from 2023 to 2025 as the company repurchased shares.

AI Strategy Centers on Research, Consideration and Purchase Jason said CarGurus views the consumer car-shopping journey in three segments: research, consideration and purchase. Research involves determining what type of vehicle a consumer may want, consideration focuses on identifying the right vehicle, and purchase covers the transaction experience with the dealer.

CarGurus Stock is Set for a Rally This Quarter, Above all PeersHe said the company is working to make that journey a “full AI modal experience” for consumers. According to Jason, AI can shift the experience from curated information to an “expert guide” that makes recommendations, reduce the human effort involved in a process that often takes three to four months, and improve outcomes for both consumers and dealers by reducing information asymmetry.

“We don’t believe that car shopping is going to be a zero-click experience,” Jason said, adding that vehicle purchases are too important and complex for consumers to rely only on a superficial interaction.

CarGurus has launched an app in the ChatGPT app marketplace, which Jason said was the first in its category. He said traffic from large language models remains small at about 1% of total traffic, but converts at roughly twice the rate of normal traffic.

Much of that traffic enters through Discover, the company’s AI virtual assistant. Jason said users of Discover provide detailed information about their needs, such as family situation, weather conditions and desired driving characteristics, allowing CarGurus to recommend specific makes, models and trims.

Dealer Tools Focus on Conversion and Data Jason said CarGurus is using consumer data to create more useful profiles for dealers through tools such as Shopper Signals. That product can give dealership staff information about why a consumer is interested in a particular vehicle, which he said can help improve conversion when the consumer arrives at the dealership.

Another product, Digital Deal, lets consumers complete parts of the transaction on CarGurus’ site before visiting a dealer. Those steps can include getting a trade-in value, placing a deposit, setting an appointment and buying finance and insurance products from the dealer.

Jason said the challenge for dealers is not a lack of data but changing dealership behavior. He said CarGurus’ Dealer Performance Partners group works with hundreds of dealers each year to help them use the company’s platform and best practices. He said that group can sometimes double a dealer customer’s conversion rate.

Data Advantage Described as Part of the Moat Jason said data is an important part of CarGurus’ competitive position, though not the only part. He said there are about 42,000 to 45,000 dealers in the U.S. and about 65,000 dealers across the U.S., U.K. and Canada. In the U.S., he said CarGurus has about 26,000 paying dealers and more than 30,000 dealers on its site due to a freemium model.

He said the company collects about half a billion data points per day around pricing, inventory and consumer demand. CarGurus also receives feeds from dealers and integrates with dealer systems, converting unstructured vehicle information into data that can support comparisons, pricing validation, deduplication and deal ratings.

“That is all data, but it’s data over time, some of which is proprietary, and it’s what we do with that that makes that a moat,” Jason said.

In response to an analyst question, Jason said CarGurus has about 85% of U.S. vehicle inventory on its site, which he described as the largest of anyone. He said the missing inventory is more likely to come from very small dealers, rural dealers with high-price strategies or some “buy here, pay here” dealers where CarGurus does not view the listed price as fair or validated.

Product Expansion Drives Dealer Revenue Jason said CarGurus maintained its full-year guidance after the first quarter and guided to double-digit growth. He said revenue growth is being driven primarily by quarterly average revenue per subscribing dealer, or QARSD, along with dealer rooftop growth.

In the U.S., Jason said QARSD is about $7,500 per quarter, or roughly $2,500 per month per dealer. He said QARSD has been growing at a high-single-digit to low-double-digit rate for many quarters. The main drivers are upselling dealers to higher package tiers and cross-selling additional products.

He cited New Car Exposure and PriceVantage as examples of recently launched products. New Car Exposure allows dealers to market specific new cars in more sophisticated ways, while PriceVantage is a pricing product in the inventory category. Jason said the two products, launched in the fourth quarter, are expected to grow 15-fold this year and become an eight-figure revenue stream combined.

He also discussed Dealership Mode, a feature in the CarGurus app designed to help consumers compare cars and understand financing while at the dealership. Jason said about 80% of consumers checking in through Dealership Mode had not submitted a traditional lead, suggesting another channel of value for dealers.

Capital Allocation Includes Investment, M&A and Buybacks Jason said CarGurus’ capital allocation priorities are investing in the business, pursuing mergers and acquisitions, and returning capital to shareholders. He said the company continues to invest heavily in innovation, particularly as it expands into software, data and AI-driven consumer experiences.

He said CarGurus has repurchased nearly 30% of the company over the past three to four years, totaling almost $900 million of shares. In the first quarter, the company repurchased $175 million of stock and has a $250 million share repurchase authorization for the current calendar year.

Jason said the company evaluates buybacks based on free cash flow yield, adding that management believes the current level is attractive as the company sees a long runway for durable growth.

About CarGurus NASDAQ: CARGCarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company's core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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