CarGurus Adds 1,357 U.S. Dealers, Q4 Revenue Up 15% to $241M
CarGurus reported Q4 revenue of $241 million (+15% Y/Y) and added 1,357 paying U.S. dealers, driving GAAP EPS of $0.56 and non-GAAP EPS of $0.63 and non-GAAP EBITDA to $88 million (+13%). Full-year revenue hit $907 million (+14%) with adjusted EBITDA up 25% to $319 million.
1. Q4 and Full-Year Financial Results
CarGurus reported Q4 revenue of $241 million, up 15% year-over-year, with GAAP EPS of $0.56 (+24%) and non-GAAP EPS of $0.63 (+17%). Non-GAAP EBITDA rose 13% to $88 million with a 37% margin, while full-year revenue reached $907 million (+14%) and adjusted EBITDA climbed 25% to $319 million.
2. Dealer Growth and Subscription Metrics
U.S. paying dealer count rose by 1,357 year-over-year to 26,049, while global paying dealers increased by 2,399 to 34,409. Quarterly average revenue per subscribing dealer reached $7,938 in the U.S. and $2,413 internationally, supporting retention at its highest level in three years.
3. AI-Driven Product Initiatives
The company ingested 500 million shopper signals daily and launched Price Vantage, CG Discover and Dealer Data Insights, with 60% of dealers using Dealer Data Insights and 80% of Price Vantage adopters active weekly. CG Discover traffic tripled and leads grew tenfold quarter-over-quarter.
4. CarOffer Wind Down and Capital Allocation
CarOffer was fully wound down with $13.3 million in exit costs, and CarGurus ended 2025 with $191 million cash. The company repurchased $350 million in shares in 2025, authorized a new $250 million buyback through 2026, and guided Q1 revenue of $240.5–$245.5 million.