The earnings call presented a predominantly positive outlook with strong revenue growth, significant international expansion, and successful product innovations. While there were challenges such as the wind down of CarOffer and potential impacts from cookie consent regulations, the highlights considerably outweighed the lowlights.

Company Guidance

During the CarGurus Third Quarter 2025 Earnings Call, the company provided guidance indicating strong performance and growth prospects. For the fourth quarter of 2025, CarGurus expects Marketplace revenue to be between $236 million and $241 million, representing a year-over-year growth of 12% to 15%. The full-year Marketplace revenue is projected to range from $902 million to $907 million, translating to a 13% to 14% increase from the previous year. Marketplace adjusted EBITDA for the fourth quarter is anticipated to be within $83 million to $91 million, reflecting a 5% to 15% year-over-year increase, while the full-year adjusted EBITDA is expected to be between $313 million and $321 million, marking an 18% to 21% growth. These figures underscore CarGurus' strategic focus on expanding its Marketplace and enhancing product offerings to drive long-term growth.

Strong Marketplace Revenue Growth

Marketplace revenue grew approximately 14% year-over-year, driven by dealer upgrades, broader adoption of add-on products, and increased lead quality.

International Expansion Success

International operations saw revenue growth of 27% year-over-year, with significant contributions from Canada and the U.K.

Introduction of PriceVantage

Launched PriceVantage, a machine learning-based pricing tool, leading to improved dealer profitability and faster inventory turnover.

Expanded Dealer Network

Added 1,989 net new dealers globally year-over-year, supported by stronger retention.

Increased AI Utilization

91% of employees report using AI weekly, driving faster execution, sharper insights, and greater collaboration.

Positive Financial Performance

Adjusted EBITDA up 21% year-over-year, with a non-GAAP gross margin increase of about 650 basis points year-over-year.

CarGurus (CARG) Earnings, Revenues Date & History

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CARG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 19, 2026	2025 (Q4)	0.63 / -	0.55	―	―	―
Nov 06, 2025	2025 (Q3)	0.55 / 0.57	0.45	26.67% (+0.12)
Aug 07, 2025	2025 (Q2)	0.54 / 0.57	0.41	39.02% (+0.16)
May 08, 2025	2025 (Q1)	0.44 / 0.46	0.32	43.75% (+0.14)
Feb 20, 2025	2024 (Q4)	0.52 / 0.55	0.35	57.14% (+0.20)
Nov 07, 2024	2024 (Q3)	0.43 / 0.45	0.34	32.35% (+0.11)
Aug 08, 2024	2024 (Q2)	0.34 / 0.41	0.29	41.38% (+0.12)
May 09, 2024	2024 (Q1)	0.28 / 0.32	0.26	23.08% (+0.06)
Feb 26, 2024	2023 (Q4)	0.34 / 0.35	0.22	59.09% (+0.13)
Nov 07, 2023	2023 (Q3)	0.26 / 0.34	0.21	61.90% (+0.13)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CARG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 06, 2025	$33.13	$33.34	+0.63%
Aug 07, 2025	$31.41	$29.11	-7.32%
May 08, 2025	$27.95	$31.08	+11.20%
Feb 20, 2025	$37.59	$31.15	-17.13%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.