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CarGurus cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$79.8M in Q3 2026 · $325M over twelve months

Operating cash flow$80.8M
Capital spending−$996K
Free cash flow+$79.8M
Cash / net income1.5×

Analysis

In Q3 2026, CarGurus generated $80.8M of operating cash flow and spent $996K on capital projects, leaving free cash flow of $79.8M. That is $10.0M more than in Q3 2025 ($69.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $328M; the largest uses were buybacks ($282M), other financing ($32.1M), other investing ($24.1M); besides operations, cash came from shares issued ($100K); the cash balance fell by $13.9M.

Operating cash flow was $80.8M against net income of $52.8M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$13.0M, depreciation & amortization +$8.7M, payables −$4.6M.

Free cash flow

CarGurus: free cash flow by quarterCarGurus: free cash flow by quarter$65.5MQ4 2024$65.6MQ1 2025$71.5MQ2 2025$69.8MQ3 2025$81.9MQ4 2025$69.5MQ1 2026$94.0MQ2 2026$79.8MQ3 2026
Operating cash flow less capital spending.
CarGurus: operating cash flow against capital spendingCarGurus: operating cash flow against capital spendingOperating cash flowCapital spending$75.7M$10.2MQ4 2024$67.9M$2.2MQ1 2025$73.1M$1.6MQ2 2025$71.2M$1.4MQ3 2025$83.1M$1.2MQ4 2025$69.8M$391KQ1 2026$94.6M$562KQ2 2026$80.8M$996KQ3 2026
Latest (Q3 2026): Operating cash flow $80.8M, Capital spending $996K.

Capital allocation, year by year

CarGurus: where the cash came from (up) and went (down), by fiscal yearCarGurus: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $98.3MFY2021: Net borrowing −$14.3MFY2021: Shares issued $663KFY2021: Capital spending −$7.7MFY2021: Acquisitions −$64.3M$99.0MFY2021FY2022: Operating cash flow $256MFY2022: Net borrowing −$68KFY2022: Shares issued $721KFY2022: Capital spending −$5.9MFY2022: Buybacks −$14.4M$257MFY2022FY2023: Operating cash flow $125MFY2023: Net borrowing −$70KFY2023: Shares issued $74KFY2023: Asset sales $460KFY2023: Capital spending −$24.6MFY2023: Buybacks −$209M$125MFY2023FY2024: Operating cash flow $255MFY2024: Net borrowing −$75KFY2024: Shares issued $4.9MFY2024: Capital spending −$75.2MFY2024: Buybacks −$146M$260MFY2024FY2025: Operating cash flow $295MFY2025: Net borrowing −$81KFY2025: Shares issued $474KFY2025: Capital spending −$6.4MFY2025: Buybacks −$352M$296MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were buybacks ($721M) and capital spending ($120M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$165M
Debtnone
Net cash$165M

CarGurus funds itself: free cash flow was $325M over the last twelve months, with $165M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

CarGurus: sources (+) and uses (−) of cash, Q3 2026CarGurus: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$80.8MCash drawn (+) / kept (−)−$42.8MBuybacks−$22.9MOther financing−$8.1MOther investing−$5.9MCapital spending−$996KExchange rates−$56KNet borrowing (+) / repaid (−)−$22K
CarGurus: sources (+) and uses (−) of cash, TTM to Q3 2026CarGurus: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$328MBuybacks−$282MOther financing−$32.1MOther investing−$24.1MCash drawn (+) / kept (−)$13.9MCapital spending−$3.1MExchange rates−$897KShares issued$100KNet borrowing (+) / repaid (−)−$86K

From profit to cash

CarGurus: net income to operating cash flow, Q3 2026CarGurus: net income to operating cash flow, Q3 2026Net income$52.8MDepreciation & amortization$8.7MStock-based pay$13.0MReceivables−$4.0MPayables−$4.6MDeferred revenue$680KContract assets−$3.8MPrepaid and other assets$1.8MOperating cash flow$80.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2025163171-153
Q2 2025175182-160
Q1 2025174162-142
Q4 2024182224-204

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$80.8M−$996K−$22.9M−$22K—−$42.8M$79.8M
Q2 2026$94.6M−$562K−$27.7M−$23K—−$50.1M$94.0M
Q1 2026$69.8M−$391K−$174M−$20K$55K$118M$69.5M
Q4 2025$83.1M−$1.2M−$57.0M−$21K$45K−$11.7M$81.9M
Q3 2025$71.2M−$1.4M−$110M−$20K$25K$54.5M$69.8M
Q2 2025$73.1M−$1.6M−$1.8M−$20K$10K−$57.6M$71.5M
Q1 2025$67.9M−$2.2M−$183M−$20K$394K$131M$65.6M
Q4 2024$75.7M−$10.2M—−$19K$4.8M−$55.5M$65.5M

CarGurus: income statement and cash flow

CarGurus, Q3 2026: revenue $258M (+12% year over year), operating margin 26.3%. The chart follows the revenue to costs, profit and cash.

CarGurus: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.