Filing Flows › CarGurus (CARG) › Q4 2025
CarGurus (CARG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
CarGurus (CARG) reported revenue of $241M for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and +4% from the quarter before. Operating margin was 49.4%, net earnings $49.8M (20.7% of revenue).
CarGurus, Q4 2025: revenue $241M (+15% year over year), operating margin 49.4%, net earnings $49.8M, operating cash flow $83.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $241M | +4% | +15% |
| Gross profit | $223M | +4% | +14% |
| Operating profit | $119M | +118% | -40% |
| Net earnings | $49.8M | +11% | +9% |
| Operating cash flow | $83.1M | +17% | +10% |
| Free cash flow | $81.9M | +17% | +25% |
What changed
Revenue was $241.1M in Q4 2025, up 15% year over year and up 4% from the previous quarter.
Gross margin was 92.3%, down 0.9 points from a year earlier. Operating profit was $119.2M, a 49.4% margin (down 44.3 points year over year). Operating profit fell $77.8M even though revenue rose $30.9M versus a year earlier, so costs grew faster than sales. Net earnings were $49.8M, up 9% year over year. The effective tax rate was 37.3%.
Operating cash flow was $83.1M (up 10% year over year), 167% of net earnings. Non-cash charges added back $7.8M of depreciation and amortization and $11.9M of share-based compensation. Working capital and other items added $13.7M. Capital expenditures of $1.2M left free cash flow of $81.9M.
Questions
What was CarGurus' revenue in the fourth quarter 2025?
CarGurus (CARG) reported revenue of $241M for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and +4% from the quarter before.
Was CarGurus profitable in the fourth quarter 2025?
Operating profit was $119M (49.4% of revenue) and net earnings $49.8M.
Source: CarGurus 10-K on SEC EDGAR.