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EX-99.1

2 carg-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

CarGurus Announces First Quarter 2026 Results Q1’26 revenue grew 15% YoY to $244 million, at the midpoint of our guidance range

Q1’26 GAAP Net Income from continuing operations of $32.2 million, down 23% YoY; Non-GAAP Adjusted EBITDA from continuing operations of $80.2 million, above the high end of our guidance range

Repurchased $175 million worth of shares in Q1’26; total repurchases since December 2022 represent 29% of shares outstanding

BOSTON, May 7, 2026 - CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited automotive shopping site in the U.S.1, today announced financial results for the first quarter ended March 31, 2026.

“We are pleased with our first quarter results, as we sustained our momentum with revenue growing 15% year-over-year as we continued to invest in AI-led product innovation across dealer pillars and the consumer journey,” said Jason Trevisan, Chief Executive Officer at CarGurus. "We are embedding data and predictive intelligence more directly into dealer decision-making across inventory, marketing, and lead conversion while transforming the consumer experience with AI-powered solutions that help consumers shop with greater confidence. We believe that our product innovation engine positions us well to extend our leadership and sustain long-term growth.”

1

First Quarter Financial Highlights

Below are our financial highlights from continuing operations(1) for the three months ended March 31, 2026.

Three Months Ended

March 31, 2026

Results (in millions)

Variance from Prior Year

Revenue

$

243.6

15

%

Gross Profit (2)

$

224.6

14

%

% Margin

92

%

(102) bps

Operating Expenses (2)

$

184.5

25

%

GAAP Net Income from continuing operations (2)

$

32.2

(23

)%

% Margin

13

%

(659) bps

Non-GAAP Adjusted EBITDA from continuing operations (3)

$

80.2

17

%

% Margin (3)

33

%

56 bps

Cash and Cash Equivalents at period end

$

72.0

(62

)%

(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 March 31, 2026 or December 31, 2025. No results of operations were classified as discontinued operations for the three months ended March 31, 2026. The Unaudited Condensed Consolidated Income Statement for the three months ended March 31, 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 March 31, 2025, related to discontinued operations has not been separately reclassified and are included within the period referenced.

(2) During the three months ended March 31, 2026, we recorded $19.7 million of impairments, inclusive of $0.5 million recorded to cost of revenue and $19.2 million recorded to operating expenses. During the three months ended March 31, 2025, there was no impairment recorded.

(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.

Three Months Ended

March 31, 2026

Results

Variance from Prior Year

Key Performance Indicators (1)

U.S. Paying Dealers

26,116

4

%

International Paying Dealers

8,480

17

%

Total Paying Dealers

34,596

7

%

U.S. QARSD

$

7,996

9

%

International QARSD

$

2,468

19

%

Consolidated QARSD

$

6,647

8

%

(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.

2

Second 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.

Second Quarter 2026 Guidance Metrics

Values

Total revenue

$247.0 million to $252.0 million

Non-GAAP Adjusted EBITDA from continuing operations

$77.5 million to $85.5 million

Non-GAAP Earnings per Share from continuing operations

$0.57 to $0.64

Full-Year 2026 Guidance Metrics

Values

Revenue change YoY

10% to 13%

Non-GAAP Adjusted EBITDA from continuing operations margin change YoY

(1.5)% to (2.5)%

The second quarter 2026 non-GAAP earnings per share from continuing operations calculations assumes 91.0 million diluted weighted-average common shares outstanding.

The assumptions that are built into guidance for the second quarter and full-year 2026 regarding our pace of paid dealer acquisition, churn, and expansion activity for t

8-K

false000149425900014942592026-02-192026-02-19

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 19, 2026

CarGurus, Inc. (Exact name of Registrant as Specified in Its Charter)

Delaware

001-38233

04-3843478

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1001 Boylston Street, 16th Floor Boston, Massachusetts 02115

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (617) 354-0068

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.001 per share

CARG

The Nasdaq Stock Market LLC (Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On February 19, 2026, CarGurus, Inc. (the “Company”) announced its financial results for the quarter and year ended December 31, 2025. The full text of the press release issued by the Company in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The press release attached as Exhibit 99.1 hereto is being furnished pursuant to Item 2.02 of this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits. (d) Exhibits.

Exhibit No.

Description

99.1

Press Release of CarGurus, Inc., dated February 19, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CARGURUS, INC.

Date: February 19, 2026

By:

/s/ Jason Trevisan

Name: Jason Trevisan

Title: Chief Executive Officer