CarGurus, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Income Statements
(in thousands, except share and per share data)
| Three Months EndedSeptember 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | ||||
| Marketplace | $231,653 | $204,019 | $665,886 | $586,405 |
| Wholesale | 2,249 | 12,107 | 16,271 | 41,351 |
| Product | 4,794 | 15,232 | 15,730 | 38,090 |
| Total revenue | 238,696 | 231,358 | 697,887 | 665,846 |
| Cost of revenue (1) | ||||
| Marketplace | 16,946 | 13,521 | 46,755 | 41,051 |
| Wholesale (2) | 3,366 | 20,415 | 17,883 | 47,272 |
| Product | 4,852 | 14,871 | 15,628 | 37,567 |
| Total cost of revenue | 25,164 | 48,807 | 80,266 | 125,890 |
| Gross profit | 213,532 | 182,551 | 617,621 | 539,956 |
| Operating expenses | ||||
| Sales and marketing | 89,368 | 81,216 | 260,421 | 245,801 |
| Product, technology, and development | 36,316 | 36,359 | 106,936 | 108,484 |
| General and administrative | 28,463 | 28,187 | 82,305 | 83,682 |
| Impairments | — | 7,026 | 29,633 | 134,501 |
| Depreciation and amortization | 4,711 | 2,329 | 13,053 | 7,354 |
| Total operating expenses | 158,858 | 155,117 | 492,348 | 579,822 |
| Income (loss) from operations | 54,674 | 27,434 | 125,273 | (39,866) |
| Other income, net | ||||
| Interest income | 2,292 | 2,717 | 7,524 | 9,063 |
| Other (expense) income, net | (399) | (94) | (271) | 122 |
| Total other income, net | 1,893 | 2,623 | 7,253 | 9,185 |
| Income (loss) before income taxes | 56,567 | 30,057 | 132,526 | (30,681) |
| Provision for (benefit from) income taxes | 11,850 | 7,546 | 26,421 | (5,772) |
| Net income (loss) | $44,717 | $22,511 | $106,105 | $(24,909) |
| Net income (loss) per share attributable to common stockholders (Note 12) | ||||
| Basic | $0.46 | $0.22 | $1.06 | $(0.24) |
| Diluted | $0.45 | $0.21 | $1.04 | $(0.24) |
| Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders | ||||
| Basic | 98,170,081 | 103,321,988 | 100,033,516 | 104,769,518 |
| Diluted | 99,722,575 | 105,059,283 | 101,640,190 | 104,769,518 |
(1)
For thethree months ended September 30, 2025 and 2024 and for the nine months ended September 30, 2025 and 2024, cost of revenue includes depreciation and amortization expense of$2,645,$2,849,$7,539, and$10,968, respectively.
(2)
Forthe three months ended September 30, 2025, there wasno impairment recorded in cost of revenue. For thethree months ended September 30, 2024 and for the nine months ended September 30, 2025 and 2024, cost of revenue includes impairment of$9,750,$2,919, and$9,930, respectively.
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