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Q2 2026 Earnings Presentation August 6 , 2026 CarGurus ™
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This presentation includes forward - looking statements . Other than statements of historical facts, all statements contained in this presentation, including statements regarding our future financial and operating results ; our third quarter and full year 2026 financial and business performance, including guidance ; our plans to focus on technology and analytics that will enable smarter sourcing and pricing decisions ; our business and growth strategy and our plans to execute on our growth strategy ; our ability to grow our business profitably and efficiently ; our expectation that we will continue to invest in growth initiatives ; our capital allocation and investment strategy ; our plans relating to share repurchases ; the attractiveness and value proposition of our current offerings and other product opportunities ; the potential of, and expectations for, our current offerings and other product opportunities ; our ability to maintain existing and acquire new customers ; addressable opportunities ; our ability to quickly make transformations necessary for our business to achieve long - term goals ; our ability to overcome challenges facing the automotive industry ecosystem, including inventory supply problems, global supply chain challenges, including disruptions to pre - existing supply chains and vendor relations, changes to trade policies or tariff regulations, financial market volatility and disruption, increased interest rates, inflationary concerns, and other macroeconomic issues, including uncertain or volatile economic conditions in the U . S . and abroad ; and other statements regarding our plans, prospects, and expectations, are forward - looking statements . The words “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “guide,” “guidance,” “intend,” “may,” “might,” “plan,” “potential,” “predicts,” “projects,” “seeks,” “should,” “target,” “will,” “would,” and similar expressions and their negatives are intended to identify forward - looking statements . We have based these forward - looking statements on our current expectations and projections about future events and financial trends that we reasonably believe may affect our financial condition, results of operations, business strategy, short - term and long - term business operations and objectives, and financial needs . You should not rely upon forward - looking statements as predictions of future events . These forward - looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including risks related to our growth and our ability to grow our revenue ; our relationships with dealers ; competition in the markets in which we operate ; market growth ; our ability to innovate ; increased inflation and interest rates, global supply chain challenges, changes in international trade policies, including tariffs, volatile economic conditions, and other macroeconomic issues ; the impact of changes in tax law and related guidance and regulations that may be implemented, including on tax rates, our business, and our financial results ; the impact of new or improved technologies, including artificial intelligence, on our business, operations, and strategy ; changes in our key personnel ; natural disasters, epidemics, or pandemics ; and our ability to operate in compliance with applicable laws as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10 - K and Quarterly Reports on Form 10 - Q and other reports we file with the U . S . Securities and Exchange Commission (SEC) . These factors could cause actual results and developments to be materially different from those expressed in or implied by such statements . Forward - looking statements do not guarantee future performance and actual results may differ materially from those projected . The forward - looking statements are made only as of the date of this presentation, and we undertake no obligation to update such forward - looking statements to reflect subsequent events or circumstance . This presentation also contains estimates and other statistical data, including those relating to our industry and the market in which we operate, that we have obtained or derived from internally - prepared studies and surveys, third - party studies, and industry publications and reports as well as other publicly available information prepared by a number of third - party sources . We rely on both internal data and Google Analytics 4 for data relating to our own key business metrics and, for consistency, we rely on Similarweb, Joreca , and, as applicable, third - party studies for data relating to comparisons with our competitors . Google Analytics 4 , Similarweb, Joreca , and applicable third - party studies use different methodologies to derive their data and therefore their data for similar statistics are not comparable . These third - party studies and industry publications and reports generally indicate that they have obtained their information from sources believed to be reliable, but do not guarantee the accuracy and completeness of their information . This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates, as there is no assurance that any of them will be reached . Based on our experience, we believe that these third - party studies and industry publications and reports are reliable and that the conclusions contained therein are reasonable . In addition, you are cautioned not to rely on our extrapolations of internally - prepared studies and surveys and/or third - party studies, as these are estimates involving a number of assumptions and limitations, which we are unable to ensure will be reached . In addition to the financial measures contained in this presentation that are prepared in accordance with U . S . Generally Accepted Accounting Principles (GAAP), this presentation includes certain non - GAAP financial measures and other business metrics . The presentation of non - GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP . While our non - GAAP financial measures and other business metrics are an important tool for financial and operational decision - making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of the non - GAAP financial measures to the comparable GAAP financial measure included in the Appendix to this presentation, and not to rely on any single financial measure to evaluate our business . CarGurus® and Autolist ® are each a registered trademark of CarGurus, Inc . and PistonHeads ® is a registered trademark of CarGurus Ireland Limited in the U . K . and the European Union . All other product names, trademarks, and registered trademarks are property of their respective owners . We have omitted the ® and designations, as applicable, for the trademarks used in this presentation . © 2026 CarGurus, Inc . All Rights Reserved . Cautionary Note Regarding Forward - Looking Statements
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3 206.4 214.8 222.7 225.2 231.2 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 222.0 231.7 241.1 243.6 251.0 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 1. Please see the Appendix for additional information regarding the presentation of discontinued operations and the change in ou r r eportable segments, including related financial statement impacts. 2. Please see the Appendix for a reconciliation of th ese non - GAAP measure s. Revenue from continuing operations 1 ($ millions) Non - GAAP Gross Profit from continuing operations 2 ($ millions) % YoY Non - GAAP Gross Profit M argin from continuing operations 2 Non - GAAP Adjusted EBITDA from continuing operations 2 ($ millions) Financial Highlights: Q2 202 6 13 % 15 % 15 % 13% 93 % 92 % 92 % 92 % Non - GAAP Adjusted EBITDA M argin from continuing operations 2 36 % 37 % 33 % 34 % Revenue from continuing operations 1 grew 13% YoY in Q2’2 6 with 34% non - GAAP adjusted EBITDA margin from continuing operations 2 93 % 36 % 79.4 82.4 88.5 80.2 84.7 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 13 %
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4 Drivers of Value Creation: Q2 202 6 Updates Embedding data and intelligence across dealer pillars and further into consumer decision - making ● PriceVantage bookings grew >50% QoQ with a higher AOS ● PriceVantage dealers saw a median 15% lift in VDPs and 9% lift in leads per listing after adoption 1 ● Since early February, VINMax - promoted listings have sold 23% faster 2 and received 34% more leads per day 3 than comparable listings ● >80% open rate on weekly competitive digest email Expand Products Into Integral Parts of Dealer Workflow Across Four Pillars ● Launched Guru, our end - to - end consumer - facing brand for all our AI capabilities across the platform ● Guru - driven leads grew 60% sequentially ● Introduced conversational AI - guided consumer experience in the U.K. and Canada ● Sell My Car enhancements increased funnel conversion and drove significant incremental leads Transform Car Shopping Into a Trusted, AI - Led Consumer Journey ● Investing in AI - driven product innovation in 2026 across dealer pillars and the consumer journey ● Converted 103 % of our adjusted EBITDA , or $88 million , to non - GAAP free cash flow in the second quarter ● Repurchased 947K shares for total consideration of $29 million in Q2’26 ● Since Q4’22 , we have repurchased ~$925M in shares, >30% of shares outstanding Disciplined Capital Deployment with Aim of Growing Earnings Power and Stockholder Value 1. CarGurus data comparing pre/post lift for the 60 - day window before adoption to the 60 - day window after across all active PriceVa ntage users as of July 28, 2026. Lifts are seasonally adjusted for market - wide trends over the same calendar period. Median used in place of mean due to strong outliers . 2. Based on median sell time of 10,310 boosted and 23,999 matched control listings, Feb 1 – Jul 13, 2026. Matched on boost date, re ason for boosting, vehicle make, quality score ( ± 0.02), exposure score ( ± 0.02), and vehicle age ( ± 1 year). 3. Based on average leads per day for 10,288 boosted and 24,186 matched control listings, Feb 1 – Jul 13, 2026. Matched on boost da te, VINMax model version, vehicle make, quality score ( ± 0.02), exposure score ( ± 0.02), and vehicle age ( ± 1 year)
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5 25,478 25,743 26,045 26,116 26,151 7,617 7,930 8,360 8,480 8,478 33,095 33,673 34,405 34,596 34,629 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 U.S. International $7,533 $7,742 $7,937 $7,996 $8,134 $2,309 $2,375 $2,413 $2,468 $2,568 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 U.S. International 1. As defined in our Form 10 - Q for the quarterly period ended June 30, 2026, filed with the SEC on August 6, 2026. 2. Market Probe International, blinded survey of 651 dealers, July – August 2025. Based on 321 dealers who pay for at least two lis tings sites. QARSD 1 Paying Dealers 1 U.S. + 8.0 % YoY U.S. + 2.6 % YoY High - Single - Digit YoY QARSD Growth; Continued Expansion of Paying Dealer Base Int’l + 11.2 % YoY #1 in satisfaction with lead volume, quality & ROI by our franchise dealers 3 Average sessions per dealer increased 28% YoY in Q2'26 Drivers of QARSD 1 Grew dealer footprint while we increased monetization through: Like - for - like price increases Subscription upgrades Add - on products Lead quantity and quality Ranked #1 by dealers in ROI among listings sites 2 Dealer Growth & Engagement For the third consecutive quarter, new product adoption was the largest driver of the sequential increase in QARSD Int’l + 11.3 % YoY Largest dealer network among U.S. listings competitors 4 3. CarGurus Net Promoter Score (NPS) survey analysis of 242 US dealers that pay for CarGurus and at least one other competitor ( CAR FAX, Autotrader, or Cars) in Q1'25. 4. Compared to Autotrader.com, Cars.com, TrueCar.com, and CARFAX.com (Joreca Q2’26).
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6 1. As defined in our Form 10 - Q for the quarterly period ended June 30, 2026, filed with the SEC on August 6, 2026. QARSD Growth + Paying Dealer Count Growth: Primary Drivers of Revenue Growth Q3’25 Q4’25 Q1’26 Q2’26 Consolidated QARSD 1 – YoY Growth 7.5% 7.7% 7.7% 6.6% Consolidated Paying Dealer Count 1 – YoY Growth 6.3% 7.5% 6.9% 4.6% Sum of QARSD + Paying Dealer Count Growth 13.8% 15.2% 14.6% 11.3% Revenue from Continuing Operations - YoY Growth 13.2% 14.7% 14.8% 13.1% QARSD growth (+7% YoY)… … + Paying Dealer Count growth (+5% YoY)… … roughly approximates Revenue from continuing operations growth of +13% YoY
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7 Q2'25 Q2'26 CarGurus Competitor 1 Competitor 2 Competitor 3 Competitor 4 U.S. Average Monthly Visitors 2 (millions) Market - leading C onsumer E xperience 1. Compared to Autotrader.com, Cars.com, TrueCar.com, and CARFAX.com (Joreca as of June 30, 2026). 2. Similarweb, Traffic and Engagement Report (CARFAX .com Listings (defined as CARFAX.com Total visits minus Vehicle History Reports traffic ), Autotrader.com, Cars.com, TrueCar .com, Q2’26 . 3. Net promoter score data; April 1, 2026 – June 30, 2026; sample size=537. Note: SimilarWeb data does not include app, our fastest - growing channel #1 Most Visited listings site in the U.S. 2 Audience Scale #1 Largest Inventory of vehicles in the U.S. 1 Dealer Adoption 87% of buyers state they would recommend CarGurus to a friend 3 Consumer Recommended
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8 Balanced Capital Allocation Strategy to Maximize Stockholder Value 2023 2024 2025 Q2’26 YTD Shares repurchased (m) 11.1 6.4 10.8 6.3 Weighted Avg. Price $18.43 $22.98 $32.65 $32.48 W eighted Avg. Diluted Shares Outstanding 1 111.0 106.1 96.8 91.1 $204 $146 $352 $204 $0 $50 $100 $150 $200 $250 $300 $350 $400 2023 2024 2025 Q2'26 YTD millions $0 $100 $200 $300 $400 $500 $600 2023 2024 2025 millions Sales & Marketing Expense Product, Technology & Development Expense Investments in Growth Returning Value to Stockholders 1 2 3 Selective M&A 1. Weighted average shares outstanding reflects fourth quarter weighted average shares outstanding for 2023, 2024, and 2025; for 20 26, this reflects second quarter 2026 weighted average shares outstanding.
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9 Guidance for the third quarter 2026 non - GAAP earnings per share from continuing operations calculations assumes 90.0 million diluted weighted - average common shares outstanding. The assumptions that are built into guidance for the third quarter and full - year 2026 regarding our pace of paid dealer acquisit ion, churn, and expansion activity for the relevant period are based on recent market trends and industry conditions. Guidance for the third quarter and full - year 2026 excludes macro - level industry is sues that result in dealers and consumers materially changing their recent market trends or that cause us to enact measures to assist dealers. Guidance also excludes any potential impact of future for eig n currency exchange gains or losses. CarGurus may incur charges, realize gains or losses, or experience other events or circumstances in 2026 that could cause any of these assumptions to change and/ or actual results to vary from this guidance. CarGurus has not reconciled its guidance of non - GAAP Adjusted EBITDA from continuing operations to GAAP net income from continui ng operations or non - GAAP earnings per share from continuing operations to GAAP earnings per share from continuing operations because we are unable to accurately predict without unreason abl e effort the exact amount or timing of certain reconciling items between such GAAP and non - GAAP financial measures, including, as applicable, depreciation expenses, amortization of intangible a ssets, non - intangible amortization, stock - based compensation, impairments, other income, net, and income tax effects. The variability of these reconciling items could have a significant i mpa ct on our future GAAP reported results. Q3’26 Total revenue $ 253.5 million to $ 258.5 million Non - GAAP Adjusted EBITDA from continuing operations $ 82 million to $ 90 million Non - GAAP Earnings Per Share from continuing operations $0. 63 to $0. 69 Third Quarter and Updated Full Year 2026 Guidance 2026 Revenue Change YoY 10% to 13% Non - GAAP Adjusted EBITDA from continuing operations margin change YoY (0.5)% to (1.5)%
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Appendix 10
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11 In August 2025 our Board of Directors determined, after considering all reasonably available options and a broader strategic reassessment, that it was in the best interests of our stockholders to wind down CarOffer , LLC ( CarOffer ) . The wind - down of CarOffer was completed and the business was considered abandoned for accounting purposes 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 June 30 , 2026 or December 31 , 2025 . No results of operations were classified as discontinued operations for the three and six months ended June 30 , 2026 . The Unaudited Condensed Consolidated Income Statement for the three and six months ended June 30 , 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 Comprehensive Income, Unaudited Condensed Consolidated Statement of Stockholders’ Equity, and the Unaudited Condensed Consolidated Statement of Cash Flows as of June 30 , 2025 , related to discontinued operations have not been separately reclassified and are included within each for the period referenced . Beginning in the fourth quarter of 2025 , in connection with the wind - down of CarOffer , our chief executive officer, who acts as the chief operating decision maker (CODM), began to manage our business, make operating decisions, and evaluate operating performance based on consolidated results . Accordingly, the change led to revisions to the nature and substance of information regularly provided to and used by the CODM, and served to align our reported results with our ongoing growth strategy . As a result, beginning in the fourth quarter of 2025 , we report our financial results as a single reportable segment . Discontinued Operations and Reportable Segments
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12 1. We define Non - GAAP Gross Profit from Continuing Operations as the difference between GAAP Revenue and GAAP Cost of Revenue adjus ted for the impact of Stock - Based Compensation Expense and Impairments in GAAP Cost of Revenue. 2. We define GAAP Gross Profit Margin from Continuing Operations as GAAP Gross Profit from Continuing Operations divided by GAAP Re venue from Continuing Operations . 3. We define Non - GAAP Gross Profit Margin from Continuing Operations as Non - GAAP Gross Profit from Continuing Operations divided by GAAP Revenue from Continuing Operations . ($ thousands) Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 GAAP Revenue $ 221,998 $ 231,653 $ 241,094 $ 243,555 $ 250,971 GAAP Cost of Revenue 15,677 16,946 18,501 18,934 19,873 GAAP Gross Profit from Continuing Operations $ 206,321 $ 214,707 $ 222,593 $ 224,621 $ 231,098 Impact of Stock - Based Compensation Expense included in GAAP Cost of Revenue 72 70 68 59 57 Impact of Impairments included in GAAP Cost of Revenue - - - 510 - Non - GAAP Gross Profit from Continuing Operations 1 $ 206,393 $ 214,777 $ 222,661 $ 225,190 $ 231,155 GAAP Gross Profit Margin from Continuing Operations 2 93% 93% 92% 92% 92% Non - GAAP Gross Profit Margin from Continuing Operations 3 93% 93% 92% 92% 92% Reconciliation of GAAP Gross Profit and Margin from Continuing Operations to Non - GAAP Gross Profit and Margin from Continuing Operations
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13 1. We define Non - GAAP Adjusted EBITDA from Continuing Operations as GAAP Net Income from Continuing Operations adjusted to exclude : Depreciation and Amortization ; Stock - Based Compensation Expense ; Transaction - Related Expenses ; Impairments ; Other Income, Net ; and Provision for Income Taxes . 2. We define GAAP Net Income Margin from Continuing Operations as GAAP Net Income from Continuing Operations divided by GAAP Revenue from Continuing Operations . 3. We define Non - GAAP Adjusted EBITDA Margin from Continuing Operations as Non - GAAP Adjusted EBITDA from Continuing Operations divided by GAAP Revenue from Continuing Operations . ($ thousands) Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 GAAP Net Income from Continuing Operations $ 48,989 $ 51,941 $ 53,738 $ 32,228 $ 49,193 Impact of Depreciation and Amortization 5,786 6,308 7,514 7,170 7,929 Impact of Stock - Based Compensation Expense 12,517 12,026 11,827 13,272 13,358 Impact of Transaction - Related Expenses 5 (2) — — — Impact of Impairments 499 — — 19,711 450 Impact of Other Income, Net (2,564) (1,883) ( 1,146 ) ( 1,065 ) (508) Impact of Provision for Income Taxes 14,124 14,057 16,535 8,916 14,297 Non - GAAP Adjusted EBITDA from Continuing Operations 1 $ 79,356 $ 82,447 $ 88,468 $ 80,232 $ 84,719 GAAP Net Income Margin from Continuing Operations 2 22% 22% 22% 13% 20% Non - GAAP Adjusted EBITDA Margin from Continuing Operations 3 36% 36% 37% 33% 34% Reconciliation of GAAP Net Income from Continuing Operations to Non - GAAP Adjusted EBITDA and Margin from Continuing Operations