0001193125-26-211983 | 10-Q | XBRL Viewer

Name & Title

Date Adopted

Aggregate Number of Shares of Class A Common Stock to be Purchased or Sold Pursuant to Trading Arrangement

Expiration Date(1)

Javier Zamora,
General Counsel and Corporate Secretary

March 2, 2026

Up to 54,453 shares to be sold(2)

February 16, 2027

Print Document

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited (the “Unaudited Condensed Consolidated Financial Statements”). The Unaudited Condensed Consolidated Financial Statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Unaudited Condensed Consolidated Financial Statements have also been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for the fair presentation of the Company’s financial statements for interim periods. These interim period results are not necessarily indicative of the results to be expected for any other interim period or the full year. The Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 19, 2026 (the “Annual Report”). The Company has 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 Comprehensive Income, Unaudited Condensed Consolidated Statement of Stockholders’ Equity, and the Unaudited Condensed Consolidated Statement of Cash Flows as of March 31, 2025, related to discontinued operations have not been separately reclassified and are included within each for the period referenced. Unless indicated otherwise, the information in these notes to the Unaudited Condensed Consolidated Financial Statements relates to the Company’s continuing operations and does not include the results of discontinued operations. For further information on discontinued operations, refer to Note 3 of the Unaudited Condensed Consolidated Financial Statements. Principles of Consolidation The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Subsequent Event Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the Unaudited Condensed Consolidated Financial Statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. The Company has evaluated all subsequent events and determined that there are no material recognized or unrecognized subsequent events requiring disclosure. Use of Estimates The preparation of the Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Changes in estimates are recognized in the period in which they become known. Critical estimates relied upon in preparing the Unaudited Condensed Consolidated Financial Statements include the determination of variable consideration in the Company’s revenue recognition and the capitalization and useful lives of product, technology, and development costs for website development, internal-use software, and hosting arrangements. Accordingly, the Company considers these to be its critical accounting estimates, and believes that of the Company’s significant accounting policies, these involve the greatest degree of judgment and complexity. Concentration of Credit Risk The Company has no significant off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, trade accounts receivable, and other receivables. The Company maintains its cash and cash equivalents, principally with accredited financial institutions of high credit standing. Although the Company deposits its cash and cash equivalents with multiple financial institutions, its deposits with each such financial institution exceed governmental insured limits. The Company routinely assesses the creditworthiness of its customers and does not require collateral. The Company generally has not experienced any material losses related to receivables from individual customers or groups of customers. The Company had no material losses related to receivables as the losses were dispersed across a large number of customers. Due to this factor, no additional credit risk beyond amounts provided for collection losses was believed by management to be probable in the Company’s accounts receivable and other receivables. As of March 31, 2026 and December 31, 2025, a payment processor for several hundred dealer accounts represented 10.5% and 10.8%, respectively, of net accounts receivable and other receivables. The related accounts receivable balance included unbilled and billed receivables. The concentration was driven by the timing of payments pursuant to the agreement with the payment processor. The remainder of the accounts receivable was dispersed among more than 1,000 customers. Therefore, the Company does not believe there is significant credit risk with respect to accounts receivable. For the three months ended March 31, 2026 and 2025, no customer accounted for more than 10% of total revenue. As of March 31, 2026 and December 31, 2025, $15.6 million and $16.8 million, respectively, was included in accounts receivable, net representing unbilled accounts receivable relating primarily to both dealers and advertising customers invoiced in the period subsequent to services being rendered and revenue recognition adjustments for Company offered discounts given to dealers in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Significant Accounting Policies The Unaudited Condensed Consolidated Financial Statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the Unaudited Condensed Consolidated Financial Statements. As of March 31, 2026, there have been no material changes in the Company’s significant accounting policies, which are detailed in the Annual Report. Recent Accounting Pronouncements Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies and adopted by the Company on or prior to the specified effective date. Unless otherwise disclosed below, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. As of March 31, 2026, there are no new accounting pronouncements that the Company is considering adopting, other than those described below. In September 2025 the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which clarifies and modernizes the guidance to reflect the evolution of software development from a sequential to an agile development method. ASU 2025-06 removes all references to project development stages to reflect this change in software development and requires capitalization of software costs to begin when management has authorized and committed to funding the project and it is probable the project will be completed and used to perform the intended function. ASU 2025-06 does not change what internal-use software costs can be capitalized or when such capitalization ceases. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. ASU 2025-06 may be adopted either prospectively, using a modified transition approach, or retrospectively. The Company is currently evaluating the impact of ASU 2025-06 on its future consolidated financial statements and related disclosures. In November 2024 the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to provide more detailed expense information and requires additional disaggregated disclosures in the notes to the financial statements for categories of expenses that are included on the face of the income statement. ASU 2024-03 is effective for the fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 may be applied either prospectively to financial statements issued for periods after the effective date of ASU 2024-03 or retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its future consolidated financial statements and related disclosures.

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 32,228	$ 39,045
Other comprehensive income
Foreign currency translation adjustment	(979)	1,238
Consolidated comprehensive income	$ 31,249	$ 40,283

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Stock-based Compensation and Common Stock Share Repurchases

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation and Common Stock Share Repurchases

10. Stock-based Compensation and Common Stock Share Repurchases

Stock-based Compensation Expense

For the three months ended March 31, 2026 and 2025, stock-based compensation expense, consisting primarily of restricted stock units, was recognized in the Unaudited Condensed Consolidated Income Statements was as follows:


	Three Months Ended March 31,
	2026		2025
	(dollars in thousands)
Cost of revenue	$	59	$	67
Sales and marketing expense		2,931		2,725
Product, technology, and development expense		5,501		5,502
General and administrative expense		4,781		4,089
Total stock-based compensation expense from continuing operations		13,272		12,383
Total stock-based compensation expense from discontinued operations		—		517
Total	$	13,272	$	12,900

For the three months ended March 31, 2026 and 2025, consolidated stock-based compensation expense excluded $1.5 million and $1.6 million, respectively, of capitalized website development costs, capitalized internal-use software costs, and capitalized hosting arrangements.

Common Stock Share Repurchase Programs

In February 2026 the Company announced that the Board authorized a program pursuant to which it may purchase up to $250.0 million of its Class A common stock (the “2026 Share Repurchase Program”). Share repurchases under the 2026 Share Repurchase Program may be made through a variety of methods, including but not limited to open market purchases, privately negotiated transactions, and transactions that may be effected pursuant to one or more plans under Rule 10b5-1 and/or Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The 2026 Share Repurchase Program does not obligate the Company to repurchase any minimum dollar amount or number of shares. The 2026 Share Repurchase Program has an expiration date of December 31, 2026, and prior to its expiration may be modified, suspended, or discontinued by the Board at any time without prior notice. All repurchased shares under the 2026 Share Repurchase Program will be retired. The Company has funded share repurchases and expects to continue to fund share repurchases under the 2026 Share Repurchase Program through cash on hand and cash generated from operations.

In November 2024 the Company announced that the Board authorized a program pursuant to which it may purchase up to $200.0 million of its Class A common stock (the “Original 2025 Share Repurchase Program”). In August 2025 the Company announced that the Board amended the Original 2025 Share Repurchase Program to increase the authorization by an additional $150.0 million, for a total authorization to purchase up to $350.0 million of its Class A common stock, and extended the expiration of the Original 2025 Share Repurchase Program from December 31, 2025 to July 31, 2026 (as amended, the “2025 Share Repurchase Program”). The 2025 Share Repurchase Program was completed in November 2025. All repurchased shares under the 2025 Share Repurchase Program were retired.

During the three months ended March 31, 2026, the Company repurchased and retired 5,341,712 shares of its Class A common stock for $175.0 million, exclusive of commissions and excise tax, at an average cost of $32.76 per share, under the 2026 Share Repurchase Program. As of March 31, 2026, the Company had remaining authorization to purchase up to $75.0 million of its Class A common stock under the 2026 Share Repurchase Program.

During the three months ended March 31, 2025, the Company repurchased and retired 5,919,435 shares of its Class A common stock for $184.2 million, exclusive of commissions and excise tax, at an average cost of $31.12 per share, under the 2025 Share Repurchase Program. The 2025 Share Repurchase Program was completed in November 2025.

Organization and Business Description	3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]
Organization and Business Description	1. Organization and Business Description CarGurus, Inc. (the “Company” or “CarGurus”) is a multinational automotive platform helping consumers and dealers confidently buy and sell vehicles. Founded in 2006 with a mission to bring more trust and transparency to car shopping, CarGurus is an automotive shopping site in the U.S. CarGurus’ selection, trusted automotive insights, and data-driven products and solutions support each shopper’s journey – from online research and shopping to in-dealership decisions – to empower them at every step. CarGurus provides dealers a personalized, predictive intelligence platform with software solutions that helps them run their businesses more efficiently and profitably at all stages of inventory acquisition and pricing, marketing, and conversion to sale. The wind-down of CarOffer, LLC (“CarOffer”) was completed and the business was considered abandoned for accounting purposes as of December 31, 2025. For further information, refer to Note 3 of the Unaudited Condensed Consolidated Financial Statements (as defined below). The Company operates principally in the U.S., where it also operates the Autolist online marketplace as an independent brand. The Company also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.K. it also operates the PistonHeads online marketplace as an independent brand. The Company has subsidiaries in the U.S., Canada, Ireland, and the U.K. Effective as of the fourth quarter of 2025 the Company revised its segment reporting from two reportable segments to one reportable segment, in connection with the wind-down of CarOffer and as a result of the Chief Operating Decision Maker (“CODM”) managing the business, making operating decisions, and evaluating operating performance on a consolidated basis. For further segment reporting and geographic information, refer to Note 13 of the Unaudited Condensed Consolidated Financial Statements. The Company is subject to a number of risks and uncertainties common to companies in its and similar industries and stages of development including but not limited to rapid technological changes, competition from substitute products and services from larger companies, management of international activities, protection of proprietary rights, litigation, and dependence on key individuals.

Organization and Business Description

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Organization and Business Description

1. Organization and Business Description

CarGurus, Inc. (the “Company” or “CarGurus”) is a multinational automotive platform helping consumers and dealers confidently buy and sell vehicles. Founded in 2006 with a mission to bring more trust and transparency to car shopping, CarGurus is an automotive shopping site in the U.S. CarGurus’ selection, trusted automotive insights, and data-driven products and solutions support each shopper’s journey – from online research and shopping to in-dealership decisions – to empower them at every step. CarGurus provides dealers a personalized, predictive intelligence platform with software solutions that helps them run their businesses more efficiently and profitably at all stages of inventory acquisition and pricing, marketing, and conversion to sale.

The wind-down of CarOffer, LLC (“CarOffer”) was completed and the business was considered abandoned for accounting purposes as of December 31, 2025. For further information, refer to Note 3 of the Unaudited Condensed Consolidated Financial Statements (as defined below).

The Company operates principally in the U.S., where it also operates the Autolist online marketplace as an independent brand. The Company also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.K. it also operates the PistonHeads online marketplace as an independent brand.

The Company has subsidiaries in the U.S., Canada, Ireland, and the U.K. Effective as of the fourth quarter of 2025 the Company revised its segment reporting from two reportable segments to one reportable segment, in connection with the wind-down of CarOffer and as a result of the Chief Operating Decision Maker (“CODM”) managing the business, making operating decisions, and evaluating operating performance on a consolidated basis. For further segment reporting and geographic information, refer to Note 13 of the Unaudited Condensed Consolidated Financial Statements.

The Company is subject to a number of risks and uncertainties common to companies in its and similar industries and stages of development including but not limited to rapid technological changes, competition from substitute products and services from larger companies, management of international activities, protection of proprietary rights, litigation, and dependence on key individuals.

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Beginning balance at Dec. 31, 2024	$ 541,689			$ 89	$ 15	$ 169,013	$ 375,119	$ (2,547)
Beginning balance, Shares at Dec. 31, 2024				89,002,571	14,986,745
Consolidated net income	39,045						39,045
Stock–based compensation expense	14,538					14,538
Issuance of common stock upon exercise of stock options	394					394
Issuance of common stock upon exercise of stock options, Shares				16,426
Issuance of common stock upon vesting of restricted stock units, Shares				715,951
Withholding taxes on net share settlements of restricted stock units	(8,987)					(8,987)
Withholding taxes on net share settlements of restricted stock units, Shares				(251,366)
Repurchase of common stock	(185,867)	$ (184,200)		$ (6)		(168,183)	(17,678)
Repurchase of common stock, Shares				(5,919,435)
Conversion of common stock				$ 1	$ (1)
Conversion of common stock, shares issued				770,495	(770,495)
Foreign currency translation adjustment	1,238							1,238
Ending balance at Mar. 31, 2025	402,050			$ 84	$ 14	6,775	396,486	(1,309)
Ending balance, Shares at Mar. 31, 2025				84,334,642	14,216,250
Beginning balance at Dec. 31, 2025	374,198			$ 81	$ 14	10,297	362,380	1,426
Beginning balance, Shares at Dec. 31, 2025		80,667,475	14,216,250	80,667,475	14,216,250
Consolidated net income	32,228						32,228
Stock–based compensation expense	14,806					14,806
Issuance of common stock upon exercise of stock options	55					55
Issuance of common stock upon exercise of stock options, Shares				8,053
Issuance of common stock upon vesting of restricted stock units	(1)					(1)
Issuance of common stock upon vesting of restricted stock units, Shares				519,758
Withholding taxes on net share settlements of restricted stock units	(6,565)					(6,565)
Withholding taxes on net share settlements of restricted stock units, Shares				(179,965)
Repurchase of common stock	(176,614)	$ (175,000)		$ (5)		(11,816)	(164,793)
Repurchase of common stock, Shares				(5,341,712)
Foreign currency translation adjustment	(979)							(979)
Ending balance at Mar. 31, 2026	$ 237,128			$ 76	$ 14	$ 6,776	$ 229,815	$ 447
Ending balance, Shares at Mar. 31, 2026		75,673,609	14,216,250	75,673,609	14,216,250

Impairments - Schedule of Impairments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill [Line Items]
Right-of-use assets	$ 14,700
Total	19,711	$ 0
Capitalized Website Development
Goodwill [Line Items]
Total	$ 500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Discontinued Operations - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]
Assets of discontinued operations	$ 0	$ 0	$ 0
Liabilities of discontinued operations	0	0	$ 0
Wind-down total expenditure incurred	$ 13,300,000
Restructuring cost incurred and paid		$ 5,400,000

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

4. Revenue Recognition

The Company provides disaggregation of revenue by geographic region. Revenue by geographic region is disaggregated by (i) U.S. and (ii) International regions as disclosed in Note 13 of the Unaudited Condensed Consolidated Financial Statements. The Company believes these categories best depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of the relevant quarter end.

For contracts with an original expected duration greater than one year, the aggregate amount of the transaction price allocated to the performance obligations that were unsatisfied as of March 31, 2026, was approximately $71.3 million, the majority of which the Company expects to recognize over the next 12 months.

For contracts with an original expected duration of one year or less, the Company has applied the practical expedient available under ASC 606 to not disclose the amount of transaction price allocated to unsatisfied performance obligations as of March 31, 2026. For performance obligations not satisfied as of March 31, 2026, and to which this expedient applies, the nature of the performance obligations, the variable consideration, and any consideration from contracts with customers not included in the transaction price is consistent with performance obligations satisfied as of March 31, 2026.

For the three months ended March 31, 2026 and 2025, revenue recognized from amounts included in deferred revenue at the beginning of the period was $23.6 million and $21.5 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Discontinued Operations - Summary of Significant Non-cash Items and Capital Expenditures of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capitalized expenditures	$ (6,301)	$ (5,391)
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization		875
Capitalized expenditures		(951)
Stock-based compensation expense		$ 517

Impairments - Summary of Changes in Carrying Value of Goodwill (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Goodwill [Line Items]
Balance as of December 31, 2024	$ 28,397
Balance as of September 30, 2025	$ 28,030

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities
Consolidated net income	$ 32,228	$ 39,045
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	7,170	6,554
Currency loss (gain) on foreign denominated transactions	129	(165)
Deferred taxes	1,054	(3,389)
Provision for doubtful accounts	935	424
Stock-based compensation expense	13,272	12,900
Amortization of deferred financing costs	129	129
Amortization of deferred contract costs	4,702	3,810
Impairments	19,711	0
Changes in operating assets and liabilities
Accounts receivable	(3,659)	3,070
Inventory	0	(353)
Prepaid expenses, prepaid income taxes, and other assets	4,666	6,801
Deferred contract costs	(4,412)	(4,744)
Accounts payable	1,172	4,075
Accrued expenses, accrued income taxes, and other liabilities	(7,082)	(5,592)
Deferred revenue	1,104	731
Lease obligations	(1,270)	4,583
Net cash provided by operating activities	69,849	67,879
Investing Activities
Purchases of property and equipment	(391)	(2,240)
Capitalization of website development costs	(6,301)	(5,391)
Net cash used in investing activities	(6,692)	(7,631)
Financing Activities
Proceeds from issuance of common stock upon exercise of stock options	55	394
Payment of withholding taxes on net share settlements of restricted stock units	(6,609)	(8,985)
Repurchases of common stock	(174,439)	(182,828)
Payment of finance lease obligations	(20)	(20)
Change in gross advance payments received from third-party transaction processor	0	(38)
Net cash used in financing activities	(181,013)	(191,477)
Impact of foreign currency on cash, cash equivalents, and restricted cash	(613)	710
Net decrease in cash, cash equivalents, and restricted cash	(118,469)	(130,519)
Cash, cash equivalents, and restricted cash at beginning of period	190,518	306,229
Cash, cash equivalents, and restricted cash at end of period	72,049	175,710
Supplemental disclosure of cash flow information
(Refunds) or cash paid for income taxes, net	(5,510)	700
Cash paid for operating lease liabilities	5,769	2,558
Cash paid for interest	283	34
Supplemental noncash disclosure of cash flow information
Unpaid purchases of property and equipment and capitalized hosting arrangements	1,018	778
Capitalized stock-based compensation expense in website development and internal-use software costs and hosting arrangements	1,534	1,638
Unpaid repurchases of common stock	614	1,451
Unpaid excise tax on repurchases of common stock	4,215	2,268
Obtaining a right-of-use asset in exchange for an operating lease liability	$ 0	$ 217

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Performance obligation unsatisfied	$ 71.3
Revenue recognized	$ 23.6	$ 21.5

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Levels, Assets Measured at Fair Value on Recurring Basis

As of March 31, 2026 and December 31, 2025, assets measured at fair value on a recurring basis consisted of the following:


	As of March 31, 2026
	Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)		Significant Other Observable Inputs (Level 2 Inputs)		Significant Unobservable Inputs (Level 3 Inputs)		Total
	(dollars in thousands)
Cash equivalents
Mutual funds	$	3,669	$	—	$	—	$	3,669
Total	$	3,669	$	—	$	—	$	3,669


	As of December 31, 2025
	Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)		Significant Other Observable Inputs (Level 2 Inputs)		Significant Unobservable Inputs (Level 3 Inputs)		Total
	(dollars in thousands)
Cash equivalents
Mutual funds	$	85,793	$	—	$	—	$	85,793
Total	$	85,793	$	—	$	—	$	85,793

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

6. Property and Equipment, Net

As of March 31, 2026 and December 31, 2025, property and equipment, net consisted of the following:


	As of March 31, 2026			As of December 31, 2025
	(dollars in thousands)
Capitalized equipment	$	7,428		$	7,445
Capitalized internal-use software		23,156			22,701
Capitalized website development		73,823			66,355
Furniture and fixtures		8,068			10,294
Leasehold improvements		77,460			86,127
		189,935			192,922
Less accumulated depreciation and amortization		(60,400	)		(59,970	)
Total	$	129,535		$	132,952

For the three months ended March 31, 2026 and 2025, depreciation and amortization expense, excluding amortization of intangible assets, amortization of capitalized hosting arrangements, disposals, write offs, and impairments, was $6.9 million, and $5.4 million, respectively.

During the three months ended March 31, 2026, the Company impaired $0.5 million of capitalized website development costs within cost of revenue in the Unaudited Condensed Consolidated Income Statements related to certain developed technology that the Company decided to cease investment.

During the three months ended March 31, 2026, as a result of the impairment for the 121 First Street lease, the Company impaired $4.5 million of leasehold improvements and furniture and fixtures. For further discussion of the lease impairment, refer to Note 9 of these Unaudited Condensed Consolidated Financial Statements.

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation and amortization excluding amortization of intangible assets, capitalized hosting arrangements, disposals, write offs and disposals	$ 6,900	$ 5,400
Impairment	19,711	$ 0
Capitalized Website Development Costs
Property, Plant and Equipment [Line Items]
Impairment	500
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Impairment	$ 4,500

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited (the “Unaudited Condensed Consolidated Financial Statements”). The Unaudited Condensed Consolidated Financial Statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Unaudited Condensed Consolidated Financial Statements have also been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for the fair presentation of the Company’s financial statements for interim periods. These interim period results are not necessarily indicative of the results to be expected for any other interim period or the full year. The Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 19, 2026 (the “Annual Report”). The Company has 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 Comprehensive Income, Unaudited Condensed Consolidated Statement of Stockholders’ Equity, and the Unaudited Condensed Consolidated Statement of Cash Flows as of March 31, 2025, related to discontinued operations have not been separately reclassified and are included within each for the period referenced. Unless indicated otherwise, the information in these notes to the Unaudited Condensed Consolidated Financial Statements relates to the Company’s continuing operations and does not include the results of discontinued operations. For further information on discontinued operations, refer to Note 3 of the Unaudited Condensed Consolidated Financial Statements.
Principles of Consolidation	Principles of Consolidation The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Subsequent Event Considerations	Subsequent Event Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the Unaudited Condensed Consolidated Financial Statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. The Company has evaluated all subsequent events and determined that there are no material recognized or unrecognized subsequent events requiring disclosure.
Use of Estimates	Use of Estimates The preparation of the Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Changes in estimates are recognized in the period in which they become known. Critical estimates relied upon in preparing the Unaudited Condensed Consolidated Financial Statements include the determination of variable consideration in the Company’s revenue recognition and the capitalization and useful lives of product, technology, and development costs for website development, internal-use software, and hosting arrangements. Accordingly, the Company considers these to be its critical accounting estimates, and believes that of the Company’s significant accounting policies, these involve the greatest degree of judgment and complexity.
Concentration of Credit Risk	Concentration of Credit Risk The Company has no significant off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, trade accounts receivable, and other receivables. The Company maintains its cash and cash equivalents, principally with accredited financial institutions of high credit standing. Although the Company deposits its cash and cash equivalents with multiple financial institutions, its deposits with each such financial institution exceed governmental insured limits. The Company routinely assesses the creditworthiness of its customers and does not require collateral. The Company generally has not experienced any material losses related to receivables from individual customers or groups of customers. The Company had no material losses related to receivables as the losses were dispersed across a large number of customers. Due to this factor, no additional credit risk beyond amounts provided for collection losses was believed by management to be probable in the Company’s accounts receivable and other receivables. As of March 31, 2026 and December 31, 2025, a payment processor for several hundred dealer accounts represented 10.5% and 10.8%, respectively, of net accounts receivable and other receivables. The related accounts receivable balance included unbilled and billed receivables. The concentration was driven by the timing of payments pursuant to the agreement with the payment processor. The remainder of the accounts receivable was dispersed among more than 1,000 customers. Therefore, the Company does not believe there is significant credit risk with respect to accounts receivable. For the three months ended March 31, 2026 and 2025, no customer accounted for more than 10% of total revenue. As of March 31, 2026 and December 31, 2025, $15.6 million and $16.8 million, respectively, was included in accounts receivable, net representing unbilled accounts receivable relating primarily to both dealers and advertising customers invoiced in the period subsequent to services being rendered and revenue recognition adjustments for Company offered discounts given to dealers in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).
Significant Accounting Policies	Significant Accounting Policies The Unaudited Condensed Consolidated Financial Statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the Unaudited Condensed Consolidated Financial Statements. As of March 31, 2026, there have been no material changes in the Company’s significant accounting policies, which are detailed in the Annual Report.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies and adopted by the Company on or prior to the specified effective date. Unless otherwise disclosed below, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. As of March 31, 2026, there are no new accounting pronouncements that the Company is considering adopting, other than those described below. In September 2025 the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which clarifies and modernizes the guidance to reflect the evolution of software development from a sequential to an agile development method. ASU 2025-06 removes all references to project development stages to reflect this change in software development and requires capitalization of software costs to begin when management has authorized and committed to funding the project and it is probable the project will be completed and used to perform the intended function. ASU 2025-06 does not change what internal-use software costs can be capitalized or when such capitalization ceases. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. ASU 2025-06 may be adopted either prospectively, using a modified transition approach, or retrospectively. The Company is currently evaluating the impact of ASU 2025-06 on its future consolidated financial statements and related disclosures. In November 2024 the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to provide more detailed expense information and requires additional disaggregated disclosures in the notes to the financial statements for categories of expenses that are included on the face of the income statement. ASU 2024-03 is effective for the fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 may be applied either prospectively to financial statements issued for periods after the effective date of ASU 2024-03 or retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its future consolidated financial statements and related disclosures.
Earnings Per Share	The Company has two classes of common stock authorized: Class A common stock and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time or automatically upon certain events described in the Company’s fourth amended and restated certificate of incorporation, including upon either the death or voluntary termination of the Company’s Executive Chair. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one‑to‑one basis when computing net income per share. As a result, basic and diluted net income per share of Class A common stock and per share of Class B common stock are equivalent.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

Unaudited Condensed Consolidated Income Statements (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Depreciation and amortization expense	$ 3,500,000	$ 1,900,000
Impairment of other assets	$ 500,000	$ 0

Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of Revenue by Geographical Region

For the three months ended March 31, 2026 and 2025, revenue by geographical region was as follows:


	Three Months Ended March 31,
	2026		2025
	(dollars in thousands)
Revenue by Geographic Region
U.S.	$	219,989	$	195,228
International		23,566		17,007
Total	$	243,555	$	212,235

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings Per Share

The Company has two classes of common stock authorized: Class A common stock and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time or automatically upon certain events described in the Company’s fourth amended and restated certificate of incorporation, including upon either the death or voluntary termination of the Company’s Executive Chair. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one‑to‑one basis when computing net income per share. As a result, basic and diluted net income per share of Class A common stock and per share of Class B common stock are equivalent.

During the three months ended March 31, 2026, no shares of Class B common stock were converted into Class A common stock. During the three months ended March 31, 2025 and year ended December 31, 2025, 770,495 shares of Class B common stock were converted into Class A common stock.

Consolidated basic net income per share (“Basic EPS”) is computed by dividing consolidated net income by the weighted-average number of common shares outstanding during the reporting period. The Company computes the weighted-average number of common shares outstanding during the reporting period using the total number of shares of Class A common stock and Class B common stock outstanding as of the last day of the previous year plus the weighted-average of any additional shares issued and outstanding during the reporting period, less the weighted-average of any shares repurchased during the period.

Consolidated diluted net income per share (“Diluted EPS”) gives effect to all potentially dilutive securities. Diluted EPS is computed by dividing consolidated net income by the weighted-average number of common shares outstanding during the reporting period using (i) the number of shares of common stock used in the Basic EPS calculation as indicated above, and (ii) if dilutive, the incremental weighted-average common stock that the Company would issue upon the exercise of stock options and the vesting of RSUs. The dilutive effect of these common stock equivalents is reflected in diluted earnings per share by application of the treasury stock method.

Continuing basic and diluted net income per share and discontinued basic and diluted net income per share are calculated using the same methodology as described above, as applicable. Diluted earnings per share from discontinued operations is calculated using net income from continuing operations to determine the denominator, in accordance with applicable guidance.

For the three months ended March 31, 2026 and 2025, a reconciliation of the numerator and denominator used in the calculation of continuing, discontinued, and consolidated basic and diluted net income (loss) per share was as follows:


	Three Months Ended March 31,
	2026		2025
	(dollars in thousands)
Numerator
Net income from continuing operations	$	32,228	$	42,074
Net loss from discontinued operations	$	—	$	(3,029	)
Consolidated net income	$	32,228	$	39,045

Denominator
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders — basic		94,055,057		103,094,690
Dilutive effect of share equivalents resulting from stock options		4,961		20,619
Dilutive effect of share equivalents resulting from unvested restricted stock units		1,036,123		1,952,737
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders — diluted		95,096,141		105,068,046
Net income (loss) per share attributable to common stockholders
Basic
Continuing operations	$	0.34	$	0.41
Discontinued operations	$	—	$	(0.03	)
Consolidated	$	0.34	$	0.38
Diluted
Continuing operations	$	0.34	$	0.40
Discontinued operations	$	—	$	(0.03	)
Consolidated	$	0.34	$	0.37

For the three months ended March 31, 2026 and 2025, potentially dilutive common stock equivalents that have been excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive was as follows:


	Three Months Ended March 31,
	2026		2025
Stock options outstanding		360,751		360,751
Restricted stock units outstanding		213,099		58,326

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 72,049	$ 190,518
Accounts receivable, net of allowance for doubtful accounts of $800 and $600, respectively	44,568	41,936
Prepaid expenses, prepaid income taxes and other current assets	30,142	35,259
Deferred contract costs	15,113	15,235
Total current assets	161,872	282,948
Property and equipment, net	129,535	132,952
Intangible assets, net	2,985	3,253
Goodwill	28,030	28,397
Operating lease right-of-use assets	99,237	115,481
Deferred tax assets	80,154	81,201
Deferred contract costs, net of current portion	13,322	13,563
Other non-current assets	4,478	4,102
Total assets	519,613	661,897
Current liabilities
Accounts payable	30,690	29,115
Accrued expenses, accrued income taxes and other current liabilities	32,984	38,393
Deferred revenue	24,656	23,562
Operating lease liabilities	9,621	9,469
Total current liabilities	97,951	100,539
Operating lease liabilities	178,374	181,364
Deferred tax liabilities	438	442
Other non–current liabilities	5,722	5,354
Total liabilities	282,485	287,699
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding
Additional paid-in capital	6,776	10,297
Retained earnings	229,815	362,380
Accumulated other comprehensive income	447	1,426
Total stockholders’ equity	237,128	374,198
Total liabilities and stockholders' equity	519,613	661,897
Class A Common Stock
Stockholders' equity
Common stock	76	81
Class B Common Stock
Stockholders' equity
Common stock	$ 14	$ 14

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Rule 10b5-1 Plan Trading Arrangements

During the three months ended March 31, 2026, the following officer adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and our policies on insider trading:

(1)

The Rule 10b5-1 trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the date listed in the table. The arrangement also provides for automatic expiration in the event of liquidation, dissolution, bankruptcy, insolvency, or death of the adopting person.

(2)

The Rule 10b5-1 trading arrangement includes the sale of shares to be received upon future vesting of certain outstanding equity awards, net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and thus the exact number of shares to be sold pursuant to Mr. Zamora’s Rule 10b5-1 trading arrangement, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, we have reported the gross number of shares to be received upon the future vesting of such equity awards, before subtracting any shares to be withheld by us to satisfy applicable taxes in connection with such future vesting events.

Other than those disclosed above, none of our directors or officers adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” in each case as defined in Item 408 of Regulation S-K.

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Rule 10b 51 Arr Modified Flag

false

Non Rule 10b 51 Arr Modified Flag

false

Javier Zamora

Trading Arrangements, by Individual

Name

Javier Zamora

Title

General Counsel and Corporate Secretary

Rule 10b5-1 Arrangement Adopted

true

March 2, 2026

February 16, 2027

352 days

54,453

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 32,228	$ 39,045

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Impairments - Summary of Estimated Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Net Carrying Amount	$ 2,985	$ 3,253

Stock-based Compensation and Common Stock Share Repurchases - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
	Aug. 07, 2025	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025	Nov. 07, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Capitalized website development and internal-use software costs excluded from stock-based compensation expense			$ 1,534,000	$ 1,638,000
Share repurchase program expiration date	Jul. 31, 2026	Dec. 31, 2026
Share repurchased and retired, value			$ 176,614,000	$ 185,867,000
Class A Common Stock
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Aggregate share repurchase price	$ 150,000,000
Number of shares repurchased and retired			5,341,712	5,919,435
Share repurchased and retired, value			$ 175,000,000	$ 184,200,000
Share repurchased and retired at average cost price per share			$ 32.76	$ 31.12
Class A Common Stock \| Maximum
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Aggregate share repurchase price	$ 350,000,000	$ 250,000,000			$ 200,000,000
Remaining value of authorized shares repurchased			$ 75,000

Discontinued Operations

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. Discontinued Operations

On August 6, 2025, the Company’s Board of Directors (the “Board”) determined, after considering all reasonably available options and a broader strategic reassessment, that it was in the best interests of the Company’s stockholders to wind down CarOffer. The wind-down of CarOffer was completed and the business was considered abandoned for accounting purposes as of December 31, 2025. The assets, liabilities, and results of operations of CarOffer, excluding certain assets that have been repurposed for corporate use, have been presented as discontinued operations in accordance with ASC 205-20, Discontinued Operations, as the disposition represents a strategic shift that has a major effect on the Company’s operations and financial results. CarOffer’s operations were previously reported within the Digital Wholesale segment.

For the three months ended March 31, 2025, major classes of discontinued operations included in the Unaudited Condensed Consolidated Income Statements were as follows:


	Three Months Ended March 31,
	2025
	(dollars in thousands)
Revenue	$	12,923
Cost of revenue		11,108
Gross profit		1,815
Operating expenses
Sales and marketing		3,047
Product, technology, and development		1,222
General and administrative		1,995
Depreciation and amortization		450
Total operating expenses		6,714
Loss from discontinued operations before income taxes		(4,899	)
Benefit from income taxes		(1,870	)
Net loss from discontinued operations, net of tax benefits	$	(3,029	)

Net loss from discontinued operations per share (Note 11)
Basic	$	(0.03	)
Diluted(1)	$	(0.03	)
Weighted-average number of shares of common stock used in computing net loss per share attributable to common stockholders
Basic		103,094,690
Diluted		105,068,046

(1)

Diluted earnings per share from discontinued operations is calculated using the net income from continuing operations to determine the denominator, in accordance with applicable guidance.

The Company has elected to present its Unaudited Condensed Consolidated Statement of Cash Flows on a consolidated basis, inclusive of discontinued operations activity in the table below. For the three months ended March 31, 2025, the following table presents significant non-cash items and capital expenditures of the discontinued operations for the period presented:


	Three Months Ended March 31,
	2025
	(dollars in thousands)
Depreciation and amortization	$	875
Capitalized expenditures	$	(951	)
Stock–based compensation expense	$	517

As a result of the wind-down, the Company incurred total expenditures of $13.3 million, of which all cash expenditures were incurred during the second half of 2025 and were all paid as of December 31, 2025. Of this amount, the Company incurred and paid $5.4 million of one-time restructuring costs, including severance and other employee-related costs and contract termination charges, attributable to discontinued operations.

Segment and Geographic Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment and Geographic Information

13. Segment and Geographic Information

Beginning in the fourth quarter of 2025, in connection with the wind-down of CarOffer, the Company’s chief executive officer, who acts as the CODM, began to manage the 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 the Company’s reported results with its ongoing growth strategy. As a result, beginning in the fourth quarter of 2025 the Company reports its financial results as a single reportable segment. Accordingly, the Company has recast prior year segment disclosures for comparability.

The Unaudited Condensed Consolidated Income Statements represent the Company’s segment presentation and are presented in the same manner as the CODM reviews the Company’s operating results in assessing performance and allocating resources. In evaluating performance, the CODM reviews revenue and income from operations. Income from operations is also used in the Company’s annual budgeting and monthly forecasting process and is compared against budgeted and forecasted amounts to evaluate performance and make decisions for the allocation of capital and other resources.

The Company’s significant segment expenses consist of cost of revenue and sales and marketing expense. Significant segment expenses are presented in the Unaudited Condensed Consolidated Income Statements. The Company’s other segment items consist of product, technology, and development expense, general and administrative expense, impairment expense, and depreciation and amortization expense, which have been disclosed separately on the Unaudited Condensed Consolidated Income Statements to meet disclosure requirements.

Segment assets are reported on the Unaudited Condensed Consolidated Balance Sheets as total assets.

For the three months ended March 31, 2026 and 2025, revenue by geographical region was as follows:


	Three Months Ended March 31,
	2026		2025
	(dollars in thousands)
Revenue by Geographic Region
U.S.	$	219,989	$	195,228
International		23,566		17,007
Total	$	243,555	$	212,235

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Expenses, Accrued Income Taxes, and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses, Accrued Income Taxes, and Other Current Liabilities

7. Accrued Expenses, Accrued Income Taxes, and Other Current Liabilities

As of March 31, 2026 and December 31, 2025, accrued expenses, accrued income taxes, and other current liabilities consisted of the following:


	As of March 31, 2026		As of December 31, 2025
	(dollars in thousands)
Accrued bonus	$	5,562	$	13,751
Accrued commissions		4,679		5,749
Other accrued expenses, accrued income taxes, and other current liabilities		22,743		18,893
Total	$	32,984	$	38,393

Discontinued Operations - Summary of Major Classes of Income Statement from Discontinued Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenue

$ 12,923

Cost of revenue

11,108

Gross profit

1,815

Operating expenses

Sales and marketing

3,047

Product, technology, and development

1,222

General and administrative

1,995

Depreciation and amortization

450

Total operating expenses

6,714

Loss from discontinued operations before income taxes

(4,899)

Benefit from income taxes

(1,870)

Net loss from discontinued operations, net of tax benefits

$ (3,029)

Net loss from discontinued operations per share (Note 11)

Basic

$ 0

$ (0.03)

Diluted

$ 0

$ (0.03)

^[1]

Weighted Average Number Of Shares Outstanding Attributable To Common Stock Holders [Abstract]

Basic

103,094,690

Diluted

105,068,046

[1]	Diluted earnings per share from discontinued operations is calculated using the net income from continuing operations to determine the denominator, in accordance with applicable guidance.

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

As of March 31, 2026 and December 31, 2025, property and equipment, net consisted of the following:


	As of March 31, 2026			As of December 31, 2025
	(dollars in thousands)
Capitalized equipment	$	7,428		$	7,445
Capitalized internal-use software		23,156			22,701
Capitalized website development		73,823			66,355
Furniture and fixtures		8,068			10,294
Leasehold improvements		77,460			86,127
		189,935			192,922
Less accumulated depreciation and amortization		(60,400	)		(59,970	)
Total	$	129,535		$	132,952

Organization and Business Description - Additional Information (Details) - Segment	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1	1	2

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

8. Debt

As of March 31, 2026 and December 31, 2025, the Company had no long-term debt outstanding.

Revolving Credit Facility

On September 26, 2022, the Company entered into a Credit Agreement with PNC Bank, National Association, as administrative agent and collateral agent and an L/C Issuer (as defined in the Credit Agreement), and the other lenders, L/C Issuers, and parties thereto from time to time (the “Credit Agreement”). The Credit Agreement consists of a revolving credit facility (the “2022 Revolver”), which allows the Company to borrow up to $400.0 million, $50.0 million of which may be comprised of a letter of credit sub-facility (the “2022 Revolver Sub-facility”). The borrowing capacity under the Credit Agreement may be increased in accordance with the terms and subject to the adjustments as set forth in the Credit Agreement. Specifically, the borrowing capacity may be increased by an amount up to the greater of $250.0 million or 100% of Four Quarter Consolidated EBITDA (as defined in the Credit Agreement) if certain criteria are met and subject to certain restrictions. Any such increase requires lender approval. Proceeds of any borrowings may be used for general corporate purposes. The 2022 Revolver is scheduled to mature on September 26, 2027.

The applicable interest rate is, at the Company’s option, based on a number of different benchmark rates and applicable spreads, based on the ratio of the outstanding principal amount of the Company’s secured indebtedness to the trailing four quarters of consolidated EBITDA (as determined under the Credit Agreement, the “Consolidated Secured Net Leverage Ratio”). The Credit Agreement also requires the Company to pay a commitment fee to the lenders with respect of the unutilized revolving commitments at a rate ranging from 0.125% to 0.175% per annum based on the Consolidated Secured Net Leverage Ratio, as determined on a quarterly basis.

The 2022 Revolver is secured by a first priority lien on substantially all tangible and intangible property of the Company, as well as any future guarantors, and pledges of the equity of certain wholly-owned subsidiaries, in each case subject to certain exceptions, limitations, and exclusions from the collateral. The Credit Agreement includes customary events of default and requires the Company to comply with customary affirmative and negative covenants, including a financial covenant requiring that the Company not exceed certain Consolidated Secured Net Leverage Ratio ranges at the end of each fiscal quarter. The Company was in compliance with all covenants as of March 31, 2026.

As of March 31, 2026 and December 31, 2025, there were no borrowings and $9.4 million in letters of credit outstanding under the 2022 Revolver Sub-facility associated with the Company’s leases, which reduced the borrowing capacity under the 2022 Revolver to $390.6 million. During the year ended December 31, 2025, $0.5 million in letters of credit outstanding under the 2022 Revolver Sub-facility, related to the Company’s previous Cambridge lease, expired.

As of March 31, 2026 and December 31, 2025, deferred financing costs were $0.8 million and $0.9 million, respectively, recognized within other non-current assets in the Unaudited Condensed Consolidated Balance Sheets.

For the three months ended March 31, 2026 and 2025, amortization expense associated with deferred financing costs was immaterial.

For the three months ended March 31, 2026 and 2025, commitment fees under the 2022 Revolver were immaterial.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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+ Details

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 189,935	$ 192,922
Less accumulated depreciation and amortization	(60,400)	(59,970)
Property and equipment, net	129,535	132,952
Capitalized Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,428	7,445
Capitalized Internal-Use Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	23,156	22,701
Capitalized Website Development
Property Plant And Equipment [Line Items]
Property and equipment, gross	73,823	66,355
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	8,068	10,294
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 77,460	$ 86,127

Earnings Per Share - Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Numerator

Net income from continuing operations

$ 32,228

$ 42,074

Net loss from discontinued operations

(3,029)

Consolidated net income

$ 32,228

$ 39,045

Denominator

Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders - basic

94,055,057

103,094,690

Dilutive effect of share equivalents resulting from stock options

4,961

20,619

Dilutive effect of share equivalents resulting from unvested restricted stock units

1,036,123

1,952,737

Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders - diluted

95,096,141

105,068,046

Basic

Continuing operations

$ 0.34

$ 0.41

Discontinued operations

(0.03)

Consolidated

0.34

0.38

Diluted

Continuing operations

0.34

0.4

Discontinued operations

(0.03)

^[1]

Consolidated

$ 0.34

$ 0.37

[1]	Diluted earnings per share from discontinued operations is calculated using the net income from continuing operations to determine the denominator, in accordance with applicable guidance.

Unaudited Condensed Consolidated Income Statements - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue

Revenue

$ 243,555

$ 212,235

Cost of revenue

^[1],[2]

18,934

14,343

Gross profit

224,621

197,892

Operating expenses

Sales and marketing

97,484

83,669

Product, technology, and development

37,671

35,028

General and administrative

26,481

24,785

Impairments

19,201

Depreciation and amortization

3,705

3,756

Total operating expenses

184,542

147,238

Income from continuing operations

40,079

50,654

Other income, net

Interest income

1,671

3,098

Other expense, net

(606)

(302)

Total other income, net

1,065

2,796

Income from continuing operations before income taxes

41,144

53,450

Provision for income taxes

8,916

11,376

Net income from continuing operations

32,228

42,074

Net loss from discontinued operations, net of tax benefits

(3,029)

Consolidated net income

$ 32,228

$ 39,045

Basic

Continuing operations

$ 0.34

$ 0.41

Consolidated

0.34

0.38

Diluted

Continuing operations

0.34

0.4

Consolidated

$ 0.34

$ 0.37

Weighted-average number of shares of common stock used in computing net income per share attributable to common stockholders

Basic

94,055,057

103,094,690

Diluted

95,096,141

105,068,046

[1]	For the three months ended March 31, 2026 and 2025, cost of revenue includes depreciation and amortization expense of $3.5 million, and $1.9 million, respectively.
[2]	For the three months ended March 31, 2026, cost of revenue includes impairment of $0.5 million. For the three months ended March 31, 2025, there was no impairment recorded in cost of revenue.

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Summary of Major Classes of Income Statements from Discontinued Operations

For the three months ended March 31, 2025, major classes of discontinued operations included in the Unaudited Condensed Consolidated Income Statements were as follows:


	Three Months Ended March 31,
	2025
	(dollars in thousands)
Revenue	$	12,923
Cost of revenue		11,108
Gross profit		1,815
Operating expenses
Sales and marketing		3,047
Product, technology, and development		1,222
General and administrative		1,995
Depreciation and amortization		450
Total operating expenses		6,714
Loss from discontinued operations before income taxes		(4,899	)
Benefit from income taxes		(1,870	)
Net loss from discontinued operations, net of tax benefits	$	(3,029	)

Net loss from discontinued operations per share (Note 11)
Basic	$	(0.03	)
Diluted(1)	$	(0.03	)
Weighted-average number of shares of common stock used in computing net loss per share attributable to common stockholders
Basic		103,094,690
Diluted		105,068,046

(1)

Diluted earnings per share from discontinued operations is calculated using the net income from continuing operations to determine the denominator, in accordance with applicable guidance.

Summary of Significant Non-cash Items and Capital Expenditures of Discontinued Operations


	Three Months Ended March 31,
	2025
	(dollars in thousands)
Depreciation and amortization	$	875
Capitalized expenditures	$	(951	)
Stock–based compensation expense	$	517

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Line Items]
Income tax provision (benefit)	$ 8,916	$ 11,376
Effective income tax rate	21.70%	21.30%
Federal statutory tax rate	21.00%	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Allowance for doubtful accounts	$ 800	$ 600
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	75,673,609	80,667,475
Common stock, shares outstanding	75,673,609	80,667,475
Class B Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	14,216,250	14,216,250
Common stock, shares outstanding	14,216,250	14,216,250

Restructuring Expenses - Summary of Changes in One-Time Restructuring Related Liability (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Restructuring Reserve [Roll Forward]
Cash Disbursements	$ (5.4)

Earnings Per Share - Additional Information (Details)	3 Months Ended		12 Months Ended
Earnings Per Share - Additional Information (Details)	Mar. 31, 2026 Vote shares	Mar. 31, 2025 shares	Dec. 31, 2025 shares
Earnings Per Share Basic [Line Items]
Conversion of stock, description	Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time or automatically upon certain events described in the Company’s fourth amended and restated certificate of incorporation, including upon either the death or voluntary termination of the Company’s Executive Chair.
Undistributed earnings ratio used to calculate allocation to class of stock	100.00%
Class A Common Stock
Earnings Per Share Basic [Line Items]
Right to voting	one vote per share
Number of votes entitled to stockholders per share \| Vote	1
Conversion of stock \| shares	0	770,495	770,495
Class B Common Stock
Earnings Per Share Basic [Line Items]
Right to voting	ten votes per share
Number of votes entitled to stockholders per share \| Vote	10
Class of share converted to another class	one share of Class A common stock
Conversion of stock \| shares	1

Fair Value of Financial Instruments - Schedule of Fair Value Levels, Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, Type [Extensible Enumeration]	us-gaap:MutualFundMember	us-gaap:MutualFundMember
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 3,669	$ 85,793
Total	3,669	85,793
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	3,669	85,793
Total	$ 3,669	$ 85,793

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

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+ Details

Stock-based Compensation and Common Stock Share Repurchases (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Allocation of Stock-based Compensation Expense


	Three Months Ended March 31,
	2026		2025
	(dollars in thousands)
Cost of revenue	$	59	$	67
Sales and marketing expense		2,931		2,725
Product, technology, and development expense		5,501		5,502
General and administrative expense		4,781		4,089
Total stock-based compensation expense from continuing operations		13,272		12,383
Total stock-based compensation expense from discontinued operations		—		517
Total	$	13,272	$	12,900

Accrued Expenses, Accrued Income Taxes, and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses, Accrued Income Taxes, and Other Current Liabilities

As of March 31, 2026 and December 31, 2025, accrued expenses, accrued income taxes, and other current liabilities consisted of the following:


	As of March 31, 2026		As of December 31, 2025
	(dollars in thousands)
Accrued bonus	$	5,562	$	13,751
Accrued commissions		4,679		5,749
Other accrued expenses, accrued income taxes, and other current liabilities		22,743		18,893
Total	$	32,984	$	38,393

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Contractual Obligations and Commitments

As of March 31, 2026, all of the Company’s property and equipment and capitalized hosting arrangements have been purchased with cash with the exception of unpaid amounts as disclosed in the Unaudited Condensed Consolidated Statements of Cash Flows.

Leases

As of March 31, 2026, there were no material changes in the Company’s leases from those disclosed in the Annual Report, other than those disclosed below.

121 First Street Lease Impairment

During the three months ended March 31, 2026, the Company identified a triggering event requiring an impairment test for the 121 First Street lease, which it intends to sublease, primarily due to lower anticipated rental recovery rates. The Company assessed the asset group for recoverability, and determined the asset group was not recoverable. Therefore, the Company estimated the fair value of the asset group to compare to the carrying value for impairment.

The Company estimated fair value using the discounted cash flow method, with key inputs including the selected market rental rates based upon similar office spaces, the discount rate, and other estimated costs. The fair value measurement was categorized as Level 3 within the fair value hierarchy as there were significant unobservable inputs utilized in the valuation technique. As a result, the Company recognized an impairment of the 121 First Street lease to reduce the carrying value to fair value.

During the three months ended March 31, 2026, the Company recognized non-cash impairment charges of $14.7 million related to operating lease right-of-use asset and $4.5 million related to leasehold improvements and furniture and fixtures, which were recognized within impairment operating expenses in the Unaudited Condensed Consolidated Income Statements.

Letters of Credit

As of March 31, 2026 and December 31, 2025, $9.4 million in letters of credit associated with the Company’s leases were included under the 2022 Revolver Sub-facility.

Tax Contingencies

The Company is subject to taxation in the U.S. and certain other jurisdictions in which it operates, which could include corporate income tax, sales and use tax, value added tax, excise tax, gross receipts tax, and property tax. State, local, and foreign jurisdictions have differing rules and regulations governing corporate income, sales, use, value added, and other taxes. These rules and regulations are complex and subject to varying interpretations that may change over time due to new court interpretations and newly enacted rules and regulations. As a result, the Company could face the possibility of tax assessments and audits, and its liability for these taxes and associated penalties could exceed its original estimates, which could be material.

Legal Matters

From time to time, the Company may become involved in legal proceedings or be subject to claims arising in the ordinary course of its business. The Company recognizes a liability when it believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. Judgment is required to determine both the probability of having incurred a liability and the estimated amount of the liability. The Company is not presently subject to any pending or threatened litigation that it believes, if determined adversely to the Company, individually or taken together, would reasonably be expected to have a material adverse effect on its business or financial results. However, litigation is inherently unpredictable and the future outcome of legal proceedings and other contingencies may be unexpected or differ from the Company’s estimated liabilities, which could have a material adverse effect on the Company’s future financial results.

Segment and Geographic Information - Additional Information (Details) - Segment	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025
Segment Reporting Information [Line Items]
Number of reportable segments	1	1	2
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Unaudited Condensed Consolidated Income Statements represent the Company’s segment presentation and are presented in the same manner as the CODM reviews the Company’s operating results in assessing performance and allocating resources. In evaluating performance, the CODM reviews revenue and income from operations. Income from operations is also used in the Company’s annual budgeting and monthly forecasting process and is compared against budgeted and forecasted amounts to evaluate performance and make decisions for the allocation of capital and other resources.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Commitments And Contingencies [Line Items]
Non-cash impairment charges	$ 14.7
Leasehold Improvements and Furniture and Fixtures
Commitments And Contingencies [Line Items]
Non-cash impairment charges	4.5
1001 Boylston Street \| Letter of Credit Facility
Commitments And Contingencies [Line Items]
Letter of credit facility	$ 9.4	$ 9.4

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt - Additional Information (Details) - USD ($)		3 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Sep. 26, 2022	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt outstanding		$ 0	$ 0
Line of credit facility maturity date		Sep. 26, 2027
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility maximum borrowing amount	$ 400,000,000	$ 390,600,000	390,600,000
Letter of credit facility		0	0
Letter of credit related to lease expired			500,000
Line of credit facility increased in maximum borrowing capacity	$ 250,000,000
Increase in borrowing capacity equal to percentage of four quarter EBDITA	100.00%
Deferred financing costs		800,000	900,000
Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility unutilized commitment fee percentage	0.125%
Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility unutilized commitment fee percentage	0.175%
Letter of Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Letter of credit facility	$ 50,000,000	$ 9,400,000	$ 9,400,000

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) DealerAccount Customer	Mar. 31, 2025 Customer	Dec. 31, 2025 USD ($) DealerAccount Customer
Summary Of Significant Accounting Policies [Line Items]
Assets of discontinued operations \| $	$ 0		$ 0
Liabilities of discontinued operations \| $	$ 0		0
Description of significant off-balance sheet risk	The Company has no significant off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.
Sales Revenue, Net \| Concentration of Credit Risk
Summary Of Significant Accounting Policies [Line Items]
Number of major customers \| Customer	0	0
Net Accounts Receivable \| Advertising Customers
Summary Of Significant Accounting Policies [Line Items]
Unbilled accounts receivable \| $	$ 15,600,000		$ 16,800,000
Net Accounts Receivable \| Concentration of Credit Risk
Summary Of Significant Accounting Policies [Line Items]
Number of major customers \| Customer	1		1
Net Accounts Receivable \| Concentration of Credit Risk \| Payment Processor
Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk, percentage	10.50%		10.80%
Minimum \| Net Accounts Receivable \| Concentration of Credit Risk
Summary Of Significant Accounting Policies [Line Items]
Number of major customers \| Customer	1,000		1,000
Number of dealer accounts \| DealerAccount	100		100

Impairments - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 2,985	$ 3,253

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stock-based Compensation and Common Stock Share Repurchases - Summary of Allocation of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 13,272	$ 12,900
Continuing Operations
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	13,272	12,383
Discontinued Operations
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total		517
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	59	67
Sales and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	2,931	2,725
Product, Technology, and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	5,501	5,502
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 4,781	$ 4,089

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

5. Fair Value of Financial Instruments

As of March 31, 2026 and December 31, 2025, assets measured at fair value on a recurring basis consisted of the following:


	As of March 31, 2026
	Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)		Significant Other Observable Inputs (Level 2 Inputs)		Significant Unobservable Inputs (Level 3 Inputs)		Total
	(dollars in thousands)
Cash equivalents
Mutual funds	$	3,669	$	—	$	—	$	3,669
Total	$	3,669	$	—	$	—	$	3,669


	As of December 31, 2025
	Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)		Significant Other Observable Inputs (Level 2 Inputs)		Significant Unobservable Inputs (Level 3 Inputs)		Total
	(dollars in thousands)
Cash equivalents
Mutual funds	$	85,793	$	—	$	—	$	85,793
Total	$	85,793	$	—	$	—	$	85,793

Accrued Expenses, Accrued Income Taxes, and Other Current Liabilities - Schedule of Accrued Expenses, Accrued Income Taxes, and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities, Current [Abstract]
Accrued bonus	$ 5,562	$ 13,751
Accrued commissions	4,679	5,749
Other accrued expenses, accrued income taxes, and other current liabilities	22,743	18,893
Total	$ 32,984	$ 38,393

Earnings Per Share - Schedule of Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Weighted-average Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive common stock equivalents excluded from calculation of diluted weighted-average shares outstanding	360,751	360,751
Restricted Stock Units Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive common stock equivalents excluded from calculation of diluted weighted-average shares outstanding	213,099	58,326

Segment and Geographic Information - Summary of Revenue by Geographical Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue by Geographic Region
Total Revenue	$ 243,555	$ 212,235
United States
Revenue by Geographic Region
Total Revenue	219,989	195,228
International
Revenue by Geographic Region
Total Revenue	$ 23,566	$ 17,007

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Registrant Name	CarGurus, Inc.
Trading Symbol	CARG
Entity Central Index Key	0001494259
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	001-38233
Entity Tax Identification Number	04-3843478
Entity Address, Address Line One	1001 Boylston Street
Entity Address, Address Line Two	16th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02115
City Area Code	617
Local Phone Number	354-0068
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		75,970,848
Class B Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		14,216,250

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income Per Share


	Three Months Ended March 31,
	2026		2025
	(dollars in thousands)
Numerator
Net income from continuing operations	$	32,228	$	42,074
Net loss from discontinued operations	$	—	$	(3,029	)
Consolidated net income	$	32,228	$	39,045

Denominator
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders — basic		94,055,057		103,094,690
Dilutive effect of share equivalents resulting from stock options		4,961		20,619
Dilutive effect of share equivalents resulting from unvested restricted stock units		1,036,123		1,952,737
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders — diluted		95,096,141		105,068,046
Net income (loss) per share attributable to common stockholders
Basic
Continuing operations	$	0.34	$	0.41
Discontinued operations	$	—	$	(0.03	)
Consolidated	$	0.34	$	0.38
Diluted
Continuing operations	$	0.34	$	0.40
Discontinued operations	$	—	$	(0.03	)
Consolidated	$	0.34	$	0.37

Schedule of Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Weighted-average Shares Outstanding


	Three Months Ended March 31,
	2026		2025
Stock options outstanding		360,751		360,751
Restricted stock units outstanding		213,099		58,326

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

During the three months ended March 31, 2026 and 2025, the Company recognized an income tax provision of $8.9 million and $11.4 million, respectively, representing an effective tax rate of 21.7% and 21.3%, respectively.

The effective tax rates for the three months ended March 31, 2026 and 2025, were greater than the statutory tax rate of 21%, primarily due to state and local income taxes, partially offset by federal and state research and development tax credits and windfall tax benefits on share-based compensation.

- Definition

The entire disclosure for income tax.

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