CarGurus, Inc. (CARG) · Nov 5, 2026 · Earnings

CarGurus earnings beat as $250M buyback offsets margin pressure

Beat — Non-GAAP EPS $0.70 vs ~$0.66 consensus; revenue $258.4M vs ~$256.5M

CarGurus earnings beat Q3 revenue and adjusted EPS expectations while margins slipped. A new $250 million buyback adds a meaningful capital-return signal.

CarGurus is a high-margin automotive marketplace extending beyond listings into AI-enabled dealer workflow products, while building new inventory tools such as StockVantage after exiting the CarOffer experiment. That broader product expansion was already the standing story before this release; the new information is that the core marketplace is still executing while the company returns more cash to shareholders. CarGurus previously described its AI products as part of expanding data and predictive intelligence across dealer workflows.

The quarter cleared the market’s bar, but not by a wide margin. Revenue of $258.4 million was about 0.8% above the published consensus of roughly $256.5 million, while non-GAAP diluted EPS of $0.70 exceeded the roughly $0.66 consensus. The company also landed at the high end of its own revenue and EBITDA guidance.

Metric	Q3 2026	Q3 2025	Consensus
Revenue (Financial Highlights)	$258.4M (+11.5%)	$231.7M	~$256.5M
Non-GAAP diluted EPS (EPS reconciliation)	$0.70 (+16.7%)	$0.60	~$0.66
Adjusted EBITDA (EBITDA reconciliation)	$89.7M (+8.7%)	$82.4M
Adjusted EBITDA margin (EBITDA reconciliation)	35% (-89 bps)	36%
Paying dealers (Key Performance Indicators)	34,701 (+3%)	33,?
Free cash flow (Free Cash Flow reconciliation)	$73.9M (+15.4%)	$64.0M

Growth remains healthy, but profitability is not expanding with it. Revenue grew 12%, paying dealers rose 3%, and QARSD increased 7%, suggesting monetization and product expansion—not just customer additions—are supporting growth. But operating expenses rose 12% in the quarter, GAAP net income increased only 2%, and adjusted EBITDA margin fell 89 basis points. The nine-month picture is less clean because CarGurus recorded $20.2 million of impairments, including $19.7 million in operating expenses.

The $250 million buyback is the filing’s most consequential new capital-allocation signal. It is backed by strong cash generation—$245.3 million of operating cash flow and $224.7 million of free cash flow through nine months—and follows $225.1 million of repurchases already completed this year. That supports per-share results, but it also explains why cash fell to $164.9 million from $190.5 million at year-end.

Full-year guidance keeps the growth story intact but concedes modest margin dilution. The company now points to $1.0115 billion-$1.0165 billion of revenue and $347.5 million-$355.5 million of adjusted EBITDA, implying 11.5%-12.1% revenue growth but a 20-80 basis-point year-over-year decline in adjusted EBITDA margin. The outlook does not suggest a business losing traction; it suggests CarGurus is spending to build its AI and dealer-product platform while protecting double-digit top-line growth.

Bottom line: This is a modest earnings beat with strong cash generation and a meaningful buyback, but not a clean acceleration story because margins are still slipping. It strengthens CarGurus’ execution narrative without materially rewriting the broader AI-transition story.

Note: the filing provides no prior-year paying-dealer count in the table, so that comparison is omitted rather than estimated.

What to watch next

Q4 2026 results

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

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CarGurus earnings beat as $250M buyback offsets margin pressure

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