CarGurus, Inc. Segments Disclosure
14. Segment and Geographic Information
Beginning in the fourth quarter of 2025, in connection with the wind-down of CarOffer, the Company’s , 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 reportable segment. Accordingly, the Company has recast prior year segment disclosures for comparability.
The 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 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 consolidated income statements to meet disclosure requirements.
Segment assets are reported on the consolidated balance sheets as total assets.
For the years ended December 31, 2025, 2024, and 2023, revenue by geographical region was as follows:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(dollars in thousands) |
|
|||||||||
Revenue by Geographic Region |
|
|
|
|
|
|
|
|
|
|||
U.S. |
|
$ |
827,304 |
|
|
$ |
735,133 |
|
|
$ |
647,468 |
|
International |
|
|
79,676 |
|
|
|
62,911 |
|
|
|
50,953 |
|
Total |
|
$ |
906,980 |
|
|
$ |
798,044 |
|
|
$ |
698,421 |
|
As of December 31, 2025, 2024, and 2023, long-lived assets outside of the U.S. were immaterial.
Want the next CarGurus, Inc. segments disclosure the moment it drops?
Set a Sentinel and we'll alert you the moment CarGurus, Inc.'s next filing hits EDGAR. No credit card, your email never gets sold.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 26, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.