Cars.com Inc. · NYSE:CARS
Cars.com — Q4 2025 Earnings Presentation
23 slides from Cars.com's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings
Fourth Quarter and Full Year 2025 Earnings February 26, 2026
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical facts are forward-looking statements. These statements often use words such as “believe,” “expect,” “project,” “ant
Slide 3: Definitions: Non-GAAP Financial Measures
Definitions: Non-GAAP Financial Measures This presentation discusses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Free Cash Flow and Adjusted Operating Expenses. These financial measures are not prepared in accordance with generally accepted accounting principles in the United States
Slide 4: Introduction
Introduction 4
Slide 5: Our products accelerate the marketplace flywheel
Our products accelerate the marketplace flywheel 5
Slide 6: Marketplace is our core
Reputation Trade and Appraisal Website Experience Audience Data Marketplace is our core Wholesale #1 most recognized consumer automotive Attribution marketplace1 powering dealership technology GenAI solutions at scale Editorial Predictive Analytics Conversion Retail Network 1. Cars.com internal data
Slide 7: Marketplace-driven customer growth and strong capital return in FY25
Marketplace-driven customer growth and strong capital return in FY25 Revenue ($MM) Adj. EBITDA ($MM) Share Repurchases ($MM) & Dealer Count & Margin (% Revenue) 19,544 19,206 29.2% 29.2% $86 $723 $211 $719 $210 $49 FY’24 FY’25 FY’24 FY’25 FY’24 FY’25 Revenue +1% YoY Adj. EBITDA and Repurchased 7.1MM
Slide 8: Record revenue achieved in Q4
Record revenue achieved in Q4 Quarterly Revenue ($MM) ● Record Q4 revenue of $183.9MM grew +2% YoY -8.7% +13.0% +15.2% -4.9% +27.6% +16.9% +6.4% +5.1% YoY YoY YoY YoY YoY YoY YoY YoY ● Dealer revenue was up +3% YoY, driven by Marketplace and website repackaging benefits, as well as Marketplace custom
Slide 9: Stable dealer base and ARPD
Stable dealer base and ARPD Dealer Customers Average Revenue Per Dealer 19,544 $2,472 Dealer count grew ~340 during FY25 ARPD was up QoQ in Q3 and Q4 9
Slide 10: Scaled and growing dealer solutions
Scaled and growing dealer solutions Website Customers AccuTrade Connected Subscriptions & Appraisals 1,237 1,050 925 ~7,750 702 814 671 622 639 ~1,180 Website solutions added ~130 subscribers AccuTrade powered over 4 million during FY25 appraisals in 2025, up ~75% YoY in Q4 10
Slide 11: Delivered strong Adjusted EBITDA margin
Delivered strong Adjusted EBITDA margin Quarterly Adjusted EBITDA ($MM) & Margin (% Revenue) ● Q4 Operating expenses were up 1% YoY ● Q4 Adjusted operating expenses were down 3% YoY, as higher marketing investments were offset by lower depreciation and amortization ● Q4 Adjusted EBITDA of $55 million
Slide 12: Robust cash flow and consistent capital return
Robust cash flow and consistent capital return Free Cash Flow ($MM) Share Repurchase ($MM) ~68% of Free Cash Flow deployed for share repurchases in FY25 12
Slide 13: Full year and Q1 2026 outlook
Full year and Q1 2026 outlook Q1 2026 OUTLOOK ● Revenue: Flat to 1% YoY growth ● Adjusted EBITDA margin: 26% to 27% FULL YEAR 2026 OUTLOOK ● Revenue: Flat to 2% YoY growth ● Adjusted EBITDA margin: 29% to 30% ● Share repurchase target: $60 million or higher 13
Slide 14: Focusing on the marketplace flywheel in 2026
Focusing on the marketplace flywheel in 2026 Interconnected Processes and Organizational and Trusted Cost Optimization Improvements Marketplace 14
Slide 15: Developing product interconnectivity is key
Developing product interconnectivity is key Cars.com Instantly Generate Instant Syndication from Vehicle Videos from SHOP NOW IMS to Marketplace Marketplace Listings Trade and Appraisal Marketplace Media 15
Slide 16: Q&A
Q&A 16
Slide 17: Appendix
Appendix 17
Slide 18: Quarterly Key Operating Metrics
Quarterly Key Operating Metrics Q4 2025 Q4 2024 AVERAGE MONTHLY UNIQUE 21.7 MM 23.1 MM VISITORS 1 TRAFFIC (VISITS) 1 138.8 MM 143.8 MM DEALER CUSTOMERS 2 19,544 19,206 MONTHLY ARPD 3 $2,472 $2,475 1 UVs and Traffic are measured via RudderStack. These metrics do not include traffic to Dealer Inspire, D2C
Slide 19: Full Year 2025 Financial Results
Full Year 2025 Financial Results ($MM) 2025 2024 REVENUE $723.2 $719.2 DEALER REVENUE $644.1 $640.7 OEM AND NATIONAL REVENUE $65.3 $65.9 OPERATING EXPENSES $663.0 $665.7 ADJUSTED OPERATING EXPENSES $603.9 $616.6 NET INCOME $20.1 $48.2 ADJUSTED NET INCOME $108.1 $114.9 ADJUSTED EBITDA $211.1 $209.7 N
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in thousands) 20
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in thousands) 21
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in thousands) 22
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in thousands) 23