Cars.com Reports Second Quarter 2025 Results

Grew to 19,412 Dealer Customers, Driven by Strong Sequential Increase in Marketplace SubscriptionsAchieved Record First Half 27.8MM Monthly Average Unique Visitors and 332MM VisitsRepurchased 2.1 Million Shares, Representing 3% of Shares OutstandingRaising FY 2025 Share Repurchase Target to $70 to $90 Million , /PRNewswire/ -- Cars.com Inc. (NYSE: CARS) (d/b/a "Cars Commerce Inc." or the "Company"), an audience-driven technology company empowering the automotive industry, today released its financial results for the second quarter ended June 30, 2025. "Second quarter performance reflected positive customer and product trends, giving us confidence in improved revenue momentum relative to a softer start to the year. We delivered our best sequential organic customer growth in over three years, and expanded across our major product lines, with the Cars.com marketplace accounting for more than half of that growth. Other key growth initiatives are also in progress and on-track as of mid-year, such as repackaging, AI product innovation, and continued ramp of our DealerClub auction platform," said Alex Vetter, Chief Executive Officer of Cars Commerce. "Our first half operating results, coupled with new commercial leadership, supports our expectation of an upward trajectory in the second half of the year." Q2 2025 Financial Highlights (in thousands, except per share data) Quarter Ended June 30, 2025 2024 Change % Total Revenue $ 178,739 $ 178,894 NM Net income 7,009 11,381 (38 %) Adjusted net income 26,412 26,048 1 % Adjusted EBITDA 50,898 50,425 1 % Net income per diluted share 0.11 0.17 (35 %) Adjusted net income per diluted share 0.41 0.38 8 % Q2 2025 Key Metrics and Operational Highlights (in millions, except dealer data) Quarter Ended June 30, 2025 March 31, 2025 June 30, 2024 Change % Q/Q Change %Y/Y Average Monthly Unique Visitors 26.6 29.0 26.1 (8 %) 2 % Traffic ("Visits") 162.0 170.1 158.1 (5 %) 2 % Monthly Average Revenue Per Dealer ("ARPD") $ 2,435 $ 2,473 $ 2,474 (2 %) (2 %) Dealer Customers 19,412 19,250 19,390 1 % NM Dealer Customers grew to 19,412, up over 160 dealers quarter-over-quarter and the best sequential customer growth in over three years* Average Monthly Unique Visitors were up 2% year-over-year based on strong consumer demand, tariff-motivated shopping behavior, and benefits from strategic marketing investments, including highly relevant editorial content AccuTrade was selected as the enterprise trade and appraisal solution by leading dealer group, expanding AccuTrade's proprietary insights and technology into roughly 150 total stores by end of 2025 AccuTrade appraisals grew 45% year-over-year, reflecting both increased product adoption and customer engagement DealerClub transaction volume was up 50% quarter-over-quarter alongside double-digit active user growth *Excluding the Q4 2023 increase in dealer count associated with the acquisition of D2C Media Q2 2025 Results Revenue for the second quarter totaled $178.7 million, roughly flat compared to the prior year period. Subscription-based Dealer revenue was down 1% year-over-year, primarily reflecting changes in customer and product mix, with marketplace performance offsetting growth across websites and appraisal technology. OEM and National revenue was up 5% year-over-year, inclusive of temporary shifts in media investments, primarily at the start of the quarter, as automakers adjusted to tariff announcements and impacts. Total operating expenses for the second quarter were $163.5 million, compared to $169.4 million for the prior year period. Operating expenses included costs associated with the January 2025 acquisition of DealerClub, which were absent in the prior year period, that were fully offset by actions taken to streamline costs, including headcount and lease-related expenses, as well as shifts in marketing investments, as compared to the prior year period. Adjusted operating expenses for the quarter were $152.7 million, down 2% compared to the prior year period, reflecting efficiencies previously described. Net income for the second quarter was $7.0 million, or $0.11 per diluted share, compared to Net income of $11.4 million, or $0.17 per diluted share, in the second quarter of 2024. The change in Net income is primarily attributable to changes in the fair value of contingent consideration in the prior-year period associated with prior acquisitions. Adjusted net income for the quarter was $26.4 million, or $0.41 per diluted share, compared to $26.0 million, or $0.38 per diluted share a year ago. Adjusted EBITDA for the second quarter totaled $50.9 million, or 28.5% of revenue. Cash Flow and Balance Sheet Net cash provided by operating activities for the six-month period ended June 30, 2025 was $55.7 million, compared to $68.7 million in the prior year. Free cash flow for the six-month period ended June 30, 2025 totaled $41.8 million, compared to $56.4 million in the prior year, which is largely attributable to the anticipated increase in earnout payments associated with D2C Media. The Company's total debt outstanding was $460.0 million as of June 30, 2025. The Company's total net leverage (as defined in the Company's credit facility) was 2.1x as of June 30, 2025, within its target total net leverage range of 2.0x to 2.5x. Total liquidity as of June 30, 2025 was $317.7 million, which is defined as Cash and cash equivalents of $27.7 million and revolver capacity of $290.0 million. Share Repurchases The Company executed on its capital allocation strategy with the repurchase of 2.1 million shares of common stock for $23.1 million in the second quarter, bringing total repurchases to 3.7 million shares for $44.6 million in the first half of 2025. As such, the Company is raising its target for share repurchases for 2025 to a range of $70 to $90 million, reaffirming its strong commitment to return capital to shareholders. "In the second quarter we executed on our growth initiatives while also gaining meaningful operational efficiencies. Judicious cost management helped us reduce operating expenses, which were down 3% year-over-year. As a result, we achieved an Adjusted EBITDA margin of 28.5%, at the high end of our expectations. We also exceeded our capital return commitment, buying back 2.1 million shares, equivalent to 127% of free cash flow, in the second quarter," said Sonia Jain, Chief Financial Officer of Cars Commerce. "Looking to the second half, we are well positioned for revenue growth, and we are also pleased to raise our full year share repurchase target to $70 to $90 million as we drive value creation for all stakeholders." Outlook Based on current market conditions, the Company anticipates low-single digit revenue growth for the second half of 2025. The Company continues to execute on 2025 growth initiatives, including driving product adoption and innovation, and broad-based repackaging. However, as previously communicated, the favorability, magnitude, and timing of customer spending in certain product categories, such as advertising, is subject to market factors like vehicle production levels and affordability, which have been volatile year-to-date. The Company is reaffirming Full Year Adjusted EBITDA margin guidance of 29% to 31%. Adjusted EBITDA margin guidance reflects the Company's confidence in managing operating levers across a range of macroeconomic scenarios. Q2 2025 Earnings Call As previously announced, management will hold a conference call and webcast today at 8:00 a.m. CT. This webcast may be accessed at the Cars Commerce Investor Relations website, investor.cars.com. An archive of the webcast will be available at investor.cars.com following the conclusion of the call. About Cars CommerceCars Commerce is an audience-driven technology company empowering the automotive industry. The Company simplifies everything about car buying and selling with powerful products, solutions and AI-driven technologies that span pretail, retail and post-sale activities – enabling more efficient and profitable retail operations. The Cars Commerce platform is organized around four industry-leading brands: the flagship automotive marketplace and dealer reputation site Cars.com, award-winning technology and digital retail technology and marketing services from Dealer Inspire, essential trade-in and appraisal technology from AccuTrade, a reputation-based dealer-to-dealer wholesale auction from DealerClub and exclusive in-market media solutions from the Cars Commerce Media Network. Learn more at www.carscommerce.inc. Non-GAAP Financial Measures This earnings release discusses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net (loss) 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 ("GAAP"). These financial measures are presented as supplemental measures of operating performance because the Company believes they provide meaningful information regarding the Company's performance and provide a basis to compare operating results between periods. In addition, the Company uses Adjusted EBITDA as a measure for determining incentive compensation targets. Adjusted EBITDA also is used as a performance measure under the Company's credit agreement and includes adjustments such as the items defined below and other further adjustments, which are defined in the credit agreement. These non-GAAP financial measures are frequently used by the Company's lenders, securities analysts, investors and other interested parties to evaluate companies in the Company's industry. While a reconciliation of non-GAAP measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to, as applicable, the timing, amount, valuation and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, the Company has provided a reconciliation of non-GAAP financial measures to their most directly comparable financial measure prepared in accordance with GAAP in this earnings release, see "Non-GAAP Reconciliations" below. Other companies may define or calculate these measures differently, limiting their usefulness as comparative measures. Because of these limitations, non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. Definitions of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are presented in the tables below. The Company defines Adjusted EBITDA as net income (loss) before (1) interest expense, net, (2) income tax (benefit) expense, (3) depreciation, (4) amortization of intangible assets, (5) stock-based compensation expense, (6) unrealized mark-to-market adjustments and cash transactions related to derivative instruments, (7) unrealized foreign currency exchange gains and losses, and (8) certain other items, such as transaction-related items, severance, transformation and other exit costs and write-off and impairments of goodwill, intangible assets and other long-lived assets. Transaction-related items result from actual or potential transactions such as business combinations, mergers, acquisitions, dispositions, spin-offs, financing transactions, and other strategic transactions, including, without limitation, (1) transaction-related bonuses and (2) expenses for advisors and representatives such as investment bankers, consultants, attorneys and accounting firms. Transaction-related items may also include, without limitation, transition and integration costs such as retention bonuses and acquisition-related milestone payments to acquired employees, consulting, compensation and other incremental costs associated with integration projects, fair value changes to contingent considerations and amortization of deferred revenue related to the AccuTrade acquisition. The Company defines Adjusted Net Income as GAAP net (loss) income excluding, net of their related tax effects: (1) amortization of intangible assets, (2) stock-based compensation expense, (3) unrealized mark-to-market adjustments and cash transactions related to derivative instruments, (4) unrealized foreign currency exchange gains and losses, and (5) certain other items, such as transaction-related costs, severance, transformation and other exit costs and write-off and impairments of goodwill, intangible assets and other long-lived assets. The Company defines Free Cash Flow as net cash provided by operating activities less capital expenditures, including purchases of property and equipment and capitalization of internally developed technology. The Company defines Adjusted Operating Expenses as total operating expenses adjusted to exclude stock-based compensation, write-off and impairments of goodwill, intangible assets, long-lived assets, severance, transformation and other exit costs and transaction-related items. Key Metric Definitions Average Monthly Unique Visitors ("UVs") and Traffic ("Visits"). The Company defines UVs in a given month as the number of distinct visitors that engage with its platform during that month. Visitors are identified when a user first visits an individual Cars.com property on an individual device/browser combination or installs one of its mobile apps on an individual device. If a visitor accesses more than one of its web properties or apps or uses more than one device or browser, each of those unique property/browser/app/device combinations counts toward the number of UVs. Traffic is defined as the number of visits to Cars.com desktop and mobile properties (responsive sites and mobile apps). The Company measured UVs and Traffic via RudderStack. These metrics do not include traffic to Dealer Inspire, D2C Media, or DealerClub websites. Monthly Average Revenue Per Dealer ("ARPD"). The Company believes that its ability to grow ARPD is an indicator of the value proposition of its platform. The Company defines ARPD as Dealer revenue, excluding digital advertising services and DealerClub, during the period divided by the monthly average number of Dealer Customers during the same period. Dealer Customers. Dealer Customers represent dealerships using the Company's products as of the end of each reporting period. Each physical or virtual dealership location is counted separately, whether it is a single-location proprietorship or part of a large, consolidated dealer group. Multi-franchise dealerships at a single location are counted as one dealer. Dealer Customer metrics do not include DealerClub. Forward-Looking Statements This press release 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," "anticipate," "outlook," "intend," "strategy," "plan," "estimate," "target," "seek," "will," "may," "would," "should," "could," "forecasts," "mission," "strive," "more," "goal" or similar expressions. Forward-looking statements are based on our current expectations, beliefs, strategies, estimates, projections and assumptions, experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments, and other factors we think are appropriate. Such forward-looking statements are based on estimates and assumptions that, while considered reasonable by Cars Commerce and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. While Cars Commerce and its management make such statements in good faith and believe such judgments are reasonable, you should understand that these statements are not guarantees of future strategic action, performance or results. Our actual results, performance, achievements, strategic actions or prospects could differ materially from those expressed or implied by these forward-looking statements. Given these uncertainties, you should not rely on forward-looking statements in making investment decisions. When we make comparisons of results between current and prior periods, we do not intend to express any future trends, or indications of future performance, unless expressed as such, and you should view such comparisons as historical data. Whether or not any such forward-looking statement is in fact achieved will depend on future events, some of which are beyond our control. Forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results and strategic actions to differ materially from those expressed in the forward-looking statements contained in this press release. For a detailed discussion of many of these and other risks and uncertainties, see "Part I, Item 1A., Risk Factors" and "Part II, Item 7., Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission ("SEC") on February 27, 2025 and our other filings filed with the SEC and available on our website at investor.cars.com or via EDGAR at www.sec.gov. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties. The forward-looking statements contained in this press release are based only on information currently available to us and speak only as of the date of this press release. We undertake no obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise. The forward-looking statements in this report are intended to be subject to the safe harbor protection provided by the federal securities laws. Cars Commerce Investor Relations Contact:Katherine Chen[email protected]408.768.6847 Cars Commerce Media Contact:Marita Thomas[email protected]312.601.5692 Cars.com Inc Consolidated Statements of Income (In thousands, except per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue: Dealer $ 158,477 $ 159,843 $ 317,621 $ 321,658 OEM and National 16,637 15,828 32,916 31,135 Other 3,625 3,223 7,226 6,277 Total revenue 178,739 178,894 357,763 359,070 Operating expenses: Cost of revenue and operations 30,547 31,030 61,486 60,992 Product and technology 28,634 27,583 57,112 55,668 Marketing and sales 57,757 60,213 117,982 119,376 General and administrative 21,682 22,980 47,566 45,837 Depreciation and amortization 24,873 27,571 51,912 54,936 Total operating expenses 163,493 169,377 336,058 336,809 Operating income 15,246 9,517 21,705 22,261 Nonoperating expenses: Interest expense, net (7,644) (8,109) (15,312) (16,430) Other income, net 2,366 14,990 2,342 11,387 Total nonoperating (expense) income, net (5,278) 6,881 (12,970) (5,043) Income before income taxes 9,968 16,398 8,735 17,218 Income tax expense 2,959 5,017 3,739 5,053 Net income $ 7,009 $ 11,381 $ 4,996 $ 12,165 Weighted-average common shares outstanding: Basic 63,163 66,534 63,859 66,426 Diluted 63,842 67,821 64,476 67,514 Earnings per share: Basic $ 0.11 $ 0.17 $ 0.08 $ 0.18 Diluted 0.11 0.17 0.08 0.18 Cars.com Inc Consolidated Balance Sheets (In thousands, except per share data) June 30, 2025 December 31, 2024 (unaudited) Assets: Current assets: Cash and cash equivalents $ 27,704 $ 50,673 Accounts receivable, net 132,852 133,741 Prepaid expenses 11,320 13,782 Other current assets 7,769 16,134 Total current assets 179,645 214,330 Property and equipment, net 35,998 40,704 Goodwill 167,562 143,279 Intangible assets, net 555,363 585,690 Deferred tax assets 99,772 100,530 Investments and other assets, net 26,314 27,332 Total assets $ 1,064,654 $ 1,111,865 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 30,935 $ 33,498 Accrued compensation 22,528 36,295 Other accrued liabilities 45,463 47,092 Total current liabilities 98,926 116,885 Noncurrent liabilities: Long-term debt, net 455,897 455,288 Deferred tax liabilities 7,207 6,773 Other noncurrent liabilities 19,407 21,434 Total noncurrent liabilities 482,511 483,495 Total liabilities 581,437 600,380 Commitments and contingencies Stockholders' equity: Preferred Stock at par, $0.01 par value; 5,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively — — Common Stock at par, $0.01 par value; 300,000 shares authorized; 61,799 and 64,391 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 618 643 Additional paid-in capital 1,439,410 1,473,986 Accumulated deficit (956,550) (961,546) Accumulated other comprehensive loss (261) (1,598) Total stockholders' equity 483,217 511,485 Total liabilities and stockholders' equity $ 1,064,654 $ 1,111,865 Cars.com Inc Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 4,996 $ 12,165 Adjustments to reconcile Net income to Net cash provided by operating activities: Depreciation 17,076 12,722 Amortization of intangible assets 34,836 42,214 Stock-based compensation 15,013 15,541 Deferred income taxes 1,158 7,798 Provision for doubtful accounts 957 1,753 Amortization of debt issuance costs 950 1,289 Unrealized (gain) loss on foreign currency denominated transactions (2,474) 1,480 Changes in fair value of contingent consideration — (12,834) Other, net 1,439 578 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable 795 (5,090) Prepaid expenses and other assets 1,193 (6,869) Accounts payable (2,475) 7,282 Accrued compensation (14,570) (8,834) Other liabilities (3,211) (473) Net cash provided by operating activities 55,683 68,722 Cash flows from investing activities: Payments for acquisitions, net of cash acquired (24,769) (218) Capitalization of internally developed technology (10,494) (11,176) Purchase of property and equipment (3,342) (1,099) Proceeds from sale of equity investment 9,481 — Net cash used in investing activities (29,124) (12,493) Cash flows from financing activities: Proceeds from Revolving Loan borrowings 10,000 — Payments of Revolving Loan borrowings and long-term debt (10,000) (15,000) Payments for stock-based compensation plans, net (4,699) (7,557) Repurchases of common stock (44,644) (14,362) Payments of contingent consideration — (27,435) Payments of debt issuance costs and other fees — (1,869) Net cash used in financing activities (49,343) (66,223) Effect of exchange rate changes on Cash and cash equivalents (185) (133) Net decrease in Cash and cash equivalents (22,969) (10,127) Cash and cash equivalents at beginning of period 50,673 39,198 Cash and cash equivalents at end of period $ 27,704 $ 29,071 Supplemental cash flow information: Cash paid for income taxes $ 2,088 $ 4,639 Cash paid for interest 15,067 16,893 Cars.com Inc Non-GAAP Reconciliations (In thousands, except per share data) (Unaudited) Reconciliation of Net income to Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $ 7,009 $ 11,381 $ 4,996 $ 12,165 Interest expense, net 7,644 8,109 15,312 16,430 Income tax expense 2,959 5,017 3,739 5,053 Depreciation and amortization 24,873 27,571 51,912 54,936 Stock-based compensation, including related payroll tax expense 6,758 8,813 15,461 16,763 Transaction-related and other one-time items 4,022 (10,853) 12,541 (3,684) Non-operating foreign exchange (gain) loss (2,367) 387 (2,342) 1,435 Adjusted EBITDA $ 50,898 $ 50,425 $ 101,619 $ 103,098 Reconciliation of Net income to Adjusted Net income Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $ 7,009 $ 11,381 $ 4,996 $ 12,165 Stock-based compensation, including related payroll tax expense 6,758 8,813 15,461 16,763 Amortization of intangible assets 17,458 21,209 34,836 42,214 Transaction-related items 2,736 (12,668) 5,666 (6,525) Non-operating foreign exchange (gain) loss (2,367) 387 (2,342) 1,435 Other one-time items 1,286 1,815 6,875 2,841 Income tax impact of adjustments (6,468) (4,889) (15,124) (14,182) Adjusted net income $ 26,412 $ 26,048 $ 50,368 $ 54,711 Adjusted net income per share, diluted $ 0.41 $ 0.38 $ 0.78 $ 0.81 Weighted-average common shares outstanding, diluted 63,842 67,821 64,476 67,514 Reconciliation of Net cash provided by operating activities to Free cash flow Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 26,228 $ 35,254 $ 55,683 $ 68,722 Capitalization of internally developed technology (5,510) (5,871) (10,494) (11,176) Purchase of property and equipment (2,531) (391) (3,342) (1,099) Free cash flow $ 18,187 $ 28,992 $ 41,847 $ 56,447 Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended June 30, 2025: As Reported Adjustments (1) Stock-Based Compensation As Adjusted Cost of revenue and operations $ 30,547 $ — $ (225) $ 30,322 Product and technology 28,634 — (2,467) 26,167 Marketing and sales 57,757 (43) (1,583) 56,131 General and administrative 21,682 (3,978) (2,483) 15,221 Depreciation and amortization 24,873 — — 24,873 Total operating expenses $ 163,493 $ (4,021) $ (6,758) $ 152,714 Total nonoperating expense, net $ (5,278) $ (2,366) $ — $ (7,644) (1) Includes transaction related items, unrealized gains and losses on foreign currency denominated transactions, severance, transformation and other exit costs, and write-off of long-lived assets and other Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended June 30, 2024: As Reported Adjustments (1) Stock-Based Compensation As Adjusted Cost of revenue and operations $ 31,030 $ — $ (229) $ 30,801 Product and technology 27,583 — (3,009) 24,574 Marketing and sales 60,213 (44) (1,672) 58,497 General and administrative 22,980 (4,480) (3,903) 14,597 Depreciation and amortization 27,571 — — 27,571 Total operating expenses $ 169,377 $ (4,524) $ (8,813) $ 156,040 Total nonoperating income (expense), net $ 6,881 $ (14,990) $ — $ (8,109) (1) Includes transaction related items, unrealized gains and losses on foreign currency denominated transactions, severance, transformation and other exitcosts, and write-off of long-lived assets and other Reconciliation of Operating expenses to Adjusted operating expenses for the Six Months Ended June 30, 2025: As Reported Adjustments (1) Stock-Based Compensation As Adjusted Cost of revenue and operations $ 61,486 $ — $ (403) $ 61,083 Product and technology 57,112 — (4,980) 52,132 Marketing and sales 117,982 (85) (3,770) 114,127 General and administrative 47,566 (12,456) (6,308) 28,802 Depreciation and amortization 51,912 — — 51,912 Total operating expenses $ 336,058 $ (12,541) $ (15,461) $ 308,056 Total nonoperating expense, net $ (12,970) $ (2,342) $ — $ (15,312) (1) Includes transaction related items, unrealized gain/loss on foreign currency denominated transactions, severance, transformation and other exit costs, andwrite-off of long-lived assets and other Reconciliation of Operating expenses to Adjusted operating expenses for the Six Months Ended June 30, 2024: As Reported Adjustments (1) Stock-Based Compensation As Adjusted Cost of revenue and operations $ 60,992 $ — $ (558) $ 60,434 Product and technology 55,668 — (5,790) 49,878 Marketing and sales 119,376 (88) (2,893) 116,395 General and administrative 45,837 (9,051) (7,522) 29,264 Depreciation and amortization 54,936 — — 54,936 Total operating expenses $ 336,809 $ (9,139) $ (16,763) $ 310,907 Total nonoperating expense, net $ (5,043) $ (11,388) $ — $ (16,431) (1) Includes transaction related items, unrealized gains and losses on foreign currency denominated transactions, severance, transformation and other exit costs, and write-off of long-lived assets and other Q2 2025 and Full Year Financial Highlights Quarter Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2025 2024 Change % 2025 2024 Change % Revenue $ 178,739 $ 178,894 NM $ 357,763 $ 359,070 NM Net income 7,009 11,381 (38 %) 4,996 12,165 (59 %) Adjusted net income 26,412 26,048 1 % 50,368 54,711 (8 %) Adjusted EBITDA 50,898 50,425 1 % 101,619 103,098 (1 %) Net income per diluted share 0.11 0.17 (34 %) 0.08 0.18 (57 %) Adjusted net income per diluted share 0.41 0.38 8 % 0.78 0.81 (4 %) NM = Not meaningful Q2 2025 Key Metrics and Operational Highlights Quarter Ended June 30, March 31, June 30, Change % Change % (In millions, except dealer data) 2025 2025 2024 Q/Q Y/Y Average Monthly Unique Visitors 26.6 29.0 26.1 (8 %) 2 % Traffic ("Visits") 162.0 170.1 158.1 (5 %) 2 % Monthly Average Revenue Per Dealer ("ARPD") $ 2,435 $ 2,473 $ 2,474 (2 %) (2 %) Dealer Customers 19,412 19,250 19,390 1 % NM SOURCE Cars Commerce WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Cars.com Reports Second Quarter 2025 Results

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