# EDGAR Filing Document

**Accession Number:** 0001683606
**File Stem:** 0001193125-26-073457
**Filing Date:** 2026-2
**Character Count:** 48679
**Document Hash:** f0ba15540fc2a312ef7eb303ec9340fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-073457.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-073457

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260226

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cars.com Inc.
- **CENTRAL INDEX KEY:** 0001683606
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 813693660
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37869
- **FILM NUMBER:** 26681741

**BUSINESS ADDRESS:**
- **STREET 1:** 300 S. RIVERSIDE PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-601-5000

**MAIL ADDRESS:**
- **STREET 1:** 300 S. RIVERSIDE PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

------

## FORM 8-K

------

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 26, 2026<br>

------

Cars.com Inc.

**(Exact name of Registrant as Specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| Delaware | 001-37869 | 81-3693660 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 300 S. Riverside Plaza |  |  |
| Chicago**,** Illinois |  | 60606 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 312 601-5000<br>

**(Former Name or Former Address, if Changed Since Last Report)**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock | CARS | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On February 26, 2026, Cars.com Inc. (the "Company") issued a press release announcing its financial results for the quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Exhibit** |
| 99.1 | [<u>Cars.com Inc. Press Release, dated February 26, 2026, concerning financial results</u>](cars-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

The information furnished in this report, including Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, nor shall it be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly set forth by specific reference in such filing.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Cars.com Inc.  |
| Date: | February 26, 2026 | By:  | /s/ Sonia Jain |
|  |  |  | Chief Financial Officer |

---

------

## Exhibit 99.1

Exhibit 99.1

**Cars.com Reports Fourth Quarter and Full Year 2025 Results**

*Record Full Year Revenue of $723 Million Driven by Dealer Revenue Growth*

*Expanded Customer Base to 19,544 Dealer Customers*

*Generated $152MM of Annual Net Cash Provided by Operating Activities*

*Repurchased 7.1 Million Shares for $86 Million and Retired 9% of Shares Outstanding*

**CHICAGO, February 26, 2026** -- Cars.com Inc**.** (NYSE: CARS), a trusted audience-powered and data-driven technology platform that simplifies buying and selling cars, today released its financial results for the fourth quarter and year ended December 31, 2025.

"The Cars.com marketplace and product suite is positioned to capture growing demand for trusted data insights, simple end-to-end tools, and an AI-oriented user experience. Our focus is squarely on driving further financial improvements in 2026 by leveraging and enhancing our marketplace flywheel. We plan to develop more interconnectivity across our solutions to amplify differentiation and unlock product adoption. At the same time, we will evaluate our cost structure to operate more efficiently. We look forward to sharing updates as we execute our strategy to create value for all stakeholders," said Tobias Hartmann, Chief Executive Officer of Cars.com, Inc.

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>*(in thousands, except per share data)* | Quarter Ended December 31, | Quarter Ended December 31, |  | Year Ended December 31, | Year Ended December 31, |  |
| <br>*(in thousands, except per share data)* | 2025 | 2024 | Change % | 2025 | 2024 | Change %  |
| Revenue | $183903 | $180431 | 2% | $723239 | $719152 | 1% |
| Net income | 7398 | 17304 | (57%) | 20052 | 48188 | (58%) |
| Adjusted net income | 27385 | 32508 | (16%) | 108134 | 114923 | (6%) |
| Adjusted EBITDA | 54896 | 55488 | (1%) | 211146 | 209717 | 1% |
| Net income per diluted share | 0.12 | 0.26 | (54%) | 0.32 | 0.72 | (56%) |
| Adjusted net income per diluted share | 0.44 | 0.49 | (10%) | 1.71 | 1.71 | NM |

---

*NM = Not meaningful*

**Key Metrics and Operational Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>*(in millions, except dealer data)* | Quarter Ended | Quarter Ended | Quarter Ended |  |  |
| <br>*(in millions, except dealer data)* | December 31, 2025 | September 30, 2025 | December 31, 2024 | Change %<br>Q/Q | Change % Y/Y |
| Average Monthly Unique Visitors | 21.7 | 25.5 | 23.1 | (15%) | (6%) |
| Traffic ("Visits") | 138.8 | 156.2 | 143.8 | (11%) | (3%) |
| Monthly Average Revenue Per Dealer ("ARPD") | $2472 | $2460 | $2475 | NM | NM |
| Dealer Customers | 19544 | 19526 | 19206 | NM | 2% |

---

• Dealer Customers grew to 19,544 dealers due to focused commercial execution and continued Marketplace adoption, and extended the streak of sequential customer growth in every quarter of 2025

• Marketplace Premium+ subscriber base more than doubled quarter-over-quarter during Q4

• AccuTrade Connected reached 1,180 subscribers in Q4 and total appraisals grew over 75% year-over-year

------

• Market Area Expansion launched nationwide on Cars.com in January following a successful pilot in Q4, providing consumers with richer search results that include shippable vehicles from non-local dealerships

**Q4 2025 Results**

Revenue for the fourth quarter was $183.9 million, up 2% compared to the prior year period and setting a quarterly record. Subscription-based Dealer revenue of $164.4 million was up 3% year-over-year primarily from marketplace and website repackaging benefits, as well as Marketplace customer growth. OEM and National revenue of $16.2 million was down 9% year-over-year, reflecting changes in spending by OEM partners.

Total operating expenses for the fourth quarter were $162.2 million compared to $160.7 million in the prior year period, growing at a moderate pace of 1% year-over-year. The biggest contributors to the increase were additional marketing investments, severance-related costs, and stock-based compensation, which were substantially offset by lower depreciation and amortization expenses. Adjusted operating expenses for the quarter were $145.5 million, down 3% year-over-year as greater marketing investments were more than offset by lower depreciation and amortization.

Net income for the fourth quarter was $7.4 million, or $0.12 per diluted share, compared to Net income of $17.3 million, or $0.26 per diluted share, in the year-ago period. The change in Net income is primarily attributable to the $10.8 million gain on the sale of an equity investment, which was recorded in the prior period. Adjusted net income for the fourth quarter was $27.4 million, or $0.44 per diluted share, compared to $32.5 million, or $0.49 per diluted share a year ago.

Adjusted EBITDA for the fourth quarter was $54.9 million, or 29.9% of revenue, compared to $55.5 million, or 30.8% of revenue in the year-ago period. Adjusted EBITDA declined 1% year-over-year, in-line with higher marketing costs that were mostly offset by operating efficiencies in cost of revenue and general and administrative expenses.

**Full Year Results**

Revenue for fiscal year 2025 totaled $723.2 million, a new full year record, increasing $4.1 million, or 1% year-over-year. Subscription-based Dealer revenue was up 1% year-over-year, driven by Solutions customer growth and repackaging, and partially offset by Marketplace declines in the first half of the year and lower Dealer Media spending. OEM and National revenue was down 1% year-over-year, reflecting changes in OEM spending in the second half of the year.

Total operating expenses for the year were $663.0 million, compared to $665.7 million in 2024. Adjusted Operating Expenses for the year were $603.9 million, a 2% decrease year-over-year that was driven by a meaningful decline in depreciation and amortization. Depreciation and amortization expense decreased 14% year-over-year, primarily due to certain assets being fully depreciated and amortized as compared to the prior-year period, and partially offset by accelerated depreciation associated with the amended headquarters lease.

Net income for the year totaled $20.1 million, or $0.32 per diluted share, compared to Net income of $48.2 million, or $0.72 per diluted share in the prior year. The change in Net income is primarily attributable to changes in the fair value of contingent consideration associated with prior acquisitions, and the gain on the sale of an equity investment, which were both recorded in the prior year. Adjusted net income for the year was $108.1 million, or $1.71 per diluted share, compared to $114.9 million, or $1.71 per diluted share a year ago.

------

Adjusted EBITDA for the year totaled $211.1 million, or 29.2% of revenue, compared to $209.7 million, or 29.2% of revenue, in the prior year period. Adjusted EBITDA grew 1% year-over-year, largely mirroring revenue performance during this period.

**Cash Flow and Balance Sheet**

Net cash provided by operating activities for the twelve-month period ended December 31, 2025 was $151.6 million, compared to $152.5 million in the prior year, which is largely attributable to the increase in earnout payments associated with the D2C Media acquisition. Free cash flow for the twelve-month period ended December 31, 2025 totaled $125.7 million, compared to $128.1 million in the prior year.

Total debt outstanding was $455.0 million as of December 31, 2025. Total net leverage (as defined in the Company's credit facility) was 1.9x as of December 31, 2025. Total liquidity as of December 31, 2025 was $351.2 million, which is defined as Cash and cash equivalents of $56.2 million and revolver capacity of $295.0 million.

**Share Repurchase**

Share repurchase activity in 2025 reflected a strong commitment to returning value to shareholders. Approximately 1.9 million shares of common stock were repurchased for $22.0 million in the fourth quarter, bringing total repurchases to 7.1 million shares for $86.0 million in 2025. This performance was at the high end of the fiscal 2025 share repurchase target range of $70 to $90 million, which was also raised midyear from the original target of $60 to $70 million.

The existing share repurchase program was approved in February 2025, under which approximately $174 million in repurchase authorization remained as of December 31, 2025. The current share repurchase program expires in February 2028.

"We executed on key growth initiatives to deliver both revenue and Adjusted EBITDA results that were in-line with our outlook. Our asset-light model and operating leverage continues to power strong cash generation, and we utilized nearly 70% of free cash flow for share repurchases in support of our stated capital allocation policy to meaningfully return capital to shareholders," said Sonia Jain, Chief Financial Officer of Cars.com, Inc. "Looking ahead, our focus is on further scaling our marketplace through sustainable operational improvements and delivering profitable growth for long-term value creation."

**Outlook**

<u>First Quarter 2026</u>

First quarter revenue is expected to be flat to up 1% year-over-year, based on a favorable Q4 exit rate for subscription-based Marketplace and website products that is slightly offset by near-term pressure in OEM advertising spending.

First quarter Adjusted EBITDA margin is expected to be between 26.0% and 27.0%, reflecting underlying revenue mix change and slightly elevated technology and compensation expenses.

<u>Full Year 2026</u>

Full year 2026 revenue is expected to be flat to up 2% year-over-year. Dealer revenue growth is expected to be driven by Marketplace and website repackaging, customer base growth, and further product adoption. OEM and National revenue is expected to be pressured on a full year basis due to continuing shifts in OEM advertising investments. Full year 2026 Adjusted EBITDA margin is expected to be between 29.0% to 30.0%.

------

**Q4 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 Commerce**

Cars.com Inc. (NYSE:CARS) is a trusted audience-powered and data-driven technology platform that simplifies buying and selling cars. The flagship Cars.com marketplace connects millions of consumers to dealerships across the U.S., powering the car buying experience with artificial intelligence ("AI") shopping tools and comprehensive vehicle reviews and content. Our interconnected ecosystem of products enables dealers and OEMs to sell more cars by efficiently leveraging our marketplace, dealer websites, trade and appraisal tools, and proprietary in-market media solutions. 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 upon first visit to an individual Cars.com property on an individual device/browser combination or installation of one of our mobile apps on an individual device. If a visitor accesses more than one of our 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 measures 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, 2025, as filed with the Securities and Exchange Commission ("SEC") on February 26, 2026 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

kchen@carscommerce.inc

408.768.6847 **Cars Commerce Media Contact:**

Marita Thomas

mthomas@carscommerce.inc

312.601.5692 ###

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cars.com Inc.** | **Cars.com Inc.** | **Cars.com Inc.** | **Cars.com Inc.** | **Cars.com Inc.** |
| **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** |
| ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** |
|  | **(Unaudited)** | **(Unaudited)** |  |  |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| ***Revenue:*** |  |  |  |  |
| &nbsp;&nbsp;Dealer | $164423 | $159551 | $644053 | $640722 |
| &nbsp;&nbsp;OEM and National | 16209 | 17745 | 65305 | 65894 |
| &nbsp;&nbsp;Other | 3271 | 3135 | 13881 | 12536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 183903 | 180431 | 723239 | 719152 |
| ***Operating expenses:*** |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue and operations | 31177 | 31730 | 123328 | 124332 |
| &nbsp;&nbsp;Product and technology | 28671 | 29931 | 117330 | 117875 |
| &nbsp;&nbsp;Marketing and sales | 59377 | 54019 | 239365 | 232280 |
| &nbsp;&nbsp;General and administrative | 26474 | 20287 | 91124 | 83985 |
| &nbsp;&nbsp;Depreciation and amortization | 16466 | 24683 | 91842 | 107182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 162165 | 160650 | 662989 | 665654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 21738 | 19781 | 60250 | 53498 |
| ***Nonoperating expenses:*** |  |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (7439) | (7739) | (30382) | (32197) |
| &nbsp;&nbsp;Other income, net | 570 | 8064 | 4438 | 40562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonoperating (expense) income, net | (6869) | 325 | (25944) | 8365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 14869 | 20106 | 34306 | 61863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 7471 | 2802 | 14254 | 13675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $7398 | $17304 | $20052 | $48188 |
| ***Weighted-average common shares outstanding:*** |  |  |  |  |
| Basic | 60258 | 65071 | 62386 | 66006 |
| Diluted | 61730 | 66802 | 63264 | 67387 |
| ***Net income per share:*** |  |  |  |  |
| Basic | $0.12 | $0.27 | $0.32 | $0.73 |
| Diluted | 0.12 | 0.26 | 0.32 | 0.72 |

---

------

---

| | | |
|:---|:---|:---|
| **Cars.com Inc.** | **Cars.com Inc.** | **Cars.com Inc.** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** |
|  | **December 31, 2025** | **December 31, 2024** |
| ***Assets:*** |  |  |
| *Current assets:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $56236 | $50673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 131945 | 133741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 15491 | 13782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 7920 | 16134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 211592 | 214330 |
| Property and equipment, net | 35223 | 40704 |
| Goodwill | 167207 | 143279 |
| Intangible assets, net | 527082 | 585690 |
| Deferred tax assets, net | 88594 | 100530 |
| Investments and other assets, net | 32720 | 27332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1062418 | $1111865 |
| ***Liabilities and stockholders' equity:*** |  |  |
| *Current liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $27749 | $33498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 38074 | 36295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 47564 | 47092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 113387 | 116885 |
| *Noncurrent liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 451516 | 455288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities, net | 6241 | 6773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent liabilities | 18744 | 21434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent liabilities | 476501 | 483495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 589888 | 600380 |
| Commitments and contingencies |  |  |
| *Stockholders' equity:* |  |  |
| Preferred Stock at par, $0.01 par value; 5,000 shares authorized; no shares<br> issued and outstanding as of December 31, 2025 and December 31, 2024,<br> respectively |  |  |
| Common Stock at par, $0.01 par value; 300,000 shares authorized; 58,636<br> and 64,391 shares issued and outstanding as of December 31, 2025 and <br> December 31, 2024, respectively | 586 | 643 |
| Additional paid-in capital | 1413994 | 1473986 |
| Accumulated deficit | (941494) | (961546) |
| Accumulated other comprehensive loss | (556) | (1598) |
| Total stockholders' equity | 472530 | 511485 |
| Total liabilities and stockholders' equity | $1062418 | $1111865 |

---

------

---

| | | |
|:---|:---|:---|
| **Cars.com Inc.** | **Cars.com Inc.** | **Cars.com Inc.** |
| **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** |
| ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** |
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| ***Cash flows from operating activities:*** |  |  |
| Net income | $20052 | $48188 |
| Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 29016 | 26677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 62826 | 80505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 31327 | 30553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 11450 | 11894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts | 1961 | 3389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 1911 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on foreign currency denominated transactions | (2081) | 3697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of contingent consideration |  | (33473) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of equity investment |  | (10846) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 2354 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 601 | (12321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (2259) | (5390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (5685) | 11104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 880 | 5313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (714) | (9677) |
| Net cash provided by operating activities | 151639 | 152524 |
| ***Cash flows from investing activities:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for acquisitions, net of cash acquired | (24769) | (216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitalization of internally developed technology | (21619) | (21381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of property and equipment | (4286) | (3000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of equity investment | 9481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of convertible note receivable | (8206) |  |
| Net cash used in investing activities | (49399) | (24597) |
| ***Cash flows from financing activities:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Revolving Loan borrowings | 10000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments of Revolving Loan borrowings and long-term debt | (15000) | (30000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for stock-based compensation plans, net | (4715) | (7475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of common stock | (86907) | (49179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments of contingent consideration |  | (27435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments of debt issuance costs and other fees |  | (1869) |
| Net cash used in financing activities | (96622) | (115958) |
| Effect of exchange rate changes on Cash and cash equivalents | (55) | (494) |
| Net increase in Cash and cash equivalents | 5563 | 11475 |
| Cash and cash equivalents at beginning of period | 50673 | 39198 |
| Cash and cash equivalents at end of period | $56236 | $50673 |
| **Supplemental cash flow information:** |  |  |
| Cash paid for income taxes | $2568 | $6487 |
| Cash paid for interest | 29955 | 32525 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cars.com Inc.** | **Cars.com Inc.** | **Cars.com Inc.** | **Cars.com Inc.** | **Cars.com Inc.** |
| **Non-GAAP Reconciliations** | **Non-GAAP Reconciliations** | **Non-GAAP Reconciliations** | **Non-GAAP Reconciliations** | **Non-GAAP Reconciliations** |
| ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** | ***(In thousands, except per share data)*** |
| ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
| **Reconciliation of Net income to Adjusted EBITDA** | **Reconciliation of Net income to Adjusted EBITDA** | **Reconciliation of Net income to Adjusted EBITDA** | **Reconciliation of Net income to Adjusted EBITDA** | **Reconciliation of Net income to Adjusted EBITDA** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income | $7398 | $17304 | $20052 | $48188 |
| Interest expense, net | 7439 | 7739 | 30382 | 32197 |
| Income tax expense | 7471 | 2802 | 14254 | 13675 |
| Depreciation and amortization | 16466 | 24683 | 91842 | 107182 |
| Stock-based compensation, including related payroll tax expense | 9189 | 7166 | 32351 | 32373 |
| Transaction-related and other one-time items | 7501 | (6989) | 24110 | (27644) |
| Non-operating foreign exchange (gain) loss | (568) | 2783 | (1845) | 3746 |
| Adjusted EBITDA | $54896 | $55488 | $211146 | $209717 |
| **Reconciliation of Net income to Adjusted Net income** | **Reconciliation of Net income to Adjusted Net income** | **Reconciliation of Net income to Adjusted Net income** | **Reconciliation of Net income to Adjusted Net income** | **Reconciliation of Net income to Adjusted Net income** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income | $7398 | $17304 | $20052 | $48188 |
| Stock-based compensation, including related payroll tax expense | 9189 | 7166 | 32351 | 32373 |
| Amortization of intangible assets | 10527 | 17312 | 62826 | 80505 |
| Transaction-related items | 2569 | 2744 | 11099 | (21722) |
| Non-operating foreign exchange (gain) loss | (568) | 2783 | (1845) | 3746 |
| Other one-time items | 4932 | (9733) | 13011 | (5922) |
| Income tax impact of adjustments | (6662) | (5068) | (29360) | (22245) |
| Adjusted net income | $27385 | $32508 | $108134 | $114923 |
| Adjusted net income per share, diluted | $0.44 | $0.49 | $1.71 | $1.71 |
| Weighted-average common shares outstanding, diluted | 61730 | 66802 | 63264 | 67387 |
| **Reconciliation of Net cash provided by operating activities to Free cash flow** | **Reconciliation of Net cash provided by operating activities to Free cash flow** | **Reconciliation of Net cash provided by operating activities to Free cash flow** | **Reconciliation of Net cash provided by operating activities to Free cash flow** | **Reconciliation of Net cash provided by operating activities to Free cash flow** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by operating activities | $37118 | $30007 | $151639 | $152524 |
| Capitalization of internally developed technology | (5488) | (4611) | (21619) | (21381) |
| Purchase of property and equipment | (385) | (954) | (4286) | (3000) |
| Free cash flow | $31245 | $24442 | $125734 | $128143 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2025:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2025:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2025:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2025:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2025:** |
|  | **As Reported** | **Adjustments** <sup>(1)</sup> | **Stock-Based Compensation** | **As Adjusted** |
| Cost of revenue and operations | $31177 | $— | $(223) | $30954 |
| Product and technology | 28671 | (233) | (1705) | 26733 |
| Marketing and sales | 59377 | (1052) | (967) | 57358 |
| General and administrative | 26474 | (6216) | (6294) | 13964 |
| Depreciation and amortization | 16466 |  |  | 16466 |
| Total operating expenses | $162165 | $(7501) | $(9189) | $145475 |
| Total nonoperating expense, net | $(6869) | $(568) | $— | $(7437) |
| <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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 December 31, 2024:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2024:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2024:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2024:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2024:** |
|  | **As Reported** <sup>(1)</sup> | **Adjustments** <sup>(1)(2)</sup> | **Stock-Based Compensation** | **As Adjusted** |
| Cost of revenue and operations | $31730 | $— | $(149) | $31581 |
| Product and technology | 29931 | (891) | (2642) | 26398 |
| Marketing and sales | 54019 | (224) | (1360) | 52435 |
| General and administrative | 20287 | (2742) | (3015) | 14530 |
| Depreciation and amortization | 24683 |  |  | 24683 |
| Total operating expenses | $160650 | $(3857) | $(7166) | $149627 |
| Total nonoperating income (expense), net | $325 | $(8063) | $— | $(7738) |
| <sup>(1)</sup> Certain prior year balances have been reclassified to conform to the current year presentation. | <sup>(1)</sup> Certain prior year balances have been reclassified to conform to the current year presentation. | <sup>(1)</sup> Certain prior year balances have been reclassified to conform to the current year presentation. | <sup>(1)</sup> Certain prior year balances have been reclassified to conform to the current year presentation. | <sup>(1)</sup> Certain prior year balances have been reclassified to conform to the current year presentation. |
| <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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 Year Ended December 31, 2025:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Year Ended December 31, 2025:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Year Ended December 31, 2025:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Year Ended December 31, 2025:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Year Ended December 31, 2025:** |
|  | **As Reported** | **Adjustments** <sup>(1)</sup> | **Stock-Based Compensation** | **As Adjusted** |
| Cost of revenue and operations | $123328 | $(602) | $(848) | $121878 |
| Product and technology | 117330 | (4200) | (8999) | 104131 |
| Marketing and sales | 239365 | (3850) | (6230) | 229285 |
| General and administrative | 91124 | (18051) | (16274) | 56799 |
| Depreciation and amortization | 91842 |  |  | 91842 |
| Total operating expenses | $662989 | $(26703) | $(32351) | $603935 |
| Total nonoperating expense, net | $(25944) | $(4438) | $— | $(30382) |
| <sup>(1)</sup> Includes transaction related items, unrealized gain/loss on foreign currency denominated transactions, severance, transformation and other exit costs, and write-off of long-lived assets and other. | <sup>(1)</sup> Includes transaction related items, unrealized gain/loss on foreign currency denominated transactions, severance, transformation and other exit costs, and write-off of long-lived assets and other. | <sup>(1)</sup> Includes transaction related items, unrealized gain/loss on foreign currency denominated transactions, severance, transformation and other exit costs, and write-off of long-lived assets and other. | <sup>(1)</sup> Includes transaction related items, unrealized gain/loss on foreign currency denominated transactions, severance, transformation and other exit costs, and write-off of long-lived assets and other. | <sup>(1)</sup> Includes transaction related items, unrealized gain/loss 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 Year Ended December 31, 2024:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Year Ended December 31, 2024:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Year Ended December 31, 2024:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Year Ended December 31, 2024:** | **Reconciliation of Operating expenses to Adjusted operating expenses for the Year Ended December 31, 2024:** |
|  | **As Reported** <sup>(1)</sup> | **Adjustments** <sup>(1)(2)</sup> | **Stock-Based Compensation** | **As Adjusted** |
| Cost of revenue and operations | $124332 | $— | $(922) | $123410 |
| Product and technology | 117875 | (3944) | (11388) | 102543 |
| Marketing and sales | 232280 | (951) | (5722) | 225607 |
| General and administrative | 83985 | (11768) | (14341) | 57876 |
| Depreciation and amortization | 107182 |  |  | 107182 |
| Total operating expenses | $665654 | $(16663) | $(32373) | $616618 |
| Total nonoperating income (expense) , net | $8365 | $(40561) | $— | $(32196) |
| <sup>(1)</sup> Certain prior year balances have been reclassified to conform to the current year presentation. | <sup>(1)</sup> Certain prior year balances have been reclassified to conform to the current year presentation. | <sup>(1)</sup> Certain prior year balances have been reclassified to conform to the current year presentation. | <sup>(1)</sup> Certain prior year balances have been reclassified to conform to the current year presentation. | <sup>(1)</sup> Certain prior year balances have been reclassified to conform to the current year presentation. |
| <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. |

---

------