Cars.com Inc., a trusted audience-powered and data-driven technology platform that simplifies buying and selling cars, on Feb. 26 released its financial results for the fourth quarter and year ended Dec. 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.
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.
