What move does the options market price into CarGurus's report?

Implied ±8.3%, either direction.

How often does CarGurus move more than the options market prices?

3 of the last 8 reports moved at least as far as the implied move.

CARGNasdaqServices-Computer Processing & Data Preparation

CarGurus, Inc. (CARG) earnings date, market-implied expected move, and options open interest by expiry

36.51

+2.74 · +8.11%

post 36.51 0.00%

Closed16:00 ET

Open34.01Volume1.2MMkt cap$3.0BP/E19.63EPS1.86

Day34.01 – 38.1760%52-wk26.39 – 41.2268%

CARG

CarGurus, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±8.3%implied · report alone

8Q avg ±7.5%·×1.11·fair

33.4939.55

straddle ±10.4%

spot 36.52exp Nov 20ATM strike 37ATM straddle 4.45IV 72%

Nov 4 closereport share · term structure

Expected move

Inputs

Next report

Nov 5

after close · in 1 day

est.Q3 FY26

Calendar

Next report

Last report

+7.16%

vs ±10.9% implied · ×0.66

shaded = implied · ▲▼ = realized

Aug 6 '26 · confirmed

Implied vs realized

Largest filed tie

filed ties

13F top-10 QoQ

−4.11%

shares held · 10 largest managers

13F · Jun 30 '26128d lag

369 managers

Top fund weight

0.08%

CARG weight · IWM

N-PORTJun 30 '26

4 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

CarGurus (CARG) is expected to report on Nov 5 after close (estimated date).

Implied vs realized

8 reports

3 of 8≥ implied

avg implied: ±9.7%
avg realized: ±7.5%

Nov 7 '24Nov 7 '24confirmed±9.4%▲+4.35%×0.46

Feb 20 '25Feb 20 '25confirmed±9.8%▼−17.13%×1.74

May 8 '25May 8 '25confirmed±8.9%▲+11.20%×1.25

Aug 7 '25Aug 7 '25confirmed±11.1%▼−7.32%×0.66

Q3 FY25Nov 6 '25confirmed±12.6%▲+0.63%×0.05

Feb 19 '26Feb 19 '26confirmed±9.4%▲+3.32%×0.35

Q1 FY26May 7 '26confirmed±5.5%▼−8.95%×1.64

Q2 FY26Aug 6 '26confirmed±10.9%▲+7.16%×0.66

quarterimplied−20%0+20%realized×

Q2 FY26±10.9%▲+7.16%×0.66

Q1 FY26±5.5%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Nov 4 close

83.66OI · 3 expiries · Nov 4 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

31,373+87%Nov 2016d3750%

20%Dec 1844d0.0632+19%0.06

710%Feb 19107d0.58123+1%0.58

ExpiryPutsCallsP/C

Nov 2016d31,373+87%3750%83.66

Dec 1844d20%32+19%0.06

Feb 19107d710%123+1%0.58

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±10.4%

Funds 4

IWM±0.0%

UWM±0.0%

VTI±0.0%

VT±0.0%

Dashed = straddleMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

19.60%as filednet margin · revenue +3.04% QoQ · +13.05% YoY

Revenue

$251M+3.04% QoQ

Gross profit

$231M+2.88% QoQ

92.08% margin

Operating income

$63M+57.14% QoQ

25.10% margin

Pre-tax income

$63M+54.31% QoQ

Net income

$49M+52.64% QoQ

19.60% margin

Cost of revenue

$20M+4.96% QoQ

Operating expenses

$168M−8.90% QoQ

Marketing $98M

R&D $38M

SG&A $28M

Other operating $4M

Tax

$14M+60.35% QoQ

Other income

$508,000−52.30% QoQ

Revenue$251M+3.04%

Gross profit

$231M+2.88%

92.08% margin

Operating income

$63M+57.14%

25.10% margin

Pre-tax income

$63M+54.31%

Net income

$49M+52.64%

19.60% margin

Cost of revenue

$20M+4.96%

Operating expenses

$168M−8.90%

Marketing $98M

R&D $38M

SG&A $28M

Other income$508,000−52.30%

Tax$14M+60.35%

flow · deduction · inflow · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 4 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 16:00 ET

Intraday

Event sensitivity

NFP ×1.63· ±2.8% vs ±1.7% · 10 releases

eventrelease day|move|up · n×base

NFPjobs report±2.8%5 of 10×1.63

PPIproducer prices±2.4%5 of 10×1.40

CPIconsumer prices±2.1%5 of 10×1.26

PCEpersonal income & outlays±1.7%7 of 19×0.99

CPROFcorporate profits±1.5%5 of 12×0.91

GDPgross domestic product±1.5%8 of 19×0.88

FOMCrate decision±1.3%12 of 24×0.76

Bar = avg |move| to ±3% · tick = ±1.7% avg day · ×base = |move| ÷ ±1.7% · min 6 releases

Earnings history

EPS 0.54 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 6 '26 · confirmed	0.54	—
Q1 FY26	May 7 '26 · confirmed	0.34	—
Q3 FY25	Nov 6 '25 · confirmed	0.45	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod