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Side-by-side financial comparison of CarGurus, Inc. (CARG) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
CarGurus, Inc. is the larger business by last-quarter revenue ($209.1M vs $2.8M, roughly 76.0× D-Wave Quantum Inc.). CarGurus, Inc. runs the higher net margin — 23.8% vs -1538.0%, a 1561.8% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -8.5%). CarGurus, Inc. produced more free cash flow last quarter ($81.9M vs $-20.0M). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (5.7% CAGR vs -1.6%).
CarGurus, Inc. is an automotive research and shopping website operating in the U.S., U.K. and Canada that assists consumers and auto dealers in comparing local listings for used and new cars, and contacting sellers.
D-Wave Quantum Inc. is a quantum computing company with locations in Palo Alto, California and Burnaby, British Columbia. D-Wave claims to be the world's first company to sell computers that exploit quantum effects in their operation. D-Wave's early customers include Lockheed Martin, the University of Southern California, Google/NASA, and Los Alamos National Laboratory.
CARG vs QBTS — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $209.1M | $2.8M |
| Net Profit | $49.8M | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | 57.0% | -1266.0% |
| Net Margin | 23.8% | -1538.0% |
| Revenue YoY | -8.5% | 19.2% |
| Net Profit YoY | 8.5% | 50.8% |
| EPS (diluted) | $0.51 | $-0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $209.1M | $2.8M | ||
| Q3 25 | $238.7M | $3.7M | ||
| Q2 25 | $234.0M | $3.1M | ||
| Q1 25 | $225.2M | $15.0M | ||
| Q4 24 | $228.5M | $2.3M | ||
| Q3 24 | $231.4M | $1.9M | ||
| Q2 24 | $218.7M | $2.2M | ||
| Q1 24 | $215.8M | $2.5M |
| Q4 25 | $49.8M | $-42.3M | ||
| Q3 25 | $44.7M | $-140.0M | ||
| Q2 25 | $22.3M | $-167.3M | ||
| Q1 25 | $39.0M | $-5.4M | ||
| Q4 24 | $45.9M | $-86.1M | ||
| Q3 24 | $22.5M | $-22.7M | ||
| Q2 24 | $-68.7M | $-17.8M | ||
| Q1 24 | $21.3M | $-17.3M |
| Q4 25 | — | 64.8% | ||
| Q3 25 | 89.5% | 71.4% | ||
| Q2 25 | 87.3% | 63.8% | ||
| Q1 25 | 88.7% | 92.5% | ||
| Q4 24 | 87.1% | 63.8% | ||
| Q3 24 | 78.9% | 55.8% | ||
| Q2 24 | 83.4% | 63.6% | ||
| Q1 24 | 81.1% | 67.3% |
| Q4 25 | 57.0% | -1266.0% | ||
| Q3 25 | 22.9% | -741.8% | ||
| Q2 25 | 10.6% | -856.3% | ||
| Q1 25 | 20.3% | -75.3% | ||
| Q4 24 | 23.3% | -876.2% | ||
| Q3 24 | 11.9% | -1103.5% | ||
| Q2 24 | -42.8% | -863.0% | ||
| Q1 24 | 12.2% | -710.6% |
| Q4 25 | 23.8% | -1538.0% | ||
| Q3 25 | 18.7% | -3743.9% | ||
| Q2 25 | 9.5% | -5406.4% | ||
| Q1 25 | 17.3% | -36.1% | ||
| Q4 24 | 20.1% | -3727.9% | ||
| Q3 24 | 9.7% | -1214.5% | ||
| Q2 24 | -31.4% | -814.4% | ||
| Q1 24 | 9.9% | -702.3% |
| Q4 25 | $0.51 | $-0.13 | ||
| Q3 25 | $0.45 | $-0.41 | ||
| Q2 25 | $0.22 | $-0.55 | ||
| Q1 25 | $0.37 | $-0.02 | ||
| Q4 24 | $0.45 | $-0.43 | ||
| Q3 24 | $0.21 | $-0.11 | ||
| Q2 24 | $-0.66 | $-0.10 | ||
| Q1 24 | $0.20 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $190.5M | $884.5M |
| Total DebtLower is stronger | $0 | — |
| Stockholders' EquityBook value | $374.2M | $852.2M |
| Total Assets | $661.9M | $915.8M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.5M | $884.5M | ||
| Q3 25 | $178.8M | $836.2M | ||
| Q2 25 | $231.2M | $819.3M | ||
| Q1 25 | $172.9M | $304.3M | ||
| Q4 24 | $304.2M | $178.0M | ||
| Q3 24 | $246.7M | — | ||
| Q2 24 | $216.2M | — | ||
| Q1 24 | $246.3M | — |
| Q4 25 | $0 | — | ||
| Q3 25 | $0 | — | ||
| Q2 25 | $0 | — | ||
| Q1 25 | $0 | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $0 | — | ||
| Q2 24 | $0 | — | ||
| Q1 24 | $0 | — |
| Q4 25 | $374.2M | $852.2M | ||
| Q3 25 | $375.4M | $670.6M | ||
| Q2 25 | $435.5M | $694.3M | ||
| Q1 25 | $402.1M | $207.4M | ||
| Q4 24 | $541.7M | $62.6M | ||
| Q3 24 | $483.5M | $-16.9M | ||
| Q2 24 | $452.1M | $-21.5M | ||
| Q1 24 | $568.4M | $-37.0M |
| Q4 25 | $661.9M | $915.8M | ||
| Q3 25 | $660.5M | $865.8M | ||
| Q2 25 | $726.1M | $843.6M | ||
| Q1 25 | $689.1M | $325.6M | ||
| Q4 24 | $824.5M | $199.9M | ||
| Q3 24 | $778.2M | $49.6M | ||
| Q2 24 | $753.3M | $61.8M | ||
| Q1 24 | $870.8M | $48.6M |
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.00× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $83.1M | $-18.4M |
| Free Cash FlowOCF − Capex | $81.9M | $-20.0M |
| FCF MarginFCF / Revenue | 39.2% | -727.9% |
| Capex IntensityCapex / Revenue | 0.6% | 60.3% |
| Cash ConversionOCF / Net Profit | 1.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $288.9M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $83.1M | $-18.4M | ||
| Q3 25 | $71.2M | $-19.0M | ||
| Q2 25 | $73.1M | $-15.3M | ||
| Q1 25 | $67.9M | $-19.3M | ||
| Q4 24 | $75.7M | $2.0M | ||
| Q3 24 | $56.2M | $-18.1M | ||
| Q2 24 | $71.6M | $-14.5M | ||
| Q1 24 | $52.0M | $-12.1M |
| Q4 25 | $81.9M | $-20.0M | ||
| Q3 25 | $69.8M | $-20.1M | ||
| Q2 25 | $71.5M | $-16.0M | ||
| Q1 25 | $65.6M | $-19.7M | ||
| Q4 24 | $65.5M | $1.1M | ||
| Q3 24 | $45.9M | $-18.4M | ||
| Q2 24 | $45.6M | $-15.0M | ||
| Q1 24 | $23.3M | $-12.4M |
| Q4 25 | 39.2% | -727.9% | ||
| Q3 25 | 29.2% | -536.5% | ||
| Q2 25 | 30.6% | -518.1% | ||
| Q1 25 | 29.2% | -131.4% | ||
| Q4 24 | 28.7% | 46.2% | ||
| Q3 24 | 19.8% | -982.8% | ||
| Q2 24 | 20.9% | -687.7% | ||
| Q1 24 | 10.8% | -504.0% |
| Q4 25 | 0.6% | 60.3% | ||
| Q3 25 | 0.6% | 27.2% | ||
| Q2 25 | 0.7% | 24.2% | ||
| Q1 25 | 1.0% | 2.9% | ||
| Q4 24 | 4.5% | 41.1% | ||
| Q3 24 | 4.4% | 16.4% | ||
| Q2 24 | 11.9% | 25.0% | ||
| Q1 24 | 13.3% | 12.4% |
| Q4 25 | 1.67× | — | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 3.27× | — | ||
| Q1 25 | 1.74× | — | ||
| Q4 24 | 1.65× | — | ||
| Q3 24 | 2.50× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 2.44× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CARG
| US | $187.0M | 89% |
| Non Us | $22.1M | 11% |
QBTS
Segment breakdown not available.
