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Turo’s revenue did not fall in 2023: it rose to $879.676 million. What cratered was the growth rate, which dropped to 18% from 59% in 2022. Turo remained profitable by GAAP net income, but its net income fell sharply. And the IPO framing in the original title is out of date: Turo withdrew its proposed offering in February 2025.
What happened to Turo’s revenue growth in 2023?
Turo’s net revenue increased by $133.084 million in 2023, reaching $879.676 million, according to its SEC registration statement. The sharp change was the pace of growth: revenue grew 18% year over year, compared with 59% in 2022. The company’s filing reports growth of 213% in 2021, 59% in 2022 and 18% in 2023. Turo’s SEC Form S-1/A provides the underlying figures.
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| Year | Net revenue | Year-over-year revenue growth | GAAP net income |
|---|---|---|---|
| 2021 | $469.0 million | 213% | not stated in the cited SEC filing figures |
| 2022 | $746.6 million | 59% | $154.7 million |
| 2023 | $879.676 million | 18% | $14.7 million |
Revenue and growth figures are from Turo’s SEC Form S-1/A; net income for 2022 and 2023 is reported in Turo’s SEC filing. The filing’s rounded revenue figure for 2023 is $879.7 million; $879.676 million is the more precise amount.
Why did growth slow?
Turo attributed the 2023 revenue increase to a 27% rise in rental days, partly offset by a decrease in price per day. Gross booking value increased 17%, according to the company’s SEC filing. In other words, more rental activity supported revenue, while lower daily pricing restrained the increase. The available figures do not establish why the price per day declined, so they should not be used to infer a specific cause such as discounting or a change in trip mix.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
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- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
Was Turo profitable in 2023?
Yes. Turo reported $14.7 million in net income in 2023, so it remained profitable on a GAAP net-income basis. But that was far below its $154.7 million net income in 2022—a decline of roughly 90% year over year.
A separate contemporaneous TechCrunch analysis reported that Turo’s gross margin was 51.4% in 2023, down from 54.3% in 2022, and that operating profit was $13.7 million in 2023. These measures describe different parts of the income statement and should not be substituted for net income. TechCrunch’s March 2024 analysis reports those figures.
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Is Turo still going public?
No IPO was in progress based on the latest events reported here. Turo filed publicly to go public in January 2022 and continued updating its registration filing, but in February 2025 it withdrew its IPO plans. CEO Andre Haddad said “the board decided now is not the right time for Turo to pursue a public offering,” according to TechCrunch’s February 13, 2025 report.
In a March 2025 company post, Haddad described the move as postponing the plans and said the company remained committed to growth. That wording does not mean a new offering has been announced. The sources cited here do not establish a subsequent IPO relaunch. Turo’s March 5, 2025 post also reported $958 million in 2024 revenue and described the company as EBITDA positive for four years. EBITDA is not the same as GAAP net income, and the post does not establish audited 2024 net income.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
What the numbers do—and don’t—say about IPO readiness
The figures show a business that continued to grow revenue and report positive net income in 2023, but at a much slower growth rate and with substantially lower net income than in 2022. They do not establish that an IPO was certain, or that profitability alone would make Turo ready to list. The company’s decision to withdraw the proposed offering is the clearest update to the original claim that it was still preparing to go public.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
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