Mister Car Wash (MCW) Q1 2025 earnings summary

Executive summary

• Net revenues for Q1 2025 increased 9% year-over-year to $261.7 million, driven by 6% comp store sales growth, robust demand, and expansion in Unlimited Wash Club (UWC) members and new locations.

• Adjusted EBITDA grew 14% to $85.6 million, with margin expanding to 32.7%, exceeding expectations due to operational execution.

• Net income for Q1 was $27.0 million, or $0.08 per diluted share, up from $16.6 million in Q1 2024; adjusted net income was $35.0 million ($0.11 per share).

• UWC membership grew 5% year-over-year to over 2.2 million, marking eight consecutive quarters of comp growth.

• Opened four new greenfield stores in Q1, bringing total operated sites to 518, with a data-driven approach to site selection and plans for 30–35 new stores in 2025.

Financial highlights

• Net revenues: $261.7 million, up 9% year-over-year, driven by comp store sales and new store contributions.

• Adjusted EBITDA: $85.6 million, up 14%, with margin at 32.7%.

• Net income: $27.0 million, or $0.08 per diluted share; adjusted net income: $35.0 million ($0.11 per share).

• UWC sales represented 73% of total wash sales; average express revenue per member increased 6% to $28.78.

• Net cash provided by operating activities was $87.6 million; cash and cash equivalents totaled $39.1 million as of March 31, 2025.

Outlook and guidance

• Raised the low end of full-year guidance for revenue, comp store sales, and adjusted EBITDA, reflecting Q1 outperformance.

• FY2025 net revenues expected between $1,046 and $1,064 million; adjusted EBITDA guidance raised to $338–$346 million.

• Comparable-store sales growth forecasted at 1.5% to 3.0%; adjusted net income expected at $140–$147 million.

• Anticipate 30 to 35 new greenfield locations and $275–$305 million in capital expenditures for 2025.

• Project roughly $25 million in positive free cash flow for the year, after CapEx, sale leasebacks, interest, and taxes.