Mister Car Wash (MCW) Q2 2025 earnings summary

Executive summary

• Net revenues for Q2 2025 increased 4% year-over-year to $265.4 million, driven by growth in Unlimited Wash Club (UWC) members and new greenfield locations, with comparable-store sales up 1.2%.

• Adjusted EBITDA for Q2 2025 was $87.0 million, with a margin of 32.8%, reflecting stable operational performance.

• UWC membership grew 5% year-over-year to over 2.2 million, now representing 76% of total wash sales.

• Strategic focus on operational excellence, innovation, and disciplined expansion positions the company for continued growth.

• Net income for Q2 2025 was $28.6 million, with adjusted net income at $36.5 million ($0.11 per diluted share).

Financial highlights

• Q2 2025 net revenues: $265.4 million, up 4% year-over-year; six-month revenues: $527.1 million, up 7%.

• Adjusted EBITDA for Q2 2025: $87.0 million (32.8% margin); six-month Adjusted EBITDA: $172.7 million (32.8% margin).

• Q2 2025 net income: $28.6 million (10.8% margin); adjusted net income for the first six months: $71.6 million ($0.22 per diluted share).

• UWC sales as a percentage of total wash sales: 76% in Q2 2025, up from 72% in Q2 2024.

• Cash and cash equivalents at June 30, 2025: $26.4 million; long-term debt was $853 million, down $72 million year-over-year.

Outlook and guidance

• Full-year 2025 net revenues expected between $1,046 and $1,054 million, with comparable-store sales growth of 1.5% to 2.5%.

• Adjusted EBITDA guidance narrowed to $338–$342 million; adjusted net income forecast at $140–$143 million.

• 30 new greenfield locations planned for 2025, with CapEx expected at $255–$275 million.

• Modestly revised the upper end of full-year guidance for comp revenue, adjusted EBITDA, and adjusted EPS due to Q2 performance and cautious retail outlook.

• Liquidity and capital resources are considered sufficient to support growth strategy and operations for at least the next 12 months.