Mister Car Wash (MCW) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 6% to $263.4 million, with adjusted EBITDA up 10% to $86.8 million and adjusted EPS rising 38% year-over-year to $0.11.

• Comparable store sales increased 3.1%, marking the 10th consecutive quarter of comp gains, driven by strong Unlimited Wash Club (UWC) growth and operational execution.

• UWC membership reached 2.23 million, up 6% year-over-year, representing 77% of total wash sales.

• Five new greenfield locations opened in Q3, bringing the total to 527 locations, a 5% increase year-over-year.

• Acquired five stores in Lubbock, Texas post-Q3, doubling market share and expanding local presence.

Financial highlights

• Nine-month net revenues were $790.5 million, up 6% year-over-year, with Q3 net income at $27.4 million and adjusted net income at $36.4 million.

• Adjusted EBITDA margin rose to 32.9%, the highest Q3 margin reported.

• Free cash flow (excluding growth CapEx) was $202 million for the nine months ended September 30, up from $174 million last year.

• Cash and equivalents at quarter-end were $35.7 million, with $299.9 million in available borrowing capacity.

• Interest expense improved 32% to $14 million due to lower rates and reduced borrowings.

Outlook and guidance

• Full-year 2025 net revenues expected between $1,046 and $1,054 million, with adjusted EBITDA at the high end of $338-$342 million.

• Comparable-store sales growth projected at 1.5% to 2.5%, with guidance reiterated at the high end.

• Approximately 30 new greenfield stores targeted for 2025, with Lubbock acquisition incremental.

• Capital expenditures forecasted at $255 to $275 million for the year.