Mister Car Wash (MCW) Q4 2024 earnings summary

Executive summary

• Q4 2024 results exceeded expectations, with 6% comp store sales growth and the first positive retail comp since Q1 2022.

• Full-year sales rose 7% to $994.7 million, and adjusted EBITDA grew 12% to $320.9 million, driven by the Titanium service launch and strong subscription performance.

• Opened 39–40 new locations in 2024, surpassing 500 stores, and remain focused on disciplined, quality-driven growth.

• Unlimited Wash Club memberships rose 2% year-over-year, reaching over 2.1 million members, with Titanium membership at 23%.

• The competitive environment is rationalizing, with fewer new entrants expected and opportunities for consolidation.

Financial highlights

• Q4 net revenues increased 9% year-over-year to $251.2 million, with 6% comparable store sales growth.

• Adjusted EBITDA for Q4 rose 13% to $78.3 million, with margin up 100 bps to 31.2%.

• Q4 net income was $9.2 million ($0.03 per diluted share); adjusted net income was $30.7 million ($0.09 per diluted share).

• Cash and cash equivalents at year-end were $67.5 million, up from $19.0 million a year earlier.

• Net cash from operating activities was $248.6 million for 2024, up from $204.7 million in 2023.

Outlook and guidance

• 2025 net revenue expected at $1,038–$1,064 million, with comparable store sales growth of 1%–3%.

• Adjusted EBITDA guidance is $334–$346 million (4%–8% growth), with margin of 32.2%–32.5%.

• Adjusted net income per diluted share projected at $0.43–$0.45 (15%–22% growth); adjusted net income guidance: $141 to $149 million.

• Plan to open 30–35 new greenfield stores, mostly in existing markets, with openings back-half weighted.

• Capital expenditures planned at $275–$305 million for 2025.