Mister Car Wash (MCW) Q4 2025 earnings summary

Executive summary

• Net revenues surpassed $1 billion for the first time, increasing 6% year-over-year to $1,051.7 million for 2025.

• Unlimited Wash Club memberships grew 7% year-over-year, ending with nearly 2.3 million members.

• Opened 29 new greenfield locations and acquired additional sites, increasing total operated locations by 7% to 548.

Financial highlights

• Fourth quarter net revenues rose 4% year-over-year to $261.2 million; comparable-store sales up 1.6%.

• Full-year net income was $103.1 million, with adjusted net income of $145.0 million.

• Adjusted EBITDA for 2025 increased 8% to $345.4 million.

• Free cash flow improved to $30.3 million from $(81.5) million year-over-year; free cash flow excluding growth capex was $257.2 million.

• Cash and cash equivalents at year-end were $28.5 million, down from $67.5 million the prior year.

Segment performance

• Unlimited Wash Club sales accounted for 79% of total wash sales in Q4, up from 75% a year earlier.

• Opened 16 new greenfield locations and acquired five in Q4, with 548 total locations at year-end.