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Mister Car Wash (MCW) investor relations material

Mister Car Wash Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary30 Jul, 2025

Executive summary

  • Net revenues for Q2 2025 increased 4% year-over-year to $265.4 million, driven by UWC membership growth and new locations, despite retail softness and macroeconomic headwinds.

  • UWC membership rose 5% to over 2.2 million, now representing 76% of total wash sales, offsetting weaker retail performance.

  • Four new greenfield locations opened in Q2, bringing total operated sites to 522; expansion remains a strategic priority.

  • Adjusted EBITDA for Q2 was $87.0 million (32.8% margin), with net income of $28.6 million and adjusted EPS of $0.11.

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

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.

  • Net income for Q2 2025: $28.6 million (10.8% margin); adjusted net income: $36.5 million.

  • Operating expenses rose to $178M, mainly from higher rent, utilities, and maintenance; rent expense increased 12% to $30.2 million.

  • Cash and equivalents at quarter-end were $26.4 million; long-term debt decreased $72M year-over-year to $853M.

Outlook and guidance

  • Full-year 2025 net revenues expected between $1,046 and $1,054 million, with comp-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; CapEx expected at $255–$275 million, with $205–$220 million for new store growth.

  • Net leverage ratio expected to improve to under 2.5x adjusted EBITDA by year-end.

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

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Frequently asked questions

Mister Car Wash Inc is a car wash services company that operates a network of conveyorized car wash locations across the United States. The company provides exterior and interior cleaning services, subscription-based membership plans, and automotive detailing. It also sells branded cleaning products and accessories. Mister Car Wash Inc is headquartered in Tucson, Arizona, and its shares are listed on the NYSE.

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