Mister Car Wash (MCW) Q1 2026 earnings summary

Executive summary

• Net revenues for Q1 2026 were $277.9 million, up 6% year-over-year, driven by growth in Unlimited Wash Club (UWC) members and new locations.

• Net income increased 26.7% to $34.2 million, with a net income margin of 12.3%.

• Adjusted EBITDA rose 13% to $96.7 million, representing a 34.8% margin.

• The company operated 549 locations in 21 states as of March 31, 2026, with two new greenfield openings.

• A pending merger with MCW Parent, LP is expected to close in the first half of 2026, after which the company will become privately held.

Financial highlights

• Comparable store sales growth was 3.9% for Q1 2026, compared to 6.0% in Q1 2025.

• UWC members grew to 2.5 million, up 11% year-over-year and now representing 76% of total wash sales.

• Operating income was $59.0 million, up from $53.0 million in Q1 2025.

• Cash and cash equivalents increased to $54.6 million as of March 31, 2026, more than doubling from year-end.

• Free cash flow totaled $33.0 million, with free cash flow excluding growth capex at $74.1 million.

Outlook and guidance

• Management expects continued growth through greenfield development and UWC membership expansion.

• The merger is anticipated to close in Q2 2026, subject to regulatory approvals.

• Existing liquidity and capital resources are expected to be sufficient for at least the next 12 months.

• No forward-looking guidance or outlook was provided in the reported materials.