Mister Car Wash (MCW) Q4 2024 earnings summary

Executive summary

• Q4 2024 results exceeded expectations, with net revenues up 9% year-over-year to $251.2 million and comparable store sales growth of 6%, marking 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 growth.

• Opened 39–40 new locations in 2024, surpassing 500 stores, with a focus on disciplined, profitable growth.

• Unlimited Wash Club memberships rose 2% year-over-year, reaching over 2.1 million members.

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

Financial highlights

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

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

• Full-year adjusted EBITDA reached $320.9 million, up 12% year-over-year.

• 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 equivalents at year-end were $67.5 million; long-term debt was $920 million, down $22 million sequentially.

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), 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 weighted to the second half.

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