Mister Car Wash Announces Fourth Quarter and Full Year 2025 Results

Mister Car Wash, Inc. (the “Company”) (Nasdaq: MCW), the nation’s leading car wash brand, announced its financial results for the quarter and year ended December 31, 2025.

“We delivered a strong finish to 2025, highlighted by solid membership growth of 7% in the fourth quarter to end the year with nearly 2.3 million members, positioning us exceptionally well as we enter 2026,” said John Lai, Chairperson and CEO of Mister Car Wash. “In addition, we surpassed $1 billion in revenue for the full year for the first time in our history. These results reflect the consistency of our operating model, the strength of our customer value proposition, and the outstanding execution of our teams across the business.”

Fourth Quarter 2025 Highlights:

• Net revenues increased 4% to $261.2 million, up from $251.2 million in the fourth quarter of 2024.
• Comparable-store sales increased 1.6% during the quarter.
• UWC sales represented 79% of total wash sales compared to 75% in the fourth quarter of 2024.
• Ended the quarter with approximately 2.3 million UWC members representing a year-over-year increase of 147 thousand members or 7%.
• Opened 16 new greenfield locations and acquired five locations, bringing the total net number of car wash locations operated to 548 as of December 31, 2025, an increase of 7% compared to 514 car wash locations as of December 31, 2024.
• Net income and net income per diluted share were $20.1 million and $0.06, respectively.
• Adjusted net income(1) and adjusted net income per diluted share(1) were $37.0 million and $0.11, respectively.
• Adjusted EBITDA(1) increased 10% to $86.0 million from $78.3 million in the fourth quarter of 2024.

Full Year Highlights:

• Net revenues increased 6% to $1,051.7 million, up from $994.7 million in the prior year.

• Comparable-store sales increased 2.9%.

• Opened 29 new greenfield locations.

• Net income and net income per diluted share were $103.1 million and $0.31, respectively.

• Adjusted net income(1) and adjusted net income per diluted share(1) were $145.0 million and $0.44, respectively.

• Adjusted EBITDA(1) increased 8% to $345.4 million from $320.9 million in 2024.

(1) Adjusted net income, adjusted EBITDA and adjusted net income per diluted share are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and GAAP to Non-GAAP Reconciliations disclosures included below in this press release.

Balance Sheet and Cash Flow Highlights:

• As of December 31, 2025, cash and cash equivalents totaled $28.5 million, compared to $67.5 million as of December 31, 2024. There were no borrowings under the Company’s Revolving Commitment as of December 31, 2025 and December 31, 2024.
• Net cash provided by operating activities totaled $285.7 million compared to $248.6 million for the twelve months ended December 31, 2025 and 2024, respectively.
• Free cash flow(2) totaled $30.3 million compared to $(81.5) million for the twelve months ended December 31, 2025 and 2024, respectively.
• Free cash flow excluding growth capital expenditures(2) totaled $257.2 million compared to $219.3 million for the twelve months ended December 31, 2025 and 2024, respectively.

Sale-Leasebacks and Rent Expense:

• In the fourth quarter of 2025, the Company had eight sale-leaseback transactions involving eight car wash locations for aggregate consideration of $43.4 million, bringing the full year aggregate proceeds from sale-leaseback transactions to $48.4 million for nine car wash locations.

• With 492 car wash leases as of December 31, 2025, versus 470 car wash leases as of December 31, 2024, rent expense, net increased 9% to $31.2 million, compared to the fourth quarter of 2024.

2026 Outlook and Conference Call Update

In light of the separately announced transaction with Leonard Green & Partners, the Company will not be providing a 2026 outlook and has canceled its earnings conference call that was previously scheduled February 18, 2026, at 4:30 p.m. Eastern Time.

About Mister Car Wash® | Inspiring People to Shine®
Headquartered in Tucson, Arizona, Mister Car Wash, Inc. (Nasdaq: MCW) operates approximately 550 locations and has the largest car wash subscription program in North America. With a passionate team of professionals, advanced technology, and a commitment to exceptional customer experiences, Mister Car Wash is dedicated to providing a clean, shiny, and dry vehicle every time. The Mister brand is deeply rooted in delivering quality service, fostering friendliness, and demonstrating a genuine commitment to the communities it serves while prioritizing responsible environmental practices and resource management. To learn more, visit www.mistercarwash.com.  

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