Mister Car Wash, Inc., a leading provider of car wash industry in the United States, has released its Form SEC 10-Q report for the second quarter of 2025 in a press release. The report highlights the company's financial performance and operational achievements, showcasing steady growth and strategic expansion efforts.
“Fueled by the strength of our UWC subscription model and the solid execution of our teams, we delivered our ninth consecutive quarter of positive comp-store sales growth in the second quarter—even amidst a challenging retail environment. Our membership base grew 5% year-over-year, underscoring the effectiveness of our model in converting retail traffic into a robust stream of recurring revenue,” commented John Lai, Chairperson, President, and CEO of Mister Car Wash. “With strong cash flow generation powering reinvestment and innovation, our results through the first half of 2025 reinforce the durability of our strategy and our commitment to delivering long-term value to customers and shareholders alike.”
Financial Highlights
- Net Revenues: $265.4 million, increased by 4% from the prior year primarily due to growth in UWC Members and the addition of 31 locations.
- Operating Income: $54.1 million, representing 20% of net revenues, slightly decreased from the prior year due to increased store operating expenses.
- Net Income: $28.6 million, with a net income margin of 10.8%, up from 8.7% in the prior year, driven by lower interest expenses.
- Earnings per Share - Basic: $0.09, reflecting an increase in net income.
- Earnings per Share - Diluted: $0.09, consistent with basic EPS, indicating no significant dilution from potential securities.
Business Highlights
- Location Count: As of June 30, 2025, Mister Car Wash operated 522 car wash locations across 21 states, an increase from 491 locations in the previous year. This growth includes the addition of 8 new greenfield locations in the first half of 2025.
- Comparable Store Sales Growth: The company reported a comparable store sales growth of 1.2% for the three months ended June 30, 2025, and 3.6% for the six months ended June 30, 2025, indicating a positive trend in sales performance at existing locations.
- Unlimited Wash Club (UWC) Membership: UWC membership reached approximately 2.2 million members by the end of June 2025, reflecting a 5% increase from December 31, 2024. UWC sales accounted for 76% of total wash sales in Q2 2025, up from 72% in Q2 2024.
- Operational Efficiency: The company has focused on labor optimization and strategic partnerships to reduce chemical costs, contributing to stable cost of labor and chemicals as a percentage of net revenues.
- Future Outlook: Mister Car Wash plans to continue its growth strategy through greenfield development, focusing on expanding its Express Exterior Locations to enhance its market presence and operational efficiency.