Mister Car Wash Announces Fourth Quarter and Full Year 2025 Results
Net revenues increased 4%
Comparable-store sales increased 1.6%
Unlimited Wash Club® (“UWC”) memberships increased 7%
Opened 16 new greenfield locations
TUCSON, Ariz., Feb. 18, 2026 (GLOBE NEWSWIRE) — Mister Car Wash, Inc. (the “Company”) (Nasdaq: MCW), the nation’s leading car wash brand, today 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.
Location Count
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2025 | ||||||||||
| Beginning location count | 527 | 501 | 514 | |||||||||
| Locations acquired | 5 | — | 5 | |||||||||
| Greenfield locations opened | 16 | 14 | 29 | |||||||||
| Relocations | — | 1 | — | |||||||||
| Closures | — | (2 | ) | — | ||||||||
| Ending location count | 548 | 514 | 548 | |||||||||
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 for today, 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.
Use of Non-GAAP Financial Measures
This press release includes references to non-GAAP financial measures, including adjusted EBITDA, adjusted net income, adjusted net income per diluted share, free cash flow, and free cash flow excluding growth capital expenditures (the “Company’s Non-GAAP Financial Measures”). These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, the Company’s Non-GAAP Financial Measures should be read in conjunction with the Company’s financial statements prepared in accordance with GAAP. The reconciliations of the Company’s Non-GAAP Financial Measures to the corresponding GAAP measures should be carefully evaluated.
Adjusted EBITDA is defined as net income before interest expense, net, income tax provision, depreciation and amortization expense, (gain) loss on sale of assets, net, stock-based compensation expense and related taxes, acquisition expenses, non-cash rent expense, debt refinancing costs, and other nonrecurring charges.
Beginning in 2025, the Company has made certain changes to its definitions for adjusted net income and adjusted net income per diluted share that impact the comparability of the metrics to prior periods. Specifically, the Company will no longer include non-cash rent expense in its reconciliation of net income to adjusted net income. Accordingly, the Company’s 2025 adjusted net income and adjusted net income per diluted share guidance reflects the Company’s updated definition of adjusted net income and adjusted net income per diluted share. Adjusted net income is defined as net income before (gain) loss on sale of assets, net, stock-based compensation expense, acquisition expenses, debt refinancing costs, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to net income. Adjusted net income per share is defined as basic net income per share before (gain) loss on sale of assets, net, stock-based compensation expense and related taxes, acquisition expenses, loss on extinguishment of debt, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to basic net income per share. Adjusted net income per diluted share is defined as diluted net income per share before (gain) loss on sale of assets, net, stock-based compensation expense, acquisition expenses, debt refinancing costs, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to basic net income per share.
Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment in a period. Free cash flow excluding growth capital expenditures is defined as operating cash flows less purchases of maintenance property and equipment. Free cash flow includes the impact of capital expenditures, providing a supplemental view of cash generation. Free cash flow excluding growth capital expenditures includes purchases of maintenance property and equipment, which are uses of cash that are necessary to maintain the Company’s existing business operations, including its washes and support functions. Free cash flow excluding growth capital expenditures provides a supplemental view of cash flow generation before investments in growth capital, which expand future business operations, including the opening or improvement of washes and service capabilities. Free cash flow and free cash flow excluding growth capital expenditures have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash expenditures, such as debt repayments or payments made for business acquisitions.
Management believes the Company’s Non-GAAP Financial Measures assist investors and analysts in comparing the Company’s operating performance across reporting periods on a consistent basis by excluding items that management does not believe are indicative of the Company’s ongoing operating performance. Investors are encouraged to evaluate these adjustments and the reasons the Company considers them appropriate for supplemental analysis. In evaluating the Company’s Non-GAAP Financial Measures, investors should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in the Company’s presentation of the Company’s Non-GAAP Financial Measures. There can be no assurance that the Company will not modify the presentation of the Company’s Non-GAAP Financial Measures in future periods, and any such modification may be material.
Management believes that the Company’s Non-GAAP Financial Measures are helpful in highlighting trends in the Company’s core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which the Company operates, and capital investments. Management also uses adjusted EBITDA in connection with establishing discretionary annual incentive compensation; to supplement U.S. GAAP measures of performance in the evaluation of the effectiveness of the Company’s business strategies; to make budgeting decisions, and because the Company’s credit agreement uses measures similar to adjusted EBITDA to measure the Company’s compliance with certain covenants.
The Company’s Non-GAAP Financial Measures have limitations as analytical tools, and investors should not consider these measures in isolation or as substitutes for analysis of the Company’s results as reported under U.S. GAAP. Some of these limitations include, for example, adjusted EBITDA does not reflect: the Company’s cash expenditure or future requirements for capital expenditures or contractual commitments; the Company’s cash requirements for the Company’s working capital needs; the interest expense and the cash requirements necessary to service interest or principal payments on the Company’s debt, cash requirements for replacement of assets that are being depreciated and amortized, and the impact of certain cash charges or cash receipts resulting from matters management does not find indicative of the Company’s ongoing operations. Free cash flow and discretionary free cash flow also have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash expenditures, such as mandatory debt repayments or payments made for business acquisitions.
Contacts
Investor Relations
Edward Plank, Mister Car Wash, Inc.
IR@mistercarwash.com
Media
media@mistercarwash.com
| Consolidated Statements of Operations and Comprehensive Income (Amounts in thousands, except share and per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net revenues | $ | 261,243 | $ | 251,172 | $ | 1,051,731 | $ | 994,727 | ||||||||
| Costs and expenses | ||||||||||||||||
| Cost of labor and chemicals | 74,847 | 72,739 | 302,307 | 290,705 | ||||||||||||
| Other store operating expenses | 108,626 | 105,722 | 436,674 | 404,675 | ||||||||||||
| General and administrative | 25,544 | 27,925 | 98,009 | 107,980 | ||||||||||||
| Loss on sale of assets, net | 10,989 | 12,987 | 14,538 | 12,435 | ||||||||||||
| Total costs and expenses | 220,006 | 219,373 | 851,528 | 815,795 | ||||||||||||
| Operating income | 41,237 | 31,799 | 200,203 | 178,932 | ||||||||||||
| Other (income) expense | ||||||||||||||||
| Interest expense, net | 13,634 | 18,557 | 58,883 | 79,488 | ||||||||||||
| Loss on extinguishment of debt | 540 | 91 | 540 | 1,976 | ||||||||||||
| Other income | (35 | ) | (10 | ) | (56 | ) | (5,199 | ) | ||||||||
| Total other expense, net | 14,139 | 18,638 | 59,367 | 76,265 | ||||||||||||
| Income before taxes | 27,098 | 13,161 | 140,836 | 102,667 | ||||||||||||
| Income tax provision | 7,027 | 3,992 | 37,759 | 32,428 | ||||||||||||
| Net income | $ | 20,071 | $ | 9,169 | $ | 103,077 | $ | 70,239 | ||||||||
| Other comprehensive loss, net of tax | ||||||||||||||||
| Loss on interest rate swap | (377 | ) | — | (293 | ) | — | ||||||||||
| Total comprehensive income | $ | 19,694 | $ | 9,169 | $ | 102,784 | $ | 70,239 | ||||||||
| Earnings per share | ||||||||||||||||
| Basic | $ | 0.06 | $ | 0.03 | $ | 0.32 | $ | 0.22 | ||||||||
| Diluted | $ | 0.06 | $ | 0.03 | $ | 0.31 | $ | 0.21 | ||||||||
| Weighted-average common shares outstanding | ||||||||||||||||
| Basic | 327,811,845 | 322,904,182 | 326,253,814 | 320,031,984 | ||||||||||||
| Diluted | 332,684,097 | 330,364,039 | 332,099,696 | 329,513,232 | ||||||||||||
| Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited) | ||||||||
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 103,077 | $ | 70,239 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
| Depreciation and amortization expense | 88,205 | 81,366 | ||||||
| Stock-based compensation expense | 26,633 | 25,563 | ||||||
| Loss on sale of assets, net | 14,538 | 12,435 | ||||||
| Loss on extinguishment of debt | 540 | 1,976 | ||||||
| Amortization of deferred debt issuance costs | 1,103 | 1,256 | ||||||
| Non-cash lease expense | 55,483 | 49,855 | ||||||
| Deferred income tax | 35,779 | 30,084 | ||||||
| Changes in assets and liabilities | ||||||||
| Accounts receivable, net | 152 | 5,513 | ||||||
| Other receivables | 338 | 373 | ||||||
| Inventory, net | 274 | 3,224 | ||||||
| Prepaid expenses and other current assets | 1,937 | 365 | ||||||
| Accounts payable | 2,698 | 3,373 | ||||||
| Accrued expenses | 941 | 9,157 | ||||||
| Deferred revenue | 1,802 | 1,274 | ||||||
| Operating lease liability | (48,057 | ) | (42,753 | ) | ||||
| Other noncurrent assets and liabilities | 261 | (4,680 | ) | |||||
| Net cash provided by operating activities | $ | 285,704 | $ | 248,620 | ||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | (255,399 | ) | (330,079 | ) | ||||
| Proceeds from sale of property and equipment | 48,552 | 130,227 | ||||||
| Net cash used in investing activities | $ | (206,847 | ) | $ | (199,852 | ) | ||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of common stock under employee plans | 5,538 | 6,510 | ||||||
| Payments for repurchases of common stock | — | (19,290 | ) | |||||
| Proceeds from debt borrowings | — | 925,000 | ||||||
| Proceeds from revolving line of credit | — | 217,000 | ||||||
| Payments on debt borrowings | (120,307 | ) | (905,820 | ) | ||||
| Payments on revolving line of credit | — | (217,000 | ) | |||||
| Payments of deferred debt issuance costs | — | (5,505 | ) | |||||
| Principal payments on finance lease obligations | (793 | ) | (748 | ) | ||||
| Other financing activities | (2,396 | ) | (422 | ) | ||||
| Net cash used in financing activities | $ | (117,958 | ) | $ | (275 | ) | ||
| Net change in cash and cash equivalents, and restricted cash during period | (39,101 | ) | 48,493 | |||||
| Cash and cash equivalents, and restricted cash at beginning of period | 67,612 | 19,119 | ||||||
| Cash and cash equivalents, and restricted cash at end of period | $ | 28,511 | $ | 67,612 | ||||
| Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||||||||
| Cash and cash equivalents | 28,450 | 67,463 | ||||||
| Restricted cash, included in prepaid expenses and other current assets | 61 | 149 | ||||||
| Total cash, cash equivalents, and restricted cash | $ | 28,511 | $ | 67,612 | ||||
| Supplemental disclosure of cash flow information | ||||||||
| Cash paid for interest | $ | 60,387 | $ | 78,122 | ||||
| Cash paid for income taxes | $ | 2,541 | $ | 2,529 | ||||
| Supplemental disclosure of non-cash investing and financing activities | ||||||||
| Property and equipment in accounts payable | $ | 5,912 | $ | 10,914 | ||||
| Property and equipment accrued in other accrued expenses | $ | 11,181 | $ | 9,653 | ||||
| Stock option exercise proceeds in other receivables | $ | — | $ | 294 | ||||
| Consolidated Balance Sheets (Amounts in thousands, except share and per share data) (Unaudited) | ||||||||
| As of | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 28,450 | $ | 67,463 | ||||
| Accounts receivable, net | 639 | 791 | ||||||
| Other receivables | 15,485 | 13,518 | ||||||
| Inventory, net | 5,485 | 5,728 | ||||||
| Prepaid expenses and other current assets | 9,619 | 11,590 | ||||||
| Total current assets | 59,678 | 99,090 | ||||||
| Property and equipment, net | 914,022 | 814,600 | ||||||
| Operating lease right of use assets, net | 942,664 | 924,896 | ||||||
| Other intangible assets, net | 110,822 | 112,507 | ||||||
| Goodwill | 1,134,830 | 1,134,734 | ||||||
| Other assets | 11,122 | 15,969 | ||||||
| Total assets | $ | 3,173,138 | $ | 3,101,796 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 27,824 | $ | 30,020 | ||||
| Accrued payroll and related expenses | 25,074 | 27,116 | ||||||
| Other accrued expenses | 41,540 | 39,162 | ||||||
| Current maturities of long-term debt | — | 6,920 | ||||||
| Current maturities of operating lease liability | 53,625 | 48,986 | ||||||
| Current maturities of finance lease liability | 879 | 804 | ||||||
| Deferred revenue | 35,904 | 33,960 | ||||||
| Total current liabilities | 184,846 | 186,968 | ||||||
| Long-term debt, net | 796,893 | 909,094 | ||||||
| Operating lease liability | 906,371 | 890,613 | ||||||
| Financing lease liability | 12,344 | 13,262 | ||||||
| Deferred tax liabilities, net | 137,547 | 101,741 | ||||||
| Other long-term liabilities | 2,124 | 1,766 | ||||||
| Total liabilities | 2,040,125 | 2,103,444 | ||||||
| Stockholders’ equity | ||||||||
| Common stock, $0.01 par value, 1,000,000,000 shares authorized, 328,282,533 and 323,693,863 shares outstanding as of December 31, 2025 and 2024, respectively | 3,288 | 3,242 | ||||||
| Additional paid-in capital | 862,095 | 830,264 | ||||||
| Accumulated other comprehensive income | (293 | ) | — | |||||
| Retained earnings | 267,923 | 164,846 | ||||||
| Total stockholders’ equity | 1,133,013 | 998,352 | ||||||
| Total liabilities and stockholders’ equity | $ | 3,173,138 | $ | 3,101,796 | ||||
| GAAP to Non-GAAP Reconciliations (Amounts in thousands, except share and per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Reconciliation of net income to adjusted EBITDA | ||||||||||||||||
| Net income | $ | 20,071 | $ | 9,169 | $ | 103,077 | $ | 70,239 | ||||||||
| Interest expense, net | 13,634 | 18,557 | 58,883 | 79,488 | ||||||||||||
| Income tax provision | 7,027 | 3,992 | 37,759 | 32,428 | ||||||||||||
| Depreciation and amortization expense | 23,151 | 20,328 | 88,205 | 81,366 | ||||||||||||
| Loss on sale of assets, net | 10,989 | 12,987 | 14,538 | 12,435 | ||||||||||||
| Stock-based compensation expense | 6,806 | 6,892 | 27,797 | 27,259 | ||||||||||||
| Acquisition expenses | 2,010 | 1,381 | 5,824 | 3,357 | ||||||||||||
| Non-cash rent expense | 1,606 | 1,863 | 6,871 | 6,405 | ||||||||||||
| Debt refinancing costs | 539 | 611 | 539 | 6,711 | ||||||||||||
| Employee retention credit | — | — | — | (5,189 | ) | |||||||||||
| Other | 122 | 2,498 | 1,948 | 6,447 | ||||||||||||
| Adjusted EBITDA | $ | 85,955 | $ | 78,278 | $ | 345,441 | $ | 320,946 | ||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Reconciliation of net income to adjusted net income | ||||||||||||||||
| Net income | $ | 20,071 | $ | 9,169 | $ | 103,077 | $ | 70,239 | ||||||||
| Loss on sale of assets, net | 10,989 | 12,987 | 14,538 | 12,435 | ||||||||||||
| Stock-based compensation expense | 6,806 | 6,892 | 27,797 | 27,259 | ||||||||||||
| Acquisition expenses | 2,010 | 1,381 | 5,824 | 3,357 | ||||||||||||
| Non-cash rent expense(1) | 1,606 | 1,863 | 6,871 | 6,405 | ||||||||||||
| Debt refinancing costs | 539 | 611 | 539 | 6,711 | ||||||||||||
| Employee retention credit | — | — | — | (5,189 | ) | |||||||||||
| Other | 122 | 2,498 | 1,948 | 6,447 | ||||||||||||
| Income tax impact of stock award exercises | 765 | 374 | 2,003 | 6,380 | ||||||||||||
| Tax impact of adjustments to net income(2) | (4,750 | ) | (5,114 | ) | (12,378 | ) | (11,197 | ) | ||||||||
| Adjusted net income, as defined through 2024 | $ | 38,158 | $ | 30,661 | $ | 150,219 | $ | 122,847 | ||||||||
| Non-cash rent expense(1) | (1,606 | ) | (1,863 | ) | (6,871 | ) | (6,405 | ) | ||||||||
| Tax impact of adjustments to net income(2) | 409 | 122 | 1,636 | 744 | ||||||||||||
| Adjusted net income, as defined beginning 2025 | $ | 36,961 | $ | 28,920 | $ | 144,984 | $ | 117,186 | ||||||||
| Diluted adjusted net income per Share, as defined through 2024 | $ | 0.11 | $ | 0.09 | $ | 0.45 | $ | 0.37 | ||||||||
| Diluted adjusted net income per Share, as defined beginning 2025 | $ | 0.11 | $ | 0.09 | $ | 0.44 | $ | 0.36 | ||||||||
| Adjusted weighted-average common shares outstanding – diluted | 332,684,097 | 330,364,039 | 332,099,696 | 329,513,232 | ||||||||||||
(1) Non-cash rent expense was included in the reconciliation of net income to adjusted net income and adjusted net income per diluted share for periods prior to fiscal 2025. Beginning in fiscal 2025, such expenses will no longer be included in the calculation of adjusted net income and adjusted net income per diluted share.
(2) Tax impacts of adjustments to net income were adjusted prior to and beginning in 2025 for changes in expenses adjusting net income.
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Free cash flow | ||||||||
| Net cash provided by operating activities | $ | 285,704 | $ | 248,620 | ||||
| Adjustments: | ||||||||
| Purchases of property and equipment | (255,399 | ) | (330,079 | ) | ||||
| Free cash flow | $ | 30,305 | $ | (81,459 | ) | |||
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Free cash flow excluding growth capital expenditures | ||||||||
| Net cash provided by operating activities | $ | 285,704 | $ | 248,620 | ||||
| Adjustments: | ||||||||
| Purchases of maintenance property and equipment | (28,529 | ) | (29,350 | ) | ||||
| Free cash flow excluding growth capital expenditures | $ | 257,175 | $ | 219,270 | ||||
