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., February 18, 2026 – 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.

 

1

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

 

2

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

 

3

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

 

4

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

 

5

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

 

6

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.

 

7

		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

 

8