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MCW

Mister Car Wash, Inc.

MCW

Mister Car Wash, Inc. • NASDAQ
$5.34 ▲ 0.38% (+0.02)
Market Cap $1.75 B
52w High $8.60
52w Low $4.61
Dividend Yield 0%
P/E 19.78
Volume 320.55K
Outstanding Shares 327.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $263.417M ▼ $134.983M ▲ $27.411M ▼ 10.406% ▼ $0.084 ▼ $74.253M ▼
Q2-2025 $265.415M ▲ $134.642M ▲ $28.595M ▲ 10.774% ▲ $0.088 ▲ $75.905M ▲
Q1-2025 $261.656M ▲ $32.664M ▼ $27M ▲ 10.319% ▲ $0.08 ▲ $73.995M ▲
Q4-2024 $251.172M ▲ $146.631M ▲ $9.169M ▼ 3.65% ▼ $0.029 ▼ $52.046M ▼
Q3-2024 $249.329M $97.137M $22.342M 8.961% $0.069 $70.767M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $35.652M ▲ $3.143B ▲ $2.038B ▲ $1.105B ▲
Q2-2025 $26.405M ▼ $3.106B ▲ $2.035B ▼ $1.071B ▲
Q1-2025 $39.133M ▼ $3.091B ▼ $2.057B ▼ $1.034B ▲
Q4-2024 $67.463M ▲ $3.102B ▲ $2.103B ▲ $998.352M ▲
Q3-2024 $16.478M $3.046B $2.066B $979.403M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $27.411M ▼ $91.355M ▲ $-60.474M ▼ $-21.744M ▼ $9.023M ▲ $25.813M ▲
Q2-2025 $28.595M ▲ $46.828M ▼ $-56.368M ▼ $-3.119M ▲ $-12.883M ▲ $-11.203M ▼
Q1-2025 $27M ▲ $87.55M ▲ $-54.961M ▼ $-60.913M ▼ $-28.324M ▼ $32.469M ▲
Q4-2024 $9.169M ▼ $49.78M ▼ $23.613M ▲ $-22.405M ▼ $50.988M ▲ $-20.403M ▼
Q3-2024 $22.342M $79.958M $-78.823M $11.735M $12.87M $-16.842M

Five-Year Company Overview

Income Statement

Income Statement Mister Car Wash shows a clear pattern of steady revenue growth over several years, helped by its subscription model and expanding store base. Gross profitability is strong, meaning the core wash business generates healthy markups after direct costs. However, bottom‑line earnings have not grown as smoothly. Profit was negative just after the IPO, then turned solidly positive, but has softened a bit recently as growth investments, depreciation, and interest costs weigh on net income. In short: the business model is profitable at the unit level, but overall earnings are being pulled down somewhat by the cost of rapid expansion and financing.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive, highly leveraged growth story. Total assets have climbed as the company adds locations and equipment. Equity has risen meaningfully from almost nothing before the IPO to a much more substantial base, indicating retained profits and some de‑risking over time. At the same time, debt remains high relative to the size of the business, and cash balances are modest. This combination points to a company that has improved its financial footing since going public but is still reliant on debt financing and must carefully manage borrowing costs and covenant headroom.

Cash Flow

Cash Flow Operating cash flow has trended upward, showing that the existing store network and subscription base generate reliable cash from day‑to‑day operations. The main pressure point is heavy capital spending on new locations and upgrades, which has pushed free cash flow into negative territory in recent years. In other words, the core business is cash‑generative, but virtually all of that cash — and more — is being reinvested into growth. This is typical for a roll‑out model but leaves less buffer if conditions weaken or expansion returns slow.

Competitive Edge

Competitive Edge Mister Car Wash occupies a leading position in a highly fragmented industry. Its national scale, recognizable brand, and large membership base give it advantages in marketing, purchasing, and technology investment that smaller local operators cannot easily match. The Unlimited Wash Club subscription program is a central strength, creating recurring revenue and customer loyalty, while also smoothing out the impact of seasonality and weather. The company’s dual strategy of acquiring existing sites and building new ones helps it consolidate market share. Key risks include potential saturation in mature markets, sensitivity to consumer discretionary spending, and local competitors that may respond aggressively on price or promotions.

Innovation and R&D

Innovation and R&D Innovation at Mister Car Wash is focused on practical, operations‑driven improvements rather than traditional laboratory‑style research. The company uses sophisticated tunnel systems, proprietary cleaning solutions, and data analytics to deliver consistent wash quality and high throughput. Integration of safety systems and cameras is designed to protect vehicles while increasing capacity. On the customer side, the mobile app and digital tools make managing memberships and visits easier, supporting subscription growth. The appointment of a dedicated technology leader suggests ongoing investment in personalization, automation, and possibly sustainability initiatives like better water reclamation. Overall, the emphasis is on incremental, process‑based innovation that strengthens the existing model rather than radical product change.

Summary

Mister Car Wash is a scaled, subscription‑driven service business that has translated its brand and operational know‑how into steady revenue growth and solid underlying profitability. The company is aggressively reinvesting in new locations, which boosts long‑term growth potential but keeps free cash flow tight and debt levels elevated. Its competitive position is supported by a large membership base, national footprint, and technology‑enabled operations, giving it meaningful advantages in a fragmented industry. The main balancing act going forward is between continued expansion and maintaining financial flexibility, while ensuring that innovation and customer experience keep churn low and the subscription engine running smoothly.

NEWS

October 29, 2025 · 4:05 PM UTC

Mister Car Wash Announces Third Quarter 2025 Results

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October 15, 2025 · 4:05 PM UTC

Mister Car Wash to Report Third Quarter 2025 Financial Results on October 29, 2025

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