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Mar 31
Mister Car Wash Q1 2025 Earnings Report
Results for the quarter ended March 31, 2025
Key Takeaways
Mister Car Wash reported a solid start to 2025 with record first quarter revenue and EBITDA exceeding expectations. Net revenues increased 9% and comparable-store sales grew 6.0%, driven by strong retail business and continued growth in Unlimited Wash Club memberships.
Net revenues increased 9% to $261.7 million.
Comparable-store sales increased 6.0% during the quarter.
Unlimited Wash Club memberships increased 5% year-over-year.
Opened 4 new greenfield locations, bringing the total to 518.
Mister Car Wash
Mister Car Wash
Forward Guidance
Mister Car Wash revised its full fiscal year 2025 outlook, raising the low end of guidance ranges for net revenues, comparable-store sales growth, adjusted EBITDA, adjusted net income, and adjusted net income per diluted share.
Positive Outlook
- Net revenues expected to be $1,046 to $1,064 million.
- Comparable-store sales growth expected to be 1.5% to 3.0%.
- Adjusted EBITDA expected to be $338 to $346 million.
- Adjusted net income (defined beginning 2025) expected to be $140 to $147 million.
- Adjusted net income per diluted share (defined beginning 2025) expected to be $0.42 to $0.44.
- Expected to open 30 to 35 new greenfield locations.
Challenges Ahead
- Interest expense, net expected to be approximately $61 million.
- Rent expense, net expected to be approximately $123 million.
- Weighted average common shares outstanding, diluted, full year expected to be approximately 332 million.
- Total capital expenditures expected to be $275 to $305 million.
- Sale leasebacks proceeds expected to be $40 to $50 million.