Mister Car Wash(MCW) - 2025 Q3 - Quarterly Results

Financial Performance - Net revenues increased 6% to $263.4 million, up from $249.3 million in Q3 2024[6] - Adjusted EBITDA increased 10% to $86.8 million from $78.8 million in Q3 2024[6] - Net revenues for Q3 2025 were $263,417,000, an increase of 5.4% from $249,329,000 in Q3 2024[29] - Operating income for the nine months ended September 30, 2025, was $158,966,000, up 8.1% from $147,130,000 in the same period of 2024[29] - Net income for Q3 2025 was $27,411,000, representing a 22.5% increase compared to $22,342,000 in Q3 2024[29] - Adjusted net income for the nine months ended September 30, 2025, was $108.0 million, with adjusted net income per diluted share at $0.33[6] - Adjusted EBITDA for the nine months ended September 30, 2025, reached $259,487 million, up 6.9% from $242,668 million in the same period of 2024[36] - Adjusted net income for Q3 2025 was $36,438 million, up from $27,496 million in Q3 2024, representing a 32.5% increase[36] Membership and Sales Growth - Comparable-store sales increased 3.1% during the quarter, marking the tenth consecutive quarter of growth[2] - Unlimited Wash Club® memberships increased by 6%, totaling over 2.2 million members, a year-over-year increase of 117 thousand members[6] Cash Flow and Expenses - Free cash flow totaled $47.1 million compared to $(61.1) million for the nine months ended September 30, 2024[12] - Cash flows from operating activities for the nine months ended September 30, 2025, were $225,733,000, compared to $198,840,000 in 2024, reflecting a growth of 13.5%[32] - Free cash flow for the nine months ended September 30, 2025, was $47,079 million, a significant improvement from a negative $61,056 million in 2024[38] - Free cash flow excluding growth capital expenditures for the same period was $202,016 million, compared to $174,216 million in 2024, reflecting a 15.9% increase[38] - The company incurred interest expense of $14,054,000 in Q3 2025, down from $20,653,000 in Q3 2024[29] - Interest expense for Q3 2025 was $14,054 million, a decrease from $20,653 million in Q3 2024, indicating improved cost management[36] Expansion and Acquisitions - The company opened 5 new greenfield locations, bringing the total to 527 locations, a 5% increase year-over-year[6] - The company expects to open approximately 30 new greenfield locations in 2025[10] - The company completed the acquisition of five stores in Lubbock, TX, expanding its market presence significantly[2][9] - The company incurred acquisition expenses of $1,201 million in Q3 2025, compared to $863 million in Q3 2024, reflecting ongoing strategic investments[36] Assets and Liabilities - Total assets as of September 30, 2025, were $3,142,930,000, an increase from $3,101,796,000 as of December 31, 2024[34] - Total liabilities decreased to $2,037,773,000 as of September 30, 2025, from $2,103,444,000 at the end of 2024[34] Earnings Per Share - The company reported a basic earnings per share of $0.08 for Q3 2025, up from $0.07 in Q3 2024[29] - Diluted adjusted net income per share for Q3 2025 was $0.11, consistent with Q3 2024, while adjusted net income per share beginning 2025 was also $0.11[36] Retained Earnings and Compensation - The company’s retained earnings increased to $247,852,000 as of September 30, 2025, from $164,846,000 at the end of 2024[34] - Stock-based compensation expense for the nine months ended September 30, 2025, was $20,991 million, slightly up from $20,367 million in 2024[36]