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- **Revenue and Profit Growth**: Q3 revenue up 6% to $263M, EBITDA up 10% to $87M, driven by UWC expansion and cost control.
- **Membership Expansion**: 2.2M UWC members (+6% YoY), with Titanium 360 tier at 25% penetration, supporting $29.56 Express revenue per member.
- **Strategic Momentum**: 30 new stores on track for 2025, Lubbock acquisition, and $202M free cash flow for 9 months.
- **Financial Strength**: Debt reduced to $827M (2.4x leverage), 32.9% EBITDA margin, and disciplined capital allocation for growth.

**【CEO Summary Section】**
- **Q3 2025 Performance**: Revenue of $263 million (+6% YoY), Adjusted EBITDA of $87 million (+10% YoY), and 3.1% comparable store sales growth. UWC membership reached 2.2 million (+6% YoY), with Titanium 360 tier penetration at 25%.
- **Strategic Initiatives**: Completed base membership price increase rollout, acquired 5 stores in Lubbock (total 9 locations), and on track to open 30 new stores in 2025. Expanded marketing tests in Q4 to drive scalable growth.
- **Market Dynamics**: 40% fewer new competitor openings YoY, with Mister outperforming competitors within 18-24 months. Focus on innovation (e.g., 2026 major product launch) and team development to sustain growth.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EPS of $0.11 (+38% YoY), EBITDA margin of 32.9% (highest Q3 on record). Free cash flow of $202 million for 9 months (+26% YoY). Debt reduced to $827 million (leverage ratio 2.4x).
- **Cost Management**: Operating expenses improved 130bps to 67.1% of revenue, driven by sales leverage and disciplined expense control. G&A expenses down 100bps to 6.4%.
- **Capital Allocation**: Prioritized greenfield development (90% of CapEx), with $2 million Q4 investment in marketing tests. Active in sale-leaseback market, completing 1 transaction in Q3 and 7 in pipeline.

**【Q&A Highlights】**
- **Sales Trends**: Q3 strength across all months, with October facing toughest comp. Q4 expected to be positive, despite low double-digit retail decline.
- **Pricing Strategy**: Base price increase rollout complete, with 25-33% of benefits in 2026. Localized pricing optimization under evaluation.
- **M&A Outlook**: Open to bolt-on acquisitions (e.g., Lubbock deal), with industry consolidation expected to create opportunities.
- **Marketing Tests**: Q2 results showed mid-single-digit comp lift; Q4 tests focus on channel and creative optimization for 2026 scalability.

Mister Car Wash, Inc. (MCW) Q3 2025 Earnings Call Transcript

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