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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MCW

MCW fundamentals

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