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Earnings analysis · 10-Q

MCW earnings analysis

Filed May 1, 2026 · Our reading of the company's report

The latest report

Mister Car Wash (MCW) reported solid Q1 2026 results with revenues of $277.9 million and an EPS of $0.13, both exceeding expectations. This reflects a revenue increase of 6.2% year-over-year, driven by growth in…

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Mister Car Wash (MCW) reported solid Q1 2026 results with revenues of $277.9 million and an EPS of $0.13, both exceeding expectations. This reflects a revenue increase of 6.2% year-over-year, driven by growth in Unlimited Wash Club subscriptions and an increase in locations. Management is optimistic about continued growth in UWC membership and maintaining liquidity through cash flow and existing credit facilities.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

100% Gross margin Operating margin May 2023 May 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $0 Operating expenses $79 Left as operating profit $21

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Mar 2022 May 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$0.13

What stood out

  • Revenue Growth

    Q1 2026 revenue was $277.9M, up 6.2% from $261.7M in Q1 2025.

  • EPS Beat

    Reported EPS of $0.13 surpassed the estimated EPS of $0.11 by 18.2%.

  • Increased UWC Membership

    UWC membership grew by 9% year-over-year to 2,468K members, significantly contributing to revenue.

  • Improved Operating Income

    Operating income rose to $59.0M compared to $53.0M in the prior year.

  • Higher Adjusted EBITDA

    Adjusted EBITDA increased to $96.7M, with a margin of 34.8%, up from 32.7%.

  • Liquidity Strengthened

    Cash increased from $28.5M to $54.6M quarter-over-quarter.

What to watch

  • High Cash Burn

    Operating cash flow decreased to $79.7M in Q1 2026 from $87.6M in Q1 2025.

  • Increased Operating Costs

    General and administrative expenses rose by 16.6% to $28.8M due to merger-related fees.

  • Labor Management Challenges

    The company highlighted the intense competition for skilled labor, impacting operational stability.

Management's outlook

Raised full-year revenue guidance to $1.1B-$1.2B.

Earlier filings 4

10-K · April 28, 2026

Mister Car Wash positions itself as a scale-driven, subscription-led operator (Unlimited Wash Club, UWC) with a national footprint and a focus on membership penetration and recurring revenue. For FY2025 the company…

10-K · February 27, 2026

Mister Car Wash (MCW) presents a scale-driven, subscription-led model (Unlimited Wash Club) with 548 locations in 21 states and ~2.3 million UWC members as of December 31, 2025. Operationally the company grew UWC…

10-Q · August 2, 2024

Mister Car Wash reported Q2 net revenues of $255,043 (amounts in thousands) (+7.7% YoY from $236,894) with operating income of $55,000 and diluted EPS of $0.07. Revenue growth was driven by subscription/over-time sales…

10-K · February 23, 2024

Mister Car Wash presents itself as the largest national car wash brand with 476 locations across 21 states as of December 31, 2023, and is focusing strategy on growing its Unlimited Wash Club (UWC) subscriptions (UWC…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.