MCW earnings analysis
What we found in MCW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.13
- Gross margin
- 100.0%
- Operating margin
- 21.2%
What they said about what is next.
Raised full-year revenue guidance to $1.1B-$1.2B.
The filing reads better than the one before it.
What came before.
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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