Overview
- Driven Brands finished a multi‑period restatement covering fiscal 2023–2024 and interim 2024–2025 periods after finding errors in lease accounting, cash reconciliations, accounts payable, expense classifications and accounts receivable.
- Management said the corrections reduced adjusted EBITDA by about $57 million in 2023, $12 million in 2024 and $8 million in 2025, and trimmed revenue by roughly $12 million in 2023, $4 million in 2024 and $5 million in 2025.
- The company reported FY2025 revenue near $1.9 billion, net income of $132.1 million and adjusted EBITDA of $449.1 million, with fourth‑quarter revenue up 7.7% and adjusted EBITDA up 7.3%.
- Driven Brands closed the €411 million sale of its IMO international car wash business in January and used the proceeds to cut debt, leaving year‑end net leverage at about 3.7x and pro forma leverage near 3.3x with roughly $634 million of total liquidity.
- To manage timing and covenant risks the company obtained lender waivers that extend audited FY2025 and Q1 2026 filing deadlines and said it will add finance leadership, strengthen systems and incur $35–45 million of one‑time restatement costs while providing preliminary Q1 2026 guidance.