Driven Brands Completes Financial Restatement and Reports 2025 Results

Overview

• Driven Brands reported fourth‑quarter and full‑year 2025 results Tuesday and said it would file its 2025 10‑K later that day with restated prior periods.
• The restatement fixed errors in leases, cash reconciliations, accounts payable and receivable, and expense classification, which reduced previously reported Adjusted EBITDA by about $57 million in 2023, $12 million in 2024, and $8 million in 2025 year‑to‑date.
• The company ended 2025 with net leverage of 3.7 times Adjusted EBITDA and $634 million of liquidity, and lender waivers extend the audited 2025 filing to June 10 and the unaudited first‑quarter 2026 filing to July 3.
• Driven Brands closed the sale of its international car wash unit IMO on January 27th for about €411 million and used the proceeds to pay down debt, cutting pro forma net leverage to 3.3 times.
• The company guided to first‑quarter 2026 revenue of $475 million to $485 million with total same‑store sales growth of 1.9% to 2.1%, and it set a 2026 Adjusted EBITDA outlook of $430 million to $460 million that includes $35 million to $45 million of one‑time restatement costs.