Other Events ·
Driven Brands restates fiscal years 2023-2025 due to fixed asset errors, delays Q3 filing
DRVNDriven Brands Holdings Inc.
Driven Brands Holdings announced that its Audit Committee identified material errors in previously issued consolidated financial statements for fiscal years ended December 27, 2025, December 28, 2024, and December 30, 2023. The errors primarily relate to the accounting for fixed assets, including failure to timely write-off assets from sale-leaseback transactions, misclassification of asset categories, and incorrect useful lives. Consequently, the company will not file its Form 10-Q for the quarter ended September 26, 2026 by the November 5 deadline and has delayed its third-quarter earnings call. The company also revised its full-year 2026 Adjusted EBITDA outlook downward to $410-$430 million from $430-$460 million and expects at least $50 million in restatement-related costs this year. Driven Brands operates as the largest automotive services company in North America, providing oil change, paint, collision, glass, and maintenance services through brands like Take 5 Oil Change, Meineke, and Maaco.