Driven Brands Announces Financial Restatement; Provides Update on Third Quarter 2026 Performance and Revises Fiscal Year 2026 Outlook
Business Wire•03/11/2026•07:00 ET
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Key Highlights
- ➤Driven Brands financial statements require restatement for fiscal 2023-2025 and 2026 quarterly periods
- ➤Third-quarter earnings call delayed; Form 10-Q will miss its filing deadline
- ➤FY2026 Adjusted EBITDA outlook cut to $410-$430 million from $430-$460 million
- ➤Restatement costs expected at least $50 million in 2026, up from $35-$45 million
- ➤Preliminary Q3 same-store sales rose 2.0%; Take 5 increased 4.9%
Expert Statements
Mike Diamond, Chief Financial Officer of Driven Brands
“To address these issues, we are continuing to add accounting resources and work with outside accounting advisors to correct the errors we’ve identified, including reconciling our fixed asset records. We are also reviewing whether any other areas require adjustment. To date, the adjustments from these issues have a negligible impact on Adjusted EBITDA.”
Danny Rivera, President and Chief Executive Officer of Driven Brands
“I understand the frustration this causes our shareholders, lenders, employees, and franchisees as we work through this matter.”
Danny Rivera, President and Chief Executive Officer of Driven Brands
“Our top priority is to complete the restatement, continue to strengthen our processes and controls, and earn back trust one quarter at a time.”
Danny Rivera, President and Chief Executive Officer of Driven Brands
“Take 5 had a strong third quarter, with same store sales up 4.9%, marking its 25th consecutive quarter of growth, and 27 net new units”
Danny Rivera, President and Chief Executive Officer of Driven Brands
“Our priorities are clear: complete the restatement and strengthen our accounting processes and controls, while continuing to deliver growth at Take 5 and strong cash generation.”
Danny Rivera, President and Chief Executive Officer of Driven Brands
“Our updated outlook reflects ongoing macroeconomic headwinds, continued pressure on lower-income consumers across Take 5, Maaco and Collision, and additional restatement-related costs.”
Danny Rivera, President and Chief Executive Officer of Driven Brands
“Against this backdrop, we now expect Take 5 same store sales growth of 3.5% to 4.0% for the full year.”
Driven Brands Announces Financial Restatement; Provides Update on Third Quarter 2026 Performance and Revises Fiscal Year 2026 Outlook
Delays Third Quarter Earnings Call and Filing of Third Quarter 2026 Form 10-Q
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