Driven Brands to restate financial statements over fixed-asset accounting errors
DRVN•Driven Brands will restate statements for fiscal 2023-2025, 2024-2025 interim periods and the first two quarters of 2026 because of material errors primarily involving fixed-asset accounting. The company cut fiscal 2026 adjusted EBITDA guidance to $410 million-$430 million from $430 million-$460 million and delayed its third-quarter results.
1. Restatement and guidance
Driven Brands said affected financial statements should no longer be relied upon. The restatement covers fiscal 2023-2025 annual statements, 2024-2025 interim statements and the first two quarters of 2026; the company has not set a completion timeline, and its Form 10-Q will miss its deadline. Fiscal 2026 adjusted EBITDA guidance is now $410 million-$430 million, down from $430 million-$460 million, including at least $50 million in restatement-related costs. Adjustments identified to date have a negligible impact on adjusted EBITDA, while the revised outlook reflects consumer pressures and additional restatement-related costs.
