Driven Brands completes restatement of FY23, FY24 financial statements

The company said, “The Company has completed the restatement of its fiscal years 2023 and 2024 financial statements and interim financial results for the periods from the first quarter of 2024 through the third quarter of 2025. The restatement corrects accounting errors primarily related to leases, cash, accounts payable, expense classification, accounts receivable, and other immaterial corrections. The details of the corrections for fiscal years 2023 and 2024 and for the interim periods from the first quarter of 2024 through the third quarter of 2025 will be included in the Company’s 2025 Annual Report on Form 10-K for the fiscal year ended December 27, 2025, which the Company expects to file later today. The restatement is not a result of any substantive change to the Company’s operations or business performance for the corrected periods. The net impact of the restatement corrections decreased Adjusted EBITDA by approximately $57M in fiscal year 2023, decreased Adjusted EBITDA by approximately $12M in fiscal year 2024, and decreased Adjusted EBITDA1 by approximately $8M in fiscal year 2025 year-to-date through the third quarter. “