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- Restatement (new) — Company plans to restate two full years and three quarters of previously reported financial statements.
Driven Brands to restate two years of financials, secures lender waiver for defaults
Filed April 27, 2026 · Period ending April 24, 2026 · ~1 min read
Key Changes
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high
Company will restate financial statements for fiscal 2023, 2024, and first three quarters of 2025. The 8-K does not disclose the nature or magnitude of errors requiring correction.
Item 1.01 verify on EDGAR → -
high
Lenders waived defaults triggered by the restatement notification, indicating the announcement itself violated credit agreement covenants and could have allowed lenders to accelerate the debt.
Item 1.01 verify on EDGAR → -
medium
Filing deadline for fiscal 2025 results extended to June 10, 2026 (165 days after year-end vs. standard 90 days). Q1 2026 results due 45 days after that.
Item 1.01 verify on EDGAR → -
medium
This is the fourth amendment to the company's credit agreement, suggesting ongoing modifications to debt terms as the company navigates financial reporting challenges.
Item 1.01 verify on EDGAR →
Summary
Driven Brands disclosed it will restate financial results for fiscal years 2023 and 2024, plus the first three quarters of 2025—a significant correction covering roughly two and a half years of reported numbers.
The company did not explain what errors necessitate the restatements or estimate their financial impact, leaving investors in the dark about whether revenue, earnings, or balance sheet items will change materially. The restatement notification itself triggered defaults under the company's credit agreement, requiring lenders to grant a waiver to prevent potential acceleration of the debt.
For retail shareholders, this raises immediate questions about the reliability of past financial statements and management's internal controls. The extended filing deadlines—fiscal 2025 results now due June 10 versus the typical 90-day window—suggest the accounting work is complex and time-consuming. Investors should watch for the actual restatement disclosures when filed, which must detail the nature of errors, their impact on previously reported metrics, and any remediation of control weaknesses. Until then, trading on historical numbers carries heightened uncertainty.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Driven Brands obtained a waiver for defaults related to planned restatements of 2023-2024 financials and extended filing deadlines for 2025 and Q1 2026 results.
Added in current filing · verify on EDGAR →
Borrower notifying the Administrative Agent and the Lenders that it intends to restate previously delivered financial statements for the fiscal years ending on December 30, 2023 and on December 28, 2024 and the first three fiscal quarters of the fiscal year ending on December 27, 2025
Driven Brands notified its lenders that it intends to restate financial statements for fiscal years 2023 and 2024, plus the first three quarters of fiscal 2025. This indicates previously reported results contained errors requiring correction, though the 8-K does not specify the nature or magnitude of the errors.
Added in current filing · verify on EDGAR →
waives any defaults or events of default that may exist or have arisen as a result of Borrower notifying the Administrative Agent and the Lenders that it intends to restate previously delivered financial statements
The company obtained a waiver from its lenders for any defaults triggered by the restatement notification. This suggests the restatement announcement itself could have constituted a covenant violation under the existing credit agreement, requiring lender consent to avoid acceleration or other remedies.
Added in current filing · verify on EDGAR →
extends the deadline for the Borrower to deliver its financial statements for the fiscal year ending on December 27, 2025 (the “2025 Borrower Financial Statements”) to 165 days after such fiscal year-end (June 10, 2026), and (iii) extends the deadline for the Borrower to deliver its financial statements for the fiscal quarter ending on March 28, 2026 (the “Q1 2026 Borrower Financial Statements”) to 45 days after the delivery of the 2025 Borrower Financial Statements
Lenders granted extensions for delivering fiscal 2025 annual financials (to June 10, 2026) and Q1 2026 quarterly financials (45 days after the annual filing). These extensions provide breathing room while the company completes its restatement work and prepares current-period reports.
Added in current filing · verify on EDGAR →
The Company currently expects to deliver the 2025 Borrower Financial Statements on or before June 10, 2026.
This is a forward-looking statement subject to risks including potential material delays in financial reporting.
Event · Item 9.01 — Financial Statements and Exhibits
Driven Brands executed a limited waiver and fourth amendment to its credit agreement with lenders and JPMorgan Chase as agent.
Added in current filing · verify on EDGAR →
Limited Waiver and Fourth Amendment to the Credit Agreement, dated as of April 24, 2026, by and among Driven Holdings Parent LLC, Driven Holdings LLC, the consenting lenders party thereto, and JPMorgan Chase Bank, N.A. as administrative agent
The company entered into a limited waiver and fourth amendment to its existing credit agreement. A waiver typically indicates the company needed temporary relief from certain covenant requirements or terms, while the amendment modifies the underlying credit agreement terms. This is the fourth amendment to the credit facility, suggesting ongoing modifications to the debt structure.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 2, 2026 · How we verify