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Red Flags Detected

  • Material Weakness (new) — Five distinct material weaknesses identified in internal controls (control environment, reconciliations, leases, consolidation, journal entries), reversing prior year's clean opinion and triggering restatement.
  • Restatement (new) — Restated fiscal 2024 and 2023 annual financials plus quarterly periods for fiscal 2024 and 2025 to correct misstatements identified during accounting review.
NASDAQ: DRVN Driven Brands Holdings Inc. 10-K

Driven Brands exits car wash, cuts debt $500M, discloses control failures and restatement

Filed May 19, 2026 · Period ending December 27, 2025 · Compared to 10-K Feb 26, 2025 · ~2 min read

Key Changes

  • high

    Company divested entire car wash segment (1,102 locations), reducing total footprint from ~5,200 to ~4,200 locations and exiting all international markets except Canada. Net revenue fell 17% to $1.9B.

    Business: car wash divestiture verify on EDGAR →
  • high

    Identified five material weaknesses in internal controls (control environment, reconciliations, leases, consolidation, journal entries) and restated FY2024 and FY2023 financials. Controls deemed ineffective as of Dec 2025.

    Controls & Risk Factors: material weaknesses verify on EDGAR →
  • high

    Debt reduced from $2.7B to $2.2B using car wash sale proceeds; completed $490M ICW sale post-period (Jan 2026) to repay additional $472M. Annual cash interest payments projected to fall from $135M to $76M.

    MD&A: debt reduction verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · May 26, 2026 · How we verify