Driven Brands Holdings said it expects fourth-quarter 2025 revenue of $450 million to $460 million, up from the prior year period, and full-year 2025 revenue of $1.85 billion to $1.86 billion. For the first quarter of 2026, it projected revenue of $475 million to $485 million.
Same-store sales for the company’s core Driven Brands business were forecast at 0.3% to 0.5% in the fourth quarter, 3.5% to 3.7% for fiscal 2025, and 0.95% to 1.00% in the first quarter of 2026. Take 5 same-store sales were projected at 6.1% to 6.2% in the fourth quarter, 1.9% to 2.1% for the full year, and 4.3% to 4.5% in the first quarter.
Net unit growth was expected to be 81 for Driven Brands in the fourth quarter, 175 for the full year, and 29 in the first quarter of 2026. Take 5 net unit growth was projected at 60 in the fourth quarter, 161 for the year, and 29 in the first quarter.
Adjusted EBITDA was expected to come in at $100 million to $110 million in the fourth quarter and $440 million to $450 million for fiscal 2025. For the first quarter of 2026, the company said adjusted EBITDA would be lower than the prior year because of expenses tied to the restatement of previously issued financial statements.
Driven Brands said it had about $130 million in cash and cash equivalents at March 28, 2026, and that its revolving credit facility and securitization variable funding notes were undrawn. It said total net debt at the end of the first quarter was expected to be about $1.6 billion, down from about $2.1 billion at December 27, 2025, a reduction of roughly $500 million.
The company said it could not timely file its 2025 Form 10-K after concluding that material errors affected its 2024 and 2023 annual financial statements, along with quarterly and year-to-date periods in 2024 and 2025. It now expects to file the 2025 annual report on or before June 15, 2026. The market has reacted to these announcements by moving the company's shares 1.88% to a price of $13.00. If you want to know more, read the company's complete 8-K report here.
