Driven Brands Holdings Inc. (DBHI) has released its 2025 financial results. The report says prior Auto Glass Now (AGN) accounting errors contributed to DBHI’s recent restatement.
DBHI held an investor call to review its 2025 fourth-quarter and full-year financial results on the morning of May 19. The company had delayed announcing the results as it restated several periods’ financial results. The investor call also addressed the reasons for the restatement, including overstated cash and revenue, and understated selling, general and administrative expenses.
What Prompted the Restatement
DBHI president and CEO Danny Rivera told investors that many of those cash and expense misstatements originated with AGN. DBHI acquired AGN at the end of 2021.
“[Many of the errors] occurred in 2023, 2022 and prior, when DBHI had just expanded into the auto glass and car wash sectors,” Rivera said. “The pace of the growth out-scaled our team’s capabilities, [which resulted in the misstatements].”
According to the report, the restatement adds $4 million in selling, general and administrative expenses to the 2024 financial year and $1 million in the 2023 financial year. It also subtracts $6 million in company-operated store sales from the 2023 results.
The errors also affected opening and closing cash balances in the consolidated cash flow statements for both years. The restatement decreased 2024 opening cash balances by $21 million and closing cash balances by $28 million. It decreased the 2023 opening and closing cash balances by $14 million and $21 million, respectively.
Executives Explain the Reporting Errors
Rivera told investors that DBHI had identified these and other errors after “strengthening its team and systems,” including appointing Mike Diamond as chief financial officer (CFO) in the summer of 2024.
“The overstatements didn’t affect any cash leaving the company, only the numbers reported on our balance sheets,” Diamond told investors.
Rivera said DBHI’s leadership and process investments have made the company “simpler and more focused,” and the company still believes AGN has potential, according to Rivera.
Growth Ahead for AGN?
“It’s the second largest auto glass provider in the country … and, while AGN is still in an incubation period, we’re pleased with its progress and continue to anticipate growth,” he said.
AGN now has its own financial reporting segment, which includes all of DBHI’s North American retail, commercial and insurance auto glass brands. According to the 2025 financial report, AGN’s segment generated nearly $258 in revenue during the 2025 fiscal year and increased same-store sales 7.9% year over year (YOY). The report says AGN operates 211 stores.
DBHI earned almost $1.9 billion in revenue and increased same-store sales 1% YOY during the 2025 fiscal year, according to the report. DBHI will file its official 2026 first-quarter results by July 3, according to the report, but stands by its preliminary results announced April 21.
