Driven Brands Reports $2.34 Billion Revenue with Improved Losses and Strategic Acquisitions

Driven Brands Holdings Inc. reported a net revenue of approximately $2.34 billion for the fiscal year ending December 28, 2024, marking a 2% increase from the previous year. The company also achieved system-wide sales of about $6.51 billion, a 4% rise compared to the prior year. Despite these gains, Driven Brands experienced a net loss of $292 million, or $1.82 per diluted share, an improvement from a net loss of $745 million, or $4.53 per diluted share, in the previous fiscal year. The reduction in losses was attributed to improved operating margins across several segments, including Maintenance and Paint, Collision & Glass, as well as a significant goodwill impairment charge recorded in the prior year.

The company’s operational metrics showed a consolidated same-store sales growth of 1.3%, with a total of 191 net new stores added during the year. The Maintenance segment, which includes brands like Take 5 Oil Change and Meineke, saw a revenue increase of 15%, driven by both same-store sales growth and new store openings. However, the Car Wash segment reported a decline in revenue, primarily due to store closures and decreased same-store sales. The Paint, Collision & Glass segment also faced challenges, with a notable drop in company-operated store sales.

Strategically, Driven Brands has been active in acquisitions and divestitures. In February 2025, the company announced an agreement to sell its U.S. Car Wash business for $385 million, which is expected to enhance its focus on core operations. The company also completed several acquisitions in 2024, including one in the Maintenance segment and another in the international car wash business. These acquisitions are part of Driven Brands' strategy to expand its footprint and diversify its service offerings.

As of December 28, 2024, Driven Brands operated approximately 5,200 locations across 49 U.S. states and 13 countries, with a workforce of about 10,700 employees. The company has emphasized its commitment to enhancing operational efficiencies and leveraging its scale to improve margins. Looking ahead, Driven Brands anticipates continued growth driven by its diversified service offerings and a strong pipeline of franchise commitments, despite facing challenges such as inflationary pressures and increased competition in the automotive services market.