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Rental & leasing services · Industrials · Fiscal year ends Dec 27
Driven Brands reported revenue of $1.9B in the fiscal year ended Dec 2025, up 6.3% from the year before. Operating income was $231M, an operating margin of 12.4%, and net income was $140M. Operating cash flow of $331M less capital expenditure of $223M left free cash flow of $108M. Net debt was $2.1B.
Ranks among the 13 rental & leasing services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,467 | 2,033 | 1,710 | 1,752 | 1,862 |
| Selling, general & admin | 292 | 402 | 390 | 465 | 496 |
| Operating income | 177 | 200 | 115 | 200 | 231 |
| Interest expense | 75.9 | 114 | 164 | 157 | 121 |
| Pre-tax income | – | – | −41.1 | 25.1 | 119 |
| Income tax | 25.4 | 25.2 | 5.6 | 24.5 | −12.8 |
| Net income | 9.6 | 43.2 | −745 | −292 | 140 |
| Diluted EPS | 0.06 | 0.25 | −4.94 | −1.86 | 0.85 |
| Diluted shares | 165 | 167 | 162 | 161 | 164 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 523 | 150 | 133 | 103 | 103 |
| Receivables | 118 | 180 | 151 | 146 | 132 |
| Inventory | 47.0 | 72.0 | 83.2 | 48.9 | 52.4 |
| Current assets | 769 | 571 | 821 | 608 | 541 |
| Net PP&E | 1,351 | 1,546 | 1,438 | 409 | 472 |
| Goodwill | 1,910 | 2,277 | 1,239 | 1,206 | 1,218 |
| Total assets | 5,857 | 6,500 | 5,911 | 5,252 | 4,160 |
| Payables | 83.0 | 60.6 | 67.5 | 86.2 | 93.0 |
| Deferred revenue | 27.0 | 29.0 | 31.0 | 32.0 | 30.0 |
| Current liabilities | 478 | 505 | 427 | 449 | 726 |
| Short-term debt | 26.0 | 33.0 | 32.7 | 33.7 | 277 |
| Long-term debt | 2,356 | 2,705 | 2,911 | 2,659 | 1,883 |
| Total liabilities | 4,212 | 4,846 | 5,004 | 4,708 | 3,393 |
| Shareholders' equity | 1,644 | 1,653 | 906 | 544 | 767 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 284 | 197 | 229 | 244 | 331 |
| Capital expenditure | 161 | 436 | 596 | 289 | 223 |
| Free cash flow | 123 | −239 | −368 | −44.7 | 108 |
| Depreciation & amortisation | 113 | 147 | 76.6 | 79.0 | 81.9 |
| Stock-based compensation | 4.3 | 20.6 | 20.3 | 52.1 | 32.3 |
| Acquisitions | 801 | 763 | 59.6 | 3.0 | 11.3 |
| Share buybacks | 43.0 | 0.0 | 50.0 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 38.6% | −15.9% | 2.5% | 6.3% |
| Operating income growth (YoY) | – | 12.7% | −42.3% | 73.5% | 15.7% |
| EPS growth (YoY) | – | 316.7% | −2076.0% | – | – |
| Operating margin | 12.1% | 9.8% | 6.7% | 11.4% | 12.4% |
| Net margin | 0.7% | 2.1% | −43.6% | −16.7% | 7.5% |
| Return on equityBlank when equity is negative | 0.6% | 2.6% | −82.2% | −53.8% | 18.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.3% | 3.3% | 2.1% | 4.2% | 6.7% |
| Free cash flow margin | 8.4% | −11.8% | −21.5% | −2.5% | 5.8% |
| Cash conversion (CFO ÷ net income) | 29.5x | 4.57x | −0.31x | −0.83x | 2.36x |
| Receivable days | 29 | 32 | 32 | 30 | 26 |
| Interest cover | 2.33x | 1.75x | 0.70x | 1.27x | 1.91x |
| Debt ÷ equity | 1.45x | 1.66x | 3.25x | 4.95x | 2.81x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,859 | 2,588 | 2,811 | 2,589 | 2,057 |
| Current ratio | 1.61x | 1.13x | 1.92x | 1.35x | 0.75x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.