Toronto, Ontario -- Driven Brands, which owns CARSTAR, Maaco, and Meineke, kicked off 2025 with a healthy financial showing.
In its Q1 earnings report, the company announced $516.2 million USD (about $704 million CAD) in revenue, up seven percent from the same time last year. System-wide sales also climbed two percent to $1.5 billion USD (around $2.05 billion CAD), thanks to a mix of new stores and steady performance across existing ones.
The real MVP of the quarter? Take 5 Oil Change. That segment saw its revenue jump 15 percent to $293.4 million USD (roughly $400 million CAD), marking the 19th straight quarter of same-store sales growth.
"Additionally, we successfully completed the sale of our U.S. car wash business in early April, primarily using the proceeds to reduce our debt," said chief executive officer Jonathan Fitzpatrick. "While the economic environment is fluid, our diversified portfolio, anchored by non-discretionary services, demonstrates resilience and positions us well for the long term."
On the earnings side, net income came in at $6 million ($8.2 million CAD), up from $4 million USD last year. Adjusted figures paint a rosier picture: $44 million USD ($60 million CAD) in adjusted net income and $125 million USD ($170 million CAD) in EBITDA.
Net income is a company’s actual profit after subtracting all expenses—including operating costs, interest, taxes, and one-time charges — from its revenue. It’s the “bottom line” on a standard income statement and reflects what the company truly earned during the reporting period.
Adjusted net income is a modified version of net income that removes certain non-recurring or unusual items — like restructuring costs, asset sales, or lawsuit expenses — to give investors a clearer picture of the company's ongoing profitability.
April saw the company officially sell off its U.S. car wash business—a move designed to knock down debt and sharpen its focus. As of the end of Q1, Driven Brands had $640.8 million USD ($875 million CAD) in total liquidity, including over $150 million USD in cash
The quarter also saw a major change to Driven Brand's executive team. Fitzpatrick is stepping down as chief executive officer and handing the reins to Danny Rivera, it s president, on May 9. Fitzpatrick is becoming the company's chair and will serve as a special advisor through the end of 2025.
