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Restaurant Brands International Inc. Reports Third Quarter 2025 Results
Consolidated system-wide sales grow 6.9% year-over-year, including 12.1% in International
Comparable sales accelerated to 4.0%, including 6.4% at BK International, 4.2% at TH Canada and 3.2% at BK US
RBI remains on track for 8%+ organic Adjusted Operating Income growth in 2025
MIAMI, Oct. 30, 2025 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (NYSE: QSR) (TSX: QSR) (TSX: QSP) today reported financial results for the third quarter ended September 30, 2025. Josh Kobza, Chief Executive Officer of RBI commented, "Our teams delivered a strong quarter, driven by momentum from Tim Hortons and our International business, which together generate roughly 70% of our earnings. Burger King also had a great quarter, outperforming most of the industry through consistent and disciplined execution of our plan. Across our businesses, our franchisees are more aligned than ever, and that partnership, combined with disciplined execution, has us firmly on track to deliver at least 8% organic Adjusted Operating Income growth this year."
Consolidated Operational and Financial Highlights
(in US$ millions, except per share and ratio data, unaudited)
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||||||
| Operational Highlights | 2025 | | 2024 | | 2025 | | 2024 | ||||
| System-Wide Sales Growth | | 6.9 % | | | 3.2 % | | | 5.1 % | | | 5.3 % |
| System-Wide Sales | $ | 12,282 | | $ | 11,433 | | $ | 34,631 | | $ | 33,197 |
| Comparable Sales | | 4.0 % | | | 0.3 % | | | 2.2 % | | | 2.2 % |
| Net Restaurant Growth | | 2.8 % | | | 3.8 % | | | 2.8 % | | | 3.8 % |
| System Restaurant Count at Period End | | 32,423 | | | 31,525 | | | 32,423 | | | 31,525 |
| | | | | | | | | | | | |
| GAAP Financials | | | | | | | | | | | |
| Total Revenues | $ | 2,449 | | $ | 2,291 | | $ | 6,968 | | $ | 6,110 |
| Income from Operations | $ | 663 | | $ | 577 | | $ | 1,581 | | $ | 1,784 |
| Income from Operations Growth | | 14.8 % | | | (0.6) % | | | (11.4) % | | | 12.7 % |
| Net Income from Continuing Operations | $ | 440 | | $ | 357 | | $ | 927 | | $ | 1,084 |
| Diluted Earnings per Share from Continuing Operations | $ | 0.96 | | $ | 0.79 | | $ | 2.03 | | $ | 2.39 |
| | | | | | | | | | | | |
| Financial Highlights (a) | | | | | | | | | | | |
| Adjusted Operating Income (AOI) | $ | 702 | | $ | 652 | | $ | 1,910 | | $ | 1,824 |
| Organic AOI Growth | | 8.8 % | | | 6.1 % | | | 5.9 % | | | 7.6 % |
| Adjusted EBITDA | $ | 794 | | $ | 748 | | $ | 2,198 | | $ | 2,096 |
| Adjusted Diluted Earnings per Share (Adj. EPS) | $ | 1.03 | | $ | 0.93 | | $ | 2.73 | | $ | 2.53 |
| Nominal Adj. EPS Growth | | 10.7 % | | | 3.5 % | | | 8.1 % | | | 1.4 % |
| Organic Adj. EPS Growth | | 11.9 % | | | 4.6 % | | | 10.8 % | | | 2.5 % |
| Net Leverage | | 4.4x | | | 4.8x | | | 4.4x | | | 4.8x |
| |
| (a) Non-GAAP metrics. Please refer to "Non-GAAP Financial Measures" for further detail. |
Items Affecting Comparability and Restaurant Holdings Segment Reminder
Restaurant Holdings Segment
RBI reports results under six operating and reportable segments consisting of four franchisor segments for the Tim Hortons, Burger King, Popeyes and Firehouse Subs brands in the U.S. and Canada ("TH," "BK," "PLK," and "FHS"), and a fifth franchisor segment for all of our brands in the rest of the world ("INTL"). Additionally, we completed the acquisitions of Carrols Restaurant Group Inc. ("Carrols") ("the Carrols Acquisition") and Popeyes China ("PLK China") ("the PLK China Acquisition") on May 16, 2024 and June 28, 2024, respectively. Following these acquisitions, we established a new operating and reportable segment, Restaurant Holdings ("RH"), which includes results from the Carrols Burger King restaurants and the PLK China restaurants from their acquisition dates and includes results from Firehouse Subs Brazil ("FHS Brazil") beginning in 2025.
RBI plans to maintain the franchisor dynamics in its TH, BK, PLK, FHS and INTL segments ("Five Franchisor Segments") to report results consistent with how the business will be managed long-term, given RBI's plans to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China and new investors for FHS Brazil in the future. RH results include Company Restaurant Sales and Expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK and INTL) and eliminated upon consolidation. For more information, please review the "Restaurant Holdings Intersegment Dynamics" presentation dated August 8, 2024 posted on our IR website under "Events & Presentations."
Update to Presentation of AOI
Beginning with our year-end 2024 results, RBI updated its presentation of AOI by defining Segment Franchise and Property Expenses ("Segment F&P Expenses") which exclude Franchise Agreement Amortization and Reacquired Franchise Rights Amortization. These items were previously included in each segment's franchise and property expenses and added back as an adjustment to AOI. This presentation change does not impact AOI or Consolidated results.
Acquisition of Burger King China and Treatment as Held for Sale
On February 14, 2025, we acquired substantially all of the remaining equity interests in Burger King China ("BK China") from our former joint venture partners. BK China has been classified as held for sale and reported as discontinued operations, as we are actively working to identify a new controlling shareholder. This aligns with our long-term strategy of partnering with experienced local operators while maintaining a primarily franchised business.
Held for sale is defined as those assets and liabilities, or groups of assets and liabilities, for which management has committed to a plan for sale and that are available for immediate disposition in their current condition. These are expected to be sold within one year and are accounted for and reported separately from our continuing operations. As such, for 2025, results for BK China have been reported as discontinued operations in our financial statements and have not been recognized in the INTL segment. That said, BK China KPIs continue to be included in our INTL segment KPIs.
Convention Timing Impact on Franchise and Property Results
BK hosted conventions in Q3 2025 and Q4 2024, PLK hosted conventions in both Q2 2025 and Q2 2024, FHS hosted conventions in both Q3 2025 and Q3 2024, TH held convention in Q2 2024 only and INTL held a convention in Q2 2025 only. Convention-related revenues and expenses are recognized in each segment's Franchise and Property Revenues and Segment F&P Expenses, respectively, and have an immaterial net AOI impact.
Supplemental Disclosures
Please review the Trending Schedules posted on the RBI Investor Relations webpage under "Financial Information" for additional disclosures, including:
- Home Market and International KPIs by Brand and Company Restaurant Count by Segment;
- Segment Results with Disaggregated Franchise and Property Revenues (Royalties, Property Revenue and Franchise Fees and Other Revenue);
- Intersegment Revenue and Expense Eliminations;
- BK China KPIs and Selected Financial Data;
- Burger King US "Reclaim the Flame" Expenditures by Quarter; and
- RH Burger King Carrols Restaurant-Level EBITDA Margins.
| TH Segment Results | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||
| (in US$ millions, unaudited) | 2025 | | 2024 | | 2025 | | 2024 |
| | | | | | | | |
| System-wide Sales Growth (a) | 4.8 % | | 2.8 % | | 3.0 % | | 5.2 % |
| System-wide Sales (a) | $ 2,029 | | $ 1,952 | | $ 5,655 | | $ 5,616 |
| Comparable Sales | 4.2 % | | 2.3 % | | 2.7 % | | 4.5 % |
| Comparable Sales - Canada | 4.2 % | | 2.7 % | | 2.8 % | | 4.9 % |
| Net Restaurant Growth | 0.6 % | | 0.0 % | | 0.6 % | | 0.0 % |
| System Restaurant Count at Period End | 4,532 | | 4,504 | | 4,532 | | 4,504 |
| | | | | | | | |
| Supply Chain Sales | $ 769 | | $ 699 | | $ 2,111 | | $ 2,008 |
| Company Restaurant Sales | $ 12 | | $ 11 | | $ 34 | | $ 34 |
| Franchise and Property Revenues | $ 264 | | $ 255 | | $ 744 | | $ 745 |
| Advertising Revenues and Other Services | $ 80 | | $ 79 | | $ 222 | | $ 226 |
| Total Revenues | $ 1,125 | | $ 1,044 | | $ 3,112 | | $ 3,013 |
| | | | | | | | |
| Supply Chain Cost of Sales | $ 619 | | $ 559 | | $ 1,704 | | $ 1,616 |
| Company Restaurant Expenses | $ 11 | | $ 9 | | $ 30 | | $ 28 |
| Segment F&P Expenses | $ 86 | | $ 82 | | $ 246 | | $ 253 |
| Advertising Expenses and Other Services | $ 77 | | $ 78 | | $ 236 | | $ 235 |
| Segment G&A | $ 33 | | $ 36 | | $ 104 | | $ 116 |
| Adjustments: | | | | | | | |
| Cash Distributions Received from Equity Method | $ 4 | | $ 4 | | $ 11 | | $ 11 |
| Adjusted Operating Income | $ 304 | | $ 284 | | $ 803 | | $ 777 |
| | | | | | | | |
| (a) System-wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide Sales, | |||||||
For the third quarter, the increase in Total Revenues was primarily driven by higher Supply Chain Sales due to increases in commodity prices, System-wide Sales, and CPG net sales, partially offset by a $9 million unfavorable FX Impact. Excluding the FX Impact, Total Revenues increased by $90 million.
The increase in Adjusted Operating Income was primarily driven by the increase in Total Revenues and a decrease in Segment G&A, largely due to lower compensation-related expenses. These factors were partially offset by higher Supply Chain Cost of Sales primarily due to the increase in Supply Chain Sales. Adjusted Operating Income was also impacted by an unfavorable FX Impact of $3 million. Excluding the FX Impact, Adjusted Operating Income increased by $22 million.
| BK Segment Results | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||
| (in US$ millions, unaudited) | 2025 | | 2024 | | 2025 | | 2024 |
| | | | | | | | |
| System-wide Sales Growth | 2.3 % | | (1.5) % | | 0.6 % | | 0.0 % |
| System-wide Sales | $ 2,956 | | $ 2,891 | | $ 8,608 | | $ 8,569 |
| Comparable Sales | 3.1 % | | (0.7) % | | 1.1 % | | 0.9 % |
| Comparable Sales - US | 3.2 % | | (0.4) % | | 1.2 % | | 1.1 % |
| Net Restaurant Growth | (1.1) % | | (1.5) % | | (1.1) % | | (1.5) % |
| System Restaurant Count at Period End | 7,043 | | 7,119 | | 7,043 | | 7,119 |
| | | | | | | | |
| Company Restaurant Sales | $ 62 | | $ 60 | | $ 183 | | $ 181 |
| Franchise and Property Revenues (a) | $ 187 | | $ 179 | | $ 537 | | $ 533 |
| Advertising Revenues and Other Services (b) | $ 138 | | $ 122 | | $ 411 | | $ 363 |
| Total Revenues | $ 387 | | $ 362 | | $ 1,131 | | $ 1,076 |
| | | | | | | | |
| Company Restaurant Expenses | $ 59 | | $ 56 | | $ 170 | | $ 166 |
| Segment F&P Expenses | $ 35 | | $ 29 | | $ 98 | | $ 86 |
| Advertising Expenses and Other Services | $ 141 | | $ 133 | | $ 419 | | $ 389 |
| Segment G&A | $ 30 | | $ 32 | | $ 97 | | $ 104 |
| Adjusted Operating Income | $ 123 | | $ 112 | | $ 347 | | $ 332 |
| | |
| (a) | Franchise and property revenues include intersegment revenues with RH consisting of royalties and rent of $28 million and $83 million during the three and nine months ended September 30, 2025, respectively, and $28 million and $43 million during the three and nine months ended September 30, 2024, respectively, which are eliminated in consolidation. |
| (b) | Advertising revenues and other services include intersegment revenues with RH consisting of advertising contributions and tech fees of $21 million and $63 million during the three and nine months ended September 30, 2025, respectively, and $18 million and $28 million during the three and nine months ended September 30, 2024, respectively, which are eliminated in consolidation. |
As a reminder, BK segment results are presented consistently with our franchisor model. As such, results include intersegment Franchise and Property Revenues and Advertising Revenues and Other Services from the Carrols Burger King restaurants included in RH (as footnoted above).
Burger King US Reclaim the Flame
Burger King is executing its multi-year "Reclaim the Flame" plan to accelerate sales growth and drive franchisee profitability. This plan includes investing up to $700 million through year-end 2028, comprised of advertising and digital investments ("Fuel the Flame") and high-quality remodels and relocations, restaurant technology, kitchen equipment, and building enhancements ("Royal Reset"). The Fuel the Flame investments were completed in the fourth quarter ended December 31, 2024. As of September 30, 2025, we have funded $160 million out of up to $550 million planned toward the Royal Reset investments.
Third Quarter 2025 Results
The increase in Total Revenues was largely driven by an increase in Advertising Revenues and Other Services primarily due to higher advertising fund contributions from franchisees reflecting an increase in the contribution rate.
The increase in Adjusted Operating Income was primarily due to the non-recurrence of $8 million of Fuel the Flame expenses incurred in the prior year period as well as a decrease in Segment G&A largely driven by lower compensation-related expenses.
| PLK Segment Results | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||
| (in US$ millions, unaudited) | 2025 | | 2024 | | 2025 | | 2024 |
| | | | | | | | |
| System-wide Sales Growth | 0.7 % | | (0.6) % | | 0.0 % | | 4.6 % |
| System-wide Sales | $ 1,519 | | $ 1,509 | | $ 4,571 | | $ 4,581 |
| Comparable Sales | (2.4) % | | (4.0) % | | (2.6) % | | 0.6 % |
| Comparable Sales - US | (2.0) % | | (3.8) % | | (2.3) % | | 0.8 % |
| Net Restaurant Growth | 2.2 % | | 4.1 % | | 2.2 % | | 4.1 % |
| System Restaurant Count at Period End | 3,541 | | 3,465 | | 3,541 | | 3,465 |
| | | | | | | | |
| Company Restaurant Sales | $ 44 | | $ 44 | | $ 136 | | $ 100 |
| Franchise and Property Revenues | $ 81 | | $ 79 | | $ 245 | | $ 244 |
| Advertising Revenues and Other Services | $ 76 | | $ 72 | | $ 223 | | $ 223 |
| Total Revenues | $ 201 | | $ 195 | | $ 605 | | $ 567 |
| | | | | | | | |
| Company Restaurant Expenses | $ 39 | | $ 38 | | $ 118 | | $ 86 |
| Segment F&P Expenses | $ 3 | | $ 2 | | $ 10 | | $ 8 |
| Advertising Expenses and Other Services | $ 79 | | $ 74 | | $ 230 | | $ 228 |
| Segment G&A | $ 17 | | $ 19 | | $ 57 | | $ 62 |
| Adjusted Operating Income | $ 63 | | $ 62 | | $ 188 | | $ 182 |
For the third quarter, the increase in Total Revenues was primarily driven by an increase in Advertising Revenues and Other Services primarily due to higher advertising fund contributions from franchisees reflecting an increase in the contribution rate. Adjusted Operating Income remained relatively consistent with the prior year.
| FHS Segment Results | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||
| (in US$ millions, unaudited) | 2025 | | 2024 | | 2025 | | 2024 |
| | | | | | | | |
| System-wide Sales Growth | 10.7 % | | (1.3) % | | 8.1 % | | 1.9 % |
| System-wide Sales | $ 332 | | $ 301 | | $ 991 | | $ 918 |
| Comparable Sales | 2.6 % | | (4.8) % | | 0.7 % | | (1.6) % |
| Comparable Sales - US | 2.5 % | | (5.2) % | | 0.5 % | | (1.7) % |
| Net Restaurant Growth | 7.7 % | | 3.9 % | | 7.7 % | | 3.9 % |
| System Restaurant Count at Period End | 1,400 | | 1,300 | | 1,400 | | 1,300 |
| | | | | | | | |
| Company Restaurant Sales | $ 11 | | $ 10 | | $ 33 | | $ 31 |
| Franchise and Property Revenues | $ 30 | | $ 27 | | $ 84 | | $ 79 |
| Advertising Revenues and Other Services | $ 18 | | $ 15 | | $ 55 | | $ 47 |
| Total Revenues | $ 60 | | $ 53 | | $ 172 | | $ 156 |
| | | | | | | | |
| Company Restaurant Expenses | $ 9 | | $ 9 | | $ 28 | | $ 27 |
| Segment F&P Expenses | $ 5 | | $ 4 | | $ 8 | | $ 6 |
| Advertising Expenses and Other Services | $ 19 | | $ 16 | | $ 57 | | $ 48 |
| Segment G&A | $ 12 | | $ 11 | | $ 39 | | $ 39 |
| Adjusted Operating Income | $ 14 | | $ 12 | | $ 41 | | $ 35 |
For the third quarter, the increases in Total Revenues and Adjusted Operating Income were primarily driven by the increase in System-wide Sales.
| INTL Segment Results | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||
| (in US$ millions, unaudited) | 2025 | | 2024 | | 2025 | | 2024 |
| | | | | | | | |
| System-wide Sales Growth (a) | 12.1 % | | 8.0 % | | 10.3 % | | 9.5 % |
| System-wide Sales (a) | $ 5,447 | | $ 4,780 | | $ 14,806 | | $ 13,513 |
| Comparable Sales | 6.5 % | | 1.8 % | | 4.5 % | | 2.8 % |
| Comparable Sales - INTL - Burger King | 6.4 % | | 1.9 % | | 4.5 % | | 2.8 % |
| Net Restaurant Growth | 5.1 % | | 7.6 % | | 5.1 % | | 7.6 % |
| System Restaurant Count at Period End | 15,907 | | 15,137 | | 15,907 | | 15,137 |
| | | | | | | | |
| Franchise and Property Revenues | $ 245 | | $ 222 | | $ 673 | | $ 637 |
| Advertising Revenues and Other Services | $ 22 | | $ 20 | | $ 62 | | $ 61 |
| Total Revenues | $ 268 | | $ 243 | | $ 735 | | $ 698 |
| | | | | | | | |
| Segment F&P Expenses | $ 7 | | $ 5 | | $ 21 | | $ 10 |
| Advertising Expenses and Other Services | $ 25 | | $ 25 | | $ 70 | | $ 70 |
| Segment G&A | $ 47 | | $ 48 | | $ 145 | | $ 150 |
| Adjusted Operating Income | $ 189 | | $ 166 | | $ 499 | | $ 468 |
| | | | | | | | |
| (a) System-wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide Sales, | |||||||
For the third quarter, the increases in Total Revenues and Adjusted Operating Income were primarily driven by higher royalties from Burger King and Popeyes restaurants resulting from increased System-wide Sales, partially offset by the absence of $10 million of revenues from BK China which were recognized in the prior year. Adjusted Operating Income also benefited from a decrease in Segment G&A due primarily to lower compensation-related expenses, partially offset by higher Segment F&P Expenses due to an increase in net bad debt expenses. Excluding the FX Impact, Total Revenues increased by $19 million and Adjusted Operating Income by $21 million.
| RH Segment Results | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||
| (in US$ millions, unaudited) | 2025 | | 2024 | | 2025 | | 2024 |
| | | ||||||
| Comparable Sales | 4.8 % | | (2.2) % | | 2.3 % | | 0.0 % |
| Comparable Sales - BK US | 4.8 % | | (2.2) % | | 2.3 % | | 0.0 % |
| System Restaurant Count at Period End | 1,068 | | 1,035 | | 1,068 | | 1,035 |
| | | | | | | | |
| | | | | | | | |
| Total Revenues | $ 459 | | $ 441 | | $ 1,360 | | $ 671 |
| | | | | | | | |
| Food, Beverage and Packaging Costs | $ 136 | | $ 123 | | $ 391 | | $ 187 |
| Restaurant Wages and Related Expenses | $ 148 | | $ 141 | | $ 445 | | $ 213 |
| Restaurant Occupancy and Other Expenses (a) | $ 119 | | $ 120 | | $ 353 | | $ 178 |
| Company Restaurant Expenses | $ 403 | | $ 384 | | $ 1,188 | | $ 578 |
| Advertising Expenses and Other Services (b) | $ 23 | | $ 19 | | $ 68 | | $ 29 |
| Segment G&A | $ 23 | | $ 23 | | $ 70 | | $ 35 |
| Adjusted Operating Income | $ 10 | | $ 16 | | $ 33 | | $ 30 |
| | |
| (a) | Restaurant occupancy and other expenses include intersegment royalties and property expense of $28 million and $83 million for the three and nine months ended September 30, 2025, respectively, and $28 million and $43 million for the three and nine months ended September 30, 2024, respectively, which are eliminated in consolidation. |
| (b) | Advertising expenses and other services include intersegment advertising expenses and tech fees of $21 million and $63 million for the three and nine months ended September 30, 2025, respectively, and $18 million and $28 million for the three and nine months ended September 30, 2024, respectively, which are eliminated in consolidation. |
For the third quarter, the increase in Total Revenues was primarily driven by an increase in Carrols Burger King restaurant sales due to Comparable Sales growth.
The decrease in Adjusted Operating Income was primarily driven by an increase in Company Restaurant Expenses due to higher commodity costs, primarily driven by beef, and higher restaurant wages. Additionally, Advertising Expenses and Other Services increased due to an increase in restaurant sales and an increase in the contribution rate from Carrols Burger King restaurants, consistent with the rate increase for the rest of the Burger King US system. These factors were partially offset by the increase in Total Revenues.
Declaration of Dividend
The RBI Board of Directors has declared a dividend of $0.62 per common share and partnership exchangeable unit of RBI LP for the fourth quarter of 2025. The dividend will be payable on January 6, 2026 to shareholders and unitholders of record at the close of business on December 23, 2025.
2025 Financial Guidance
For 2025, RBI continues to expect:
- Segment G&A (excluding RH) for 2025 between $600 million and $620 million;
- RH Segment G&A for 2025 of approximately $100 million; and
- Adjusted Interest Expense, net of around $520 million.
For 2025, RBI now expects consolidated capital expenditures, tenant inducements and incentives (including RH), or "Total Capex and Cash Inducements" of around $400 million.
Long-Term Algorithm
RBI continues to expect the following long-term consolidated performance on average, from 2024 to 2028:
- 3%+ Comparable Sales; and
- 8%+ organic Adjusted Operating Income growth.
In addition, the Company continues to expect to reach 5%+ Net Restaurant Growth towards the end of its algorithm period.
Investor Conference Call
We will host an investor conference call and webcast at 8:30 a.m. Eastern Time on Thursday, October 30, 2025, to review financial results for the third quarter ended September 30, 2025. The earnings call will be broadcast live via our investor relations website at http://rbi.com/investors and a replay will be available for seven days following the release. The dial-in number is 1 (833)-470-1428 for U.S. callers, 1 (833)-950-0062 for Canadian callers, and 1 (929)-526-1599 for callers from other countries. For all dial-in numbers please use the following access code: 078506.
Contacts
Investors: investor@rbi.com
Media: media@rbi.com
About Restaurant Brands International Inc.
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with over $45 billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.
RBI's principal executive offices are in Miami, Florida. In North America, RBI's brands are headquartered in their home markets where they were founded decades ago: Canada for Tim Hortons and the U.S. for Burger King, Popeyes and Firehouse Subs. To learn more about RBI, please visit the company's website at www.rbi.com.
Forward-Looking Statements
This press release and our investor conference call contain certain forward-looking statements and information, which reflect management's current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties.
These forward-looking statements include statements about our expectations or beliefs regarding (i) the impact of the macro-economic pressures and currency fluctuations on our and our franchisees' results of operations and business; (ii) our remodel program and refranchising efforts; (iii) leverage and free cash flow; (iv) segment G&A, capital expenditures, tenant inducements, kiosk installations, supply chain margins, restaurant-level margins, dividends, adjusted operating income, net restaurant growth, effective tax rate and adjusted net interest expense in 2025 and, as applicable, through 2028; (v) long-term partners for Popeyes China and FHS Brazil and a new controlling shareholder for BK China; (vi) refranchising of stores acquired in the Carrols Acquisition; (vii) commodity prices; (viii) tariff related impacts; and (ix) our growth opportunities, plans and strategies for each of our brands and ability to enhance operations and drive long-term, sustainable growth. The factors that could cause actual results to differ materially from RBI's expectations are detailed in filings of RBI with the Securities and Exchange Commission and applicable Canadian securities regulatory authorities, such as its annual and quarterly reports and current reports on Form 8-K, and include the following: (1) our indebtedness, which could adversely affect our financial condition; (2) global economic or other business conditions that may affect the desire or ability of our guests to purchase our products; (3) our relationship with, and the success of, our franchisees and risks related to our nearly fully franchised business model; (4) our franchisees' financial stability and their ability to access and maintain the liquidity necessary to operate their businesses; (5) our supply chain operations; (6) our ownership and leasing of real estate; (7) the effectiveness of our marketing, advertising and digital programs and franchisee support of these programs; (8) fluctuations in interest rates and in the currency exchange markets and the effectiveness of our hedging activity; (9) our ability to successfully implement our domestic and international growth strategy for each of our brands and risks related to our international operations; (10) our reliance on franchisees, including subfranchisees to accelerate restaurant growth; (11) risks related to unforeseen events; (12) changes in applicable tax laws or interpretations thereof; (13) evolving legislation and regulations in the area of franchise and labor and employment law; (14) our ability to address environmental and social sustainability issues; (15) risks related to geopolitical conflicts and terrorism; (16) the ability of cash flows from the Carrols restaurants to fund our budgeted remodels and the timing of refranchising of such restaurants; (17) tariffs and their impact on economic conditions or our business; and (18) our ability to find long-term partners for Popeyes China and FHS Brazil and a new controlling shareholder for BK China. Other than as required under U.S. federal securities laws or Canadian securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, change in expectations or otherwise.
RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In millions of U.S. dollars, except per share data, Unaudited)
| | Three Months Ended | | Nine Months Ended | ||||
| | 2025 | | 2024 | | 2025 | | 2024 |
| Revenues: | | | | | | | |
| Supply chain sales | $ 769 | | $ 699 | | $ 2,112 | | $ 2,008 |
| Company restaurant sales | 588 | | 567 | | 1,746 | | 1,016 |
| Franchise and property revenues | 778 | | 735 | | 2,201 | | 2,194 |
| Advertising revenues and other services | 314 | | 290 | | 909 | | 892 |
| Total revenues | 2,449 | | 2,291 | | 6,968 | | 6,110 |
| Operating costs and expenses: | | | | | | | |
| Supply chain cost of sales | 619 | | 559 | | 1,704 | | 1,616 |
| Company restaurant expenses | 498 | | 473 | | 1,464 | | 848 |
| Franchise and property expenses | 147 | | 134 | | 421 | | 394 |
| Advertising expenses and other services | 342 | | 327 | | 1,017 | | 972 |
| General and administrative expenses | 170 | | 176 | | 549 | | 534 |
| (Income) loss from equity method investments | (2) | | 3 | | (12) | | (69) |
| Other operating expenses (income), net | 12 | | 42 | | 244 | | 31 |
| Total operating costs and expenses | 1,786 | | 1,714 | | 5,387 | | 4,326 |
| Income from operations | 663 | | 577 | | 1,581 | | 1,784 |
| Interest expense, net | 129 | | 147 | | 391 | | 442 |
| Loss on early extinguishment of debt | — | | 1 | | — | | 33 |
| Income from continuing operations before income taxes | 534 | | 429 | | 1,190 | | 1,309 |
| Income tax expense from continuing operations | 94 | | 72 | | 263 | | 225 |
| Net income from continuing operations | 440 | | 357 | | 927 | | 1,084 |
| Net loss from discontinued operations (net of tax of $0 and $0) | 4 | | — | | 7 | | — |
| Net income | 436 | | 357 | | 920 | | 1,084 |
| Net income attributable to noncontrolling interests | 121 | | 105 | | 257 | | 322 |
| Net income attributable to common shareholders | $ 315 | | $ 252 | | $ 663 | | $ 762 |
| | | | | | | | |
| Earnings per common share | | | | | | | |
| Basic net income per share from continuing operations | $ 0.97 | | $ 0.79 | | $ 2.04 | | $ 2.41 |
| Basic net loss per share from discontinued operations | $ (0.01) | | $ — | | $ (0.02) | | $ — |
| Basic net income per share | $ 0.96 | | $ 0.79 | | $ 2.03 | | $ 2.41 |
| | | | | | | | |
| Diluted net income per share from continuing operations | $ 0.96 | | $ 0.79 | | $ 2.03 | | $ 2.39 |
| Diluted net loss per share from discontinued operations | $ (0.01) | | $ — | | $ (0.01) | | $ — |
| Diluted net income per share | $ 0.96 | | $ 0.79 | | $ 2.01 | | $ 2.39 |
| | | | | | | | |
| Weighted average shares outstanding (in millions): | | | | | | | |
| Basic | 328 | | 319 | | 327 | | 317 |
| Diluted | 457 | | 454 | | 456 | | 453 |
RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions of U.S. dollars, except share data, Unaudited)
| | As of | ||
| | September 30, 2025 | | December 31, 2024 |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ 1,206 | | $ 1,334 |
| Accounts and notes receivable, net of allowance of $63 and $57, respectively | 761 | | 698 |
| Inventories, net | 216 | | 142 |
| Prepaids and other current assets | 201 | | 108 |
| Assets held for sale - discontinued operations | 631 | | — |
| Total current assets | 3,015 | | 2,282 |
| Property and equipment, net of accumulated depreciation and amortization of $1,210 | 2,260 | | 2,236 |
| Operating lease assets, net | 1,907 | | 1,852 |
| Intangible assets, net | 11,130 | | 10,922 |
| Goodwill | 6,221 | | 5,986 |
| Other assets, net | 1,136 | | 1,354 |
| Total assets | $ 25,669 | | $ 24,632 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | |
| Current liabilities: | | | |
| Accounts and drafts payable | $ 826 | | $ 765 |
| Other accrued liabilities | 1,277 | | 1,141 |
| Gift card liability | 170 | | 236 |
| Current portion of long-term debt and finance leases | 116 | | 222 |
| Liabilities held for sale - discontinued operations | 458 | | — |
| Total current liabilities | 2,847 | | 2,364 |
| Long-term debt, net of current portion | 13,415 | | 13,455 |
| Finance leases, net of current portion | 269 | | 286 |
| Operating lease liabilities, net of current portion | 1,842 | | 1,770 |
| Other liabilities, net | 977 | | 706 |
| Deferred income taxes, net | 1,154 | | 1,208 |
| Total liabilities | 20,504 | | 19,789 |
| Shareholders' equity: | | | |
| Common shares, no par value; unlimited shares authorized at September 30, 2025 | 2,502 | | 2,357 |
| Retained earnings | 1,902 | | 1,860 |
| Accumulated other comprehensive income (loss) | (1,023) | | (1,107) |
| Total Restaurant Brands International Inc. shareholders' equity | 3,381 | | 3,110 |
| Noncontrolling interests | 1,784 | | 1,733 |
| Total shareholders' equity | 5,165 | | 4,843 |
| Total liabilities and shareholders' equity | $ 25,669 | | $ 24,632 |
RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In millions of U.S. dollars, Unaudited)
| | Nine Months Ended | ||
| | 2025 | | 2024 |
| Cash flows from operating activities: | | | |
| Net income | $ 920 | | $ 1,084 |
| Net loss from discontinued operations | 7 | | — |
| Net income from continuing operations | 927 | | 1,084 |
| Depreciation and amortization | 225 | | 187 |
| Non-cash loss on early extinguishment of debt | — | | 23 |
| Amortization of deferred financing costs and debt issuance discount | 19 | | 19 |
| (Income) loss from equity method investments | (12) | | (69) |
| (Gain) loss on remeasurement of foreign denominated transactions | 208 | | 15 |
| Net (gains) losses on derivatives | (151) | | (140) |
| Share-based compensation and non-cash incentive compensation expense | 113 | | 124 |
| Deferred income taxes | (19) | | (16) |
| Other non-cash adjustments, net | 44 | | 4 |
| Changes in current assets and liabilities, excluding acquisitions and dispositions: | | | |
| Accounts and notes receivable | (66) | | 57 |
| Inventories and prepaids and other current assets | (76) | | 1 |
| Accounts and drafts payable | 58 | | (45) |
| Other accrued liabilities and gift card liability | (62) | | (171) |
| Tenant inducements paid to franchisees | (26) | | (23) |
| Changes in other long-term assets and liabilities | (23) | | (28) |
| Net cash provided by operating activities from continuing operations | 1,159 | | 1,022 |
| Cash flows from investing activities: | | | |
| Payments for additions of property and equipment | (163) | | (124) |
| Net proceeds from disposal of assets, restaurant closures, and refranchisings | 26 | | 17 |
| Net payments for acquisition of franchised restaurants, net of cash acquired | (152) | | (538) |
| Settlement/sale of derivatives, net | 58 Für dich aus unserer Redaktion zusammengestelltDein Kommentar zum Artikel im Forum Jetzt anmelden und diskutieren
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