Earnings
Restaurant Brands International Inc. Reports Third Quarter 2025 Results
QSR · Price
Executive Summary
- Restaurant Brands International (RBI) reported Q3 2025 consolidated system‑wide sales of $12.3 B, up 6.9% YoY (12.1% internationally).
- Adjusted Operating Income (AOI) rose 7.6% YoY to $702 M; Adjusted EBITDA increased 6.0% to $794 M.
- Diluted adjusted EPS grew 10.7% YoY to $1.03, and GAAP diluted EPS was $0.96.
- The company declared a quarterly dividend of $0.62 per share payable Jan 6 2026.
Key Details
- System‑wide Sales: $12,282 M (Q3) vs. $11,433 M (Q3 2024).
- Comparable Sales Growth: 4.0% overall; 6.4% at Tim Hortons International, 4.2% at Tim Hortons Canada, 3.2% at Burger King US.
- Net Restaurant Growth: 2.8% (Q3) vs. 3.8% (Q3 2024).
- Total Revenues: $2,449 M, up 6.9% YoY; driven by higher supply‑chain sales (+$90 M FX‑adjusted) and advertising fund contributions.
- Income from Operations: $663 M, +14.8% YoY (FX‑adjusted increase of $99 M).
- Adjusted Operating Income (AOI): $702 M, +7.6% YoY; organic AOI growth 8.8%.
- Adjusted EBITDA: $794 M, +6.0% YoY.
- Diluted Adjusted EPS: $1.03 vs. $0.93 last year (10.7% increase).
- GAAP Diluted EPS: $0.96 vs. $0.79 last year.
- Net Income (Continuing): $440 M, +23.2% YoY.
- Net Leverage: 4.4× (down from 4.8×).
Segment Highlights
| Segment | System‑wide Sales Growth | Comparable Sales | Net Restaurant Growth |
|---|---|---|---|
| Tim Hortons (TH) | 4.8% | 4.2% (Canada 4.2%) | 0.6% |
| Burger King (BK) | 2.3% | 3.1% (US 3.2%) | –1.1% |
| Popeyes (PLK) | 0.7% | –2.4% | +2.2% |
| Firehouse Subs (FHS) | 10.7% | 2.6% | +7.7% |
| International (INTL) | 12.1% | 6.5% | 5.1% |
- BK China classified as held‑for‑sale; results reported as discontinued operations.
- Restaurant Holdings (RH) segment added after Carrols and PLK China acquisitions; contributed $459 M in revenue for the quarter.
Capital Allocation & Guidance
- Dividend: $0.62 per common share/LP unit, payable 2026‑01‑06 to shareholders of record 2025‑12‑23.
- 2025 Capex & Cash Inducements: projected ~ $400 M (including tenant inducements and other cash incentives).
- 2025 Guidance: Segment G&A (excluding RH) $600–$620 M; RH G&A ≈ $100 M; Adjusted interest expense net ≈ $520 M.
Investor Call
- Conference call scheduled for 2025‑10‑30 at 8:30 a.m. ET; webcast available on RBI investor website.
Notable Quotes
“Our teams delivered a strong quarter, driven by momentum from Tim Hortons and our International business… we remain firmly on track to deliver at least 8% organic Adjusted Operating Income growth this year.” – Josh Kobza, CEO, Restaurant Brands International.
More from RESTAURANT BRANDS INTERNATIONAL INC
May 06, 2026 · 06:30