Restaurant Brands International Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.25%.
Did QSR Beat Earnings? Q3 2025 Results
Restaurant Brands International posted a clean beat across the board in Q3 2025, with adjusted diluted EPS of $1.03 topping the $1.00 consensus by 2.90% and revenue of $2.45 billion clearing estimates by 2.45% on 6.9% year-over-year growth. The clearest driver behind the quarter was a sharp acceleration in comparable sales to 4.0%, up from just 0.3% in the year-ago period, with the International segment leading the way at 12.1% system-wide sales growth and Burger King International posting 6.4% comp gains. Tim Hortons Canada contributed steady 4.2% comp growth, while Burger King US returned to positive territory at 3.2%, a notable reversal from the -0.4% recorded in Q3 2024. Adjusted Operating Income rose 8.8% organically to $702 million, keeping RBI squarely on track for its full-year target of 8%-plus organic AOI growth, a target management reiterated alongside long-term goals of 3%-plus comparable sales and 5%-plus net restaurant growth through 2028. The results arrive as <a href="https://247wallst.com/investing/2025/10/29/live-complete-starbucks-sbux-earnings-coverage/">rival quick-service chains</a> navigate their own traffic and margin pressures across the global restaurant landscape.
- Consolidated comparable sales accelerated to 4.0%, up from 0.3% in Q3 2024
- International segment system-wide sales grew 12.1% with 6.5% comparable sales
- Tim Hortons Canada comparable sales of 4.2%
- Burger King US comparable sales of 3.2%, a turnaround from -0.4% in Q3 2024
- Higher supply chain sales due to increases in commodity prices and system-wide sales
- Lower compensation-related expenses driving decreases in Segment G&A
- Higher advertising fund contributions from franchisees reflecting increased contribution rate at BK
- Non-recurrence of $8 million Fuel the Flame expenses at BK
“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.”
Restaurant Brands International CEO, on the earnings call
Forward Guidance & Outlook
For 2025, RBI continues to expect Segment G&A (excluding RH) between $600 million and $620 million, RH Segment G&A of approximately $100 million, and Adjusted Interest Expense of around $520 million. RBI now expects consolidated Total Capex and Cash Inducements of around $400 million. The company remains on track for 8%+ organic Adjusted Operating Income growth in 2025. Long-term (2024-2028), RBI targets 3%+ comparable sales growth and 8%+ organic AOI growth, with 5%+ net restaurant growth expected toward the end of the algorithm period.
QSR YoY Financials
QSR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.