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Restaurant Brands International

QSR · Consumer Discretionary

Last earnings Oct 29, 2026

Key results

Revenuequarter

6.9%

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, October 30, 2025 - Restaurant Brands International Inc.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

International Comparable revenuequarter

12.1%

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, October 30, 2025 - Restaurant Brands International Inc.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Adjusted operating incomequarter

4.2%

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, October 30, 2025 - Restaurant Brands International Inc.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

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.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Adjusted Operating Income was also impacted by an unfavorable FX Impact of $3 million.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

RevenueQ3 2025

$21 million

(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.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Revenueytd

$63 million

(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.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

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.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

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.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Excluding the FX Impact, Total Revenues increased by $19 million and Adjusted Operating Income by $21 million.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

AI analysis

Q3 2025 · reported Oct 30, 2025

Based on: Earnings release + parent 8-K — transcript not held

Revenue · Q3 2025
$21M
EX-99 · Oct 30, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Revenue6.9%——
International Comparable revenue12.1%——
Adjusted operating income4.2%——

EX-99 · Oct 30, 2025

Guidance · company-stated

Capex

“and Cash Inducements of around $400 million”

Sales

“and 8%”

Operating Income

“growth. In addition, the Company continues to expect to reach 5%”

Guidance stated in the release's Business Outlook table for 2025; no direction stated — figures as stated in the table.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Dividend$0.62
Total capex$400M

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.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

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

Based on: Earnings release + parent 8-K — transcript not held

Guidance & outlook

Capex: “Capex and Cash Inducements of around $400 million”

Sales: “Sales and 8%”

Operating Income: “Operating Income growth. In addition, the Company continues to expect to reach 5%”

Capex (“2025”)
“Capex and Cash Inducements of around $400 million”

Sales (“2025”)
“Sales and 8%”

Operating Income (“2025”)
“Operating Income growth. In addition, the Company continues to expect to reach 5%”

Guidance stated in the release's Business Outlook table for 2025; no direction stated — figures as stated in the table.

Capital allocation

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.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

7 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.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 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.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

For 2025, RBI now expects consolidated capital expenditures, tenant inducements and incentives (including RH), or Total Capex and Cash Inducements of around $400 million.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Total Capex and Cash Inducements refers to the sum of payments for additions to property and equipment, tenant inducements paid to franchisees, other cash inducements (included in changes in other long-term assets and liabilities), and increase (decrease) in accruals for additions to property and equipment.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Total Capex and Cash Inducements is an indicator of the capital intensity of our business.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Strategy & priorities

This aligns with our long-term strategy of partnering with experienced local operators while maintaining a primarily franchised business.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

These metrics are important indicators of the overall direction of our business, including trends in sales and the effectiveness of each brand s marketing, operations and growth initiatives.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

(4) Non-operating costs from professional advisory and consulting services associated with certain transformational corporate restructuring initiatives that rationalize our structure and optimize cash movements within our structure as well as services related to significant tax reform legislation and regulations.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Risks & headwinds

These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties.

SEC original ↗Restaurant Brands International — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Documents

Earnings deck slides

0 decks with slide view

Restaurant Brands International — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Restaurant Brands International — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Amazon (AMZN) Consumer DiscretionaryTesla, Inc. (TSLA) Consumer DiscretionaryAlibaba Group (BABA) Consumer DiscretionaryeBay Inc. (EBAY) Consumer DiscretionaryToyota Motor (TM) Consumer DiscretionaryO'Reilly Automotive (ORLY) Consumer DiscretionaryLi Auto Inc. (LI) Consumer DiscretionaryV F Corp (VFC) Consumer Discretionary

Filings

76 documents

Earnings releases

25 documents

Presentations

2 documents

Transcripts

0 documents

No transcripts for Restaurant Brands International are held in this edition of the library.

Mentioned by

3 companies

Other tracked companies whose held documents mention Restaurant Brands International by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.