QSR
Restaurant Brands International Inc.70.47
-0.52-0.73%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
BK refranchising beats targets
Q&A highlighted Burger King US refranchising exceeding 50-100 restaurant targets at over 100, with franchisees excited and acceleration planned for 2026—franchisees are fired up. Management downplayed a Popeyes US franchisee bankruptcy as non-representative, expecting net growth via ops consistency and core chicken focus. International nuggets included Popeyes ex-US sales doubling to $1.7B last year. Tim Hortons loyalty drove 33% of sales from 7M members. Answers reaffirmed prepared execution amid similar consumer backdrop and early-2026 weather hits, deferring details to Investor Day. Watch BK momentum and Popeyes turnaround.
Key Stats
Market Cap
32.21BP/E (TTM)
24.99Basic EPS (TTM)
2.82Dividend Yield
0.03%Recent Filings
10-K
FY2025 results
Restaurant Brands International closed FY2025 ended December 31, 2025 with $46.8B system-wide sales, up 5.3% constant currency y/y, and 33,041 restaurants, +2.9% net growth. Comparable sales rose 2.4% y/y across brands, with INTL accelerating to 4.9% while PLK dipped -3.2%; Q4 momentum showed BK US comps at 2.3% in RH. Adjusted operating income hit $2.58B, +7.6% y/y, driven by franchisor segment gains despite $261M FX losses and $126M BK China discontinued loss. Debt stood at $13.4B with $1.2B revolver availability; $1B buyback authorized, targeting $2.60/share dividend in 2026. Carrols BK unit fair value hugged carrying value—watch remodel execution. Intense QSR competition threatens traffic.
8-K
Q4 sales up 5.8%, targets met
Restaurant Brands International reported Q4 and full-year 2025 results on February 12, 2026, with consolidated system-wide sales up 5.8% in Q4 to $12.1B and 5.3% yearly to $46.8B. Comparable sales rose 3.1% in Q4, fueled by 6.1% INTL growth, while organic Adjusted Operating Income grew 8.3%—hitting targets. Net leverage improved to 4.2x. Returned ~$1.1B to shareholders.
8-K
3G affiliate prices RBI share sale
RBI entered an underwriting agreement on November 13, 2025, for a 3G Capital affiliate to sell up to 17,626,570 common shares at $68.72 each via exchange of partnership units, closing November 17 with full settlement by December 3. RBI receives no proceeds. Total shares outstanding unchanged. 3G Funds locked out sales for 45 days.
8-K
RBI JV dilutes BK China stake
RBI struck a joint venture with CPE for Burger King China, diluting to 17% ownership for CPE's $350 million capital infusion—no cash to RBI. Closing eyed for Q1 2026, with a 20-year master development pact targeting 1,250 to 4,000+ restaurants by 2035. Triggers $150 million non-cash impairment. Growth accelerates, yet China risks loom.
10-Q
Q3 FY2025 results
Restaurant Brands International posted Q3 revenues of $2.4B, up 6.8% y/y, with operating income climbing 14.9% to $663M on franchise strength across brands while RH restaurant costs rose on beef prices. Diluted EPS hit $0.96, up 21.5% y/y, confirmed against 457M shares. Cash swelled to $1.2B with $1.2B revolver availability; debt steady at $13.4B long-term while FCF not disclosed in the 10-Q. BK China sits held for sale after Feb 2025 close for $151M cash, recognizing $308M goodwill. Litigation over Carrols deal drags on.
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