Restaurant Brands International (QSR) Q4 2025 earnings

Restaurant Brands International It reported Thursday that quarterly earnings and revenue beat expectations, driven by strong international growth.

Here’s what the company reported Compared to Wall Street’s expectations, according to a survey of analysts by LSEG, for the period ending Dec. 31:

• Earnings per share: 96 cents vs. 95 cents expected
• Revenue: $2.47 billion, expected $2.41 billion

Restaurant Brands reported net income attributable to shareholders in the fourth quarter was $113 million, or 34 cents per share, compared to $259 million, or 79 cents per share, a year earlier.

Excluding transaction costs, restructuring expenses and other items, the company reported adjusted earnings of 96 cents per share.

net sales It increased by 7.4% to $2.47 billion. Excluding currency fluctuations and sales of restaurants it plans to franchise, Restaurant Brands’ organic revenue increased by 6.5%.

The company’s same-store sales increased 3.1%, driven by strong international growth.

Outside the U.S. and Canada, Restaurant Brands’ same-store sales increased 6.1%. International Burger King restaurants, which represent the bulk of the segment, saw same-store sales growth of 5.8%.

Based on StreetAccount estimates, analysts predicted international same-store sales would grow only 3.7%.

And Restaurant Brands plans to continue growing its business overseas. In November, the company announced a plan to form a joint venture with Burger King China to accelerate growth. Under the terms of the deal closed in late January, Chinese alternative asset manager CPE owns about 83% of Burger King China. Restaurant Brands retained a minority stake of about 17%, along with a seat on the board.

Canadian coffee chain Tim Hortons reported same-store sales rose 2.9% despite Wall Street forecasting a 3.8% increase, according to StreetAccount. Tim Hortons accounted for 46% of Restaurant Brands’ total revenue in the quarter.

Burger King reported overall same-store sales growth of 2.7%, beating StreetAccount’s estimates of 2.4%.

Popeyes was the laggard in Restaurant Brands’ portfolio. Same-store sales fell 4.8%, a steeper decline than Wall Street’s forecast for a 2.4% decline.

But the company has plans to revive its struggling fried chicken chain. In November, Restaurant Brands tapped Burger King veteran Peter Perdue to lead the chain’s business in the U.S. and Canada; Last month, the company also appointed Popeyes veteran Matt Rubin as the chain’s latest chief marketing officer.

Restaurant Brands plans to share more of its ideas for growing its business at its investor day in Miami on February 26.