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Restaurant Brands International

QSR Q4 2025 Earnings

Reported Feb 12, 2026 at 6:44 AM ET · SEC Source

Q4 25 EPS

$0.96

BEAT +1.05%

Est. $0.95

Q4 25 Revenue

$2.47B

BEAT +2.58%

Est. $2.40B

vs S&P Since Q4 25

+13.4%

BEATING MARKET

QSR +19.2% vs S&P +5.8%

Full Year 2025 Results

FY 25 EPS

$3.69

BEAT +0.28%

Est. $3.68

FY 25 Revenue

$9.43B

BEAT +0.66%

Est. $9.37B

Market Reaction

Did QSR Beat Earnings? Q4 2025 Results

Restaurant Brands International closed out Q4 2025 on a confident note, posting adjusted diluted EPS of $0.96 against a consensus estimate of $0.95, a beat of 1.05%, while revenue of $2.47 billion topped the $2.40 billion estimate by 2.58% and climbe… Read more Restaurant Brands International closed out Q4 2025 on a confident note, posting adjusted diluted EPS of $0.96 against a consensus estimate of $0.95, a beat of 1.05%, while revenue of $2.47 billion topped the $2.40 billion estimate by 2.58% and climbed 7.4% year over year. The most material engine behind those results was the International segment, where adjusted operating income surged 30.5% to $191.00 million on constant-currency system-wide sales growth of 11.9%, underscoring the company's broadening global footprint. Tim Hortons' contributions also steadied the portfolio, with Canadian comparable sales up 2.8%, even as Popeyes remained a drag, its comparable sales falling 4.8% in the quarter. On a consolidated basis, Q4 Adjusted Operating Income rose 16.5% to $674.00 million, capping what the company described as its third consecutive year of approximately 8% organic AOI growth. Looking ahead, RBI reaffirmed long-term targets of 3%-plus comparable sales and 8%-plus organic AOI growth through 2028, and plans to return $1.6 billion of capital to shareholders in 2026, signaling continued confidence in its multi-brand franchise model.

Key Takeaways

  • • Consolidated comparable sales up 3.1% in Q4 led by INTL at 6.1%, TH Canada at 2.8%, and BK US at 2.6%
  • • System-wide sales grew 5.8% in Q4 on constant currency basis
  • • INTL segment AOI grew 30.5% in Q4 driven by revenue growth and lower bad debt expenses
  • • BK segment AOI surged 55.4% in Q4 largely from non-recurrence of Fuel the Flame expenses
  • • Higher supply chain sales driven by increases in commodity prices, CPG net sales, and equipment sales
  • • Lower Segment G&A due to reduced compensation-related expenses
  • • Net leverage improved to 4.2x from 4.6x year-over-year

QSR Forward Guidance & Outlook

For 2026, RBI expects Segment G&A (excluding RH) of $600–$620 million, RH Segment G&A of approximately $100 million, Adjusted Interest Expense of $500–$520 million, and Total Capex and Cash Inducements of around $400 million. The company's long-term algorithm (2024–2028) targets 3%+ comparable sales, 8%+ organic Adjusted Operating Income growth, and 5%+ net restaurant growth towards the end of the algorithm period. Annual dividend target for 2026 is $2.60 per share.

24/7 Wall St

QSR YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

QSR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“Our performance in 2025 reflects the progress we've made strengthening our brands and our system, driven by consistent execution from our teams and franchisees. By staying focused on the fundamentals, we delivered our third consecutive year of roughly 8% organic Adjusted Operating Income growth. As we enter 2026, I'm encouraged by the stronger, more focused foundation we've built for the long term.”

— Josh Kobza, Q4 2025 Earnings Press Release

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