QSR Q1 2025 Earnings
Reported May 8, 2025 at 6:32 AM ET · SEC Source
Q1 25 EPS
$0.75
MISS 4.09%
Est. $0.78
Q1 25 Revenue
$2.11B
MISS 1.94%
Est. $2.15B
vs S&P Since Q1 25
-5.7%
TRAILING MARKET
QSR +21.8% vs S&P +27.5%
Market Reaction
Did QSR Beat Earnings? Q1 2025 Results
Restaurant Brands International delivered a mixed first quarter for 2025, falling short of Wall Street expectations on both the top and bottom lines as currency headwinds and soft comparable sales weighed on results. Adjusted diluted EPS came in at $… Read more Restaurant Brands International delivered a mixed first quarter for 2025, falling short of Wall Street expectations on both the top and bottom lines as currency headwinds and soft comparable sales weighed on results. Adjusted diluted EPS came in at $0.75, missing the $0.78 consensus estimate by 4.09%, while revenue of $2.11 billion trailed the $2.15 billion forecast by 1.94%, even as reported revenue surged 21.3% year-over-year, a figure inflated by the consolidation of acquired company-operated restaurants rather than underlying growth. The more telling organic picture was considerably more modest, with global comparable sales essentially flat at 0.1% and a $61.00 million foreign exchange drag compressing results across segments. Burger King posted a -1.3% comparable sales decline and Popeyes fared worse at -4.0%, offsetting a standout performance from Firehouse Subs, which grew system-wide sales 7.3%. Despite the quarter's shortfalls, management reiterated its full-year guidance for 8%+ organic Adjusted Operating Income growth and expressed confidence in building momentum through the remainder of 2025.
Key Takeaways
- • Consolidated system-wide sales growth of 2.8% YoY including 8.6% in International
- • Global comparable sales of 0.1%, or over 1% adjusting for Leap Day
- • Net restaurant growth of 3.3% with system restaurant count reaching 32,149
- • Firehouse Subs led with 7.3% system-wide sales growth and 5.9% net restaurant growth
- • Unfavorable FX impact of $61 million on total revenues and $20 million on AOI
- • Supply chain sales increase due to commodity price increases
- • Burger King advertising fund contribution rate increase from 4% to 4.5%
- • Popeyes comparable sales declined 4.0%, weakest among the brands
- • Tim Hortons Canada comparable sales slightly positive at 0.1%
QSR YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
QSR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are making solid progress executing the fundamentals of our business, despite a slower start to the year. We have clear growth plans across each of our brands and strong alignment with our franchisees. We're seeing encouraging momentum in Q2 and combined with responsible cost management, are on track to deliver stronger results through the balance of the year and achieve at least 8 percent organic adjusted operating income growth in 2025.”
— Josh Kobza, Q1 2025 Earnings Press Release
QSR Earnings Trends
QSR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
QSR EPS Trend
Earnings per share: estimate vs actual
QSR Revenue Trend
Quarterly revenue: estimate vs actual
QSR Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $0.95 | $0.96 | +1.05% | $2.47B | +2.58% |
| FY Full Year | $3.68 | $3.69 | +0.28% | $9.43B | +0.66% |
| Q3 25 BEAT | $1.00 | $1.03 | +2.90% | $2.45B | +2.45% |
| Q2 25 MISS | $0.97 | $0.94 | -2.84% | $2.41B | +3.08% |
| Q1 25 MISS | $0.78 | $0.75 | -4.09% | $2.11B | -1.94% |