QSR Q2 2025 Earnings
Reported Aug 7, 2025 at 6:32 AM ET · SEC Source
Q2 25 EPS
$0.94
MISS 2.84%
Est. $0.97
Q2 25 Revenue
$2.41B
BEAT +3.08%
Est. $2.34B
vs S&P Since Q2 25
+9.5%
BEATING MARKET
QSR +23.4% vs S&P +14.0%
Market Reaction
Did QSR Beat Earnings? Q2 2025 Results
Restaurant Brands International delivered a split verdict in Q2 2025, beating on revenue while falling just short on the bottom line. The parent of Burger King, Tim Hortons, and Popeyes posted adjusted diluted EPS of $0.94, missing the $0.97 consensu… Read more Restaurant Brands International delivered a split verdict in Q2 2025, beating on revenue while falling just short on the bottom line. The parent of Burger King, Tim Hortons, and Popeyes posted adjusted diluted EPS of $0.94, missing the $0.97 consensus estimate by 2.84%, even as total revenue climbed 15.9% year-over-year to $2.41 billion, ahead of the $2.34 billion Wall Street had expected. The top-line strength was driven largely by higher supply chain sales tied to commodity price increases and broad system-wide sales growth of 5.3%, though the adjusted earnings gain of 9.2% was tempered by rising company restaurant expenses connected to the 2024 Carrols acquisition. Segment performance was uneven; Tim Hortons led with 3.9% system-wide sales growth and comparable sales of 3.4%, while Popeyes lagged with negative 1.4% comparable sales. Notably, both Burger King and Tim Hortons reached their highest customer satisfaction scores in years, a signal management is leaning on as it reaffirms its 2025 guidance for organic adjusted operating income growth of at least 8%.
Key Takeaways
- • Consolidated comparable sales accelerated to 2.4%, up from 1.9% in Q2 2024
- • Tim Hortons Canada comparable sales of 3.6% and Burger King International comparable sales of 4.1%
- • International system-wide sales growth of 9.8%
- • Higher supply chain sales from increased commodity prices and system-wide sales growth
- • Lower compensation-related G&A expenses across multiple segments
- • Non-recurrence of Fuel the Flame expenses in Burger King US segment
- • Higher advertising fund contribution rate at Burger King US
QSR YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
QSR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We made great progress in the second quarter advancing our strategic priorities, with improved sales trends and strong execution led by our two largest businesses, Tim Hortons and International. Across the system, we're seeing strong franchisee alignment, impactful marketing, and focused operational initiatives drive meaningful improvements in the guest experience. With positive momentum heading into the back half of the year, we remain confident in our ability to deliver 8%+ organic Adjusted Operating Income growth in 2025.”
— Josh Kobza, Q2 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% |