Tim Hortons Boosts Restaurant Brands Growth but Investors Are Not Impressed

By Trey Thoelcke Published Feb 12, 9:30AM EST

Quick Read

Restaurant Brands (QSR) grew Q4 revenue 7.4% to $2.47B. Adjusted operating income climbed 16.5% to $674M.
Tim Hortons led Restaurant Brands with revenue up 10.6% to $1.14B. Popeyes revenue declined 2.5%.
Restaurant Brands returned $1.1B to shareholders in 2025. Net leverage fell to 4.2x from 4.6x.

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Tim Hortons Boosts Restaurant Brands Growth but Investors Are Not Impressed — © Spencer Platt / Getty Images

Restaurant Brands International (NYSE: QSR | QSR Price Prediction) reported Q4 2025 results that met earnings expectations while delivering modest revenue upside, capping a year marked by steady execution across its global quick-service restaurant portfolio. Shares retreated marginally in early trading following the report but are still up 2.8% year-to-date.

Financial Snapshot

The company posted adjusted diluted EPS of $0.96, matching consensus estimates. Revenue reached $2.47 billion, beating the $2.44 billion estimate by 1.2% and representing 7.4% year-over-year growth.

Adjusted operating income climbed 16.5% to $674 million, while reported operating income declined 2.2% to $621 million. Net income from continuing operations increased 5.8% to $274 million, though higher tax expenses tempered bottom-line gains.

Brand Performance

Tim Hortons led segment growth with revenue of $1.14 billion, up 10.6%, and comparable sales growth of 2.8% in Canada. The International segment posted $263 million in revenue, climbing 10.8% with 6.1% comparable sales gains.

Burger King generated $383 million in revenue, up 2.1%, with U.S. comparable sales increasing 2.6%. Popeyes revenue declined 2.5% to $196 million.

Capital Allocation and Outlook

The company returned $1.1 billion to shareholders in 2025 through dividends and reduced net leverage to 4.2x from 4.6x. The company declared a Q1 2026 dividend of $0.65 per share and set a 2026 annual dividend target of $2.60 per share.

CEO Josh Kobza noted, “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.” The company achieved its third consecutive year of roughly 8% organic adjusted operating income growth and maintained long-term targets of 3%+ comparable sales growth and 8%+ organic AOI growth through 2028.

About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.