Restaurant Brands International (QSR) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Restaurant Brands International.

Analyst Coverage

Research analysts who have asked questions during Restaurant Brands International earnings calls.

Brian Bittner

Oppenheimer & Co.

7 questions for QSR

Also covers: BJRI, CAKE, CMG +11 more

Danilo Gargiulo

AllianceBernstein

7 questions for QSR

Also covers: CAVA, CMG, DPZ +10 more

David Palmer

Evercore ISI

7 questions for QSR

Also covers: BGS, BRBR, CAG +21 more

Dennis Geiger

UBS

7 questions for QSR

Also covers: BLMN, BROS, CAKE +18 more

John Ivankoe

JPMorgan Chase & Co.

7 questions for QSR

Also covers: BLMN, BROS, CAKE +13 more

Andrew Charles

TD Cowen

6 questions for QSR

Also covers: BROS, CAVA, CMG +14 more

Christine Cho

Goldman Sachs Group

5 questions for QSR

Also covers: BEP, BEPC, BLMN +24 more

Sara Senatore

Bank of America

5 questions for QSR

Also covers: BLMN, BROS, CAKE +21 more

Brian Harbour

Morgan Stanley

4 questions for QSR

Also covers: BLMN, BROS, CAKE +21 more

Gregory Francfort

Guggenheim Securities

4 questions for QSR

Also covers: BROS, CMG, DPZ +11 more

Brian Mullan

Piper Sandler

3 questions for QSR

Also covers: BJRI, BLMN, BROS +20 more

Lauren Silberman

Deutsche Bank

3 questions for QSR

Also covers: BLMN, CAKE, CMG +13 more

John Zamparo

CIBC World Markets

2 questions for QSR

Also covers: GIL, PRMW, RSTRF

Jon Tower

Citigroup

2 questions for QSR

Also covers: BJRI, BLMN, BROS +19 more

Anisha Datt

Barclays

1 question for QSR

Also covers: CAKE, CMG, SHAK +1 more

Christopher Carril

KeyBanc Capital Markets

1 question for QSR

Also covers: BROS

Eric Gonzalez

KeyBanc Capital Markets

1 question for QSR

Also covers: CAVA, DENN, DIN +7 more

Latest news

Recent press releases and 8-K filings for QSR.

Restaurant Brands International Outlines 2028 Vision and Growth Strategy

QSR

Guidance Update

Share Buyback

Dividends

Restaurant Brands International (RBI) aims to become a 99% franchised company by 2028, targeting 5%+ net restaurant growth and 8%+ organic adjusted operating income growth on average from 2024 to 2028, with a vision for double-digit total shareholder returns.
The company plans to achieve investment-grade status by 2028 with a target of low to mid 3 times net leverage, and expects to return over $2.5 billion of capital annually through share repurchases and dividends once investment-grade status is reached and leverage capacity is unlocked.
Key strategic initiatives include the "Reclaim the Flame" plan for Burger King, with franchisees committing to a 4.5% ad fund contribution through at least 2027, and a focus on international expansion, aiming for 1,100 net new international restaurants in 2028.
RBI is simplifying its business by sunsetting the Restaurant Holdings segment by 2027 and has revised its long-term CapEx outlook down to approximately $300 million annually from 2028.

1 day ago

Transcript

Restaurant Brands International Outlines 2028 Vision and Capital Allocation Strategy

QSR

Guidance Update

Dividends

Share Buyback

Restaurant Brands International (RBI) aims to be a 99% franchised company by 2028, targeting 5% plus net restaurant growth and 8% plus organic adjusted operating income growth on average from 2024 to 2028, while also delivering attractive double-digit total shareholder returns.
The company expects to achieve approximately 1,800 net new restaurants annually by 2028, with significant contributions from Burger King China (expected to pivot from a 70 basis point headwind in 2025 to a 60 basis point tailwind by 2028), Popeyes International, and Firehouse North America.
RBI generated approximately $1.6 billion of free cash flow in 2025 and plans to allocate capital to brand investments (CapEx of around $400 million for 2026 and 2027, then $300 million from 2028), maintaining a growing dividend with a payout ratio moving to around 60%, and deleveraging to a long-term target of low to mid 3x net leverage by 2028 to become an investment grade company.
RBI plans to repurchase approximately $500 million of shares in 2026, contributing to over $1.6 billion in total capital returned to shareholders (including dividends) for the year, with share repurchases expected to grow over time using excess free cash flow.

1 day ago

Transcript

Restaurant Brands International Details 2028 Growth and Financial Targets

QSR

Guidance Update

Share Buyback

Debt Issuance

Restaurant Brands International (RBI) aims to become a 99% franchised company by 2028, targeting 5%+ net restaurant growth and 8% plus organic AOI growth on average through the same period.
The company plans to achieve 5%+ net restaurant growth by 2028 through approximately 1,800 net new restaurants annually, with contributions from the U.S. and Canada (300-400), China (300-400), and international markets (1,100).
RBI generated approximately $1.6 billion in free cash flow in 2025 and expects to return over $1.6 billion of capital to shareholders in 2026, including approximately $500 million in share repurchases.
The company is focused on strengthening its balance sheet, targeting corporate investment-grade leverage by 2028 and reducing net leverage to approximately 4 times in 2026 and low to mid 3 times by 2028.

1 day ago

Transcript

Restaurant Brands International Outlines 2028 Vision and Capital Allocation Strategy

QSR

Guidance Update

Share Buyback

Dividends

Restaurant Brands International (RBI) aims to achieve a 99% franchised company by 2028, delivering 5%+ net restaurant growth and 8%+ organic adjusted operating income (AOI) growth on average through 2028, with a goal of double-digit total shareholder returns.
The company plans to sunset its Restaurant Holdings segment by the end of 2027 by refranchising Burger King company restaurants and transitioning Popeyes China and Firehouse Subs Brazil to long-term local partners.
RBI is targeting net leverage of approximately 4x in 2026 and a long-term target of low to mid 3x by 2028 to achieve investment-grade status.
For 2026, RBI expects to repurchase approximately $500 million of shares and, combined with dividends, return over $1.6 billion of capital to shareholders.
Burger King's franchisee profitability improved to approximately $205,000 in both 2023 and 2024, and franchisees have voted to continue a 4.5% ad fund contribution through at least 2027.

1 day ago

Transcript

RBI Reaffirms Growth Targets and Announces Capital Return Plan

QSR

Guidance Update

Dividends

Share Buyback

Restaurant Brands International (RBI) reaffirmed its growth algorithm, expecting 8%+ organic Adjusted Operating Income growth from 2024-2028 and a path to 5%+ Net Restaurant Growth by 2028, aiming for approximately 1,800 net new restaurants per year by 2028.
The company plans to return over $1.6 billion of capital to shareholders in 2026 through dividends and the resumption of share repurchases, with $500 million in share repurchases commencing in 2026.
RBI aims to become an investment-grade company, expecting to achieve corporate investment-grade leverage by 2028, targeting net leverage of approximately 4.0x in 2026 and a long-term target of low- to mid-3x by 2028.
As part of its simplification roadmap, RBI intends to sunset the Restaurant Holdings segment by the end of 2027, and expects Capex and Cash Inducements to decline to roughly $300 million annually from 2028 onward, supporting free cash flow growth from approximately $1.6 billion in 2025 to more than $2 billion annually by 2028.

1 day ago

Press Release

Restaurant Brands International Reports Strong Full-Year 2025 Results and Provides 2026 Outlook

QSR

Earnings

Guidance Update

Demand Weakening

Restaurant Brands International (RBI) delivered strong full-year 2025 results, including 2.4% comparable sales growth, 2.9% net restaurant growth, 5.3% system-wide sales growth, 8.3% organic adjusted operating income growth, and 10.7% adjusted EPS growth to $3.69 per share.
The company achieved its third consecutive year of approximately 8% organic adjusted operating income growth and anticipates delivering another year of 8% organic adjusted operating income growth in 2026.
Key brand performance highlights include Tim Hortons Canada delivering 2.8% comparable sales growth in Q4 2025 and returning to net restaurant growth, while the International segment showed strong momentum with over 6% comparable sales in Q4.
Franchisee profitability for Burger King in 2025 was approximately $185,000, down from 2024 primarily due to beef costs, and Popeyes' franchisee profitability declined to roughly $235,000 due to softer sales.
Strategic actions in 2025 included temporarily taking control of Burger King China and attracting a local partner, beginning Burger King US refranchising ahead of schedule, and refocusing Popeyes' leadership and operations.

Feb 12, 2026, 1:30 PM

Transcript

Restaurant Brands International Reports Strong Full-Year 2025 Results and Raises 2026 Dividend

QSR

Earnings

Guidance Update

Dividends

Restaurant Brands International (QSR) delivered strong full-year 2025 results, including 2.4% comparable sales growth, 5.3% system-wide sales growth, 8.3% organic adjusted operating income (AOI) growth, and 10.7% nominal Adjusted EPS growth to $3.69 per share.
The company announced a 5% increase in its 2026 dividend target to $2.60 per share, marking the 14th consecutive year of dividend growth.
Strategic actions included establishing a joint venture for Burger King China with CPE, which injected $350 million to fund growth with an ambition to double the restaurant footprint to 2,500 units by 2030. Burger King U.S. also began refranchising efforts two years ahead of schedule, exceeding guidance by refranchising over 100 restaurants in 2025.
QSR expects to deliver a fourth consecutive year of on-algorithm 8% AOI growth in 2026, with net restaurant growth (NRG) projected to ramp towards 5% by the end of the algorithm period, following a 2.9% NRG in 2025.

Feb 12, 2026, 1:30 PM

Transcript

Restaurant Brands International Reports Strong FY 2025 Results and Provides 2026 Guidance

QSR

Earnings

Guidance Update

New Projects/Investments

Restaurant Brands International delivered 8.3% organic Adjusted Operating Income (AOI) growth and 10.7% adjusted EPS growth to $3.69 per share for the full year 2025, marking the third consecutive year of approximately 8% organic AOI growth.
The company generated nearly $1.6 billion in free cash flow in 2025 and increased its 2026 dividend target by approximately 5% to $2.60 per share, representing the 14th consecutive year of dividend growth.
In Q4 2025, Tim Hortons Canada achieved 2.8% comparable sales growth, while the International segment reported 4.9% net restaurant growth and nearly 11% system-wide sales growth for the full year 2025.
Strategic developments included the closing of a joint venture for Burger King China, with CPE injecting $350 million to fund growth and an ambition to double the restaurant footprint to at least 2,500 units by 2030. The company also refranchised over 100 Burger King restaurants in 2025.
For 2026, the company is committed to delivering a fourth consecutive year of on-algorithm 8% AOI growth and expects CapEx and cash inducements to be around $400 million.

Feb 12, 2026, 1:30 PM

Transcript

Restaurant Brands International Reports Q4 Sales Rise, Profit Decline

QSR

Earnings

Guidance Update

Share Buyback

Restaurant Brands International reported Q4 comparable sales growth of approximately 3.1% and full-year system-wide sales growth of roughly 5.3%, with organic adjusted operating income increasing around 8.3%.
The company achieved full-year revenue of about $9.4 billion, while Q4 revenue was US$2.47 billion and Q4 adjusted EPS was about $0.96.
GAAP profit for Q4 declined to US$113 million (US$0.34 per diluted share) from US$259 million (US$0.79) in the prior year.
Tim Hortons extended its positive comparable-sales trends across Canada and international markets, and Firehouse Subs posted an 8.6% increase in system-wide sales.
Management outlined a path toward roughly 8% organic adjusted operating income growth next year, expects a similar consumer environment in 2026, and returned about $1.1 billion to shareholders.

Feb 12, 2026, 12:27 PM

Morningstar

Restaurant Brands International Inc. Reports Fourth Quarter and Full Year 2025 Results

QSR

Earnings

Dividends

Guidance Update

Restaurant Brands International Inc. reported consolidated system-wide sales growth of 5.8% in the fourth quarter of 2025 and 5.3% for the full year 2025, with consolidated comparable sales up 3.1% in Q4. The company delivered its third consecutive year of roughly 8% organic Adjusted Operating Income growth.
For Q4 2025, Adjusted Operating Income was $674 million and Adjusted diluted earnings per share was $0.96. For the full year 2025, Adjusted Operating Income reached $2,584 million and Adjusted diluted earnings per share was $3.69.
RBI returned approximately $1.1 billion of capital to shareholders in 2025 and achieved its 2025 targets for organic Adjusted Operating Income growth and net leverage. The board declared a $0.65 per common share dividend for Q1 2026, targeting an annual total dividend of $2.60 per share for 2026.
As part of the Burger King "Reclaim the Flame" plan, $176 million has been funded towards Royal Reset investments as of December 31, 2025. For 2026, RBI expects Segment G&A (excluding RH) between $600 million and $620 million, Adjusted Interest Expense, net between $500 million and $520 million, and Total Capex and Cash Inducements of around $400 million.