Restaurant Brands International (QSR) Company Report

Restaurant Brands International (QSR) maintains a long-term algorithm targeting 8%+ annual system sales growth, supported by +3% comp growth and 5% net unit growth.
The company announced an Investor Day on February 26th and highlighted the strong performance of its non-U.S. businesses (Canada and International), which contribute approximately 70% of its AOI and have achieved 18 consecutive quarters of positive same-store sales.
QSR completed a JV partnership with CPE for Burger King China, which includes a $350 million primary capital injection and is expected to lead to modestly positive net restaurant growth in China in 2026.
Management expects net unit growth around +/- 3% for 2025 and anticipates acceleration in 2026, aiming for 5%+ unit growth by 2028. A key theme for 2026 is simplifying the business, including the refranchising of Carrols restaurants.

1 day ago

Transcript

Restaurant Brands International Outlines 2026 Simplification Strategy and Growth Targets

QSR

Guidance Update

New Projects/Investments

M&A

Restaurant Brands International (QSR) reiterated its long-term algorithm for 8%+ annual system sales growth, supported by 3% comparable sales growth and 5% net unit growth.
The company plans to host an Investor Day on February 26 in Miami.
QSR is prioritizing business simplification in 2026, exemplified by the sale of its Burger King China business to a new master franchisee, CPE, which includes a $350 million primary capital injection and aims for modestly positive net unit growth in China in 2026.
Net unit growth is expected to accelerate in 2026 from approximately 3% in 2025, with a target of 5%+ by 2028.
Non-U.S. businesses, comprising Canada and International, contribute 70% of AOI and have demonstrated 18 consecutive quarters of positive same-store sales.

1 day ago

Transcript

Restaurant Brands International Discusses Growth Strategy and Business Simplification at Barclays Conference

QSR

New Projects/Investments

Guidance Update

Demand Weakening

Restaurant Brands International (QSR) reiterated its longer-term algorithm targeting annual 8%-plus system sales growth, supported by 3% comparable sales growth and 5% net unit growth.
The company announced an Investor Day on February 26 at its Miami headquarters.
CFO Sami Siddiqui noted that the lower-end consumer has been softer in the U.S. throughout the year, while middle and upper tiers show more strength.
QSR is simplifying its business model by selling Burger King China, which includes a $350 million capital injection from new JV partner CPE, and by accelerating the refranchising of 50-100 Carrols restaurants in 2025.
Net unit growth is expected to accelerate in 2026 from the +/- 3% projected for 2025, with a target of 5%+ unit growth by 2028, partly driven by Burger King China's expected modest positive growth in 2026.

1 day ago

Transcript

Restaurant Brands International Announces Secondary Offering of Common Shares by Selling Shareholder

QSR

Restaurant Brands International Inc. (RBI) announced that its limited partnership, RBI LP, received an exchange notice from HL1 17 LP, an affiliate of 3G Capital Partners Ltd., for 17,626,570 Class B exchangeable limited partnership units. RBI LP intends to satisfy this notice by delivering an equal number of RBI common shares.
Concurrently, HL1 17 LP commenced an underwritten registered public offering of up to 17,626,570 common shares of RBI, which were priced at $68.72 per Common Share.
RBI will not sell any common shares in this offering and will not receive any proceeds from the sale. The aggregate number of Exchangeable Units and RBI common shares will not change as a result of these transactions.
The offering is expected to close on November 17, 2025, with the settlement of the exchange and a related forward sale agreement anticipated on or before December 3, 2025.

Nov 14, 2025, 9:56 PM

8-K

Restaurant Brands International Announces Exchange Notice and Secondary Offering

QSR

Restaurant Brands International (RBI) LP received an exchange notice from HL1 17 LP, an affiliate of 3G Capital, for 17,626,570 Class B exchangeable limited partnership units, which RBI LP intends to satisfy by delivering an equal number of RBI common shares.
Concurrently, the Selling Shareholder (HL1 17 LP) has commenced an underwritten registered public offering of up to 17,626,570 RBI common shares.
Restaurant Brands International will not sell any common shares in this offering and will not receive any proceeds from the sale.
The exchange and settlement of the forward sale agreement related to the offering are expected to occur on or before December 3, 2025.

Nov 13, 2025, 9:20 PM

Press Release

Restaurant Brands International Announces Joint Venture for Burger King China Growth

QSR

New Projects/Investments

M&A

Restaurant Brands International Inc. (RBI) has announced a joint venture with CPE to accelerate the growth of Burger King in China.
CPE will invest $350 million of new primary capital into the joint venture, aiming to expand Burger King's footprint in China from approximately 1,250 restaurants to over 4,000 by 2035.
Upon closing, CPE will own approximately 83% of the Burger King China joint venture, with RBI retaining approximately 17% and a seat on the Board of Directors.
RBI will not receive any cash proceeds from the transaction, as CPE's investment will remain in the joint venture to support future growth.
RBI expects to record a non-cash charge of approximately $150 million on its Burger King China holdings due to the transaction. The transaction is anticipated to close in the first quarter of 2026.

Nov 10, 2025, 9:16 PM

8-K

Restaurant Brands International Forms Joint Venture to Expand Burger King China

QSR

New Projects/Investments

M&A

Guidance Update

Restaurant Brands International (RBI) has formed a $350 million joint venture with Chinese investment firm CPE to significantly expand Burger King China, aiming to increase its locations from approximately 1,250 to over 4,000 by 2035.
Under the agreement, CPE will hold an 83% stake in the joint venture, while RBI retains 17% and a board seat, with the deal expected to close in Q1 2026.
This strategic move supports RBI's plan to return to a more simplified, highly franchised business model, and RBI will begin recognizing royalties from Burger King China in its international segment post-transaction.
Burger King China's same-store sales rose 10.5 percent in Q3, although RBI's CFO noted a 'significant year-over-year deceleration' in China, which contributed to a lowered net restaurant growth target for 2024.

Nov 10, 2025, 11:58 AM

Morningstar

RBI and CPE Announce Joint Venture for Burger King China Growth

QSR

New Projects/Investments

M&A

Guidance Update

Restaurant Brands International (RBI) and CPE have formed a joint venture to expand Burger King's footprint in China, aiming to grow from approximately 1,250 restaurants to over 4,000 by 2035.
CPE will invest $350 million of new primary capital into the joint venture to support restaurant expansion, marketing, menu innovation, and operations.
Upon closing, CPE will own approximately 83% of the business, with RBI holding a minority ownership of approximately 17%.
The transaction is expected to close in the first quarter of 2026.
This accelerated development is anticipated to help RBI achieve its previously disclosed 5%+ net restaurant growth target toward the end of its 2024–2028 outlook period.

Nov 10, 2025, 11:30 AM

Press Release

QSR Reports Strong Q3 2025 Results, Reaffirms Full-Year Guidance

QSR

Earnings

Guidance Update

New Projects/Investments

QSR reported strong Q3 2025 financial results, with comparable sales up 4%, system-wide sales growth of 6.9%, and organic adjusted operating income growth of 8.8%. Adjusted EPS increased 10.7% year-over-year to $1.03 per share.
Performance was driven by Tim Hortons Canada comparable sales growing 4.2% and Burger King U.S. comparable sales increasing 3.2%, though Popeyes U.S. comparable sales were down 2%.
The company generated $566 million in free cash flow, ending the quarter with $2.5 billion in total liquidity and a net leverage ratio of 4.4 times.
QSR reaffirmed its full-year 2025 guidance for at least 8% organic adjusted operating income growth and around 3% net restaurant growth, with the adjusted effective tax rate expected to be 18% to 19%. CapEx and cash inducements guidance was updated to around $400 million.
Strategic initiatives include refranchising between 5,100 Burger King restaurants and actively pursuing the sale of Burger King China.

Oct 30, 2025, 12:30 PM

Transcript

Restaurant Brands International Inc. Reports Third Quarter 2025 Results and Reiterates Guidance

QSR

Earnings

Guidance Update

Dividends

Restaurant Brands International Inc. reported Q3 2025 total revenues of $2,449 million and Adjusted Diluted Earnings per Share of $1.03, reflecting 10.7% nominal growth year-over-year.
The company achieved 6.9% consolidated system-wide sales growth and 4.0% comparable sales growth in Q3 2025, driven by strong performance in International (12.1% system-wide sales growth) and Tim Hortons Canada (4.2% comparable sales).
RBI remains on track for 8%+ organic Adjusted Operating Income growth in 2025 and reaffirmed its long-term algorithm of 3%+ comparable sales and 8%+ organic Adjusted Operating Income growth from 2024 to 2028.
The Board of Directors declared a Q4 2025 dividend of $0.62 per common share, payable on January 6, 2026.

Oct 30, 2025, 10:35 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Restaurant Brands International.

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