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Restaurant Brands International (QSR) investor relations material
Restaurant Brands International Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
System-wide sales grew 5.3% year-over-year, with international sales up 9.8% and comparable sales up 2.4%, led by Tim Hortons and Burger King International.
Adjusted Operating Income (AOI) grew 5.7% year-over-year, with organic AOI and Adjusted Diluted EPS up 9.2% to $0.94 per share.
Strategic acquisitions of Carrols Restaurant Group and Popeyes China led to the creation of the Restaurant Holdings (RH) segment; Burger King China acquired and classified as discontinued operations.
Tim Hortons and International segments, representing nearly 70% of AOI, led performance, with Tim's posting its 17th consecutive quarter of positive Canadian comp sales.
Burger King U.S. and Carrols outperformed peers, driven by operational improvements, remodels, and refranchising efforts starting ahead of schedule.
Financial highlights
Q2 2025 total revenues rose 16% year-over-year to $2,410M; Adjusted Operating Income was $668M, up 6% year-over-year.
Adjusted EPS increased 9.2% to $0.94 per share; Adjusted Net Income rose 10.1% to $432M.
Free cash flow was $446M in Q2 and $465M for H1 2025; cash and cash equivalents at $1.03B as of June 30, 2025.
Net leverage ratio improved to 4.6x from 5.0x a year ago; net debt at $13.0B.
Net income for Q2 2025 was $263M, down from $399M in Q2 2024, reflecting higher costs and FX losses.
Outlook and guidance
Reaffirmed 2025 guidance for ~3% net restaurant growth and at least 8% organic AOI growth, with AOI growth weighted to Q4.
2025 CapEx and inducements expected at the lower end of $400M–$450M; segment G&A (excluding RH) $600–$620M, RH G&A ~$100M.
2025 adjusted net interest expense forecasted at ~$520M, assuming a 4.3% SOFR rate.
Tim Hortons supply chain gross margin expected at ~19% for 2025, with Q4 as the lowest margin quarter.
Adjusted effective tax rate for 2025 expected at 18–19%.
What's driving Carrols' outperformance?
Assess BK China's turnaround progress.
Discuss AI's role in QSR strategy.
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Next Restaurant Brands International earnings date
Q3 202530 Oct, 2025
Next Restaurant Brands International earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Restaurant Brands International Inc., Canada's second-largest quick service restaurant company, together with its subsidiaries, operates, franchises, and licenses more than 1,900 restaurants in Canada and internationally. The company operates through Tim Hortons and Burger King brand names. It also provides delivery services in Canada to Tim Hortons restaurants through third parties that are engaged in a delivery business under franchise agreements with Restaurant Brands International Inc..
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