Restaurant Brands International (QSR) Q3 2025 earnings summary

Executive summary

• System-wide sales grew 6.9% year-over-year, with net restaurant growth of up to 4.0% and over 32,000 restaurants globally, more than 90% franchised.

• Organic adjusted operating income (AOI) grew 8.8%, and adjusted EPS increased by 10.7% year-over-year.

• Tim Hortons and international segments led performance, with Tim Hortons achieving 18 consecutive quarters of positive same-store sales.

• Burger King U.S. outperformed the burger QSR segment, driven by menu innovation and operational improvements.

• Acquisitions of Carrols Restaurant Group and Popeyes China completed, with BK China acquired and classified as held for sale.

Financial highlights

• Q3 2025 revenues were $2,449 million, up 6.9% year-over-year; nine-month revenues reached $6,968 million.

• Adjusted Operating Income for Q3 2025 was $702 million, up 8% year-over-year; adjusted EBITDA was $794 million, up 6%.

• Adjusted EPS rose to $1.03, a 10.7% increase year-over-year; organic adjusted diluted EPS growth was 11.9%.

• Net income for Q3 2025 was $436 million, up from $357 million in Q3 2024; net income from continuing operations increased 23.2% to $440 million.

• Free cash flow for the nine months ended September 30, 2025, was $996 million.

Outlook and guidance

• Expecting at least 8% organic AOI growth for 2025, with long-term targets of 3%+ comparable sales growth and 5%+ net restaurant growth by 2028.

• Segment G&A (excluding RH) guidance for 2025 is $600–$620 million; RH Segment G&A ~$100 million.

• Adjusted net interest expense for 2025 projected at $520 million.

• CapEx and cash inducements for 2025 expected to be $400 million.

• Tim Hortons supply chain margins expected to average 19% for the year.