Restaurant Brands Q4 2025 Results Show Intl BK Strength
Restaurant Brands Q4 2025 results show same-store sales rose 3.1% led by Intl Burger King, leaving traders to weigh momentum against a GAAP profit slide.
KEY TAKEAWAYS
- Consolidated comparable sales rose 3.1%, led by international Burger King at 6.1%.
- Total revenues were $2,466 million in Q4 and adjusted EPS increased to $0.96.
- GAAP net income from continuing operations declined to $274 million; net leverage eased to 4.2x.
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Restaurant Brands International (QSR) reported Q4 and full-year 2025 results on Feb. 12, 2026. Consolidated comparable sales rose 3.1%, driven by a 6.1% gain at international Burger King, while GAAP net income declined.
Sales and Earnings Highlights
The company said in a press release on Feb. 12, 2026, that system-wide sales grew 5.8% in Q4 and 5.3% for the full year. Gains were broad-based: Popeyes U.S. rose 2.7%, Tim Hortons global increased 2.5%, Tim Hortons Canada grew 2.8%, and Burger King U.S. advanced 2.6%.
Total revenues reached $2.5 billion in the quarter, up 7.4% year over year, and $9.4 billion for the full year, a 12.2% increase. The company attributed revenue growth to supply-chain sales, consumer packaged-goods, and equipment sales, partially offset by foreign-exchange effects.
Adjusted earnings improved alongside revenue growth. Adjusted EBITDA rose 12.2% to $772 million in the quarter and 6.7% to $3.0 billion for the year. Adjusted diluted EPS climbed 18.5% to $0.96 in the quarter and 10.5% to $3.69 for the year.
On a GAAP basis, net income from continuing operations fell to $274 million in the quarter from $361 million a year earlier, and to $1.2 billion for the full year from $1.4 billion. Reported net income including discontinued operations was $155 million in the quarter, which included a $119 million loss from discontinued operations and higher expenses.
Capital Returns and Guidance
Restaurant Brands returned about $1.1 billion to shareholders in 2025 while continuing to invest for growth. The company met its 2025 targets for organic Adjusted Operating Income growth. Net leverage eased to 4.2 times at Dec. 31, 2025, down from 4.6 times previously. CEO Josh Kobza said, "Our performance in 2025 reflects the progress we've made strengthening our brands and our system."
For 2026, the company set guidance including segment general and administrative expenses (excluding Restaurant Health) of $600 million to $620 million, Restaurant Health segment G&A of about $100 million, adjusted net interest expense of $500 million to $520 million, and total capital expenditures and cash inducements (including Restaurant Health) of about $400 million. Over the 2024–2028 period, it reiterated targets of more than 3% comparable sales growth, roughly 8% organic Adjusted Operating Income growth, and over 5% net restaurant growth by period end.
