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- **2025 Growth**: 8.3% AOI growth, 10.7% EPS, and 2.4% comp sales. Tim Hortons cold bev mix hits 27%, International comps 4.9%.
- **2026 Outlook**: 8% AOI growth target, 5%+ net restaurant growth, and $2.60 dividend hike.
- **Key Risks**: 20%+ beef inflation at Burger King U.S., Popeyes U.S. comp down 3.2%.
- **Strategic Moves**: CPE partnership for Burger King China (2,500 units by 2030), Firehouse Subs 8% system-wide sales growth.

**【CEO Summary Section】**
- **2025 Performance Highlights**: 2.4% comparable sales growth, 8.3% organic adjusted operating income (AOI) growth, and 10.7% EPS growth. Tim Hortons Canada achieved 2.8% comp sales growth, while the International segment saw 4.9% comp sales growth.
- **Brand Strengths**: Tim Hortons cold beverages grew 8.6% in Q4, and International markets like France and Australia delivered double-digit system-wide sales growth. Burger King China comp sales rose 9.2% in Q4 post-partnership with CPE.
- **Future Initiatives**: 2026 Investor Day to discuss Reclaim the Flame, net restaurant growth acceleration, and capital allocation. Refranchising 50-100 Burger King restaurants ahead of schedule.

**【CFO Financial Commentary】**
- **2025 Financials**: $1.6B free cash flow, $3.69 EPS, and $365M CapEx. 2026 guidance includes 8% AOI growth, $600M-$620M G&A, and $400M CapEx for Tim Hortons and Carrols remodels.
- **Challenges**: 20%+ beef cost inflation at Burger King U.S., impacting franchisee profitability. Burger King China transition to CPE adds 70bps to NRG in 2026.
- **Margins**: Tim Hortons supply chain margins stable, Firehouse Subs franchisee profitability at $100K+.

**【Executive Chairman Remarks】**
- **Franchisee Resilience**: Tim Hortons Canada franchisees maintained 4-wall EBITDA at CAD 295K despite headwinds. International franchisees saw mid-single-digit comp growth. Burger King U.S. franchisee profitability down 10% YoY due to beef costs but showed operational strength.
- **Long-Term Focus**: Simplifying portfolio, returning to 99% franchise model, and accelerating development in China and Firehouse Brazil.

**【Q&A Highlights】**
- **Sales Momentum**: 2026 expected to mirror 2025 consumer backdrop; Tim Hortons cold bev mix at record 27%. Burger King U.S. outperformed industry in 9/12 quarters with SpongeBob activation.
- **International Growth**: France, Spain, and Germany delivered low to mid-single-digit comps. Popeyes China added 55 net units in 2025, targeting 2030 expansion.
- **Popeyes Challenges**: 2025 comp down 3.2% due to execution gaps; new leadership (Peter Perdue) focused on ops consistency and core menu.
- **Unit Paybacks**: Tim Hortons Canada and Firehouse Subs offer 3-year paybacks. Burger King U.S. A-operator profitability up $50K YoY, despite beef costs.

Restaurant Brands International Inc. (QSR) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 system-wide sales +6.9%, AOI +8.8%, driven by Tim Hortons Canada (+4.2% comp) and international expansion (Burger King China +10.5%).
- **Strategic Wins**: Burger King U.S. outperforms category (+3.2% comp), Popeyes China targets 50 new restaurants. Cold beverages at Tim Hortons up 10%.
- **Financial Strength**: Non-GAAP EPS $1.03 (10.7% growth), free cash flow $566M. 2025 AOI guidance maintained at 8%+.
- **Risks**: Elevated beef costs (high teens YoY) impacting margins, Popeyes U.S. underperforms (-2% comp).

**【CEO Summary Section】**
- **Revenue Growth**: Q3 system-wide sales grew 6.9%, driven by 4% comparable sales and 2.8% net restaurant growth. Organic adjusted operating income (AOI) increased 8.8%, exceeding expectations.
- **Tim Hortons Canada**: Comparable sales +4.2%, outperforming the Canadian QSR industry by 3 points. Breakfast and beverages led growth, with cold beverages up 10% and new espresso machines enhancing quality.
- **International Expansion**: Same-store sales +6.5% in key markets (France, UK, Spain, Germany). Burger King China saw +10.5% comparable sales, supported by menu innovation and delivery growth. Popeyes China on track for 50 new restaurants in 2025.
- **Burger King U.S.**: Comparable sales +3.2%, outperforming the burger QSR category. Value platforms ($5 Duos, $7 Trio) and menu innovation (Whopper By You) drove engagement. Operational improvements (speed of service, remodels) boosted guest satisfaction.
- **Challenges**: Popeyes U.S. comparable sales -2% due to inconsistent execution, with efforts underway to refocus on core offerings and franchisee support.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 GAAP net income $420M, Non-GAAP EPS $1.03 (10.7% YoY growth). Free cash flow $566M, with $282M returned to shareholders via dividends.
- **Cost Management**: $8M reduction in segment G&A and $8M tailwind from lapping fuel-to-flame ad fund. Beef costs (1/4 of Burger King U.S. commodity basket) up high teens YoY, expected to normalize in 2026.
- **Guidance**: 2025 organic AOI growth of 8%+ remains on track. Tim Hortons supply chain margins expected to average 19% for the year. Refranchising 50-100 Burger King U.S. restaurants in 2025, with half through Crown Your Career program.
- **Liquidity**: $2.5B total liquidity, net leverage 4.4x. Focus on deleveraging and capital-light growth.

**【Q&A Highlights】**
- **Burger King U.S. Turnaround**: 18 consecutive quarters of comparable sales growth, driven by disciplined value strategy, operational improvements, and modernization. Franchisee confidence near all-time highs. Beef cost pressures expected to ease, with remodels (400 in 2025) driving $2M+ average sales uplift.
- **International Momentum**: France (+Baby Burgers), UK (Gordon Ramsay Wagyu burger), and China (Naruto campaign) outperformed industry. Popeyes China system-wide sales growth >35%, targeting Chicken QSR leadership.
- **Popeyes Challenges**: Soft U.S. performance due to LTO execution gaps. Refocusing on core chicken platforms, digital engagement, and franchisee support to regain momentum.
- **Beef Cost Impact**: Elevated costs (mid-single-digit commodity basket impact) temporary, with futures suggesting normalization in 2026. Franchisees working on efficiency initiatives to offset pressures.

Restaurant Brands International Inc. (QSR) Q3 2025 Earnings Call Transcript

- **Strong Q2 Growth**: 5.3% system-wide sales growth, 5.7% AOI growth, and $0.94 EPS beat expectations. Tims Canada and International segments drove 70% of AOI.
- **Burger King Turnaround**: U.S. comp sales +1.5%, Carrols refranchising ahead of schedule, and BK China positive comps Q2.
- **Key Strategic Moves**: Accelerated remodels (mid-teens uplift), AI investments, and simplified business model (RH refranchising).
- **Commodities & Risks**: Beef inflation (mid-single-digit impact), but coffee normalization in 2026 to benefit Tims.


**【CEO Summary Section】**
- **Q2 Performance Highlights**: Global comparable sales growth of 2.4%, system-wide sales up 5.3%, and organic adjusted operating income (AOI) growth of 5.7%. Tim Hortons (Tims) and International segments, representing 70% of AOI, led with strong results.
- **Tim Hortons Canada**: 17th consecutive quarter of positive comp sales (3.6% YoY), driven by menu innovation (Scrambled Eggs Breakfast Box, filled Timbits) and operational improvements (4% guest satisfaction increase). Canada PM daypart expansion and new menu items like Supreme Stack sandwich supported growth.
- **International Segment**: 10% system-wide sales growth, 4.2% comp sales, outpacing peers. Key markets like Spain, U.K., and Brazil showed strong performance. Burger King China turned positive comps Q2, with unit economics improving.
- **Burger King U.S.**: 1.5% comp sales growth, outperforming burger QSR peers. Reframing value strategy ($5 Duos, $7 Trios), modern image remodels (mid-teens sales uplift), and operational efficiency (4% speed of service improvement) drove results. Carrols refranchising began ahead of schedule, with 5 candidates signed.
- **Popeyes & Firehouse Subs**: Popeyes U.S. system-wide sales growth of 1.9%, supported by new menu items (pickle-themed menu, $3.99 wraps). Firehouse Subs grew 6.3% with 6.4% net restaurant growth, driven by franchisee excitement over 3-year roadmap.

**【CFO Financial Commentary】**
- **Q2 Financials**: Adjusted EPS of $0.94 (9.2% YoY growth), free cash flow of $446M, and total liquidity of $2.3B. AOI growth of 5.7% driven by cost discipline ($15M G&A reduction) and lapping ad fund expenses.
- **Commodities & Guidance**: Beef inflation (mid-single-digit impact on Burger King U.S.) and coffee normalization (2026 benefits for Tims). Full-year 2025 targets: 3% net restaurant growth, 8%+ AOI growth, and $2.48 dividend.
- **Restaurant Holdings (RH)**: Carrols restaurants outperformed peers, but RH segment AOI loss of $9M in H1 due to early-stage Popeyes China and Firehouse Brazil development. Expected $15M loss in H2, offset by RH profitability.

**【Q&A Highlights】**
- **Burger King U.S. Outperformance**: Carrols restaurants grew 3% comp sales, driven by remodels and strong operators. Refranchising ahead of schedule (50-100 units in 2025) to align with high-quality franchisees.
- **International Momentum**: BK China positive comps Q2, with focus on Whopper and chicken innovation. Popeyes International system-wide sales up 20%+ YoY, outperforming peers.
- **AI & Digital Strategy**: Early-stage AI investments in operations and customer experience to enhance efficiency and guest engagement.
- **Franchisee Profitability**: Despite beef inflation, focus on cost control and value menu balance to maintain franchisee margins. Modernization efforts (kiosks, remodels) driving operational efficiency.


Restaurant Brands International Inc. (QSR) Q2 2025 Earnings Call Transcript

- **Q1 Resilience**: 2.8% system-wide sales growth, 2.6% AOI growth despite macro headwinds. 
- **China Restructuring**: 400 BK China closures to reset for long-term success; $19M AOI impact in 2025. 
- **2025 Outlook**: 8%+ AOI growth achievable via cost savings ($20M G&A reduction), improving sales trends, and disciplined capital allocation. 
- **Key Drivers**: Burger King U.S. outperforming category; Popeyes stepping up ad spend to $100M+; Tim Hortons Canada Q2 momentum improving.

**【CEO Summary Section】**
- **Global Performance**: Q1 saw 0.1% comparable sales growth (1.2% excluding leap day), with system-wide sales up 2.8% and organic adjusted operating income (AOI) growth of 2.6%. 
- **North America Recovery**: Burger King U.S. outperformed the burger QSR category, driven by value platforms like $5 Duos and premium innovation. 
- **China Restructuring**: Burger King China is undergoing portfolio cleanup, with 400 restaurants targeted for closure to improve profitability. 
- **2025 Guidance**: Confident in delivering at least 8% organic AOI growth, supported by cost discipline and improving sales trends in Q2.

**【CFO Financial Commentary】**
- **Q1 Results**: GAAP net income of $420M, Non-GAAP EPS of $0.75 (up 9.9% organically). Adjusted net interest expense reduced by $11M YoY due to debt management. 
- **China Impact**: Discontinued operations treatment for BK China caused $19M AOI headwind YoY. 
- **Capital Allocation**: 2025 CapEx + tenant inducements expected at $400-450M, stepping down to $300M+ post-2028 as refranchising completes. 
- **G&A Efficiency**: 2025 segment G&A guided to $600-620M (-$50M YoY), enabling operating leverage.

**【Q&A Highlights】**
- **Tim Hortons Canada**: April sales momentum improving, 100% Canadian eggs and $1 donut/coffee promotion driving engagement. 
- **International Strength**: U.K., Germany, Brazil, Japan, and Australia delivered 3.7%+ comparable sales growth. 
- **Popeyes Strategy**: $7.3 Trios outperformed expectations; 2025+ ad spend increase to $100M+ for share of voice. 
- **Burger King U.S.**: 400+ remodels in 2025 targeting mid-teens sales uplift; 85% modern image by 2028.

Restaurant Brands International (QSR)-8 May 25-2025 Q1 Earnings call transcript

- **2024 Strong Execution**: 9% AOI growth, 5.4% system-wide sales growth, and 3.4% net restaurant expansion.
- **Brand Standouts**: Tim's Canada (4.3% comp growth), Popeyes (47% intl sales growth), and BK U.S. (35% top operator EBITDA premium).
- **2025 Growth Plan**: 8%+ AOI target via modernization (85% restaurants by 2028), disciplined cost control, and franchisee alignment.
- **Financial Highlights**: $3.34 EPS in 2024, $1.5B free cash flow, and 4.5x net leverage.
- **Key Risks**: FX volatility ($45M annual impact), BK China resolution, and Firehouse category dynamics.

**【CEO Summary Section】**
- **2024 Performance Highlights**: Achieved 2.3% comparable sales growth, 3.4% net restaurant growth, and 5.4% system-wide sales growth. Organic adjusted operating income (AOI) grew 9%.
- **Brand Strengths**: 
  - **Tim Hortons Canada**: 4.3% comparable sales growth, 15th consecutive quarter of positive traffic growth, and 10% AOI growth.
  - **Burger King U.S.**: 1% comparable sales growth, 35% higher EBITDA for top operators, and 370 remodels completed.
  - **Popeyes**: 4.2% system-wide sales growth, 47% international sales growth, and 85% franchisee commitment to modernization.
  - **Firehouse Subs**: 6% net restaurant growth, 5% Q4 comparable sales improvement, and 80 new units opened.
- **2025 Outlook**: Target 8%+ AOI growth, with focus on modern restaurant image (85%+ by 2028), menu innovation, and operational excellence.

**【CFO Financial Commentary】**
- **2024 Financials**: Adjusted EPS of $3.34 (+4.4%), free cash flow of $1.5 billion, and net leverage of 4.5x.
- **2025 Guidance**: 
  - **AOI Growth**: 8%+ despite $0.03 EPS headwind from BK China resolution.
  - **CapEx**: $400-450 million (vs. $330 million in 2024), driven by BK remodels and Tim's Canada expansion.
  - **Net Interest Expense**: $500-520 million, down from $554 million in 2024.
  - **Tax Rate**: 18-19%, stable with 2024 rate.
- **Key Risks**: FX headwinds ($15M Q1, $45M annual), BK China resolution uncertainty, and subcategory dynamics for Firehouse.

**【Q&A Key Takeaways】**
- **2025 Growth Drivers**: Strong marketing calendars for BK and Tim's, modernization investments, and franchisee profitability focus.
- **BK China Update**: Expected resolution soon; 2025 AOI impact capped at $0.03 EPS if no resolution.
- **CapEx Intensity**: 2025 peak of $450M, declining post-2028 remodel target.
- **Coffee Pricing**: 19% supply chain margin target, hedging mitigates volatility.
- **International Momentum**: 3.3% comparable sales growth, 6.1% net unit growth, and ARS focus in high-margin markets.


Restaurant Brands International Inc. (QSR) Q4 2024 Earnings Call Transcript

Restaurant Brands International (QSR)-5 Nov 24-2024 Q3 Earnings call transcript

Restaurant Brands International (QSR)-8 Aug 24-2024 Q2 Earnings call transcript

Restaurant Brands International (QSR)-30 Apr 24-2024 Q1 Earnings call transcript

Restaurant Brands International (QSR)-13 Feb 24-2023 Q4 Earnings call transcript

Restaurant Brands International (QSR)-3 Nov 23-2023 Q3 Earnings call transcript

Restaurant Brands International (QSR)-8 Aug 23-2023 Q2 Earnings call transcript

Restaurant Brands International (QSR)-2 May 23-2023 Q1 Earnings call transcript

Restaurant Brands International (QSR)-14 Feb 23-2022 Q4 Earnings call transcript

Restaurant Brands International (QSR)-3 Nov 22-2022 Q3 Earnings call transcript

Restaurant Brands International (QSR)-4 Aug 22-2022 Q2 Earnings call transcript

Restaurant Brands International (QSR)-3 May 22-2022 Q1 Earnings call transcript

Restaurant Brands International (QSR)-15 Feb 22-2021 Q4 Earnings call transcript

Restaurant Brands International (QSR)-25 Oct 21-2021 Q3 Earnings call transcript

Restaurant Brands International (QSR)-30 Jul 21-2021 Q2 Earnings call transcript

Restaurant Brands International (QSR)-30 Apr 21-2021 Q1 Earnings call transcript

Restaurant Brands International (QSR)-11 Feb 21-2020 Q4 Earnings call transcript

Restaurant Brands International (QSR)-27 Oct 20-2020 Q3 Earnings call transcript

Restaurant Brands International (QSR)-6 Aug 20-2020 Q2 Earnings call transcript

Restaurant Brands International (QSR)-1 May 20-2020 Q1 Earnings call transcript

Restaurant Brands International (QSR)-10 Feb 20-2019 Q4 Earnings call transcript

Restaurant Brands International (QSR)-28 Oct 19-2019 Q3 Earnings call transcript

Restaurant Brands International (QSR)-2 Aug 19-2019 Q2 Earnings call transcript

Restaurant Brands International (QSR)-29 Apr 19-2019 Q1 Earnings call transcript

Restaurant Brands International (QSR)-11 Feb 19-2018 Q4 Earnings call transcript

Restaurant Brands International (QSR)-24 Oct 18-2018 Q3 Earnings call transcript

Restaurant Brands International (QSR)-1 Aug 18-2018 Q2 Earnings call transcript

Restaurant Brands International (QSR)-24 Apr 18-2018 Q1 Earnings call transcript

Restaurant Brands International (QSR)-12 Feb 18-2017 Q4 Earnings call transcript

Restaurant Brands International (QSR)-26 Oct 17-2017 Q3 Earnings call transcript

Actual											0.48	0.33	0.68	0.53	0.55	0.77	0.76	0.74	0.64	0.82	0.96	0.72	0.75	0.85	0.9	0.75	0.73	0.86	0.93	0.81	0.75	0.94	1.03	0.96
Forecast											0.5026	0.2982	0.6343	0.6539	0.4997	0.6133	0.7382	0.6943	0.6213	0.7343	0.8023	0.7389	0.6375	0.767	0.8501	0.733	0.7205	0.8631	0.9498	0.7842	0.7824	0.9681	0.9985	0.9493
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-4.50%	+10.66%	+7.20%	-18.95%	+10.07%	+25.55%	+2.95%	+6.58%	+3.01%	+11.67%	+19.66%	-2.56%	+17.65%	+10.82%	+5.87%	+2.32%	+1.32%	-0.36%	-2.08%	+3.29%	-4.14%	-2.90%	+3.15%	+1.13%

QSR

QSR fundamentals

QSR Q4 2025 Earnings

Earnings Call

You can ask Aime

QSR

QSR fundamentals

QSR Q4 2025 Earnings

Earnings Call

QSR Earnings Call Summary for Q4/20258:30 AM on Feb 12, 2026

QSR Earnings Call Summary for Q3/20259:30 AM on Oct 30, 2025

QSR Earnings Call Summary for Q2/20258:30 AM on Aug 7, 2025

QSR Earnings Call Summary for Q1/20258:30 AM on May 8, 2025

QSR Earnings Call Summary for Q4/20248:30 AM on Feb 12, 2025

You can ask Aime