What were the key takeaways from Restaurant Brands’s earnings call?

What is Restaurant Brands's latest dividend and current dividend yield?

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What does Restaurant Brands do and what are its main business segments?

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What were the key takeaways from Restaurant Brands's earnings call?

What guidance did Restaurant Brands's management provide for the next earnings period?

What is the market's earnings forecast for Restaurant Brands next quarter?

- **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.

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