01—Abstract
Summary
Summary of the 10-K filed February 20, 2026. Cited figures are marked; the original filing is the authoritative source.
Restaurant Brands International Inc. (QSR) reported nearly $47 billiona in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories as of December 31, 2025, with over 95% of system-wide restaurants franchised.
Total revenues were $9.434 billionb in 2025 versus $8.406 billion in 2024, driven mainly by restaurants acquired in the Carrols Acquisition and higher Supply chain sales, while income from operations fell to $2.202 billion from $2.419 billion. The decline reflected a $209 million net foreign exchange loss in other operating expenses and the non-recurrence of a $79 million Carrols step-acquisition gain. Net income attributable to common shareholders was $776 million, or $2.35 diluted per share including discontinued operations, compared with $3.18 in 2024.
Net income was $1.075 billionc after a $126 million net loss from discontinued operations, which mainly reflects Burger King China, whose $114 million non-cash charge was recognized in 2025. Segment Adjusted Operating Income rose to $2.584 billion from $2.402 billion, with increases in all five franchisor segments: TH ($1.077 billion), BK ($468 million), PLK ($250 million), FHS ($56 million) and INTL ($690 million). Cash provided by operating activities from continuing operations was $1.714 billion, and cash and equivalents were $1.163 billion at year-end.
Total debt was $13.372 billiond principal, and the company had $1.248 billion of revolver availability. The Burger King China joint venture closed January 30, 2026, with CPE owning about 83% and RBI about 17%. The board declared a $0.65 quarterly dividend for Q1 2026 and targets $2.60 in total 2026 declared dividends per share.
02—Key points
Key Highlights
- System-wide sales of $46.762 billion and 33,041 restaurants at December 31, 2025, with system-wide sales growth of 5.3% on a constant currency basis and comparable sales of 2.4%.
- Total revenues rose to $9.434 billion from $8.406 billion, while income from operations declined to $2.202 billion from $2.419 billion due to a $209 million foreign exchange remeasurement loss and the non-recurrence of a $79 million Carrols step-acquisition gain.
- Adjusted Operating Income increased to $2.584 billion from $2.402 billion, with the INTL segment contributing $690 million and TH contributing $1.077 billion.
- Net income attributable to common shareholders was $776 million ($2.35 diluted EPS) versus $1.021 billion in 2024, after a $126 million net loss from discontinued operations tied to Burger King China.
- The Burger King China joint venture with CPE closed January 30, 2026; CPE holds about 83% and RBI about 17%, and a $114 million non-cash charge was recognized in 2025.
- Cash from continuing operations was $1.714 billion in 2025, up from $1.503 billion, and cash and equivalents were $1.163 billion at December 31, 2025.
- Dividend of $0.65 per share declared for Q1 2026, with a stated target of $2.60 in total declared dividends for 2026; $1.0 billion remained under the share repurchase authorization at year-end.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 20, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $9.43B$8.41B | +12.2% |
| Operating Expenses | $7.23B$5.99B | +20.8% |
| Operating Income | $2.20B$2.42B | −9.0% |
| Net Income | $776.00M$1.02B | −24.0% |
| EPS (Basic) | $2.36$3.21 | −26.5% |
| EPS (Diluted) | $2.35$3.18 | −26.1% |
| Shares Outstanding (Basic) | 329.00M319.00M | +3.1% |
| Shares Outstanding (Diluted) | 457.00M454.00M | +0.7% |
05—Questions
Frequently Asked Questions
How did RBI's profitability change in 2025?
Income from operations fell to $2.202 billion from $2.419 billion, mainly because of a $209 million net foreign exchange loss and the absence of a $79 million gain recognized in 2024 on the Carrols Acquisition. Net income from continuing operations was $1.201 billion versus $1.445 billion, and net income after discontinued operations was $1.075 billion. Adjusted Operating Income, the company's segment measure, increased to $2.584 billion.
What drove revenue growth in 2025?
Total revenues increased to $9.434 billion from $8.406 billion. The filing attributes the increase primarily to the net impact of restaurants acquired from franchisees, mainly the Carrols Acquisition, and to higher Supply chain sales, partly offset by unfavorable foreign currency impact. Company restaurant sales rose to $2.348 billion from $1.592 billion.
What is the status of Burger King China and how does it affect results?
BK China was presented as discontinued operations, producing a $126 million net loss in 2025 that includes a $114 million non-cash charge. The joint venture with CPE closed January 30, 2026, leaving CPE with about 83% and RBI with about 17%. RBI will account for its stake under the equity method and recognize franchise revenue from the joint venture in the INTL segment, initially at a lower royalty rate.
What are the company's capital return plans and debt position?
The board declared a $0.65 per common share dividend for Q1 2026, and the company is targeting $2.60 in total declared dividends for 2026, with no assurance it will be achieved. A $1.0 billion share repurchase authorization was in place through September 30, 2027, and no shares were repurchased in 2025 or 2024. Total debt principal was $13.372 billion at December 31, 2025, and the company had $1.248 billion of revolver borrowing availability.
06—Continue