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Restaurant Brands International 8-K Report, Financial Results (Oct 30, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 30, 2025
Period End
October 30, 2025
Security
QSR
In the record · 2016–202610-K1110-Q338-K143

QSR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 143 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’17Oct ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Sep ’24Sep ’24

01—Abstract

Summary

Summary of the 8-K filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.

Restaurant Brands International Inc. (QSR) reported third-quarter 2025 results on October 30, 2025, per Exhibit 99 furnished with this Item 2.02 Form 8-K.

Consolidated system-wide sales grew 6.9% year-over-year to $12.28 billiona for the quarter, with International system-wide sales growth of 12.1% and consolidated comparable sales of 4.0%. Total revenues rose to $2.45 billion from $2.29 billion, while income from operations increased 14.8% to $663 million. Adjusted Operating Income (AOI) was $702 million, and Adjusted Diluted EPS was $1.03, up from $0.93.

Diluted EPS from continuing operations was $0.96b versus $0.79 a year earlier. For the nine months ended September 30, 2025, income from operations declined 11.4% to $1.58 billion from $1.78 billion, while AOI rose to $1.91 billion from $1.82 billion. Net leverage was 4.4x, down from 4.8x a year earlier.

The company stated it remains on track for at least 8% organic AOI growth in 2025 and reaffirmed its long-term algorithm of 3%+ comparable sales and 8%+ organic AOI growth on average from 2024 to 2028. The filing also declared a fourth-quarter 2025 dividend of $0.62c per common share and partnership exchangeable unit, payable January 6, 2026.

BK China, acquired in February 2025, is classified as held for sale and reported as discontinued operations, and the company is seeking a new controlling shareholder for it. The company updated 2025 Total Capex and Cash Inducements guidance to around $400 milliond, while maintaining Segment G&A and Adjusted Interest Expense guidance.

02—Key points

Key Highlights

  1. System-wide sales rose 6.9% year-over-year to $12,282 million in Q3 2025; International system-wide sales grew 12.1%.
  2. Consolidated comparable sales accelerated to 4.0% in Q3 2025, versus 0.3% a year earlier; BK International comparable sales were 6.4% and TH Canada 4.2%.
  3. Q3 2025 AOI reached $702 million (organic AOI growth of 8.8%), and Adjusted Diluted EPS was $1.03 versus $0.93.
  4. GAAP income from operations increased 14.8% to $663 million in Q3, but declined 11.4% to $1,581 million for the nine months.
  5. Net leverage improved to 4.4x from 4.8x; the company declared a $0.62 per share dividend for Q4 2025, payable January 6, 2026.
  6. 2025 guidance: organic AOI growth on track for at least 8%; Total Capex and Cash Inducements now expected at around $400 million.
  7. BK China is held for sale and reported as discontinued operations, with the company seeking a new controlling shareholder.

03—Questions

Frequently Asked Questions

  1. How did Restaurant Brands perform in the third quarter of 2025?

    Total revenues were $2,449 million versus $2,291 million, system-wide sales grew 6.9%, comparable sales rose 4.0%, and Adjusted Diluted EPS was $1.03 versus $0.93 in the prior-year quarter.

  2. Why did GAAP income from operations decline for the nine months but rise for the quarter?

    Income from operations for the nine months fell to $1,581 million from $1,784 million, while the quarter rose to $663 million from $577 million. The filing's reconciliation shows other operating expenses of $244 million for the nine months versus $31 million a year earlier, and the filing does not attribute the full change to a single cause.

  3. Is the company still expecting its 2025 and long-term growth targets?

    Yes. The company said it remains on track for at least 8% organic Adjusted Operating Income growth in 2025 and continues to expect 3%+ comparable sales and 8%+ organic AOI growth on average from 2024 to 2028, with 5%+ net restaurant growth toward the end of that period.

  4. What is the status of Burger King China?

    BK China was acquired on February 14, 2025 and is classified as held for sale and reported as discontinued operations, as the company works to identify a new controlling shareholder. Net loss from discontinued operations was $4 million for the quarter.

  5. What dividend did the company declare?

    The Board declared a dividend of $0.62 per common share and partnership exchangeable unit for the fourth quarter of 2025, payable January 6, 2026 to holders of record at the close of business on December 23, 2025.

04—Continue

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