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Restaurant Brands International 8-K Report, Financial Results (Feb 12, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 12, 2026
Period End
February 12, 2026
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 February 12, 2026. Cited figures are marked; the original filing is the authoritative source.

Restaurant Brands International Inc. (QSR) reported fourth quarter and full year 2025 results on February 12, 2026.

Consolidated system-wide sales grew 5.8% in the fourth quarter and 5.3% for 2025, with consolidated comparable sales up 3.1% in Q4 and 2.4% for the full year. GAAP income from operations was $621 milliona in Q4, down 2.2%, and $2.20 billion for the full year, down 9.0%, while diluted EPS from continuing operations was $0.60 for Q4 and $2.63 for 2025. Adjusted Operating Income (AOI) rose to $674 million in Q4 (organic AOI growth of 15.6%) and $2.58 billion for 2025 (organic growth of 8.3%).

The company stated it achieved its 2025 targets for organic AOI growth and net leverage, which was 4.2x at year-end, and returned about $1.1 billionb to shareholders in 2025. The filing also discloses the Burger King China transaction: RBI sold control to CPE, which will own about 83% of the new BK China joint venture, while RBI keeps about 17%. The deal closed January 30, 2026, and RBI recognized a $114 million non-cash charge in 2025, included in discontinued operations.

Net loss from discontinued operations was $126 millionc for 2025. Beginning in 2026, RBI will account for its BK China interest under the equity method and recognize royalty revenue in the INTL segment. Management set 2026 guidance for Segment G&A (excluding RH) of $600 million to $620 million, RH Segment G&A of about $100 million, Adjusted Interest Expense, net of $500 million to $520 million, and Total Capex and Cash Inducements of around $400 million.

It declared a Q1 2026 dividend of $0.65d per share and set a 2026 annual dividend target of $2.60 per share. The long-term algorithm for 2024 to 2028 remains 3%+ comparable sales and 8%+ organic AOI growth.

02—Key points

Key Highlights

  1. Consolidated system-wide sales grew 5.8% in Q4 2025 and 5.3% for full year 2025; comparable sales rose 3.1% in Q4 and 2.4% for the year.
  2. Q4 2025 Adjusted Operating Income was $674 million, up from $578 million, with organic growth of 15.6%; full-year AOI was $2.58 billion, with organic growth of 8.3%.
  3. GAAP income from operations declined to $621 million in Q4 (down 2.2%) and $2.20 billion for 2025 (down 9.0%); diluted EPS from continuing operations was $0.60 for Q4 and $2.63 for the year.
  4. Adjusted diluted EPS was $0.96 in Q4 (up from $0.81) and $3.69 for 2025 (up from $3.34); net leverage was 4.2x at year-end versus 4.6x in 2024.
  5. Burger King China was deconsolidated into a joint venture with CPE (RBI retains about 17%), closed January 30, 2026, with a $114 million non-cash charge recognized in 2025.
  6. 2026 guidance includes Segment G&A (excluding RH) of $600–620 million, Adjusted Interest Expense of $500–520 million, and Total Capex and Cash Inducements of about $400 million.
  7. Declared a Q1 2026 dividend of $0.65 per share, with a 2026 annual dividend target of $2.60 per share.

03—Questions

Frequently Asked Questions

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

    System-wide sales grew 5.8% and comparable sales rose 3.1%. Adjusted Operating Income increased to $674 million from $578 million, with organic growth of 15.6%. GAAP income from operations fell 2.2% to $621 million, and diluted EPS from continuing operations was $0.60 versus $0.79 a year earlier.

  2. What is the impact of the Burger King China joint venture?

    RBI sold control of its Burger King China business to CPE, which owns about 83% of the new joint venture, while RBI owns about 17% and holds a board seat. The transaction closed January 30, 2026. RBI recognized a $114 million non-cash charge in 2025, and beginning in 2026 it will account for its stake under the equity method and record royalty revenue in the INTL segment at a lower initial rate.

  3. What guidance did the company provide for 2026?

    For 2026, RBI expects Segment G&A (excluding RH) of $600–620 million, RH Segment G&A of about $100 million, Adjusted Interest Expense, net of $500–520 million, and Total Capex and Cash Inducements of around $400 million. Its 2024–2028 long-term algorithm still targets 3%+ comparable sales and 8%+ organic AOI growth on average.

  4. What are the company's dividend plans?

    RBI declared a dividend of $0.65 per common share and partnership exchangeable unit for the first quarter of 2026, payable April 2, 2026 to holders of record on March 19, 2026. It also set an annual dividend target of $2.60 per share for 2026.

  5. Why did GAAP income from operations decline in 2025 while AOI grew?

    GAAP income from operations fell 9.0% to $2.20 billion for 2025, while AOI rose to $2.58 billion. The filing shows Other operating expenses of $261 million for 2025, compared with income of $59 million in 2024, and it excludes that line from AOI. Net income from continuing operations fell to $1.20 billion from $1.45 billion.

04—Continue

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