)
Edge25 Jul 2025
Global Doughmination: Breaking Down Domino's Pizza
Inside the rise of Domino's Pizza: how franchising, delivery control, and supply chain mastery built one of the world's most efficient food empires.
Restaurant Brands International
Restaurant Brands International (QSR) investor relations material
Restaurant Brands International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Delivered comparable sales growth of 2.4%, net restaurant growth of 2.9%, and system-wide sales growth of 5.3% for 2025, with organic adjusted operating income (AOI) growth of 8.3% and adjusted EPS growth of 10.7%.
Tim Hortons, International, and Burger King outperformed their categories, with Tim Hortons and International achieving 19 consecutive quarters of positive comparable sales.
Burger King China transitioned to a joint venture with CPE, with $350 million injected for growth and plans to double the footprint by 2030; Burger King China classified as held for sale in 2025, with a $114M non-cash charge recognized.
Popeyes faced a decline in comparable sales and franchisee profitability, prompting leadership changes and renewed operational focus.
Firehouse Subs saw strong net restaurant growth and franchisee profitability, especially in Canada.
Financial highlights
System-wide sales grew 5.3% year-over-year; organic AOI up 8.3%; adjusted EPS up 10.7% to $3.69; total revenues reached $9,434M for 2025, up 12.2% YoY.
Free cash flow reached nearly $1.6 billion, with $1.1 billion returned to shareholders via dividends and buybacks.
Net leverage ratio ended at 4.2x, meeting the low 4x target and improving from 4.6x YoY.
Tim Hortons Canada average four-wall EBITDA was approximately CAD 295,000; Burger King US franchisee profitability was $185,000, down from $205,000 due to beef costs; Popeyes franchisee profitability at $235,000; Firehouse over $100,000.
Adjusted Operating Income reached $2,584M for 2025 (up 8.3% YoY); Adjusted EBITDA was $2,970M for 2025 (up 6.7% YoY).
Outlook and guidance
Targeting a fourth consecutive year of 8% organic AOI growth in 2026, with long-term targets of 3%+ comparable sales growth, 8%+ organic AOI growth, and 5%+ net restaurant growth by 2028.
Dividend target increased by 5% to $2.60 per share for 2026; Q1 2026 dividend declared at $0.65 per share.
2026 CapEx and cash inducements projected at $400 million, mainly for Tim Hortons and Carrols remodels.
2026 guidance: Segment G&A (excluding RH) of $600–$620M, RH Segment G&A ~$100M, adjusted net interest expense $500–$520M.
Expecting modestly positive net restaurant growth from Burger King China and ramping towards 5% unit growth by the end of the algorithm period.
Address 2025 home market franchisee profit decline
Explain BK China JV's initial lower royalty rate
Update on RH segment refranchising strategy and timeline
BK China's path to 2,500 units by 2030
Popeyes U.S. unit growth expectations
BK U.S. remodel target timeline update
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Restaurant Brands International earnings date
Status update26 Feb, 2026
Restaurant Brands International
Next Restaurant Brands International earnings date
Status update26 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Company Research2 Jul 2025
Pershing Square Capital Management: Conviction, Reinvention, and Contrarian Investing
Pershing Square Capital Management has grown into a top-tier hedge fund through reinvention, conviction, and focus on long-term value creation.
)
Edge6 Feb 2026
SharkNinja: Viral by Design
How SharkNinja built a repeatable growth engine, turning overlooked appliance categories into global brands through consumer insight and iteration.
Frequently asked questions
Restaurant Brands International Inc., Canada's second-largest quick service restaurant company, together with its subsidiaries, operates, franchises, and licenses more than 1,900 restaurants in Canada and internationally. The company operates through Tim Hortons and Burger King brand names. It also provides delivery services in Canada to Tim Hortons restaurants through third parties that are engaged in a delivery business under franchise agreements with Restaurant Brands International Inc..
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage