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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 (QSR) investor relations material
Restaurant Brands International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
System-wide sales grew 6.9% year-over-year, with over 32,000 restaurants globally and more than 90% franchised, led by strong performance at Tim Hortons and international segments.
Organic adjusted operating income (AOI) grew 8.8%, with net income from continuing operations up 23.2% to $440M for the quarter.
Tim Hortons Canada and the international segment, representing 70% of AOI, achieved 18 consecutive quarters of positive same-store sales.
Completed acquisitions of Carrols Restaurant Group and Popeyes China, and acquired remaining equity in Burger King China, which is now classified as held for sale.
Burger King U.S. continued to outperform the burger QSR segment, while Firehouse Subs and international Popeyes showed strong development.
Financial highlights
Q3 2025 revenues were $2,449M, up 6.9% year-over-year; nine-month revenues reached $6,968M.
Adjusted Operating Income for Q3 2025 was $702M, up 8% from Q3 2024; Adjusted EBITDA for the quarter was $794M, up 6.0%.
Adjusted Diluted EPS grew 10.7% to $1.03; organic Adjusted Diluted EPS growth was 11.9%.
Free cash flow for the nine months ended September 30, 2025, was $996M; $282M returned to shareholders via dividends in Q3.
Net leverage ratio ended Q3 at 4.4x, with $2.5B in liquidity and $1,206M in cash and cash equivalents.
Outlook and guidance
Confident in delivering at least 8% organic AOI growth in 2025, with long-term targets of 3%+ comparable sales growth and 5%+ net restaurant growth by 2028.
Net restaurant growth expected around 3% and adjusted net interest expense of ~$520M for 2025.
Tim Hortons supply chain margins expected to average 19% for 2025, with Q4 margins in the mid-17% range.
CapEx and cash inducements for 2025 guided to ~$400M.
Management expects sufficient liquidity to fund obligations, debt service, and capital spending over the next twelve months.
Status of planned refranchising and divestitures?
Royal Reset investment pace and expected impact?
Drivers for $400M Total Capex guidance?
Burger King China sale timeline?
Popeyes US sales improvement plan?
Confidence in extending BK US ad fund?
BK China sale: expected financial impact?
Popeyes U.S. turnaround strategy?
Beef costs impact on BK US remodel pace?
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Next Restaurant Brands International earnings date
Q4 202513 Feb, 2026
Next Restaurant Brands International earnings date
Q4 202513 Feb, 2026
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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..
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