Q3 2025 Restaurant Brands International Inc Earnings Call Transcript
Key Points
- Restaurant Brands International Inc (QSR) reported a strong Q3 with comparable sales up 4%, net restaurant growth of 2.8%, and system-wide sales growth of 6.9%.
- Tim Hortons Canada and the international business, which represent roughly 70% of adjusted operating income, delivered impressive results with 18 consecutive quarters of positive same-store sales.
- Burger King US showed significant progress with a 3.2% increase in comparable sales, outperforming the burger QSR category.
- The international segment saw a 6.5% increase in same-store sales and a 5.1% net restaurant growth, driving system-wide sales growth of over 12%.
- Restaurant Brands International Inc (QSR) is on track to deliver at least 8% organic adjusted operating income growth in 2025, supported by disciplined cost management and strategic initiatives.
- Popeyes US experienced a decline in performance with comparable sales down 2% and system-wide sales growth of only 0.9%.
- Elevated beef costs have created short-term margin pressures for Burger King US, impacting franchisee profitability.
- The refranchising of Burger King restaurants and the sale of Burger King China are ongoing processes, indicating a need for structural simplification.
- Popeyes needs to improve its focus on core offerings and operational consistency to drive better sales performance.
- October started with choppier trends in the US market, which could impact future performance if the trend continues.
Good morning, and welcome to the Restaurant Brands International third-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Kendall Peck, RBI's Head of Investor Relations. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's earnings call for the third quarter ended September 30, 2025. Joining me on the call today are Restaurant Brands International's Executive Chairman, Patrick Doyle; CEO, Josh Kobza; and CFO, Sami Siddiqui. Following remarks from Josh, Sami and Patrick, we will open the call to questions.
Today's discussion may include forward-looking statements, which are subject to risks detailed in the press release issued this morning and in our SEC filings. We will also reference non-GAAP financial measures, reconciliations of which can be found in the press release and trending schedules available on our
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