Q4 2025 Restaurant Brands International Inc Earnings Call Transcript
Key Points
- Restaurant Brands International Inc (QSR) delivered solid top-line growth with a 5.3% increase in system-wide sales and an 8.3% growth in organic adjusted operating income.
- Tim Hortons Canada and International achieved 19 consecutive quarters of positive comparable sales, showcasing strong brand health and customer loyalty.
- The company successfully executed a joint venture with CPE for Burger King China, aiming to double its restaurant footprint to at least 2,500 units by 2030.
- Firehouse Subs experienced significant growth with a 7.7% increase in net restaurant growth and 8.6% system-wide sales growth, making it one of the fastest-growing QSRs in Canada.
- The International segment delivered strong performance with a 4.9% increase in comparable sales and nearly 11% system-wide sales growth, driven by effective local strategies and strong market execution.
- Burger King US franchisee profitability declined due to a 20% increase in beef costs, impacting average four-wall profitability.
- Popeyes US faced challenges with a 3.2% decline in comparable sales and a decrease in franchise profitability to approximately $235,000.
- The company experienced a low point in consolidated net restaurant growth in 2025, although it expects to reaccelerate growth in 2026.
- The pace of Burger King US remodels is slower than anticipated due to the current cost environment, delaying the goal of reaching 85% modern image.
- Popeyes US had a large franchisee file for bankruptcy, raising concerns about the brand's operational consistency and market positioning.
Good morning, and welcome to the Restaurant Brands International fourth-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 year and quarter ended December 31, 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
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