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Mar 31
RBI Q1 2025 Earnings Report
reported financial results for the first quarter ended March 31, 2025
Key Takeaways
Restaurant Brands International reported a decrease in total revenues and net income in the first quarter of 2025 compared to the previous year, primarily driven by an unfavorable FX impact and the absence of BK China revenues. However, Adjusted Operating Income saw a slight increase, and the company remains on track for 8%+ organic Adjusted Operating Income growth in 2025.
Total Revenues decreased by 3.7% for Tim Hortons, increased by 1.8% for Burger King, increased by 9.0% for Popeyes, and increased by 7.9% for Firehouse Subs.
Comparable Sales decreased by 0.1% for Tim Hortons, decreased by 1.3% for Burger King, and decreased by 4.0% for Popeyes.
Adjusted Operating Income saw a slight decrease for Tim Hortons (-1.5%), Burger King (-2.8%), and International (-2.2%), while increasing for Popeyes (2.4%) and Firehouse Subs (8.7%).
System Restaurant Count increased across all segments, with a total increase of 3.3% year-over-year to 32,149 restaurants.
RBI
RBI
RBI Revenue by Segment
Revenue by Segment
Tim Hortons Revenue
CapyFin.comBurger King Revenue
CapyFin.comPopeyes Revenue
CapyFin.comFirehouse Subs Revenue
CapyFin.comInternational Revenue
CapyFin.comRestaurant Holdings Revenue
CapyFin.com Forward Guidance
RBI continues to expect 8%+ organic Adjusted Operating Income growth in 2025 and anticipates reaching 5%+ Net Restaurant Growth towards the end of its long-term algorithm period (2024-2028).
Positive Outlook
- RBI remains on track for 8%+ organic Adjusted Operating Income growth in 2025.
- Encouraging momentum is being seen in Q2 2025.
- RBI is making solid progress executing the fundamentals of its business.
- Clear growth plans are in place across each brand.
- Strong alignment exists with franchisees.
Challenges Ahead
- A slower start to the year was experienced.
- Segment G&A (excluding RH) is expected to be between $600 million and $620 million in 2025.
- The company expects to reach 5%+ Net Restaurant Growth towards the end of its algorithm period (2024-2028), implying it may not be at that level currently.
- The report mentions potential risks including global economic conditions, franchisee financial stability, supply chain issues, and currency fluctuations that could impact future results.
- Refranchising the vast majority of Carrols Burger King restaurants and finding new partners for PLK China and FHS Brazil are future plans, implying potential transition risks.