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Sep 30
RBI Q3 2025 Earnings Report
Restaurant Brands International reported strong Q3 2025 results, driven by growth across Tim Hortons and international markets.
Key Takeaways
RBI delivered solid Q3 2025 earnings, with system-wide sales up 6.9%, Adjusted EPS reaching $1.03, and strong performance from Tim Hortons and international operations fueling growth. Burger King also showed resilience with improving comps and operating income.
System-wide sales grew 6.9% year-over-year, reaching $12.28 billion.
Adjusted Operating Income increased to $702 million.
Adjusted EPS rose to $1.03 from $0.93 in Q3 2024.
Tim Hortons and international markets contributed roughly 70% of total earnings.
RBI
RBI
RBI Revenue by Segment
RBI Revenue by Geographic Location
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.comRevenue by Geographic Location
Canada Revenue
CapyFin.comUnited States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
RBI reaffirmed its full-year guidance, expecting over 8% organic AOI growth and continued strength in international and Tim Hortons operations.
Positive Outlook
- Strong performance from Tim Hortons and INTL, contributing ~70% of earnings
- Continued momentum in Burger King’s ‘Reclaim the Flame’ strategy
- Improved franchisee alignment across brands
- Solid Adjusted EPS growth trend
- Free Cash Flow and liquidity remain robust
Challenges Ahead
- Popeyes continued to face negative comps in the U.S.
- Restaurant Holdings AOI declined 39.6% due to higher costs
- Burger King saw net restaurant decline year-over-year
- Firehouse Subs G&A and ad costs rose despite limited scale
- Ongoing FX headwinds slightly impacted revenues and income