The earnings call reflects a mixed performance, with strong international growth and operational improvements at Tim Hortons and Firehouse Subs being notable positives. However, these are counterbalanced by challenges in the U.S. market, particularly with Burger King and Popeyes, and difficulties in transitioning BK China. The company is focused on modernizing its operations and managing costs effectively.

Company Guidance -

Q3 2025

During the Restaurant Brands International First Quarter 2025 Earnings Conference Call, the company provided several key metrics and guidance for the year. The company reported a first-quarter consolidated comparable sales growth of 0.1%, or just over 1% excluding Leap Day, and net restaurant growth was 3.3%. This translated into system-wide sales growth of 2.8% and organic adjusted operating income growth of 2.6%. Despite anticipating that Q1 would be the softest quarter of the year, RBI expressed confidence in achieving at least 8% organic adjusted operating income growth for the full year 2025. The company noted that Tim Hortons Canada experienced relatively flat comparable sales, while Burger King in the U.S. saw a 1.1% decrease in comparable sales, or relatively flat results adjusting for Leap Day. Internationally, the company delivered 2.6% comparable sales growth and 8.6% system-wide sales growth, with strong performance in markets like the UK, Germany, Brazil, Japan, and Australia. The company also highlighted ongoing challenges and strategic initiatives, including refranchising efforts, modernizing restaurant images, and enhancing operational execution across brands to drive long-term growth.

Strong International Performance

International markets delivered 2.6% comparable sales growth and 8.6% system-wide sales growth, with notable performance in the UK, Germany, Brazil, Japan, and Australia.

Tim Hortons' Operational Excellence

Tim Hortons Canada has improved morning drive-through times for nine consecutive quarters, reaching one of the highest guest satisfaction levels of all time.

Burger King U.S. Modernization

Burger King U.S. is on track to complete about 400 remodels in 2025, aiming for over 85% modern image by 2028, with remodels achieving mid-teens sales uplifts.

Firehouse Subs Digital Strength

Firehouse Subs continues to outperform the sub sandwich category with a digital mix of over 45%, the highest among home market brands.

Cost Management and G&A Reduction

Anticipated $20 million year-over-year savings in G&A, with 2025 segment G&A expected to be in the $600 million to $620 million range.

Restaurant Brands International (QSR) Earnings, Revenues Date & History

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QSR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	1.01 / -	0.937	―	―	―
Aug 07, 2025	2025 (Q2)	0.97 / 0.94	0.86	9.48% (+0.08)	―
May 08, 2025	2025 (Q1)	0.80 / 0.76	0.73	3.89% (+0.03)	―
Feb 12, 2025	2024 (Q4)	0.81 / 0.84	0.74	13.86% (+0.10)	―
Nov 05, 2024	2024 (Q3)	0.95 / 0.94	0.895	4.72% (+0.04)	―
Aug 08, 2024	2024 (Q2)	0.86 / 0.86	0.833	3.23% (+0.03)	―
Apr 30, 2024	2024 (Q1)	0.72 / 0.73	0.743	-1.86% (-0.01)	―
Feb 13, 2024	2023 (Q4)	0.72 / 0.74	0.699	5.83% (+0.04)	―
Nov 03, 2023	2023 (Q3)	0.84 / 0.89	0.959	-6.68% (-0.06)	―
Aug 08, 2023	2023 (Q2)	0.74 / 0.83	0.767	8.63% (+0.07)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

QSR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 08, 2025	$67.25	$66.90	-0.52%
Feb 12, 2025	$65.66	$64.62	-1.58%
Nov 05, 2024	$68.14	$66.35	-2.63%
Aug 08, 2024	$68.05	$69.41	+2.00%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.