International Restaurant Brands (QSR) earnings for Q4 2025

International restaurant brands On Thursday, it reported quarterly earnings and revenue that beat expectations, helped by strong international growth.

Here’s what the company reported for the period ending December 31 compared to what Wall Street was expecting, based on a survey of analysts conducted by LSEG:

• Earnings per share: 96 cents adjusted versus 95 cents expected
• Revenue: $2.47 billion versus $2.41 billion expected

Restaurant Brands reported fourth-quarter net income attributable to shareholders of $113 million, or 34 cents per share, down from $259 million, or 79 cents per share, a year earlier.

Excluding transaction costs, restructuring expenses and other items, the company reported adjusted earnings of 96 cents per share.

Net sales It rose 7.4% to $2.47 billion. Excluding currency fluctuations and sales from restaurants that plan to refranchise, Restaurant Brands’ organic revenue rose 6.5%.

Same-store sales rose 3.1%, driven by strong international growth.

Outside the U.S. and Canada, same-store sales rose 6.1%. Burger King’s global restaurants, which represent the bulk of the sector, saw same-store sales grow by 5.8%.

Analysts had expected international same-store sales to grow by just 3.7%, based on StreetAccount estimates.

Restaurant Brands plans to continue growing its business abroad. In November, the company announced its plan to form a joint venture with Burger King China to accelerate expansion. Under the terms of the deal, which closed in late January, CPE, a Chinese alternative asset manager, will own approximately 83% of Burger King China. Restaurant Brands retained a minority stake of about 17%, along with a seat on the board of directors.

Canadian coffee chain Tim Hortons reported same-store sales growth of 2.9%, even though Wall Street was expecting a 3.8% increase, according to StreetAccount. Tim Hortons accounted for 46% of Restaurant Brands’ total revenue during the quarter.

Burger King reported overall same-store sales growth of 2.7%, beating StreetAccount estimates of 2.4%.

Popeyes was the laggard in the restaurant brands portfolio. Same-store sales fell 4.8%, a steeper decline than Wall Street expected a 2.4% decline.

But the company has plans to revive the beleaguered fried chicken chain. In November, Restaurant Brands hired Burger King veteran Peter Perdue to lead the chain’s business in the U.S. and Canada. Last month, the company also named Popeyes veteran Matt Rubin as the chain’s newest chief marketing officer.

Restaurant Brands plans to share more of its ideas for growing its business at its Investor Day in Miami on February 26.