HANGZHOU, CHINA – NOVEMBER 11 2025: A deliveryman picks up an order at a Burger King outlet in Hangzhou in east China’s Zhejiang province Tuesday, Nov. 11, 2025.
LONG WEI | Feature China | Future Publishing | Getty Images
Restaurant Brands International on Thursday delivered a surprisingly strong earnings report, exceeding Wall Street expectations thanks to robust international expansion. The company’s adjusted earnings per share reached 96 cents, slightly above the anticipated 95 cents.
Here’s a breakdown of the company’s performance for the period ending December 31, compared to analyst forecasts from LSEG:
- Earnings per share: 96 cents adjusted vs. 95 cents expected
- Revenue: $2.47 billion vs. $2.41 billion expected
Restaurant Brands reported a fourth-quarter net income attributable to shareholders of $113 million, or 34 cents per share, a decrease from $259 million, or 79 cents per share, reported the prior year.
When excluding one-time costs like transaction and restructuring expenses, the company’s adjusted earnings landed at 96 cents per share.
Net sales experienced a 7.4% increase, totaling $2.47 billion. Adjusting for currency fluctuations and planned restaurant refranchising, organic revenue grew by 6.5%.
Overall same-store sales rose 3.1%, largely driven by impressive international performance.
Sales outside of the U.S. and Canada jumped 6.1%. Burger King restaurants internationally, which constitute the largest portion of this segment, saw a 5.8% increase in same-store sales.
StreetAccount estimates had projected international same-store sales growth of only 3.7%.
Restaurant Brands is doubling down on international growth. In November, the company announced a joint venture for Burger King China, aiming to accelerate expansion. The deal, finalized in late January, sees CPE, a Chinese alternative asset manager, holding approximately 83% ownership of Burger King China, while Restaurant Brands retains a roughly 17% stake and a seat on the board of directors.
Tim Hortons, the Canadian coffee chain, reported a 2.9% increase in same-store sales, falling short of Wall Street’s projection of 3.8%, according to StreetAccount. Tim Hortons contributed 46% of Restaurant Brands’ total revenue for the quarter.
Burger King’s overall same-store sales grew 2.7%, surpassing StreetAccount estimates of 2.4%.
Popeyes lagged behind the other brands in the portfolio, experiencing a 4.8% decline in same-store sales, a steeper drop than the 2.4% decrease analysts had predicted.
However, the company is actively working to revitalize the fried chicken chain. In November, Peter Perdue, a Burger King veteran, was appointed to lead Popeyes’ U.S. and Canadian operations. Last month, Matt Rubin, a Popeyes veteran, joined as the chain’s new chief marketing officer.
Restaurant Brands will share further details on its growth strategies at its investor day in Miami on February 26.