Restaurant Brands International sales up 5.8% in Q4 2025
Comparable overall sales rose 3.1%, led by a 6.1% increase in INTL.
Restaurant Brands International (RBI) reported a 5.8% increase in consolidated system-wide sales, reaching $12.13b in the fourth quarter of 2025.
Comparable sales rose 3.1% overall, driven by a 6.1% increase at the international segment (INTL), 2.8% at Tim Hortons Canada (TH Canada), and 2.6% at Burger King U.S. (BK US).
Net restaurant growth slowed to 2.9% year-on-year, down from 3.4%.
Net income from continuing operations fell to $274m from $361m, and diluted earnings per share from continuing operations decreased to $0.60 from $0.79.
Adjusted EBITDA increased to $772m, whilst adjusted diluted earnings per share rose to $0.96 from $0.81.
On 8 November 2025, RBI agreed to form a joint venture with CPE Alder Investment Limited, a fund managed by CPE, to operate Burger King China (BK China JV).
The deal closed on 30 January 2026, giving CPE an 83% stake in the joint venture, whilst RBI retained 17% and a board seat.
The company recorded a $114 m non-cash charge in 2025 related to its previous Burger King China holdings, included in the net loss from discontinued operations.
Starting in 2026, RBI will report its share of the BK China JV using the equity method, recognising franchise revenue from royalties in the international segment.
Initial royalty rates will be lower than standard Burger King International rates, with gradual increases over time.
RBI’s board declared a first-quarter 2026 dividend of $0.65 per common share and partnership exchangeable unit, payable on 2 April 2026, to shareholders of record on 19 March 2026.
The company also set an annual dividend target of $2.60 per share/unit for 2026.
