HANGZHOU, CHINA – NOVEMBER 11, 2025: A delivery man picks up an order at a Burger King store in Hangzhou, east China’s Zhejiang province, Tuesday, November 11, 2025.
LONG WEI | Featured article China | Future publications | Getty Images
International restaurant brands reported better-than-expected quarterly earnings and revenue on Thursday, fueled by strong international growth.
Here’s what the company reported for the period ended Dec. 31 versus what Wall Street expected, based on a survey of analysts 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 charges and other items, the company reported adjusted earnings of 96 cents per share.
Net sales rose 7.4% to $2.47 billion. Excluding currency fluctuations and sales from restaurants it plans to refranchise, Restaurant Brands’ organic revenue increased 6.5%.
The company’s same-store sales increased 3.1%, fueled by strong international growth.
Outside the United States and Canada, Restaurant Brands’ same-store sales climbed 6.1%. Burger King international restaurants, which represent the majority of the segment, saw same-store sales increase 5.8%.
Analysts had forecast international same-store sales growth of just 3.7%, based on estimates from StreetAccount.
And Restaurant Brands plans to continue expanding its business overseas. In November, the company announced plans to establish a joint venture for Burger King China to accelerate its expansion. Under the terms of the deal, reached in late January, CPE, a Chinese alternative asset manager, owns approximately 83% of Burger King China. Restaurant Brands retained a minority stake of approximately 17%, as well as a seat on the board of directors.
Canadian coffee chain Tim Hortons reported same-store sales growth of 2.9%, while Wall Street expected an increase of 3.8%, according to StreetAccount. Tim Hortons accounted for 46% of overall restaurant brand revenue in the quarter.
Burger King reported overall same-store sales growth of 2.7%, beating StreetAccount’s estimates of 2.4%.
Popeyes was a laggard in Restaurant Brands’ portfolio. Its same-store sales fell 4.8%, a steeper decline than the 2.4% drop Wall Street expected.
But the company plans to revive the struggling fried chicken chain. In November, Restaurant Brands tapped Burger King veteran Peter Perdue to lead the chain’s operations in the U.S. and Canada; Last month, the company also named Popeyes veteran Matt Rubin as the chain’s latest chief marketing officer.
Restaurant Brands plans to share more of its ideas for growing the business at its investor day in Miami on February 26.