Restaurant Brands International Inc. Reports Strong Growth in 2025 Annual Financial Results
1. Overview of 2025 Performance
Restaurant Brands International Inc. (RBI), a leader in the quick-service restaurant (QSR) sector, reported robust financial results for the fiscal year 2025. The company, which operates iconic brands such as Tim Hortons®, Burger King®, Popeyes®, and Firehouse Subs®, achieved nearly $47 billion in system-wide sales from over 33,000 restaurants across more than 120 countries and territories.
RBI's annual report showcased a significant increase in revenue, driven by strategic acquisitions and a solid performance across its brand portfolio, despite facing challenges related to foreign exchange fluctuations and increased operational costs.
2. Revenue Breakdown
RBI's total revenue for 2025 reached $9.43 billion, a substantial increase compared to $8.40 billion in 2024. The revenue growth was supported by an impressive performance across various segments and geographies. The following pie charts illustrate the revenue distribution by geography, segment, and product categories for the year.
Revenue by Geography
- United States: $4.55 billion, up 20.46% from $3.78 billion in 2024.
- Canada: $3.84 billion, a modest increase of 4.4% from $3.68 billion.
- Other Regions: $1.03 billion, reflecting a 9.8% growth from $939 million.
Revenue by Segments
- Tim Hortons (TH): $4.24 billion, a growth of 5.12%.
- Popeyes (PLK): $800 million, up 4.17%.
- Restaurant Holdings (RH): $1.84 billion, a remarkable increase of 64.87%, benefiting from the full-year impact of acquired restaurants.
- Burger King (BK): $1.31 billion, a slight decline of 1.28%.
- International (INTL): $998 million, a 6.74% increase.
- Firehouse Subs (FHS): $232 million, up 8.41%.
3. Operating Income and Expenses
Despite the revenue growth, RBI reported a decrease in operating income, which fell to $2.20 billion from $2.41 billion in 2024. This decline was primarily attributed to increased net losses on foreign exchange and the absence of significant one-time gains recognized in the previous year. Expenses also rose, totaling $7.23 billion, up from $5.98 billion in 2024.
Income Statement Highlights
- Net Income: $776 million, down from $1.02 billion in 2024.
- Costs and Expenses: Increased to $7.23 billion, with cost of revenue at $4.33 billion and operating expenses at $2.90 billion.
- Income Tax Expense: $483 million.
| Feb 2025 | Feb 2026 | |
|---|---|---|
Net Income | 1.02B | 776M |
Net Income to Non-controlling Interest | 424M | 299M |
Profit | 1.44B | 1.07B |
Net Income Discontinued | 0 | -126M |
Net Income Continuing | 1.44B | 1.20B |
Income Tax Expense | 364M | 483M |
Pretax Income | 1.80B | 1.68B |
Non-operating Income | -610M | -518M |
Operating Income | 2.41B | 2.20B |
Revenue | 8.40B | 9.43B |
Costs and Expenses | 5.98B | 7.23B |
Cost of Revenue | 3.50B | 4.33B |
Operating Expenses | 2.47B | 2.90B |
Selling, General & Administrative | 2.06B | 2.09B |
Other Operating Expenses | 416M | 802M |
4. Balance Sheet Strength
RBI's balance sheet reflects a solid financial position, with total assets amounting to $25.61 billion, up from $24.63 billion in 2024. The company's equity increased to $5.15 billion, supported by retained earnings and common stock equity.
Key Balance Sheet Figures
- Total Assets: $25.61 billion
- Total Liabilities: $20.45 billion
- Total Equity: $5.15 billion
| Feb 2025 | Feb 2026 | |
|---|---|---|
Total Assets | 24.63B | 25.61B |
Total Current Assets | 2.28B | 2.83B |
Cash and Equivalents | 1.33B | 1.16B |
Net Inventories | 142M | 205M |
Notes and Loans Receivable | 698M | 794M |
Prepaid Expenses | 108M | 179M |
Other Current Assets | 0 | 489M |
Total Non-current Assets | 22.35B | 22.78B |
Intangible Assets | 16.90B | 17.49B |
Net PP&E | 2.23B | 2.30B |
Lease Assets | 1.85B | 1.96B |
Other Non-current Assets | 1.35B | 1.02B |
Total Liabilities and Equity | 24.63B | 25.61B |
Total Liabilities | 19.78B | 20.45B |
Total Current Liabilities | 2.36B | 2.89B |
Accounts Payable and Accrued Liabilities | 1.90B | 2.13B |
Current Debt | 222M | 68M |
Other Current Liabilities | 236M | 686M |
Total Non-current Liabilities | 17.42B | 17.56B |
Long-term Debt | 13.74B | 13.51B |
Non-current Deferred Tax Liabilities | 1.20B | 1.12B |
Other Non-current Liabilities | 2.47B | 2.93B |
Total Equity and Non-controlling Interests | 4.84B | 5.15B |
Total Equity | 3.11B | 3.63B |
Non-controlling Interests | 1.73B | 1.52B |
5. Cash Flow Insights
The company reported a net change in cash of -$105 million for 2025, indicating a strategic shift in investment and financing activities. RBI's net cash from operating activities was strong at $1.71 billion, despite the outflows related to investing and financing activities.
Cash Flow Summary
- Net Cash from Operating Activities: $1.71 billion
- Net Cash from Investing Activities: -$318 million
- Net Cash from Financing Activities: -$1.43 billion
| Feb 2025 | Feb 2026 | |
|---|---|---|
Net Change in Cash | 195M | -105M |
Effect of Exchange Rate Changes | -23M | 16M |
Net Cash from Operating Activities | 1.50B | 1.71B |
Operating Profit | 1.44B | 1.07B |
Adjustment to Operating Profit | 58M | 639M |
Net Cash from Investing Activities | -660M | -318M |
Business & Interest in Affiliates | 540M | 152M |
Productive Assets | 167M | 227M |
Other Investing Activities | 47M | 61M |
Net Cash from Financing Activities | -625M | -1.43B |
Debt | 260M | -427M |
Dividends | 1.02B | 1.10B |
Equity Issuance/Repurchase | 78M | 33M |
Other Financing Activities | 66M | 66M |
6. Strategic Acquisitions and Expansions
In 2025, RBI continued its aggressive growth strategy through key acquisitions and joint ventures. Notably, the acquisition of Pangaea Foods (China) Holdings Ltd. and the establishment of a joint venture with CPE Alder Investment Limited for Burger King China highlight RBI's commitment to expanding its international footprint.
7. Conclusion
Restaurant Brands International Inc. demonstrated resilience and strategic growth in 2025 through its diversified brand portfolio and effective management of resources. While facing challenges such as foreign exchange fluctuations and increased operational costs, RBI's focus on innovation, customer experience, and international expansion positions it for continued success in the competitive QSR landscape. As the company looks toward future growth, its commitment to shareholder value through share repurchases and capital investments remains a priority.
