--- title: "Restaurant Brands Tops Estimates, Raises Dividend, But Shares Fall On Lower Operating Income" type: "News" locale: "en" url: "https://longbridge.com/en/news/275792401.md" description: "Restaurant Brands International Inc. (NYSE:QSR) reported Q4 and full year 2025 results, with total revenue of $2.466 billion and adjusted EPS of $0.96, exceeding estimates. However, operating income fell to $621 million, and net income from continuing operations dropped to $274 million. The company declared a dividend of $0.65 per share for Q1 2026, raising its annual target to $2.60. Despite strong system-wide sales growth of 5.8%, QSR shares fell 5.39% to $66.89 following the earnings report." datetime: "2026-02-12T17:59:08.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275792401.md) - [en](https://longbridge.com/en/news/275792401.md) - [zh-HK](https://longbridge.com/zh-HK/news/275792401.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/275792401.md) | [繁體中文](https://longbridge.com/zh-HK/news/275792401.md) # Restaurant Brands Tops Estimates, Raises Dividend, But Shares Fall On Lower Operating Income **Restaurant Brands International Inc.** (NYSE:QSR), parent company of Tim Hortons’ and Burger King, reported Thursday results for the fourth quarter and full year 2025. Total revenue rose to $2.466 billion in the quarter from $2.296 billion a year earlier and to $9.434 billion for 2025 from $8.406 billion. The company’s Q4 adjusted EPS of 96 cents exceeded the 95 cents estimate, and sales of $2.466 billion, topping the $2.413 billion estimate. Restaurant Brands also reported a decline in Q4 earnings, with diluted GAAP EPS from continuing operations at 60 cents. That’s down from 79 cents a year ago. Income from operations decreased to $621 million from $635 million, while net income from continuing operations fell to $274 million from $361 million. The owner of Popeyes also posted a net loss of $119 million from discontinued operations, with diluted net income per share of $0.34. For the full year, diluted GAAP EPS from continuing operations dropped to $2.63 from $3.18, while adjusted diluted EPS rose to $3.69 from $3.34. - System-wide sales grew 5.8% in Q4 to $12.131 billion, with consolidated comparable sales rising 3.1%, driven by a 6.1% increase at INTL, 2.8% at Tim Hortons Canada, and 2.6% at Burger King US. Net restaurant growth was 2.9%, bringing the total number of restaurants to 33,041 by year-end. - Tim Hortons’ revenue was $1.135 billion in the fourth quarter, with adjusted operating income of $274 million - Burger King’s revenue was $383 million, with adjusted operating income of $121 million; RBI cited the non-recurrence of $41 million in Fuel the Flame expenses incurred in the prior year. - Popeyes’ revenue was $196 million, with adjusted operating income of $62 million. - Firehouse Subs’ revenue was $60 million, with adjusted operating income of $15 million. - INTL revenue was $263 million, with adjusted operating income of $191 million; results reflected the absence of $9 million of revenues from BK China in 2025. - Restaurant Holdings’ revenue was $480 million, with adjusted operating income of $11 million. ## **Cash Flow And Balance Sheet** Operating cash flow from continuing operations was $1.714 billion in 2025, and free cash flow was $1.449 billion. Cash and cash equivalents were $1.163 billion at Dec. 31, 2025, and total debt was $13.669 billion. Net leverage was 4.2x at year-end. Interest expense, net, was $125 million in the fourth quarter and $516 million for 2025. RBI said Burger King China was classified as held for sale and reported as discontinued operations for 2025. It said a joint venture with CPE closed Jan. 30, 2026, with CPE owning about 83% and RBI about 17%, and RBI recognized a non-cash charge of $114 million during 2025 related to its Burger King China holdings ## **Dividend And Guidance** The company declared a first-quarter 2026 dividend of $0.65 per common share, up from $0.62 in the prior quarter, payable April 2, 2026, and announced a 2026 annual dividend target of $2.60 per share. For 2026, RBI expects segment G&A (excluding RH) of $600 million to $620 million, RH segment G&A of approximately $100 million, adjusted interest expense, net, of $500 million to $520 million, and total capex and cash inducements of around $400 million. CEO **Josh Kobza** highlighted how the company “delivered” a third consecutive year of roughly 8% organic Adjusted Operating Income growth. “As we enter 2026, I’m encouraged by the stronger, more focused foundation we’ve built for the long term,” he added. **Price Action:** QSR shares are trading 5.39% lower at $66.89 at the last check on Thursday. _Image: Shutterstock_ ### Related Stocks - [Invesco Dynamic Leisure and Entmnt ETF (PEJ.US)](https://longbridge.com/en/quote/PEJ.US.md) - [Restaurant Brands International Inc. (QSR.US)](https://longbridge.com/en/quote/QSR.US.md) - [AdvisorShares Restaurant ETF (EATZ.US)](https://longbridge.com/en/quote/EATZ.US.md) ## Related News & Research - [RBI Recommends Shareholders Reject NYSB's "Mini-tender Offer" | QSR Stock News](https://longbridge.com/en/news/278167535.md) - [Vestand Temporarily Suspends Restaurant Operations Amid Financial Strain](https://longbridge.com/en/news/278942770.md) - [Fixed tenures may be next for upper-layer NBFC chiefs under new norms](https://longbridge.com/en/news/278921895.md) - [India cenbank RBI (setting up of wholly owned subsidiaries by foreign banks) amendment guidelines, 2026](https://longbridge.com/en/news/278569112.md) - [CHIPOTLE BRINGS BACK "TATTED LIKE A CHIPOTLE BAG" BOGO WITH SUPERFAN SWAE LEE FOR FRIDAY THE 13TH | CMG Stock News](https://longbridge.com/en/news/278550094.md)