A Burger King restaurant with the slogan ”Flame Grilling Since 1954” is seen in Vienna, Austria, on June 7, 2025.
Michael Nguyen | NurPhoto | Getty Images
Restaurant Brands International on Thursday reported mixed quarterly results, as same-store sales declines for Popeyes were offset by strong demand internationally and at Tim Hortons.
Here’s what the company reported for the period ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 94 cents adjusted vs. 97 cents expected
- Revenue: $2.41 billion vs. $2.32 billion expected
Restaurant Brands reported second-quarter net income attributable to shareholders of $189 million, or 57 cents per share, down from $280 million, or 88 cents per share, a year earlier.
Excluding transaction costs from its acquisition of Burger King China and other one-time costs, the company earned 94 cents per share.
Net sales climbed 16% to $2.41 billion.
The company’s same-store sales, which only tracks the metric at restaurants open at least a year, rose 2.4% during the quarter.
CEO Josh Kobza told CNBC that Restaurant Brands has seen a “modest improvement” in the consumer environment compared to the first quarter, when the company’s three largest brands saw same-store sales decline.
This quarter, Restaurant Brands’ international restaurants reported same-store sales growth of 4.2%.
Tim Hortons, which accounts for more than 40% of Restaurant Brands’ total revenue, reported same-store sales growth of 3.4%.
Burger King reported same-store sales growth of 1.3%. Its U.S. division, which has been in turnaround mode for nearly three years, saw same-store sales increase by 1.5%. More than half of its U.S. restaurants have been renovated since the turnaround began; the burger chain aims to have 85% of its U.S. footprint upgraded by 2028.
Popeyes was the laggard of the portfolio for the most recent quarter, reporting same-store sales declines of 1.4%. But the fried chicken chain’s results have improved compared with the first three months of the year, when its same-store sales slid 4%. To lift sales in the second half of the year, Popeyes has a “bunch of innovation” on its schedule, Kobza said.
For the full year, Restaurant Brands reiterated its forecast, anticipating that it will spend between $400 million and $450 million on consolidated capital expenditures, tenant inducements and other incentives. The company also said that it still expects to reach its long-term algorithm, which projects 3% same-store sales growth and 8% organic adjusted operating income growth on average between 2024 and 2028.
This story is developing. Please check back for updates.
