Restaurant Brands International Inc. Reports Third Quarter 2025 Results

About this update from Restaurant Brands International Inc.

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Burger King also had a great quarter, outperforming most of the industry through consistent and disciplined execution of our plan. Across our businesses, our franchisees are more aligned than ever, and that partnership, combined with disciplined execution, has us firmly on track to deliver at least 8% organic Adjusted Operating Income growth this year."","length":783,"tagName":"p"},{"type":"image","alt":"RBI logo (CNW Group/Restaurant Brands International Inc.)","displaySize":"","headline":null,"caption":"RBI logo (CNW Group/Restaurant Brands International Inc.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":157,"url":"https://media.zenfs.com/en/cnwgroup.com/7bd81e71b033e48d0b4aad6319a3db29"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/pBC7ujBX40hNyUpKMQgPfw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTI3NztjZj13ZWJw/https://media.zenfs.com/en/cnwgroup.com/7bd81e71b033e48d0b4aad6319a3db29","width":400,"height":157}},"href":"https://mma.prnewswire.com/media/2806568/Restaurant_Brands_International_Inc__Restaurant_Brands_Internati.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":" Consolidated Operational and Financial Highlights (in US$ millions, except per share and ratio data, unaudited)","length":112,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" 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Following these acquisitions, we established a new operating and reportable segment, Restaurant Holdings ("RH"), which includes results from the Carrols Burger King restaurants and the PLK China restaurants from their acquisition dates and includes results from Firehouse Subs Brazil ("FHS Brazil") beginning in 2025.","length":1071,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"RBI plans to maintain the franchisor dynamics in its TH, BK, PLK, FHS and INTL segments ("Five Franchisor Segments") to report results consistent with how the business will be managed long-term, given RBI's plans to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China and new investors for FHS Brazil in the future. RH results include Company Restaurant Sales and Expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK and INTL) and eliminated upon consolidation. For more information, please review the "Restaurant Holdings Intersegment Dynamics" presentation dated August 8, 2024 posted on our IR website under "Events & Presentations."","length":857,"tagName":"p"},{"type":"text","content":" Update to Presentation of AOI Beginning with our year-end 2024 results, RBI updated its presentation of AOI by defining Segment Franchise and Property Expenses ("Segment F&P Expenses") which exclude Franchise Agreement Amortization and Reacquired Franchise Rights Amortization. These items were previously included in each segment's franchise and property expenses and added back as an adjustment to AOI. This presentation change does not impact AOI or Consolidated results.","length":493,"tagName":"p"},{"type":"text","content":" Acquisition of Burger King China and Treatment as Held for Sale On February 14, 2025, we acquired substantially all of the remaining equity interests in Burger King China ("BK China") from our former joint venture partners. BK China has been classified as held for sale and reported as discontinued operations, as we are actively working to identify a new controlling shareholder. This aligns with our long-term strategy of partnering with experienced local operators while maintaining a primarily franchised business.","length":529,"tagName":"p"},{"type":"text","content":"Held for sale is defined as those assets and liabilities, or groups of assets and liabilities, for which management has committed to a plan for sale and that are available for immediate disposition in their current condition. These are expected to be sold within one year and are accounted for and reported separately from our continuing operations. As such, for 2025, results for BK China have been reported as discontinued operations in our financial statements and have not been recognized in the INTL segment. That said, BK China KPIs continue to be included in our INTL segment KPIs.","length":588,"tagName":"p"},{"type":"text","content":" Convention Timing Impact on Franchise and Property Results BK hosted conventions in Q3 2025 and Q4 2024, PLK hosted conventions in both Q2 2025 and Q2 2024, FHS hosted conventions in both Q3 2025 and Q3 2024, TH held convention in Q2 2024 only and INTL held a convention in Q2 2025 only. Convention-related revenues and expenses are recognized in each segment's Franchise and Property Revenues and Segment F&P Expenses, respectively, and have an immaterial net AOI impact.","length":481,"tagName":"p"},{"type":"text","content":" Supplemental Disclosures  Please review the Trending Schedules posted on the RBI Investor Relations webpage under "Financial Information" for additional disclosures, including:","length":191,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Home Market and International KPIs by Brand and Company Restaurant Count by Segment;","length":84,"tagName":"p"}]},{"val":[{"type":"text","content":"Segment Results with Disaggregated Franchise and Property Revenues (Royalties, Property Revenue and Franchise Fees and Other Revenue);","length":134,"tagName":"p"}]},{"val":[{"type":"text","content":"Intersegment Revenue and Expense Eliminations;","length":46,"tagName":"p"}]},{"val":[{"type":"text","content":"BK China KPIs and Selected 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