Description

Restaurant Brands International (QSR) Modernizes Burger King & Popeyes: Will Remodels Unlock A Much Needed Sales Uplift?

Restaurant Brands International (RBI) demonstrated a mixed performance in the second quarter of 2025, marked by both notable achievements and ongoing challenges. The company, which houses brands such as Tim Hortons, Burger King, Popeyes, and Firehouse Subs, showed system-wide sales growth and improvement in key segments, yet faced headwinds that tempered its overall results. Starting with the positives, RBI’s organic adjusted operating income grew by 5.7%, driven largely by a 2.9% net restaurant growth and a 5.3% increase in system-wide sales. Tim Hortons was a standout, contributing 43% of the business and achieving its 17th consecutive quarter of positive comparable sales in Canada. This growth was supported by innovative marketing initiatives, operational improvements, and a focus on core product offerings, such as the Scrambled Eggs Loaded Breakfast Box and an expanded cold beverage lineup. Additionally, the International segment, which makes up 26% of adjusted operating income, showed significant strength with nearly 10% system-wide sales growth. Markets like the UK, Spain, Australia, and Germany led this performance, benefiting from a robust playbook involving menu innovation and effective marketing strategies.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

Want unlimited access to our reports? Purchase our $99 annual subscription!