Restaurant Brands Q4 Earnings Call: The Five Analyst Questions We Consider Most Important

Restaurant Brands Q4 2025: Key Takeaways and Market Response

Restaurant Brands International’s fourth-quarter performance exceeded analyst forecasts for both revenue and adjusted earnings, yet the market responded unfavorably due to concerns over shrinking margins and inconsistent profitability. Company leaders credited robust international growth, consistent same-store sales, and strong execution in primary markets for the positive results, but also recognized ongoing cost challenges. CEO Josh Kobza emphasized the company’s focus on core business principles to achieve “solid results,” while Executive Chairman Patrick Doyle described 2025 as a particularly challenging year for the restaurant industry, citing increased expenses and greater consumer uncertainty.

Should You Consider Investing in QSR?

Q4 2025 Performance Highlights for Restaurant Brands (QSR)

• Total Revenue: $2.47 billion, surpassing analyst projections of $2.41 billion (7.4% year-over-year growth, 2.1% above expectations)
• Adjusted Earnings Per Share: $0.96, slightly ahead of the $0.95 consensus (1.3% above forecast)
• Adjusted EBITDA: $772 million, closely matching the $768.5 million estimate (31.3% margin)
• Operating Margin: 25.2%, a decrease from 27.7% in the prior year’s quarter
• Restaurant Count: 33,041 locations at quarter’s end, up from 32,125 a year earlier
• Same-Store Sales: Increased by 3.1% year-over-year, consistent with last year’s growth rate
• Market Value: $23.85 billion

While executive commentary offers valuable insights, analyst questions during earnings calls often reveal deeper issues or complexities that management might otherwise avoid. Here are some of the most noteworthy questions from the latest call.

Top 5 Analyst Questions from the Q4 Earnings Call

• Danilo Gargiulo (AllianceBernstein): Sought clarity on comparable sales momentum for 2026 and the main growth drivers for Tim Hortons and Burger King. CEO Josh Kobza highlighted a focus on core business fundamentals and ongoing innovation in menus and operations.
• Brian Bittner (Oppenheimer): Asked whether international growth was due to favorable market conditions or increased market share. Both Kobza and Executive Chairman Patrick Doyle attributed the success to a combination of positive market trends and effective local strategies.
• Dennis Geiger (UBS): Inquired about growth prospects for Burger King in the U.S. and franchisee sentiment. Kobza and CFO Sami A. Siddiqui pointed to store modernization, strong franchisee relationships, and progress in refranchising as positive influences.
• John William Ivankoe (JPMorgan): Questioned the recent underperformance at Popeyes and the outlook for sustainable unit growth. Management acknowledged operational shortcomings and leadership changes, reaffirming their commitment to core products and steady expansion.
• Christine Cho (Goldman Sachs): Asked about strategies to boost Burger King’s profitability beyond normalizing commodity costs. Kobza discussed improving operational efficiency, better procurement, and prioritizing profitable sales growth.

Upcoming Developments to Watch

Looking ahead, the StockStory team will be tracking several key factors: the speed of international expansion and the success of new joint ventures, signs of margin stabilization as commodity prices fluctuate, and the effectiveness of operational improvements at Popeyes and Burger King U.S. Additionally, advancements in digital engagement and loyalty programs—especially at Tim Hortons—will be closely monitored.

Currently, Restaurant Brands shares are trading at $68.24, down from $70.70 before the earnings announcement. Considering the latest results, is QSR a buy or a sell?

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