{"id":811905,"date":"2025-02-12T06:34:19","date_gmt":"2025-02-12T11:34:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/restaurant-brands-international-inc-reports-full-year-and-fourth-quarter-2024-results\/"},"modified":"2025-02-12T06:34:19","modified_gmt":"2025-02-12T11:34:19","slug":"restaurant-brands-international-inc-reports-full-year-and-fourth-quarter-2024-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/restaurant-brands-international-inc-reports-full-year-and-fourth-quarter-2024-results\/","title":{"rendered":"Restaurant Brands International Inc. Reports Full Year and Fourth Quarter 2024 Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n Global system-wide sales grow 5.6% for the fourth quarter and 5.4% for 2024
<\/i>
\n Global comparable sales up 2.5% in Q4, led by 4.7% at\u00a0INTL and 2.5% at TH Canada
<\/i>
\n 2024 Income from Operations grows 17.9% year-over-year and Organic Adjusted Operating Income grew 9%
<\/i>
\n
\n ~$1.0 billion<\/span> of capital returned to shareholders in 2024 while investing for growth and reaching net leverage target
<\/i>
\n RBI declares target total of $2.48<\/span> in dividends per common share and partnership exchangeable unit for 2025<\/i>\n <\/p>\n

\n
\n TORONTO<\/span>
\n <\/span>, Feb. 12, 2025<\/span><\/span> \/PRNewswire\/ – Restaurant Brands International Inc. (“RBI”) (NYSE: QSR) (TSX: QSR) (TSX: QSP) today reported financial results for the full year and fourth quarter ended December 31, 2024<\/span>. Josh Kobza<\/span>, Chief Executive Officer of RBI commented, “I am proud of our performance this year, reflecting the strong foundations we’re building across our businesses and the dedication of our teams and franchisees who are executing the fundamentals of quality, service, and convenience with excellence. As we look ahead, we remain focused on thoughtful marketing, operational improvements, and modern image to enhance the guest experience, drive franchisee profitability, and deliver long-term growth for our brands and shareholders.”\u00a0<\/p>\n

\n

\n
\n \"RBI
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n Consolidated Operational and Financial Highlights and Supplemental Annual Disclosure
<\/b>(in US$ millions, except per share data, unaudited)<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Three Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Twelve Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Operational Highlights<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n System-Wide Sales Growth<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 9.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 5.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n System-Wide Sales (in US$ millions)<\/i><\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,279<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,886<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 44,476<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 42,893<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Comparable Sales<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 5.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Restaurant Growth<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n System Restaurant Count at Period End<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,125<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 31,070<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 32,125<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 31,070<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Financial Highlights<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,296<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,820<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,406<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,022<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income from Operations<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 635<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 468<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,419<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,051<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Income from Operations Growth<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 35.4\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 35.8\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 17.9\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 8.1\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Income<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 361<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 726<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,445<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,718<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Diluted Earnings per Share<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.79<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.60<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.18<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.76<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted Operating Income (AOI) (a)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 578<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 509<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,402<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,200<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Organic AOI Growth (a)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 13.7\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 0.5\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 9.0\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 7.5\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EBITDA (a)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 688<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 603<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,784<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,554<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted Diluted Earnings per Share (a)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.81<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.75<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.34<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.24<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Leverage (a)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.6x<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 4.8x<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 4.6x<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 4.8x<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Twelve Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Home Market Franchisee Profitability (b) <\/i>
\n <\/b>
\n (in 000s)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2022<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n TH \u2014 Canada<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n C$<\/span>\n <\/p>\n<\/td>\n

\n

\n 305<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n C$\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n 280<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n C$\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n 220<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n BK \u2014 US<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 205<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 205<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 140<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n PLK \u2014 US<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 255<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 245<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 210<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n FHS \u2014 US<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 90<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 110<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 80<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n

\n (a)<\/span>\n <\/p>\n<\/td>\n

\n

\n Adjusted Operating Income, organic AOI growth, Adjusted EBITDA, Adjusted Diluted Earnings per Share, and Net Leverage are non-GAAP financial measures. Please refer to “Non-GAAP Financial Measures” for further detail.\u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (b)<\/span>\n <\/p>\n<\/td>\n

\n

\n Estimates based on unaudited, self-reported franchisee results and are rounded down to the nearest $5,000.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Items Affecting Comparability and Restaurant Holdings Segment Reminder<\/b>\n <\/p>\n

We completed the acquisitions of Carrols Restaurant Group Inc. (“Carrols”) (“the Carrols Acquisition”) and Popeyes China (“PLK China”) (“the PLK China Acquisition”) on May 16, 2024<\/span> and June 28, 2024<\/span>, respectively. Our consolidated results include Carrols and PLK China revenues, expenses and segment income from their acquisition dates.<\/p>\n

Following the Carrols and PLK China Acquisitions, RBI established a new operating and reportable segment, Restaurant Holdings (RH), which includes results from the Carrols Burger King restaurants and the PLK China restaurants. RBI reports results under six operating and reportable segments consisting of the following: Tim Hortons<\/span> (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), Firehouse Subs (FHS), International (INTL) and RH.\u00a0<\/p>\n

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 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<\/span> posted on our IR website under “Events & Presentations”.\u00a0<\/p>\n

During 2023 and the first quarter of 2024, BK also acquired restaurants from non-Carrols franchisees (“non-Carrols acquired BK restaurants”). BK owned and operated 160 Company restaurants as of December 31, 2024<\/span> as compared to 138 as of December 31, 2023<\/span>, 88 of which were acquired in the fourth quarter of 2023.\u00a0 The results from these restaurants are included in BK Company restaurants sales and expenses.<\/p>\n

Beginning with our year-end 2024 results, RBI updated its presentation of Adjusting Operating Income 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 Adjusted Operating Income. This presentation change does not impact Adjusting Operating Income or Consolidated results.\u00a0\u00a0<\/p>\n

\n Supplemental Disclosures <\/b>\n <\/p>\n

Please review the Trending Schedules posted on the RBI Investor Relations webpage under “Financial Information” for additional disclosures, including:\u00a0<\/p>\n