上周，餐饮类门店成为闭店重点，全行业共关闭17家门店，占本轮闭店数量的51.51%。从细分品类来看，餐饮门店闭店数量最多，达10家，烘焙、咖 啡、甜品店则分别关闭4家、2家和1家。关闭的10家餐饮门店，涵盖了多个知名连锁品牌及特色门店，包括爱家牛排馆、肯德基、海底捞、汉堡王、两条 人食志、许府牛、碳寻石光、金苑府酒家、三俞竹苑川菜以及朝 鲜族汤饭。 其中，位于滨湖万达的汉堡王门店在经营12年后停止营业。今年以来，无锡已有多家汉堡王门店闭店，包括方圆荟店、梅村服务区北店、茂业天地店及海 岸城店等，目前当地在营门店12家。官方客服回应称闭店原因在于经营策略变动。值得注意的是，汉堡王的闭店潮并不仅限无锡，公开信息显示，自今年 下半年起，其在中国多地均出现集中关店现象，涉及江苏、上海、河南、宁夏、广东等多个省市。 据壹览商业不完全统计，10月第五周，共32个品牌关闭了至少33家门店。 | 闭店时间 | 行业 | 留障 | 城市 | 门店 | 闭店原因 | 开业时间 | 开业时长 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 10月27 ...

Core Insights - Restaurant Brands International (RBI) reported a net income of $315 million, or $0.96 per share, for Q3 2025, an increase from $252 million, or $0.79 per share, in Q3 2024 [1] - Total revenues for Q3 2025 reached $2.45 billion, up 6.9% from $2.29 billion in the same quarter of the previous year [1][2] - For the first nine months of 2025, total revenues were $6.97 billion compared to $6.11 billion in the same period of 2024 [2] Financial Performance - The net income attributable to common shareholders for the first nine months of 2025 was $663 million, down from $762 million in the same period of 2024 [3] - The company declared a dividend of $0.62 per common share [3] Business Segment Performance - The international segment saw system-wide sales increase by 12.1%, while same-store sales grew by 4% year-on-year, driven by a 4.2% increase at Tim Hortons Canada and a 3.1% increase at Burger King [2] - Popeyes experienced a decline in same-store sales by 2.4% [2] Strategic Initiatives - RBI's CEO highlighted strong performance from Tim Hortons and the international business, which together account for approximately 70% of earnings [3] - The company is on track to achieve at least 8% organic adjusted operating income growth for the year [4] - RBI reiterated its long-term targets for 2024 to 2028, aiming for more than 3% comparable sales growth and over 8% organic adjusted operating income growth on average [5] Investment Plans - Burger King is advancing its multi-year "Reclaim the Flame" program, which includes up to $700 million in investments through 2028 for advertising, digital enhancements, remodels, and kitchen equipment upgrades [5]

Financial Performance - The company reported system-wide sales of $12,282 million for the three months ended September 30, 2025, representing a growth of 6.9% compared to $11,433 million in the same period of 2024[136]. - Comparable sales increased by 4.0% for the three months ended September 30, 2025, compared to a mere 0.3% growth in the same period of 2024[136]. - Total revenues for the three months ended September 30, 2025, increased to $2,449 million, up from $2,291 million, representing a growth of 6.9%[139]. - Net income from continuing operations for the three months ended September 30, 2025, was $440 million, an increase of 23.3% from $357 million in the prior year[144]. - Income from operations for the three months ended September 30, 2025, was $663 million, up 14.9% from $577 million in the same period of 2024[142]. - Adjusted Operating Income for Q3 2025 was $702 million, an increase of 8% from $652 million in Q3 2024[188]. - For the nine months ended September 30, 2025, Adjusted Operating Income was $1,910 million, up 5% from $1,824 million in the same period of 2024[188]. Restaurant Growth and Acquisitions - The net restaurant growth was 2.8% for the three months ended September 30, 2025, consistent with the 2.8% growth reported for the nine months ended September 30, 2025[136]. - The total system restaurant count reached 32,423 at the end of September 30, 2025, up from 31,525 at the end of September 30, 2024[136]. - The company completed the acquisition of Carrols Restaurant Group Inc. and Popeyes China, establishing a new segment called Restaurant Holdings[130]. - The company acquired Pangaea Foods (China) Holdings Ltd. on February 14, 2025, which is classified as discontinued operations[132]. - The increase in total revenues for the nine months ended September 30, 2025, was primarily driven by the net impact of restaurants acquired from franchisees, particularly from the Carrols Acquisition[141]. Segment Performance - System-wide sales for the BK segment increased to $2,956 million in Q3 2025, up from $2,891 million in Q3 2024, representing a growth of 2.3%[164]. - Comparable sales in the US for the BK segment grew by 3.2% in Q3 2025, compared to a decline of 0.4% in Q3 2024[164]. - Total revenues for the BK segment reached $387 million in Q3 2025, an increase of $25 million or 6.9% from $362 million in Q3 2024[170]. - System-wide sales for the PLK segment were $1,519 million in Q3 2025, slightly up from $1,509 million in Q3 2024, reflecting a growth of 0.7%[170]. - Total revenues for the PLK segment increased to $201 million in Q3 2025, a rise of $6 million or 3.1% from $195 million in Q3 2024[170]. - System-wide sales growth for the FHS segment increased by 10.7% in Q3 2025, compared to a decline of 1.3% in Q3 2024[174]. - The INTL segment reported system-wide sales of $5,447 million in Q3 2025, a 13.9% increase from $4,780 million in Q3 2024[177]. Financial Position and Cash Flow - As of September 30, 2025, the company had cash and cash equivalents of $1,206 million and borrowing availability of $1,248 million under its Revolving Credit Facility[191]. - Cash provided by operating activities increased to $1,159 million for the nine months ended September 30, 2025, up from $1,022 million in the prior year, driven by increased segment income and decreased working capital usage[207]. - Cash used for investing activities decreased significantly to $213 million for the nine months ended September 30, 2025, compared to $616 million in the prior year, primarily due to lower net payments for acquisition of franchised restaurants[208]. - Cash used for financing activities rose to $952 million for the nine months ended September 30, 2025, compared to $365 million in the prior year, mainly due to the non-recurrence of proceeds from long-term debt[209]. Debt and Dividends - As of September 30, 2025, total debt was primarily comprised of $5,942 million under Term Loan Facilities with a weighted average interest rate of 5.76%[199]. - Required debt service for the next twelve months is estimated to be approximately $345 million in interest payments and $79 million in principal payments[200]. - On October 7, 2025, the company paid a cash dividend of $0.62 per common share[202]. - The board of directors declared a cash dividend of $0.62 per common share to be paid on January 6, 2026[203]. Operational Efficiency - General and administrative expenses for the three months ended September 30, 2025, decreased to $170 million from $176 million, a reduction of 3.4%[146]. - Interest expense, net, decreased to $129 million for the three months ended September 30, 2025, down from $147 million, a decline of 12.2%[139]. - The effective tax rate for the three months ended September 30, 2025, was 17.6%, up from 16.7% in 2024, and for the nine months, it was 22.1% compared to 17.2% in 2024[157].

Core Insights - Restaurant Brands reported $2.45 billion in revenue for the quarter ended September 2025, marking a year-over-year increase of 6.9% and exceeding the Zacks Consensus Estimate by 2.47% [1] - The earnings per share (EPS) for the same period was $1.03, up from $0.93 a year ago, representing a surprise of 3% over the consensus EPS estimate of $1.00 [1] Financial Performance Metrics - Comparable Sales for Burger King (BK) globally were 3.1%, surpassing the average estimate of 2% [4] - Comparable Sales for Popeyes Louisiana Kitchen (PLK) globally were -2.4%, below the average estimate of 1.3% [4] - Comparable Sales for Tim Hortons (TH) globally were 4.2%, exceeding the average estimate of 3.3% [4] - Comparable Sales for Firehouse Subs (FHS) globally were 2.6%, slightly above the average estimate of 2.3% [4] Revenue Breakdown - Advertising revenues and other services totaled $314 million, slightly above the average estimate of $312.14 million, with a year-over-year change of +8.3% [4] - Franchise and property revenues reached $778 million, exceeding the average estimate of $764.19 million, reflecting a year-over-year increase of +5.9% [4] - Revenues from Firehouse Subs (FHS) were $60 million, compared to the average estimate of $58.05 million, representing a year-over-year change of +13.2% [4] System-wide Sales - System-wide sales for Tim Hortons (TH) were $2.03 billion, above the average estimate of $1.99 billion, with a year-over-year change of +3.9% [4] - System-wide sales for Burger King (BK) were $2.96 billion, exceeding the average estimate of $2.92 billion, reflecting a year-over-year increase of +2.3% [4] - System-wide sales for Popeyes Louisiana Kitchen (PLK) were $1.52 billion, slightly below the average estimate of $1.55 billion, with a year-over-year change of +0.7% [4] - System-wide sales for Firehouse Subs (FHS) were $332 million, surpassing the average estimate of $327.58 million, representing a year-over-year increase of +10.3% [4] - Consolidated system-wide sales totaled $12.28 billion, exceeding the average estimate of $11.98 billion, with a year-over-year change of +7.4% [4] Stock Performance - Shares of Restaurant Brands have returned -0.2% over the past month, while the Zacks S&P 500 composite has changed by +3.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Comparable sales increased by 4%, net restaurant growth was 2.8%, and system-wide sales grew by 6.9% in Q3 2025 [4] - Organic adjusted operating income growth was 8.8%, with double-digit nominal EPS growth [5][29] - Adjusted EPS rose to $1.03 per share from $0.93 last year, representing a nominal growth of 10.7% [30] Business Line Data and Key Metrics Changes - Tim Hortons Canada, representing roughly 44% of operating profit, saw comparable sales grow by 4.2%, outperforming the broader Canadian QSR industry by approximately three points [7] - The international business, contributing 26% of operating profit, experienced same-store sales growth of 6.5% and net restaurant growth of 5.1% [12] - Burger King U.S. achieved comparable sales growth of 3.2%, outperforming the burger QSR category [20] Market Data and Key Metrics Changes - In France, Burger King launched successful products, leading to improved market share and performance [13][88] - Burger King China saw comparable sales grow by 10.5% in Q3, driven by effective marketing and new product launches [15][16] - Popeyes in the U.K. is set to open its 100th restaurant, demonstrating strong traction in the EMEA region [14] Company Strategy and Development Direction - The company aims for at least 8% organic AOI growth in 2025, focusing on disciplined execution and innovation across brands [5][29] - There is a strategic emphasis on refranchising Burger King restaurants to simplify the business model and strengthen franchise operations [32][46] - The company is actively working to find a new local partner for Burger King China, reinforcing its commitment to long-term growth in that market [33][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging consumer environment while delivering strong results [5][6] - The focus remains on improving guest experiences and operational efficiencies, particularly in the face of elevated beef costs impacting margins [34][66] - Management highlighted the importance of maintaining a disciplined value strategy amidst competitive pressures [21][70] Other Important Information - The company generated $566 million in free cash flow and returned $282 million to shareholders through dividends [31] - The adjusted effective tax rate for the quarter was 17.8%, with expectations for the full year to be in the 18% to 19% range [31] - The company is on track to refranchise approximately 5,100 restaurants in 2025 [32] Q&A Session Summary Question: Insights on Burger King U.S. turnaround trajectory - Management highlighted the importance of modernizing assets, improving operational consistency, and focusing on profitability as key drivers of the turnaround [51][52] Question: Impact of beef costs on cash flow and plans - Management acknowledged that elevated beef costs are a headwind but emphasized that franchisees view these impacts as temporary and plans remain on track [66][68] Question: Satisfaction with the launch of protein lattes in Canada - Management indicated that protein lattes are part of a broader cold beverage strategy, with positive initial results and plans for further innovation [75] Question: Share trends for Tim Hortons in Canada - Management noted that Tim Hortons is consistently outperforming competitors, with same-store sales significantly higher than other large QSRs [79] Question: Performance of the international business - Management reported broad-based improvements in international markets, particularly in France and China, with significant share gains [88][90]

Core Insights - Restaurant Brands (QSR) reported quarterly earnings of $1.03 per share, exceeding the Zacks Consensus Estimate of $1 per share, and up from $0.93 per share a year ago [1][2] - The company achieved revenues of $2.45 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.47% and increasing from $2.29 billion year-over-year [3] Earnings Performance - The earnings surprise for the quarter was +3.00%, while the previous quarter saw a surprise of -3.09% [2] - Over the last four quarters, Restaurant Brands has surpassed consensus EPS estimates two times and revenue estimates three times [2][3] Stock Performance and Outlook - Restaurant Brands shares have increased by approximately 1.3% since the beginning of the year, in contrast to the S&P 500's gain of 17.2% [4] - The current consensus EPS estimate for the upcoming quarter is $0.95 on revenues of $2.38 billion, and for the current fiscal year, it is $3.64 on revenues of $9.29 billion [8] Industry Context - The Retail - Restaurants industry, to which Restaurant Brands belongs, is currently ranked in the bottom 9% of over 250 Zacks industries, indicating potential challenges ahead [9] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Restaurant Brands' stock performance [6]

Core Insights - Restaurant Brands International reported a rise in third-quarter profit, driven by strong performance from Tim Hortons and its international segment [1] Financial Performance - The company's profit increased due to significant contributions from Tim Hortons, indicating robust brand performance in the market [1] - The international segment also played a crucial role in enhancing overall profitability, showcasing the effectiveness of the company's global strategy [1]

Financial Performance - Consolidated system-wide sales grew by 6.9% year-over-year, reaching $12,282 million in Q3 2025, compared to $11,433 million in Q3 2024[2][3] - Comparable sales accelerated to 4.0%, with notable performances of 6.4% at Burger King International, 4.2% at Tim Hortons Canada, and 3.2% at Burger King US[2][3] - Adjusted Operating Income (AOI) increased to $702 million in Q3 2025, reflecting an organic AOI growth of 8.8%[3][12] - Net income from continuing operations rose to $440 million, with diluted earnings per share from continuing operations at $0.96[3][12] - Total revenues for Q3 2025 reached $2,449 million, a 6.9% increase from $2,291 million in Q3 2024[36] - Net income attributable to common shareholders for Q3 2025 was $315 million, compared to $252 million in Q3 2024, reflecting a 25% increase[36] - Basic net income per share from continuing operations increased to $0.97 in Q3 2025, up from $0.79 in Q3 2024[36] - Adjusted EBITDA for the three months ended September 30, 2025, was $794 million, up 6.0% from $748 million in 2024[58] - Adjusted diluted earnings per share for Q3 2025 increased to $1.03 from $0.93 in Q3 2024, marking a 10.8% rise[67] Sales Growth - System-wide sales growth for Tim Hortons was 4.8% in Q3 2025, with total revenues of $1,125 million[11][12] - Burger King's system-wide sales grew by 2.3% in Q3 2025, totaling $2,956 million[14] - System-wide Sales for Burger King reached $1,519 million in Q3 2025, reflecting a 0.7% growth compared to Q3 2024[19] - Comparable Sales in the US decreased by 2.0% in Q3 2025, while international comparable sales increased by 6.4%[21] - The FHS segment reported a System-wide Sales growth of 10.7% in Q3 2025, with Total Revenues increasing to $60 million from $53 million[20] - The INTL segment achieved System-wide Sales of $5,447 million in Q3 2025, a significant increase from $4,780 million in Q3 2024[21] Investments and Acquisitions - The acquisition of Carrols Restaurant Group and Popeyes China was completed in 2024, establishing a new segment, Restaurant Holdings[4][5] - Burger King is investing up to $700 million in its "Reclaim the Flame" plan through 2028, focusing on advertising, digital investments, and restaurant enhancements[17] - The company expects to incur additional costs related to acquisitions in 2025, indicating ongoing market expansion efforts[68] Financial Position - The company reported a net leverage ratio of 4.4x, down from 4.8x in the previous year[3] - Total assets as of September 30, 2025, were $25,669 million, an increase from $24,632 million as of December 31, 2024[38] - Cash and cash equivalents decreased to $1,206 million as of September 30, 2025, down from $1,334 million at the end of 2024[38] - Long-term debt, net of current portion, was $13,415 million as of September 30, 2025, slightly down from $13,455 million at the end of 2024[38] - The company’s total liabilities increased to $20,504 million as of September 30, 2025, compared to $19,789 million at the end of 2024[38] Cash Flow and Capital Management - Net cash provided by operating activities from continuing operations increased to $1,159 million, up 13.4% from $1,022 million in the previous year[40] - Net cash used for investing activities from continuing operations decreased significantly to $213 million from $616 million in 2024, indicating improved capital management[40] - Free Cash Flow (FCF) is calculated as net cash provided by operating activities minus payments for property and equipment, serving as a liquidity measure[55] - Free cash flow for the nine months ended September 30, 2025, was $996 million, compared to $898 million in 2024, representing an increase of 11.0%[65] Future Outlook - The company is on track for at least 8% organic Adjusted Operating Income growth in 2025[2] - For 2025, the company expects consolidated capital expenditures to be around $400 million[27] - The company anticipates achieving over 5% Net Restaurant Growth towards the end of its long-term performance period from 2024 to 2028[28] - The company plans to enhance operations and drive long-term sustainable growth through various strategies, including refranchising efforts and new partnerships in international markets[34] Tax and Regulatory Considerations - The effective tax rate increased due to the impact of OECD Pillar II guidance, affecting future tax planning strategies[68]

Core Insights - Restaurant Brands International reported quarterly earnings and revenue that exceeded analysts' expectations, driven by growth in its international restaurants and Tim Hortons [1] - The company's shares rose by 3% in premarket trading following the earnings report [1] Financial Performance - The company reported a third-quarter net income attributable to shareholders of $315 million, or 96 cents per share, an increase from $252 million, or 79 cents per share, a year earlier [2] - Excluding transaction costs and other items, adjusted earnings per share were $1.03, surpassing the expected $1 [6] Revenue and Sales Growth - Net sales increased by 6.9% to $2.45 billion, exceeding the expected $2.4 billion [6] - Same-store sales grew by 4%, with the international segment achieving 6.5% same-store sales growth, outperforming the consensus estimate of 4.4% [3] - Tim Hortons reported same-store sales growth of 4.2%, focusing on enhancing food offerings to boost sales and traffic [3] Segment Performance - Burger King's same-store sales rose by 3.1%, indicating the success of its turnaround strategy in the U.S. through restaurant renovations and marketing of core menu items [4] - Popeyes was the only division to report a decline in same-store sales, with a decrease of 2.4%, struggling to compete for value-minded customers [5]

Core Insights - Restaurant Brands reported third-quarter comparable sales that exceeded estimates, driven by strong customer traffic at its chains, Burger King and Tim Hortons [1] Company Performance - The company experienced resilient traffic at its restaurant chains, which contributed to the positive sales performance in the third quarter [1]