Company Overview - Restaurant Brands International is a multinational quick service portfolio that includes four well-known brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs [2] Growth Strategy - The company's long-term growth algorithm targets annual system sales growth of over 8%, supported by approximately 3% comparable sales growth and around 5% net unit growth over time [2] - A recent joint venture partnership with CPE, a new Burger King master franchisee in China, is expected to enhance net unit growth [2]

Core Viewpoint - Companies with a strong history of dividend payments and increases are attractive to income-focused investors, with Open Text, Restaurant Brands, and Essential Utilities recently announcing dividend hikes and offering yields over 3% [1] Open Text - Open Text Corp. is an information management software company that assists businesses in organizing, storing, and protecting data [2] - The company has raised its dividend for 12 consecutive years, with a recent increase of 5% to $0.2750 per share, translating to an annual payout of $1.10 per share [3] - The current dividend yield for Open Text is 3.30% [3] - As of September 30, the company's annual revenue was $5.19 billion, and it reported Q1 2026 revenues of $1.29 billion and EPS of $1.05, both exceeding consensus estimates [4] Restaurant Brands International - Restaurant Brands International Inc. operates well-known quick-service restaurant brands including Tim Hortons, Burger King, Popeyes, and Firehouse Subs [5] - The company has increased its dividends for 10 consecutive years, with a recent hike from $0.58 to $0.62 per share, equating to an annual payout of $2.48 per share [6] - The current dividend yield for Restaurant Brands is 3.65% [6] - As of September 30, the company's annual revenue was $9.26 billion, and it reported Q3 2025 EPS of $1.03 and revenues of $2.45 billion, both surpassing consensus estimates [7] Essential Utilities - Essential Utilities Inc. provides water, wastewater, and natural gas services in the U.S. [7] - The company has increased its dividends for 34 consecutive years, with a recent hike of 5.25% to $0.3426 per share, resulting in an annual payout of $1.37 per share [8] - The current dividend yield for Essential Utilities is 3.54% [8]

Core Viewpoint - Bill Ackman sees significant upside potential in his investments, particularly in Uber, Brookfield Corporation, and Alphabet, among others, due to their strong fundamentals and growth prospects [1][2]. Investment Strategy - Ackman focuses on high-quality businesses with strong cash flow and limited downside risk, often taking activist positions to unlock shareholder value [2][3]. Portfolio Overview - Pershing Square Capital Management holds shares in 15 large-cap companies, with 75% of its $15 billion stock portfolio concentrated in five key holdings [3]. Key Holdings - **Uber Technologies (19.6%)**: Ackman appreciates Uber's strong network effects, management quality, operational performance, and cash flow, expecting earnings per share to grow over 30% annually [4][5]. - **Brookfield Corporation (17.7%)**: Added to the portfolio in 2024, Brookfield is positioned for growth due to AI infrastructure demand and an aging population, potentially quadrupling its wealth solutions asset base to $600 billion [6][8]. - **Alphabet (14.4%)**: Ackman has invested in Alphabet due to its rapid AI integration and strong financial performance, including $100 billion in revenue and a 33% year-over-year profit growth [9][11]. - **Howard Hughes Holdings (13.4%)**: Ackman aims to transform Howard Hughes into a diversified holding company, increasing its stake to 47% and focusing on unlocking value from real estate assets [12][13]. - **Restaurant Brands (10.6%)**: The company is valued for its capital-light business model and plans to enhance sales through investments in Burger King and expansion in Tim Hortons [14][17].

Company Overview - Restaurant Brands International Inc. (NYSE:QSR) owns and operates quick-service restaurant chains, including Tim Hortons, Burger King, Popeyes, and Firehouse Subs [2]. Financial Performance - The company reported a solid quarter, achieving a healthy top and bottom line beat, with same-store sales increasing by 4% [1]. - The Tim Hortons Canada business continues to perform exceptionally well, contributing positively to the overall results [1]. - The international division, which includes nearly all overseas operations except for China, also showed strong performance [1]. Market Reaction - Following the positive earnings report, the stock rallied by 1.5%, breaking a five-session losing streak [1]. - Despite the good quarter, the stock later gave back the gains, indicating persistent selling pressure in the market [1].

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]

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 Inc. (RBI) has rescheduled its third quarter earnings release and analysts call to October 30 from November 5 due to a scheduling conflict [1][2] - RBI operates several well-known brands including Burger King, Popeyes Louisiana Kitchen, Tim Hortons, and Firehouse Subs [2] - Following the announcement, RBI shares decreased by 1.5% to $67.95, having previously traded as high as $68.75 [2] Financial Performance - For the second quarter ended June 30, RBI reported a net income of $263 million, or 57 cents per share, a decline from $484 million, or $1.06 per share, in the same period the previous year [3] - Revenues for the same quarter increased to $2.410 billion, up from $2.08 billion year-over-year [3] - RBI operates over 32,000 restaurants across more than 120 countries and territories [3]

Core Viewpoint - Restaurant Brands International (RBI), the owner of Burger King and Tim Hortons, has experienced a decline in stock performance in recent quarters, with shares dropping approximately 10% including dividends [1]. Company Performance - The stock has been a relatively weak performer among consumer-facing stocks, indicating challenges in maintaining investor confidence and market position [1]. Investment Strategy - The investment approach suggested is a long-term, buy-and-hold strategy, focusing on stocks that can sustainably deliver high-quality earnings, particularly in the dividend and income sectors [1].

Core Viewpoint - Restaurant Brands International (RBI), the owner of Burger King and Tim Hortons, has experienced a decline in stock performance in recent quarters, with shares dropping approximately 10% including dividends [1]. Company Performance - The company's stock has been a relatively weak performer compared to other consumer-facing stocks [1]. - The decline in shares indicates challenges in maintaining high-quality earnings sustainably [1]. Investment Strategy - The investment approach discussed emphasizes a long-term, buy-and-hold strategy, particularly favoring stocks that can deliver sustainable high-quality earnings [1].

Group 1 - Restaurant Brands International Inc. reported fiscal second quarter 2025 results with revenue of $2.41 billion, a 15.87% year-over-year increase, exceeding expectations by $71.97 million [2] - The company's EPS was $0.94, slightly missing Wall Street estimates by $0.03 [2] - System-wide sales grew by 5.3% year-over-year, with international sales increasing by 9.8% [2] Group 2 - Analysts have expressed bullish sentiment towards Restaurant Brands International, with Jake Barlett from Truist Financial reiterating a Buy rating and a price target of $81 [3] - Gregory Francfort from Guggenheim also reiterated a Buy rating, raising the price target from $77 to $78 [3] Group 3 - Restaurant Brands International is a global quick-service restaurant company that owns and franchises brands such as Tim Hortons, Burger King, Popeyes, and Firehouse Subs [4]