Restaurant Brands International Reports 16% Revenue Growth to $2.41 Billion in Q2 2025

Restaurant Brands International Limited Partnership (RBI) reported significant financial results for the second quarter of 2025, with total revenues reaching $2.41 billion, a 16% increase from $2.08 billion in the same period last year. For the first half of 2025, revenues totaled $4.52 billion, up from $3.82 billion in the prior year. The company’s net income for the quarter was $263 million, or $0.91 per Class A common unit, compared to $399 million, or $1.39 per unit, in the second quarter of 2024. The decline in net income was attributed to a decrease in income from operations and increased tax expenses.

RBI's operational performance showed notable changes, particularly in supply chain sales, which increased to $732 million from $682 million year-over-year. Company restaurant sales also saw a substantial rise, reaching $600 million compared to $347 million in the previous year. Franchise and property revenues increased slightly to $760 million from $747 million. However, the company faced challenges with operating costs, which rose to $1.93 billion from $1.42 billion, primarily due to higher supply chain costs and increased expenses related to company-operated restaurants.

Strategically, RBI has been active in expanding its portfolio through acquisitions. The company completed the acquisition of Carrols Restaurant Group in May 2024 and Popeyes China in June 2024, which have been integrated into its operations. The newly established Restaurant Holdings segment includes results from these acquisitions, contributing to the overall revenue growth. As of June 30, 2025, RBI operated a total of 32,229 restaurants across its brands, with over 90% being franchised.

In terms of operational metrics, RBI reported a system-wide sales growth of 5.3% for the second quarter, with comparable sales increasing by 2.4%. The company also experienced a net restaurant growth of 2.9%. However, the company noted that the impact of foreign currency fluctuations negatively affected its financial results, particularly in the international segment. The company’s total assets increased to $25.69 billion from $24.63 billion at the end of 2024, while total liabilities rose to $20.60 billion from $19.79 billion.

Looking ahead, RBI remains focused on its growth strategy, including refranchising initiatives and potential partnerships for its international operations. The company plans to continue investing in its brands to enhance customer experience and drive profitability. Despite the challenges posed by market conditions and operational costs, RBI's management expressed confidence in the company's ability to navigate these issues and achieve its long-term objectives.