Restaurant Brands International Limited Partnership (RBI) reported significant financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $8.4 billion, a 19.6% increase from $7.0 billion in 2023. The company’s net income was $1.445 billion, down from $1.718 billion in the previous year, primarily due to increased income tax expenses and losses on early extinguishment of debt. Adjusted Operating Income, a key performance metric, rose to $2.402 billion, reflecting growth across all operating segments, including Tim Hortons, Burger King, Popeyes, and Firehouse Subs.
The fiscal year saw RBI complete two major acquisitions: Carrols Restaurant Group and Popeyes China, which contributed to the establishment of a new operating segment, Restaurant Holdings. The Carrols acquisition, finalized on May 16, 2024, added approximately 1,100 Burger King restaurants to RBI's portfolio, while the Popeyes China acquisition, completed on June 28, 2024, expanded the company's international footprint. These strategic moves are expected to enhance operational efficiencies and drive future growth.
Operationally, RBI reported a total of 32,125 restaurants across its brands, with approximately 95% being franchised. The company experienced a net restaurant growth of 4.5% year-over-year, driven by the expansion of its international presence and the integration of newly acquired restaurants. The company’s focus on enhancing customer experience through digital engagement and loyalty programs has also contributed to increased customer counts and engagement metrics.
RBI's financial outlook remains positive, with plans to accelerate remodeling efforts for acquired Burger King restaurants and to refranchise the majority of these locations to local franchisees. The company is also targeting total distributions of $2.48 per common share for 2025, reflecting its commitment to returning value to shareholders. However, challenges such as inflationary pressures, competitive market dynamics, and potential economic downturns could impact future performance. The company continues to monitor these risks while leveraging its strong brand portfolio and operational scale to navigate the evolving market landscape.
About Restaurant Brands International Limited Partnership
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