Filing Flows › Restaurant Brands International Limited Partnership (QSP) › Q3 2025
Restaurant Brands International Limited Partnership (QSP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Restaurant Brands International Limited Partnership (QSP) reported revenue of $2.4B for the third quarter 2025 (Q3 2025), +7% from a year earlier and +2% from the quarter before. Operating margin was 27.1%, net earnings $436M (17.8% of revenue).
Restaurant Brands International Limited Partnership, Q3 2025: revenue $2.4B (+7% year over year), operating margin 27.1%, net earnings $436M, operating cash flow $592M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | +2% | +7% |
| Operating profit | $663M | +37% | +15% |
| Net earnings | $436M | +66% | +22% |
| Operating cash flow | $592M | +32% | +10% |
| Free cash flow | $531M | +29% | +9% |
What changed
Revenue was $2.4B in Q3 2025, up 7% year over year and up 2% from the previous quarter. TH was the largest line at 46% of revenue. TH added $0.08B year over year (up 8%), 51% of the total change.
Operating profit was $0.66B, a 27.1% margin (up 1.9 points year over year). Of the extra revenue versus a year earlier, 54% reached operating profit, above the 25% margin then. Total costs grew 4% against revenue growth of 7%. Net earnings were $0.44B, up 22% year over year. The effective tax rate was 17.7%.
Operating cash flow was $0.59B (up 10% year over year), 136% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.06B left free cash flow of $0.53B.
Questions
What was Restaurant Brands International Limited Partnership's revenue in the third quarter 2025?
Restaurant Brands International Limited Partnership (QSP) reported revenue of $2.4B for the third quarter 2025 (Q3 2025), +7% from a year earlier and +2% from the quarter before.
Was Restaurant Brands International Limited Partnership profitable in the third quarter 2025?
Operating profit was $663M (27.1% of revenue) and net earnings $436M.
Source: Restaurant Brands International Limited Partnership 10-Q on SEC EDGAR.