Filing Flows › Restaurant Brands International Limited Partnership (QSP) › Q4 2025
Restaurant Brands International Limited Partnership (QSP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Restaurant Brands International Limited Partnership (QSP) reported revenue of $2.5B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +0.7% from the quarter before. Operating margin was 25.2%, net earnings $155M (6.3% of revenue).
Restaurant Brands International Limited Partnership, Q4 2025: revenue $2.5B (+7% year over year), operating margin 25.2%, net earnings $155M, operating cash flow $555M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +0.7% | +7% |
| Operating profit | $621M | -6% | -2% |
| Net earnings | $155M | -64% | -57% |
| Operating cash flow | $555M | -6% | +15% |
| Free cash flow | $453M | -15% | +12% |
What changed
Revenue was $2.5B in Q4 2025, up 7% year over year and up 1% from the previous quarter. TH was the largest line at 46% of revenue.
Operating profit was $0.62B, a 25.2% margin (down 2.5 points year over year). Operating profit fell $0.01B even though revenue rose $0.17B versus a year earlier, so costs grew faster than sales. Total costs grew 11% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+13%). Net earnings were $0.15B, down 57% year over year. The effective tax rate was 58.7%.
Operating cash flow was $0.56B (up 15% year over year), 358% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.29B. Capital expenditures of $0.10B left free cash flow of $0.45B.
Questions
What was Restaurant Brands International Limited Partnership's revenue in the fourth quarter 2025?
Restaurant Brands International Limited Partnership (QSP) reported revenue of $2.5B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +0.7% from the quarter before.
Was Restaurant Brands International Limited Partnership profitable in the fourth quarter 2025?
Operating profit was $621M (25.2% of revenue) and net earnings $155M.
Source: Restaurant Brands International Limited Partnership 10-K on SEC EDGAR.