Filing Flows › Restaurant Brands International (QSR) › Q1 2025
Restaurant Brands International (QSR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Restaurant Brands International (QSR) reported revenue of $2.1B for the first quarter 2025 (Q1 2025), +21% from a year earlier and -8% from the quarter before. Operating margin was 20.6%, net earnings $159M (7.5% of revenue).
Restaurant Brands International, Q1 2025: revenue $2.1B (+21% year over year), operating margin 20.6%, net earnings $159M, operating cash flow $118M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | -8% | +21% |
| Operating profit | $435M | -31% | -20% |
| Net earnings | $159M | -39% | -31% |
| Operating cash flow | $118M | -75% | -20% |
| Free cash flow | $54.0M | — | -56% |
What changed
Revenue was $2.1B in Q1 2025, up 21% year over year and down 8% from the previous quarter. TH was the largest line at 43% of revenue. PLK added $0.02B year over year (up 9%), 4% of the total change. BK declined 12%.
Operating profit was $0.43B, a 20.6% margin (down 10.7 points year over year). Operating profit fell $0.11B even though revenue rose $0.37B versus a year earlier, so costs grew faster than sales. Total costs grew 40% against revenue growth of 21%. The fastest-growing cost line was Other operating costs (+256%). Net earnings were $0.16B, down 31% year over year. The effective tax rate was 27.1%.
Operating cash flow was $0.12B (down 20% year over year), 53% of net income including minority interests. Non-cash charges added back $0.07B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $0.22B. After payments for additions of property and equipment ($0.06B), free cash flow as the company reports it was $0.05B.
Questions
What was Restaurant Brands International's revenue in the first quarter 2025?
Restaurant Brands International (QSR) reported revenue of $2.1B for the first quarter 2025 (Q1 2025), +21% from a year earlier and -8% from the quarter before.
Was Restaurant Brands International profitable in the first quarter 2025?
Operating profit was $435M (20.6% of revenue) and net earnings $159M.