Filing Flows › Restaurant Brands International (QSR) › Q2 2025
Restaurant Brands International (QSR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Restaurant Brands International (QSR) reported revenue of $2.4B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +14% from the quarter before. Operating margin was 20.0%, net earnings $189M (7.8% of revenue).
Restaurant Brands International, Q2 2025: revenue $2.4B (+16% year over year), operating margin 20.0%, net earnings $189M, operating cash flow $449M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | +14% | +16% |
| Operating profit | $483M | +11% | -27% |
| Net earnings | $189M | +19% | -32% |
| Operating cash flow | $449M | +281% | +34% |
| Free cash flow | $411M | +661% | +41% |
What changed
Revenue was $2.4B in Q2 2025, up 16% year over year and up 14% from the previous quarter. TH was the largest line at 45% of revenue. RH added $0.24B year over year (up 104%), 72% of the total change. BK declined 1%.
Operating profit was $0.48B, a 20.0% margin (down 11.8 points year over year). Operating profit fell $0.18B even though revenue rose $0.33B versus a year earlier, so costs grew faster than sales. Total costs grew 36% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+41%). Net earnings were $0.19B, down 32% year over year. The effective tax rate was 24.9%.
Operating cash flow was $0.45B (up 34% year over year), 171% of net income including minority interests. Non-cash charges added back $0.08B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.08B. Capital expenditures of $0.04B left free cash flow of $0.41B.
Questions
What was Restaurant Brands International's revenue in the second quarter 2025?
Restaurant Brands International (QSR) reported revenue of $2.4B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +14% from the quarter before.
Was Restaurant Brands International profitable in the second quarter 2025?
Operating profit was $483M (20.0% of revenue) and net earnings $189M.