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Highlights

  • QSR's total revenue for FY24 increased by 19.7% YoY, reaching USD 8,406 million
  • Operating costs in FY24 rose by 20.4% YoY, totalling USD 5,987 million
  • Net income for FY24 fell by 15.9% YoY, primarily due to higher income tax expenses
  • QSR plans to release its first-quarter 2025 results on May 8, 2025.
  • The company targets a 3% increase in comparable sales and 8% growth in system-wide sales by 2028

Restaurant Brands International Inc. (TSX:QSR) is a global quick-service restaurant company with over 32,000 restaurants across more than 120 countries and territories.

In the financial year 2024 (FY24), QSR achieved a 19.7% increase in annual revenue, rising to USD 8,406 million from USD 7,022 million in FY23. This growth was primarily driven by the acquisition of restaurants from franchisees and a notable increase in system-wide sales. Operating costs also rose by 20.4% YoY, totalling USD 5,987 million, mainly due to higher restaurant and advertising expenses.

Despite the revenue growth, net income for FY24 declined by 15.9% YoY to USD 1,445 million from USD 1,718 million in FY23. This decrease was largely attributed to a higher income tax expense in the current year, compared to an income tax benefit in the prior year. Income from operations increased by 17.9% YoY, reaching USD 2,419 million, supported by higher revenue and better performance from equity method investments.

Recent Business Update

On March 19, 2025, the company announced it will release its first-quarter 2025 financial results on Thursday, May 8, 2025. In a significant move on February 18, 2025, the Company acquired its partner's equity stakes in Burger King China for approximately USD 158 million in an all-cash transaction.

Company Outlook

The company recently released its long-term performance forecast for the period 2024-2028. It targets an average annual increase of 3% in comparable sales and 8% growth in system-wide sales. Additionally, the company expects its adjusted operating income to grow in line with system-wide sales growth over this period.

Top 10 Shareholders

The top 10 shareholders of QSR collectively hold around 42.81% of the company's total shares. Capital World Investors and Pershing Square Capital Management, L.P. are the largest stakeholders, with approximately 13.36% and 7.08% stake, respectively.

Stock Information

Over the past week, the stock has experienced a downside of approximately 1.01%, while it saw an upside of around 1.94% over the last month. As of April 1, 2025, the stock is trading below the average of its 52-week high of CAD 107.54 and 52-week low of CAD 86.06, with a closing price of CAD 95.84.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is April 01, 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.