NYSE$QSR
Restaurant Brands International Inc. · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Restaurant Brands International reported Q4 2023 results with revenue growth driven by system-wide sales increases across all segments and strategic investments.
Restaurant Brands International (RBI) reported strong Q4 2023 results, with global system-wide sales growing nearly 10% and comparable sales up nearly 6%. The company is focused on delivering better experiences for guests and profitability for franchisees, while making long-term investments for growth. RBI reported total revenues of $1.82 billion and net income of $726 million for the quarter.
- Global system-wide sales grew nearly 10% in Q4 2023.
- Comparable sales increased by nearly 6%, driven by Tim Hortons Canada and Burger King US.
- Digital sales grew over 20% year-over-year, reaching $14 billion in 2023.
- Home market franchisee profitability increased 30% year-over-year, on average.
Headline financials
Revenue & EPS history
RBI · Revenue · Quarterly
$1.82B
Revenue by segment
RBI · $1.84B total across 4 segments · Q3 2023
- Tim Hortons$1.06B+2.6%57.7%
- Burger King$538M+9.6%29.3%
- Popeyes$188M+14.6%10.2%
- Firehouse Subs$51M+34.2%2.8%
Forward guidance
RBI provided forward-looking statements regarding macroeconomic pressures, digital and marketing initiatives, franchisee contributions, remodel programs, net leverage targets, and dividend targets for 2024.
Tailwinds
- Expectations regarding the effects and continued impact of the macro-economic pressures, such as inflation, rising interest rates and currency fluctuations, on our results of operations, business, liquidity, prospects and restaurant operations and those of our franchisees
- Expectations regarding further expenditures relating to digital, marketing, remodel and technology enhancement initiatives, including our “Reclaim the Flame” plan to accelerate sales growth and drive franchisee profitability at Burger King
- Expectation that franchisee contributions to the ad fund will increase in 2025
- Expectations around Royal Refresh investments and remodel program
- Confidence of reaching target net leverage
Headwinds
- Risks related to franchisees financial stability and their ability to access and maintain the liquidity necessary to operate their business
- Risks arising from macroeconomic conditions, including inflation and raising interest rates and its impact on discretionary spending
- Risks related to unforeseen events such as pandemics
- Risks related to supply chain
- Risks related to ownership and leasing of properties
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
-0.5%
Avg return
Earnings day
-0.5%
Avg return
5 days after
+0.5%
Avg return
30 days after
36%
19 / 53 earnings
Positive
+8.3%
Q2 2022
Best reaction
-7.0%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.5% | -4.2% | -11.1% | |
| Q4 2025 | -6.2% | -3.6% | +2.8% | |
| Q3 2025 | -2.0% | +0.0% | +8.0% | |
| Q1 2025 | -0.5% | -0.1% | +5.0% | |
| Q4 2024 | -1.6% | -3.5% | -1.2% | |
| Q3 2024 | -2.5% | -2.9% | -0.4% | |
| Q2 2024 | -0.0% | +0.2% | -4.1% | |
| Q1 2024 | -0.8% | +2.7% | -9.6% | |
| Q4 2023 | -2.2% | -1.4% | +4.2% | |
| Q3 2023 | -3.0% | -1.3% | +5.1% | |
| Q2 2023 | -1.7% | -2.1% | -9.6% | |
| Q1 2023 | +1.7% | +1.4% | +6.7% | |
| Q4 2022 | -3.5% | -1.4% | -9.6% | |
| Q3 2022 | +4.5% | +4.8% | +14.3% | |
| Q2 2022 | +8.3% | +7.7% | +7.7% | |
| Q1 2022 | -4.7% | -7.8% | -7.2% | |
| Q4 2021 | +2.5% | -0.2% | +1.3% | |
| Q3 2021 | -7.0% | -8.6% | -5.2% | |
| Q2 2021 | +3.1% | +0.6% | -0.4% | |
| Q1 2021 | +3.9% | +1.8% | +2.9% | |
| Q4 2020 | -1.7% | -1.3% | +5.7% | |
| Q3 2020 | -4.9% | -6.2% | +7.0% | |
| Q2 2020 | -6.9% | -3.9% | -2.9% | |
| Q1 2020 | -0.6% | -0.8% | +10.7% | |
| Q4 2019 | +4.0% | +5.3% | -25.1% | |
| Q3 2019 | -5.2% | -4.7% | -3.2% | |
| Q2 2019 | +4.7% | +7.2% | +7.8% | |
| Q1 2019 | -1.8% | +0.5% | -0.8% | |
| Q4 2018 | +2.5% | +3.2% | +0.5% | |
| Q3 2018 | -0.8% | -6.2% | -2.6% | |
| Q2 2018 | +0.8% | -0.2% | -9.1% | |
| Q1 2018 | +2.6% | +1.3% | +8.3% | |
| Q4 2017 | +2.2% | +4.4% | +2.8% | |
| Q3 2017 | -3.3% | -4.2% | -2.0% | |
| Q2 2017 | +2.4% | +4.9% | +3.4% | |
| Q1 2017 | -2.9% | -4.0% | +5.0% | |
| Q4 2016 | +6.0% | +4.8% | +6.7% | |
| Q3 2016 | -5.3% | -7.3% | +1.6% | |
| Q2 2016 | +4.2% | +6.1% | +7.7% | |
| Q1 2016 | +2.0% | — | — | |
| Q4 2015 | +7.8% | — | — | |
| Q3 2014 | -4.6% | — | — | |
| Q3 2015 | -4.6% | — | — | |
| Q2 2015 | +0.4% | — | — | |
| Q1 2014 | -3.4% | — | — | |
| Q1 2015 | -1.9% | — | — | |
| Q2 2013 | -1.4% | — | — | |
| Q4 2014 | -1.4% | — | — | |
| Q2 2014 | -1.4% | — | — | |
| Q1 2013 | -1.4% | — | — | |
| Q4 2013 | -1.4% | — | — | |
| Q4 2012 | -1.4% | — | — | |
| Q3 2013 | -1.4% | — | — |
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