Restaurant Brands International Inc., one of the world’s largest quick service restaurant companies with nearly $45 billion in annual system-wide sales and over 30,000 restaurants in more than 120 countries and territories, reported 2.3% comparable sales growth in 2024 compared to the previous year.
In reporting its financial results on Wednesday, the company said total revenue of $8.4 billion for the year rose from just over $7 billion in 2023. But net income fell from $1.718 billion in 2023 to $1.445 billion in 2024.
RBI owns four of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®.
Josh Kobza, Chief Executive Officer of RBI, said: “I am proud of our performance this year, reflecting the strong foundations we’re building across our businesses and the dedication of our teams and franchisees who are executing the fundamentals of quality, service, and convenience with excellence.
“As we look ahead, we remain focused on thoughtful marketing, operational improvements, and modern image to enhance the guest experience, drive franchisee profitability, and deliver long-term growth for our brands and shareholders.”
The company said it completed the acquisitions of Carrols Restaurant Group Inc. and Popeyes China on May 16, 2024 and June 28, 2024, respectively. Its consolidated results include Carrols and PLK China revenues, expenses and segment income from their acquisition dates.
“Following the Carrols and PLK China Acquisitions, RBI established a new operating and reportable segment, Restaurant Holdings (RH), which includes results from the Carrols Burger King restaurants and the PLK China restaurants. RBI reports results under six operating and reportable segments consisting of the following: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), Firehouse Subs (FHS), International (INTL) and RH,” it said.
“RBI plans to maintain the franchisor dynamics in its TH, BK, PLK, FHS and INTL segments (“five franchisor segments”) to report results consistent with how the business will be managed long-term given RBI’s plans to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China in the future. RH results include Company Restaurant Sales and expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK and INTL) and eliminated upon consolidation.”
