Quick service restaurant company Restaurant Brands International (RBI) has reported total revenues of $2.29bn for the fourth quarter (Q4) ended 31 December 2024 - a 26.2% increase from $1.82bn in the same period of 2023.
Despite the growth, RBI's net income for the quarter saw a decline to $361m in Q4 from $726m the previous year.
The company's year-end revenue increased to $8.4bn in 2024 from $7.02bn in 2023.
However, operating costs and expenses, including advertising costs, franchise and property expenses and other outlays escalated to $1.6bn for the quarter, up from $1.3bn in the previous year.
Annual operational costs followed suit, increasing from $4.9bn in the preceding year to $5.9bn.
Diluted earnings per common share dropped to $0.79 in Q4 2024 from $1.6 in the corresponding quarter of the previous year.
Despite these challenges, RBI experienced global system-wide sales growth of 5.6% for the fourth quarter and 5.4% for the full year 2024.
Global comparable sales were up by 2.5% in Q4, led by a 4.7% increase at INTL and a 2.5% rise at TH Canada.
The company's income from operations grew by 17.9% year-on-year, and organic adjusted operating income increased by 9%.
RBI returned approximately $1bn of capital to shareholders in 2024 while investing for growth and reaching its net leverage target.
Looking ahead to 2025, RBI has declared a target total of $2.48 in dividends per common share and partnership exchangeable unit.
RBI CEO Josh Kobza stated: "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."
RBI has $45bn in annual system-wide sales and more than 30,000 restaurants in more than 120 countries and territories.
The company owns four quick-service restaurant brands: Tim Hortons, Burger King, Popeyes and Firehouse Subs.
