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Restaurant Brands earnings top estimates as international Burger King restaurants fuel sales growth

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Restaurant Brands earnings top estimates as international Burger King restaurants fuel sales growth


HANGZHOU, CHINA – NOVEMBER 11 2025: A deliveryman picks up an order at a Burger King outlet in Hangzhou in east China’s Zhejiang province Tuesday, Nov. 11, 2025.

LONG WEI | Feature China | Future Publishing | Getty Images

Restaurant Brands International on Thursday reported quarterly earnings and revenue that topped expectations, fueled by strong international growth.

Here’s what the company reported for the period ended Dec. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

  • Earnings per share: 96 cents adjusted vs. 95 cents expected
  • Revenue: $2.47 billion vs. $2.41 billion expected

Restaurant Brands reported fourth-quarter net income attributable to shareholders of $113 million, or 34 cents per share, down from $259 million, or 79 cents per share, a year earlier.

Excluding transaction costs, restructuring expenses and other items, the company reported adjusted earnings of 96 cents per share.

Net sales rose 7.4% to $2.47 billion. Stripping out currency fluctuations and sales from restaurants it plans to refranchise, Restaurant Brands’ organic revenue ticked up 6.5%.

The company’s same-store sales increased 3.1%, fueled by strong international growth.

Outside of the U.S. and Canada, Restaurant Brands’ same-store sales climbed 6.1%. International Burger King restaurants, which represents the bulk of the segment, saw same-store sales growth of 5.8%.

Analysts were projecting international same-store sales growth of just 3.7%, based on StreetAccount estimates.

And Restaurant Brands plans to keep growing its business abroad. In November, the company announced its plan to form a joint venture for Burger King China to accelerate expansion. Under the terms of the deal, which closed in late January, CPE, a Chinese alternative asset manager, owns roughly 83% of Burger King China. Restaurant Brands has retained a minority stake of about 17%, along with a seat on the board of directors.

Canadian coffee chain Tim Hortons reported same-store sales growth of 2.9%, although Wall Street was projecting an increase of 3.8%, according to StreetAccount. Tim Hortons accounted for 46% of Restaurant Brands’ overall revenue during the quarter.

Burger King reported overall same-store sales growth of 2.7%, topping StreetAccount estimates of 2.4%.

Popeyes was the laggard of Restaurant Brands’ portfolio. Its same-store sales fell 4.8%, a steeper decline than the 2.4% decrease forecast by Wall Street.

But the company has plans to revive the embattled fried chicken chain. In November, Restaurant Brands tapped Burger King veteran Peter Perdue to lead the chain’s U.S. and Canadian business; last month, the company also named Popeyes veteran Matt Rubin as the chain’s latest chief marketing officer.

Restaurant Brands plans to share more of its ideas to grow the business at its investor day in Miami on Feb. 26.



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Daily Mail owner’s takeover of Telegraph to face probe

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Daily Mail owner’s takeover of Telegraph to face probe



Culture Secretary Lisa Nandy orders a review of the deal on public interest and competition grounds.



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American Airlines flight attendants picket as CEO tries to calm frustrated employees

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American Airlines flight attendants picket as CEO tries to calm frustrated employees


American Airlines flight attendants’ union plans to hold a picket outside the company’s headquarters on Thursday pushing for new leadership at the carrier, which has lagged rivals Delta Air Lines and United Airlines in profitability and punctuality.

Ahead of the picket on Wednesday night, American CEO Robert Isom sought to calm frustrated employees and listed improvements the carrier expects this year, including a jump in profits as well as improvements to schedules and new cabins.

“We look forward to working with all of you to make it happen,” Isom said in a video message filmed at the airline’s Fort Worth, Texas headquarters.

The picket comes days after the Association of Professional Flight Attendants, which represents American’s 28,000 cabin crew members, issued a vote of no confidence in Isom, which the union said was its first such move. The chief executive was also criticized by the pilots’ union, which sought a meeting with the airline’s board, of which Isom is a member, to discuss the problems. Unions for pilots, flight attendants and mechanics have all recently said the company needs to do better to improve reliability and financial results.

The protest is an unusual move outside of contract negotiations.

The signals from the labor groups have increased pressure on Isom, who took the helm nearly four years ago, and American’s leadership team, which is investing in cabin upgrades, bigger airport lounges and other on-board products.

Last month, American forecast stronger revenue and profits for 2026 and said it expects to report adjusted earnings per share of as much as $2.70, up from an adjusted 36 cents last year.

American is in the middle of a revamp that it hopes will help revive profits with more modern airplane cabins that command higher fares, which is especially important as coach-class fares have dropped. It has also built bigger lounges and added free Wi-Fi for customers.

For the first 11 months of the year, American ranked eighth in punctuality with a 73.7% on-time rate, according to the Department of Transportation. It is now adjusting its schedules, including at its massive Dallas-Fort Worth International hub where it is spreading out flights more throughout the day.

But it has a long way to go. In 2025, American posted net income of $111 million compared with Delta’s $5 billion and more than $3.3 billion from United. The lower profits meant a smaller profit-sharing pool for employees, which staff members have complained about.

In a town hall with employees last month, Isom noted that American’s pilots, flight attendants and other groups have recently sealed new labor contracts that have meant higher wages compared with their counterparts at rival United. But he said he was disappointed by the profit-sharing.

The flight attendants have also said they were frustrated with American’s struggles to recover from major winter storms, which left some crew members without a place to sleep.

“This airline is headed down a path that puts our careers at risk,” the flight attendants’ union said in a notice about the picket. “Now is the time for Flight Attendants to stand together and show up in protest. American Airlines needs real accountability, decisive action, and leadership that will put this airline back on a competitive path.”

Isom is also trying not only to win support of frontline crews but also to rally higher-ups. Last week, at Globe Life Field in Arlington, Texas, Isom spoke to about 6,000 managers about the years ahead as the airline turns 100.

“We’ve filled an entire Major League Baseball field with this proud and talented team. The best in the industry,” he said, according to a transcript of his remarks, which were seen by CNBC. “It’s incumbent on all of us to build on our progress … and to ensure that we grow profitability so American is around for the next 100 years.”

Read more CNBC airline news



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Daily Mail’s £500m Telegraph takeover faces government investigation

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Daily Mail’s £500m Telegraph takeover faces government investigation


The Culture Secretary has launched a formal probe into the proposed £500 million takeover of The Telegraph by the owner of the Daily Mail, a month after Lisa Nandy indicated she was “minded to intervene” on public interest grounds.

On Thursday, she confirmed a public interest intervention into the deal, which would expand one of the UK’s largest media groups.

Ms Nandy expressed “concerns” over the deal’s potential impact on the “plurality of views” in UK news media.

She aims to assess if it will affect newspaper customers by reducing the number of titles owned by different parent groups.

The Competition and Markets Authority (CMA) will now investigate the potential deal and report its findings to the Government.

Ms Nandy added that media regulator Ofcom will also look into the public interest implications for the possible deal.

Lisa Nandy previously informed both The Telegraph and Daily Mail and General Trust (DMGT) that she is ‘minded to intervene’ in the deal, based on public interest grounds

In November, Daily Mail and General Trust (DMGT) agreed to purchase the Telegraph from RedBird IMI after an attempted purchase by the Abu Dhabi-backed investment firm was blocked by the then-Tory government.

A month later DMGT confirmed that it had secured funding to allow it to push forward with the deal.

The purchase would see The Telegraph become part of DMGT’s stable of media organisations, which also includes Metro, The i Paper and New Scientist.

The investigation is the latest twist in a roughly three-year ownership tussle for The Telegraph after it was put up for sale by lenders for previous owners the Barclay brothers.

In November 2025, Daily Mail and General Trust (DMGT) agreed to purchase the Telegraph from RedBird IMI after an attempted purchase by the Abu Dhabi-backed investment firm was blocked by the then-Tory government

In November 2025, Daily Mail and General Trust (DMGT) agreed to purchase the Telegraph from RedBird IMI after an attempted purchase by the Abu Dhabi-backed investment firm was blocked by the then-Tory government (PA Archive)

An Abu Dhabi-backed consortium had struck a deal to buy the business but saw this blocked by the Government over foreign ownership concerns.

RedBird IMI, which was partly backed by US firm RedBird Capital but majority-owned by Sheikh Mansour bin Zayed Al Nahyan, vice president of the United Arab Emirates, originally agreed to buy the media firm and fellow title The Spectator in 2023.

The Spectator has since been sold to hedge fund tycoon Sir Paul Marshall’s OQS Ventures business for £100 million.

RedBird Capital then agreed a deal without the backing of IMI to buy The Telegraph but saw this collapse late last year before a new deal was struck with DMGT.



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