[8-K] Restaurant Brands International Inc. Reports Material Event

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Mining Industry Analyst

TL;DR Solid revenue and margin expansion from higher gold prices; rising AISC and exploration spending temper near-term profitability.

Q2 revenue and EPS comfortably beat prior-year comps, confirming strong leverage to gold prices. Balance-sheet liquidity is robust with $24 m cash/T-notes versus $3.3 m debt, giving IDR flexibility for capex and exploration. However, AISC at $1,980/oz has ballooned 43 % YoY, eroding unit margins and making continued high gold prices critical. Notes payable almost doubled but remain modest relative to equity. Investors should watch whether exploration converts to resource growth that lowers future costs.

Small-Cap Portfolio Manager

TL;DR Growth story intact but cost creep and dilution call for cautious optimism.

IDR’s 28 % YoY EPS gain is encouraging, yet 840 k shares were issued YTD and another 447 k post-quarter, diluting upside. Six-month operating income fell 7.5 % as exploration and SBC surged. Cost inflation drove AISC to nearly $2 k/oz, cutting free-cash leverage. Still, the company’s low net-debt position, commissioning milestones and REE optionality justify a neutral-to-positive stance, contingent on cost control and drilling results.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2025

 RESTAURANT BRANDS INTERNATIONAL INC.

(Exact name of registrant as specified in its charter)

Canada

001-36786

98-1202754

(State or other jurisdiction of

(Commission

(I.R.S. Employer

incorporation)

File Number)

Identification No.)

5707 Blue Lagoon Drive
Miami,			Florida			33126
(Address of Principal Executive Offices and Zip Code)

(305) 378-3000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Common Shares, without par value

QSR

New York Stock Exchange

Toronto Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition.

On August 7, 2025, Restaurant Brands International Inc. (the “Company”) issued a press release and supplemental financial and operational information regarding results for the three months ended August 7, 2025. The press release and supplemental financial and operational information are furnished as Exhibit 99 hereto.

Item 9.01     Financial Statements and Exhibits

Exhibit Number						Description
99						Press release and supplemental financial and operational information regarding results for the three months ended June 30, 2025 issued by the Company on August 7, 2025.
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						RESTAURANT BRANDS INTERNATIONAL INC.
Date: August 7, 2025						/s/ Sami Siddiqui
						Name:			Sami Siddiqui
						Title:			Chief Financial Officer