Restaurant Brands International announced a joint venture with CPE to operate Burger King China. CPE will invest $350 million of new primary capital at closing and hold approximately 83% of the Burger King China JV; RBI will retain approximately 17% and a JV board seat. RBI will not receive cash proceeds, as funds remain in the JV to support growth.
The company expects to record a non-cash impairment charge of about $150 million on its Burger King China holdings due to the decision to sell a significant portion and the valuation implied by the transaction. A 20‑year master development agreement grants exclusive China development rights with targets to grow from about 1,250 restaurants today to roughly double by 2030 and to more than 4,000 by 2035. Closing is expected in the first quarter of 2026, subject to customary regulatory approvals.
Restaurant Brands International Limited Partnership reported Q3 2025 results with total revenues of $2,449 million, up from $2,291 million a year ago. Income from operations rose to $663 million from $577 million, and net income increased to $436 million from $357 million.
Earnings per Class A common unit were $1.51 (including $1.52 from continuing operations and a $0.01 loss from discontinued operations). Partnership exchangeable units earned $0.96. Supply chain sales were $769 million and franchise and property revenues were $778 million, reflecting solid activity across brands. As of September 30, 2025, the company operated 32,423 restaurants across more than 120 countries.
The balance sheet showed cash and cash equivalents of $1,206 million, long‑term debt of $13,415 million (net of current portion), and total assets of $25,669 million. Year‑to‑date cash flow from operating activities from continuing operations was $1,159 million.
Restaurant Brands International Limited Partnership furnished quarterly materials. The company provided a press release and supplemental financial and operational information for the three and nine months ended September 30, 2025, furnished as Exhibit 99.
The materials were submitted under Item 2.02 (Results of Operations and Financial Condition). A cover page Inline XBRL data file was included as Exhibit 104. The filing was signed by Chief Financial Officer Sami Siddiqui on October 30, 2025.