Restaurant Brands International Inc. (RBI) reported significant financial developments in its 10-Q filing for the third quarter of 2024, reflecting both revenue growth and strategic acquisitions. As of September 30, 2024, total revenues for the three months reached $2,291 million, a notable increase from $1,837 million in the same period of 2023. For the nine months ended September 30, 2024, revenues totaled $6,110 million, up from $5,202 million year-over-year.
The company’s net income for the third quarter was $357 million, slightly down from $364 million in Q3 2023. However, net income for the nine months increased to $1,084 million from $992 million in the prior year. Net income attributable to common shareholders remained stable at $252 million for the third quarter, while it rose to $762 million for the nine-month period, compared to $682 million in 2023.
RBI's total assets grew to $25,071 million as of September 30, 2024, up from $23,391 million at the end of 2023. This increase was accompanied by a rise in total liabilities to $20,032 million from $18,661 million. The company’s retained earnings also improved, reaching $1,794 million, compared to $1,599 million at the end of the previous fiscal year.
A key strategic development was the acquisition of Carrols Restaurant Group, completed on May 16, 2024, for $543 million, which included assuming approximately $431 million in debt. This acquisition is expected to enhance RBI's operational footprint, as Carrols became a wholly owned subsidiary. The company also acquired Popeyes China in June 2024, further expanding its international presence.
RBI's operational performance was bolstered by its new segment structure, which now includes six operating segments: Tim Hortons, Burger King, Popeyes, Firehouse Subs, International, and Restaurant Holdings. The company reported system-wide sales growth of 3.2% for the third quarter and 5.3% for the nine-month period, driven by comparable sales increases across its brands.
In terms of cash flow, RBI generated $1,022 million from operating activities in the nine months ended September 30, 2024, compared to $920 million in the same period of 2023. The company’s cash and cash equivalents stood at $1,176 million at the end of the reporting period.
Overall, RBI's financial results reflect a robust growth trajectory, supported by strategic acquisitions and an expanding operational framework, despite slight fluctuations in net income for the most recent quarter.
About Restaurant Brands International Inc.
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