Restaurant Brands Intl Azioni (NYSE: QSR)

Ultime notizie per Restaurant Brands Intl (NYSE:QSR) Azioni

Restaurant Brands Intl

Restaurant Brands International is one of the largest restaurant companies in the world, with approximately $44 billion in 2024 systemwide sales across a footprint that spanned more than 32,000 restaurants and more than 100 countries. The firm generates revenue primarily from retail sales at its company-owned restaurants, royalty fees and lease income from franchised stores, and from its Tim Hortons supply chain operations. Formed in 2014 after 3G Capital's acquisition of Tim Hortons International, the RBI portfolio is split among Burger King (7,082 units), Tim Hortons (4,539 units), Popeyes Louisiana Kitchen (3,520 units), Firehouse Subs (1,345 units), and international franchise units of those banners (15,639) as of year-end 2024.

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Restaurant Brands International: Gli analisti rivedono le previsioni per il secondo trimestre 2024, ecco cosa aspettarsi dai risultati.

Restaurant Brands: cosa prevedono gli analisti per il Q2

Restaurant Brands International Inc. Common Shares

Restaurant Brands International Inc

The best investments you will ever make in your entire life are those in sectors and opportunities where almost nobody else agrees with you.
The consensus holds that the asset class you are reviewing is terrible and investing there will almost certainly lead to immediate and severe loss of funds.
Right at this moment, as we survey Wall Street and Main Street, it is probably easier to find eight-year-old kids looking forward to a dinner of liver and onions with chicken gizzards and broccoli than openly enthusiastic advocates of investing in commercial real estate.
When you take an asset class this universally hated and discover that only private equity professionals truly love it, I start to get interested.
Recently, KKR &amp; Co (Ticker: KKR) came out and waxed poetic about opportunities in commercial real estate debt, pointing out severe price contractions. Low prices tend to bring out buyers and dealmakers, exactly what we are seeing.
John Gray at Blackstone (Ticker: BX) has emerged as a vocal advocate, pounding the table that this is the time to be opportunistic and aggressive. Gray came up through Blackstone&#8217;s real estate division and knows these markets intimately. His firm has generated tremendous returns for themselves and investors in commercial real estate.
When the best minds in private equity begin to pick at and nibble around a sector, it is generally time to start getting interested.
When I examine commercial real estate, offices immediately come to mind. The conventional wisdom holds that offices are empty, and nobody will ever work in them again. People envision office space as something from a post-apocalyptic movie.
In a word, bleak.
The forecast appears terrible.
Workers want to stay home in their sweatpants with dress shirts and ties for Zoom (Ticker: ZM) calls.
That paradigm is shifting. We have completed our work-from-home experiment. The office decline is beginning to ebb, stabilizing at a new, lower baseline.
Across the country, return-to-work policies are emerging. Financial services led the charge. The federal government has made it official policy. State and local governments are following suit.
Artificial intelligence companies are mandating office returns, recognizing that breakthrough innovation requires massive collaborative efforts that demand physical presence.
Return-to-work mandates represent just one factor.
Construction has virtually stopped. Even developers interested in office construction cannot secure financing for new projects.
According to a recent CBRE Group (Ticker: CBRE) report, the math has fundamentally shifted. The combined number of office conversions, to life science buildings, medical facilities, condominiums, and residential buildings, plus outright demolitions exceeds new supply coming to market in many U.S. markets.
We are witnessing the creation of a supply-constrained office market, particularly for Class A space where everyone wants to locate.
Within just a few years, we will face a supply-and-demand imbalance resulting in an actual shortage of high-end Class A office space.
This trend is emerging everywhere, even in battered markets like San Francisco. There, AI-related office space has grown fivefold over recent years and is projected to triple again over the next five years.
&nbsp;Demand is building while new supply remains nonexistent. Office real estate is beginning to improve, yet nobody is paying attention.
For three to four years running, I have heard predictions that multifamily real estate will collapse. These forecasts began with the initial post-pandemic surge that elevated multifamily values.
The reality is we face a massive affordability crisis in residential real estate. Three factors have created a perfect storm: older homeowners with no intention of moving, persistently high mortgage rates, and builders correctly focused on higher-margin market segments.
This combination has eliminated supply at the market&#8217;s lower end.
Estimates of the housing shortage range from two million to six million units, with the true number likely between four and five million.
We face an absolute shortage of new single-family and attached homes (think townhouses rather than condominiums).
Substantial new supply will not come online until older homeowners who own much of existing inventory either pass away or are convinced by their children to relocate. Something must break this logjam.
The mathematics are stark: older homeowners hold mortgages below four percent, creating zero incentive to sell and generate new inventory.
New construction requires tax and economic incentives to make first-time and move-up home building financially viable for developers. That relief remains distant.
The Mortgage Brokers Association forecasts no significant pickup in single-family housing activity over the next several years, nor any meaningful decline in mortgage rates.
Paradoxically, if mortgage rates do fall meaningfully, it will signal that economic activity has ground to a halt, creating different affordability problems entirely.
This dynamic sustains strong multifamily demand. An entire demographic cohort that would typically have purchased homes remains trapped in apartments.
These demographic shifts are creating apartment demand surges. The substantial building wave over recent years to meet post-COVID demand filled immediately upon completion. Construction is decelerating as financing becomes more selective. Lenders will only finance the best apartment complexes in the hottest, highest-end markets.
This pullback makes multifamily commercial real estate particularly attractive, especially if acquired during broader market sell-offs.
Logistics and industrial real estate has emerged as the hottest market, driven by global supply chain restructuring and e-commerce growth. Warehousing has migrated from central districts to locations closer to cities and towns.
&nbsp;Currently, everyone is holding their breath over trade uncertainties and their potential impact on global logistics and supply chains.
This too shall pass.
The underlying demand remains robust. While we experienced a supply surge as supply chains were remade following early COVID disruptions, that wave is now ebbing.
Demand has remained strong, existing supply is filling up, and occupancy rates are very high. The outlook for industrial and logistics real estate remains very positive.
Retail properties present a bifurcated market similar to office real estate. Second and third-tier malls are finished, destined for the dustbin of history. However, Class A malls with premier tenants, exceptional entertainment and dining options, and high-end retail remain fantastic businesses.
Outlet malls continue to thrive.
Open-air centers that are internet-resistant featuring grocery stores, gyms, medical offices, and pharmacies are performing exceptionally well.
Single-tenant net lease retail properties represent another compelling opportunity. These include Walgreens(Ticker: WBA), Starbucks (Ticker: SBUX), Home Depot (Ticker: HD), Walmart (Ticker: WMT), McDonald&#8217;s (Ticker: MCD), Burger King (Ticker: QSR), and other standalone businesses.
When you examine the four corners of any major city intersection, those corner buildings typically house net lease, single-tenant real estate. This is one of my favorite segments of the real estate market and a fantastic business model.
Most commercial real estate sectors are performing well. The only serious problems have been concentrated in downtown office buildings, and even there, the combination of constrained new supply, return-to-work mandates, conversions, and demolitions is generating meaningful market improvement.
This presents an opportune time to consider commercial real estate investments: direct property ownership, commercial real estate companies, servicing companies, and non-REIT companies that own real estate assets. Real opportunity exists here because no one on Wall Street that I am aware of is advocating for commercial real estate and commercial real estate services. Numerous companies are flying well under the radar, potentially offering huge long-term returns for patient, aggressive investors willing to step into the liver and onions of current financial markets.
FRP Holdings (Ticker: FRPH) embodies everything I discussed about commercial real estate opportunities. This Jacksonville, Florida-based holding company operates across four distinct segments that perfectly capture the themes I believe are driving the commercial real estate renaissance: Industrial and Commercial properties, Mining Royalty Lands, Development, and Multifamily residential.
The crown jewel of FRP Holding's portfolio remains largely invisible to most investors.
It is approximately 16,650 acres under lease for mining rents or royalties and an additional 4,280 acres through its Brooksville joint venture with Vulcan Materials. These properties contain reserves totaling over 500 million tons, representing decades of steady cash flow.
I find the mining segment particularly attractive because it brings in approximately $10 million annually in revenue with roughly 90% free cash flow margin, generating $9 million in free cash flow.
Think about that mathematics for a moment. &nbsp;
This represents the purest form of real estate investment, land that generates income without the headaches of tenant management, building maintenance, or capital expenditure cycles. The mining royalty business provides FRP Holdings with a steady foundation of cash flow that supports their more aggressive development activities.
I also like FRP Holding's multifamily portfolio concentration in the Washington D.C. market, exactly where I want exposure as a real estate investor. D.C. is fairly recession-resistant since the federal government is the biggest employer in the area.
The company owns interests in multiple apartment complexes including Dock 79, The Maren, The Verge, Bryant Street, and .408 Jackson through joint ventures.
The strategic positioning becomes clear when you examine FRP Holding's development pipeline. The company has executed an agreement with Steuart Investment Company and MidAtlantic Realty Partners for the development of up to ten mixed-use projects in the Capitol Riverfront and Buzzard Point submarkets of Washington, D.C.
&nbsp;Upon completion and stabilization, these projects will comprise over 3 million square feet of mixed-use development including 3,000 residential units and 150,000 square feet of retail.
I see FRP Holding's industrial segment perfectly capturing the trends I discussed earlier about logistics and warehousing demand.
The company entered into two new joint venture agreements in early 2024 with Altman Logistics. The first joint venture is a 200,000 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a 182,000 square-foot warehouse redevelopment project in Broward County, FL.
Shell construction on their spec warehouse project in Aberdeen, MD on Chelsea Road was completed effective April 1, 2025, and is in the lease-up phase.
&nbsp;This 258,000 square-foot industrial asset in Harford County, Maryland represents exactly the type of modern logistics facility that companies need as they restructure supply chains closer to population centers.
I find the company&#8217;s industrial strategy particularly well-timed. FRP Holding aims to double its industrial segment over five years by delivering three new industrial assets every two years.
This aggressive expansion targets markets where demand for modern warehouse and distribution facilities continues growing while new supply remains constrained.
One of the most compelling aspects of FRP Holdings that involves its ownership structure and management alignment. The Baker family owns approximately 35% of the company, with the CEO owning 14.8% and other family members owning an additional 20.8%.
Company CEO John Baker is the largest shareholder with 15% of shares outstanding.
This represents serious skin in the game.
&nbsp;When management owns more than one-third of the business, their interests align perfectly with my interests as an outside shareholder.
The Baker family has shown that they are willing to sell if the right offer presents itself, which creates substantial shareholder value.
They have also demonstrated disciplined capital allocation, evidenced by the company repurchasing $20 million of shares during the pandemic below NAV.
I see FRP Holding's development pipeline providing multiple catalysts for future growth. In 2025, the company anticipates moving forward with two multifamily projects outside the DC area, one in South Carolina and the other in southwest Florida.
The company&#8217;s development expertise spans nearly four decades. Through its subsidiaries, FRP Development Corp &amp; Florida Rock Properties, Inc., FRP Holdings has nearly 40 years of development experience.
Several factors contribute to FRP Holding's relative obscurity among investors, which I view as an opportunity. FRP Holdings is covered by 4 analysts, with 0 of those analysts submitting estimates of revenue or earnings used as inputs to reports. The company operates in unfashionable sectors, mining royalties, apartment buildings, and warehouses, rather than the technology or growth companies that capture headlines.
FRPH does not currently pay a dividend, which eliminates income-focused investors from the shareholder base.
The company&#8217;s complex structure across multiple real estate segments requires more analysis than most investors want to undertake. This complexity creates the opportunity for those of us willing to do the work.
I believe FRP Holdings represents everything attractive about the commercial real estate opportunity I described. The company combines steady cash flows from mining royalties, growth potential from industrial development, and strategic positioning in recession-resistant Washington D.C. multifamily markets.
Management owns more than one-third of the business and has demonstrated disciplined capital allocation over decades.
This combination of quality assets, aligned management, and market neglect creates exactly the type of contrarian opportunity that I believe patient investors should embrace.
For investors willing to step into the liver and onions of today&#8217;s financial markets, I see FRP Holdings offering compelling exposure to the commercial real estate renaissance that nobody wants to discuss. The best investments you will ever make are those where almost nobody else agrees with you, and right here, almost nobody is paying attention to FRP Holdings.

Opinion

CBRE

FRPH

SBUX

Under the Radar: The Contrarian Case for Commercial Real Estate Is Getting Stronger

TD Cowen analyst Andrew M. Charles reiterated the Hold rating on Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) <a href="https://www.benzinga.com/quote/SBUX/analyst-ratings" target="_blank" rel="noreferrer noopener">with a price forecast of $90</a>.
While acknowledging the potential for a turnaround under CEO Brian Niccol, similar to Chipotle&#8217;s success, the analyst expressed caution in a recent report.
The precedent set by Brian Niccol&#8217;s successful revival of Chipotle now serves as a key benchmark for his leadership at Starbucks.
Also Read: <a href="https://www.benzinga.com/markets/tech/25/06/45903922/starbucks-teams-up-with-openai-to-launch-green-dot-assist-a-virtual-barista-tool-that-helps-staff-customize-drinks-troubleshoot-issues-and-speed-up-service" target="_blank" rel="noreferrer noopener">Starbucks Teams Up With OpenAI To Launch &#8216;Green Dot Assist&#8217;, A Virtual Barista Tool That Helps Staff Customize Drinks, Troubleshoot Issues And Speed Up Service</a>
Alternative data for Starbucks&#8217; North America segment is showing signs of improvement, with investor expectations for fiscal 2025 third quarter (June) hovering between -1% and -2%, slightly better than the -2.3% estimate from Consensus Metrix, the analyst mentioned.
He added that while there&#8217;s enthusiasm around the accelerated rollout of the Green Apron program and its potential sales boost, concerns remain about its return on investment, as proprietary surveys point to declining value perceptions that could limit pricing flexibility.
Charles also observed that in the current risk-on environment, investors appear to be rotating into Starbucks from other large-cap restaurant names like McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>), and Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>). This shift is happening alongside renewed optimism around CEO Brian Niccol, boosted by the ongoing Starbucks Leadership Experience 2025 in Las Vegas.
On the flipside, Charles tempered optimism with caution, suggesting Starbucks may have over-earned in the years following COVID-19, as the company now appears to be holding back on pricing and increasing labor hours.
The analyst asserted that the business is still recalibrating to a new earnings baseline, in contrast to consensus expectations that view 2025 as a temporary dip before margins recover.
He added that risks to U.S. same-store sales remain elevated due to declining value perceptions, narrowing quality gaps versus competitors, the company&#8217;s historical underperformance during downturns like 2008–09 and 2020, and rising competition from fast-growing drive-thru coffee chains.
Price Action: SBUX shares are trading higher by 0.18% to $94.50 at last check Friday.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/06/45882950/starbucks-ceo-confirms-a-lot-of-interest-in-potential-china-stake-sale-we-want-to-be-more-competitive" target="_blank" rel="noreferrer noopener">Starbucks CEO Confirms &#8216;A Lot Of Interest&#8217; In Potential China Stake Sale: &#8216;&#8230;We Want To Be More Competitive&#8217;</a></li>
</ul>
Photo by Ned Snowman via Shutterstock

Analyst Color

Equities

Reiteration

General

Starbucks At A Crossroads, Analyst Sees Chipotle-Like Potential But Warns Of Declining Value Perception

U.S. Health Secretary Robert F. Kennedy Jr. has championed &#8220;medical freedom&#8221; while simultaneously limiting access to COVID-19 vaccines and restricting food stamp purchases, creating what public health experts call a dichotomy in his approach to healthcare policy.
What Happened: Kennedy announced last week that the Centers for Disease Control and Prevention would remove COVID-19 vaccines from <a href="https://www.benzinga.com/news/25/05/45661031/robert-f-kennedy-jr-says-cdc-drops-covid-vaccine-for-healthy-pregnant-women-children">recommended </a>immunization schedules for healthy children and pregnant women.
The decision bypassed traditional advisory committee processes and shifted coverage from routine recommendations to shared clinical decision-making between doctors and patients.
&#8220;Regarding the vaccines, HHS is restoring the doctor-patient relationship,&#8221; HHS spokesperson Andrew Nixon said in a <a href="https://abcnews.go.com/Health/rfk-jr-promoted-freedom-choice-limiting-vaccines-food/story?id=122526364">statement</a> to ABC News. &#8220;We are encouraging those groups to consult with their health care provider to help them make an informed decision.&#8221;
Kennedy has also pushed to ban Supplemental Nutrition Assistance Program recipients from purchasing candy and soda with food stamps. Ten state governors have submitted waivers to the Agriculture Department requesting permission for such restrictions, according to Kennedy&#8217;s statements at a Make America Healthy Again event in May.
The Food and Drug Administration began <a href="https://www.benzinga.com/government/regulations/25/05/45399804/robert-kennedy-jr-cheers-fda-plan-to-ban-fluoride-supplements-for-children-calls-move-long-overdue">removing fluoride supplements for children </a>from the market, earning Kennedy&#8217;s praise as &#8220;long overdue.&#8221; The agency cited a lack of FDA approval and evidence that these products alter gut microbiomes.
Kennedy&#8217;s broader MAHA initiative has influenced restaurant chains to eliminate seed oils. Biglari Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>) subsidiary Steak &#8216;n Shake switched to beef tallow for French fries, while Sweetgreen Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>), Bloomin&#8217; Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMN#NASDAQ">BLMN</a>), and Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) have initiated similar transitions.
See Also: <a href="https://www.benzinga.com/markets/equities/25/06/45809455/tesla-stock-climbed-nearly-5-in-friday-pre-market-whats-going-on">Tesla Stock Climbed Nearly 5% In Friday Pre-Market: What&#8217;s Going On?</a>
Why It Matters: Critics argue Kennedy&#8217;s policies contradict his &#8220;medical freedom&#8221; messaging by limiting choices. Removing COVID vaccines from CDC schedules restricts access while claiming to promote freedom.
&#8220;If you restrict access, you necessarily restrict choice,&#8221; Dr. Matthew Ferrari of Pennsylvania State University told ABC News. Public health experts warn Kennedy&#8217;s approach individualizes community health decisions. &#8220;We&#8217;re losing a lot of that underpinning, which has led to a lot of the gains in public health,&#8221; Dr. Craig Spencer of Brown University told ABC News.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/06/45809443/larry-summers-identifies-3-key-reasons-for-rising-us-debt-but-doesnt-think-trumps-big-beautiful-bill-is-the-medicine-the-country-needs">Larry Summers Identifies 3 Key Reasons For Rising US Debt, But Doesn&#8217;t Think Trump&#8217;s &#8216;Big Beautiful Bill&#8217; Is The Medicine The Country Needs</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Health Care

BLMN

MRNA

NVAX

RFK Jr. Champions 'Medical Freedom' While Curtailing Access, Say Public Health Experts

Americans are firing up their stovetops at the "highest levels since early 2020," Campbell's Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPB#NASDAQ">CPB</a>) chief executive Mick Beekhuizen told analysts on Monday.
What Happened: Beekhuizen declared in a post-earnings conference call that consumers are "turning to our brands for value, quality, and convenience" and "favoring ingredients that help stretch tighter food budgets."
Sales of condensed soup and broth — pantry staples that anchor low-cost meals — jumped 15% in Campbell's latest quarter, helping overall revenue beat Wall Street estimates even as the snacks division fell 5% on an organic basis.
The wallet shift comes as eating out grows pricier. Government data <a href="https://www.bls.gov/news.release/cpi.nr0.htm">show</a> the food-away-from-home index rose 3.9% in April from a year earlier, while prices for food at home slipped 0.4% on the month, widening the savings gap for households that choose their kitchens over restaurants.
Why It Matters: Fast-food giants are already feeling the heat. McDonald's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) CEO Christopher Kempczinski said visits from low-income diners were down "<a href="https://www.benzinga.com/personal-finance/25/05/45336128/a-divided-economy-mcdonalds-ceo-says-rich-keep-dining-out-but-average-income-consumers-feeling-economic-anxiety">nearly double digits</a>" in the first quarter and middle-income consumers fell nearly as much. According to Reuters, Burger King&#8217;s parent, Restaurant Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>), <a href="https://www.benzinga.com/25/05/45292609/burger-king-parent-restaurant-brands-q1-earnings-miss-comparable-sales-drop-and-more">missed sales expectations</a> after noting that customers were steering inflation-hit dollars toward groceries. Chipotle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) cut its sales outlook too, blaming persistent inflation and economic uncertainty that keep guests at home.
See also: <a href="https://www.benzinga.com/news/topics/25/06/45738722/elon-musk-is-teslas-biggest-asset-says-dan-ives-as-he-reiterates-his-2-trillion-market-cap-for-tsla-stock">Elon Musk Is Tesla&#8217;s &#8216;Biggest Asset,&#8217; Says Dan Ives As He Reiterates His $2 Trillion Market Cap For TSLA Stock</a>
Broader metrics also flash caution. The University of Michigan's consumer-sentiment gauge sank to a three-year low in May as households braced for higher prices.
Campbell Soup Company reported <a href="https://www.benzinga.com/markets/large-cap/25/06/45720002/campbells-brews-up-strong-q3-beats-estimates-as-home-cooking-sector-simmers">third-quarter sales</a> of $2.475 billion, up 4% year-over-year and ahead of analyst expectations. Meals &amp; Beverages sales jumped 15%, offsetting an 8% decline in Snacks, while adjusted EPS of $0.73 beat the $0.66 consensus. The company also expanded operating cash flow to $872 million over nine months, delivered $110 million in cost savings, and continues to return capital through dividends and share buybacks.
Price Action: Campbell&#8217;s Co. shares closed 0.62% up at $34.25 on Monday.
Benzinga Edge Stock Rankings show CPB has a Growth score of 25%. Here is how it ranks on <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">other metrics</a>. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="142" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03011229/cpb-edge-1024x142.png" alt="" class="wp-image-935982" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03011229/cpb-edge-1024x142.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03011229/cpb-edge-300x42.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03011229/cpb-edge-768x106.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03011229/cpb-edge.png 1430w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Photo Courtesy: Rimma Bondarenko on Shutterstock.com
Read next: <a href="https://www.benzinga.com/markets/equities/25/06/45738764/garry-tan-says-founders-must-build-with-customers-to-compete-with-giants-like-salesforce-oracle-you-cant-farm-this-out">Garry Tan Says Founders Must Build With Customers To Compete With Giants Like Salesforce, Oracle: &#8216;You Can&#8217;t Farm This Out&#8217;</a>

Americans Are Cooking At Home More Than Ever Since COVID—And They Want Ingredients That Stretch Their Budget

New ETF filings from VistaShares reveal plans to launch funds that track the top trades of Bill Ackman and Michael Burry, expanding on the <a href="https://www.benzinga.com/etfs/new-etfs/25/03/44196788/exclusive-vistashares-launches-warren-buffett-inspired-etf-filling-a-gap-in-the-market-says-ceo">firm&#8217;s existing ETFs</a> tied to Warren Buffett&#8216;s investments.
What Happened: VistaShares may not be a household name for ETFs yet, but that could soon change with ETFs that will allow investors ways to invest alongside three legendary figures.
New <a href="https://www.sec.gov/Archives/edgar/data/1722388/000199937125006776/vistashares-485apos_052825.htm">filings </a>from the ETF company call for the following future ETFs to be launched:
<ul class="wp-block-list">
<li>VistaShares Pershing Square Select ETF</li>
<li>VistaShares Target 15 Pershing Square Select Income ETF</li>
<li>VistaShares Scion Asset Management Select ETF</li>
<li>VistaShares Target 15 Scion Asset Management Select Income ETF</li>
<li>VistaShares Duquesne Select ETF</li>
<li>VistaShares Target 15 Duquesne Select Income ETF</li>
<li>VistaShares Berkshire Select ETF</li>
</ul>
The ETFs will copy the investments and portfolios of Bill Ackman (Pershing Square), Michael Burry (Scion), and Stanley Druckenmiller (Duquesne). The new Berkshire Select ETF will add to the company's portfolio, which already includes the VistaShares Target 15 Berkshire Select Income (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMAH#NYSE">OMAH</a>).
The new ETFs are actively managed and will trade on the New York Stock Exchange. The main select ETFs will seek to replicate the performance of the underlying index. The target 15 funds will provide more of an income component with investments in options and other items to attempt to maintain an annual income target of 15%. &nbsp;&nbsp;
According to the filing, the VistaShares Pershing Square Select ETF would hold up to 20 stocks that best represent Ackman&#8217;s fund&#8217;s publicly disclosed holdings.
Read Also:<a href="https://www.benzinga.com/etfs/specialty-etfs/25/05/45197995/exclusive-invest-like-buffett-this-etf-ceo-is-riding-the-berkshire-hathaway-buzz"> EXCLUSIVE: &#8216;Invest Like Buffett,&#8217; This ETF CEO Is Riding The Berkshire Hathaway Buzz</a>
Why It's Important: The existing Berkshire fund from VistaShares has attracted over $200 million in assets and is popular with investors, likely leading to the launch of the new ETFs.
One item investors will have to decide before investing in the ETFs is that 13Fs from the likes of Ackman, Burry, Druckenmiller, and Buffett only have to be filed once a quarter, and the holdings may be different than what's reported. The stocks owned may have already increased in value between the time the investment management bought the stock and the time the transaction was disclosed.
Retail investors enjoy copying well-known investors with proven track records, and new products based on these names could offer excitement in the ETF space.
Ackman's most recent 13F filing <a href="https://www.benzinga.com/news/management/25/05/45456642/bill-ackman-loads-up-on-uber-dumps-nike-in-major-q1-portfolio-rebalance">showed several big changes</a>, including swapping out Nike Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) stock for options and taking a position in Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) of more than 30 million shares. Ackman increased positions in Hertz Global Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) and Alphabet Inc Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) shares during the first quarter.
At the end of the first quarter, these were the top holdings in the Pershing Square fund:
<ul class="wp-block-list">
<li>Uber: 19%</li>
<li>Brookfield Corporation: 18%</li>
<li>Restaurant Brands International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>): 13%</li>
<li>Howard Hughes Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HHH#NYSE">HHH</a>): 12%</li>
<li>Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>): 9.1%</li>
</ul>
The latest 13F filing comes as Ackman is trying to&nbsp;<a href="https://www.benzinga.com/25/05/45401638/howard-hughes-rises-nearly-3-in-pre-market-as-bill-ackman-exits-from-universal-music-groups-board-to-prioritize-new-investments" target="_blank" rel="noreferrer noopener">buy control of&nbsp;</a>Howard Hughes and turn it into a diversified holding company to copy the conglomerate style of legendary investor&nbsp;Warren Buffett.
While investors could buy and hold the stocks that Ackman and others disclose they own each quarter, ETFs like this could take some of the legwork out. The inclusion of options, swaps, and other investing methods looks to generate additional income alongside any future gains from the legendary investors.
Read Next: 
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<li><a href="https://www.benzinga.com/hedge-funds/25/05/45499198/buffett-ackman-icahn-take-a-beating-as-billionaires-weather-q1-chaos">Buffett, Ackman, Icahn Take A Beating As Billionaires Weather Q1 Chaos</a></li>
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Image created using artificial intelligence via Midjourney.

Specialty ETFs

GOOGL

OMAH

UBER

New ETFs Let Investors Mirror Buffett, Ackman, Burry's Top Stock Trades

Firehouse Subs Brand And Foodplay To Enter Into A Development Agreement To Develop And Grow Firehouse Subs In Mexico, With Plans To Open 100 Restaurants In Monterrey And Other Major Cities In The Next Five Years
.

Oppenheimer analyst Brian Bittner maintains Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) with a Outperform and raises the price target from $77 to $80.

Oppenheimer Maintains Outperform on Restaurant Brands Intl, Raises Price Target to $80

Health and Human Services Secretary Robert F. Kennedy Jr. faces mounting pressure from Republican lawmakers and farming communities as his highly anticipated &#8220;Make America Healthy Again&#8221; report approaches Thursday&#8217;s release, with glyphosate pesticide regulations emerging as the primary flashpoint between public health advocates and agricultural interests.
What Happened: The MAHA Commission report, mandated by President Donald Trump within 100 days to analyze childhood disease factors, has sparked preemptive opposition from 79 Republican lawmakers representing farming states, <a href="https://apnews.com/article/rfk-jr-kennedy-farmers-maha-trump-pesticides-5d5a83bde6b88290cf9c3536e74523be">according</a> to AP. Iowa Republican Sen. Chuck Grassley warned Wednesday that farmers have expressed concerns about being excluded from the report&#8217;s input process.
Kennedy addressed Senate Appropriations Committee concerns from Mississippi Republican Sen. Cindy Hyde-Smith, stating &#8220;there&#8217;s not a single word in them that should worry the American farmer&#8221; and promising not to &#8220;jeopardize that business model.&#8221; The commission, established by Trump&#8217;s February executive order, was tasked with examining prescription drugs, chemicals, and food ingredients affecting children.
The report comes alongside a proposed $500 million budget boost for Kennedy&#8217;s MAHA initiative, while simultaneously cutting infectious disease prevention, maternal health, and medical research programs. Kennedy supporters, including 360 MAHA advocates and former campaign staffers, have submitted pesticide studies pressing for chemical industry accountability.
See Also: <a href="https://www.benzinga.com/25/05/45558200/advance-auto-parts-gears-up-for-q1-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate-analysts">Advance Auto Parts Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a>
Why It Matters: The report&#8217;s potential glyphosate restrictions could significantly impact agricultural productivity and food company operations. Kennedy&#8217;s broader MAHA agenda has already influenced restaurant industry practices, with Biglari Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BH#NASDAQ">BH</a>) subsidiary Steak &#8216;n Shake switching from seed oils to beef tallow for French fries, earning Kennedy&#8217;s public praise for <a href="https://www.benzinga.com/general/restaurants/25/03/44280041/rfk-jr-thanks-steak-n-shake-for-rfking-the-french-fries-restaurant-goes-all-in-on-make-america-healthy-again">&#8220;RFKing the French fries.&#8221;</a>
Other restaurant chains, including Sweetgreen Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>), Bloomin&#8217; Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMN#NASDAQ">BLMN</a>)-owned Outback Steakhouse, and Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>)-owned Popeyes, have initiated similar transitions. Kennedy has scheduled meetings with food giants PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) and General Mills Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) to <a href="https://www.benzinga.com/markets/equities/25/03/44209953/rfk-jr-takes-on-food-giants-calls-meeting-with-pepsico-and-general-mills">address processed food concerns.</a>
The MAHA initiative&#8217;s budget proposal threatens the <a href="https://www.benzinga.com/personal-finance/25/05/45522362/we-have-no-details-says-food-program-director-as-trumps-maha-boxes-threaten-730000-seniors-grocery-lifeline">$425 million Commodity Supplemental Food Program</a>, potentially affecting 730,000 seniors&#8217; grocery access through replacement &#8220;MAHA boxes.&#8221; Food program directors report logistical challenges and communication gaps, with Connecticut Foodshare experiencing 34 canceled federal shipments affecting over 600 food banks statewide.
The World Health Organization classifies glyphosate as a probable human carcinogen, while farmers argue it remains essential for weed control without excessive soil tilling, creating a regulatory tension between public health priorities and agricultural economics.
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<li><a href="https://www.benzinga.com/markets/equities/25/05/45557944/baidus-apollo-go-enters-dubai-and-abu-dhabi-ceo-robin-li-touts-global-robotaxi-lead-with-1-4-million-rides-in-q1">Baidu&#8217;s Apollo Go Enters Dubai And Abu Dhabi, CEO Robin Li Touts Global Robotaxi Lead With 1.4 Million Rides In Q1</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Politics

RFK Jr.'s 'Make America Healthy Again' Report Stirs GOP, Farmers Over Glyphosate Concerns Ahead Of Release

Editor&#8217;s Note: This article has been updated to reflect that Pershing Square converted its Nike stock into call options, maintaining exposure
Bill Ackman could have a new love for the automotive sector with a new investment made in the first quarter and an added position to a stake from the fourth quarter of 2024 that was <a href="https://www.benzinga.com/25/04/44878275/billionare-investor-bill-ackman-posts-hertz-investment-thesis-proposes-av-fleet-partnership-with-uber">revealed in April.</a>
Here's a look at Ackman's investment holdings in Pershing Square as of March 31.
First Quarter Changes: Ackman and Pershing Square unveiled a new stake in Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) in the first quarter with a position of more than 30 million shares. The stake is now the largest holding the Pershing Square portfolio and comes with the investor making several recent moves to his investment strategy.
Ackman increased his stake in Hertz Global Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) in the first quarter with the <a href="https://www.sec.gov/Archives/edgar/data/1336528/000117266125002315/0001172661-25-002315-index.html">filing </a>showing an 18% increase.
Ackman's stake in Hertz was unveiled via a tweet and an updated SEC filing in April. A 12.7 million share purchase was originally kept from the fourth-quarter holdings document due to a request for confidentiality.
Here were the other increased stakes in the quarter:
<ul class="wp-block-list">
<li>Brookfield Corporation: +18%</li>
<li>Alphabet Inc Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>): +11%</li>
</ul>
Pershing Square lowered its investments in the following stocks in the first quarter:
<ul class="wp-block-list">
<li>Hilton Worldwide Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>): -45%</li>
<li>Google Class C (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>): -16%</li>
<li>Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>): -13%</li>
<li>Canadian Pacific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>): decreased by less than 1%</li>
</ul>
One notable move in the quarter was Pershing Square&#8217;s conversion of its 18.8 million Nike shares into over-the-counter call options, maintaining a similar economic exposure.
Read Also: <a href="https://www.benzinga.com/trading-ideas/movers/25/02/43799342/bill-ackman-following-warren-buffett-hedge-funder-promises-modern-day-berkshire-hathaway-with-latest-transaction">Bill Ackman Follows Warren Buffett: Hedge Funder Promises &#8216;Modern Day Berkshire Hathaway&#8217; With Latest Transaction</a>
Ackman's Top Holdings: The newest 13F filing shows 11 stocks owned by Ackman and Pershing Square. Here are the current holdings and their percentage of the investment fund:
<ul class="wp-block-list">
<li>Uber: 19%</li>
<li>Brookfield: 18%</li>
<li>Restaurant Brands International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>): 13%</li>
<li>Howard Hughes Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HHH#NYSE">HHH</a>): 12%</li>
<li>Chipotle: 9.1%</li>
<li>Canadian Pacific: 8.7%</li>
<li>Alphabet Class C: 8.3%</li>
<li>Alphabet Class A: 5.8%</li>
<li>Hilton: 5.7%</li>
<li>Seaport Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEG#NYSE">SEG</a>): 0.9%</li>
<li>Hertz: 0.5%</li>
</ul>
The latest 13F filing comes as Ackman is trying to <a href="https://www.benzinga.com/25/05/45401638/howard-hughes-rises-nearly-3-in-pre-market-as-bill-ackman-exits-from-universal-music-groups-board-to-prioritize-new-investments">buy control of </a>Howard Hughes and turn it into a diversified holding company to copy the conglomerate style of legendary investor Warren Buffett.
The Pershing Square 13F could look significantly different next quarter.
Read Next: 
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<li><a href="https://www.benzinga.com/25/03/44330386/bill-ackman-sells-portion-of-universal-music-stake-one-of-the-best-businesses-we-have-ever-owned">Bill Ackman Sells Portion Of Universal Music Stake: &#8216;One Of The Best Businesses We Have Ever Owned&#8217;</a></li>
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Image created using artificial intelligence via Midjourney.

Management

GOOG

Bill Ackman Loads Up On Uber In Major Q1 Portfolio Rebalance (CORRECTED)

Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/QSR#TSX">QSR</a>) ("RBI") has been notified of an unsolicited mini-tender offer made by New York Stock and Bond LLC ("NYSB") to purchase up to 100,000 RBI common shares, or approximately 0.03% of the company's outstanding common shares, at a price of US$44.00 per share.&nbsp; RBI cautions shareholders that the mini-tender offer has been made at a price below market price for RBI shares. The offer represents a discount of 29.96% on the NYSE closing price for RBI common shares on April 21, 2025, the last trading day before the mini-tender offer was commenced.

TSX:QSR

Restaurant Brands International Recommends Shareholders Reject NYSB's US$44.00/Shr "Mini-tender Offer"

Morgan Stanley analyst John Glass maintains Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) with a Equal-Weight and raises the price target from $72 to $73.

Morgan Stanley Maintains Equal-Weight on Restaurant Brands Intl, Raises Price Target to $73

Just months after assuming full control of its underperforming Chinese chain, Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) is moving swiftly to offload its Burger King China operations.
What Happened: On Thursday, during its <a href="https://benzinga.com/25/05/45292609/burger-king-parent-restaurant-brands-q1-earnings-miss-comparable-sales-drop-and-more">first quarter earnings</a> call, the fast food holding company revealed that it was classifying its Burger King China subsidiary as &#8220;held for sale&#8221; on its books, while simultaneously engaging Morgan Stanley Inc. to find a new local &#8220;controlling shareholder.&#8221;
This comes just months after it acquired its remaining equity interest in Burger King China from its former joint venture partners in February. 
See Also: <a href="https://www.benzinga.com/government/regulations/25/05/45311562/mohamed-el-erian-flags-adverse-implications-for-domestic-industries-as-chinas-exports-rise-8-despite-21-drop-in-us-shipments">Mohamed El-Erian Flags &#8216;Adverse Implications&#8217; For Domestic Industries As China&#8217;s Exports Rise 8% Despite 21% Drop In US Shipments</a>
Restaurant Brands has already made good progress in restructuring the company over the past three months. &#8220;We've made great progress in the three months since we bought it,&#8221; says Executive Chairman Patrick Doyle.
This involved the closure of several unprofitable stores, a move that was described by CEO Joshua Kobza as &#8220;a critical and necessary step to reposition the business for long-term success.&#8221;
The unit is already weighing on the company&#8217;s finances, according to CFO Sami Siddiqui, who notes that it resulted in a $9 million revenue and operating income headwind during the quarter. &#8220;For the full year, assuming no change in ownership, we expect a $37 million impact to revenue and a $19 million impact to AOI [Adjusted Operating Income],&#8221; Siddiqui says. 
This move underscores the management&#8217;s focus on curbing complexity, with Doyle stating, &#8220;We're operating in a moment of peak complexity, but our business will get simpler from here,&#8221; adding that &#8220;We can't control the macro environment, but we can control our complexity.&#8221;
Why It Matters: Analysts have been <a href="https://benzinga.com/25/02/43707945/restaurant-brands-international-faces-challenges-but-remains-on-track-for-growth-say-analysts">increasingly bullish on the stock</a> in recent months, citing strong same-store-sales figures and a turnaround in China operations. 
During its <a href="https://benzinga.com/25/05/45292609/burger-king-parent-restaurant-brands-q1-earnings-miss-comparable-sales-drop-and-more">first quarter results</a> on Thursday, the company reported $2.11 billion in revenue, up 21.3% year-over-year, with a profit of $0.75 per share, against $0.73 per share a year ago. 
Price Action: The stock was down 0.53% on Thursday and is down another 0.34% after hours following its first quarter results. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="134" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM-1024x134.png" alt="" class="wp-image-909779" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM-1024x134.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM-300x39.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM-768x101.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM-1536x201.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM.png 1604w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
According to Benzinga Edge Stock Rankings, the stock fares well in the short and medium term, but is unfavorable in the long term. For more insights, sign up for <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge</a>. 
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Image Via Shutterstock

Restaurants

'Held For Sale': Restaurant Brands International Moves Swiftly To Exit Burger King China, Citing Peak Complexity And Drag On Finances

Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) reported <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/n45279852/restaurant-brands-international-inc-reports-first-quarter-2025-results" rel="noreferrer noopener">first-quarter revenue growth</a> of 21.3% year-on-year to $2.11 billion, missing the analyst consensus estimate of $2.13 billion.
Consolidated comparable sales increased 0.1%, and net restaurants grew 3.3% versus the prior year. Consolidated system-wide sales increased 2.8%.
Comparable sales for Tim Hortons&nbsp;fell&nbsp;0.1%, Burger King decreased&nbsp;1.3%, and Popeyes Louisiana Kitchen slumped&nbsp;4%. Revenue for Burger King rose 1.8%, and Popeyes Louisiana Kitchen increased 9%, while that of Tim Hortons fell 3.7% year over year.
Adjusted EPS of 75 cents <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">missed the consensus</a> estimate of 78 cents, but grew compared to 73 cents last year.
General and administrative expenses increased 10.4%. The operating income for the quarter declined 20% to $435 million.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/05/45272097/kellogg-has-margin-opportunity-but-challenges-keep-shares-grounded-says-analyst" rel="noreferrer noopener">Long-Term Decline In Cereal Market Poses Structural Challenges For Kellogg, Analyst Says</a>
Adjusted EBITDA for the quarter was $642 million, up from $627 million in the prior year.
Restaurant Brands held $899 million in cash and equivalents as of March-end. Net cash provided by operating activities for the quarter totaled $118 million.
Restaurant Brands' Board of Directors has declared a dividend of $0.62 per common share, payable on July&nbsp;8, 2025, to shareholders and unitholders of record at the close of business on June&nbsp;24, 2025.
"We are making solid progress executing the fundamentals of our business, despite a slower start to the year. We have clear growth plans across each of our brands and strong alignment with our franchisees," said CEO&nbsp;Josh Kobza.
"We're seeing encouraging momentum in Q2 and combined with responsible cost management, are on track to deliver stronger results through the balance of the year and achieve at least 8 percent organic adjusted operating income growth in 2025."
Outlook: Restaurant Brands&nbsp;sees FY25 capital expenditures of $400 million &#8211; $450 million.
For the long term, from 2024 to 2028, Restaurant Brands&nbsp;expects a comparable sales growth of 3% and an organic adjusted operating income growth of 8%.
Price Action: QSR shares traded lower by 0.29% at $67.70 at the last check on Thursday.
Read Next:
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<li><a href="https://www.benzinga.com//node/44907247" target="_blank" rel="noreferrer noopener">Restaurant Sector Q1 Volatilty From Weather, Inflation — Analyst Lowers Price Targets</a></li>
</ul>
Photo by Savvapanf Photo via Shutterstock

Guidance

Most Of Burger King Parent Restaurant Brands Growth Came From New Restaurants; It Plans Up To $450 Million In 2025 Capex

WIIM

QSR stock has given up its prior loss. Restaurant Brands shares were trading lower after the company reported Q1 results below estimates.

Restaurant Brands shares are trading lower after the company reported Q1 results below estimates.

Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) reported quarterly earnings of $0.75 per share which missed the analyst consensus estimate of $0.78 by 3.85 percent. This is a 2.74 percent increase over earnings of $0.73 per share from the same period last year. The company reported quarterly sales of $2.11 billion which missed the analyst consensus estimate of $2.13 billion by 0.88 percent. This is a 21.28 percent increase over sales of $1.74 billion the same period last year.

Earnings Misses

Restaurant Brands Intl Q1 Adj. EPS $0.75 Misses $0.78 Estimate, Sales $2.11B Miss $2.13B Estimate

AAOI

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Amplify YieldShares Oil Hedged MLP Income ETF

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Earnings Scheduled For May 8, 2025

UBS analyst Dennis Geiger maintains Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) with a Buy and lowers the price target from $90 to $85.

UBS Maintains Buy on Restaurant Brands Intl, Lowers Price Target to $85

Goldman Sachs analyst Christine Cho on Wednesday provided a preview of the first quarter for U.S. restaurants.
What Happened: U.S. restaurant companies faced a tough start to 2025, with weaker consumer sentiment, weather impacts and tariff uncertainties affecting performance, except for a few like Brinker International Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EAT#NYSE">EAT</a>).
Although first-quarter softness was expected, risks remain on the downside due to macroeconomic and policy uncertainties, as reflected in Chipotle Mexican Grill Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) <a href="https://www.benzinga.com/25/04/44996394/chipotle-battles-slumping-sales-but-honey-chicken-boosts-hope-say-analysts">same-store sales growth miss and lowered guidance</a>.
These factors are likely to dominate investor attention during the earnings season, noted the analyst.
Despite no major changes in consumer intent for restaurant spending, recent adjustments to estimates reflect lower macroeconomic forecasts from GS economists, including slower GDP growth and a higher recession probability.
Restaurant sales trends are closely tied to consumer spending, and weaker macro conditions suggest lower comparable store-sales growth in the second half of 2025 and into 2026.
Inflation&#8217;s impact on margins is limited, and there&#8217;s a higher risk to global restaurant development plans, particularly in international markets, which could reduce long-term unit growth, the analyst said.
Economists predict a slowdown in U.S. GDP growth to 0.5% in 2025, down from 2.5% in 2024, with a 45% recession risk, up from 20% earlier in the year due to tightening financial conditions, foreign boycotts, and policy uncertainty.
Also Read: <a href="https://www.benzinga.com/news/earnings/25/04/44977669/pepsico-ceo-warns-of-tariffs-led-increase-in-supply-chain-costs-cuts-annual-profit-outlook">PepsiCo CEO Warns Of Tariffs Led &#8216;Increase In Supply Chain Costs,&#8217; Cuts Annual Profit Outlook</a>
The deceleration in consumer spending and macro headwinds are putting pressure on restaurant top-line growth, with varying impacts across different restaurant types.
Fast food restaurants show the lowest sensitivity to macroeconomic conditions, with higher resiliency compared to fast casual and full-service restaurants, which are more correlated with GDP and consumer discretionary spending.
Recent surveys show no significant shifts in consumer purchase intent for restaurants, with full-service restaurants seeing improvement compared to grocery stores, while limited-service restaurants have contracted in recent months.
What&#8217;s Next: Companies like Wendy&#8217;s Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WEN#NASDAQ">WEN</a>), Bloomin&#8217; Brands Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMN#NASDAQ">BLMN</a>), Domino&#8217;s Pizza Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NASDAQ">DPZ</a>), Wingstop Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>), Yum! Brands Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>), and Jack In The Box Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JACK#NASDAQ">JACK</a>) have higher lease-adjusted net leverage, with Starbucks Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) and Domino&#8217;s facing notable near-term debt maturities.
Slower same-store sales growth and higher build costs are expected to hurt franchisee profitability and reduce demand for new stores.
Many fast food chains anticipate slower unit expansion in 2025, with Jack in The Box planning major cutbacks and closures, while fast casual/casual dining brands remain mostly on track.
Potential U.S. tariffs may raise domestic build costs, while international growth faces challenges from weaker global demand and rising anti-U.S. brand sentiment.
U.S. tariff actions and foreign policy stances have damaged international perceptions of the U.S., raising concerns about reduced demand for American brands.
While it&#8217;s too soon to measure definitive consumer pullback, monitoring sentiment is increasingly important for U.S. brands abroad.
Morning Consult data shows a YTD decline in U.S. favorability across most tracked countries, particularly Canada, Western Europe and Mexico.
Despite rising anti-U.S. sentiment globally, current data indicates no strong link between U.S. tariffs and Chinese consumer attitudes toward U.S. brands.
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US Restaurants Face Growth Hurdles As Macro Headwinds Mount, Says Analyst

Truist Securities analyst Jake Bartlett maintains Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) with a Buy and lowers the price target from $83 to $78.

Truist Securities Maintains Buy on Restaurant Brands Intl, Lowers Price Target to $78

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