RBI Earnings Up as Tim Hortons and International Growth Drive Gains

Restaurant Brands International Inc. (TSX: QSR) — Q3 2025 highlights

• Net income: US$315 million (US$0.96 per diluted share), up from US$252 million the prior year
• Revenue: US$2.45 billion, up from US$2.29 billion
• Adjusted EPS: US$1.03, up from US$0.93

Restaurant Brands International said third-quarter results were helped by stronger performance at Tim Hortons and growth in international markets. The company operates major quick-service brands including Tim Hortons, Burger King, Popeyes and Firehouse Subs. Management reported higher revenue and improved adjusted earnings per share compared with the same quarter last year.

Parkland Corp. (TSX: PKI) — Q3 2025 highlights

• Net income: $129 million (73 cents per diluted share), up from $91 million
• Revenue: $7.35 billion, up from $7.13 billion

Parkland reported a stronger third quarter as it prepares to complete an acquisition by U.S.-based Sunoco. The Calgary-based fuel and convenience retailer recorded higher sales and a year-over-year jump in profit. Parkland operates multiple fuel brands across 26 countries and runs a refinery in Burnaby, B.C., which supplies a substantial share of regional gasoline and jet fuel.

Wealthsimple Inc. announced an equity raise of up to $750 million to speed up expansion. The financing would value the fintech at approximately $10 billion on closing. The raise consists of a $550 million primary offering and up to $200 million in secondary shares and is co-led by Dragoneer Investment Group and GIC.

The round also includes participation from Canada Pension Plan Investment Board and existing long-term investors. Wealthsimple’s leadership emphasized choosing partners aligned with the company’s strategic goals. The announcement follows the milestone of reaching roughly $100 billion in assets under administration, a near doubling year over year.

Cameco Corp. (TSX: CCO)

Cameco and Brookfield announced a partnership agreement with the U.S. government to support the construction of new Westinghouse nuclear reactors in the United States. The U.S. government will assist with financing, permitting and approvals for at least US$80 billion of new reactors. Cameco and Brookfield jointly acquired Westinghouse in 2023.

Market reaction was strong: Cameco shares rose sharply and Brookfield’s shares also gained following the announcement. Company executives said the deal should enhance confidence in nuclear power’s growth trajectory and increase demand for Westinghouse and Cameco products and services.

The agreement provides the U.S. government with a participation interest that could entitle it to a share of cash distributions beyond a defined threshold, and under certain conditions the interest could be converted into a warrant in the event of a Westinghouse public offering. Vesting of that participation interest depends on the U.S. making a final investment decision and signing definitive construction agreements for at least US$80 billion of projects.

Algoma Steel Group Inc. (TSX: ASTL) — Q3 2025 highlights

• Net loss: $485.1 million (loss per share $4.46), compared with a $106.6 million loss a year earlier
• Revenue: $523.9 million, down from $600.3 million

Algoma said CEO Michael Garcia will retire at year-end and that CFO Rajat Marwah will take over as CEO on Jan. 1. The Sault Ste. Marie steelmaker reported a much larger quarterly loss, reflecting significant tariff costs that did not impact results a year earlier. Algoma’s direct tariff expense for the quarter was reported at $89.7 million, and steel shipments declined versus the prior year.

Management noted federal and provincial liquidity support of $500 million that will give the company greater financial flexibility going forward.

Corus Entertainment Inc. (TSX: CJR.B) — Q4 2025 highlights

• Net loss: $277.1 million, compared with a $25.7 million loss a year earlier
• Revenue: $232.1 million, down from $269.4 million

Corus reported a substantial quarterly loss driven in part by a $263.6-million non-cash impairment charge and lower revenues across its broadcasting and digital channels. On an adjusted basis the company reduced its per-share losses but still reported a decline in underlying performance versus the prior year.

Corus also agreed to amend its credit facility to allow for a larger revolving advance capacity, providing additional short-term liquidity as it works through the reset.

Spin Master Corp. (TSX: TOY) — Q3 2025 highlights

• Net income: US$106.8 million (US$1.03 per diluted share), down from US$140.1 million
• Revenue: US$734.7 million, down from US$885.7 million

Spin Master said its third-quarter results reflected a challenging retail environment and changing retailer buying patterns influenced by tariffs. Toys revenue declined materially versus the prior year while digital games revenue increased. On an adjusted basis, reported earnings per share also fell year over year.