Tim Hortons China swings to $32.5m Q4 2025 net loss
Loss per share rose to $1 (RMB 7.01).
Tim Hortons China’s net loss increased to $32.5m (RMB 227.2m) for the fourth quarter (Q4) ended 31 December 2025.
Adjusted net loss narrowed to $10.8m (RMB 75.7m), with margin improving to -24.7% from -29.5%.
Revenue fell 7.3% year-on-year (YoY) to $44.1m (RMB 308.5m).
Revenue from company-operated stores also declined 8% to $35.6m (RMB 248.7m).
The company attributed the drop mainly to closures of underperforming stores and a 1.4% decline in same-store sales.
Average ticket size fell 8.4%, whilst total orders rose 3% to 9.8 million from 9.5 million a year earlier.
Operating loss widened slightly to $17m (RMB 118.6m).
On an adjusted basis, EBITDA loss improved to $5.1m (RMB 35.4m), with margin improving to -11.6% from -14.9%.
Loss per share rose to $1 (RMB 7.01), whilst adjusted loss per share improved to $0.34 (RMB 2.36), compared with RMB 2.99 a year earlier.
For the full year 2025, revenue fell 5.4% to $188.2m (RMB 1.3b).
The company added 25 net stores, including 138 net new made-to-order (MTO) stores, offset by 113 closures of non-MTO outlets, including 64 Tims Express stores.
