Restaurant Brands International Inc. Common Shares
QSR · NYSE
Next quarter
Expected to report Feb 11, 2027 — estimated from last year’s reporting date.
Consensus is $1.03 EPS for Dec 2026 across 8 estimates, ranging $0.97 to $1.09.
QSR Sep 2026
- 1.85%
- -2.03%
- $1.08
- $1.10
- —
- $2.52B
Reported results
- $2.52B
- $696.00M
- 27.56%
- $704.00M
- $1.54
Highlights
- Burger King leads: Global comparable sales rose 8.3%, including 8.4% in the U.S., versus 3.1% for BK a year ago; BK segment Adjusted Operating Income increased 10.6% to $136 million.
- Adjusted EPS edges expectations: Adjusted diluted EPS was $1.10, 1.85% above the $1.08 consensus, up from $1.03 a year ago; organic adjusted EPS growth was 8.6%.
- Modest top-line growth: Revenue increased 3.1% year over year to $2.525 billion, while system-wide sales grew 6.2% and global comparable sales rose 3.8%, versus 6.9% and 4.0%, respectively, last year.
- GAAP earnings include tax benefit: Net income from continuing operations was $704 million, up from $440 million, and diluted EPS was $1.54 versus $0.96; results included a $133 million tax benefit, compared with $94 million of tax expense a year earlier.
- International remains a growth engine: International system-wide sales grew 9.0%, comparable sales rose 3.9%, and segment AOI increased 8.5% to $205 million; restaurant count grew 5.6%.
- Popeyes remains soft: Comparable sales declined 1.8% and system-wide sales fell 1.0%; segment AOI decreased 8.0% to $58 million.
- Tim Hortons and Firehouse mixed: Comparable sales grew 1.5% at each brand. Tim Hortons AOI rose 4.2% to $317 million, while Firehouse AOI increased 11.1% to $16 million, helped by restaurant growth.
- Capital returns and leverage: RBI returned about $1.3 billion through dividends and repurchases in the first nine months; net leverage was 4.0x, down from 4.4x a year earlier.
Analysis
RBI’s third quarter combined strong Burger King momentum with steady international growth, offset by continued weakness at Popeyes and slower comparable-sales growth at Tim Hortons. Adjusted diluted EPS of $1.10 modestly topped the $1.08 consensus and rose from $1.03 a year ago. Revenue grew 3.1% year over year to $2.525 billion, while system-wide sales increased 6.2% and comparable sales 3.8%, both slower than the prior-year 6.9% and 4.0%. Against Q2, revenue was essentially flat at $2.52 billion; operating income declined to $696 million from $716 million, while net income rose to $704 million from $665 million.
GAAP net income from continuing operations increased 60% year over year and diluted EPS rose to $1.54 from $0.96, but the comparison includes a $133 million tax benefit versus $94 million of tax expense last year. Underlying adjusted operating income grew 5.0% to $737 million, or 6.7% organically, and adjusted EBITDA rose 4.4% to $829 million. Burger King’s 8.3% comparable-sales growth was the standout; International delivered 3.9% comps and 9.0% system-wide sales growth, while Popeyes comps fell 1.8%. Management maintained its expectation for 8% organic AOI growth in 2026. RBI also returned about $1.3 billion to shareholders year to date and reported 4.0x net leverage.
Earnings and sales
Revenue increased $76 million, or 3.1%, year over year to $2.525 billion, supported by higher system-wide sales and supply-chain sales. Operating income rose 5.0% to $696 million. Adjusted operating income was $737 million, up 5.0% nominally and 6.7% organically; adjusted EBITDA increased 4.4% to $829 million. Adjusted EPS of $1.10 beat the $1.08 consensus by 1.85% and grew 6.9% nominally, or 8.6% organically. The much larger increase in GAAP continuing-operations net income—to $704 million from $440 million—was amplified by the year-over-year swing to a $133 million tax benefit from $94 million of tax expense. Sequentially, revenue was virtually unchanged from Q2’s $2.52 billion, operating income fell from $716 million, and net income rose from $665 million.
Burger King momentum
Burger King was the clearest operating bright spot. Comparable sales rose 8.3%, including 8.4% in the U.S., and system-wide sales grew 7.6%; a year earlier, comps were 3.1% and system-wide sales growth was 2.3%. BK segment revenue increased 2.3% to $396 million, with refranchising partly offsetting sales-driven growth, while AOI climbed 10.6% to $136 million. RBI continues its multi-year Reclaim the Flame investment program, which includes up to $550 million for Royal Reset remodels, relocations, technology and equipment through 2028. It had funded $198 million of those investments by September 30.
International and other brands
- International: System-wide sales grew 9.0%, comparable sales increased 3.9%, and net restaurant growth was 5.6%, bringing the count to 16,792. Segment revenue rose 8.1% to $289 million and AOI increased 8.5% to $205 million. Growth reflected higher Burger King and Popeyes royalties and resumed BK China royalty revenue after RBI established a joint venture and retained a 17% interest.
- Tim Hortons: Comparable sales rose 1.5%, down from 4.2% a year ago; system-wide sales grew 2.0%. AOI increased 4.2% to $317 million, with tariff refunds and higher system-wide sales contributing to the gain.
- Firehouse Subs: Comparable sales grew 1.5% and net restaurant growth was 7.8%, taking the count to 1,509. Revenue increased 8.3% to $65 million and AOI rose 11.1% to $16 million, primarily on restaurant-count growth.
Popeyes and holdings
Popeyes remained the main brand-level drag: comparable sales declined 1.8%, although that was less negative than the 2.4% decline a year earlier; U.S. comps fell 2.2%. AOI dropped 8.0% to $58 million, as weaker comparable sales and higher segment G&A outweighed higher company-restaurant sales. The Restaurant Holdings segment, which contains Carrols Burger King restaurants and Popeyes China and Firehouse Brazil operations, recorded $487 million of revenue but only $5 million of AOI, down from $10 million. Higher restaurant expenses and investment in the international start-up businesses weighed on results. RBI intends to refranchise most Carrols restaurants, find new investors for Popeyes China and Firehouse Brazil, and ultimately sunset the segment.
Capital returns and outlook
- Shareholder returns: RBI’s first-nine-month cash flows show $875 million of dividends and partnership distributions and $444 million of share and exchangeable-unit repurchases—about $1.3 billion combined. The quarterly dividend was declared at $0.65 per share and unit. The repurchase authorization had $768 million remaining at quarter-end.
- Leverage and liquidity: Net leverage was 4.0x, compared with 4.4x a year ago; net debt was $12.6 billion and cash was $974 million at September 30.
- Guidance: RBI maintained its expectation for 8% organic Adjusted Operating Income growth in 2026. It also reiterated long-term average targets of at least 3% comparable-sales growth and 8% organic AOI growth from 2024 to 2028, with net restaurant growth expected to reach 5% or more toward the end of that period.
