RBI's Q3 results show continued strength at Burger King US (8.4% comparable sales) and International (3.9%), but Tim Hortons comparable sales decelerated to 1.5% from 4.2% a year ago and Popeyes remains weak at -1.8%. The maintained 2026 guidance suggests management sees current trends as sustainable. Watch for Q4 convention timing impacts and progress on refranchising the RH segment.
Price Chart
Executive Summary
Restaurant Brands International reported Q3 2026 results with consolidated system-wide sales growth of 6.2% YoY and global comparable sales of 3.8%, led by Burger King US comparable sales of 8.4%. GAAP diluted EPS from continuing operations was $1.54, up from $0.96 in Q3 2025, while adjusted diluted EPS was $1.10 versus $1.03 a year ago. The company maintained its 2026 guidance and continues to expect 8% organic Adjusted Operating Income growth for the year.
Key Financial Metrics
Key Facts
- Consolidated system-wide sales grew 6.2% YoY to $12,972 million in Q3 2026
- Global comparable sales were 3.8%, with BK US at 8.4% and International at 3.9%
- GAAP diluted EPS from continuing operations was $1.54, up 60.4% from $0.96 in Q3 2025
- Adjusted diluted EPS was $1.10, up 6.9% from $1.03 in Q3 2025
- Organic AOI growth was 6.7% for the quarter and 7.8% year-to-date
- Net leverage improved to 4.0x from 4.4x a year ago
- RBI returned $1.3 billion of capital to shareholders year to date through dividends and share repurchases
- 2026 financial guidance maintained: Segment GA (ex-RH) $600M-$620M, RH AOI ~$10M-$20M, Adjusted Interest Expense $500M-$520M, Total Capex ~$400M
- Popeyes (PLK) segment continued to struggle with comparable sales down 1.8% in Q3 and 4.5% year-to-date
- Restaurant Holdings (RH) segment AOI declined to $5M from $10M in Q3 2025
Financial Impact
Q3 2026 total revenues of $2,525 million, up 3.1% from $2,449 million in Q3 2025. GAAP net income from continuing operations was $704 million, up from $440 million. Adjusted net income was $505 million, up from $471 million.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Tim Hortons (TH) | $1.1B | +1.0% |
| Burger King (BK) | $396.0M | +2.3% |
| Popeyes (PLK) | $204.0M | +1.8% |
| Firehouse Subs (FHS) | $65.0M | +9.0% |
| International (INTL) | $289.0M | +8.1% |
| Restaurant Holdings (RH) | $487.0M | +6.2% |
Risk Factors
- Popeyes comparable sales declined for the third consecutive quarter, down 1.8% in Q3 and 4.5% year-to-date
- Tim Hortons comparable sales decelerated significantly to 1.5% from 4.2% in Q3 2025
- RH segment AOI declined to $5M from $10M, reflecting costs of scaling international start-up businesses
- Foreign exchange had an unfavorable impact of $18 million on total revenues in Q3
- Net debt remains high at $12.6 billion despite leverage improvement to 4.0x
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001618755-26-000038 |
| Document: qsp-20261029.htm | 0001618755-26-000038 |
| Document: 0001618755-26-000038-index-headers.html | 0001618755-26-000038 |
| Document: 0001618755-26-000038-index.html | 0001618755-26-000038 |
| Document: 0001618755-26-000038.txt | 0001618755-26-000038 |
| 8-K Data (Synthetic) | 0001618755-26-000038 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Aug 10, 2026 11w ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
US Market Status
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