The revenue miss and decelerating comparable sales at Tim Hortons (1.5% vs 4.2% last year) and International (3.9% vs 6.5%) warrant monitoring for further softening. The maintained guidance suggests management sees Q3 as within plan, but the Popeyes weakness and slowing International growth are risks to the 8% organic AOI target.
Price Chart
Executive Summary
RBI reported Q3 2026 adjusted EPS of $1.10, slightly above the $1.08 consensus, on total revenues of $2.525B, which were below the $2.55B consensus. Global comparable sales grew 3.8%, led by Burger King US at 8.4%, while Popeyes comparable sales declined 1.8%. The company maintained its full-year guidance for 8% organic AOI growth and returned $1.3B to shareholders year-to-date through dividends and buybacks.
Key Financial Metrics
Key Facts
- Adjusted diluted EPS of $1.10 vs consensus of $1.08 (beat by 1.9%)
- Total revenues of $2.525B vs consensus of $2.55B (miss by 1.0%)
- Global comparable sales growth of 3.8% (Q3 2025: 4.0%)
- Burger King US comparable sales growth of 8.4%
- Popeyes comparable sales declined 1.8% (Q3 2025: -2.4%)
- System-wide sales growth of 6.2% on a constant currency basis
- Net leverage improved to 4.0x from 4.4x a year ago
- Year-to-date capital returns of $1.3B through dividends and share repurchases
- Full-year 2026 guidance maintained: 8% organic AOI growth, Segment GA $600M-$620M, RH AOI $10M-$20M, adjusted interest expense $500M-$520M, total capex ~$400M
Financial Impact
Adjusted EPS of $1.10 vs $1.08 consensus; revenue of $2.525B vs $2.55B consensus; GAAP net income from continuing operations of $704M vs $440M in Q3 2025
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Tim Hortons | $1.1B | +1.0% |
| Burger King | $396.0M | +2.3% |
| Popeyes | $204.0M | +1.8% |
| Firehouse Subs | $65.0M | +9.0% |
| International | $289.0M | +8.1% |
| Restaurant Holdings | $487.0M | +6.2% |
Risk Factors
- Popeyes comparable sales have declined for multiple quarters, indicating brand challenges
- International comparable sales decelerated to 3.9% from 6.5% a year ago
- Revenue missed consensus by $25M (1.0%)
- RH segment AOI declined to $5M from $10M in Q3 2025 as refranchising continues
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001618756-26-000051 |
| Document: qsr-20261029.htm | 0001618756-26-000051 |
| Document: 0001618756-26-000051-index-headers.html | 0001618756-26-000051 |
| Document: 0001618756-26-000051-index.html | 0001618756-26-000051 |
| Document: 0001618756-26-000051.txt | 0001618756-26-000051 |
| 8-K Data (Synthetic) | 0001618756-26-000051 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 today | SC 13G | $73.11 | awaiting T+60 | awaiting T+60 | $73.05 (−0.08%) |
Oct 29, 2026 1d ago | 8-K | $74.07 | awaiting T+60 | awaiting T+60 | $73.05 (−1.38%) |
Oct 27, 2026 3d ago | Institutional Cluster | $73.99 | awaiting T+60 | awaiting T+60 | $73.05 (−1.27%) |
Aug 10, 2026 11w ago | 8-K | $73.33 | awaiting T+60 | awaiting T+60 | $73.05 (−0.38%) |
Jun 11, 2026 20w ago | Institutional Cluster | $73.90 $80.17 | ▲ +8.48% | ▲ +4.09% | $73.05 (−1.15%) |
May 22, 2026 22w ago | DEFA14A | $75.42 $77.10 | ▲ +2.23% | ▼ −0.50% | $73.05 (−3.14%) |
May 6, 2026 25w ago | 8-K | $77.20 $74.02 | ▼ −4.12% | ▼ −6.18% | $73.05 (−5.38%) |
Apr 23, 2026 27w ago | DEFA14A | $81.23 $73.96 | ▼ −8.95% | ▼ −13.97% | $73.05 (−10.07%) |
Mar 17, 2026 32w ago | Insider Cluster | $74.26 $74.85 | ▲ +0.79% | ▼ −11.35% | $73.05 (−1.63%) |
US Market Status
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