Restaurant Brands International (QSR) Q3 2026 Earnings
Adjusted EPS excludes the following items: - Other operating expenses, net: $20 million - RH and BK China Transaction costs: $2 million - Corporate restructuring and advisory fees: $5 million - Franchise agreement amortization: $16 million GAAP diluted EPS of $1.54 was boosted by a $133 million income tax benefit, driven by discrete tax benefits from 2026 intra-group reorganizations.
How Did QSR Stock React to Q3 2026 Earnings?
Did QSR Beat Earnings? Q3 2026 Results
Yes. Restaurant Brands International reported Q3 2026 earnings of $1.10 a share on Oct 29, 2026, beating the $1.09 consensus estimate by 1.3%. Revenue was $2.5B against a $2.5B estimate.
Restaurant Brands International delivered a mixed but ultimately encouraging third quarter for fiscal 2026, posting adjusted EPS of $1.10 against a consensus estimate of $1.09, a 1.32% beat that extends the company's streak to four consecutive quarters of topping Wall Street's EPS expectations. Revenue of $2.52 billion came in just shy of the $2.54 billion consensus, a 0.73% miss, though it still represented 3.1% year-over-year growth. The headline story behind the quarter was Burger King's resurgent U.S. business, where comparable sales surged 8.4% and segment adjusted operating income climbed 10.6% to $136 million, validating the ongoing "Reclaim the Flame" turnaround, <a href="https://247wallst.com/investing/2026/10/25/why-placer-ai-traffic-data-predicts-a-surprise-for-restaurant-brands-qsr-on-oct-29/">which drew significant attention</a> heading into the print. Consolidated system-wide sales grew 6.2% and net leverage improved to 4.0x from 4.4x a year ago. Popeyes U.S. remained a soft spot, with comparable sales down 2.2%. RBI reiterated its full-year guidance and maintained confidence in delivering 8% organic adjusted operating income growth for 2026.
- BK US comparable sales of 8.4% drove Burger King segment AOI up 10.6%
- International system-wide sales growth of 9.0% with higher Burger King and Popeyes royalties and resumed BK China royalties
- Higher supply chain sales from equipment sales to franchisees and commodity prices lifted Tim Hortons revenue
- Tariff refunds and increased system-wide sales drove Tim Hortons AOI growth
- Firehouse Subs revenue and AOI growth driven by 7.8% net restaurant growth
- Popeyes AOI declined on lower comparable sales and higher compensation-related G&A
- RH AOI declined on higher restaurant expenses and costs of scaling international start-up businesses
- Unfavorable FX impact of $18 million on total revenues and $6 million on AOI
“At our Investor Day earlier this year, we highlighted what makes RBI a strong business – four iconic global brands, the ability to invest for long-term growth, and talented teams and franchisees around the world. Those strengths are on display again this quarter, with over 3% global comparable sales led by outperformance at Burger King and steady growth at International and Tim Hortons.”
Restaurant Brands International CEO, on the earnings call
What Is Restaurant Brands International's Outlook?
For 2026, RBI continues to expect: - Segment G&A (excluding RH) between $600 million and $620 million - RH AOI of approximately $10 to $20 million - Adjusted Interest Expense, net between $500 million and $520 million - Total Capex and Cash Inducements of around $400 million RBI remains on track for 8% organic Adjusted Operating Income growth in 2026. From 2024 to 2028, RBI expects on average 3%+ comparable sales and 8%+ organic AOI growth. It expects to reach 5%+ net restaurant growth towards the end of the algorithm period.
QSR YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.5B | $2.4B | +3.1% |
| Operating Income | $696.0M | $673.0M | +3.4% |
| Net Income | $542.0M | $315.0M | +72.1% |
QSR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.