Q1 26 EPS
$0.86
BEAT +3.97%
Est. $0.83
Q1 26 Revenue
$2.26B
BEAT +0.96%
Est. $2.24B
vs S&P Since Q1 26
-11.8%
TRAILING MARKET
QSR -10.1% vs S&P +1.8%
Market Reaction
Did QSR Beat Earnings? Q1 2026 Results
Restaurant Brands International served up a broad-based beat in Q1 2026, with adjusted diluted EPS of $0.86 clearing the $0.83 consensus estimate by nearly 4% and revenue of $2.26 billion edging past expectations by about 1%, rising 7.3% year-over-ye… Read more Restaurant Brands International served up a broad-based beat in Q1 2026, with adjusted diluted EPS of $0.86 clearing the $0.83 consensus estimate by nearly 4% and revenue of $2.26 billion edging past expectations by about 1%, rising 7.3% year-over-year. The standout driver was a sharp turnaround at Burger King US, where comparable sales accelerated to 5.8% from -1.1% a year ago, validating years of investment under the "Reclaim the Flame" initiative, while the International segment added to the momentum with 5.7% comparable sales growth and 11.1% system-wide sales expansion. GAAP income from operations surged 39.3% to $606 million, partly aided by favorable swings in other operating items and a lower effective tax rate tied to an intra-group reorganization, with another approximately $170 million discrete tax benefit anticipated in Q2 2026. Tim Hortons extended its positive comparable sales streak to 20 consecutive quarters, though Popeyes US remained a soft spot at -6.5%. RBI reiterated its target of 8%+ organic adjusted operating income growth, with several analysts lifting price targets ahead of the print on the strength of Burger King's continued momentum.
Key Takeaways
- • Burger King US comparable sales of 5.8%, outperforming the brand's multi-year Reclaim the Flame plan execution
- • International segment system-wide sales growth of 11.1% on constant currency basis with 5.7% comparable sales
- • Tim Hortons 20th consecutive quarter of positive comparable sales at 1.6%
- • Firehouse Subs system-wide sales growth of 7.2% driven by 8.1% net restaurant growth
- • Favorable FX impact contributing $52 million to total revenue growth
- • Lower general and administrative expenses due to reduced compensation-related costs
- • Net bad debt recoveries in INTL segment versus net bad debt expense in prior year
- • Resumption of BK China royalty revenues in INTL following JV establishment
QSR Forward Guidance & Outlook
For 2026, RBI expects 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, and Total Capex and Cash Inducements of around $400 million. The company expects to repurchase $500 million in shares in 2026 and remains on track for 8%+ organic Adjusted Operating Income growth. Long-term (2024–2028), RBI targets 3%+ comparable sales, 8%+ organic AOI growth on average, and 5%+ net restaurant growth toward the end of the period. The company also expects to record an additional discrete income tax benefit of approximately $170 million in Q2 2026 from an intra-group reorganization.
QSR YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
QSR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered a strong start to the year, converting solid topline results into double-digit earnings growth while returning capital to shareholders through the resumption of share repurchases and our growing dividend. Tim Hortons and International each delivered their 20th consecutive quarter of positive comparable sales. And at Burger King, our results reflect several years of hard work by our franchisees and teams to elevate the guest experience, driving stronger engagement and clear outperformance. We're executing against the plan we laid out during our Investor Day in February and remain confident in the path ahead.”
— Josh Kobza, Q1 2026 Earnings Press Release
QSR Earnings Trends
QSR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
QSR EPS Trend
Earnings per share: estimate vs actual
QSR Revenue Trend
Quarterly revenue: estimate vs actual
QSR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.83 | $0.86 | +3.97% | $2.26B | +0.96% |
| Q4 25 BEAT FY | $0.95 | $0.96 | +1.31% | $2.47B | +2.24% |
| FY Full Year | $3.68 | $3.69 | +0.28% | $9.43B | +0.66% |
| Q3 25 BEAT | $1.00 | $1.03 | +2.90% | $2.45B | +2.45% |
| Q2 25 MISS | $0.97 | $0.94 | -2.84% | $2.41B | +3.08% |
| Q1 25 MISS | $0.78 | $0.75 | -4.09% | $2.11B | -1.94% |