Restaurant Brands International Inc
Q2 2026 Earnings
Market Reaction
Did QSR Beat Earnings? Q2 2026 Results
Restaurant Brands International delivered a solid second quarter for fiscal 2026, posting adjusted EPS of $1.07 against a consensus estimate of $1.04, a beat of 3.24%, while revenue of $2.52 billion edged past estimates and grew 4.6% year over year. The clearest engine behind the results was Burger King, whose "Reclaim the Flame" turnaround strategy produced 8.5% comparable sales growth in the US and 8.2% system-wide sales growth, validating a strategy that investors had been watching closely heading into the print. The International segment also contributed meaningfully, with system-wide sales up 10.7% and Adjusted Operating Income rising 13.2% to $194 million, partly aided by resumed royalty revenues from BK China following a joint venture struck in January 2026. Popeyes remained a soft spot, with comparable sales declining 5.1% and segment revenue falling to $199 million. RBI returned $435 million to shareholders in the quarter and reaffirmed its full-year outlook, targeting 8% organic Adjusted Operating Income growth in 2026 and a long-term algorithm of 3%-plus comparable sales growth through 2028.
- Burger King US comparable sales accelerated to 8.5%, driven by Reclaim the Flame investments
- International segment system-wide sales grew 10.7% with 5.5% comparable sales
- Consolidated comparable sales accelerated to 3.8%
- TH supply chain sales increased due to higher commodity prices and CPG net sales
- FHS net restaurant growth of 8.1% driven by new openings
- BK China JV formation resumed royalty revenue recognition in INTL segment
“We built on our strong start to 2026 with another quarter of over 3% global comparable sales and double-digit earnings growth, led by Burger King's standout performance and continued strength at International. These results show the benefits of our diversified portfolio and that the strategy we outlined at Investor Day is working. Burger King's performance is a great example of what's possible when you invest in the fundamentals and execute well – an approach we're applying across all of our brands.”
Restaurant Brands International CEO, on the earnings call
Forward Guidance & Outlook
RBI reaffirmed 2026 guidance: Segment G&A (excluding RH) of $600-$620 million; RH AOI of approximately $10-$20 million; Adjusted Interest Expense, net of $500-$520 million; and Total Capex and Cash Inducements of around $400 million. The company remains on track for 8% organic Adjusted Operating Income growth in 2026. Long-term algorithm (2024-2028) targets 3%+ comparable sales, 8%+ organic AOI growth, and 5%+ net restaurant growth toward the end of the period.
QSR YoY Financials
QSR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.