10-Q · May 6, 2026
Restaurant Brands International Inc. reported Q1 2026 results with total revenues of $2.264 billion, an increase of 7.4% year-over-year, driven primarily by higher supply chain sales and growth across several franchise…
Earnings analysis · 10-Q
QSR earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
RBI delivered third-quarter revenue of $2.525 billion and diluted EPS of $1.10, with revenue modestly above the prior quarter and prior year while EPS declined sequentially but increased year over year and beat…
Read full summary
RBI delivered third-quarter revenue of $2.525 billion and diluted EPS of $1.10, with revenue modestly above the prior quarter and prior year while EPS declined sequentially but increased year over year and beat consensus. Burger King and International operations supported results, but Popeyes and Restaurant Holdings remained important headwinds. Management maintained its 2026 outlook, including 8% organic Adjusted Operating Income growth, while debt costs, franchisee execution, Popeyes weakness and the planned Restaurant Holdings transition remain significant risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.1
What stood out
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Revenue increased modestly
Third-quarter revenue was $2.525 billion, up approximately 0.2% from $2.52 billion in Q2 2026 and approximately 3.1% from $2.45 billion in Q3 2025.
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EPS beat estimates
Diluted EPS was $1.10, down from $1.45 in Q2 2026 but up from $0.96 in Q3 2025; EPS exceeded the $1.08 consensus estimate by $0.02.
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Burger King led performance
Burger King and International operations were the primary growth drivers, while Popeyes and Restaurant Holdings weakened; segment-specific revenue and profit figures were not available in the supplied filing extract.
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Capital returns continued
The company repurchased 817 thousand shares for $61 million during Q3 2026, leaving approximately $768 million available under the repurchase authorization.
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2026 outlook maintained
Management maintained its 2026 target for 8% organic Adjusted Operating Income growth and approximately $400 million of total Capex and Cash Inducements.
What to watch
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Popeyes remains under pressure
Popeyes performance was a headwind, with the supplied prior-period analysis identifying pressure on sales and profit; no exact Popeyes amount was disclosed in the filing extract.
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Restaurant Holdings transition risk
Restaurant Holdings profitability weakened, while management expects RH Adjusted Operating Income of only approximately $10 million-$20 million and discusses identifying investors for PLK China and FHS Brazil before a potential RH segment sunset.
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Debt, rates and FX exposure
Leverage and financing costs remain material: 2026 Adjusted Interest Expense is expected at $500 million-$520 million, and the filing identifies indebtedness, interest-rate changes, foreign-exchange movements and liquidity access as risks. The company stated there were no material changes to its market-risk disclosures during the nine months ended September 30, 2026.
Management's outlook
Management maintained 2026 expectations, including 8% organic Adjusted Operating Income growth, Segment G&A of $600 million-$620 million, RH Adjusted Operating Income of approximately $10 million-$20 million, Adjusted Interest Expense of $500 million-$520 million, and total Capex and Cash Inducements of approximately $400 million.
Earlier filings 4
10-K · February 20, 2026
Restaurant Brands International (RBI) emphasizes three strategic pillars — Quality, Service, and Convenience — and leverages a highly franchised model (over 95% franchised) across ~33,041 restaurants with $46,762…
10-Q · October 30, 2025
Restaurant Brands International reported Q3 revenue of $2,449 million, up $158 million (+6.9%) versus Q3 2024, with operating income rising to $663 million and diluted EPS of $0.96 (vs $0.79). Operating cash flow…
10-Q · August 7, 2025
Restaurant Brands International Inc. reported strong revenue growth of 15.9% year-over-year in Q2 2025, reaching $2.41 billion, exceeding consensus estimates by 3.0%. However, diluted EPS was $0.57, slightly missing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.