EarningsQ2 2026 Earnings Report
MX:QSRN Q2 2026 EPS Results
Actual EPS$19.34
Consensus EPS$18.71
Beat/MissBeat by +$0.63
One Year Ago EPS$16.99
MX:QSRN Q2 2026 Revenue Results
Actual Revenue$45.54B
Expected Revenue$45.57B
Beat/MissMissed by -$21.83M
YoY Revenue Growth+4.56%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:QSRN Upcoming Earnings
Restaurant Brands International's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:QSRN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed broadly positive momentum driven by strong Burger King performance, double-digit EPS growth, robust international expansion, solid free cash flow and active capital returns, alongside tangible progress on leverage and franchisee alignment. Notable issues include Tim Hortons' softer-than-expected Q2 marketing results, the Popeyes U.S. sales decline, FX and commodity(headline beef) pressures, and a modest near-term drag from the Restaurant Holdings segment. Overall, the positives on top-line acceleration, profitability and cash generation substantially outweigh the challenges, with management outlining clear remediation and growth plans.Company Guidance
Consolidated Top-Line and Earnings Growth
Q2 consolidated results: 3.8% same-store sales, 2.9% net restaurant growth, 6.4% system-wide sales growth, 6.7% organic adjusted operating income (AOI) growth and 12.9% adjusted EPS growth (EPS $1.07 vs $0.94 prior year). Year-to-date: 3.5% same-store sales and 8.5% organic AOI growth.
Strong Free Cash Flow and Capital Return
Generated $501 million of free cash flow in Q2 and returned $435 million to shareholders during the quarter (including $137 million of buybacks). Year-to-date capital returned $750 million; on track to repurchase ~ $500 million for the full year.
Burger King U.S. Outperformance
Burger King delivered comparable sales of 8.6% and system-wide sales growth of 8.2%; U.S. same-store sales +8.5%, outperforming the burger QSR industry by over 9 percentage points. Whopper/menu elevation drove AUV increases (Whopper platform AUVs up >20% since elevation launch) and kids meal AUVs above $28/day (up ~50% since 2022).
International Momentum and Unit Growth
International comparable sales +5.5%, net restaurant growth +5.1%, and system-wide sales +10.7%. Strong markets include Germany, Spain, Brazil, China, Korea and Japan. Average paybacks of ~4.5 years across top 10 growth markets; sustained double-digit international growth cited as a long-term engine.
Tim Hortons: Development Acceleration and Loyalty Partnership
Tim Hortons advancing development with ~80 gross Canadian openings expected this year (vs >50 prior year) focused on standard drive-thru formats (paybacks under 3 years). Announced a loyalty link with Canadian Tire to expand digital ecosystem and launched new beverage innovation (Matcha) and fountain rollout enabling cold beverage expansion.
Firehouse Subs and Popeyes International Strength
Firehouse Subs system-wide sales +7.5% with net restaurant growth +8.1% and new national MLB partnership; Firehouse transactions per restaurant up >60% YTD in Brazil. Popeyes international performance strong with comparable sales up >20% year-to-date in several markets (improving unit economics).
Balance Sheet Progress and Credit Upgrade
Ended Q2 with ~$2.3 billion total liquidity (including ~$1.1 billion cash) and net leverage of 4.1x (down sequentially). Received S&P ratings upgrade to BB+, and reiterated path to corporate investment-grade leverage (low- to mid-3x) by 2028.
Operational Improvements and Franchisee Alignment
Company emphasized sustained operational gains and franchisee investment (remodels, operations coaching, image) across brands, supporting durable same-store sales outperformance and improved unit economics in key markets (e.g., Burger King China, Brazil).
MX:QSRN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed