Restaurant Brands International (QSRN) Q3 2026 Earnings Report
MX:QSRN Q3 2026 EPS Results
- Actual EPS
- MXN 20.66
- Consensus EPS
- MXN 20.35
- Beat/Miss
- Beat by +MXN 0.32
- One Year Ago EPS
- MXN 19.35
MX:QSRN Q3 2026 Revenue Results
- Actual Revenue
- MXN 47.43B
- Expected Revenue
- MXN 47.82B
- Beat/Miss
- Missed by -MXN 380.81M
- YoY Revenue Growth
- +3.10%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Restaurant Brands International's next earnings date is estimated for February 16, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive. Consolidated sales, organic AOI and adjusted EPS grew, Burger King U.S. delivered exceptional outperformance, International sustained broad-based growth, Tim Hortons improved, and the company continued generating substantial cash and reducing leverage. The principal setbacks were Popeyes' negative same-store sales and delayed return to growth, pressure from beef inflation, higher G&A, and the expected decline in Restaurant Holdings AOI. Management nevertheless expressed confidence in the brands' operating momentum and long-term development pipeline.
For 2026, RBI continues to expect segment G&A, excluding RH, of about $600 million to $620 million; net adjusted interest expense approximately flat year-over-year in the $500 million to $520 million range; CapEx and cash inducements, including capital expenditures, tenant inducements and incentives, around $400 million; Tim Hortons supply chain margins roughly in line with 2025 levels; total RH AOI roughly $10 million to $20 million; and an adjusted tax rate of 18% to 19%, likely towards the lower end of that range. RBI remains on track to repurchase approximately $500 million and return over $1.6 billion of capital to shareholders this year, expects to refranchise a couple of hundred restaurants this year with activity accelerating further into 2027, and is working towards sunsetting restaurant holdings by the end of 2027, achieving corporate investment-grade leverage by 2028 or the low to mid-3x net leverage range, and getting most of the Burger King system to a modern image by 2028, 2029 in that general time frame.
- Strong Third-Quarter Consolidated GrowthQ3 comparable sales increased 3.8% and net restaurant growth was 3%, driving 6.2% system-wide sales growth and 6.7% organic adjusted operating income growth. Adjusted EPS increased 6.9% to $1.10 from $1.03, or 8.6% excluding a $0.01 FX headwind and a $0.01 impact from the year-over-year decline in Restaurant Holdings AOI.
- Consistent Same-Store Sales and Year-to-Date ProgressThe company recorded its fifth consecutive quarter of same-store sales above 3%. Year-to-date organic AOI growth was 7.8% and nominal adjusted EPS growth was 11.1%; management said it remained on track to achieve its organic AOI growth target and deliver over 11% adjusted EPS growth for the year.
- Burger King U.S. Delivered Exceptional MomentumBurger King U.S. same-store sales increased 8.4% and system-wide sales increased 7.5% in Q3. The brand widened its gap to burger QSR peers to nearly 10 points, reclaimed the #2 position in the U.S. burger category, and has delivered more than 4 years of industry outperformance.
- Burger King Menu Elevation Produced Strong Category GainsThe upgraded chicken nuggets, revamped sauces, Texas Whopper and Dragon Ball Z collaboration helped attract new guests, increase nugget incidents and lift King Jr. average unit volumes to their highest level in over a decade. Core Whopper average unit volumes were up double digits year-over-year, King Jr. meals were up 40%, and nuggets were up more than 35%.
- Burger King Remodel and Brand-Relevance OpportunityManagement said approximately 60% of the Burger King system has been remodeled, with remodeled restaurants generating more than $2 million in annualized volume and sizzle remodels generating around $2.2 million or more. Burger King's consumer consideration set increased from 70% three years ago to 78%, and the company expects most of the system to reach a modern image by 2028 or 2029.
- International Business Continued Broad-Based GrowthInternational same-store sales increased 3.9% and net restaurant growth was 5.6%, driving 9% system-wide sales growth. Germany, Brazil, China, Japan and Korea were among the strongest markets, while International delivered its 22nd consecutive quarter of positive same-store sales. Japan delivered six consecutive quarters of double-digit same-store sales, and Korea also delivered double-digit same-store sales in Q3.
- Popeyes International Reached Major Scale MilestonesPopeyes surpassed 2,000 international restaurants, operates in more than 50 markets and generates over $2 billion in system-wide sales. International sales are nearly double the level of two years ago and roughly seven times the level when RBI acquired Popeyes in 2017. Management also said the international business achieved positive four-wall margins in China during the quarter and that paybacks are improving.
- Burger King China Returned to Growth MomentumBurger King China delivered a third consecutive quarter of double-digit same-store sales while lapping double-digit growth in the prior year. Combined with improving unit economics, this gave management confidence in accelerating development and returning to positive net restaurant growth in 2026.
- Tim Hortons Canada Improved and Added New Growth PlatformsTim Hortons Canada same-store sales increased 1.8%, an improvement from Q2, with growth across dayparts and categories. Cold beverages increased nearly 5%; Matcha attracted younger guests, more than two-thirds of Matcha beverages were sold in the PM daypart, and almost 75% of Matcha orders included another item. PM Food also returned to growth, led by Melts and the Turkey Bacon Club with Honey Mustard.
- Tim Hortons Loyalty and Partnership ExpansionThe Canadian Tire partnership generated early account linkings ahead of expectations and could provide access to at least 5 million additional members. Tim Hortons also plans to bring Tims Flight Roast to WestJet flights beginning next month and expects a further WestJet loyalty partnership in 2027.
- Firehouse Subs Continued Sales and Unit GrowthFirehouse Subs delivered 1.5% same-store sales growth and 7.8% net restaurant growth, driving 8.3% system-wide sales growth. The brand opened its 1,500th restaurant in North America, including its 200th restaurant in Canada, and management cited sub-four-year paybacks on new units.
- Strong Cash Generation and Shareholder ReturnsRBI generated more than $500 million of free cash flow in Q3, including $105 million of CapEx and cash inducements and a $22 million benefit from swaps and hedges. The company returned $569 million to shareholders during the quarter, including $274 million of share repurchases, and had returned $1.3 billion year-to-date. It remained on track to repurchase approximately $500 million of stock for the full year and return over $1.6 billion of capital.
- Progress Toward Investment-Grade LeverageRBI ended Q3 with approximately $2.2 billion of total liquidity, including $1 billion of cash, and a 4.0x net leverage ratio. Moody's upgraded the corporate rating to Ba2 and the first-lien secured debt rating to Ba1. Management remains committed to reaching corporate investment-grade leverage by 2028, defined as a low to mid-3x net leverage range.
- Refranchising and Business Simplification AdvancedRBI refranchised 135 Burger King restaurants year-to-date through October 23 and expects to refranchise a couple of hundred restaurants in 2026, with activity accelerating into 2027. The company continues to work toward sunsetting Restaurant Holdings by the end of 2027.
- Risk Management and 2026 Financial Guidance MaintainedThe company continued to expect 2026 segment G&A excluding Restaurant Holdings of $600 million to $620 million, net adjusted interest expense of $500 million to $520 million, and CapEx and cash inducements of around $400 million. It also continued to expect an 18% to 19% full-year adjusted tax rate, likely toward the lower end, and Tim Hortons supply chain margins roughly in line with 2025. Less than 10% of debt remained exposed to floating rates on an all-in net basis.
MX:QSRN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 16, 2027 | 2027 (Q4) | 19.27- | 18.03 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 20.3520.66 | 19.35 | 6.80% (+1.32) | |
| Aug 06, 2026 | 2026 (Q2) | 19.4420.10 | 17.66 | 13.83% (+2.44) | |
| May 06, 2026 | 2026 (Q1) | 15.5516.16 | 14.09 | 14.67% (+2.07) | |
| Feb 20, 2026 | 2026 (Q4) | ―- | 15.22 | ― | |
| Feb 12, 2026 | 2025 (Q4) | 17.7718.03 | 15.22 | 18.52% (+2.82) | |
| Oct 30, 2025 | 2025 (Q3) | 18.7519.35 | 17.47 | 10.75% (+1.88) | |
| Aug 07, 2025 | 2025 (Q2) | 18.1817.66 | 16.16 | 9.30% (+1.50) | |
| May 08, 2025 | 2025 (Q1) | 14.6914.09 | 13.71 | 2.74% (+0.38) | |
| Feb 12, 2025 | 2024 (Q4) | 14.7315.22 | 14.09 | 8.00% (+1.13) |
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.