Jun 2026 (Q2 FY26) — Aug 6, 2026
Restaurant Brands International Q2 FY26 — Strong System-Wide Sales and Burger King Outperformance
Read the full callRestaurant Brands International (QSR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Restaurant Brands International earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,520 | +4.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 28.4 | +8.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
18 of 18 judged targets kept · 30 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Burger King U.S. average franchisee 4-wall EBITDA | $230,000 | Sep 2024 | I think a lot more of that relief will come in the beginning of 2027 | At Risk |
| Full-year 2026 adjusted effective tax rate | 18% to 19% | Mar 2026 | We continue to expect our full year adjusted effective tax rate to be between 18% and 19% | On Track |
30 of Restaurant Brands International Inc.'s 48 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 46 more targets are in the full ledger.
Claimed
- System-wide sales growth of 6.4% driven by 3.8% same-store sales and 2.9% net restaurant growth.
- Adjusted EPS grew 12.9% to $1.07 per share, exceeding the long-term algorithm.
- Burger King U.S. delivered 8.5% same-store sales, outperforming the burger QSR industry by over 9 points.
- International business achieved 5.5% comparable sales and 5.1% net restaurant growth, leading to 10.7% system-wide sales growth.
- Returned $435 million of capital to shareholders, including $137 million in stock buybacks, and made progress towards investment-grade leverage.
Qualified
- Tim Hortons Canada comparable sales were relatively flat at +0.1%, missing growth expectations due to calendar and platform launches.
- Popeyes U.S. experienced a same-store sales decline of 5.2%, resulting in negative 3.3% system-wide sales.
- Anticipated $10 million headwind to AOI and $0.02-$0.03 headwind to adjusted EPS for H2 2026 due to FX rates.
- Beef costs remained at all-time highs in Q2, impacting franchisee profitability, with significant relief not expected until early 2027.
Price
$74.34 −0.63% · −$0.47
Performance +10.3% 1Y
1Y: $67.38 on 17 Oct 2025 → $74.34. High $81.67 (5 May 2026), low $65.69 (31 Oct 2025).
- Previous close
- $74.81
- 52-week range
- $65.69 – $81.67
- One year
- +9.71%
Overview
- Symbol
- QSR
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
18 of 18 judged targets kept · 30 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Burger King U.S. average franchisee 4-wall EBITDA | $230,000 | Sep 2024 | I think a lot more of that relief will come in the beginning of 2027 | At Risk |
| Full-year 2026 adjusted effective tax rate | 18% to 19% | Mar 2026 | We continue to expect our full year adjusted effective tax rate to be between 18% and 19% | On Track |
Claimed
- System-wide sales growth of 6.4% driven by 3.8% same-store sales and 2.9% net restaurant growth.
- Adjusted EPS grew 12.9% to $1.07 per share, exceeding the long-term algorithm.
- Burger King U.S. delivered 8.5% same-store sales, outperforming the burger QSR industry by over 9 points.
- International business achieved 5.5% comparable sales and 5.1% net restaurant growth, leading to 10.7% system-wide sales growth.
- Returned $435 million of capital to shareholders, including $137 million in stock buybacks, and made progress towards investment-grade leverage.
Qualified
- Tim Hortons Canada comparable sales were relatively flat at +0.1%, missing growth expectations due to calendar and platform launches.
- Popeyes U.S. experienced a same-store sales decline of 5.2%, resulting in negative 3.3% system-wide sales.
- Anticipated $10 million headwind to AOI and $0.02-$0.03 headwind to adjusted EPS for H2 2026 due to FX rates.
- Beef costs remained at all-time highs in Q2, impacting franchisee profitability, with significant relief not expected until early 2027.
The full ledger
Open Restaurant Brands International Inc.’s full ledger
A free account opens 5 company ledgers a month. All 48 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Restaurant Brands International Q1 FY26 — Strong Top-Line Growth and Capital Returns
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
Restaurant Brands International Q4 FY25 — Consistent AOI Growth Amid Mixed Segment Performance
Read the full callEvery analysed call
Restaurant Brands International earnings calls (QSR)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,291 | 2,296 | 2,109 | 2,410 | 2,449 | 2,466 | 2,264 | 2,520 |
| Expenses | 1,714 | 1,661 | 1,674 | 1,927 | 1,786 | 1,845 | 1,658 | 1,804 |
| Operating profit | 577 | 635 | 435 | 483 | 663 | 621 | 606 | 716 |
| Operating margin | 25.2% | 27.7% | 20.6% | 20.0% | 27.1% | 25.2% | 26.8% | 28.4% |
| Profit before tax | 429 | 500 | 305 | 351 | 534 | 494 | 483 | 592 |
| Tax rate | 16.8% | 27.8% | 26.9% | 24.8% | 17.6% | 44.5% | 7.9% | −12.3% |
| EPS ($ per share) | 0.79 | — | 0.49 | 0.58 | 0.96 | — | 0.98 | 1.46 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1,737 | 2,478 | 2,399 | 2,156 | 2,057 | 1,973 | 2,357 | 2,859 |
| Reserves | 674 | 775 | 622 | 791 | 1,121 | 1,599 | 1,860 | 1,795 |
| Total liabilities | 16,523 | 18,101 | 19,056 | 19,393 | 18,478 | 18,661 | 19,789 | 20,456 |
| Fixed assets | 1,996 | 2,007 | 1,523 | 1,510 | 1,400 | 1,329 | 1,179 | 2,303 |
| Total assets | 20,141 | 22,360 | 22,777 | 23,246 | 22,746 | 23,391 | 24,632 | 25,615 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,165 | 1,476 | 921 | 1,726 | 1,490 | 1,323 | 1,503 | 1,714 |
| Cash from investing | -44 | -30 | -79 | -1,103 | -64 | 11 | -660 | -318 |
| Cash from financing | -1,285 | -842 | -821 | -1,093 | -1,307 | -1,374 | -625 | -1,436 |
| Net cash flow | -184 | 620 | 27 | -473 | 91 | -39 | 195 | -105 |
| Capital expenditure | -86 | -62 | -117 | -106 | -100 | -120 | -201 | -265 |
| Free cash flow | 1,079 | 1,414 | 804 | 1,620 | 1,390 | 1,203 | 1,302 | 1,449 |
QSR revenue by segment
Tim Hortons grew from 44% to 45% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Tim Hortons | 46% | 45% | — | 38% | 39% | — | 44% | 45% | +23.9% |
| Restaurant Holdings | 19% | — | 20% | 19% | 19% | 19% | 20% | 20% | +7.9% |
| Burger King | 16% | 11% | 15% | 14% | 14% | 14% | 14% | 14% | +3.0% |
| International | 11% | 10% | 10% | 10% | 11% | 11% | 11% | 11% | +10.0% |
| Popeyes Louisiana Kitchen | 9% | 9% | 9% | 9% | 8% | 8% | 8% | 8% | -3.4% |
| Firehouse Subs | 2% | 3% | 3% | 2% | 2% | 2% | 3% | 2% | +5.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
QSR operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Change vs prior quarter |
|---|---|---|---|
| Restaurants Popeyes International | <1,500We've grown the business from roughly 500 international restaurants to nearly 1,500 today and from around $300 million in system-wide sales to nearly $1.3 billion.Source: earnings call transcript | ~1,500We're now at about 1,500 international restaurants.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 48%
- CA 41% ↓ 1 pt
- Others 11% ↑ 1 pt
As QSR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
155 filings between Nov 13, 2025 and Sep 4, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$55.74M
63 sales by 12 insiders
Compensation
not trading decisions- 29
- Award — granted as compensation
- 59
- Option exercise — converted options into shares
Also filed: 2 gifts, 1 conversion, 1 other.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Kobza Joshua | — | $17.05M | Mar 18, 2026 |
| Siddiqui Sami A. | — | $7.70M | Mar 17, 2026 |
| Schwan Axel | — | $7.59M | Sep 4, 2026 |
| CURTIS THOMAS BENJAMIN | — | $6.83M | Aug 21, 2026 |
| Granat Jill | — | $5.03M | Mar 18, 2026 |
| DOYLE J PATRICK | — | $3.04M | Nov 21, 2025 |
| Friesner Jacqueline | — | $2.74M | Mar 16, 2026 |
| Housman Jeffrey | — | $2.50M | Mar 20, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 4, 2026 | Schwan Axel Pres., Tim Hortons US & Canada | Option exercise | 40,000 | $2.34M |
| Sep 4, 2026 | Schwan Axel Pres., Tim Hortons US & Canada | Sale | 57,574 | $4.67M |
| Sep 4, 2026 | Schwan Axel Pres., Tim Hortons US & Canada | Option exercise | 30,000 | $1.94M |
| Aug 21, 2026 | CURTIS THOMAS BENJAMIN Pres., BK US & CA | Sale | 64,000 | $5.17M |
| Mar 20, 2026 | Housman Jeffrey See Remarks | Sale | 20,000 | $1.47M |
| Mar 20, 2026 | Housman Jeffrey See Remarks | Option exercise | 20,000 | $1.11M |
| Mar 18, 2026 | Kobza Joshua Chief Executive Officer | Sale | 200,000 | $15.01M |
| Mar 18, 2026 | Granat Jill See Remarks | Option exercise | 25,000 | $1.42M |
| Mar 18, 2026 | Granat Jill See Remarks | Sale | 25,000 | $1.88M |
| Mar 18, 2026 | Kobza Joshua Chief Executive Officer | Option exercise | 200,000 | $11.38M |
| Mar 17, 2026 | SANTELMO THIAGO T President, International | Option exercise | 10,000 | $555.5K |
| Mar 17, 2026 | SANTELMO THIAGO T President, International | Sale | 10,000 | $754.1K |
| Mar 17, 2026 | Siddiqui Sami A. Chief Financial Officer | Sale | 40,000 | $3.01M |
| Mar 17, 2026 | Siddiqui Sami A. Chief Financial Officer | Option exercise | 40,000 | $2.22M |
| Mar 16, 2026 | Granat Jill See Remarks | Option exercise | 25,000 | $1.42M |
| Mar 16, 2026 | Friesner Jacqueline See Remarks | Sale | 30,000 | $2.24M |
| Mar 16, 2026 | Granat Jill See Remarks | Sale | 25,000 | $1.87M |
| Mar 16, 2026 | Siddiqui Sami A. Chief Financial Officer | Option exercise | 40,000 | $2.22M |
| Mar 16, 2026 | Siddiqui Sami A. Chief Financial Officer | Sale | 40,000 | $2.98M |
| Feb 25, 2026 | Granat Jill See Remarks | Award | 3,719 | $255.9K |
| Feb 25, 2026 | SANTELMO THIAGO T President, International | Award | 4,601 | $316.6K |
| Feb 25, 2026 | Friesner Jacqueline See Remarks | Award | 1,526 | $105.0K |
| Feb 25, 2026 | PERDUE PETER President, Popeyes-US & Canada | Award | 721 | $49.6K |
| Feb 25, 2026 | Fulton Duncan Chief Corporate Officer | Award | 1,540 | $105.9K |
| Feb 25, 2026 | Housman Jeffrey See Remarks | Award | 2,115 | $145.5K |
| Feb 25, 2026 | CURTIS THOMAS BENJAMIN Pres., BK US & CA | Award | 2,055 | $141.4K |
| Feb 25, 2026 | Schwan Axel Pres., Tim Hortons Americas | Award | 2,498 | $171.9K |
| Feb 25, 2026 | Kobza Joshua Chief Executive Officer | Award | 8,149 | $560.7K |
| Feb 25, 2026 | Siddiqui Sami A. Chief Financial Officer | Award | 3,843 | $264.4K |
| Feb 23, 2026 | Friesner Jacqueline See Remarks | Sale | 4,617 | $311.7K |
| Feb 23, 2026 | Granat Jill See Remarks | Sale | 11,525 | $778.1K |
| Feb 23, 2026 | PERDUE PETER President, Popeyes-US & Canada | Sale | 3,882 | $262.1K |
| Feb 23, 2026 | SANTELMO THIAGO T President, International | Sale | 5,686 | $383.9K |
| Feb 23, 2026 | Fulton Duncan Chief Corporate Officer | Sale | 10,308 | $695.9K |
| Feb 23, 2026 | Housman Jeffrey See Remarks | Sale | 7,705 | $520.2K |
| Feb 23, 2026 | Siddiqui Sami A. Chief Financial Officer | Sale | 12,828 | $866.0K |
| Feb 23, 2026 | CURTIS THOMAS BENJAMIN Pres., BK US & CA | Sale | 15,410 | $1.04M |
| Feb 23, 2026 | Schwan Axel Pres., Tim Hortons Americas | Sale | 34,939 | $2.36M |
| Feb 22, 2026 | Schwan Axel Pres., Tim Hortons Americas | Option exercise | 65,270 | $0 |
| Feb 22, 2026 | Friesner Jacqueline See Remarks | Option exercise | 11,749 | $0 |
| Feb 22, 2026 | CURTIS THOMAS BENJAMIN Pres., BK US & CA | Option exercise | 39,162 | $0 |
| Feb 22, 2026 | Granat Jill See Remarks | Option exercise | 29,371 | $0 |
| Feb 22, 2026 | PERDUE PETER President, Popeyes-US & Canada | Option exercise | 9,790 | $0 |
| Feb 22, 2026 | Fulton Duncan Chief Corporate Officer | Option exercise | 19,256 | $0 |
| Feb 22, 2026 | Housman Jeffrey See Remarks | Option exercise | 19,581 | $0 |
| Feb 22, 2026 | SANTELMO THIAGO T President, International | Option exercise | 15,665 | $0 |
| Feb 22, 2026 | Siddiqui Sami A. Chief Financial Officer | Option exercise | 32,635 | $0 |
| Jan 7, 2026 | Friesner Jacqueline See Remarks | Sale | 816 | $55.0K |
| Jan 7, 2026 | Granat Jill See Remarks | Sale | 1,925 | $129.8K |
| Jan 7, 2026 | Schwan Axel Pres., Tim Hortons Americas | Sale | 2,187 | $147.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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