Restaurant Brands International Inc. Earnings Recaps
Q2 2026
Aug 9, 2026
Shares declined 0.8% as investors took a cautious view despite steady organic growth, likely due to softened momentum at Tim Hortons and muted marketing impact in Q2.
Key takeaways
- Overall system-wide sales grew 6.4%, driven by 3.8% same-store sales growth and 2.9% net restaurant growth.
- Organic adjusted operating income rose 6.7%, with adjusted EPS up 12.9%.
- Tim Hortons Canadian same-store sales were essentially flat at +0.1%, with marketing initiatives underperforming expectations in Q2.
- International segment delivered solid 5.5% comparable sales growth and 5.1% net restaurant growth, fueled by strong execution in key markets like Germany, Spain, Brazil, China, Korea, and Japan.
- Management highlighted a positive marketing pipeline for Tim Hortons and continued expansion, but near-term headwinds weighed on investor sentiment.
Q1 2026
May 7, 2026
Restaurant Brands International's shares fell 3.1% following the Q1 report, primarily reflecting investor disappointment with the cautious outlook and signs of deceleration in key growth metrics that contrasted with the upbeat tone of management’s commentary.
Key takeaways
- Comparable sales grew 3.2% system-wide and 6.2% on a system-wide basis, with Burger King U.S. comp sales up nearly 6%.
- Tim Hortons reported modest 1.5% comparable sales growth in Canada amid a challenging consumer environment, with beverage sales up 2%, led by cold beverages (+10%) and espresso/tea (+8%).
- International segment yielded 5.7% comp sales growth and 4.5% net restaurant growth, supporting 11.1% system-wide sales increase.
- Management resumed share repurchases for the first time in over two years and targeted consistent double-digit total shareholder returns.
- Despite operational progress and innovation pipelines, the market appears cautious on growth sustainability and margin pressure risks going forward.
Q3 2025
Oct 31, 2025
Restaurant Brands International (RBI) delivered a robust third quarter, characterized by 4% comparable sales growth and significant advancements in operational efficiency despite a challenging consumer landscape.
Key takeaways
- Achieved 8.8% organic adjusted operating income growth and double-digit nominal earnings per share (EPS) growth.
- Continued strong performance from Tim Hortons Canada with 4.2% comparable sales growth, driven by successful menu innovations.
- International segment same-store sales surged 6.5%, with notable growth in markets like France and the U.K.
- Effective cost management and disciplined execution support RBI's confidence in maintaining a minimum of 8% organic adjusted operating income growth in 2025.
- Burger King U.S. is experiencing positive momentum through brand innovation and operational improvements, enhancing competitive positioning.