Restaurant Brands International Inc. (QSR): Results of Operations and Financial Condition
Restaurant Brands International Inc. (QSR) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99 Restaurant Brands International Inc. Reports Second Quarter 2026 Results Consolidated System-wide Sales grow 6.4% year-over-year, including 10.7% in International Comparable Sales accelerated to 3.8%, including 8.5% at BK US and 5.5% at International RBI returns $435 m
How this was made
The 30-second read
Why it matters
Traders can update expectations for 2026 organic AOI and Adj. EPS trajectory based on reported growth rates, leverage (4.1x), and the company’s stated capital return of $435M.
Market read
The filing provides fresh quarter-level operating and earnings metrics plus capital return details, which can drive near-term positioning in QSR.
What to watch
The filing notes deconsolidation and equity-method accounting for BK China JV and segment convention timing, which can complicate quarter-to-quarter comparability and margin interpretation.
Consolidated System-wide Sales grow 6.4% year-over-year, Comparable Sales accelerated to 3.8%, and RBI returned $435 million of capital to shareholders via dividends and share repurchases.
Consolidated comparable sales, adjusted operating income, and adjusted diluted EPS increased year over year, led by Burger King and International performance cited in the release. Popeyes comparable sales and adjusted operating income declined, while Tim Hortons comparable sales were nearly flat.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Consolidated System-wide Sales Growth, three months ended June 30, 2026other | 6.4 % | – | – |
| Consolidated System-wide Sales, three months ended June 30, 2026other | $ 12,702 | – | – |
| Consolidated Comparable Sales, three months ended June 30, 2026other | 3.8 % | – | – |
| Consolidated Net Restaurant Growth, three months ended June 30, 2026other | 2.9 % | – | – |
| Consolidated System Restaurant Count at Period Endother | 33,156 | – | – |
| Total Revenues, three months ended June 30, 2026GAAP | $ 2,520 | – | – |
| Income from Operations, three months ended June 30, 2026GAAP | $ 716 | – | 48.4 % |
| Net Income from Continuing Operations, three months ended June 30, 2026GAAP | $ 665 | – | – |
| Diluted Earnings per Share from Continuing Operations, three months ended June 30, 2026GAAP | $ 1.45 | – | – |
| Adjusted Operating Income (AOI), three months ended June 30, 2026non-GAAP | $ 715 | – | – |
| Organic AOI Growth, three months ended June 30, 2026non-GAAP | 6.7 % | – | – |
| Adjusted EBITDA, three months ended June 30, 2026non-GAAP | $ 810 | – | – |
| Adjusted Diluted Earnings per Share (Adj. EPS), three months ended June 30, 2026non-GAAP | $ 1.07 | – | – |
| Nominal Adj. EPS Growth, three months ended June 30, 2026non-GAAP | 12.9 % | – | – |
| Organic Adj. EPS Growth, three months ended June 30, 2026non-GAAP | 12.3 % | – | – |
| Net Leveragenon-GAAP | 4.1x | – | – |
| Consolidated System-wide Sales Growth, six months ended June 30, 2026other | 6.3 % | – | – |
| Consolidated System-wide Sales, six months ended June 30, 2026other | $ 24,213 | – | – |
| Consolidated Comparable Sales, six months ended June 30, 2026other | 3.5 % | – | – |
| Total Revenues, six months ended June 30, 2026GAAP | $ 4,784 | – | – |
| Income from Operations, six months ended June 30, 2026GAAP | $ 1,322 | – | 44.0 % |
| Net Income from Continuing Operations, six months ended June 30, 2026GAAP | $ 1,110 | – | – |
| Diluted Earnings per Share from Continuing Operations, six months ended June 30, 2026GAAP | $ 2.42 | – | – |
| Adjusted Operating Income (AOI), six months ended June 30, 2026non-GAAP | $ 1,324 | – | – |
| Organic AOI Growth, six months ended June 30, 2026non-GAAP | 8.5 % | – | – |
| Adjusted EBITDA, six months ended June 30, 2026non-GAAP | $ 1,517 | – | – |
| Adjusted Diluted Earnings per Share (Adj. EPS), six months ended June 30, 2026non-GAAP | $ 1.93 | – | – |
| Nominal Adj. EPS Growth, six months ended June 30, 2026non-GAAP | 13.7 % | – | – |
| Organic Adj. EPS Growth, six months ended June 30, 2026non-GAAP | 11.8 % | – | – |
| TH Adjusted Operating Income, three months ended June 30, 2026non-GAAP | $ 287 | – | – |
| BK Adjusted Operating Income, three months ended June 30, 2026non-GAAP | $ 137 | – | – |
| PLK Adjusted Operating Income, three months ended June 30, 2026non-GAAP | $ 63 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| THThe increase in Total revenues was primarily driven by higher Supply chain sales due to increases in commodity prices and CPG net sales. The increase in Adjusted Operating Income was primarily driven by revenue growth, partially offset by higher Supply chain cost of sales primarily due to higher commodity prices. | $ 1,137 | – | – |
| BKThe increase in Total revenues was primarily driven by the increase in Comparable Sales, partially offset by the net impact of refranchisings. The increase in Adjusted Operating Income was primarily driven by higher Franchise and property revenues. | $ 397 | – | – |
| PLKFor the second quarter, the decrease in Total revenues and Adjusted Operating Income was primarily driven by the decline in Comparable Sales. | $ 199 | – | – |
2026 outlook
- Note8% organic Adjusted Operating Income growth in 2026
Capital returns
- $435 million of capital returned to shareholders via dividends and share repurchases.
- Burger King is executing its multi-year "Reclaim the Flame" plan, including investing up to $700 million through year-end 2028.
- As of June 30, 2026, RBI had funded $194 million out of up to $550 million planned toward Royal Reset investments.
What drove it
- Consolidated Comparable Sales accelerated to 3.8%, including 8.5% at BK US and 5.5% at International.
- BK Comparable Sales were 8.6%, and BK US Comparable Sales were 8.5%.
- TH Supply chain sales increased to $ 788 from $ 732, with higher commodity prices and CPG net sales cited as drivers.
- FHS System-wide Sales Growth was 7.5%, supported by 8.1% Net Restaurant Growth.
- On January 30, 2026, RBI established the BK China JV, deconsolidated BK China, and began recognizing franchise revenue primarily related to royalties in INTL.
Concerns
- PLK Comparable Sales were (5.1) %, including Comparable Sales - US of (5.2) %.
- PLK Total revenues declined to $ 199 from $ 210 and Adjusted Operating Income declined to $ 63 from $ 66.
- TH Comparable Sales were 0.1%.
- BK Net Restaurant Growth was (0.8) % and System Restaurant Count at Period End was 6,992 compared with 7,046.
- The reported filing text is truncated during the FHS segment disclosure, preventing review of the remaining release, including INTL, RH, consolidated financial statements, reconciliations, and any detailed outlook.
What to watch
- Delivery of the stated 8% organic Adjusted Operating Income growth target in 2026.
- Sustainability of BK Comparable Sales momentum and progress on the Royal Reset, for which $194 million had been funded as of June 30, 2026.
- Whether PLK comparable sales improve from the reported (5.1) % decline.
- Execution of RBI's stated intent to refranchise the vast majority of Carrols Burger King restaurants, find a new partner for PLK China and new investors for FHS Brazil, and sunset the RH segment.
Balance sheet and cash flow
- Net Leverage: 4.1x, compared with 4.6x.
- CPE invested $350 million of primary capital into the BK China JV.
Analysis
RBI reported a solid second quarter, with consolidated System-wide Sales Growth of 6.4 % and Comparable Sales of 3.8 %, compared with 5.3 % and 2.4 %, respectively, in the prior-year quarter. Total Revenues were $ 2,520 versus $ 2,410, while GAAP Income from Operations increased to $ 716 from $ 483. Net Income from Continuing Operations was $ 665, compared with $ 264, and Diluted Earnings per Share from Continuing Operations was $ 1.45 versus $ 0.58.
Non-GAAP earnings measures also advanced. Adjusted Operating Income was $ 715 compared with $ 668, Organic AOI Growth was 6.7 %, and Adjusted EBITDA was $ 810 compared with $ 762. Adjusted Diluted Earnings per Share increased to $ 1.07 from $ 0.94, with Nominal Adj. EPS Growth of 12.9 % and Organic Adj. EPS Growth of 12.3 %. For the six months ended June 30, 2026, Organic AOI Growth was 8.5 % and Organic Adj. EPS Growth was 11.8 %.
Brand performance was uneven. BK was the principal disclosed domestic growth contributor, posting Comparable Sales of 8.6 %, including 8.5 % in the US, and Adjusted Operating Income of $ 137 compared with $ 121. TH Comparable Sales were 0.1 %, although its Total revenues increased to $ 1,137 from $ 1,083, driven primarily by supply-chain sales associated with higher commodity prices and CPG net sales. PLK was the weak point, with Comparable Sales of (5.1) %, Total revenues of $ 199 compared with $ 210, and Adjusted Operating Income of $ 63 compared with $ 66.
Restaurant development remained positive on a consolidated basis, with Net Restaurant Growth of 2.9 % and System Restaurant Count at Period End of 33,156. However, BK Net Restaurant Growth was (0.8) %, whereas FHS reported Net Restaurant Growth of 8.1 %. RBI also continued portfolio restructuring: it deconsolidated BK China following the January 30, 2026 establishment of the BK China JV and began recognizing franchise revenue in INTL related primarily to royalties.
Capital allocation included $435 million returned through dividends and share repurchases. RBI reported Net Leverage of 4.1x, compared with 4.6x, and stated that it had funded $194 million of up to $550 million planned for BK Royal Reset investments as of June 30, 2026. Management said RBI remains on track for 8% organic Adjusted Operating Income growth in 2026. The supplied filing text does not include detailed guidance assumptions or the remainder of the release, limiting assessment of full-year revenue, margin, cash-flow, and segment outlooks.
Management, verbatim
We built on our strong start to 2026 with another quarter of over 3% global comparable sales and double-digit earnings growth, led by Burger King's standout performance and continued strength at International. These results show the benefits of our diversified portfolio and that the strategy we outlined at Investor Day is working. Burger King's performance is a great example of what's possible when you invest in the fundamentals and execute well – an approach we're applying across all of our brands.
Josh Kobza, Chief Executive Officer of RBI
Not in the filing
stated, not guessed- The supplied filing text is truncated during the FHS segment results. Missing portions include complete FHS financial results, INTL segment results, RH segment results, further consolidated results, financial statements, non-GAAP reconciliations, and any subsequent disclosures in the exhibit.
- GAAP gross margin.
- GAAP net income including discontinued operations, if reported in the omitted portion.
- Operating cash flow.
- Free cash flow.
- Cash and cash equivalents.
- Total debt.
- Detailed dividends and share repurchases amounts separately.
- Detailed 2026 revenue, gross-margin, operating-expense, and tax-rate guidance.
- Prior-quarter figures for reported metrics.
- FHS Total revenues and Adjusted Operating Income.
- INTL and RH revenue, operating metrics, and adjusted operating income.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This SEC 8-K includes RBI’s Q2 2026 results (quarter ended June 30, 2026) and segment disclosures, including international and Burger King performance.
Ticker impact
Restaurant Brands International reported Q2 2026 results, including 6.4% system-wide sales growth, 3.8% comparable sales, and $435M capital returns.
Likely positive bias for the next few sessions as traders price in stronger operating momentum and capital return capacity.
The filing provides specific, current-quarter operating and financial figures (AOI, Adj. EPS, leverage) plus a stated $435M return to shareholders, which are direct inputs to valuation and positioning.
Market effects
Reinforces franchisor resilience in quick-service restaurants via system-wide sales growth and international comparable sales acceleration.
Highlights stronger international momentum and Burger King US performance, which can influence regional QSR sentiment.
International comparable sales acceleration suggests global demand durability, relevant for multinational QSR peers’ read-through.
Counterpoint
Franchisor earnings can be sensitive to commodity and convention timing; reported growth may partially reflect mix and timing rather than durable underlying demand.
Key entities
- issuerRestaurant Brands International Inc.
Franchisor of Tim Hortons, Burger King, Popeyes, and Firehouse Subs; reported Q2 2026 results and capital returns.
- transactionBurger King China JV
BK China deconsolidated into a JV with CPE Alder Investment Limited, affecting segment accounting and comparability.
