CURTIS THOMAS BENJAMIN sold $5.2M of QSR

QSR reported Q3 revenue of $2.53B (1% below estimates) and adjusted EPS of $1.10 (1.4% beat). Burger King's remodels and menu innovations drove same-store sales growth of 3.8%. The company aims to modernize all locations by 2028-2029. Popeyes faced near-term sales pressure due to menu simplification but showed operational improvements. International markets, particularly Japan, Korea, and Brazil, showed strong performance.

Burger King reported strong sales, with U.S. same-store sales up 8.4% and system-wide sales up 7.5%, reclaiming the #2 position in the U.S. burger category. However, high beef costs have delayed franchise remodels, though some relief is expected next year. The USDA forecasts beef prices to rise 8.6% in 2026. The company is focusing on long-term improvements, including store remodels and menu changes.

Restaurant Brands International (QSR) reported Q3 earnings. Burger King's consumer consideration rose to 78%. Tim Hortons saw 1.8% same-store sales growth, with Matcha drinks driving cold beverage sales. International segment grew 9% system-wide. Popeyes had a 1.8% same-store sales decline but improved satisfaction metrics. Firehouse Subs grew 8.3% system-wide. QSR generated $500M+ in free cash flow, repurchased $274M in shares, and maintained 2026 guidance.

Burger King's US comparable sales rose 8.4% in Q3, driven by product improvements like revamped chicken nuggets and Whopper updates. The chain plans to enhance its fries next. Parent company Restaurant Brands International reported these results, with BK US president Tom Curtis citing consumer demand for quality as a key factor.

BMO Capital reiterated an Outperform rating and $91.00 price target for Restaurant Brands International (QSR). Q3 2026 EBITDA was $829M, slightly below estimates, but EPS of $1.10 beat expectations. Burger King's comparable sales rose 8.3%, and Tim Hortons showed rebound. QSR's P/E ratio is 18.44, and PEG ratio is 0.3, suggesting attractive valuation. The company reiterated its 2026 guidance, and BMO expects continued growth.

Restaurant Brands International (RBI) reported Q3 2026 net income of $542m, up from $315m a year earlier. Total revenue was $2.53bn, driven by higher supply chain sales. Global comparable sales rose 3.8%, with Burger King US up 8.4%. System-wide net restaurant growth was 3%. RBI returned $1.3bn to shareholders year-to-date and expects 8% organic adjusted operating income growth in 2026.