$QSP · Restaurant Brands International Limited Partnership
Restaurant Brands International LP reported Q3 2026 net income of $704M ($2.35 per Class A unit), up from $436M a year ago, on total revenues of $2.525B (+3.1% YoY). The bottom-line surge was amplified by a $133M income tax benefit versus a $94M tax expense in Q3 2025. Operating income rose to $696M from $663M, with nine-month operating cash flow reaching $1.308B.
- Q3 net income jumped to $704M from $436M YoY, driven by a $133M income tax benefit vs. $94M expense last year.
- Total revenue rose 3.1% YoY to $2.525B, with franchise and property revenues up 4.6% to $814M.
- Operating income grew 5% to $696M; operating margin reached 27.6%.
- Nine-month operating cash flow from continuing operations increased to $1.308B from $1.159B.
- Partnership repurchased 2.78M exchangeable units for $214M and distributed $444M for RBI share buybacks in Q3.
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The 60% net income jump masks modest 7% pre-tax growth; the $133M tax benefit is the swing factor investors need to isolate.
RBI's 3.1% revenue growth and 27.6% operating margin reflect steady QSR demand across its four-brand portfolio (Tim Hortons, Burger King, Popeyes, Firehouse) spanning 33,401 restaurants globally.
Foreign currency translation losses of $414M over nine months signal significant FX exposure across 120+ countries. The $133M income tax benefit in Q3 may not recur, potentially pressuring future net income comparisons.