$QSP · Restaurant Brands International Limited Partnership
Restaurant Brands International reported Q3 2026 results with total revenues of $2.525B, up from $2.449B a year ago. GAAP diluted EPS from continuing operations was $1.54 versus $0.96 in Q3 2025, while adjusted EPS rose to $1.10 from $1.03. System-wide sales grew 6.2% to $12.97B, global comparable sales increased 3.8%, and the restaurant count reached 33,401 locations.
- Consolidated system-wide sales reached $12.97B, up 6.2% YoY on a constant-currency basis.
- Global comparable sales grew 3.8%, led by Burger King US at 8.4% and International at 3.9%.
- Adjusted EPS of $1.10 beat the prior-year $1.03, with organic Adj. EPS growth of 8.6%.
- Net leverage improved to 4.0x from 4.4x a year ago.
- RBI returned $1.3B to shareholders year-to-date via dividends and share repurchases.
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BK US's 8.4% comp acceleration signals the "Reclaim the Flame" turnaround is delivering, while Popeyes' continued weakness (-2.2% US comps) creates a two-speed portfolio narrative.
RBI's 3.8% global comps and 6.2% system-wide sales growth outpace most QSR peers this quarter, with BK US's 8.4% comp surge reflecting the "Reclaim the Flame" turnaround gaining traction against McDonald's and Wendy's.
Popeyes US comparable sales declined 2.2% in Q3 and 4.6% year-to-date, with system-wide sales down 1.0% — a persistent drag across the portfolio. Tariff exposure and FX headwinds ($16M on TH revenues alone) remain ongoing risks cited in forward-looking statements.