$QSR · Restaurant Brands International Inc.
Restaurant Brands International reported Q3 2026 results with consolidated system-wide sales of $12.97B (+6.2% YoY), global comparable sales of +3.8%, and Adjusted EPS of $1.10 versus $1.03 a year ago. Burger King US led with 8.4% comparable sales growth, while Popeyes continued to struggle with -1.8% comps. Net leverage improved to 4.0x from 4.4x.
- Consolidated system-wide sales grew 6.2% YoY to $12.97B, with comparable sales up 3.8% globally.
- Burger King US comparable sales jumped 8.4%, driving BK segment AOI up 10.6% to $136M.
- Adjusted EPS of $1.10 beat last year's $1.03, with organic Adj. EPS growth of 8.6%.
- Net leverage improved to 4.0x from 4.4x a year ago; $1.3B returned to shareholders YTD.
- Popeyes remains a drag: comparable sales fell 1.8% and segment AOI declined 8.0% to $58M.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
BK US's 8.4% comp surge validates the multi-year turnaround, but Popeyes' continued decline (-1.8% comps, -8% AOI) creates a two-speed portfolio that investors must weigh.
RBI's 8.4% BK US comp outperforms most QSR peers this quarter, reinforcing the "Reclaim the Flame" turnaround narrative. International segment delivered 9.0% system-wide sales growth, highlighting the value of RBI's geographic diversification versus US-heavy competitors.
Popeyes US comparable sales declined 2.2% and segment AOI fell 8.0%, marking continued weakness in a core brand. Tariff exposure and FX headwinds ($16M revenue impact in TH segment alone) remain ongoing risks.