Restaurant Brands International Inc

QSR

Equity

ISIN null / Valor 26358061

Toronto Stock Exchange (2026-09-04)

CAD 110.91+0.28%

Restaurant Brands International Inc
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About company

Restaurant Brands International Inc. (RBI) is a leading global operator in the quick service restaurant industry, overseeing four major brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs. With a substantial presence, RBI manages over 32,000 restaurants across more than 120 countries and territories, generating nearly $45 billion in annual system-wide sales. The company capitalizes on the global scale and shared best practices afforded by its common ownership structure, which enhances operational efficiencies and brand growth. Each brand under RBI operates independently, maintaining its unique identity while benefiting from the collective resources and strategic initiatives of the parent company. RBI's business model focuses on leveraging strong franchisee relationships and a commitment to community engagement, aiming to expand its market reach and enhance customer experiences across its diverse portfolio.

Summarized from source with an LLMView SourceSector: Consumer Non-Cyclicals

Consolidated financials

Total revenues were $2,520 million (up vs. $2,410M a year ago), Income from Operations was $716 million (up 48.4% YoY), Net income from continuing operations was $665 million, and diluted EPS was $1.45. Adjusted Operating Income (AOI) was $715 million and Adjusted Diluted EPS was $1.07.

Sales and comps

Consolidated System‑wide Sales grew 6.4% (quarter system‑wide sales $12,702M) and global Comparable Sales rose 3.8%. Burger King U.S. comparable sales were notably strong at +8.5%, and International Comparable Sales were +5.5% with International System‑wide Sales growth of 10.7%.

Segment performance — Burger King

Burger King segment system‑wide sales grew 8.2% and comparable sales 8.6% (U.S. comps +8.5%). BK segment AOI was $137M (up ~13% YoY). RBI noted progress on the "Reclaim the Flame" / Royal Reset program, having funded $194M of planned investments to date.

Segment performance — International and others

INTL segment delivered System‑wide Sales growth of 10.7% and AOI of $194M (up vs. prior year). Tim Hortons showed modest comps (Q2 comps +0.1%) with AOI $287M. Popeyes (PLK) saw comps decline (~‑5.1%) and AOI of $63M. Firehouse Subs grew system count and AOI to $17M.

Capital allocation and liquidity

RBI returned $435 million to shareholders in the period via dividends and share repurchases. The Board declared a Q3 2026 dividend of $0.65 per share. During Q2 the company repurchased 1,821,167 shares for $137M (plus an additional 463,385 shares for $35M subsequent to quarter end); roughly $829M remained under the $1.0B repurchase program as of June 30, 2026 ($794M remaining as of July 31, 2026).

Balance sheet / cash flow

Net leverage was 4.1x (down from 4.6x a year earlier). Six‑month Free Cash Flow was $648M (net cash provided by operations $757M less capex $109M). Cash & cash equivalents were $1,063M at June 30, 2026.

Guidance and long‑term algorithm

For 2026 RBI reiterated key expectations (e.g., Segment G&A excluding RH $600–620M; RH AOI ~$10–20M; Adjusted interest expense $500–520M; Total Capex and cash inducements around $400M) and reaffirmed its long‑term algorithm of 3%+ Comparable Sales and 8%+ organic AOI growth (2024–2028).

Notable items / outlook drivers

Management emphasized diversified brand strength (Burger King and International leading results), continued refranchising and refranchise‑related items (RH segment), ongoing investments in BK U.S. Royal Reset, and FX and convention timing impacts called out in the release.

Summarized from source with an LLMView Source

Key figures

29.2%1Y

16.6%3Y

37.7%5Y

Performance

24.0%1Y

22.6%3Y

21.9%5Y

Volatility