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Restaurant Brands International 8-K Report, Financial Results (May 6, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 6, 2026
Period End
May 6, 2026
Security
QSR
In the record · 2016–202610-K1110-Q338-K143

QSR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 143 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’17Oct ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Sep ’24Sep ’24

01—Abstract

Summary

Summary of the 8-K filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.

Restaurant Brands International Inc. reported first-quarter 2026 results on May 6, 2026, furnished as Exhibit 99 to this Form 8-K.

Consolidated system-wide sales grew 6.2% year-over-year on a constant currency basis to $11.51 billiona, with comparable sales accelerating to 3.2% (from 0.1% a year earlier). GAAP total revenues rose to $2.264 billion from $2.109 billion, income from operations increased to $606 million from $435 million, and diluted EPS from continuing operations was $0.97 versus $0.49. Adjusted Operating Income (AOI) reached $610 million, up 13.0% nominally and 10.7% organically, while Adjusted Diluted EPS was $0.86, up 14.6% nominally and 11.0% organically.

The company stated it remains on track for 8%+ organic AOI growth in 2026. Capital returns and balance sheet items were also highlighted. The company resumed share repurchases in March, repurchasing 463,442 shares for $34 millionb in the quarter, and continues to expect to repurchase $500 million in 2026.

The Board declared a $0.65c per share dividend for the second quarter of 2026, payable July 7, 2026. Net leverage improved to 4.2x from 4.7x a year earlier, and cash and cash equivalents were $1.012 billion at March 31, 2026. Segment results were mixed.

International (INTL) system-wide sales rose 11.1% and AOI increased to $196 milliond from $138 million, aided by the resumption of royalties from BK China following its deconsolidation into a joint venture with CPE. Burger King US comparable sales grew 5.8%, with BK AOI rising to $115 million.

Popeyes (PLK) comparable sales declined 6.5% and its AOI fell to $57 million from $60 million. Tim Hortons comparable sales rose 1.6%, and its AOI was $229 million.

02—Key points

Key Highlights

  1. System-wide sales up 6.2% (constant currency) to $11.51 billion; comparable sales accelerated to 3.2% from 0.1% a year earlier.
  2. GAAP income from operations rose 39.3% to $606 million; diluted EPS from continuing operations was $0.97 versus $0.49.
  3. Adjusted Operating Income of $610 million, with 10.7% organic growth; Adjusted Diluted EPS of $0.86, up 14.6% nominally.
  4. Burger King US comparable sales increased 5.8%, while Popeyes comparable sales declined 6.5%.
  5. International segment AOI rose to $196 million from $138 million, including the resumption of BK China royalties after the CPE joint venture (RBI holds about a 17% interest).
  6. Share repurchases resumed in March; the company continues to expect $500 million of repurchases in 2026 and has $966 million remaining under its authorization as of March 31, 2026.
  7. Net leverage improved to 4.2x from 4.7x; the Board declared a $0.65 per share dividend for Q2 2026, and the company expects a discrete tax benefit of approximately $170 million in Q2 2026 from an intra-group reorganization.

03—Questions

Frequently Asked Questions

  1. How did RBI's core operating performance trend in the first quarter of 2026?

    System-wide sales grew 6.2% on a constant currency basis to $11.51 billion, and comparable sales accelerated to 3.2% from 0.1% a year earlier. Organic AOI growth was 10.7%, and the company said it remains on track for 8%+ organic AOI growth in 2026.

  2. Which brands drove results and which lagged?

    International and Burger King US were the strongest contributors, with INTL system-wide sales up 11.1% and AOI up to $196 million, and BK US comparable sales up 5.8%. Popeyes was weaker, with comparable sales down 6.5% and AOI declining to $57 million from $60 million.

  3. What is the status of capital returns to shareholders?

    The company resumed share repurchases in March 2026, buying 463,442 shares for $34 million in the quarter, and continues to expect $500 million of repurchases in 2026. It declared a $0.65 per share dividend for Q2 2026, payable July 7, 2026, and had $940 million remaining under its authorization as of April 30, 2026.

  4. Why did GAAP earnings increase so significantly?

    Income from operations rose to $606 million from $435 million, partly because Other operating expenses (income), net was a $21 million income in 2026 versus $83 million of expense in 2025. Income tax expense also fell to $38 million from $82 million, reflecting a discrete tax benefit from a deferred tax revaluation tied to an intra-group reorganization.

  5. What is the outlook for 2026 financial guidance and balance sheet?

    For 2026, RBI expects Segment G&A (excluding RH) of $600 million to $620 million, RH AOI of approximately $10 to $20 million, Adjusted Interest Expense, net of $500 million to $520 million, and Total Capex and Cash Inducements of around $400 million. Net leverage was 4.2x at March 31, 2026, down from 4.7x a year earlier.

04—Continue

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