01—Abstract
Summary
Summary of the 8-K filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Restaurant Brands International Inc. reported third quarter 2026 results on October 29, 2026, furnished as Exhibit 99 to this Form 8-K.
Consolidated System-wide Sales were $12,972 milliona, up 6.2% year-over-year on a constant currency basis, and Global Comparable Sales were 3.8%, including 8.4% at Burger King US and 3.9% at International. GAAP Income from Operations rose to $696 million from $663 million, and Diluted EPS from continuing operations was $1.54 versus $0.96. Adjusted Operating Income was $737 million (organic growth of 6.7%), Adjusted EBITDA was $829 million, and Adjusted Diluted EPS was $1.10 versus $1.03.
Net Leverage improved to 4.0x from 4.4x a year earlier. The company stated that it remains on track for 8% organic Adjusted Operating Income growth in 2026. Burger King US drove results, with segment AOI up to $136 millionb from $123 million, while Popeyes was weaker, with Comparable Sales of negative 1.8% and AOI of $58 million versus $63 million.
Tim Hortons Comparable Sales slowed to 1.5% from 4.2%, though AOI rose to $317 millionc, which the company attributed primarily to tariff refunds and System-wide Sales growth. GAAP results were also lifted by an income tax benefit of $133 million in the quarter, which the company attributed to discrete tax benefits from intra-group reorganizations. Capital returns remained significant: RBI returned $1.3 billion year to date through dividends and share repurchases, and the Board declared a $0.65 per share dividend for the fourth quarter of 2026, payable January 5, 2027.
As of September 30, 2026, $768 milliond remained under the $1,000 million share repurchase authorization. The 2026 guidance was reaffirmed, including Segment G&A (excluding RH) of $600 million to $620 million and Adjusted Interest Expense, net of $500 million to $520 million.
02—Key points
Key Highlights
- System-wide Sales of $12,972 million, up 6.2% year-over-year on a constant currency basis; Comparable Sales of 3.8%
- Burger King US Comparable Sales of 8.4%, with segment AOI rising to $136 million from $123 million
- GAAP Diluted EPS from continuing operations of $1.54 versus $0.96; Adjusted Diluted EPS of $1.10 versus $1.03
- Adjusted Operating Income of $737 million, with organic growth of 6.7%; Adjusted EBITDA of $829 million
- Popeyes (PLK) Comparable Sales declined 1.8% and AOI fell to $58 million from $63 million, driven by lower Comparable Sales and higher Segment G&A
- Net Leverage improved to 4.0x from 4.4x; the company repurchased $275 million of shares and units in the quarter and returned $1.3 billion year to date
- Quarterly dividend of $0.65 per share declared for Q4 2026; 2026 guidance reaffirmed, with the company on track for 8% organic AOI growth
03—Questions
Frequently Asked Questions
What drove the strong Burger King US performance this quarter?
Burger King US Comparable Sales rose 8.4% in the third quarter, and segment System-wide Sales grew 7.6% year-over-year. Management attributed the AOI increase primarily to higher Comparable Sales. The company is also executing its multi-year Reclaim the Flame plan, with $198 million funded toward up to $550 million planned for the Royal Reset investments as of September 30, 2026.
Why did GAAP net income rise so sharply, and is the increase sustainable?
Net Income from Continuing Operations was $704 million versus $440 million, aided by an income tax benefit of $133 million in the quarter versus an expense of $94 million a year earlier. The filing attributes the tax benefit to discrete items from intra-group reorganizations undertaken in 2026, which it says favorably affect the full-year effective tax rate but do not affect the adjusted effective tax rate. Adjusted Net Income, which excludes these items, rose to $505 million from $471 million.
How is RBI returning capital to shareholders?
RBI declared a $0.65 per share dividend for Q4 2026, payable January 5, 2027. In the quarter it repurchased 817,041 common shares for $61 million and 2,784,549 Class B exchangeable units for $214 million. As of September 30, 2026, $768 million remained under the $1,000 million repurchase authorization, and $751 million remained as of October 23, 2026.
What is the outlook for 2026 and the long-term algorithm?
RBI continues to expect 2026 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. The company remains on track for 8% organic Adjusted Operating Income growth in 2026 and continues to target, on average from 2024 to 2028, 3%+ Comparable Sales and 8%+ organic AOI growth.
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