Restaurant Brands International (QSR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Restaurant Brands International published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Restaurant Brands International reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Restaurant Brands International's EPS figures are from continuing operations. Diluted EPS is computed on 457 million diluted shares, which include the Class B exchangeable units of its partnership, RBI LP.
• Restaurant Brands International deconsolidated Burger King China on January 30, 2026, when it formed a joint venture with CPE, and now accounts for its 17% stake under the equity method and records royalties in its INTL segment. In 2025 BK China was reported as discontinued operations.
• Segment revenues include intersegment royalties, rent and advertising contributions paid by the Restaurant Holdings restaurants to the BK and INTL segments, which are eliminated in consolidation.

Source: Restaurant Brands International Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Restaurant Brands International splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Restaurant Brands International's Tim Hortons (TH) revenue was $1.1 billion in Q3 2026, up 1% from $1.1 billion in Q3 2025, 45% of total revenue.
• Restaurant Brands International's Burger King (BK) revenue was $396 million in Q3 2026, up 2% from $387 million in Q3 2025, 16% of total revenue.
• Restaurant Brands International's Popeyes (PLK) revenue was $204 million in Q3 2026, up 1% from $201 million in Q3 2025, 8% of total revenue.
• Restaurant Brands International's Firehouse Subs (FHS) revenue was $65.0 million in Q3 2026, up 8% from $60.0 million in Q3 2025, 3% of total revenue.
• Restaurant Brands International's International (INTL) revenue was $289 million in Q3 2026, up 8% from $268 million in Q3 2025, 11% of total revenue.
• Restaurant Brands International's Restaurant Holdings (RH) revenue was $487 million in Q3 2026, up 6% from $459 million in Q3 2025, 19% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Restaurant Brands International said:

“RBI remains on track for 8% organic Adjusted Operating Income growth in 2026”

“Segment G&A (excluding RH) for 2026 between $600 million and $620 million”

“Adjusted Interest Expense, net between $500 million and $520 million”

“RH AOI of approximately $10 to $20 million”

Source: Restaurant Brands International Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the QSR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted EPS from continuing operations, each as first reported in that quarter's release. Including discontinued operations (Burger King China), Q4 2025 diluted EPS was $0.34.

We do not hold a confirmed date for Restaurant Brands International's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Restaurant Brands International reported total revenues of $2,525 million for Q3 2026, up 3.1% from $2,449 million, or 3.4% on an organic basis after an $18 million unfavorable FX impact. By type, franchise and property revenues were $814 million, supply chain sales $780 million, company restaurant sales $608 million and advertising revenues and other services $323 million. (Restaurant Brands International Q3 2026 release (Form 8-K, Exhibit 99), Oct 29, 2026)

Restaurant Brands International's system-wide sales, the sales of all its restaurants including franchised ones, were $12,972 million, up 6.2% on a constant currency basis, and its system had 33,401 restaurants at September 30, 2026. Over 95% of system-wide restaurants are franchised, and royalties for standard restaurants typically range from 3.0% to 6.0% of gross sales, so most of those sales reach revenue only as royalties, which were $549 million in the quarter. (Restaurant Brands International Q3 2026 release (Form 8-K, Exhibit 99), Oct 29, 2026; Restaurant Brands International Form 10-K, 2025, Feb 20, 2026; Restaurant Brands International Form 10-Q, Q3 2026, Oct 29, 2026)

Tim Hortons is the largest segment by revenue at $1,136 million, because it sells supply chain goods to franchisees ($780 million of its revenue). Restaurant Brands International put its increase down to higher equipment sales to franchisees and commodity prices. Burger King revenue rose to $396 million on Comparable Sales growth of 8.3%, partly offset by refranchisings, while Popeyes Comparable Sales fell 1.8%. (Restaurant Brands International Q3 2026 release (Form 8-K, Exhibit 99), Oct 29, 2026)

International revenue rose to $289 million on higher royalties from Burger King and Popeyes and the resumption of royalty revenues from BK China, with system-wide sales up 9.0%. Restaurant Holdings, the company-operated Carrols Burger King restaurants plus Popeyes China and Firehouse Subs Brazil, brought in $487 million. Restaurant Brands International says it intends to refranchise the vast majority of the Carrols restaurants and sunset that segment. (Restaurant Brands International Q3 2026 release (Form 8-K, Exhibit 99), Oct 29, 2026)

Restaurant Brands International's GAAP diluted EPS from continuing operations was $1.54 in Q3 2026, above its Adjusted Diluted EPS of $1.10. The main reason is a $133 million income tax benefit: the effective tax rate was (23.2)%, against 17.6% a year earlier, because of movements in net deferred taxes tied to intra-group reorganizations, which the company says do not affect the adjusted effective tax rate. (Restaurant Brands International Q3 2026 release (Form 8-K, Exhibit 99), Oct 29, 2026; Restaurant Brands International Form 10-Q, Q3 2026, Oct 29, 2026)

Adjusted net income of $505 million adds back $39 million of pre-tax items: franchise agreement and reacquired franchise rights amortization of $16 million, other operating expenses of $20 million (net of foreign exchange), corporate restructuring and advisory fees of $5 million and transaction costs of $2 million, among others. Organic Adjusted EPS growth was 8.6%, against 6.9% nominal. (Restaurant Brands International Q3 2026 release (Form 8-K, Exhibit 99), Oct 29, 2026)

Diluted shares were 457 million in both periods. In the quarter Restaurant Brands International repurchased 817,041 common shares for $61 million and 2,784,549 Class B exchangeable limited partnership units for $214 million, leaving $768 million under its $1,000 million authorization. It declared a fourth-quarter dividend of $0.65 per share. (Restaurant Brands International Q3 2026 release (Form 8-K, Exhibit 99), Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Restaurant Brands International does not give a revenue or EPS outlook. Its release gives full-year 2026 figures for cost lines: Segment G&A (excluding RH) of $600 million to $620 million, Adjusted Interest Expense, net of $500 million to $520 million, RH AOI of about $10 to $20 million and Total Capex and Cash Inducements of around $400 million. It says it remains on track for 8% organic Adjusted Operating Income growth in 2026. (Restaurant Brands International Q3 2026 release (Form 8-K, Exhibit 99), Oct 29, 2026)

Its long-term algorithm, on average from 2024 to 2028, is 3%+ Comparable Sales and 8%+ organic Adjusted Operating Income growth, with 5%+ Net Restaurant Growth expected towards the end of that period. (Restaurant Brands International Q3 2026 release (Form 8-K, Exhibit 99), Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Restaurant Brands International, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Restaurant Brands International's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning QSR is on is QSR a buy or a sell?, what analysts expect next is on the QSR forecast, and what the company does is on the Restaurant Brands International (QSR) stock page.

Every number on this page can be traced to a document Restaurant Brands International published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.