RBI Keeps Global Comparable Sales at 3.8% as BK Leads

The Tip Desk · October 31, 2026 · 4 min read

Adjusted diluted earnings were $1.10 a share as Burger King U.S. comps reached 8.4% and International 3.9%.

Restaurant Brands International Inc. (QSR) held global comparable sales at 3.8% in the third quarter ended September 30, 2026, matching the second-quarter rate after a first-quarter acceleration from 3.2%.

The quick-service restaurant franchisor said consolidated system-wide sales growth slowed to 6.2% from 6.4% in the prior quarter. System-wide sales were $12.972 billion. Net restaurant growth accelerated to 3.0% from 2.9%, and the system restaurant count stood at 33,401.

Organic Adjusted Operating Income growth was 6.7%, matching the second-quarter pace after 10.7% in the first quarter. Adjusted Operating Income was $737 million. Adjusted diluted earnings were $1.10 a share, with nominal growth of 6.9% and organic growth of 8.6%. GAAP diluted earnings from continuing operations were $1.54 a share, versus $0.96 a year earlier. Net leverage was 4.0 times.

Burger King remained the sales leader. Comparable sales were 8.3%, including 8.4% in the United States, after 8.5% at BK U.S. in the second quarter and 5.8% in the first. BK system-wide sales growth was 7.6%. The company said the increase in BK total revenues was primarily driven by higher comparable sales, partially offset by the net impact of refranchisings, and that the increase in Adjusted Operating Income was primarily driven by the comparable-sales gain. BK Adjusted Operating Income was $136 million. As of September 30, the company had funded $198 million of up to $550 million planned toward Royal Reset investments under the multi-year Reclaim the Flame plan.

International comparable sales slowed to 3.9% from 5.5% in the second quarter and 5.7% in the first. International system-wide sales growth was 9.0%. International Adjusted Operating Income was $205 million. The company said the increase in International total revenues was primarily driven by higher royalty revenues from Burger King and Popeyes restaurants from increased system-wide sales, as well as the resumption of royalty revenues from BK China.

Tim Hortons comparable sales were 1.5%, versus 4.2% a year earlier. Tim Hortons system-wide sales growth was 2.0%. Adjusted Operating Income was $317 million. The company said the increase in Tim Hortons total revenues was driven by higher supply-chain sales, primarily from equipment sales to franchisees and commodity prices, and by increased system-wide sales. The increase in Adjusted Operating Income was primarily driven by tariff refunds and increased system-wide sales.

Popeyes comparable sales were down 1.8%, including 2.2% in the United States. Popeyes system-wide sales declined 1.0%. Adjusted Operating Income was $58 million. The company said the decrease in Adjusted Operating Income was primarily driven by a decline in comparable sales and an increase in segment G&A, primarily from higher compensation-related expenses, partially offset by higher company restaurant sales.

Firehouse Subs comparable sales were 1.5%, including 2.0% in the United States. Firehouse Subs system-wide sales growth was 8.3% on 7.8% net restaurant growth. Adjusted Operating Income was $16 million. The company said the increases in total revenues and Adjusted Operating Income were primarily driven by the increase in restaurant count.

Restaurant Holdings Adjusted Operating Income was $5 million. The company said the decrease was primarily driven by an increase in company restaurant expenses and segment G&A, partially offset by higher revenues.

RBI returned $1.3 billion of capital to shareholders year to date through dividends and share repurchases. In the third quarter it repurchased 817,041 common shares for $61 million and 2,784,549 Class B exchangeable units for $214 million, excluding excise taxes, leaving $768 million remaining under the authorization as of September 30. The board declared a dividend of $0.65 a share and partnership unit for the fourth quarter of 2026.

For 2026, RBI continues to expect 8% organic Adjusted Operating Income growth, unchanged from the outlook given after the first and second quarters. The company continues to expect long-term consolidated performance on average from 2024 to 2028 of 3% or more comparable sales and 8% or more organic Adjusted Operating Income growth, and to reach 5% or more net restaurant growth toward the end of that period.