Restaurant Brands Third-Quarter Earnings Rise as Burger King U.S. Comparable Sales Jump 8.4%

Restaurant Brands International said Thursday that third-quarter comparable sales at Burger King in the U.S. jumped 8.4%, leading global comparable sales growth of 3.8%, and that it remains on track for 8% organic adjusted operating income growth in 2026, according to its earnings release filed with an 8-K.

The owner of Tim Hortons, Burger King, Popeyes and Firehouse Subs reported system-wide sales growth of 6.2% to $12.97 billion, including 9.0% growth in its international business. Total revenue rose to $2.53 billion from $2.45 billion a year earlier.

"Those strengths are on display again this quarter, with over 3% global comparable sales led by outperformance at Burger King and steady growth at International and Tim Hortons," CEO Josh Kobza said in the release.

Earnings rise

Adjusted EPS increased 6.9% to $1.10 from $1.03, or 8.6% on an organic basis. Adjusted operating income rose 5.0% to $737 million, with organic growth of 6.7%.

Diluted EPS from continuing operations climbed to $1.54 from $0.96, and net income from continuing operations rose to $704 million from $440 million. The quarter included an income tax benefit of $133 million, compared with a $94 million tax expense a year earlier.

Net leverage improved to 4.0 times from 4.4 times.

Burger King leads, Popeyes lags

At the Burger King U.S. and Canada segment, system-wide sales rose 7.6%, and adjusted operating income increased 10.6% to $136 million. The brand is executing its multi-year "Reclaim the Flame" plan and had funded $198 million of up to $550 million planned for its Royal Reset remodel and restaurant upgrade investments as of Sept. 30.

Tim Hortons comparable sales grew 1.5%, and segment adjusted operating income rose to $317 million from $304 million, helped by tariff refunds and higher system-wide sales. International comparable sales rose 3.9%, net restaurant growth was 5.6%, and segment adjusted operating income increased 8.9% to $205 million.

At Popeyes, comparable sales fell 1.8%, including a 2.2% decline in the U.S., and segment adjusted operating income dropped 8.0% to $58 million. Firehouse Subs comparable sales rose 1.5%.

Capital returns

RBI said it has returned $1.3 billion to shareholders so far this year through dividends and buybacks. In the third quarter, it repurchased 817,041 common shares for $61 million and 2,784,549 Class B exchangeable partnership units for $214 million.

After the quarter ended, through Oct. 23, the company bought back another 235,276 shares for $17 million, leaving $751 million under its authorization.

The board declared a fourth-quarter dividend of $0.65 per share, payable Jan. 5, 2027, to holders of record on Dec. 22, 2026.

By the numbers

• 3.8%: global comparable sales growth
• 8.4%: Burger King U.S. comparable sales growth
• $1.10: adjusted EPS, up 6.9%
• $737 million: adjusted operating income, up 5.0%
• $1.3 billion: capital returned to shareholders year to date
• $0.65: fourth-quarter dividend per share

Sources

1. Restaurant Brands International Form 8-K with third-quarter 2026 earnings release (Exhibit 99), filed Oct. 29, 2026 (accession 0001618756-26-000051)

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