QSR Filings — Restaurant Brands International Inc. - FilingSpy
QSR
Restaurant Brands International Inc.
A parent company of four restaurant chains — Tim Hortons, Burger King, Popeyes, and Firehouse Subs — Restaurant Brands International grew out of a 2014 merger of Burger King and the Canadian coffee-and-doughnut chain Tim Hortons. Tim Hortons itself takes its name from Tim Horton, a Toronto Maple Leafs defenceman who co-founded the first shop. One favorite detail: Burger King began in 1953 as "Insta-Burger King," named for the "Insta-Broiler" machine that cooked its patties.
Operating income rose 48% to $716M as a foreign exchange gain and broad segment growth lifted results.
A swing from a foreign exchange loss to a gain drove sharply higher. rose 4.6% to $2.52B and climbed 154% to $1.45, while growth of 3.8% was led by Burger King US at 8.5%. The quarter shows the business generating higher earnings from its core brands, even as Popeyes US comparable sales fell 5.2%.
Key takeaways
rose 48.2% to $716M, driven primarily by a net foreign exchange gain in the quarter compared to a loss a year ago, alongside income growth.
rose 4.6% to $2,520M, with management attributing the increase to higher supply chain sales and system-wide sales growth in the International, Burger King, Tim Hortons, and Firehouse Subs segments.
Consolidated grew 3.8%, led by Burger King US at 8.5% and the International at 5.5%, while Popeyes US declined 5.2%.
Section summaries
Management's Discussion and Analysis
Q2 2026 income from operations rose $233M to $716M, driven by a foreign exchange gain vs. prior-year loss and broad segment growth.
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Consolidated grew 3.8% in Q2 2026, led by BK US (8.5%) and INTL (5.5%), while PLK US declined 5.2%.
Adjusted increased $46M to $715M, with growth in the International, Burger King, Tim Hortons, and Firehouse Subs segments partially offset by a $4M decline in Popeyes.
rose 152.9% to $665M and rose 154.4% to $1.45, reflecting the increase and a lower .
rose 18.0% to $530M and rose 16.5% to $479M, supported by higher income, lower tax payments, and lower interest payments.
What changed
The Q1 2026 watch item for Popeyes was answered with a 5.2% decline in Q2, a slight improvement from the 6.5% decline in Q1 but still the weakest brand performance.
The expected ~$170M discrete tax benefit from the intra-group reorganization flagged in Q1 2026 materialized, contributing to the drop in the and the increase in .
Restaurant Holdings adjusted , which declined in Q1 2026, was not called out as a driver of the Q2 increase; management noted higher compensation costs in the RH .
Operating and recovered further from the Q1 2025 low, with H1 2026 reaching $757M compared to $567M in the prior year period.
What to watch
Popeyes US in Q3 2026 to see if the 5.2% decline stabilizes or deepens further, as it remains the primary drag on consolidated comparable sales growth.
Sustainability of the Burger King US 8.5% growth in Q3 2026, to confirm whether the brand's turnaround is gaining traction beyond a single quarter.
Restaurant Holdings adjusted in Q3 2026, as the segment was flagged for higher compensation costs and its contribution to consolidated profit remains small.
in Q3 2026 to see if the H1 recovery to $757M continues, confirming the cash generation trajectory after the prior year's volatility.
increased $46M to $715M, with INTL (+$23M), BK (+$16M), TH (+$9M), and FHS (+$2M) segments growing, partially offset by a $4M decline in PLK.
Total revenues rose $110M to $2,520M, primarily from higher supply chain sales and growth in INTL, BK, TH, and FHS.
General and administrative expenses decreased $7M to $181M, mainly due to lower non-recurring transaction and restructuring costs, partially offset by higher compensation in INTL and RH.
was $757M for H1 2026, up from $567M, driven by higher income, lower tax payments, and lower interest payments.
The company repurchased $171M of common shares in H1 2026 under a $1B authorization and declared a $0.65 per share quarterly .
Quantitative and Qualitative Disclosures About Market Risk
There were no material changes during the six months ended June 30, 2026 to the disclosures made in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and Canadian securities regulatory authorities on February 20, 2026.
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There were no material changes during the six months ended June 30, 2026 to the disclosures made in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and Canadian securities regulatory authorities on February 20, 2026.