Restaurant Brands International (QSR) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered 3.8% same-store sales growth, 2.9% net restaurant growth, 6.4% system-wide sales growth, 6.7% organic Adjusted Operating Income growth, and 12.9% Adjusted EPS growth year-over-year.

• Consolidated revenue reached $2.52 billion for Q2 2026, up 4.6% year-over-year, with net income from continuing operations rising to $665 million, driven by higher operating income and a tax benefit.

• Double-digit earnings growth and $435 million capital returned to shareholders; progress made toward investment-grade leverage and 5% net restaurant growth target by 2028.

• Portfolio strength shown by Tim Hortons and International achieving 21 consecutive quarters of positive same-store sales growth; Burger King U.S. outperformed industry by high single digits.

• Year-to-date, above algorithm same-store sales of 3.5%, organic AOI growth of 8.5%, and nearly 14% Adjusted EPS growth.

Financial highlights

• Adjusted EPS increased 12.9% to $1.07 per share, driven by AOI growth and a $6 million decrease in adjusted net interest expense.

• Q2 2026 net income attributable to common shareholders was $507 million, up from $189 million in Q2 2025.

• Generated $501 million of free cash flow in Q2, with $648 million for the first half of 2026.

• Ended Q2 with $2.3 billion liquidity, $1.1 billion cash, and net leverage ratio of 4.1x.

• Adjusted EBITDA for the quarter was $810 million, up 5.9% year-over-year.

Outlook and guidance

• Expect net restaurant growth to accelerate in H2 2026, progressing toward 5% unit growth by 2028.

• On track for 8%+ organic Adjusted Operating Income growth in 2026 and long-term targets of 3%+ comparable sales growth, 8%+ organic AOI growth, and 5%+ net restaurant growth by 2028.

• Full-year adjusted effective tax rate expected between 18% and 19%.

• Segment G&A (excluding Restaurant Holdings) expected at $600–$620 million; net adjusted interest expense flat at $500–$520 million.

• 2026 CapEx and inducements expected around $400 million; Tim Hortons supply chain margins to remain in line with 2025.