10-K · February 20, 2026
Restaurant Brands International (RBI) emphasizes three strategic pillars — Quality, Service, and Convenience — and leverages a highly franchised model (over 95% franchised) across ~33,041 restaurants with $46,762…
Earnings analysis · 10-Q
QSR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Restaurant Brands International Inc. reported Q1 2026 results with total revenues of $2.264 billion, an increase of 7.4% year-over-year, driven primarily by higher supply chain sales and growth across several franchise…
Read full summary
Restaurant Brands International Inc. reported Q1 2026 results with total revenues of $2.264 billion, an increase of 7.4% year-over-year, driven primarily by higher supply chain sales and growth across several franchise segments. Net income from continuing operations was $445 million, significantly improving from $221 million in the prior year, resulting in an EPS of $0.97, which fell short of the consensus estimate of $1.07.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.97
- Segment
- TH
- Segment
- BK
- Segment
- PLK
- Segment
- FHS
- Segment
- INTL
What stood out
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Strong Revenue Growth
Total revenue increased to $2.264 billion, up from $2.109 billion year-over-year.
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Improved Net Income
Net income from continuing operations reached $445 million, up from $223 million in Q1 2025.
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Operating Income Surge
Income from operations rose to $606 million, up from $435 million, marking a 39.2% increase.
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Lower Interest Expenses
Interest expense decreased to $123 million from $130 million, indicating effective debt management.
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Comparable Sales Improvement
Comparable sales grew by 3.2%, a substantial increase from just 0.1% in the previous year.
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Higher Free Cash Flow
Operating cash flow increased to $227 million, up from $118 million compared to Q1 2025.
What to watch
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EPS Misses Estimate
Reported EPS was $0.97, lower than the consensus estimate of $1.07.
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Declining PLK Segment
The Popeyes segment experienced a decline with revenues of $190 million, down from $194 million.
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Increased Debt Service Obligations
Total debt was $5.702 billion with a required interest payment of approximately $303 million for the next twelve months.
Management's outlook
Management expects organic Adjusted Operating Income growth of over 8% for 2026.
Earlier filings 4
10-Q · October 30, 2025
Restaurant Brands International reported Q3 revenue of $2,449 million, up $158 million (+6.9%) versus Q3 2024, with operating income rising to $663 million and diluted EPS of $0.96 (vs $0.79). Operating cash flow…
10-Q · August 7, 2025
Restaurant Brands International Inc. reported strong revenue growth of 15.9% year-over-year in Q2 2025, reaching $2.41 billion, exceeding consensus estimates by 3.0%. However, diluted EPS was $0.57, slightly missing…
10-K · February 21, 2025
RBI presents a scale-driven franchised model with ~32,125 global restaurants and $44,476 million in system-wide sales as of December 31, 2024, and a portfolio of four complementary brands (Burger King, Tim Hortons,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.