QSR earnings analysis
What we found in QSR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenue increased to $2.264 billion, up from $2.109 billion year-over-year.
- Improved Net Income
- Net income from continuing operations reached $445 million, up from $223 million in Q1 2025.
- Operating Income Surge
- Income from operations rose to $606 million, up from $435 million, marking a 39.2% increase.
- Lower Interest Expenses
- Interest expense decreased to $123 million from $130 million, indicating effective debt management.
- Comparable Sales Improvement
- Comparable sales grew by 3.2%, a substantial increase from just 0.1% in the previous year.
- Higher Free Cash Flow
- Operating cash flow increased to $227 million, up from $118 million compared to Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- EPS Misses Estimate
- Reported EPS was $0.97, lower than the consensus estimate of $1.07.
- Declining PLK Segment
- The Popeyes segment experienced a decline with revenues of $190 million, down from $194 million.
- Increased Debt Service Obligations
- Total debt was $5.702 billion with a required interest payment of approximately $303 million for the next twelve months.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.97
- Segment
- TH
- Segment
- BK
- Segment
- PLK
- Segment
- FHS
- Segment
- INTL
What they said about what is next.
Management expects organic Adjusted Operating Income growth of over 8% for 2026.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing QSR makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever