RBI Q3 2026: Burger King US sales rise as Popeyes US sales fall
Restaurant Brands International Inc. reported third-quarter 2026 adjusted earnings of $1.10 per share on revenue of $2.52 billion, according to financial results released on October 29, 2026. Global comparable sales rose 3.8% for the period ended September 30, driven by an 8.4% increase at Burger King U.S., while the company returned $1.3 billion to shareholders year-to-date through dividends and share repurchases.
Financial Performance and Market Reflection
The reported earnings per share of $1.10 exceeded the $1.09 consensus forecast of analysts surveyed by LSEG, as noted by CNBC. Total revenue rose 3.1% year-over-year to reach $2.53 billion, coming in slightly below the $2.54 billion analyst estimate. Net income attributable to common shareholders reached $542 million, or $1.54 per share, compared to $315 million, or 96 cents per share, in the third quarter of 2025.
Consolidated system-wide sales grew 6.2% on a constant currency basis, powered by a 9.0% increase internationally. Adjusted operating income climbed 5.0% to $737 million from $702 million in the prior-year period. On an organic basis, which excludes foreign exchange impacts and the Restaurant Holdings segment, adjusted operating income grew 6.7%. The company maintained its full-year 2026 outlook, remaining on track for 8% organic adjusted operating income growth.
$QSR Q3 2026 earnings: Burger King sales jump 8%, but Popeyes keeps shrinkingBurger King's US rebound and steady international expansion carried Restaurant Brands International while Popeyes kept shrinking. Comparable sales rose 3.8%, led by an 8% gain at US Burger King stores,… pic.twitter.com/ICpLGfsttp
Brand-Level Divergence Across the Portfolio
Burger King anchored the quarter’s momentum. U.S. comparable sales jumped 8.4%, continuing a multiyear turnaround focused on food quality, remodels, and digital investments.
Tim Hortons posted steady gains with comparable sales increasing 1.5% overall and 1.8% in its home market of Canada. Firehouse Subs delivered 1.5% comparable sales growth alongside 7.8% net restaurant growth.
Popeyes remained a portfolio laggard. U.S. comparable sales for the fried chicken chain fell 2.2%, a decline CNBC attributed to competitive pressure from rival chains offering steep discounts.
RBI Declares Dividend as Restaurant Count Grows
Total global restaurant count reached 33,401 units at period end, representing a 3.0% increase over the prior year. Capital return to investors remained a central pillar of the quarterly update. RBI declared a fourth-quarter dividend of $0.65 per share, scheduled for payment on January 5, 2027.