The Numbers

Restaurant Brands International (NYSE: QSR) reported consolidated system-wide sales of $12.7 billion for the second quarter ended June 30, 2026, up 6.4% year-over-year on a constant-currency basis, against $11.9 billion in Q2 2025. Total revenues reached $2.5 billion, a 4.5% increase from $2.4 billion in the prior-year period. Adjusted Operating Income rose to $715 million from $668 million, reflecting organic growth of 6.7%. Adjusted diluted EPS came in at $1.07, up 12.9% from $0.94, while GAAP diluted EPS from continuing operations surged to $1.45 from $0.58 — a jump partly driven by a favorable swing in other operating income and a tax benefit.

Consolidated comparable sales accelerated to 3.8%, more than double the 2.4% recorded in Q2 2025. Adjusted EBITDA increased to $810 million from $762 million. Net leverage tightened to 4.1x from 4.6x a year earlier, measured against trailing-twelve-month Adjusted EBITDA of $3.1 billion. Free cash flow for the first half of 2026 reached $648 million, up from $465 million in the same period of 2025.

Burger King Leads, Popeyes Lags

Burger King was the quarter's standout performer. U.S. comparable sales climbed 8.5%, the highest among the company's home-market brands, lifting the BK segment's system-wide sales 8.2% to $3.2 billion and its Adjusted Operating Income 13.2% to $137 million. The chain remains the primary beneficiary of RBI's multi-year "Reclaim the Flame" investment plan, which targets up to $700 million in spending through year-end 2028; as of June 30, 2026, $194 million of the planned $550 million in Royal Reset capital had been deployed.

The International segment was equally robust, with system-wide sales growing 10.7% to $5.6 billion and comparable sales up 5.5%. The resumption of royalty revenue from the Burger King China joint venture — established in January 2026 after RBI sold a majority stake to CPE for $350 million of primary capital — contributed meaningfully to INTL's Adjusted Operating Income of $194 million, up sharply from $172 million. Tim Hortons' Canadian home market posted comparable sales of just 0.1%, signaling ongoing softness in its core geography even as supply chain revenue provided an incremental lift to segment AOI of $287 million. Popeyes was the portfolio's weak link: U.S. comparable sales fell 5.2% and segment Adjusted Operating Income declined to $63 million from $66 million, driven by the comparable-sales contraction. Firehouse Subs remained the portfolio's fastest-growing concept by unit count, with net restaurant growth of 8.1% bringing its system to 1,482 locations.

Capital Return and Outlook

RBI returned $435 million to shareholders in Q2 via dividends and share repurchases. The company repurchased 1.8 million common shares for $137 million in the quarter, with $829 million remaining under its $1 billion buyback authorization through September 2027. Subsequent to quarter-end, through July 31, 2026, an additional $35 million in shares were repurchased. The board declared a Q3 dividend of $0.65 per share, payable October 2, 2026.

CEO Josh Kobza said results validate the strategy outlined at the company's Investor Day, pointing to Burger King's turnaround as a template for disciplined operational investment across the portfolio. RBI reaffirmed its full-year target of 8% organic Adjusted Operating Income growth and its long-term algorithm of 3%-plus comparable sales and 8%-plus organic AOI growth on average from 2024 to 2028. The company also guided to Segment G&A (excluding RH) of $600 million to $620 million and Adjusted Interest Expense of $500 million to $520 million for the full year. For operators and franchisees tracking QSR industry trends, a continued bifurcation between brands with active reinvestment programs and those without remains the defining dynamic entering the second half of 2026. RBI's refranchising of its remaining company-operated Burger King restaurants — held in the Restaurant Holdings segment — is ongoing, with the company actively seeking partners for Popeyes China and investors for Firehouse Subs Brazil. Franchisors and quick-service restaurant operators monitoring the competitive landscape can find additional context on multi-brand franchise performance in our coverage of QSR comparable-sales trends.

Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.