Restaurant Brands International Inc. (QSR)

Restaurant Brands International reported third-quarter 2026 results on October 29, 2026, with global comparable sales up 3.8 percent and system-wide sales of $12,972 million 2.

Burger King in the U.S. led, with comparable sales up 8.4 percent, while Popeyes in the U.S. fell 2.2 percent 2.

Income from operations was $696 million, up 5.0 percent, and the company booked a $133 million income tax benefit 12. The quarterly report says the tax result reflects movements in deferred taxes tied to reorganizations inside the group 1.

The company said it remains on track for 8 percent organic Adjusted Operating Income growth in 2026 2. Restaurant Dive reported that executives plan to speed up the refranchising of restaurants bought from Carrols, meaning their sale to independent operators 4.

Restaurant Brands International was formed in 2014 by the merger of Burger King and the Canadian coffee chain Tim Hortons, a deal Wikipedia puts at $12.5 billion 5. Wikipedia says the merger focused on expanding Tim Hortons abroad 5.

It bought Popeyes in a deal announced on February 21, 2017 at US$1.8 billion, and completed its purchase of Firehouse Subs on December 15, 2021 5.

By the end of 2025 it had nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories 3. Over 95 percent of restaurants were franchised, meaning independent owners run them and pay the company fees 3.

Royalties for standard U.S. and Canada restaurants typically run 3.0 to 6.0 percent of gross sales 3.

In 2024 the company bought Carrols Restaurant Group on May 16 and Popeyes China on June 28 3. Carrols was a large Burger King franchisee, and 1,005 of its Burger King restaurants were still company-owned at the end of 2025 3.

Revenue rose from $8,406 million in 2024 to $9,434 million in 2025 3. The annual report says the rise came mainly from restaurants acquired from franchisees, chiefly Carrols, and from higher supply chain sales, partly offset by currency 3.

Income from operations fell from $2,419 million to $2,202 million 3. The company pointed to foreign exchange losses on intercompany financing and the end of a $79 million gain booked in 2024 on the Carrols deal 3.

On February 14, 2025 the company bought the rest of Burger King China from its partners 3. A joint venture with CPE closed on January 30, 2026, leaving the company with about 17 percent and a board seat 3.

The company booked a $114 million non-cash charge in 2025 tied to its Burger King China holdings 3. Net income was $1,075 million in 2025 against $1,445 million in 2024 3.

The chief executive, Josh Kobza, said in February 2026 that the company had delivered its third consecutive year of roughly 8 percent organic Adjusted Operating Income growth 8.

Tim Hortons

Tim Hortons, founded in 1964, is one of the largest coffee and baked goods chains in North America and the largest in Canada by restaurant count 3.

It is the biggest segment, with 2025 revenue of $4,247 million, up from $4,040 million 3. Part of that is supply chain sales, where the company buys products, supplies and equipment and resells them to franchisees 3.

In the third quarter of 2026 its comparable sales rose 1.5 percent, with 4,579 restaurants at period end 2. Its adjusted operating income rose mainly on tariff refunds and higher system-wide sales, the release said 2.

Burger King

Burger King, founded in 1954, is the world's second largest quick service hamburger chain by restaurant count and the home of the Whopper 3. It had 19,900 restaurants in 126 countries at the end of 2025 3.

Restaurant Dive reported the sixth consecutive quarterly sales increase for the brand in the U.S., and said Kobza told analysts that Whopper sales are up double digits year over year 4. Burger King is running a multi-year plan called Reclaim the Flame to speed up sales growth and lift franchisee profitability 2.

Popeyes

Popeyes, founded in 1972, is the world's second largest quick service chicken concept by restaurant count, known for Louisiana style fried bone-in chicken, tenders and sandwiches 3. It had 5,413 restaurants at the end of 2025 3.

Its third-quarter 2026 comparable sales fell 1.8 percent, including a 2.2 percent drop in the U.S. 2. Restaurant Dive counted the seventh straight quarterly decline there and reported Kobza blamed an underperforming limited-time offer and menu simplification 4.

Kobza said the company chose to scale back its wings offering because wings add operational complexity, and wants more emphasis on core items 4.

Firehouse Subs

Firehouse Subs, founded in 1994, serves hot subs piled with steamed meats and cheese 3. It had 1,509 restaurants at the end of September 2026, net restaurant growth of 7.8 percent, and comparable sales up 1.5 percent in the quarter 2.

International and Restaurant Holdings

International covers the brands outside the U.S. and Canada and had 16,792 restaurants at the end of September 2026 23. Its third-quarter comparable sales rose 3.9 percent, and system-wide sales grew 9.0 percent at constant currency 2.

Restaurant Holdings holds the company-owned side: Carrols Burger King restaurants, Popeyes China and Firehouse Subs Brazil 2. It had 1,071 restaurants, and adjusted operating income of $5 million in the quarter against $10 million a year earlier 2.

People, places, rivals and problems

Josh Kobza became chief executive in March 2023 and Sami Siddiqui chief financial officer in March 2024 3. The company had about 53,500 employees at the end of 2025, about 48,900 of them in company restaurants 3.

The headquarters in Miami is leased and about 150,000 square feet 3. Tim Hortons is run from Toronto and the International segment from Zug, Switzerland 3.

Wikipedia ranks it fifth among fast food operators worldwide, behind Subway, McDonald's, Starbucks and Yum Brands 5.

Burger King and affiliates, including the company, face a class action by former employees in federal court in Florida 1. It alleges a no-hiring clause in the standard franchise agreement broke antitrust law 1.

The umbrella, in words

The four brands are Tim Hortons, Burger King, Popeyes and Firehouse Subs 3. The company is the sole general partner of Restaurant Brands International Limited Partnership 3.

That partnership is the indirect parent of The TDL Group (Tim Hortons), Burger King Company LLC, Popeyes Louisiana Kitchen, Inc. and FRG, LLC (Firehouse Subs) 3. Exhibit 21.1 lists the other subsidiaries by country, from Canada to Argentina and Brazil 7.

It owns about 17 percent of the Burger King China joint venture with CPE and has a seat on its board 3. It also owns a 4.1 percent equity interest in TH International (Tims China) and holds its convertible notes of $88 million due September 30, 2029 1.

It owns 1,329 restaurant sites that it leases to franchisees and subleases 3,379 more 3. It also owns five distribution centers and two manufacturing plants in Canada 3.

3G Restaurant Brands Holdings, an affiliate of 3G Capital, owned about 22 percent of the combined voting power, the annual report said 3. On August 10, 2026 the company said it would repurchase 2,784,549 exchangeable units from that holder for cash 6.

After that exchange the holder would hold about 21 percent of fully diluted common shares 6. A special voting share held by a trustee carries votes equal to the number of exchangeable units outstanding 3.

The company expects, on average from 2024 to 2028, comparable sales growth of 3 percent or more and organic Adjusted Operating Income growth of 8 percent or more 2. It also expects net restaurant growth of 5 percent or more towards the end of that period 2.

For 2026 it expects segment G&A outside Restaurant Holdings of $600 million to $620 million and adjusted net interest expense of $500 million to $520 million 2. It expects total capex and cash inducements of around $400 million 2.

Burger King plans to invest up to $700 million through year-end 2028 in its Reclaim the Flame plan 2. It has funded $198 million of the up to $550 million planned for remodels, technology and kitchen equipment 2.

Restaurant Dive reported that the chief financial officer said Burger King has refranchised 135 restaurants to date in 2026 and will transfer a couple hundred more by year-end 4. It reported the company aims to finish refranchising the Carrols system by the end of 2027 4.

The company also intends to find new investors for Popeyes China and Firehouse Subs Brazil and then end the Restaurant Holdings segment 2.

The board declared a fourth-quarter dividend of $0.65 per common share, payable on January 5, 2027 to holders of record on December 22, 2026 2. As of October 23, 2026 the buyback authorization had $751 million left, and it runs to September 30, 2027 1.

A settlement in principle of a suit by former Carrols shareholders, reached in July 2026, awaits final court approval 1.