Restaurant Brands $QSR International reported first-quarter adjusted earnings of 86 cents per share and revenue of $2.26 billion on Wednesday, topping analyst estimates on the strength of a Burger King U.S. turnaround and broad international growth.
The fast-food parent posted adjusted EPS of 86 cents and revenue of $2.26 billion, both above Wall Street expectations
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Restaurant Brands $QSR International reported first-quarter adjusted earnings of 86 cents per share and revenue of $2.26 billion on Wednesday, topping analyst estimates on the strength of a Burger King U.S. turnaround and broad international growth.
Analysts had penciled in earnings of 82 cents per share and $2.24 billion in revenue, according to CNBC.
On a reported basis, the company earned $338 million, or 97 cents per diluted share, a more than doubling of the $159 million, or 49 cents per diluted share, it posted in the year-ago quarter. Total revenue climbed 7% to $2.26 billion. Adjusted operating income reached $610 million, up 10.7% on an organic basis, the company said.
The U.S. Burger King business delivered a 5.8% same-store sales gain, roughly double the 3.5% increase analysts had projected, according to CNBC. The chain's system-wide sales rose 5.5% on a constant-currency basis. Restaurant Brands attributed the gains to its multi-year "Reclaim the Flame" plan, which includes restaurant remodels, kitchen equipment upgrades, and advertising investments. As of March 31, 2026, the company had deployed $189 million of a planned $550 million in restaurant renovations and enhancements under that program.
Across all brands, comparable sales rose 3.2%, edging past the roughly 3% gain the market had anticipated. Comparable sales at international locations climbed 5.7%, surpassing the 5.1% consensus estimate, with the Burger King brand accounting for much of that strength at 5.4% growth. International system-wide sales grew 11.1% on a constant-currency basis.
Tim Hortons came in below expectations, with comparable sales up just 1.6% against an analyst forecast of 2.5%, according to CNBC. Both Tim Hortons and the international segment recorded their 20th consecutive quarter of positive comparable sales, the company said.
Once again, Popeyes was the weakest performer in the portfolio, with comparable sales cratering 6.5% — far worse than the 1.5% pullback analysts had anticipated, according to CNBC. System-wide sales for the fried chicken chain dropped 3.9%.
CEO Josh Kobza pointed to the Burger King results as a reflection of sustained effort. "At Burger King, our results reflect several years of hard work by our franchisees and teams to elevate the guest experience, driving stronger engagement and clear outperformance," Kobza said in a statement.
Restaurant Brands resumed share repurchases in March and said it expects to buy back $500 million of stock in 2026. The company reaffirmed its full-year target of 8% or more in organic adjusted operating income growth.
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