Restaurant Brands International reported higher sales and earnings for the third quarter, with Burger King leading comparable-sales growth and international markets posting the fastest system-wide sales growth. The company also said it remains on track to deliver 8% organic growth in adjusted operating income for 2026.
RBI, whose brands include Burger King, Tim Hortons, Popeyes and Firehouse Subs, returned $1.3 billion to shareholders through dividends and share repurchases in the first nine months of the year.
Key details
- Comparable sales rose 3.8% globally in the quarter, slightly below the 4.0% increase a year earlier. Burger King in the U.S. grew 8.4%, while international comparable sales increased 3.9%. RBI said Tim Hortons also continued to grow, but did not provide a brand-specific figure in the reported highlights.
- System-wide sales grew 6.2% to $12.97 billion, compared with 6.9% growth in the year-earlier quarter. System-wide sales include sales at franchised restaurants, while RBI’s reported revenue reflects the amounts recognized by the company.
- The restaurant base expanded. Net restaurant growth was 3.0%, and RBI ended the quarter with 33,401 restaurants, up from 32,423 a year earlier.
- Revenue increased 3.1% to $2.53 billion. Operating income was $696 million, up 5.0% from $663 million.
- Net income from continuing operations rose to $704 million from $440 million. Diluted earnings per share from continuing operations increased to $1.54 from $0.96.
- On an adjusted basis, operating income increased 6.7% to $737 million, while adjusted EBITDA rose to $829 million from $794 million. Adjusted diluted earnings per share were $1.10, compared with $1.03 a year earlier.
- For the first nine months of 2026, system-wide sales grew 6.3% and comparable sales rose 3.6%. Organic adjusted operating income was up 7.8%, and adjusted diluted earnings per share reached $3.03, compared with $2.73 in the same period of 2025.
- RBI said it is on track for 8% organic adjusted operating income growth for the full year. The company also reported $1.3 billion in year-to-date dividends and share repurchases.
Plain-English implications
Sales growth across RBI’s restaurant network was stronger than the growth in the company’s own revenue, in part because system-wide sales include franchised restaurants. The quarter’s adjusted operating-income growth was below the 8% full-year goal, while the nine-month pace stood at 7.8%; RBI nevertheless maintained that it remains on track to meet the annual target.