Fast-food company Restaurant Brands (NYSE:QSR) met Wall Street’s revenue expectations in Q2 CY2026, with sales up 4.6% year on year to $2.52 billion. Its non-GAAP profit of $1.07 per share was 3.2% above analysts’ consensus estimates.
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Restaurant Brands (QSR) Q2 CY2026 Highlights:
- Revenue: $2.52 billion vs analyst estimates of $2.53 billion (4.6% year-on-year growth, in line)
- Adjusted EPS: $1.07 vs analyst estimates of $1.04 (3.2% beat)
- Adjusted EBITDA: $810 million vs analyst estimates of $810 million (32.1% margin, in line)
- Operating Margin: 28.4%, up from 20% in the same quarter last year
- Free Cash Flow Margin: 19%, up from 17.1% in the same quarter last year
- Locations: 33,000 at quarter end, up from 32,229 in the same quarter last year
- Same-Store Sales rose 3.8% year on year (2.4% in the same quarter last year)
- Market Capitalization: $25.85 billion
MIAMI, Aug. 6, 2026 /PRNewswire/ -- Restaurant Brands International Inc. ("RBI") (NYSE: QSR) (TSX: QSR) (TSX: QSP) today reported financial results for the second quarter ended June 30, 2026.
Company Overview
Formed through a strategic merger, Restaurant Brands International (NYSE:QSR) is a multinational corporation that owns three iconic fast-food chains: Burger King, Tim Hortons, and Popeyes.
Revenue Growth
Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can have short-term success, but a top-tier one grows for years.
With $9.70 billion in revenue over the past 12 months, Restaurant Brands is one of the most widely recognized restaurant chains and benefits from customer loyalty, a luxury many don’t have. Its scale also gives it negotiating leverage with suppliers, enabling it to source its ingredients at a lower cost.
As you can see below, Restaurant Brands’s sales grew at a decent 8.7% compounded annual growth rate over the last seven years as it opened new restaurants and increased sales at existing, established dining locations.
This quarter, Restaurant Brands grew its revenue by 4.6% year on year, and its $2.52 billion of revenue was in line with Wall Street’s estimates.
Looking ahead, sell-side analysts expect revenue to grow 2.3% over the next 12 months, a deceleration versus the last seven years. This projection doesn’t excite us and suggests its menu offerings will face some demand challenges.
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Restaurant Performance
Number of Restaurants
A restaurant chain’s total number of dining locations often determines how much revenue it can generate.
Restaurant Brands sported 33,000 locations in the latest quarter. Over the last two years, it has opened new restaurants quickly, averaging 3% annual growth. This was faster than the broader restaurant sector. Additionally, one dynamic making expansion more seamless is the company’s franchise model, where franchisees are primarily responsible for opening new restaurants while Restaurant Brands provides support.
When a chain opens new restaurants, it usually means it’s investing for growth because there’s healthy demand for its meals and there are markets where its concepts have few or no locations.
Same-Store Sales
The change in a company’s restaurant base only tells one side of the story. The other is the performance of its existing locations, which informs management teams whether they should expand or downsize their physical footprints. Same-store sales provides a deeper understanding of this issue because it measures organic growth at restaurants open for at least a year.
Restaurant Brands’s demand rose over the last two years and slightly outpaced the industry. On average, the company’s same-store sales have grown by 2.4% per year. This performance suggests its rollout of new restaurants could be beneficial for shareholders. When a chain has demand, more locations should help it reach more customers and boost revenue growth.
In the latest quarter, Restaurant Brands’s same-store sales rose 3.8% year on year. This growth was an acceleration from its historical levels, which is always an encouraging sign.
Key Takeaways from Restaurant Brands’s Q2 Results
We enjoyed seeing Restaurant Brands beat analysts’ same-store sales expectations this quarter. EPS also exceeded expectations. Overall, this print had some key positives. The stock remained flat at $74.07 immediately following the results.
Should you buy the stock or not? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).