The Numbers
Restaurant Brands International (NYSE: QSR) posted consolidated comparable sales of 3.8% in the second quarter ended June 30, 2026 — up sharply from 2.4% in the same period a year ago — as system-wide sales climbed 6.4% on a constant-currency basis to $12.7 billion. Total revenues rose to $2.5 billion from $2.4 billion in Q2 2025. Adjusted Operating Income (AOI) reached $715 million, reflecting 6.7% organic growth, and Adjusted EBITDA expanded to $810 million. Adjusted diluted EPS came in at $1.07, up 12.9% year-over-year. Net leverage improved to 4.1x from 4.6x a year ago. RBI returned $435 million to shareholders in Q2 via dividends and share repurchases.
Brand Scorecard
Burger King US was the portfolio's clear standout. BK US comp sales hit 8.5% for the quarter, lifting the segment's total comparable figure to 8.6%, with system-wide sales of $3.2 billion — up 8.2%. BK segment AOI rose to $137 million from $121 million, driven by higher franchise and property revenues. The "Reclaim the Flame" remodel program remains active: through June 30, RBI had deployed $194 million of up to $550 million earmarked for Royal Reset investments — remodels, relocations, kitchen equipment, and building enhancements — targeting completion by year-end 2028. Net restaurant count for the BK segment slipped 0.8% as refranchising of Carrols-acquired units continued.
The International segment delivered the second-best result in the portfolio, with system-wide sales growth of 10.7% and comp sales of 5.5%. Segment AOI jumped to $194 million from $172 million, aided by resumed royalty revenues from the Burger King China joint venture established in January 2026 after RBI sold a majority stake to CPE for $350 million in primary capital and deconsolidated the business. The 16,570-unit international footprint grew net restaurants at 5.1%.
Firehouse Subs continued its unit-growth story, adding restaurants at an 8.1% net rate to reach 1,482 locations, and delivered 7.5% system-wide sales growth on comp sales of 0.4%. Tim Hortons posted flat comp sales of 0.1% as the Canadian quick-service coffee-and-bake segment faced lapping of stronger prior-year traffic, though supply chain sales supported a modest AOI gain to $287 million. Popeyes remained the portfolio's pressure point: US comp sales fell 5.2% and segment AOI declined to $63 million from $66 million, with total revenues off 5.4% organically.
Outlook and Capital Allocation
RBI maintained its full-year guidance, targeting 8% organic AOI growth in 2026 — consistent with the long-term algorithm of 3%-plus comparable sales and 8%-plus organic AOI growth from 2024 to 2028, with 5%-plus net restaurant growth targeted toward the end of that period. Segment G&A (excluding Restaurant Holdings) is guided to $600 million to $620 million for the full year. The board declared a Q3 2026 dividend of $0.65 per common share, payable October 2. As of July 31, 2026, $794 million remained under the company's $1.0 billion share repurchase authorization.
For multi-unit QSR operators tracking the broader burger segment, RBI's BK US trajectory stands in sharp contrast to the softness Popeyes is navigating — a reminder that daypart and value positioning can diverge meaningfully even within a single franchisor's portfolio. The International segment's double-digit system-wide sales growth also underscores the compounding advantage of asset-light, royalty-driven expansion in emerging markets, a dynamic closely watched across franchise development circles.
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.