Restaurant Brands International Inc. (NYSE: QSR) reported better-than-expected third-quarter earnings Thursday, driven by strong Burger King sales and international growth, although revenue fell short of Wall Street estimates.

Restaurant Brands Beats Earnings Estimates

The parent company of Burger King, Tim Hortons, Popeyes and Firehouse Subs reported adjusted earnings of $1.10 per share, beating analysts' consensus estimate of $1.08. Earnings rose 6.9% from $1.03 per share a year earlier.

Revenue rose 3.1% year over year to $2.525 billion, coming in largely in line with Wall Street expectations but marginally below the consensus estimate of $2.541 billion.

Net income from continuing operations climbed to $704 million from $440 million a year earlier. Adjusted EBITDA increased to $829 million from $794 million.

Adjusted operating income climbed to $737 million from $702 million, reflecting a 6.7% increase on an organic basis.

Burger King Leads Global Sales Growth

Global comparable sales rose 3.8%, while systemwide sales increased 6.2% to nearly $13 billion.

Burger King led the company's performance, with U.S. comparable sales jumping 8.4%. The brand's adjusted operating income increased to $136 million from $123 million.

International comparable sales rose 3.9%, while international systemwide sales grew 9%.

Tim Hortons posted 1.5% comparable sales growth, including a 1.8% increase in Canada.

However, Popeyes remained under pressure, with U.S. comparable sales declining 2.2%. Firehouse Subs reported a 2% increase in U.S. comparable sales.

Restaurant Brands ended the quarter with 33,401 restaurants worldwide, reflecting 3% net restaurant growth.

Cash and cash equivalents stood at $974 million at the end of September, compared with $1.16 billion at the end of 2025.

Restaurant Brands Reaffirms 2026 Outlook

The company reaffirmed its expectation for approximately 8% organic adjusted operating income growth in 2026.

It also maintained its forecast for adjusted net interest expense of $500 million to $520 million and capital expenditures and cash inducements of approximately $400 million.

Restaurant Brands also expects segment general and administrative expenses, excluding Restaurant Holdings, of $600 million to $620 million and Restaurant Holdings adjusted operating income of $10 million to $20 million.

For 2024 through 2028, the company continues to expect average comparable sales growth of at least 3% and organic adjusted operating income growth of at least 8%. It also expects net restaurant growth to reach at least 5% toward the end of that period.

Share Buybacks and Dividend Update

Restaurant Brands returned approximately $1.3 billion to shareholders through dividends and share repurchases during the first nine months of 2026.

During the third quarter, the company repurchased $61 million of common shares and $214 million of Class B exchangeable limited partnership units, excluding excise taxes.

The company had $768 million remaining under its $1 billion share repurchase authorization as of Sept. 30. The program runs through September 2027.

Restaurant Brands repurchased another $17 million of common shares through Oct. 23, leaving $751 million available under the program.

The company declared a quarterly dividend of 65 cents per share, payable Jan. 5, 2027, to shareholders of record Dec. 22.

CEO Josh Kobza highlighted Burger King's strong performance and steady growth across international markets and Tim Hortons, emphasizing continued investments in restaurant quality, service and convenience.

QSR Price Action: Restaurant Brands Intl shares were unchanged at $74.52 during premarket trading on Thursday, according to market data.