QSR · Restaurant Brands International Inc.

Restaurant Brands International delivered a robust start to 2026, with consolidated system-wide sales rising 6.2% year-over-year to $11.51 billion — accelerating meaningfully from 2.8% growth in Q1 2025. This growth was broad-based: International comparable sales surged 5.7%, Burger King US posted 5.8% comp growth, and Tim Hortons achieved its 20th consecutive quarter of positive comps. The 39.3% jump in GAAP income from operations ($606M vs. $435M) reflects strong operating leverage, particularly as Adjusted Operating Income grew 10.7% organically to $610M — well above the prior-year 2.6% and reinforcing execution on the multi-year strategic plan outlined at the February Investor Day. Management explicitly tied the earnings acceleration to solid top-line performance, disciplined G&A management (notably lower compensation expenses in BK and PLK segments), and favorable foreign exchange impacts totaling $9M in INTL and $36M in TH. Critically, RBI resumed share repurchases in March and reaffirmed its full-year $500 million buyback commitment — underscoring confidence in sustained cash flow generation. The deconsolidation of BK China into a joint venture with CPE (in which RBI retains a 17% equity stake and board seat) marks a strategic shift toward asset-light franchising and removes volatility from consolidated results while enabling continued royalty recognition. With all major brands delivering positive comparable sales and organic AOI growth exceeding the 8%+ full-year target in Q1, the company remains firmly on track to deliver against its long-term financial commitments.