Burger King US posts +8.4% comparable sales as RBI reaffirms full-year targets, but Popeyes comps signal an uneven recovery. RBI's third quarter shows a multi-brand platform pulling in two directions - Burger King's strongest US quarter in years offset by a continuing Popeyes traffic slump. Published: Oct 29 2026, 11:37 AM EDT | By Scott Keys The three months ended September 30 delivered the clearest evidence yet that Burger King's "Reclaim the Flame" restructuring is moving the needle at the register. Restaurant Brands International reported Thursday that comparable sales at Burger King US reached +8.4% for the third quarter of 2026 - roughly two and a half times the +3.2% the brand posted in the same period a year earlier - as the parent company's adjusted diluted earnings per share climbed to $1.10, a 6.9% nominal gain and 8.6% on an organic basis, which strips out currency movements and the company-operated restaurant segment inherited from the 2023 Carrols acquisition. Consolidated third-quarter revenue reached $2.525 billion, up 3.1% from $2.449 billion a year earlier, on the back of nearly $13 billion in system-wide sales across 33,401 restaurants in more than 120 countries. Global comparable sales grew 3.8% - marginally below the 4.0% the company posted in Q3 2025 - while management reaffirmed that 2026 remains on track for 8% organic adjusted operating income growth, the anchor of RBI's multi-year planning algorithm. The results reflect a platform delivering genuine momentum in some segments while facing persistent headwinds in others, a distinction that carries direct weight for franchisees whose royalty obligations and unit economics move with each individual brand's performance, not the consolidated average. Burger King's US comparable sales acceleration was the unmistakable headline. The BK segment's adjusted operating income climbed to $136 million from $123 million a year earlier, a 10.6% nominal increase, as higher net sales drove royalty and advertising revenue higher at margins characteristic of a nearly fully franchised system. Year to date through September, the segment's adjusted operating income has grown 11.9% organically - its best sustained stretch in the current investment cycle. The brand's US system ended the quarter with 6,979 domestic locations, a net restaurant count that remains slightly below year-ago levels as refranchising activity from the Carrols portfolio reshapes the footprint. Comparable sales strength and a modestly contracting unit count are not inherently contradictory - culling underperforming locations can support system averages - but the combination underscores that top-line recovery has not yet converted into net unit expansion. Backing those results is a capital program still in its early phases. The "Reclaim the Flame" initiative commits up to $700 million through year-end 2028; a $150 million advertising and digital tranche was completed in 2024. The remainder - labeled the Royal Reset and targeting up to $550 million toward remodels, kitchen equipment, restaurant technology, and building improvements - had $198 million deployed as of September 30, 2026. With more than $350 million still uncommitted under that envelope, franchisees in the remodel queue face ongoing capital requirements that will continue well into 2027 and 2028. Chief Executive Josh Kobza acknowledged the quarter's breadth without singling out individual brands. "At our Investor Day earlier this year, we highlighted what makes RBI a strong business - four iconic global brands, the ability to invest for long-term growth, and talented teams and franchisees around the world," Kobza said in the earnings statement filed with the SEC. "Those strengths are on display again this quarter, with over 3% global comparable sales led by outperformance at Burger King and steady growth at International and Tim Hortons." The franchisee economics picture requires a look beyond the comparable sales line. RBI's Restaurant Holdings segment - which consolidates the company-operated Burger King units acquired through Carrols and serves as the best available proxy for the cost structure facing a large US Burger King operator - generated $487 million in Q3 revenue against food, beverage, and packaging costs of $148 million, restaurant wages of $154 million, and occupancy and related expenses of $126 million. Adjusted operating income in the segment fell to $5 million from $10 million a year earlier, as labor costs and the scaling of international start-up businesses eroded the gains from higher sales volume. RBI has been steadily refranchising the Carrols units and plans to exit the segment entirely; in the meantime, the results are a useful reminder that top-line momentum at the comparable sales level does not automatically translate into margin improvement when labor and occupancy costs are rising in parallel. The picture across the rest of the four-brand portfolio is genuinely mixed. Tim Hortons delivered 1.5% comparable sales growth in Canada - well below its 4.2% pace from a year ago, though the segment's adjusted operating income still rose to $317 million, aided in part by tariff refunds and modest supply chain gains. Firehouse Subs, the smallest brand in the system, continued its unit-growth story: the chain's restaurant count reached 1,509 by quarter-end, a net restaurant growth rate of 7.8%, the strongest development pace in the RBI portfolio. US comparable sales at Firehouse came in at 2.0%, a figure that suggests the brand's system-wide sales gains are being driven by new openings rather than traffic increases at existing locations. The most significant divergence from the platform's overall direction came at Popeyes, where US comparable sales declined 2.2% in the third quarter. That marks a continuation of a negative trend that has persisted through most of the year: through the nine months ended September 30, US comps at Popeyes were down 4.6% against a prior-year comparison that was itself negative. Adjusted operating income in the PLK segment fell to $58 million from $63 million a year ago, with higher general and administrative expenses, primarily compensation-related, and a decline in advertising fund contributions contributing to the shortfall. The system's restaurant count held flat at 3,542 locations - net restaurant growth of zero - a stabilization that ends a prior streak of unit expansion but stops short of contraction. For Popeyes franchisees operating in a negative-comp environment, the royalty obligation tied to net sales decreases in dollar terms as sales fall, but fixed occupancy costs and labor floors do not move as readily, compressing unit-level returns. Internationally, the INTL segment continued to provide a counterweight. System-wide sales grew 9.0% on a constant currency basis, comparable sales were up 3.9%, and adjusted operating income reached $205 million, up from $189 million a year earlier, driven by growth in royalty revenues from Burger King and Popeyes restaurants outside North America and the resumption of royalty income from the Burger King China joint venture established earlier in 2026. RBI closed the quarter with net leverage of 4.0 times trailing twelve-month adjusted EBITDA, down from 4.4 times at the same point in 2025, and returned $1.3 billion to shareholders year to date through dividends and repurchases. A fourth-quarter dividend of $0.65 per common share was declared, payable January 5, 2027. Management's investor call is scheduled for 8:30 a.m. Eastern Time today, with replay available at rbi.com/investors. The quarter frames a choice for franchise investors evaluating the RBI family: a Burger King US system demonstrating real sales recovery with significant remodeling capital still ahead; a Popeyes brand where the traffic trend has not turned despite two years of effort; a Tim Hortons that remains profitable but is growing more slowly; and a Firehouse Subs that is expanding its footprint briskly against a modest same-store sales backdrop. Those considering entry into any of the four systems should review the applicable Franchise Disclosure Document in detail, consult a qualified franchise attorney on royalty and development agreement terms, and verify current territory availability and remodel obligations directly with RBI's franchise development teams. Editor's Pick

Restaurant Brands International Inc. (NYSE:QSR) shares set to pay quarterly dividend of $0.65. October 29, 2026 Key points. * Restaurant Brands International declared a quarterly dividend of $0.65 per share, equivalent to $2.60 annually and a 3.6% yield. Shareholders of record on December 22 are scheduled to receive payment on January 5. * The dividend appears supported by earnings, with a current payout ratio of 64.5% and an expected forward payout ratio of 58.7% based on projected next-year EPS of $4.43. * QSR shares fell 1.9% to $73.12, while analysts maintained a "Moderate Buy" consensus and an average price target of $83.52. Recent quarterly EPS of $1.10 exceeded estimates, although revenue of $2.52 billion came in slightly below expectations. * MarketBeat previews the top five stocks to own by November 1st. Restaurant Brands International Inc. (NYSE:QSR - Get Free Report) TSE: QSR declared a quarterly dividend on Thursday, October 29th. Shareholders of record on Tuesday, December 22nd will be given a dividend of $0.65 per share by the restaurant operator on Tuesday, January 5th. This represents a $2.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, December 22nd. Restaurant Brands International has a dividend payout ratio of 64.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Restaurant Brands International to earn $4.43 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 58.7%. Restaurant Brands International trading down 1.9%. NYSE:QSR traded down $1.40 during trading hours on Thursday, reaching $73.12. 5,502,610 shares of the stock were exchanged, compared to its average volume of 3,179,137. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 2.49. The business has a 50-day moving average of $74.85 and a two-hundred day moving average of $73.90. Restaurant Brands International has a twelve month low of $64.52 and a twelve month high of $81.96. The company has a market capitalization of $25.50 billion, a price-to-earnings ratio of 19.66, a PEG ratio of 2.12 and a beta of 0.52. Restaurant Brands International (NYSE:QSR - Get Free Report) TSE: QSR last issued its quarterly earnings results on Thursday, October 29th. The restaurant operator reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. Restaurant Brands International had a return on equity of 33.43% and a net margin of 13.12%. The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the prior year, the business earned $1.03 EPS. Restaurant Brands International's revenue was up 3.1% on a year-over-year basis. On average, equities analysts predict that Restaurant Brands International will post 4.04 EPS for the current year. Analyst upgrades and downgrades. Several equities research analysts recently commented on QSR shares. Scotia cut their price target on shares of Restaurant Brands International from $83.00 to $81.00 and set a "sector perform" rating on the stock in a research note on Friday, August 7th. Citigroup decreased their price objective on shares of Restaurant Brands International from $80.00 to $79.00 and set a "neutral" rating for the company in a research note on Tuesday, October 20th. Scotiabank dropped their price objective on Restaurant Brands International from $83.00 to $81.00 and set a "sector perform" rating on the stock in a report on Friday, August 7th. Piper Sandler dropped their price objective on Restaurant Brands International from $85.00 to $81.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Finally, Guggenheim boosted their target price on Restaurant Brands International from $85.00 to $86.00 and gave the company a "buy" rating in a report on Friday, September 18th. Sixteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $83.52. Discover more Stock Market News Stock Market Holidays Track Stock Market Restaurant Brands International company profile. Restaurant Brands International Inc NYSE: QSR is a global quick-service restaurant company that owns and operates a portfolio of restaurant brands, primarily through franchised and licensed locations. Its brands include Tim Hortons, Burger King, Popeyes and Firehouse Subs, which serve coffee, baked goods, burgers, chicken, sandwiches and other prepared foods. The company was formed in 2014 through the merger of Burger King Worldwide and Tim Hortons. RBI expanded its portfolio through the acquisition of Popeyes Louisiana Kitchen in 2017 and Firehouse Restaurant Group in 2021. Further reading. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider Restaurant Brands International, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Restaurant Brands International wasn't on the list. 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Q&A with Ricardo Azevedo, CEO of Woof Gang Bakery & Grooming. October 20, 2026 Ricardo Azevedo, CEO of Woof Gang Bakery & Grooming Ricardo Azevedo joined Woof Gang Bakery & Grooming, America's largest premium pet brand, as Chief Executive Officer in 2022. With more than two decades of experience leading global retail and franchise brands, Azevedo has a proven track record in brand expansion, operational excellence, and franchise development. At Woof Gang, he oversees the company's rapid growth, franchise support, and commitment to pet wellness through grooming and all-natural products. Prior to joining Woof Gang, Azevedo held senior leadership roles at Restaurant Brands International, where he worked across iconic brands including Tim Hortons and Burger King. He served as President of Tim Hortons U.S., led international operations across EMEA for Burger King, and held executive roles overseeing marketing, innovation, and sales strategy in North America. His global perspective and deep expertise in franchising have shaped his approach to building purpose-driven, scalable brands. Ricardo, you have quite the background as a franchising leader at RBI, overseeing both Burger King and Tim Hortons. Can you speak to that experience and what led you to Woof Gang? Working across the Burger King and Tim Hortons systems at Restaurant Brands International taught me how to build the infrastructure and support that a franchise needs to grow at scale without losing what makes it special. When Garnett Station Partners acquired Woof Gang and brought me on as CEO in 2022, I recognized a brand with a loyal and passionate customer base and franchise partners, and a lot of untapped potential. The opportunity wasn't to change what Woof Gang was; it was to give it the infrastructure and implement the right playbook for sustainable growth. It also doesn't hurt that I'm a lifelong pet owner. CEO. Ricardo Azevedo. Company. Woof Gang Bakery & Grooming. Since you joined Woof Gang, the growth has been incredible. Can you speak to that growth and the key drivers behind it? It took Woof Gang 15 years to reach 150 stores, and we doubled that footprint in about three years, crossing the 300-store mark at the beginning of 2026. A big part of that has been putting the right team and infrastructure in place to support our franchisees and grow in a disciplined way. What I'm most proud of is that we've been able to grow without losing what makes Woof Gang special. Every new store is another opportunity to bring Grooming with Love and Your Dog's Happy Place to a new neighborhood and pet community. The growth has really come from a combination of strong franchise partners, a team that understands franchising, and a brand that people genuinely connect with. We've also continued investing in technology, distribution, products, marketing and franchise support so the business can keep evolving as we grow. Can you tell us more about what Woof Gang offers? Woof Gang is a grooming salon with a beautifully curated pet boutique out front. But what we really offer is a place built around the relationship people have with their dogs, a place we want every pet parent to think of as Your Dog's Happy Place. At the center of that is what we call Grooming with Love. For us, grooming goes far beyond a haircut. It's personalized care focused on the whole dog, from skin and coat health to ears, teeth, hygiene and overall wellness, all delivered by groomers who take tremendous pride in their craft and genuinely care about the pets they serve. That experience continues into our boutiques, with treats, chews, toys, wellness products and an expanding lineup of Woof Gang exclusive products that make everyday moments, and celebrations, more special. We're also investing heavily in technology, including our app and digital tools, to make booking and communication seamless so our teams can spend more of their time focused on what matters most: the dog in front of them. What makes Woof Gang unique, and where is it really winning? What makes Woof Gang special is that we've been able to grow into the largest specialty pet grooming franchise in the country while still feeling deeply local. Every store is independently owned by someone who is part of that community, and every store has the opportunity to become a neighborhood destination where people know the groomers, the team knows the dogs by name, and pet parents genuinely enjoy coming back. What connects all of those neighborhoods is the Woof Gang Way, a shared commitment to personalized service, Grooming with Love, great products and creating an experience that brings a little more joy to the relationship between people and their pets. That's where I think we're really winning. Stores that opened in 2025 are averaging a 4.9-star Google rating, which tells us that even as we scale, customers are still feeling that personal connection. We're proving that a national brand can grow quickly without becoming generic. Every new Woof Gang should still feel like Your Dog's Happy Place and have that neighborhood pet store feel. Bigger picture, where do you see the most opportunities in the pet space? Grooming, without question. Pet parents want to spoil their pets, and grooming gives them a way to do that through an experience that feels a bit like a spa day, one that also gives them something fun to post about afterward. The data supports it too: total spending on pet services is projected to jump from $48 billion in 2019 to $112 billion by 2030. Woof Gang has ridden that wave from the start; we began as a treat bakery, but grooming now makes up over 70% of our business, which tells you where the industry is headed. What gets you most excited about working for Woof Gang? Honestly, it's the people we've assembled and the pace we're moving at. Finding people who are both sharp operators and true animal lovers isn't easy, and that's exactly who makes up our team. We're also entering a new chapter with a strategic investment from Great Hill Partners, which will help us push harder on franchise support, our digital tools, and getting the Woof Gang name in front of more people. Between that, being named to the Franchise 500 this past January, crossing our 300 store milestone, and expanding our retail experience, there's a lot of energy and passion behind this brand right now. Looking ahead, what's next for Woof Gang? We're targeting roughly 450 stores across North America by 2027, which means bringing what we do to a lot more communities that don't have a Woof Gang yet. Alongside that, we'll keep growing our retail and private-label lineup, putting more into our technology, and pushing further into wellness and grooming leadership. The long-term goal hasn't changed: we want to be a brand that neighborhoods genuinely need, one people can point to and say it made a real difference for their pet.