Analyst Consensus ?
ConsensusBuy43 ratings
Bullish2660.5%
Neutral1534.9%
Bearish24.6%
Restaurant Brands International Inc. · QSR · FY2026 Q1 · Calendar Q2 2026
RBI posts broad Q1 growth while Popeyes remains a turnaround focus
The quarter supports a constructive operating trajectory: growth was broad across brands and international markets, while management maintained its 2026 outlook. The main test is whether Burger King momentum and international strength can offset Popeyes weakness, cost pressure and softer consumer conditions.
Reported Before market openNYSEConsumer Cyclical
$25.25B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.86
Consensus $0.83
EPS surprise
+3.9%
Reported versus consensus
Reported revenue
$2.26B
Consensus $2.24B
Revenue surprise
+0.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-5.5%
Event window
SPY move
+1.4%
Same window
Abnormal move
-6.9%
Stock minus SPY
Volume
2.5×
Versus trailing sessions
Subsequent drift
-7.0%
Up to 20 sessions
QSRSPY benchmark
Ask FN2 about QSR FY2026 Q1
Transcript, numbers and history already loaded
Why did QSR fall 5.5% after beating EPS estimates in FY2026 Q1?What changed in QSR's guidance and outlook in FY2026 Q1?Give me the bull and bear case for QSR after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q1 comparable sales grew 3.2%, system-wide sales grew 6.2% and organic adjusted operating income grew 10.7%. International markets, including China, delivered strong comparable-sales growth and margin improvement; Burger King U.S. posted nearly 6% comparable-sales growth. Share repurchases resumed, and management highlighted additional remodel, loyalty and China-development initiatives.
Guidance delta
Maintained. Management reaffirmed its 2026 guidance; the prior analysis identified targets of 8% organic adjusted operating-income growth and approximately 3% same-store-sales growth.
Key takeaways
- Growth was broad in Q1, with Burger King U.S., Tim Hortons and international markets contributing.
- China and other international markets were notable sources of comparable-sales growth and margin improvement.
- Management is continuing brand-elevation, remodel and loyalty initiatives, including Tim Hortons' Canadian Tire partnership.
- Popeyes remains the clearest operating weak spot, with value and execution initiatives intended to support a turnaround.
- Cost pressure, Canadian macro conditions and the durability of Burger King U.S. momentum remain important watch items.
Management priorities
- Execute brand-elevation marketing and menu innovation.
- Advance Burger King and Tim Hortons remodel and modernization programs.
- Expand Tim Hortons loyalty and digital engagement initiatives.
- Develop Burger King China with CPE and expand Popeyes China under its new operator.
- Improve Popeyes operations and competitiveness in the chicken category.
Follow QSR with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$72.41Current
$47.74Low
$79.72Average
$95High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Oct 29, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Oct 20, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 15, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Sep 29, 2026 |
| Argus Research | Hold | Buy | Downgrade | Sep 25, 2026 |
| Guggenheim | Buy | Buy | Maintain | Sep 18, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Aug 7, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 7, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 7, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 9, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | May 7, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 7, 2026 |
| Baird | Neutral | Neutral | Maintain | May 7, 2026 |
| UBS | Buy | Buy | Maintain | May 4, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Apr 21, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Apr 20, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Mar 18, 2026 |
| Truist Securities | Buy | Buy | Maintain | Mar 2, 2026 |
| Stifel | Buy | Hold | Upgrade | Mar 2, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Jul 18, 2025 |
| CIBC | Outperform | Outperform | Maintain | May 9, 2025 |
| TD Securities | Hold | Hold | Maintain | Feb 25, 2025 |
| Loop Capital | Buy | Buy | Maintain | May 1, 2024 |
| BMO Capital | Outperform | Outperform | Maintain | Feb 14, 2024 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Feb 13, 2024 |
| Bernstein | Outperform | Market Perform | Upgrade | Nov 30, 2023 |
| Northcoast Research | Buy | Neutral | Upgrade | Aug 22, 2023 |
| Jefferies | Hold | Hold | Maintain | Jul 20, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | May 3, 2023 |
| Cowen & Co. | Perform | Market Perform | Maintain | Feb 27, 2023 |
| Goldman Sachs | Neutral | Sell | Upgrade | Nov 4, 2022 |
| OTR Global | Positive | Mixed | Upgrade | Oct 10, 2022 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 1, 2020 |
| Wolfe Research | Outperform | Outperform | Maintain | Mar 9, 2020 |
| Bank of America | Underperform | Neutral | Downgrade | Jan 8, 2020 |
| Longbow Research | Neutral | Underperform | Upgrade | Sep 30, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Sep 5, 2019 |
| Mizuho | Buy | Buy | Maintain | Mar 16, 2018 |
| Nomura | Buy | Buy | Maintain | Jan 30, 2018 |
| Instinet | Buy | Buy | Maintain | Jul 12, 2017 |
| Sterne Agee CRT | Equal Weight | Equal Weight | Maintain | Feb 17, 2016 |
| Sterne Agee | Equal Weight | Equal Weight | Maintain | Feb 17, 2016 |
| Scotia Howard Weil | Outperform | Outperform | Maintain | Jul 13, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $72.41. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | Andrew Strelzik | $91 | $73.01 | +25.7% | Oct 30, 2026 |
| Mizuho Securities | Nick Setyan | $85 | $74.34 | +17.4% | Oct 20, 2026 |
| Morgan Stanley | Brian Harbour | $82 | $72.41 | +13.2% | Oct 15, 2026 |
| Guggenheim | Analyst unavailable | $86 | $73.29 | +18.8% | Sep 18, 2026 |
| Seaport Global | Eric Gonzalez | $88 | $75.51 | +21.5% | Sep 16, 2026 |
| C.L. King | Analyst unavailable | $80 | $72.78 | +10.5% | Aug 10, 2026 |
| Evercore ISI | David Palmer | $88 | $73.22 | +21.5% | Aug 7, 2026 |
| Morgan Stanley | Brian Harbour | $79 | $74.61 | +9.1% | Jul 15, 2026 |
| Deutsche Bank | Lauren Silberman | $85 | $74.08 | +17.4% | Jul 9, 2026 |
| Guggenheim | Gregory Francfort | $85 | $75.38 | +17.4% | May 26, 2026 |
| C.L. King | Analyst unavailable | $81 | $77.66 | +11.9% | May 7, 2026 |
| Wells Fargo | Analyst unavailable | $80 | $76.76 | +10.5% | May 7, 2026 |
| Deutsche Bank | Analyst unavailable | $86 | $76.76 | +18.8% | May 7, 2026 |
| Robert W. Baird | Analyst unavailable | $80 | $77.18 | +10.5% | May 7, 2026 |
| Barclays | Analyst unavailable | $92 | $77.18 | +27.1% | May 7, 2026 |
| RBC Capital | Analyst unavailable | $90 | $78.92 | +24.3% | Apr 21, 2026 |
| Deutsche Bank | Analyst unavailable | $84 | $79.14 | +16.0% | Apr 15, 2026 |
| Stifel Nicolaus | Chris O\'Cull | $90 | $71.71 | +24.3% | Mar 2, 2026 |
| Piper Sandler | Brian Mullan | $84 | $71.71 | +16.0% | Mar 2, 2026 |
| Scotiabank | Analyst unavailable | $71 | $66.44 | -1.9% | Feb 13, 2026 |
| Bernstein | Jeffrey Bernstein | $82 | $66.35 | +13.2% | Feb 13, 2026 |
| Bernstein | Jeffrey Bernstein | $86 | $67.68 | +18.8% | Jan 7, 2026 |
| RBC Capital | Analyst unavailable | $82 | $72.1 | +13.2% | Dec 9, 2025 |
| Argus Research | Analyst unavailable | $85 | $71.77 | +17.4% | Dec 2, 2025 |
| Scotiabank | Analyst unavailable | $74 | $66.72 | +2.2% | Oct 31, 2025 |
| Morgan Stanley | Analyst unavailable | $77 | $67.76 | +6.3% | Oct 21, 2025 |
| Bernstein | Jeffrey Bernstein | $78 | $65.07 | +7.7% | Aug 8, 2025 |
| UBS | Dennis Geiger | $85 | $66.74 | +17.4% | May 5, 2025 |
| Stifel Nicolaus | Chris O'Cull | $68 | $60.88 | -6.1% | Jan 10, 2025 |
| KeyBanc | Eric Gonzalez | $78 | $68.57 | +7.7% | Nov 6, 2024 |
| RBC Capital | Christopher Carril | $95 | $68.91 | +31.2% | Sep 12, 2024 |
| Guggenheim | Gregory Francfort | $74 | $67.4 | +2.2% | Sep 9, 2024 |
| Truist Financial | Jake Bartlett | $86 | $70.81 | +18.8% | Aug 19, 2024 |
| Piper Sandler | Brian Mullan | $75 | $70.51 | +3.6% | Aug 12, 2024 |
| Truist Financial | Jake Bartlett | $87 | $70.03 | +20.1% | Jul 9, 2024 |
| KeyBanc | Eric Gonzalez | $80 | $69.33 | +10.5% | Jun 27, 2024 |
| UBS | Dennis Geiger | $90 | $69.33 | +24.3% | Jun 26, 2024 |
| Goldman Sachs | Christine Cho | $80 | $68.87 | +10.5% | Jun 13, 2024 |
| Deutsche Bank | Lauren Silberman | $90 | $73.22 | +24.3% | May 2, 2024 |
| Loop Capital Markets | Alton Stump | $93 | $73.14 | +28.4% | May 1, 2024 |
| Scotiabank | George Doumet | $81 | $73.97 | +11.9% | Apr 29, 2024 |
| Oppenheimer | Brian Bittner | $83 | $67.69 | +14.6% | Aug 28, 2023 |
| Morgan Stanley | Brian Harbour | $74 | $66.08 | +2.2% | Feb 15, 2023 |
| Oppenheimer | Brian Bittner | $81 | $67.15 | +11.9% | Feb 10, 2023 |
| Citigroup | Analyst unavailable | $72 | $67.87 | -0.6% | Feb 7, 2023 |
| Barclays | Analyst unavailable | $80 | $64.7 | +10.5% | Jan 5, 2023 |
| RBC Capital | Analyst unavailable | $80 | $68.17 | +10.5% | Nov 22, 2022 |
| Morgan Stanley | Analyst unavailable | $52 | $52.28 | -28.2% | Jul 18, 2022 |
| Morgan Stanley | Analyst unavailable | $56 | $52.97 | -22.7% | May 5, 2022 |
| RBC Capital | Analyst unavailable | $68 | $55.16 | -6.1% | May 4, 2022 |
| Stifel Nicolaus | Analyst unavailable | $58 | $55.16 | -19.9% | May 4, 2022 |
| UBS | Dennis Geiger | $61.27 | $56.99 | -15.4% | Feb 10, 2022 |
| Bank of America Securities | Sara Senatore | $64 | $58.96 | -11.6% | Jan 11, 2022 |
| Piper Sandler | Nicole Miller Regan | $47.74 | $59.57 | -34.1% | Jan 3, 2022 |
| Loop Capital Markets | Alton Stump | $47.74 | $58.76 | -34.1% | Dec 23, 2021 |
| Guggenheim | Gregory Francfort | $63 | $56.48 | -13.0% | Nov 16, 2021 |
| Credit Suisse | Lauren Silberman | $73 | $56.48 | +0.8% | Nov 16, 2021 |
| Oppenheimer | Brian Bittner | $76 | $56.57 | +5.0% | Oct 26, 2021 |
| Wells Fargo | Jon Tower | $77 | $57.76 | +6.3% | Oct 25, 2021 |
| BMO Capital | Peter Sklar | $63 | $57.76 | -13.0% | Oct 25, 2021 |
| Goldman Sachs | Jared Garber | $59 | $59.86 | -18.5% | Jul 19, 2021 |
Track every rating change on QSR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationRestaurant Brands International Inc. (RBI), a prominent quick-service restaurant enterprise, maintains its headquarters in Toronto, Canada. Established in 1954, the company operates globally, managing and franchising four distinct and widely recognized brands: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), and Firehouse Subs (FHS). Through its Tim Hortons segment, RBI offers a diverse menu at its coffee, tea, and donut establishments. This includes a selection of hot and cold specialty beverages like espresso-based drinks, a variety of freshly baked goods such as donuts, Timbits, bagels, muffins, cookies, and pastries, alongside savory options like grilled paninis, classic sandwiches, wraps, and soups.…
Historical context
All QSR earningsConsumer Cyclical peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| MGA Magna International Inc. | FY2026 Q3 · Calendar Q4 2026 | +15.8% | -1.4% | Magna expands margins as China production weighs on sales outlook |
| H Hyatt Hotels Corporation | FY2026 Q3 · Calendar Q4 2026 | +67.1% | +6.3% | Hyatt raises RevPAR and fee-growth outlook after strong Q3 |
| LTH Life Time Group Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | +25.9% | +5.1% | Life Time Group Raises Guidance as Growth Broadens |
| SBUX Starbucks Corporation | FY2026 Q4 · Calendar Q4 2026 | +11.3% | -1.7% | Starbucks posts resilient comps and sets FY27 margin targets |
| RIVN Rivian Automotive, Inc. | FY2026 Q3 · Calendar Q4 2026 | +25.4% | +6.2% | Rivian’s R2 scale-up lifted Q3 output and software momentum |
| AMZN Amazon.com, Inc. | FY2026 Q3 · Calendar Q4 2026 | -4.1% | -1.6% | Amazon pairs accelerating AWS AI demand with sustained capital intensity |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the QSR recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-01T14:40:45.386891+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-01T14:40:45.384035+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-01. For educational purposes only; not investment advice.