Restaurant Brands International Inc.

Q2 revenue was not stated on the call. Comparable sales grew 3.8%, net restaurant growth was 2.9%, system-wide sales increased 6.4%, organic adjusted operating income grew 6.7%, and adjusted EPS rose 12.9% to $1.07 from $0.94 last year. On a year-to-date basis, management said same-store sales were up 3.5%, organic adjusted operating income was up 8.5%, and adjusted EPS was up nearly 14%. For 2026, guidance calls for segment G&A of about $600 million to $620 million, net adjusted interest expense of $500 million to $520 million, CapEx and cash inducements of around $400 million, Tim Hortons supply chain margins roughly in line with 2025, total RH AOI of about $10 million to $20 million, and an estimated $10 million AOI headwind plus a $0.02 to $0.03 EPS headwind from FX in the second half. Management reiterated that it remains on track to deliver 8% organic adjusted operating income growth for the year.

Josh Kobza framed the quarter as evidence that the 2028 plan is taking hold, pointing to above-algorithm same-store sales for the third straight quarter and durable gains from better operations, menu work, marketing, and franchisee alignment. He emphasized that Burger King’s strength, International’s consistency, and progress at Tim Hortons and Firehouse show the value of RBI’s diversified portfolio. His tone was confident and constructive, but he repeatedly said the company is still early in the Burger King turnaround and still has a lot of work left to do.

Sami Siddiqui highlighted Q2 adjusted EPS of $1.07, up from $0.94, driven by AOI growth and a $6 million year-over-year decline in adjusted net interest expense. He said free cash flow was $501 million in the quarter, with $62 million of CapEx and cash inducements and a $22 million benefit from swaps and hedges, and the company returned $435 million to shareholders, including $137 million of stock repurchases. He also noted total liquidity of about $2.3 billion, including $1.1 billion of cash, and net leverage of 4.1x, down from the prior quarter, while reaffirming the path to investment-grade leverage by 2028 or the low- to mid-3x range.

Analysts focused on what is driving Burger King’s outperformance, how much runway remains, and whether the company can sustain above-3% portfolio same-store sales. Management said Burger King still has significant room to improve through more modern-image remodels, better operations, and additional menu-elevation chapters, and Patrick Doyle stressed that the gains are the result of compounding work rather than a one-quarter pop. Questions on Tim Hortons centered on whether the back half can support better comps amid competition and a stable Canadian macro backdrop; management said the business is seeing faster beverage innovation, a stronger calendar, and more control over execution than macro pressure. On Popeyes, management said the turnaround is progressing as planned, with value moves, core-menu focus, and operational coaching already improving satisfaction and setting up a positive second half.