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Restaurant Brands International Inc.
🏹 Trader: 🚀 Stage 2 + Near High 📈 Stage 2 🎯 Near 52W High | BRS 84 Ready View all →
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$25.2B
Market Cap
29.0
P/E
2.17
PEG
9.1%
ROCE
24.0%
ROE
3.04
D/E
26.4%
OPM
-7.5%
% from 52W High
65
α RS
🔍 QSR is showing a high-conviction setup because it matches 8 of 39 tracked screener presets, RS Rating is 65, and it's within 7.5% of its 52-week high. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating 52W High
Sources
Conviction 8/39 · RS Rating 65 · 7.5% from 52W high
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🌏 Global Investor Returns
Currency-adjusted total returns for QSR including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
📊 Sector Averages
About

Restaurant Brands International Inc. operates as a quick service restaurant company in Canada, the United States, and internationally. It operates through six segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International, and Restaurant Holdings. The company owns and franchises Tim Hortons, a coffee and baked good restaurant chain that offers beverages, sandwiches, wraps, flatbread pizzas, and others; Burger King, a quick service hamburger restaurant chain that offers flame-grilled hamburgers, chicken, and other sandwiches; Popeyes, a quick service chicken concept that offers a Louisiana style menu, including fried bone-in chicken, chicken sandwiches, chicken tenders, wings, fried shrimp, and regional items; and Firehouse Subs, which offers subs with meats and cheese, as well as chili, soups, soft drinks, and other sides. Restaurant Brands International Inc. was founded in 1954 and is headquartered in Miami, Florida.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding QSR
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Manager Shares Value % of Fund Period
Bill Ackman Pershing Square Capital Management 22.65M $1.7B 12.20% Mar 2026
Seth Klarman Baupost Group 8.08M $597.2M 11.67% Mar 2026
Stan Druckenmiller Duquesne Family Office 454.4K $33.6M 0.99% Mar 2026
Steve Cohen Point72 Asset Management 246.1K $18.2M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$2.52B
+4.6% YoY
Operating Income
$716M
+48.4% YoY
Operating Margin
28.4%
+8.4pp YoY
Net Income
$665M
+151.9% YoY
What Went Right
  • Burger King US comps +8.5%, beating the burger QSR industry by over 9 points
  • International delivered 5.5% comps and 10.7% system-wide sales growth, with 21st consecutive quarter of positive comps
  • Adjusted EPS grew 12.9% to $1.07, and RBI returned $435M to shareholders
What to Watch
  • Tim Hortons Canada same-store sales were nearly flat at +0.1% due to a weaker marketing calendar
  • Popeyes US comps declined 5.2%, though management expects positive comps in 2H
  • Beef costs remained at all-time highs, and FX is expected to be a ~$10M AOI headwind in 2H 2026
Management Guidance
  • No explicit Q3 revenue guidance provided; preliminary Q3 call scheduled for October 29, 2026
  • Reaffirmed 2026 organic Adjusted Operating Income growth target of 8%
  • Full-year 2026: Segment G&A $600M-$620M, net adjusted interest expense $500M-$520M, CapEx ~$400M, tax rate 18%-19%, RH AOI $10M-$20M
  • Net restaurant growth expected to accelerate in 2H toward 5% target by 2028
  • FX expected to be a $10M AOI and $0.02-$0.03 Adjusted EPS headwind in 2H 2026
Investor Lens
The thesis is stronger after this call: Burger King US posted exceptional 8.5% comps and International continues to compound, while consolidated Adjusted EPS grew nearly 13%. The flat Tim Hortons quarter and soft Popeyes results are transitory, with management pointing to improved momentum and a clear second-half calendar. Reaffirming 8% organic AOI growth and progressing toward investment-grade leverage adds further confidence. Overall, the diversified portfolio is proving durable across different consumer environments.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong quarter: comparable sales +3.8%, Adjusted EPS $1.07
Revenue
Q2 total revenues were $2.52B, up 4.6% YoY, while system-wide sales grew 6.4% to $12.70B. International system-wide sales grew 10.7%, Burger King US comps +8.5%, and comparable sales were 3.8% overall.
Profitability
Net income from continuing operations was $665M versus $264M a year ago. Adjusted EPS increased 12.9% to $1.07, and organic Adjusted Operating Income grew 6.7% in the quarter.
Margins
GAAP operating income rose 48.4% to $716M, translating to a 28.4% operating margin, up 8.4pp YoY. Tim Hortons supply chain margins are expected to remain roughly in line with 2025 levels.
Balance Sheet
Q2 free cash flow was $501M, including $62M of CapEx; $435M was returned to shareholders via dividends and buybacks. Liquidity stood at approximately $2.3B, including $1.1B cash, with net leverage at 4.1x, down from 4.6x and helped by the S&P upgrade to BB+.
Key Risks
Management flagged Tim Hortons' flat comps due to an unfavorable calendar and Popeyes' 5.2% comp decline, although a return to positive comps is expected in 2H. Beef costs remain at all-time highs, and currency movements are expected to create a $10M AOI headwind in the second half.
Outlook
No quarterly revenue guidance was provided, but RBI reaffirmed its 2026 target of 8% organic AOI growth and expects net restaurant growth to accelerate in 2H. Management also guided to a $10M FX-related AOI headwind and $0.02-$0.03 Adjusted EPS headwind in the second half.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Q2 saw strong growth in same-store sales, system-wide sales, and Adjusted EPS, with Burger King U.S. and International segments outperforming. Capital returns and progress toward investment-grade leverage continued, while Tim Hortons and Popeyes focused on innovation and operational improvements.
Q1 2026 Q1 2026 2026-05-06
Q1 saw 3.2% comparable sales growth, 6.2% system-wide sales growth, and 10.7% organic AOI growth, with Burger King U.S. and International segments outperforming. Elevated beef costs pressured margins, but strong cash flow enabled $315 million in shareholder returns and $60 million in share buybacks.
Q4 2025 Q4 2025 2026-02-12
Solid 2025 results with 8.3% organic AOI growth and double-digit EPS gains, despite cost and macro headwinds. Tim Hortons, Burger King, and International segments outperformed peers, while Popeyes faced challenges. 2026 guidance targets another year of 8% AOI growth.
Q3 2025 Q3 2025 2025-10-30
Q3 saw robust growth in sales, operating income, and EPS, led by strong performance at Tim Hortons and international segments. Burger King U.S. continued to outperform peers, while Popeyes faced challenges. Guidance remains for 8%+ organic AOI growth in 2025.
Q2 2025 Q2 2025 2025-08-07
Q2 2025 saw 5.3% system-wide sales growth and 5.7% organic AOI growth, led by Tim Hortons and international segments. Carrols outperformed with strong remodel returns, while Burger King China showed positive comps and is held for sale. Guidance affirms 8%+ AOI growth for 2025.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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No Investment Recommendation:
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Information Sources:
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