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# Burger King US Sales Jump 8.4% While Popeyes Slips 2.2% For Restaurant Brands
- URL: https://www.bullished.co/burger-king-us-sales-jump-8-4-while-popeyes-slips-2-2-for-restaurant-brands-04355aa3/
- Published: 2026-10-29T10:53:36.000Z
- Updated: 2026-10-29T10:53:36.000Z
- Description: Restaurant Brands' global comparable sales rose 3.8% in the third quarter, and a $133 million tax benefit lifted net income to $704 million.
- Author: Matteo Parrino
- Tags: Earnings, QSR, Industry: Consumer Discretionary

Restaurant Brands International, which owns and franchises Tim Hortons, Burger King, Popeyes and Firehouse Subs, said Thursday that global comparable sales [rose 3.8%](https://www.prnewswire.com/news-releases/restaurant-brands-international-inc-reports-third-quarter-2026-results-302922527.html?ref=bullished.co) in the third quarter, led by an [8.4% gain at Burger King US](https://www.prnewswire.com/news-releases/restaurant-brands-international-inc-reports-third-quarter-2026-results-302922527.html?ref=bullished.co). Popeyes US went the other way, with comparable sales down 2.2%.

## Burger King pulls ahead, Popeyes lags

Burger King's US comparable sales, which measure sales at restaurants open at least about 13 months, compare with a 3.2% gain a year earlier. Tim Hortons Canada rose 1.8%, and International comparable sales rose 3.9%. At Popeyes, the US decline compares with a 2.0% drop a year earlier, and the brand's US comparable sales are down 4.6% for the first nine months.

Popeyes' adjusted operating income fell to $58 million from $63 million, which the company tied to weaker comparable sales and higher segment overhead. Burger King's rose to $136 million from $123 million.

Consolidated system-wide sales grew 6.2% on a constant-currency basis, including 9.0% in International.

## A tax benefit lifts the bottom line

Net income from continuing operations reached $704 million, against $440 million a year earlier. The company booked a $133 million income tax benefit, which it attributed to discrete tax benefits from intra-group reorganizations undertaken in 2026.

Adjusted operating income, which strips out items such as acquisition-related amortization and other operating income or expense, rose to $737 million from $702 million. Adjusted earnings per share were $1.10, up from $1.03\. Net leverage, net debt relative to adjusted EBITDA, was 4.0 times at September 30, down from 4.4 times a year earlier.

CEO Josh Kobza said the quarter showed "over 3% global comparable sales led by outperformance at Burger King."

## Guidance holds and cash goes back

RBI said it remains on track for 8% organic adjusted operating income growth in 2026 and kept its other outlook items, including adjusted net interest expense of $500 million to $520 million. It has returned $1.3 billion to shareholders year to date through dividends and buybacks.

Burger King's "Reclaim the Flame" plan commits up to $700 million through year-end 2028\. As of September 30, the company had funded $198 million of the up to $550 million planned for remodels, relocations and kitchen equipment.

Tim Hortons and Burger King will host conventions in the fourth quarter, which shifts the timing of franchise revenue. A fourth-quarter dividend of $0.65 per share is payable January 5, 2027.

Burger King's remodel program still has $352 million of its planned spending ahead of it, against the $198 million funded so far.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Restaurant Brands International Inc. (QSR)](https://www.sec.gov/Archives/edgar/data/0001618756/000161875626000051/qsr-20261029.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit qsr\_2026930xpressrelease.htm — Restaurant Brands International Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001618756/000161875626000051/qsr%5F2026930xpressrelease.htm?ref=bullished.co) — SEC EDGAR
- [Restaurant Brands International Inc. Reports Third Quarter 2026 Results](https://www.prnewswire.com/news-releases/restaurant-brands-international-inc-reports-third-quarter-2026-results-302922527.html?ref=bullished.co) — prnewswire.com