Form 8-K

8-K — Restaurant Brands International Inc.

Accession: 0001618756-26-000051

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0001618756

SIC: 5812 (RETAIL-EATING PLACES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — qsr-20261029.htm (Primary)

EX-99 (qsr_2026930xpressrelease.htm)

GRAPHIC (rbimasterlogorgb.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: qsr-20261029.htm · Sequence: 1

qsr-20261029

0001618756false00016187562026-10-292026-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2026

RESTAURANT BRANDS INTERNATIONAL INC.

(Exact name of registrant as specified in its charter)

Canada 001-36786 98-1202754

(State or other jurisdiction of (Commission (I.R.S. Employer

incorporation) File Number) Identification No.)

5707 Waterford District Drive

Miami, Florida 33126

(Address of Principal Executive Offices and Zip Code)

(305) 378-3000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbols Name of each exchange on which registered

Common Shares, without par value QSR New York Stock Exchange

Toronto Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 29, 2026, Restaurant Brands International Inc. (the “Company”) issued a press release and supplemental financial and operational information regarding results for the three months ended September 30, 2026. The press release and supplemental financial and operational information are furnished as Exhibit 99 hereto.

Item 9.01 Financial Statements and Exhibits

Exhibit

Number Description

Press release and supplemental financial and operational information regarding results for the three months ended September 30, 2026 issued by the Company on October 29, 2026.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RESTAURANT BRANDS INTERNATIONAL INC.

Dated: October 29, 2026 /s/ Sami Siddiqui

Name: Sami Siddiqui

Title: Chief Financial Officer

EX-99

Filename: qsr_2026930xpressrelease.htm · Sequence: 2

Document

EXHIBIT 99

Restaurant Brands International Inc. Reports Third Quarter 2026 Results

Consolidated System-wide Sales grow 6.2% year-over-year, including 9.0% in International

Global Comparable Sales of 3.8%, including 8.4% at BK US and 3.9% at International

RBI returns $1.3 billion of capital to shareholders year to date through dividends and share repurchases

RBI remains on track for 8% organic Adjusted Operating Income growth in 2026

Miami, October 29, 2026 - Restaurant Brands International Inc. (“RBI”) (NYSE: QSR) (TSX: QSR) (TSX: QSP) today reported financial results for the third quarter ended September 30, 2026. Josh Kobza, Chief Executive Officer of RBI commented, "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. 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. I'm proud of what we're accomplishing together. Across our brands, we're continuing to listen to our guests and act on their feedback to deliver the quality, service, and convenience they expect every day."

Consolidated Operational and Financial Highlights

(in US$ millions, except per share and ratio data, unaudited)

Three Months Ended September 30, Nine Months Ended September 30,

Operational Highlights 2026 2025 2026 2025

System-wide Sales Growth (a) 6.2 % 6.9 % 6.3 % 5.1 %

System-wide Sales (a) $ 12,972 $ 12,282 $ 37,185 $ 34,631

Comparable Sales 3.8 % 4.0 % 3.6 % 2.2 %

Net Restaurant Growth 3.0 % 2.8 % 3.0 % 2.8 %

System Restaurant Count at Period End 33,401 32,423 33,401 32,423

GAAP Financials

Total Revenues $ 2,525 $ 2,449 $ 7,309 $ 6,968

Income from Operations $ 696 $ 663 $ 2,018 $ 1,581

Income from Operations Growth 5.0 % 14.8 % 27.7 % (11.4) %

Net Income from Continuing Operations $ 704 $ 440 $ 1,814 $ 927

Diluted Earnings per Share from Continuing Operations $ 1.54 $ 0.96 $ 3.95 $ 2.03

Financial Highlights (b)

Adjusted Operating Income (AOI) $ 737 $ 702 $ 2,061 $ 1,910

Organic AOI Growth 6.7 % 8.8 % 7.8 % 5.9 %

Adjusted EBITDA $ 829 $ 794 $ 2,345 $ 2,198

Adjusted Diluted Earnings per Share (Adj. EPS) $ 1.10 $ 1.03 $ 3.03 $ 2.73

Nominal Adj. EPS Growth 6.9 % 10.7 % 11.1 % 8.1 %

Organic Adj. EPS Growth 8.6 % 11.9 % 10.6 % 10.8 %

Net Leverage 4.0x 4.4x 4.0x 4.4x

(a)System-wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide Sales, which is reported on a nominal basis.

(b)Non-GAAP metrics. Please refer to "Non-GAAP Financial Measures" for further detail.

Reporting Segments

We have six operating and reportable segments, including four franchisor segments for our Tim Hortons, Burger King, Popeyes, and Firehouse Subs brands in the U.S. and Canada (“TH”, “BK”, “PLK”, and “FHS”, respectively) and a fifth franchisor segment for all of our brands in the rest of the world (“INTL”). Additionally, we have a sixth operating and reportable segment, Restaurant Holdings (“RH”), which includes the operations of (i) Burger King restaurants acquired in our acquisition of Carrols Restaurant Group Inc. (the “Carrols Acquisition”), (ii) restaurants acquired in our acquisition of Popeyes China (“PLK China”) (“PLK China Acquisition”), and (iii) Firehouse Subs Brazil (“FHS Brazil”) restaurants.

RBI maintains the franchisor dynamics in its TH, BK, PLK, FHS, and INTL segments (“Five Franchisor Segments”) to report results consistent with how the business will be managed long-term. This approach reflects RBI’s intent to refranchise the vast majority of the Carrols Burger King restaurants and to find new investors for PLK China and FHS Brazil and sunset the RH segment. RH results include Company restaurant sales and expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK for the Carrols Burger King restaurants and INTL for PLK China and FHS Brazil restaurants) and eliminated upon consolidation.

Items Affecting Comparability

Burger King China

On February 14, 2025, we acquired substantially all of the remaining equity interests in Burger King China ("BK China"). For 2025, BK China was classified as held for sale and reported as discontinued operations. As such, for 2025, results for BK China were not recognized in the INTL segment. However, BK China KPIs continued to be included in our INTL segment KPIs.

On January 30, 2026, we established a joint venture with CPE Alder Investment Limited, a fund managed by CPE ("CPE"), with respect to the operations of BK China (such joint venture, the “BK China JV”). CPE invested $350 million of primary capital into the BK China JV. Following the transaction, we deconsolidated BK China and began accounting for our remaining 17% equity interest in the BK China JV under the equity method of accounting and recognizing franchise revenue, primarily related to royalties, in our INTL segment. We refer to the acquisition of BK China and the subsequent establishment of the BK China JV collectively as the "BK China Transactions."

2026 Convention Timing Impact on Franchise and Property Results

In 2025, PLK and BK INTL hosted conventions in Q2, BK and FHS hosted conventions in Q3, and TH did not host a convention. In 2026, PLK and FHS hosted conventions in Q3, TH and BK will host conventions in Q4, and BK INTL will not host a convention. Convention-related revenues and expenses are recognized in each segment's Franchise and property revenues and Segment F&P expenses, respectively, and have an immaterial net AOI impact.

Supplemental Disclosures

Please review the Trending Schedules posted on the RBI Investor Relations webpage under "Financial Information" for additional disclosures, including:

•Home Market and International KPIs by Brand and Company Restaurant Count by Segment;

•Segment Results with Disaggregated Franchise and Property Revenues (Royalties, Property Revenue and Franchise Fees and Other Revenue);

•Intersegment Revenue and Expense Eliminations;

•Burger King US "Reclaim the Flame" Expenditures by Quarter; and

•RH Burger King Carrols Restaurant-Level EBITDA Margins.

TH Segment Results Three Months Ended September 30, Nine Months Ended September 30,

(in US$ millions, unaudited) 2026 2025 2026 2025

System-wide Sales Growth (a) 2.0 % 4.8 % 1.6 % 3.0 %

System-wide Sales (a) $ 2,039 $ 2,029 $ 5,780 $ 5,655

Comparable Sales 1.5 % 4.2 % 1.0 % 2.7 %

Comparable Sales - Canada 1.8 % 4.2 % 1.1 % 2.8 %

Net Restaurant Growth 1.0 % 0.6 % 1.0 % 0.6 %

System Restaurant Count at Period End 4,579 4,532 4,579 4,532

Supply chain sales $ 780 $ 769 $ 2,254 $ 2,111

Company restaurant sales $ 11 $ 12 $ 31 $ 34

Franchise and property revenues $ 266 $ 264 $ 761 $ 744

Advertising revenues and other services $ 79 $ 80 $ 224 $ 222

Total revenues $ 1,136 $ 1,125 $ 3,270 $ 3,112

Supply chain cost of sales $ 618 $ 619 $ 1,817 $ 1,704

Company restaurant expenses $ 10 $ 11 $ 28 $ 30

Segment F&P expenses $ 86 $ 86 $ 254 $ 246

Advertising expenses and other services $ 77 $ 77 $ 249 $ 236

Segment G&A $ 32 $ 33 $ 100 $ 104

Adjustments:

Cash distributions received from equity method investments $ 4 $ 4 $ 11 $ 11

Adjusted Operating Income $ 317 $ 304 $ 833 $ 803

(a) System-wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide Sales, which is reported on a nominal basis.

For the third quarter, the increase in Total revenues was driven by higher Supply chain sales primarily due to increases in equipment sales to franchisees and commodity prices. The increase in Total revenues was also driven by increased System-wide Sales. Results also reflect an unfavorable FX Impact of $16 million. Excluding the FX Impact, Total revenues increased by $27 million.

The increase in Adjusted Operating Income was primarily driven by tariff refunds and increased System-wide Sales. Results also reflect an unfavorable FX Impact of $4 million. Excluding the FX Impact, Adjusted Operating Income increased by $17 million.

BK Segment Results Three Months Ended September 30, Nine Months Ended September 30,

(in US$ millions, unaudited) 2026 2025 2026 2025

System-wide Sales Growth 7.6 % 2.3 % 7.1 % 0.6 %

System-wide Sales $ 3,178 $ 2,956 $ 9,224 $ 8,608

Comparable Sales 8.3 % 3.1 % 7.6 % 1.1 %

Comparable Sales - US 8.4 % 3.2 % 7.6 % 1.2 %

Net Restaurant Growth (0.9) % (1.1) % (0.9) % (1.1) %

System Restaurant Count at Period End 6,979 7,043 6,979 7,043

Company restaurant sales $ 43 $ 62 $ 133 $ 183

Franchise and property revenues (a) $ 199 $ 187 $ 575 $ 537

Advertising revenues and other services (b) $ 154 $ 138 $ 450 $ 411

Total revenues $ 396 $ 387 $ 1,157 $ 1,131

Company restaurant expenses $ 38 $ 59 $ 120 $ 170

Segment F&P expenses $ 33 $ 35 $ 99 $ 98

Advertising expenses and other services $ 156 $ 141 $ 453 $ 419

Segment G&A $ 33 $ 30 $ 97 $ 97

Adjusted Operating Income $ 136 $ 123 $ 388 $ 347

(a)Franchise and property revenues include intersegment revenues with RH consisting of royalties and rent of $29 million and $86 million during the three and nine months ended September 30, 2026, respectively, and $28 million and $83 million during three and nine months ended September 30, 2025, which are eliminated in consolidation.

(b)Advertising revenues and other services include intersegment revenues with RH consisting of advertising contributions and tech fees of $22 million and $67 million during the three and nine months ended September 30, 2026, respectively, and $21 million and $63 million during the three and nine months ended September 30, 2025, which are eliminated in consolidation.

As a reminder, BK segment results are presented consistently with our franchisor model. As such, results include intersegment Franchise and property revenues and Advertising revenues and other services from the Carrols Burger King restaurants included in RH (as footnoted above).

Burger King US Reclaim the Flame

Burger King is executing its multi-year "Reclaim the Flame" plan to accelerate sales growth and drive franchisee profitability. This plan includes investing up to $700 million through year-end 2028, comprised of advertising and digital investments (which were completed in 2024) and high-quality remodels and relocations, restaurant technology, kitchen equipment, and building enhancements ("Royal Reset"). As of September 30, 2026, we have funded $198 million out of up to $550 million planned toward the Royal Reset investments.

Third Quarter 2026 Results

The increase in Total revenues was primarily driven by the increase in Comparable Sales, partially offset by the net impact of refranchisings.

The increase in Adjusted Operating Income was primarily driven by the increase in Comparable Sales.

PLK Segment Results Three Months Ended September 30, Nine Months Ended September 30,

(in US$ millions, unaudited) 2026 2025 2026 2025

System-wide Sales Growth (1.0) % 0.7 % (2.7) % 0.0 %

System-wide Sales $ 1,503 $ 1,519 $ 4,453 $ 4,571

Comparable Sales (1.8) % (2.4) % (4.5) % (2.6) %

Comparable Sales - US (2.2) % (2.0) % (4.6) % (2.3) %

Net Restaurant Growth 0.0 % 2.2 % 0.0 % 2.2 %

System Restaurant Count at Period End 3,542 3,541 3,542 3,541

Company restaurant sales $ 55 $ 44 $ 145 $ 136

Franchise and property revenues $ 82 $ 81 $ 237 $ 245

Advertising revenues and other services $ 68 $ 76 $ 211 $ 223

Total revenues $ 204 $ 201 $ 593 $ 605

Company restaurant expenses $ 49 $ 39 $ 128 $ 118

Segment F&P expenses $ 8 $ 3 $ 14 $ 10

Advertising expenses and other services $ 71 $ 79 $ 220 $ 230

Segment G&A $ 19 $ 17 $ 55 $ 57

Adjusted Operating Income $ 58 $ 63 $ 177 $ 188

For the third quarter, the increase in Total revenues was primarily driven by higher Company restaurant sales due to restaurants acquired during the period, partially offset by lower Advertising revenues and other services due primarily to a decline in advertising fund contributions.

The decrease in Adjusted Operating Income was primarily driven by a decline in Comparable Sales and an increase in Segment G&A, primarily driven by higher compensation-related expenses, partially offset by higher Company restaurant sales.

FHS Segment Results Three Months Ended September 30, Nine Months Ended September 30,

(in US$ millions, unaudited) 2026 2025 2026 2025

System-wide Sales Growth 8.3 % 10.7 % 7.7 % 8.1 %

System-wide Sales $ 360 $ 332 $ 1,068 $ 991

Comparable Sales 1.5 % 2.6 % 0.5 % 0.7 %

Comparable Sales - US 2.0 % 2.5 % 1.0 % 0.5 %

Net Restaurant Growth 7.8 % 7.7 % 7.8 % 7.7 %

System Restaurant Count at Period End 1,509 1,400 1,509 1,400

Company restaurant sales $ 12 $ 11 $ 35 $ 33

Franchise and property revenues $ 32 $ 30 $ 90 $ 84

Advertising revenues and other services $ 21 $ 18 $ 61 $ 55

Total revenues $ 65 $ 60 $ 186 $ 172

Company restaurant expenses $ 10 $ 9 $ 30 $ 28

Segment F&P expenses $ 4 $ 5 $ 8 $ 8

Advertising expenses and other services $ 22 $ 19 $ 64 $ 57

Segment G&A $ 12 $ 12 $ 38 $ 39

Adjusted Operating Income $ 16 $ 14 $ 47 $ 41

For the third quarter, the increases in Total revenues and Adjusted Operating Income were primarily driven by the increase in restaurant count.

INTL Segment Results Three Months Ended September 30, Nine Months Ended September 30,

(in US$ millions, unaudited) 2026 2025 2026 2025

System-wide Sales Growth (a) 9.0 % 12.1 % 10.2 % 10.3 %

System-wide Sales (a) $ 5,893 $ 5,447 $ 16,662 $ 14,806

Comparable Sales 3.9 % 6.5 % 5.0 % 4.5 %

Comparable Sales - INTL - Burger King 3.8 % 6.4 % 4.8 % 4.5 %

Net Restaurant Growth 5.6 % 5.1 % 5.6 % 5.1 %

System Restaurant Count at Period End 16,792 15,907 16,792 15,907

Franchise and property revenues $ 266 $ 245 $ 754 $ 673

Advertising revenues and other services $ 23 $ 22 $ 63 $ 62

Total revenues $ 289 $ 268 $ 817 $ 735

Segment F&P expenses $ 6 $ 7 $ (4) $ 21

Advertising expenses and other services $ 25 $ 25 $ 70 $ 70

Segment G&A $ 53 $ 47 $ 155 $ 145

Adjusted Operating Income $ 205 $ 189 $ 596 $ 499

(a) System-wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide Sales, which is reported on a nominal basis.

For the third quarter, the increase in Total revenues was primarily driven by higher royalty revenues from Burger King and Popeyes restaurants resulting from increased System-wide Sales, as well as the resumption of royalty revenues from BK China. Results also reflect an unfavorable FX Impact of $2 million. Excluding the FX Impact, Total revenues increased by $23 million.

The increase in Adjusted Operating Income was driven by revenue growth, partially offset by an increase in Segment G&A primarily due to higher compensation-related expenses. Results also reflect an unfavorable FX Impact of $2 million. Excluding the FX Impact, Adjusted Operating Income increased by $18 million.

RH Segment Results Three Months Ended September 30, Nine Months Ended September 30,

(in US$ millions, unaudited) 2026 2025 2026 2025

System-wide Sales $ 488 $ 464 $ 1,443 $ 1,359

System-wide Sales - BK US $ 471 $ 458 $ 1,403 $ 1,345

System-wide Sales - INTL $ 17 $ 6 $ 40 $ 13

Comparable Sales 7.8 % 4.8 % 7.1 % 2.3 %

Comparable Sales - BK US 7.8 % 4.8 % 7.2 % 2.3 %

System Restaurant Count at Period End 1,071 1,068 1,071 1,068

System Restaurant Count at Period End - BK US 950 1,012 950 1,012

System Restaurant Count at Period End - INTL 121 56 121 56

Total revenues $ 487 $ 459 $ 1,441 $ 1,360

Food, beverage and packaging costs $ 148 $ 136 $ 435 $ 391

Restaurant wages and related expenses $ 154 $ 148 $ 454 $ 445

Restaurant occupancy and other expenses (a) $ 126 $ 119 $ 376 $ 353

Company restaurant expenses $ 429 $ 403 $ 1,265 $ 1,188

Advertising expenses and other services (b) $ 26 $ 23 $ 75 $ 68

Segment G&A $ 28 $ 23 $ 79 $ 70

Adjusted Operating Income $ 5 $ 10 $ 21 $ 33

Note: RH KPIs are shown consistently with RBI’s reporting calendar, but in 2025, results from BK restaurants in the statements of operations were shown consistently with the Carrols reporting calendar, which for the three and nine months ended September 30, 2025 were from June 30, 2025 to September 28, 2025 and from December 30, 2024 to September 28, 2025, respectively.

(a)Restaurant occupancy and other expenses include intersegment royalties and property expenses of $30 million and $88 million during the three and nine months ended September 30, 2026, respectively, and $28 million and $83 million for the three and nine months ended September 30, 2025, which are eliminated in consolidation.

(b)Advertising expenses and other services include intersegment advertising expenses and tech fees of $22 million and $67 million during the three and nine months ended September 30, 2026, respectively, and $21 million and $63 million for the three and nine months ended September 30, 2025, which are eliminated in consolidation.

The RH segment includes results from (i) Burger King restaurants acquired as part of the Carrols Acquisition and (ii) PLK China and FHS Brazil restaurants. RH segment results reflect the impact of refranchising Carrols Burger King restaurants as well as incremental investments in the PLK China and FHS Brazil start-up businesses.

For the third quarter, the increase in Total revenues was primarily driven by an increase in BK US Comparable Sales and an increase in PLK China restaurant count, partially offset by the refranchisings of Carrols Burger King restaurants.

The decrease in Adjusted Operating Income was primarily driven by an increase in Company restaurant expenses and Segment G&A, partially offset by higher revenues. The increase in Company restaurant expenses reflects higher Carrols Burger King Company restaurant expenses, primarily driven by increased sales, as well as expenses related to scaling our international start-up businesses. The increase in Segment G&A was primarily due to higher compensation-related expenses.

Cash and Liquidity

The RBI Board of Directors has declared a dividend of $0.65 per common share and partnership exchangeable unit of RBI LP for the fourth quarter of 2026. The dividend will be payable on January 5, 2027 to shareholders and unitholders of record at the close of business on December 22, 2026.

On August 6, 2025, our Board of Directors approved a share repurchase program authorizing the repurchase of up to $1,000 million of our common shares from September 15, 2025 through September 30, 2027. For the three months ended September 30, 2026, we repurchased 817,041 of our common shares for $61 million and 2,784,549 of Class B exchangeable limited partnership units for $214 million, excluding excise taxes. Of these repurchases, 28,010 common shares had not yet settled as of September 30, 2026 and therefore were not retired at that date. As of September 30, 2026, we had $768 million remaining under the share repurchase authorization.

Subsequent Events

Subsequent to September 30, 2026 through October 23, 2026, we repurchased 235,276 of our common shares for $17 million and as of October 23, 2026 had $751 million remaining under the share repurchase authorization.

2026 Financial Guidance

For 2026, RBI continues to expect:

•Segment G&A (excluding RH) for 2026 between $600 million and $620 million;

•RH AOI of approximately $10 to $20 million;

•Adjusted Interest Expense, net between $500 million and $520 million; and

•Consolidated capital expenditures, tenant inducements and incentives (including RH), or "Total Capex and Cash Inducements" of around $400 million.

Long-Term Algorithm

RBI continues to expect the following long-term consolidated performance on average, from 2024 to 2028:

•3%+ Comparable Sales; and

•8%+ organic Adjusted Operating Income growth.

In addition, RBI continues to expect to reach 5%+ Net Restaurant Growth towards the end of its algorithm period.

Investor Conference Call

We will host an investor conference call and webcast at 8:30 a.m. Eastern Time on Thursday, October 29, 2026, to review financial results for the third quarter ended September 30, 2026. The earnings call will be broadcast live via our investor relations website at http://rbi.com/investors and a replay will be available for a limited time following the release. The dial-in number is 1 (833) 461-5787 for U.S. callers, 1 (365) 657-4084 for Canadian callers, and 1 (585) 542-9983 for callers from other countries. For all dial-in numbers please use the following access code: 613365043.

Contacts

Investors: investor@rbi.com

Media: media@rbi.com

About Restaurant Brands International Inc.

Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with over $49 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories. RBI owns four of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.

RBI’s principal executive offices are in Miami, Florida. In North America, RBI’s brands are headquartered in their home markets where they were founded decades ago: Canada for Tim Hortons and the U.S. for Burger King, Popeyes and Firehouse Subs. To learn more about RBI, please visit the company’s website at www.rbi.com.

Forward-Looking Statements

This press release and our investor conference call contain certain forward-looking statements and information, which reflect management's current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties.

These forward-looking statements include statements about our expectations or beliefs regarding (i) the impact of macroeconomic pressures and currency fluctuations on our and our franchisees’ results of operations and business; (ii) our remodel program and refranchising efforts; (iii) future share repurchases; (iv) leverage and free cash flow, including our path to achieving investment-grade status; (v) our and our franchisees' future operational and financial performance, including our performance against our long-term algorithm; (vi) certain tax matters, including our estimates with respect to tax matters and their impact on future periods, and any costs associated with contesting tax liabilities; (vii) our future financial obligations, including capital expenditures and dividend payments; (viii) efforts to identify new investors for PLK China and FHS Brazil and the subsequent sunset of the RH segment; (ix) refranchising of restaurants acquired in the Carrols Acquisition; (x) commodity prices; (xi) our growth opportunities and our ability to accelerate net restaurant growth, and (xii) our plans and strategies for each of our brands to enhance operations and drive long-term, sustainable growth. The factors that could cause actual results to differ materially from our expectations are detailed in our filings with the Securities and Exchange Commission and applicable Canadian securities regulatory authorities, such as our annual and quarterly reports and current reports on Form 8-K, and include the following: (1) the effectiveness of our marketing, advertising and digital programs and franchisee support of these programs; (2) the effectiveness of our operational and culinary initiatives; (3) increased commodity prices; (4) significant and rapid fluctuations in interest rates and in the currency exchange markets and the effectiveness of our hedging activity; (5) changes in applicable tax laws or interpretations thereof, and our ability to accurately interpret and predict the impact of such changes or interpretations on our financial condition and results; (6) our supply chain operations; (7) our reliance on franchisees, including master franchisees and subfranchisees, to accelerate restaurant growth and execute their development commitments (including for BK China); (8) our relationship with, and the success of, our franchisees and risks related to our franchised business model; (9) our franchisees' financial stability and their ability to access and maintain the liquidity necessary to operate their businesses; (10) evolving legislation and regulations, including in the area of franchise and labor and employment law; (11) global economic or other business conditions that may affect the desire or ability of our guests to purchase our products, such as inflationary pressures, high unemployment levels, declines in median income growth, consumer confidence and consumer discretionary spending and changes in consumer perceptions of dietary health, food safety, brand identity and value; (12) our ability to refranchise restaurants acquired in the Carrols Acquisition and to identify and successfully consummate agreements with new investors for PLK China and FHS Brazil when we plan to do so, and our ability to subsequently sunset the RH segment; (13) the ability to access liquidity under our credit facilities and derivatives, including counterparty risks; (14) our indebtedness, which could adversely affect our financial condition and prevent us from fulfilling our obligations; (15) tariffs and their impact on economic conditions or our business; (16) our ownership and leasing of real estate; (17) our ability to successfully estimate the impact of certain accounting matters, including changes to factors underlying our critical accounting estimates and the price and pace of refranchisings; and (18) risks related to unforeseen events, such as natural disasters or pandemics.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In millions of U.S. dollars, except per share data, Unaudited)

Three Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

Revenues:

Supply chain sales $ 780 $ 769 $ 2,254 $ 2,112

Company restaurant sales 608 588 1,784 1,746

Franchise and property revenues 814 778 2,329 2,201

Advertising revenues and other services 323 314 942 909

Total revenues 2,525 2,449 7,309 6,968

Operating costs and expenses:

Supply chain cost of sales 618 619 1,817 1,704

Company restaurant expenses 509 498 1,494 1,464

Franchise and property expenses 151 147 409 421

Advertising expenses and other services 354 342 1,064 1,017

General and administrative expenses 183 170 544 549

(Income) loss from equity method investments (6) (2) (10) (12)

Other operating expenses (income), net 20 12 (27) 244

Total operating costs and expenses 1,829 1,786 5,291 5,387

Income from operations 696 663 2,018 1,581

Interest expense, net 125 129 372 391

Income from continuing operations before income taxes 571 534 1,646 1,190

Income tax (benefit) expense from continuing operations (133) 94 (168) 263

Net income from continuing operations 704 440 1,814 927

Net loss from discontinued operations (net of tax of $0)

— 4 — 7

Net income 704 436 1,814 920

Net income attributable to noncontrolling interests 162 121 427 257

Net income attributable to common shareholders $ 542 $ 315 $ 1,387 $ 663

Earnings per common share

Basic net income per share from continuing operations $ 1.55 $ 0.97 $ 3.99 $ 2.04

Basic net loss per share from discontinued operations $ — $ (0.01) $ — $ (0.02)

Basic net income per share $ 1.55 $ 0.96 $ 3.99 $ 2.03

Diluted net income per share from continuing operations $ 1.54 $ 0.96 $ 3.95 $ 2.03

Diluted net loss per share from discontinued operations $ — $ (0.01) $ — $ (0.01)

Diluted net income per share $ 1.54 $ 0.96 $ 3.95 $ 2.01

Weighted average shares outstanding (in millions):

Basic 349 328 348 327

Diluted 457 457 459 456

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In millions of U.S. dollars, except share data, Unaudited)

As of

September 30, 2026 December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents $ 974 $ 1,163

Accounts and notes receivable, net of allowance of $45 and $54, respectively

799 794

Inventories, net 237 205

Prepaids and other current assets 300 179

Assets held for sale - discontinued operations — 489

Total current assets 2,310 2,830

Property and equipment, net of accumulated depreciation and amortization of $1,335 and $1,245, respectively

2,251 2,303

Operating lease assets, net 1,998 1,961

Intangible assets, net 10,880 11,190

Goodwill 6,166 6,306

Other assets, net 1,658 1,025

Total assets $ 25,263 $ 25,615

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts and drafts payable $ 816 $ 866

Other accrued liabilities 1,344 1,271

Gift card liability 168 249

Current portion of long-term debt and finance leases 89 68

Liabilities held for sale - discontinued operations — 437

Total current liabilities 2,417 2,891

Long-term debt, net of current portion 13,184 13,250

Finance leases, net of current portion 243 261

Operating lease liabilities, net of current portion 1,941 1,900

Other liabilities, net 895 1,034

Deferred income taxes, net 1,055 1,120

Total liabilities 19,735 20,456

Shareholders’ equity:

Common shares, no par value; unlimited shares authorized at September 30, 2026 and December 31, 2025; 348,600,694 shares issued and outstanding at September 30, 2026; 346,323,165 shares issued and outstanding at December 31, 2025

2,686 2,859

Retained earnings 2,490 1,795

Accumulated other comprehensive income (loss) (1,236) (1,020)

Total Restaurant Brands International Inc. shareholders’ equity 3,940 3,634

Noncontrolling interests 1,588 1,525

Total shareholders’ equity 5,528 5,159

Total liabilities and shareholders’ equity $ 25,263 $ 25,615

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In millions of U.S. dollars, Unaudited)

Nine Months Ended September 30,

2026 2025

Cash flows from operating activities:

Net income $ 1,814 $ 920

Net loss from discontinued operations — 7

Net income from continuing operations 1,814 927

Depreciation and amortization 229 225

Amortization of deferred financing costs and debt issuance discount 18 19

(Income) loss from equity method investments (10) (12)

(Gain) loss on remeasurement of foreign denominated transactions (61) 208

Net (gains) losses on derivatives (125) (151)

Share-based compensation and non-cash incentive compensation expense 104 113

Deferred income taxes (465) (19)

Other non-cash adjustments, net 21 44

Changes in current assets and liabilities, excluding acquisitions and dispositions:

Accounts and notes receivable (27) (66)

Inventories and prepaids and other current assets (55) (76)

Accounts and drafts payable (35) 58

Other accrued liabilities and gift card liability (55) (62)

Tenant inducements paid to franchisees (32) (26)

Changes in other long-term assets and liabilities (13) (23)

Net cash provided by operating activities from continuing operations 1,308 1,159

Cash flows from investing activities:

Payments for additions of property and equipment (181) (163)

Net proceeds from disposal of assets, restaurant closures, and refranchisings 54 26

Net payments for acquisition of franchised restaurants, net of cash acquired (10) (152)

Settlement/sale of derivatives, net 42 58

Other investing activities, net (23) 18

Net cash used for investing activities from continuing operations (118) (213)

Cash flows from financing activities:

Repayments of long-term debt and finance leases (86) (198)

Payment of common share dividends and Partnership exchangeable unit distributions (875) (826)

Repurchase of RBI common shares and Partnership exchangeable units (444) —

Proceeds from stock option exercises 44 20

Proceeds from derivatives 29 52

Net cash used for financing activities from continuing operations (1,332) (952)

Net cash used for discontinued operations (27) (52)

Effect of exchange rates on cash and cash equivalents (11) 15

Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations (180) (43)

Increase in cash classified as assets held for sale - discontinued operations (9) (85)

(Decrease) increase in cash and cash equivalents (189) (128)

Cash and cash equivalents at beginning of period 1,163 1,334

Cash and cash equivalents at end of period $ 974 $ 1,206

Supplemental cash flow disclosures:

Interest paid $ 468 $ 514

Income taxes paid, net $ 297 $ 369

Accruals for additions of property and equipment $ 30 $ 50

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Key Operating Metrics and Non-GAAP Financial Measures

Key Operating Metrics

Key performance indicators (“KPIs”) are shown for RBI's Five Franchisor Segments. The KPIs for the Carrols Burger King restaurants are included in the BK segment and KPIs for the PLK China, BK China, and FHS Brazil restaurants are included in the INTL segment.

•System-wide Sales Growth refers to the percentage change in sales at all franchised restaurants and company restaurants (referred to as System-wide Sales) in one period from the same period in the prior year on a constant currency basis, which means the results exclude the effect of foreign currency translation ("FX Impact"). We calculate the FX Impact by translating prior year results at current year monthly average exchange rates. System-wide Sales is reported on a nominal basis.

•Comparable Sales refers to the percentage change in restaurant sales in one period from the same prior year period on a constant currency basis for restaurants that have been open for an initial consecutive period, typically at least 13 months. Additionally, if a restaurant is closed for a significant portion of a month, the restaurant is excluded from the monthly Comparable Sales calculation.

•Unless otherwise stated, System-wide Sales Growth, System-wide Sales and Comparable Sales are presented on a system-wide basis, which means they include franchised restaurants and company restaurants. System-wide results are driven by our franchised restaurants, as over 95% of system-wide restaurants are franchised. Franchise sales represent sales at all franchised restaurants and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales.

•Net Restaurant Growth refers to the net change in restaurant count (openings, net of permanent closures) over a trailing twelve month period, divided by the restaurant count at the beginning of the trailing twelve month period. In determining whether a restaurant meets our definition of a restaurant that will be included in our Net Restaurant Growth, we consider factors such as scope of operations, format and image, separate franchise agreement, and minimum sales thresholds. We refer to restaurants that do not meet our definition as “alternative formats” and we believe these are helpful to build brand awareness, test new concepts and provide convenience in certain markets.

•Total Capex and Cash Inducements refers to the sum of payments for additions to property and equipment, tenant inducements paid to franchisees, other cash inducements (included in changes in other long-term assets and liabilities), and increase (decrease) in accruals for additions to property and equipment.

These metrics are important indicators of the overall direction of our business, including trends in sales and the effectiveness of each brand’s marketing, operations and growth initiatives. Total Capex and Cash Inducements is an indicator of the capital intensity of our business.

Non-GAAP Financial Measures

Below, we define non-GAAP financial measures, provide a reconciliation of each measure to the most directly comparable financial measure calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), and discuss the reasons management uses this information and why we believe this information may be useful to investors. These measures do not have standardized meanings under GAAP and may differ from similarly captioned measures of other companies in our industry. We believe that these non-GAAP measures are useful to investors in assessing our operating performance and liquidity. By disclosing these non-GAAP measures, we intend to provide investors with a consistent comparison of our operating results and trends for the periods presented.

AOI represents Income from operations adjusted to exclude (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net and, (iv) expenses from non-recurring projects and non-operating activities. For the periods referenced, expenses from non-recurring projects and non-operating activities included (i) non-recurring fees and expenses, consisting primarily of professional fees, compensation-related expenses, and integration costs, incurred in connection with (a) the Carrols Acquisition, the PLK China Acquisition, and the BK China Transactions, and (b) the anticipated refranchising of restaurants held in the RH segment, primarily those acquired in the Carrols Acquisition, in connection with the planned sunset of the RH segment ("RH and BK China Transaction costs") and (ii) non-operating costs from professional advisory and consulting services associated with certain transformational corporate restructuring initiatives that rationalize our structure and optimize cash movements as well as services related to significant tax reform legislation and regulations ("Corporate restructuring and advisory fees"). Management believes that these types of expenses are either not related to our underlying profitability drivers or not likely to reoccur in the foreseeable future, and the varied timing, size, and nature of these projects may cause volatility in our results unrelated to the performance of our core business that does not reflect trends of our core operations. AOI is used by

management to measure operating performance of the business, excluding these non-cash and other specifically identified items. AOI, as defined above, also represents our measure of segment income for each of our operating segments.

Adjusted EBITDA is defined as earnings (net income or loss from continuing operations) before interest expense, net, (gain) loss on early extinguishment of debt, income tax (benefit) expense from continuing operations, and depreciation and amortization excluding (i) the non-cash impact of share-based compensation and non-cash incentive compensation expense, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net, and (iv) income or expense from non-recurring projects and non-operating activities (as described above) and is used by management to measure leverage.

Segment G&A is defined as general and administrative expenses excluding RH and BK China Transaction costs and Corporate restructuring and advisory fees. Segment G&A (excluding RH) is defined as Segment G&A for our Five Franchisor Segments.

Segment F&P Expenses is defined as franchise and property expenses excluding franchise agreement amortization ("FAA") and reacquired franchise rights amortization as a result of acquisition accounting.

Adjusted Net Income is defined as Net income from continuing operations excluding (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (ii) amortization of deferred financing costs and debt issuance discount, (iii) loss on early extinguishment of debt and interest expense, which represents non-cash interest expense related to amounts reclassified from accumulated comprehensive income (loss) into interest expense in connection with restructured interest rate swaps, (iv) (income) loss from equity method investments, net of cash distributions received from equity method investments, (v) other operating expenses (income), net, and (vi) income or expense from non-recurring projects and non-operating activities (as described above).

Adjusted Interest Expense, net is defined as interest expense, net less (i) amortization of deferred financing costs and debt issuance discount and (ii) non-cash interest expense related to amounts reclassified from accumulated comprehensive income (loss) into interest expense in connection with restructured interest rate swaps.

Adjusted Diluted EPS is calculated by dividing Adjusted Net Income by the weighted average diluted shares outstanding of RBI during the reporting period. Adjusted Net Income and Adjusted Diluted EPS are used by management to evaluate the operating performance of the business, excluding certain non-cash and other specifically identified items that management believes are not relevant to management’s assessment of operating performance.

Net Debt is defined as Total debt less cash and cash equivalents. Total debt is defined as long-term debt, net of current portion plus (i) Finance leases, net of current portion, (ii) Current portion of long-term debt and finance leases and (iii) Unamortized deferred financing costs and deferred issue discount. Net Debt is used by management to evaluate RBI's liquidity. We believe this measure is an important indicator of RBI's ability to service its debt obligations.

Net Leverage is defined as Net Debt divided by LTM Adjusted EBITDA. This metric is an operating performance measure that we believe provides investors a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents that eventually could be used to repay outstanding debt.

Revenue growth, Income from Operations growth, Adjusted Operating Income growth, Net Income growth, Adjusted EBITDA growth, Adjusted Net Income growth and Adjusted Diluted EPS growth on an organic basis, are non-GAAP measures that exclude the impact of FX movements and the results of our RH segment. With respect to Adjusted Diluted EPS, growth on an organic basis also excludes the impact of incremental debt incurred as part of the Carrols transaction. Management believes that organic growth is an important metric for measuring the operating performance of our business as it helps identify underlying business trends, without distortion from the effects of FX movements and the RH segment given RBI's plans to refranchise the vast majority of the Carrols Burger King restaurants and to find new investors for PLK China and FHS Brazil and sunset the RH segment. We calculate the impact of FX movements by translating prior year results at current year monthly average exchange rates.

Free Cash Flow ("FCF") is the total of Net cash provided by operating activities minus Payments for property and equipment. FCF is a liquidity measure used by management as one factor in determining the amount of cash that is available for working capital needs or other uses of cash and it does not represent residual cash flows available for discretionary expenditures.

We are not currently able to reconcile our forward-looking non-GAAP measures because we cannot predict the timing and amounts of certain important components of estimated operating income and general and administrative expenses, including the impact of equity method investments and other operating expenses or income from non-recurring projects and non-operating activities, which could significantly impact GAAP results.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Non-GAAP Financial Measures | Organic Growth

Three Months Ended September 30, 2026

(In millions of U.S. dollars, except per share data, Unaudited)

Three Months Ended September 30, Variance RH Impact FX Impact Organic Growth

2026 2025 $ % $ $ $ %

Revenue

TH $ 1,136 $ 1,125 $ 11 1.0 % $ — $ (16) $ 27 2.5 %

BK 396 387 9 2.3 % — — 9 2.3 %

PLK 204 201 4 1.8 % — — 4 1.8 %

FHS 65 60 5 9.0 % — — 5 9.1 %

INTL 289 268 22 8.1 % — (2) 23 8.8 %

RH 487 459 28 6.2 % 28 — — — %

Elimination of intersegment revenues (a) (52) (49) (2) 5.0 % (2) — — — %

Total Revenues $ 2,525 $ 2,449 $ 77 3.1 % $ 26 $ (18) $ 69 3.4 %

Income from Operations $ 696 $ 663 $ 33 5.0 % $ (23) $ (7) $ 64 9.7 %

Net Income from Continuing Operations $ 704 $ 440 $ 264 59.8 % $ (20) $ (6) $ 290 66.7 %

Adjusted Operating Income

TH $ 317 $ 304 $ 13 4.2 % $ — $ (4) $ 17 5.8 %

BK 136 123 13 10.6 % — — 13 10.7 %

PLK 58 63 (5) (8.0) % — — (5) (7.9) %

FHS 16 14 2 11.1 % — — 2 11.2 %

INTL 205 189 17 8.9 % — (2) 18 9.9 %

RH 5 10 (4) (46.6) % (4) — — — %

Adjusted Operating Income $ 737 $ 702 $ 35 5.0 % $ (4) $ (6) $ 46 6.7 %

Adjusted EBITDA $ 829 $ 794 $ 35 4.4 % $ (5) $ (7) $ 46 6.1 %

Adjusted Net Income $ 505 $ 471 $ 33 7.0 % $ (3) $ (5) $ 41 8.8 %

Adjusted Diluted Earnings per Share $ 1.10 $ 1.03 $ 0.07 6.9 % $ (0.01) $ (0.01) $ 0.09 8.6 %

(a)Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK and INTL from intersegment transactions with RH.

Note: Totals, variances, and percentage changes may not recalculate due to rounding.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Non-GAAP Financial Measures | Organic Growth

Nine Months Ended September 30, 2026

(In millions of U.S. dollars, except per share data, Unaudited)

Nine Months Ended

September 30, Variance RH Impact FX Impact Organic Growth

2026 2025 $ % $ $ $ %

Revenue

TH $ 3,270 $ 3,112 $ 158 5.1 % $ — $ 20 $ 139 4.4 %

BK 1,157 1,131 26 2.3 % — — 26 2.3 %

PLK 593 605 (12) (1.9) % — — (12) (1.9) %

FHS 186 172 14 8.1 % — — 14 8.1 %

INTL 817 735 82 11.2 % — 17 65 8.6 %

RH 1,441 1,360 81 5.9 % 81 — — — %

Elimination of intersegment revenues (a) (155) (146) (9) 5.9 % (9) — — — %

Total Revenues $ 7,309 $ 6,968 $ 341 4.9 % $ 72 $ 37 $ 232 4.0 %

Income from Operations $ 2,018 $ 1,581 $ 437 27.7 % $ (23) $ 2 $ 458 29.0 %

Net Income from Continuing Operations $ 1,814 $ 927 $ 887 95.6 % $ (24) $ 2 $ 909 97.8 %

Adjusted Operating Income

TH $ 833 $ 803 $ 30 3.8 % $ — $ 4 $ 26 3.2 %

BK 388 347 41 11.9 % — — 41 11.9 %

PLK 177 188 (12) (6.1) % — — (12) (6.2) %

FHS 47 41 6 15.4 % — — 6 15.3 %

INTL 596 499 97 19.4 % — 9 88 17.2 %

RH 21 33 (12) (35.6) % (12) — — — %

Adjusted Operating Income $ 2,061 $ 1,910 $ 151 7.9 % $ (12) $ 14 $ 149 7.8 %

Adjusted EBITDA $ 2,345 $ 2,198 $ 147 6.7 % $ (1) $ 15 $ 133 6.2 %

Adjusted Net Income $ 1,391 $ 1,247 $ 144 11.6 % $ (8) $ 12 $ 140 11.1 %

Adjusted Diluted Earnings per Share $ 3.03 $ 2.73 $ 0.30 11.1 % $ (0.02) $ 0.03 $ 0.29 10.6 %

(a)Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK and INTL from intersegment transactions with RH.

Note: Totals, variances, and percentage changes may not recalculate due to rounding.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Non-GAAP Financial Measures

Reconciliation of Net Leverage, Free Cash Flow, and Capex and Cash Inducements

(In millions of U.S. dollars, except ratio, Unaudited)

As of

Net Leverage September 30, 2026 September 30, 2025

Long-term debt, net of current portion $ 13,184 $ 13,415

Finance leases, net of current portion 243 269

Current portion of long-term debt and finance leases 89 116

Unamortized deferred financing costs and deferred issuance discount 72 98

Total debt 13,588 13,898

Cash and cash equivalents 974 1,206

Net debt 12,614 12,692

LTM Net Income from continuing operations 2,088 1,288

Net Income from continuing operations Net leverage 6.0x 9.9x

LTM Adjusted EBITDA 3,117 2,886

Net Leverage 4.0x 4.4x

Free Cash Flow Nine Months Ended September 30, Twelve Months Ended December 31, Twelve Months Ended

September 30,

2026 2025 2024 2025 2024 2026 2025

Calculation: A B C D E A + D - B B + E - C

Net cash provided by operating activities $ 1,308 $ 1,159 $ 1,022 $ 1,714 $ 1,503 $ 1,863 $ 1,640

Payments for additions of property and equipment (181) (163) (124) (265) (201) (283) (240)

Free Cash Flow $ 1,127 $ 996 $ 898 $ 1,449 $ 1,302 $ 1,580 $ 1,400

Three Months Ended

September 30, Nine Months Ended

September 30,

Capex and Cash Inducements 2026 2025 2026 2025

Payments for additions of property and equipment $ 72 $ 61 $ 181 $ 163

Tenant inducements paid to franchisees 14 12 32 26

Other cash inducements (incl. in changes in other long-term assets and liabilities) 8 9 29 37

Increase (decrease) in accruals for additions to property and equipment 11 28 (23) (1)

Total Capex and Cash Inducements $ 105 $ 110 $ 219 $ 225

Note: Totals may not recalculate due to rounding.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Non-GAAP Financial Measures| Reconciliations

(In millions of U.S. dollars, except per share data, Unaudited)

Net income from continuing operations to Income from Operations to Adjusted Operating Income to Adjusted EBITDA

Three Months Ended September 30, Nine Months Ended September 30, Twelve Months Ended December 31, Twelve Months Ended

September 30,

2026 2025 2026 2025 2024 2025 2024 2026 2025

A B C D E A + D - B B + E - C

Net income from continuing operations $ 704 $ 440 $ 1,814 $ 927 $ 1,084 $ 1,201 $ 1,445 $ 2,088 $ 1,288

Income tax (benefit) expense from continuing operations(3)

(133) 94 (168) 263 225 483 364 52 402

Loss on early extinguishment of debt — — — — 33 2 33 2 —

Interest expense, net 125 129 372 391 442 516 577 497 526

Income from operations 696 663 2,018 1,581 1,784 2,202 2,419 2,639 2,216

Franchise agreement and reacquired franchise rights amortization (FAA) 16 16 48 49 38 65 53 64 64

RH and BK China Transaction costs 2 7 11 29 17 37 22 19 34

Corporate restructuring and advisory fees 5 1 9 7 11 14 20 16 16

Impact of equity method investments(2)

(3) 2 1 (1) (57) 5 (53) 7 3

Other operating expenses (income), net 20 12 (27) 244 31 261 (59) (10) 154

Adjusted Operating Income $ 737 $ 702 $ 2,061 $ 1,910 $ 1,824 $ 2,584 $ 2,402 $ 2,735 $ 2,488

Depreciation and amortization, excluding FAA 58 60 181 176 148 236 210 240 238

Share-based compensation and non-cash incentive compensation expense(1)

34 32 104 113 124 151 172 142 161

Adjusted EBITDA $ 829 $ 794 $ 2,345 $ 2,198 $ 2,096 $ 2,970 $ 2,784 $ 3,117 $ 2,886

Net income from continuing operations to Adjusted Net Income and Adjusted Diluted EPS

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Net income from continuing operations $ 704 $ 440 $ 1,814 $ 927

Income tax (benefit) expense from continuing operations(3)

(133) 94 (168) 263

Income from continuing operations before income taxes 571 534 1,646 1,190

Adjustments:

Franchise agreement and reacquired franchise rights amortization 16 16 48 49

Amortization of deferred financing costs and debt issuance discount 6 6 18 19

Interest expense and loss on extinguished debt(4)

(7) (5) (21) (15)

RH and BK China Transaction costs 2 7 11 29

Corporate restructuring and advisory fees 5 1 9 7

Impact of equity method investments(2)

(3) 2 1 (1)

Other operating expenses (income), net 20 12 (27) 244

Total adjustments 39 39 39 332

Adjusted income before income taxes 610 573 1,685 1,522

Adjusted income tax expense(3)(5)

106 102 295 276

Adjusted net income $ 505 $ 471 $ 1,391 $ 1,247

Adjusted diluted earnings per share $ 1.10 $ 1.03 $ 3.03 $ 2.73

Weighted average diluted shares outstanding (in millions) 457 457 459 456

Note: Totals may not recalculate due to rounding.

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Non-GAAP Financial Measures

Footnotes to Reconciliation Tables

(1)Represents share-based compensation expense associated with equity awards for the periods indicated; also includes the portion of annual non-cash incentive compensation expense that eligible employees elected to receive or are expected to elect to receive as common equity in lieu of their 2026 and 2025 cash bonus, respectively.

(2)Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in Adjusted Operating Income which is our measure of segment income.

(3)The change in our effective tax rate was primarily due to discrete tax benefits resulting from the movements in net deferred tax assets in connection with intra-group reorganizations undertaken in 2026, partially offset by the impact of the administrative guidance issued by the Organization for Economic Cooperation and Development ("OECD") in 2025. The reorganization has a favorable impact to the full year effective tax rate but does not impact the adjusted effective tax rate.

(4)Represents loss on early extinguishment of debt and interest expense. Interest expense included in this amount represents non-cash interest expense related to amounts reclassified from accumulated comprehensive income (loss) into interest expense in connection with restructured interest rate swaps.

(5)Adjusted income tax expense includes the tax impact of the non-GAAP adjustments and is calculated using our statutory tax rate in the jurisdiction in which the costs were incurred.

GRAPHIC

Filename: rbimasterlogorgb.jpg · Sequence: 7

Binary file (326066 bytes)

Download rbimasterlogorgb.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 9

v3.26.3

Cover

Oct. 29, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Oct. 29, 2026

Entity Registrant Name

RESTAURANT BRANDS INTERNATIONAL INC.

Entity Central Index Key

0001618756

Amendment Flag

false

Entity Incorporation, State or Country Code

Entity File Number

001-36786

Entity Tax Identification Number

98-1202754

Entity Address, Address Line One

5707 Waterford District Drive

Entity Address, City or Town

Miami,

Entity Address, State or Province

Entity Address, Postal Zip Code

33126

City Area Code

305

Local Phone Number

378-3000

Title of 12(b) Security

Common Shares, without par value

Trading Symbol

QSR

Security Exchange Name

NYSE

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration