Restaurant Brands International Inc 10-Q for FY2026 Q3

Restaurant Brands International Inc. (QSR)

10-Q 2026-10-29 For: 2026-09-30

Added on October 29, 2026

About this 10-Q

Restaurant Brands International Inc filed this 10-Q on October 29, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

RBI reported nine-month total revenues of $7,309 million, net income of $1,814 million and system-wide sales growth of 6.3% for 2026; the BK China JV received $350 million, with RBI retaining a 17% equity interest. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.53B; up 3.1% from $2.45B a year earlier
Net income: $704M; up 61.5% from net income of $436M a year earlier
Diluted EPS: $1.54; up 60.4% from $0.96 a year earlier

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		Page

PART I – Financial Information
Item 1.	Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	43

PART II – Other Information
Item 1.	Legal Proceedings	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
	Signatures	47


	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


	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 (Note 11)	162		121		427		257
Net income attributable to common shareholders	$	542	$	315	$	1,387	$	663

Earnings per common share (Note 2)
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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net income	$	704	$	436	$	1,814	$	920

Foreign currency translation adjustment	(41)		(206)		(414)		592
Net change in fair value of net investment hedges, net of tax of $9, $3, $5 and $(6)	4		119		141		(373)
Net change in fair value of cash flow hedges, net of tax of $(13), $1, $(31) and $16	34		(1)		84		(42)
Amounts reclassified to earnings of cash flow hedges, net of tax of $6, $7, $16 and $22	(16)		(19)		(44)		(61)
Gain (loss) recognized on other, net of tax of $2, $0, $3 and $0	(16)		(1)		(21)		—
Other comprehensive income (loss)	(35)		(108)		(254)		116
Comprehensive income (loss)	669		328		1,560		1,036
Comprehensive income (loss) attributable to noncontrolling interests	154		90		367		289
Comprehensive income (loss) attributable to common shareholders	$	515	$	238	$	1,193	$	747


	Issued Common Shares			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total
	Shares	Amount
Balances at December 31, 2025	346,323,165	$	2,859	$	1,795	$	(1,020)	$	1,525	$	5,159
Stock option exercises	485,617	28		—		—		—		28
Share-based compensation	—	31		—		—		—		31
Issuance of shares	954,481	14		—		—		—		14
Dividends declared ($0.65 per share)	—	—		(226)		—		—		(226)
Dividend equivalents declared on restricted stock units	—	4		(4)		—		—		—
Distributions declared by Partnership on Partnership exchangeable units ($0.65 per unit)	—	—		—		—		(71)		(71)
Exchange of Partnership exchangeable units for RBI common shares	3,624	—		—		—		—		—
Repurchase of common shares	(441,773)	(34)		—		—		—		(34)

Net income	—	—		338		—		107		445
Other comprehensive income (loss)	—	—		—		(42)		(13)		(55)
Balances at March 31, 2026	347,325,114	$	2,902	$	1,903	$	(1,062)	$	1,548	$	5,291
Stock option exercises	106,000	7		—		—		—		7
Share-based compensation	—	30		—		—		—		30
Issuance of shares	4,043	—		—		—		—		—
Dividends declared ($0.65 per share)	—	—		(227)		—		—		(227)
Dividend equivalents declared on restricted stock units	—	4		(4)		—		—		—
Distributions declared by Partnership on Partnership exchangeable units ($0.65 per unit)	—	—		—		—		(69)		(69)
Exchange of Partnership exchangeable units for RBI common shares	3,599,548	65		—		(12)		(53)		—
Repurchase of common shares	(1,829,054)	(138)		—		—		—		(138)

Net income	—	—		507		—		158		665
Other comprehensive income (loss)	—	—		—		(125)		(39)		(164)
Balances at June 30, 2026	349,205,651	$	2,870	$	2,179	$	(1,199)	$	1,545	$	5,395
Stock option exercises	148,500	9		—		—		—		9
Share-based compensation	—	30		—		—		—		30
Issuance of shares	6,811	—		—		—		—		—
Dividends declared ($0.65 per share)	—	—		(227)		—		—		(227)
Dividend equivalents declared on restricted stock units	—	4		(4)		—		—		—
Distributions declared by Partnership on Partnership exchangeable units ($0.65 per unit)	—	—		—		—		(67)		(67)
Exchange of Partnership exchangeable units for RBI common shares	42,545	1		—		—		(1)		—
Repurchase of common shares	(802,813)	(67)		—		—		—		(67)
Repurchase of Partnership exchangeable units	—	(161)		—		(10)		(43)		(214)

Net income	—	—		542		—		162		704
Other comprehensive income (loss)	—	—		—		(27)		(8)		(35)
Balances at September 30, 2026	348,600,694	$	2,686	$	2,490	$	(1,236)	$	1,588	$	5,528


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	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


	Three Months Ended September 30, 2026
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Revenues from external customers	$	1,136	$	345	$	204	$	65	$	289	$	487	$	—	$	2,525
Intersegment revenues (a)	—		51		—		—		1		—		(52)		—
Total revenues	$	1,136	$	396	$	204	$	65	$	289	$	487	$	(52)	$	2,525

Operating costs and expenses:
Supply chain cost of sales	$	618	$	—	$	—	$	—	$	—	$	—	$	—	$	618
Company restaurant expenses (b)	10		38		49		10		—		429		(26)		509
Segment F&P expenses	86		33		8		4		6		—		(3)		134
Advertising expenses and other services	77		156		71		22		25		26		(22)		354
Segment G&A	32		33		19		12		53		28		—		176
Adjustments:
Cash distributions received from equity method investments	4		—		—		—		—		—		—		4
Adjusted Operating Income	$	317	$	136	$	58	$	16	$	205	$	5	$	—	$	737

Additional segment information:
Depreciation and amortization	$	27	$	12	$	4	$	1	$	7	$	23	$	—	$	74
(Income) loss from equity method investments	$	(4)	$	—	$	—	$	—	$	(3)	$	—	$	—	$	(6)
Capital expenditures	$	13	$	3	$	4	$	2	$	2	$	59	$	—	$	83


	Nine Months Ended September 30, 2026
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Revenues from external customers	$	3,270	$	1,004	$	593	$	186	$	816	$	1,441	$	—	$	7,309
Intersegment revenues (a)	—		153		—		—		1		—		(155)		—
Total revenues	$	3,270	$	1,157	$	593	$	186	$	817	$	1,441	$	(155)	$	7,309

Operating costs and expenses:
Supply chain cost of sales	$	1,817	$	—	$	—	$	—	$	—	$	—	$	—	$	1,817
Company restaurant expenses (b)	28		120		128		30		—		1,265		(77)		1,494
Segment F&P expenses	254		99		14		8		(4)		—		(10)		361
Advertising expenses and other services	249		453		220		64		70		75		(67)		1,064
Segment G&A	100		97		55		38		155		79		—		523
Adjustments:
Cash distributions received from equity method investments	11		—		—		—		—		—		—		11
Adjusted Operating Income	$	833	$	388	$	177	$	47	$	596	$	21	$	—	$	2,061

Additional segment information:
Depreciation and amortization	$	81	$	36	$	11	$	4	$	21	$	76	$	—	$	229
(Income) loss from equity method investments	$	(11)	$	(1)	$	—	$	—	$	1	$	—	$	—	$	(10)
Capital expenditures	$	28	$	13	$	11	$	3	$	7	$	96	$	—	$	158


	Three Months Ended September 30, 2025
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Revenues from external customers	$	1,125	$	338	$	201	$	60	$	268	$	459	$	—	$	2,449
Intersegment revenues (a)	—		49		—		—		—		—		(49)		—
Total revenues	$	1,125	$	387	$	201	$	60	$	268	$	459	$	(49)	$	2,449

Operating costs and expenses:
Supply chain cost of sales	$	619	$	—	$	—	$	—	$	—	$	—	$	—	$	619
Company restaurant expenses (b)	11		59		39		9		—		403		(24)		498
Segment F&P expenses	86		35		3		5		7		—		(4)		131
Advertising expenses and other services	77		141		79		19		25		23		(21)		342
Segment G&A	33		30		17		12		47		23		—		162
Adjustments:
Cash distributions received from equity method investments	4		—		—		—		—		—		—		4
Adjusted Operating Income	$	304	$	123	$	63	$	14	$	189	$	10	$	—	$	702

Additional segment information:
Depreciation and amortization	$	27	$	13	$	4	$	1	$	8	$	24	$	—	$	76
(Income) loss from equity method investments	$	(4)	$	—	$	—	$	—	$	2	$	—	$	—	$	(2)
Capital expenditures	$	15	$	7	$	4	$	2	$	3	$	58	$	—	$	89


	Nine Months Ended September 30, 2025
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Revenues from external customers	$	3,112	$	985	$	605	$	172	$	735	$	1,360	$	—	$	6,968
Intersegment revenues (a)	—		146		—		—		—		—		(146)		—
Total revenues	$	3,112	$	1,131	$	605	$	172	$	735	$	1,360	$	(146)	$	6,968

Operating costs and expenses:
Supply chain cost of sales	$	1,704	$	—	$	—	$	—	$	—	$	—	$	—	$	1,704
Company restaurant expenses (b)	30		170		118		28		—		1,188		(71)		1,464
Segment F&P expenses	246		98		10		8		21		—		(12)		372
Advertising expenses and other services	236		419		230		57		70		68		(63)		1,017
Segment G&A	104		97		57		39		145		70		—		512
Adjustments:
Cash distributions received from equity method investments	11		—		—		—		—		—		—		11
Adjusted Operating Income	$	803	$	347	$	188	$	41	$	499	$	33	$	—	$	1,910

Additional segment information:
Depreciation and amortization	$	82	$	39	$	11	$	4	$	22	$	67	$	—	$	225
(Income) loss from equity method investments	$	(11)	$	(1)	$	—	$	—	$	(1)	$	—	$	—	$	(12)
Capital expenditures	$	28	$	18	$	8	$	4	$	9	$	95	$	—	$	162



Balance at December 31, 2025	$	517
Recognized during period and included in the contract liability balance at the beginning of the year	(45)
Increase, excluding amounts recognized as revenue during the period	29

Impact of foreign currency translation	(7)
Balance at September 30, 2026	$	494



Remainder of 2026	$	14
2027	52
2028	49
2029	46
2030	44
Thereafter	289
Total	$	494


	Three Months Ended September 30, 2026
	TH		BK		PLK		FHS		INTL		RH		ELIM (a)		Total
Supply chain sales	$	780	$	—	$	—	$	—	$	—	$	—	$	—	$	780
Company restaurant sales	11		43		55		12		—		487		—		608
Royalties	92		135		71		20		253		—		(22)		549
Property revenues	167		62		4		—		—		—		(8)		225
Franchise fees and other revenue	7		2		7		12		13		—		—		40
Advertising revenues and other services	79		154		68		21		23		—		(22)		323
Total revenues	$	1,136	$	396	$	204	$	65	$	289	$	487	$	(52)	$	2,525


	As of
	September 30, 2026						December 31, 2025
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Identifiable assets subject to amortization:
Franchise agreements	$	721	$	(430)	$	291	$	732	$	(413)	$	319
Reacquired franchise rights	324		(72)		252		368		(56)		312
Favorable leases	62		(48)		14		63		(46)		17
Subtotal	1,107		(550)		557		1,163		(515)		648
Indefinite-lived intangible assets:
Tim Hortons brand	$	6,029	$	—	$	6,029	$	6,224	$	—	$	6,224
Burger King brand	2,123		—		2,123		2,147		—		2,147
Popeyes brand	1,355		—		1,355		1,355		—		1,355
Firehouse Subs brand	816		—		816		816		—		816
Subtotal	10,323		—		10,323		10,542		—		10,542
Intangible assets, net					$	10,880					$	11,190

Goodwill:
TH segment	$	3,875					$	3,995
BK segment	358						358
PLK segment	850						844
FHS segment	193						194
INTL segment	539						545
RH segment	351						370
Total	$	6,166					$	6,306


				As of
	Maturity Date	Interest Rate (a)		September 30, 2026		December 31, 2025
Term Loan B	Sep 21, 2030	5.651	%	$	4,443	$	4,479
Term Loan A	Sep 21, 2028	4.901	%	1,219		1,243

First Lien Senior Notes	Jan 15, 2028	3.875	%	1,550		1,550
First Lien Senior Notes	Feb 15, 2029	3.500	%	750		750
First Lien Senior Notes	Jun 15, 2029	6.125	%	1,200		1,200
First Lien Senior Notes	Sep 15, 2029	5.625	%	500		500
Second Lien Senior Notes	Jan 15, 2028	4.375	%	750		750
Second Lien Senior Notes	Oct 15, 2030	4.000	%	2,900		2,900
Less: unamortized deferred financing costs and deferred issuance discount				(72)		(90)
Total debt, net				13,240		13,282
Less: current maturities of debt				(56)		(32)
Total long-term debt				$	13,184	$	13,250


	As of
	September 30, 2026		December 31, 2025
Fair value of our variable term debt and senior notes	$	12,939	$	13,266
Principal carrying amount of our variable term debt and senior notes	13,312		13,372


	Gain or (Loss) Recognized in Other Comprehensive Income (Loss)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Derivatives designated as cash flow hedges(1)
Interest rate swaps	$	47	$	4	$	106	$	(54)
Forward-currency contracts	$	—	$	(6)	$	9	$	(4)
Derivatives designated as net investment hedges
Cross-currency rate swaps	$	(5)	$	116	$	136	$	(367)


	Location of Gain or (Loss) Reclassified from AOCI into Earnings	Gain or (Loss) Reclassified from AOCI into Earnings
		Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Derivatives designated as cash flow hedges
Interest rate swaps	Interest expense, net	$	20	$	26	$	59	$	79
Forward-currency contracts	Supply chain cost of sales	$	2	$	—	$	1	$	4

	Location of Gain or (Loss) Recognized in Earnings	Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing)
		Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Derivatives designated as net investment hedges
Cross-currency rate swaps	Interest expense, net	$	21	$	23	$	65	$	67


	Fair Value as of
	September 30, 2026		December 31, 2025		Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate	$	134	$	58	Other assets, net
Interest rate	—		8		Prepaids and other current assets
Foreign currency	5		—		Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency	39		—		Other assets, net
Derivatives not designated as hedging instruments(1)
Foreign currency	11		—		Other assets, net
Total assets at fair value	$	189	$	66

Liabilities:
Derivatives designated as cash flow hedges

Foreign currency	$	—	$	3	Other accrued liabilities
Derivatives designated as net investment hedges
Foreign currency	160		290		Other liabilities, net
Derivatives not designated as hedging instruments(1)
Foreign currency	11		—		Other liabilities, net
Total liabilities at fair value	$	171	$	293


	Derivatives		Pensions		Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2025	$	358	$	(18)	$	(1,360)	$	(1,020)
Foreign currency translation adjustment	—		—		(414)		(414)
Net change in fair value of derivatives, net of tax	225		—		—		225
Amounts reclassified to earnings of cash flow hedges, net of tax	(44)		—		—		(44)
Gain (loss) recognized on other, net of tax	—		(21)		—		(21)
Amounts attributable to noncontrolling interests	(35)		5		68		38
Balance at September 30, 2026	$	504	$	(34)	$	(1,706)	$	(1,236)


	Three Months Ended September 30,						Nine Months Ended September 30,
Consolidated Key Operating Metrics	2026			2025			2026			2025
System-wide Sales Growth (a)	6.2		%	6.9		%	6.3		%	5.1		%
System-wide Sales (in US$ millions) (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


Consolidated	Three Months Ended September 30,				Variance		FX Impact		Variance Excluding FX Impact		Nine Months Ended September 30,				Variance		FX Impact		Variance Excluding FX Impact
	2026		2025		Favorable / (Unfavorable)						2026		2025		Favorable / (Unfavorable)
Revenues:
Supply chain sales	$	780	$	769	$	11	$	(11)	$	22	$	2,254	$	2,112	$	142	$	13	$	129
Company restaurant sales	608		588		20		—		19		1,784		1,746		38		1		37
Franchise and property revenues	814		778		37		(6)		43		2,329		2,201		129		20		109
Advertising revenues and other services	323		314		9		(1)		10		942		909		33		4		28
Total revenues	2,525		2,449		77		(18)		94		7,309		6,968		341		38		303
Operating costs and expenses:
Supply chain cost of sales	618		619		1		9		(8)		1,817		1,704		(113)		(11)		(102)
Company restaurant expenses	509		498		(12)		—		(11)		1,494		1,464		(30)		(1)		(29)
Franchise and property expenses	151		147		(3)		1		(5)		409		421		12		(3)		15
Advertising expenses and other services	354		342		(12)		1		(14)		1,064		1,017		(47)		(5)		(42)
General and administrative expenses	183		170		(13)		1		(14)		544		549		4		(6)		10
(Income) loss from equity method investments	(6)		(2)		5		—		5		(10)		(12)		(2)		—		(2)
Other operating expenses (income), net	20		12		(8)		(1)		(7)		(27)		244		271		(9)		281
Total operating costs and expenses	1,829		1,786		(43)		10		(54)		5,291		5,387		96		(36)		132
Income from operations	696		663		33		(7)		41		2,018		1,581		437		2		435
Interest expense, net	125		129		4		—		4		372		391		19		—		19

Income from continuing operations before income taxes	571		534		37		(7)		44		1,646		1,190		456		3		454
Income tax (benefit) expense from continuing operations	(133)		94		227		1		226		(168)		263		431		(1)		431
Net income from continuing operations	704		440		264		(6)		270		1,814		927		887		2		885
Net loss from discontinued operations (net of tax of $0)	—		4		4		—		4		—		7		7		—		7
Net income	$	704	$	436	$	268	$	(7)	$	274	$	1,814	$	920	$	894	$	1	$	892


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


Period	Total Number of Shares Purchased (in thousands)	Total Dollar Value of Shares Purchased (1) (in millions)		Average Price Paid per Share (1)	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) (in thousands)	Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs (in millions)

July 1, 2026 - July 31, 2026	463	$	34	74.45	463	$	794
August 1, 2026 - August 31, 2026	74	5		74.49	74	789
September 1, 2026 - September 30, 2026	280	21		75.04	280	768
	817	$	61		817



Exhibit Number						Description

31.1						Certification of Chief Executive Officer of Restaurant Brands International Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2						Certification of Chief Financial Officer of Restaurant Brands International Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*						Certification of Chief Executive Officer of Restaurant Brands International Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2*						Certification of Chief Financial Officer of Restaurant Brands International Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS						iXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH						iXBRL Taxonomy Extension Schema Document

101.CAL						iXBRL Taxonomy Extension Calculation Linkbase Document

101.DEF						iXBRL Taxonomy Extension Definition Linkbase Document

101.LAB						iXBRL Taxonomy Extension Label Linkbase Document

101.PRE						iXBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive File (formatted as iXBRL and contained in Exhibit 101)