Restaurant Brands International Inc 10-Q for FY2026 Q2

Restaurant Brands International Inc. (QSR)

10-Q 2026-08-06 For: 2026-06-30

Added on August 07, 2026

About this 10-Q

Restaurant Brands International Inc filed this 10-Q on August 6, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

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

Revenue: $2.52B; up 4.6% from $2.41B a year earlier
Net income: $665M; up 152.9% from net income of $263M a year earlier
Diluted EPS: $1.45; up 154.4% from $0.57 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
	June 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,063	$	1,163
Accounts and notes receivable, net of allowance of $43 and $54, respectively	800		794
Inventories, net	224		205
Prepaids and other current assets	256		179
Assets held for sale - discontinued operations	—		489
Total current assets	2,343		2,830
Property and equipment, net of accumulated depreciation and amortization of $1,299 and $1,245, respectively	2,230		2,303
Operating lease assets, net	1,964		1,961
Intangible assets, net	10,945		11,190
Goodwill	6,183		6,306
Other assets, net	1,357		1,025
Total assets	$	25,022	$	25,615
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts and drafts payable	$	884	$	866
Other accrued liabilities	1,165		1,271
Gift card liability	183		249
Current portion of long-term debt and finance leases	82		68
Liabilities held for sale - discontinued operations	—		437
Total current liabilities	2,314		2,891
Long-term debt, net of current portion	13,206		13,250
Finance leases, net of current portion	243		261
Operating lease liabilities, net of current portion	1,908		1,900
Other liabilities, net	900		1,034
Deferred income taxes, net	1,056		1,120
Total liabilities	19,627		20,456
Shareholders’ equity:
Common shares, no par value; Unlimited shares authorized at June 30, 2026 and December 31, 2025; 349,205,651 shares issued and outstanding at June 30, 2026; 346,323,165 shares issued and outstanding at December 31, 2025	2,870		2,859
Retained earnings	2,179		1,795
Accumulated other comprehensive income (loss)	(1,199)		(1,020)
Total Restaurant Brands International Inc. shareholders’ equity	3,850		3,634
Noncontrolling interests	1,545		1,525
Total shareholders’ equity	5,395		5,159
Total liabilities and shareholders’ equity	$	25,022	$	25,615


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues:
Supply chain sales	$	788	$	732	$	1,474	$	1,343
Company restaurant sales	617		600		1,176		1,158
Franchise and property revenues	793		760		1,515		1,423
Advertising revenues and other services	322		318		619		595
Total revenues	2,520		2,410		4,784		4,519
Operating costs and expenses:
Supply chain cost of sales	635		589		1,199		1,085
Company restaurant expenses	508		498		985		966
Franchise and property expenses	139		144		258		274
Advertising expenses and other services	369		364		710		675
General and administrative expenses	181		188		361		379
(Income) loss from equity method investments	(2)		(5)		(4)		(10)
Other operating expenses (income), net	(26)		149		(47)		232
Total operating costs and expenses	1,804		1,927		3,462		3,601
Income from operations	716		483		1,322		918
Interest expense, net	124		132		247		262

Income from continuing operations before income taxes	592		351		1,075		656
Income tax (benefit) expense from continuing operations	(73)		87		(35)		169
Net income from continuing operations	665		264		1,110		487
Net loss from discontinued operations (net of tax of $0)	—		1		—		3
Net income	665		263		1,110		484
Net income attributable to noncontrolling interests (Note 11)	158		74		265		136
Net income attributable to common shareholders	$	507	$	189	$	845	$	348

Earnings per common share (Note 2)
Basic net income per share from continuing operations	$	1.46	$	0.58	$	2.43	$	1.07
Basic net loss per share from discontinued operations	$	—	$	(0.00)	$	—	$	(0.01)
Basic net income per share	$	1.46	$	0.58	$	2.43	$	1.07

Diluted net income per share from continuing operations	$	1.45	$	0.58	$	2.42	$	1.07
Diluted net loss per share from discontinued operations	$	—	$	(0.00)	$	—	$	(0.01)
Diluted net income per share	$	1.45	$	0.57	$	2.42	$	1.06

Weighted average shares outstanding (in millions):
Basic	348		328		347		327
Diluted	460		457		459		456


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	665	$	263	$	1,110	$	484

Foreign currency translation adjustment	(209)		696		(373)		798
Net change in fair value of net investment hedges, net of tax of $(7), $3, $(4) and $(9)	33		(417)		137		(492)
Net change in fair value of cash flow hedges, net of tax of $(10), $4, $(18) and $15	27		(11)		50		(41)
Amounts reclassified to earnings of cash flow hedges, net of tax of $5, $7, $10 and $15	(14)		(21)		(28)		(42)
Gain (loss) recognized on other, net of tax of $0, $0, $1 and $0	(1)		2		(5)		1
Other comprehensive income (loss)	(164)		249		(219)		224
Comprehensive income (loss)	501		512		891		708
Comprehensive income (loss) attributable to noncontrolling interests	119		144		213		199
Comprehensive income (loss) attributable to common shareholders	$	382	$	368	$	678	$	509


	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


(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


	Six Months Ended June 30,
	2026		2025
Cash flows from operating activities:
Net income	$	1,110	$	484
Net loss from discontinued operations	—		3
Net income from continuing operations	1,110		487

Depreciation and amortization	155		148

Amortization of deferred financing costs and debt issuance discount	12		13
(Income) loss from equity method investments	(4)		(10)
(Gain) loss on remeasurement of foreign denominated transactions	(50)		207
Net (gains) losses on derivatives	(82)		(102)
Share-based compensation and non-cash incentive compensation expense	70		81
Deferred income taxes	(215)		8
Other non-cash adjustments, net	(7)		31
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable	(24)		(72)
Inventories and prepaids and other current assets	(35)		(30)
Accounts and drafts payable	42		(6)
Other accrued liabilities and gift card liability	(184)		(155)
Tenant inducements paid to franchisees	(18)		(14)
Changes in other long-term assets and liabilities	(13)		(19)
Net cash provided by operating activities from continuing operations	757		567
Cash flows from investing activities:
Payments for additions of property and equipment	(109)		(102)
Net proceeds from disposal of assets, restaurant closures, and refranchisings	33		12
Net payments for acquisition of franchised restaurants, net of cash acquired	—		(152)
Settlement/sale of derivatives, net	28		40
Other investing activities, net	(12)		—
Net cash used for investing activities from continuing operations	(60)		(202)
Cash flows from financing activities:

Repayments of long-term debt and finance leases	(57)		(66)

Payment of common share dividends and Partnership exchangeable unit distributions	(579)		(544)
Repurchase of common shares	(170)		—
Proceeds from stock option exercises	35		20
Proceeds from derivatives	19		34
Other financing activities, net	(1)		1
Net cash used for financing activities from continuing operations	(753)		(555)
Net cash used for discontinued operations	(27)		(85)
Effect of exchange rates on cash and cash equivalents	(8)		19
(Decrease) increase in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations	(91)		(256)
Increase in cash classified as assets held for sale - discontinued operations	(9)		(52)
(Decrease) increase in cash and cash equivalents	(100)		(308)
Cash and cash equivalents at beginning of period	1,163		1,334
Cash and cash equivalents at end of period	$	1,063	$	1,026
Supplemental cash flow disclosures:
Interest paid	$	329	$	360
Income taxes paid, net	$	229	$	285
Accruals for additions of property and equipment	$	20	$	22


	Three Months Ended June 30, 2026
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Revenues from external customers	$	1,137	$	342	$	199	$	62	$	274	$	506	$	—	$	2,520
Intersegment revenues (a)	—		54		—		—		—		—		(55)		—
Total revenues	$	1,137	$	397	$	199	$	62	$	274	$	506	$	(55)	$	2,520

Operating costs and expenses:
Supply chain cost of sales	$	635	$	—	$	—	$	—	$	—	$	—	$	—	$	635
Company restaurant expenses (b)	9		39		41		10		—		435		(27)		508
Segment F&P expenses	86		33		3		2		3		—		(3)		123
Advertising expenses and other services	90		156		74		21		24		27		(24)		369
Segment G&A	34		31		18		12		52		27		—		175
Adjustments:
Cash distributions received from equity method investments	4		—		—		—		—		—		—		4
Adjusted Operating Income	$	287	$	137	$	63	$	17	$	194	$	17	$	—	$	715

Additional segment information:
Depreciation and amortization	$	27	$	12	$	4	$	1	$	7	$	26	$	—	$	77
(Income) loss from equity method investments	$	(4)	$	—	$	—	$	—	$	2	$	—	$	—	$	(2)
Capital expenditures	$	9	$	4	$	4	$	1	$	2	$	21	$	—	$	42


	Six Months Ended June 30, 2026
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Revenues from external customers	$	2,134	$	659	$	389	$	121	$	527	$	953	$	—	$	4,784
Intersegment revenues (a)	—		102		—		—		1		—		(103)		—
Total revenues	$	2,134	$	762	$	389	$	121	$	528	$	953	$	(103)	$	4,784

Operating costs and expenses:
Supply chain cost of sales	$	1,199	$	—	$	—	$	—	$	—	$	—	$	—	$	1,199
Company restaurant expenses (b)	18		82		79		20		—		836		(51)		985
Segment F&P expenses	168		66		6		4		(11)		—		(7)		226
Advertising expenses and other services	172		297		148		42		46		50		(45)		710
Segment G&A	68		64		36		25		103		51		—		347
Adjustments:
Cash distributions received from equity method investments	7		—		—		—		—		—		—		7
Adjusted Operating Income	$	516	$	252	$	119	$	31	$	390	$	16	$	—	$	1,324

Additional segment information:
Depreciation and amortization	$	54	$	24	$	7	$	3	$	15	$	53	$	—	$	155
(Income) loss from equity method investments	$	(7)	$	—	$	—	$	—	$	4	$	—	$	—	$	(4)
Capital expenditures	$	14	$	9	$	7	$	2	$	5	$	37	$	—	$	75


	Three Months Ended June 30, 2025
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Revenues from external customers	$	1,083	$	338	$	210	$	59	$	250	$	469	$	—	$	2,410
Intersegment revenues (a)	—		49		—		—		—		—		(49)		—
Total revenues	$	1,083	$	388	$	210	$	59	$	250	$	469	$	(49)	$	2,410

Operating costs and expenses:
Supply chain cost of sales	$	589	$	—	$	—	$	—	$	—	$	—	$	—	$	589
Company restaurant expenses (b)	10		57		40		9		—		406		(23)		498
Segment F&P expenses	83		33		6		2		9		—		(4)		128
Advertising expenses and other services	93		147		80		20		23		24		(22)		364
Segment G&A	34		31		19		13		47		23		—		166
Adjustments:
Cash distributions received from equity method investments	4		—		—		—		—		—		—		4
Adjusted Operating Income	$	278	$	121	$	66	$	15	$	172	$	16	$	—	$	668

Additional segment information:
Depreciation and amortization	$	28	$	13	$	4	$	1	$	7	$	24	$	—	$	77
(Income) loss from equity method investments	$	(4)	$	—	$	—	$	—	$	(1)	$	—	$	—	$	(5)
Capital expenditures	$	9	$	6	$	2	$	1	$	4	$	21	$	—	$	42


	Six Months Ended June 30, 2025
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Revenues from external customers	$	1,987	$	647	$	404	$	113	$	468	$	901	$	—	$	4,519
Intersegment revenues (a)	—		97		—		—		—		—		(97)		—
Total revenues	$	1,987	$	744	$	404	$	113	$	468	$	901	$	(97)	$	4,519

Operating costs and expenses:
Supply chain cost of sales	$	1,085	$	—	$	—	$	—	$	—	$	—	$	—	$	1,085
Company restaurant expenses (b)	19		111		79		19		—		785		(47)		966
Segment F&P expenses	161		64		8		3		14		—		(8)		242
Advertising expenses and other services	159		278		152		38		45		45		(42)		675
Segment G&A	71		67		40		27		98		48		—		351
Adjustments:
Cash distributions received from equity method investments	7		—		—		—		—		—		—		7
Adjusted Operating Income	$	499	$	224	$	126	$	26	$	310	$	23	$	—	$	1,208

Additional segment information:
Depreciation and amortization	$	55	$	26	$	7	$	3	$	14	$	44	$	—	$	148
(Income) loss from equity method investments	$	(7)	$	—	$	—	$	—	$	(3)	$	—	$	—	$	(10)
Capital expenditures	$	13	$	11	$	3	$	2	$	6	$	37	$	—	$	73



Balance at December 31, 2025	$	517
Recognized during period and included in the contract liability balance at the beginning of the year	(31)
Increase, excluding amounts recognized as revenue during the period	15

Impact of foreign currency translation	(5)
Balance at June 30, 2026	$	496



Remainder of 2026	$	27
2027	51
2028	48
2029	46
2030	43
Thereafter	281
Total	$	496


	Three Months Ended June 30, 2026
	TH		BK		PLK		FHS		INTL		RH		ELIM (a)		Total
Supply chain sales	$	788	$	—	$	—	$	—	$	—	$	—	$	—	$	788
Company restaurant sales	11		44		46		12		—		505		—		617
Royalties	90		135		73		20		241		—		(23)		537
Property revenues	165		61		4		—		—		—		(8)		222
Franchise fees and other revenue	8		2		4		9		11		—		—		34
Advertising revenues and other services	76		155		72		21		22		—		(24)		322
Total revenues	$	1,137	$	397	$	199	$	62	$	274	$	506	$	(55)	$	2,520


	As of
	June 30, 2026						December 31, 2025
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Identifiable assets subject to amortization:
Franchise agreements	$	722	$	(423)	$	299	$	732	$	(413)	$	319
Reacquired franchise rights	362		(72)		290		368		(56)		312
Favorable leases	62		(47)		15		63		(46)		17
Subtotal	1,146		(542)		604		1,163		(515)		648
Indefinite-lived intangible assets:
Tim Hortons brand	$	6,041	$	—	$	6,041	$	6,224	$	—	$	6,224
Burger King brand	2,129		—		2,129		2,147		—		2,147
Popeyes brand	1,355		—		1,355		1,355		—		1,355
Firehouse Subs brand	816		—		816		816		—		816
Subtotal	10,341		—		10,341		10,542		—		10,542
Intangible assets, net					$	10,945					$	11,190

Goodwill:
TH segment	$	3,883					$	3,995
BK segment	358						358
PLK segment	844						844
FHS segment	193						194
INTL segment	540						545
RH segment	365						370
Total	$	6,183					$	6,306


				As of
	Maturity Date	Interest Rate (a)		June 30, 2026		December 31, 2025
Term Loan B	Sep 21, 2030	5.394	%	$	4,455	$	4,479
Term Loan A	Sep 21, 2028	4.644	%	1,227		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				(78)		(90)
Total debt, net				13,254		13,282
Less: current maturities of debt				(48)		(32)
Total long-term debt				$	13,206	$	13,250


	As of
	June 30, 2026		December 31, 2025
Fair value of our variable term debt and senior notes	$	13,139	$	13,266
Principal carrying amount of our variable term debt and senior notes	13,332		13,372


	Gain or (Loss) Recognized in Other Comprehensive Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Derivatives designated as cash flow hedges(1)
Interest rate swaps	$	33	$	(17)	$	59	$	(58)
Forward-currency contracts	$	4	$	2	$	9	$	2
Derivatives designated as net investment hedges
Cross-currency rate swaps	$	40	$	(420)	$	141	$	(483)


	Location of Gain or (Loss) Reclassified from AOCI into Earnings	Gain or (Loss) Reclassified from AOCI into Earnings
		Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Derivatives designated as cash flow hedges
Interest rate swaps	Interest expense, net	$	19	$	27	$	39	$	53
Forward-currency contracts	Supply chain cost of sales	$	—	$	1	$	(1)	$	4

	Location of Gain or (Loss) Recognized in Earnings	Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing)
		Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Derivatives designated as net investment hedges
Cross-currency rate swaps	Interest expense, net	$	22	$	22	$	44	$	44


	Fair Value as of
	June 30, 2026		December 31, 2025		Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate	$	96	$	58	Other assets, net
Interest rate	3		8		Prepaids and other current assets
Foreign currency	8		—		Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency	47		—		Other assets, net
Derivatives not designated as hedging instruments
Foreign currency	16		—		Prepaids and other current assets
Total assets at fair value	$	170	$	66

Liabilities:
Derivatives designated as cash flow hedges

Foreign currency	$	—	$	3	Other accrued liabilities
Derivatives designated as net investment hedges
Foreign currency	175		290		Other liabilities, net
Derivatives not designated as hedging instruments
Foreign currency	16		—		Other accrued liabilities
Total liabilities at fair value	$	191	$	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	—		—		(373)		(373)
Net change in fair value of derivatives, net of tax	187		—		—		187
Amounts reclassified to earnings of cash flow hedges, net of tax	(28)		—		—		(28)
Gain (loss) recognized on other, net of tax	—		(5)		—		(5)
Amounts attributable to noncontrolling interests	(33)		1		72		40
Balance at June 30, 2026	$	484	$	(22)	$	(1,661)	$	(1,199)


	Three Months Ended June 30,						Six Months Ended June 30,
Consolidated Key Operating Metrics	2026			2025			2026			2025
System-wide Sales Growth (a)	6.4		%	5.3		%	6.3		%	4.1		%
System-wide Sales (in US$ millions) (a)	$	12,702		$	11,853		$	24,213		$	22,349
Comparable Sales	3.8		%	2.4		%	3.5		%	1.3		%
Net Restaurant Growth	2.9		%	2.9		%	2.9		%	2.9		%
System Restaurant Count at Period End	33,156			32,229			33,156			32,229


Consolidated	Three Months Ended June 30,				Variance		FX Impact (a)		Variance Excluding FX Impact		Six Months Ended June 30,				Variance		FX Impact (a)		Variance Excluding FX Impact
	2026		2025		Favorable / (Unfavorable)						2026		2025		Favorable / (Unfavorable)
Revenues:
Supply chain sales	$	788	$	732	$	56	$	—	$	56	$	1,474	$	1,343	$	131	$	24	$	107
Company restaurant sales	617		600		17		1		16		1,176		1,158		18		1		17
Franchise and property revenues	793		760		33		3		30		1,515		1,423		92		26		66
Advertising revenues and other services	322		318		4		—		4		619		595		24		5		19
Total revenues	2,520		2,410		110		4		106		4,784		4,519		265		56		209
Operating costs and expenses:
Supply chain cost of sales	635		589		(46)		1		(47)		1,199		1,085		(114)		(19)		(95)
Company restaurant expenses	508		498		(10)		(1)		(9)		985		966		(19)		(1)		(18)
Franchise and property expenses	139		144		5		—		5		258		274		16		(4)		20
Advertising expenses and other services	369		364		(5)		(2)		(3)		710		675		(35)		(7)		(28)
General and administrative expenses	181		188		7		(2)		9		361		379		18		(7)		25
(Income) loss from equity method investments	(2)		(5)		(3)		—		(3)		(4)		(10)		(6)		—		(6)
Other operating expenses (income), net	(26)		149		175		(2)		177		(47)		232		279		(8)		287
Total operating costs and expenses	1,804		1,927		123		(6)		129		3,462		3,601		139		(46)		185
Income from operations	716		483		233		(2)		235		1,322		918		404		10		394
Interest expense, net	124		132		8		—		8		247		262		15		—		15

Income from continuing operations before income taxes	592		351		241		(2)		243		1,075		656		419		10		409
Income tax (benefit) expense from continuing operations	(73)		87		160		(1)		161		(35)		169		204		(2)		206
Net income from continuing operations	665		264		401		(3)		404		1,110		487		623		8		615
Net loss from discontinued operations (net of tax of $0)	—		1		1		—		1		—		3		3		—		3
Net income	$	665	$	263	$	402	$	(3)	$	405	$	1,110	$	484	$	626	$	8	$	618


TH Segment	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025

System-wide Sales Growth (a)	0.4		%	3.9		%	1.3		%	2.1		%
System-wide Sales (a)	$	2,003		$	1,995		$	3,741		$	3,626
Comparable Sales	0.1		%	3.4		%	0.8		%	1.8		%
Comparable Sales - Canada	0.1		%	3.6		%	0.7		%	2.0		%
Net Restaurant Growth	1.1		%	0.3		%	1.1		%	0.3		%
System Restaurant Count at Period End	4,570			4,521			4,570			4,521


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)

April 1, 2026 - April 30, 2026	337	$	26	77.99	337	$	940
May 1, 2026 - May 31, 2026	674	52		76.47	674	888
June 1, 2026 - June 30, 2026	810	59		73.48	810	829
	1,821	$	137		1,821



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)