Restaurant Brands’ second quarter results reflected steady execution across its multi-brand portfolio, with particular strength from Burger King and international markets. Management pointed to Burger King’s same-store sales outperformance and ongoing operational improvements as key drivers for the quarter. CEO Josh Kobza emphasized the company’s alignment with franchisees and highlighted strong performance in international markets such as Germany, Spain, and China. Kobza noted, “Our results highlight the strength of our diversified portfolio and disciplined operating model.” Tim Hortons’ performance was mixed, with soft early-quarter sales offset by late-quarter menu innovation.
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Restaurant Brands (QSR) Q2 CY2026 Highlights:
- Revenue: $2.52 billion vs analyst estimates of $2.53 billion (4.6% year-on-year growth, in line)
- Adjusted EPS: $1.07 vs analyst estimates of $1.04 (3.2% beat)
- Adjusted EBITDA: $810 million vs analyst estimates of $810 million (32.1% margin, in line)
- Operating Margin: 28.4%, up from 20% in the same quarter last year
- Locations: 33,156 at quarter end, up from 32,229 in the same quarter last year
- Same-Store Sales rose 3.8% year on year (2.4% in the same quarter last year)
- Market Capitalization: $26.12 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Restaurant Brands’s Q2 Earnings Call
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Brian Bittner (Oppenheimer & Co.) asked about overlooked growth drivers for Burger King’s future. CEO Josh Kobza pointed to ongoing menu elevation, further restaurant remodels, and operational improvements as key opportunities still ahead.
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Dennis Geiger (UBS) questioned the improvement trajectory at Tim Hortons and the macro environment in Canada. Kobza attributed better late-quarter performance to successful new product launches and described the Canadian market as stable, emphasizing that most growth levers are under management’s control.
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Sara Senatore (Bank of America) asked about the pace of Popeyes’ turnaround and challenges faced. Kobza said value and menu focus are stabilizing sales, with field support and operational investments starting to show positive effects, but acknowledged some improvements will take more time.
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Brian Mullen (Piper Sandler) inquired about Burger King’s refranchising process and the impact on remodel momentum. CFO Sami Siddiqui reported strong buyer interest and expects refranchising to accelerate in the second half, with remodel rates likely picking up as beef cost pressures ease.
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Gregory Francfort (Guggenheim) asked about menu pricing and franchisee alignment. Kobza and Siddiqui emphasized disciplined pricing strategies and strong support from franchisees, noting menu price increases have remained in the low single digits.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be closely monitoring (1) the impact of new menu items and marketing campaigns at Tim Hortons and Burger King on guest traffic and sales, (2) progress toward accelerating international unit growth, especially in key markets like China and France, and (3) signs of sustained operational improvements at Popeyes and franchisee profitability as beef input costs moderate. Execution on loyalty partnerships and international expansion will be important markers of ongoing strategy success.
Restaurant Brands currently trades at $74.88, in line with $74.49 just before the earnings. Is there an opportunity in the stock? Find out in our full research report (it’s free).
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