Earnings jump for Restaurant Brands (NYSE: QSR) in Q1 2026

Rhea-AI Filing Summary

Restaurant Brands International reported solid first-quarter 2026 results, with consolidated system-wide sales of $11.51 billion, up from $10.50 billion, and comparable sales growth of 3.2%. Total revenues rose to $2,264 million from $2,109 million.

Income from operations increased to $606 million, a 39.3% rise, while net income from continuing operations reached $445 million versus $223 million. Diluted EPS from continuing operations nearly doubled to $0.97 from $0.49.

Adjusted metrics were strong: Adjusted Operating Income was $610 million with 10.7% organic growth, Adjusted EBITDA was $706 million, and Adjusted EPS was $0.86, up from $0.75 with 14.6% nominal and 11.0% organic growth. Free cash flow improved to $169 million from $54 million, and net leverage declined to 4.2x from 4.7x. The company resumed share repurchases in March, expects to repurchase $500 million in 2026, and reiterated its goal of 8%+ organic Adjusted Operating Income growth for 2026.

Positive

• Strong earnings growth: Income from operations rose 39.3% to $606 million, with adjusted diluted EPS up to $0.86, reflecting 14.6% nominal and 11.0% organic growth versus the prior year.
• Improved balance sheet and cash flow: Net leverage declined to 4.2x from 4.7x, while free cash flow increased to $169 million from $54 million, supporting a planned $500 million of share repurchases in 2026.

Negative

• None.

Insights

Equity research analyst

RBI delivered broad-based earnings strength, better cash flow, and lower leverage in Q1 2026.

Restaurant Brands International posted higher system-wide sales of $11.51 billion and revenue of $2,264 million, converting this into income from operations of $606 million, a 39.3% increase. Net income from continuing operations nearly doubled to $445 million.

Non-GAAP performance was also strong. Adjusted Operating Income reached $610 million with 10.7% organic growth, while Adjusted EBITDA rose to $706 million. Adjusted diluted EPS increased to $0.86, with 14.6% nominal and 11.0% organic growth, signaling improved profitability per share.

Cash generation and balance sheet metrics strengthened: free cash flow climbed to $169 million from $54 million, and net leverage declined to 4.2x from 4.7x. The company resumed share repurchases, targeting $500 million in 2026, and reiterated its aim for 8%+ organic Adjusted Operating Income growth for 2026, while noting a favorable effective tax rate impact from intra-group reorganizations.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenues: $2,264 million System-wide sales: $11,510 million Income from operations: $606 million +5 more

8 metrics

Total revenues $2,264 million Three months ended March 31, 2026 vs $2,109 million in 2025

System-wide sales $11,510 million Three months ended March 31, 2026; 6.2% growth constant currency

Income from operations $606 million Q1 2026; 39.3% growth vs prior year

Diluted EPS (continuing ops) $0.97 Three months ended March 31, 2026 vs $0.49 in 2025

Adjusted Operating Income $610 million Q1 2026; organic AOI growth 10.7%

Adjusted diluted EPS $0.86 Q1 2026 vs $0.75 in 2025; 14.6% nominal growth

Free cash flow $169 million Three months ended March 31, 2026 vs $54 million in 2025

Net leverage 4.2x As of March 31, 2026 vs 4.7x prior year

Key Terms

System-wide Sales, Adjusted Operating Income, Adjusted EBITDA, Free Cash Flow, +2 more

6 terms

System-wide Sales financial

"Consolidated system-wide sales grow 6.2% year-over-year, including 11.1% in International"

Total revenue generated by every outlet in a company’s network, including both company-owned and franchised locations, measured over a given period. Investors watch system-wide sales as a broad indicator of brand demand and growth—like checking the overall temperature of a chain rather than one store—because rising totals suggest the business model and customer base are expanding even if ownership mixes vary.

Adjusted Operating Income financial

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

Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.

Adjusted EBITDA financial

"Adjusted EBITDA | | $ | 706 | | | | $ | 642"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Free Cash Flow financial

"Free Cash Flow | Three Months Ended March 31"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

equity method investments financial

"Represents (i) (income) loss from equity method investments and (ii) cash distributions"

An equity method investment is an accounting approach used when a company owns a significant share of another company and can influence its decisions but does not fully control it; instead of listing the investment at cost, the investor records its share of the other company's profits or losses on its own income statement and adjusts the investment value on the balance sheet. For investors, this matters because it links the investor’s reported earnings and asset values directly to the financial performance of that partly-owned business, similar to how a partner’s gains affect a small business owner’s books.

Reclaim the Flame financial

"Burger King is executing its multi-year "Reclaim the Flame" plan to accelerate sales growth"

Earnings Snapshot

Total revenues: $2,264 million · Guidance included

Q1 2026

Total revenues $2,264 million

Income from operations $606 million +39.3% YoY

Net income from continuing operations $445 million

Diluted EPS from continuing operations $0.97

Adjusted Operating Income $610 million Organic growth 10.7%

Adjusted diluted EPS $0.86 Nominal growth 14.6%; organic 11.0%

Guidance

The company stated it remains on track for 8%+ organic Adjusted Operating Income growth in 2026 and expects another discrete income tax benefit of approximately $170 million in the quarter ending June 30, 2026.

Understanding 8-K Material Events →

0001618756false00016187562026-05-062026-05-06

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): May 6, 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 May 6, 2026, Restaurant Brands International Inc. (the “Company”) issued a press release and supplemental financial and operational information regarding results for the three months ended March 31, 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
99						Press release and supplemental financial and operational information regarding results for the three months ended March 31, 2026 issued by the Company on May 6, 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.
Date: May 6, 2026						/s/ Sami Siddiqui
						Name:			Sami Siddiqui
						Title:			Chief Financial Officer

EXHIBIT 99

Restaurant Brands International Inc. Reports First Quarter 2026 Results

Consolidated system-wide sales grow 6.2% year-over-year, including 11.1% in International

Comparable sales accelerated to 3.2%, including 5.8% at BK US and 5.7% at International

Resumed share repurchases in March and continue to expect to repurchase $500 million in 2026

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

Miami, May 6, 2026 - Restaurant Brands International Inc. (“RBI”) (NYSE: QSR) (TSX: QSR) (TSX: QSP) today reported financial results for the first quarter ended March 31, 2026. Josh Kobza, Chief Executive Officer of RBI commented, "We delivered a strong start to the year, converting solid topline results into double-digit earnings growth while returning capital to shareholders through the resumption of share repurchases and our growing dividend. Tim Hortons and International each delivered their 20th consecutive quarter of positive comparable sales. And at Burger King, our results reflect several years of hard work by our franchisees and teams to elevate the guest experience, driving stronger engagement and clear outperformance. We're executing against the plan we laid out during our Investor Day in February and remain confident in the path ahead."

Consolidated Operational and Financial Highlights
(in US$ millions, except per share and ratio data, unaudited)

						Three Months Ended March 31,
Operational Highlights						2026									2025
System-wide Sales Growth (a)						6.2		%							2.8		%
System-wide Sales (a)						$	11,510								$	10,496
Comparable Sales						3.2		%							0.1		%
Net Restaurant Growth						2.6		%							3.3		%
System Restaurant Count at Period End						32,985									32,149
GAAP Financials
Total Revenues						$	2,264								$	2,109
Income from Operations						$	606								$	435
Income from Operations Growth						39.3		%							(20.0)		%
Net Income from Continuing Operations						$	445								$	223
Diluted Earnings per Share from Continuing Operations						$	0.97								$	0.49
Financial Highlights (b)
Adjusted Operating Income (AOI)						$	610								$	539
Organic AOI Growth						10.7		%							2.6		%
Adjusted EBITDA						$	706								$	642
Adjusted Diluted Earnings per Share (Adj. EPS)						$	0.86								$	0.75
Nominal Adj. EPS Growth						14.6		%							3.3		%
Organic Adj. EPS Growth						11.0		%							9.9		%
Net Leverage						4.2x									4.7x

(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.

1

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 Burger King restaurants acquired as part of our acquisition of Carrols Restaurant Group Inc. (the “Carrols Acquisition”), as well as our acquisition of Popeyes China (“PLK China”) (“PLK China Acquisition”) and 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 partners 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") from our former joint venture partners (the “BK China Acquisition”). 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 hold an approximately 17% equity interest in the BK China JV and hold a seat on its Board of Directors. Upon closing of the transaction, we deconsolidated BK China and began accounting for our interest in the BK China JV under the equity method of accounting and recognizing franchise revenue, primarily related to royalties, in our INTL segment.

2026 Convention Timing Impact on Franchise and Property Results

In 2025, PLK and INTL hosted conventions in Q2, BK and FHS hosted conventions in Q3, and TH did not host a convention. In 2026, PLK and FHS will host conventions in Q3, TH and BK will host conventions in Q4, and 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.

2

TH Segment Results			Three Months Ended March 31,
(in US$ millions, unaudited)			2026						2025
System-wide Sales Growth (a)			2.4		%				0.0		%
System-wide Sales (a)			$	1,738					$	1,631
Comparable Sales			1.6		%				(0.1)		%
Comparable Sales - Canada			1.5		%				0.1		%
Net Restaurant Growth			1.0		%				0.4		%
System Restaurant Count at Period End			4,569						4,523
Supply chain sales			$	686					$	611
Company restaurant sales			$	10					$	10
Franchise and property revenues			$	233					$	219
Advertising revenues and other services			$	69					$	64
Total revenues			$	997					$	903
Supply chain cost of sales			$	564					$	496
Company restaurant expenses			$	9					$	9
Segment F&P expenses			$	82					$	78
Advertising expenses and other services			$	82					$	66
Segment G&A			$	34					$	37
Adjustments:
Cash distributions received from equity method investments			$	3					$	3
Adjusted Operating Income			$	229					$	220
(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.

The increase in Total revenues was primarily driven by higher Supply chain sales due to increases in commodity prices and CPG net sales. Results also reflect a $36 million favorable FX Impact. Excluding the FX Impact, Total revenues increased by $57 million.

The increase in Adjusted Operating Income was primarily driven by a $9 million favorable FX Impact. Excluding the FX Impact, Adjusted Operating Income remained relatively flat, primarily reflecting the timing of marketing-related expenditures.

3

BK Segment Results			Three Months Ended March 31,
(in US$ millions, unaudited)			2026						2025
System-wide Sales Growth			5.5		%				(1.7)		%
System-wide Sales			$	2,853					$	2,700
Comparable Sales			5.8		%				(1.3)		%
Comparable Sales - US			5.8		%				(1.1)		%
Net Restaurant Growth			(0.9)		%				(1.1)		%
System Restaurant Count at Period End			7,001						7,062
Company restaurant sales			$	46					$	60
Franchise and property revenues (a)			$	178					$	168
Advertising revenues and other services (b)			$	140					$	129
Total revenues			$	365					$	356
Company restaurant expenses			$	43					$	55
Segment F&P expenses			$	34					$	31
Advertising expenses and other services			$	141					$	132
Segment G&A			$	32					$	36
Adjusted Operating Income			$	115					$	103

(a)Franchise and property revenues include intersegment revenues with RH consisting of royalties and rent of $27 million during the three months ended March 31, 2026 and 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 $21 million and $20 million during the three months ended March 31, 2026 and 2025, respectively, 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 March 31, 2026, we have funded $189 million out of up to $550 million planned toward the Royal Reset investments.

First Quarter 2026 Results

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

The increase in Adjusted Operating Income was primarily driven by the increase in System-wide Sales and a decrease in Segment G&A primarily due to lower compensation-related expenses.

4

PLK Segment Results			Three Months Ended March 31,
(in US$ millions, unaudited)			2026						2025
System-wide Sales Growth			(3.9)		%				(2.4)		%
System-wide Sales			$	1,421					$	1,475
Comparable Sales			(6.5)		%				(4.0)		%
Comparable Sales - US			(6.5)		%				(4.0)		%
Net Restaurant Growth			1.2		%				3.0		%
System Restaurant Count at Period End			3,559						3,516
Company restaurant sales			$	44					$	46
Franchise and property revenues			$	74					$	78
Advertising revenues and other services			$	72					$	69
Total revenues			$	190					$	194
Company restaurant expenses			$	38					$	39
Segment F&P expenses			$	3					$	2
Advertising expenses and other services			$	74					$	72
Segment G&A			$	18					$	21
Adjusted Operating Income			$	57					$	60

The decrease in Total revenues was primarily driven by the decline in System-wide Sales. The decrease in Adjusted Operating Income was primarily driven by the decline in System-wide Sales, partially offset by a decrease in Segment G&A primarily due to lower compensation-related expenses.

FHS Segment Results			Three Months Ended March 31,
(in US$ millions, unaudited)			2026						2025
System-wide Sales Growth			7.2		%				7.3		%
System-wide Sales			$	347					$	322
Comparable Sales			(0.5)		%				0.6		%
Comparable Sales - US			0.3		%				0.3		%
Net Restaurant Growth			8.1		%				5.9		%
System Restaurant Count at Period End			1,461						1,352
Company restaurant sales			$	12					$	11
Franchise and property revenues			$	28					$	26
Advertising revenues and other services			$	20					$	17
Total revenues			$	60					$	54
Company restaurant expenses			$	10					$	9
Segment F&P expenses			$	2					$	2
Advertising expenses and other services			$	21					$	17
Segment G&A			$	13					$	14
Adjusted Operating Income			$	14					$	11

The increase in Total revenues and Adjusted Operating Income was primarily driven by the increase in System-wide Sales.

5

INTL Segment Results			Three Months Ended March 31,
(in US$ millions, unaudited)			2026						2025
System-wide Sales Growth (a)			11.1		%				8.6		%
System-wide Sales (a)			$	5,152					$	4,368
Comparable Sales			5.7		%				2.6		%
Comparable Sales - INTL - Burger King			5.4		%				2.7		%
Net Restaurant Growth			4.5		%				6.2		%
System Restaurant Count at Period End			16,395						15,696
Franchise and property revenues			$	235					$	199
Advertising revenues and other services			$	18					$	18
Total revenues			$	254					$	218
Segment F&P expenses			$	(14)					$	5
Advertising expenses and other services			$	21					$	23
Segment G&A			$	51					$	52
Adjusted Operating Income			$	196					$	138
(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.

The increase in Total revenues was primarily driven by higher royalty revenues from Burger King and Popeyes restaurants resulting from the increase in System-wide Sales, as well as the resumption of royalty revenues from BK China. Results also reflect a favorable FX Impact of $15 million. Excluding the FX Impact, Total revenues increased by $21 million.

The increase in Adjusted Operating Income was driven by revenue growth and a decrease in Segment F&P expenses driven by net bad debt recoveries in the current year compared to net bad debt expense in the prior year. Results also reflect a favorable FX Impact of $9 million. Excluding the FX Impact, Adjusted Operating Income increased by $49 million.

6

RH Segment Results			Three Months Ended March 31,
(in US$ millions, unaudited)			2026						2025
System-wide Sales			$	448					$	426
System-wide Sales - BK US			$	438					$	423
System-wide Sales - INTL			$	10					$	3
Comparable Sales			4.3		%				(1.0)		%
Comparable Sales - BK US			4.3		%				(1.0)		%
System Restaurant Count at Period End			1,089						1,039
System Restaurant Count at Period End - BK US			995						1,015
System Restaurant Count at Period End - INTL			94						24
Total Revenues			$	448					$	432
Food, beverage and packaging costs			$	133					$	121
Restaurant wages and related expenses			$	146					$	145
Restaurant occupancy and other expenses (a)			$	122					$	114
Company restaurant expenses			$	401					$	379
Advertising expenses and other services (b)			$	23					$	21
Segment G&A			$	24					$	24
Adjusted Operating Income (Loss)			$	(1)					$	7

Note: RH KPIs are shown consistently with RBI’s reporting calendar, but in 2025, results from BK Carrols restaurants in the statement of operations are shown consistently with Carrols reporting calendar which for the first quarter was from December 30, 2024 to March 30, 2025.

(a)Restaurant occupancy and other expenses include intersegment royalties and property expense of $28 million and $27 million during the three months ended March 31, 2026 and 2025, respectively, which are eliminated in consolidation.

(b)Advertising expenses and other services include intersegment advertising expenses and tech fees of $21 million and $20 million during the three months ended March 31, 2026 and 2025, respectively, 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. RBI is actively working to refranchise the Carrols Burger King restaurants, and as a result, RH segment results reflect the impact of refranchisings as well as incremental investments in the PLK China and FHS Brazil start-up businesses.

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 BK US refranchisings.

The decrease in Adjusted Operating Income (Loss) was primarily driven by Company restaurant expenses related to scaling our international start-up businesses and an increase in depreciation and amortization expense in BK US.

7

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 second quarter of 2026. The dividend will be payable on July 7, 2026 to shareholders and unitholders of record at the close of business on June 23, 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 March 31, 2026, we repurchased 463,442 of our common shares for $34 million. Of these repurchases, 21,669 had not yet settled as of March 31, 2026 and therefore were not retired at that date. As of March 31, 2026, we had $966 million remaining under the new share repurchase authorization.

Subsequent Events

Subsequent to March 31, 2026 through April 30, 2026, we repurchased 337,204 of our common shares for $26 million and as

of April 30, 2026 had $940 million remaining under the share repurchase authorization.

2026 Financial Guidance

For 2026, RBI expects:

•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, the Company 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 Wednesday, May 6, 2026, to review financial results for the first quarter ended March 31, 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 (833) 470-1428 for U.S. callers, (833) 950-0062 for Canadian callers, and (929) 526-1599 for callers from other countries. For all dial-in numbers please use the following access code: 297863.

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 nearly $48 billion in annual system-wide sales and roughly 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.

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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; (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) long-term partners for Popeyes China and FHS Brazil; (ix) refranchising of stores acquired in the Carrols Acquisition; (x) commodity prices; (xi) certain accounting matters, including the impact of changes in accounting standards and the assumptions underlying our critical accounting estimates; and (xii) our growth opportunities, plans and strategies for each of our brands and ability to enhance operations and drive long-term, sustainable growth. The factors that could cause actual results to differ materially from RBI’s expectations are detailed in filings of RBI with the Securities and Exchange Commission and applicable Canadian securities regulatory authorities, such as its 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) increased commodities prices; (3) significant and rapid fluctuations in interest rates and in the currency exchange markets and the effectiveness of our hedging activity; (4) 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; (5) our supply chain operations; (6) our reliance on franchisees, including subfranchisees, to accelerate restaurant growth; (7) our relationship with, and the success of, our franchisees and risks related to our franchised business model; (8) our franchisees' financial stability and their ability to access and maintain the liquidity necessary to operate their businesses; (9) evolving legislation and regulations in the area of franchise and labor and employment law; (10) 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 and food safety; (11) our ability to identify and successfully consummate agreements with new partners for PLK China and FHS Brazil when we plan to do so, and our ability to subsequently sunset the RH segment; (12) the ability to access liquidity under our credit facilities and derivatives, including counterparty risks; (13) our indebtedness, which could adversely affect our financial condition and prevent us from fulfilling our obligations; (14) tariffs and their impact on economic conditions or our business; (15) our ownership and leasing of real estate; (16) 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 (17) risks related to unforeseen events, such as natural disasters or pandemics.

9

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 March 31,
			2026						2025
Revenues:
Supply chain sales			$	686					$	611
Company restaurant sales			559						558
Franchise and property revenues			722						663
Advertising revenues and other services			297						277
Total revenues			2,264						2,109
Operating costs and expenses:
Supply chain cost of sales			564						496
Company restaurant expenses			477						468
Franchise and property expenses			119						130
Advertising expenses and other services			341						311
General and administrative expenses			180						191
(Income) loss from equity method investments			(2)						(5)
Other operating expenses (income), net			(21)						83
Total operating costs and expenses			1,658						1,674
Income from operations			606						435
Interest expense, net			123						130
Income from continuing operations before income taxes			483						305
Income tax expense from continuing operations			38						82
Net income from continuing operations			445						223
Net loss from discontinued operations (net of tax of $0)			—						2
Net income			445						221
Net income attributable to noncontrolling interests			107						62
Net income attributable to common shareholders			$	338					$	159
Earnings per common share
Basic net income per share from continuing operations			$	0.98					$	0.49
Basic net loss per share from discontinued operations			$	—					$	0.00
Basic net income per share			$	0.98					$	0.49
Diluted net income per share from continuing operations			$	0.97					$	0.49
Diluted net loss per share from discontinued operations			$	—					$	0.00
Diluted net income per share			$	0.97					$	0.49
Weighted average shares outstanding (in millions):
Basic			347						326
Diluted			459						456

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RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

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

			As of
			March 31, 2026						December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents			$	1,012					$	1,163
Accounts and notes receivable, net of allowance of $37 and $54, respectively			767						794
Inventories, net			203						205
Prepaids and other current assets			172						179
Assets held for sale - discontinued operations			—						489
Total current assets			2,154						2,830
Property and equipment, net of accumulated depreciation and amortization of $1,273 and $1,245, respectively			2,261						2,303
Operating lease assets, net			1,972						1,961
Intangible assets, net			11,079						11,190
Goodwill			6,251						6,306
Other assets, net			1,163						1,025
Total assets			$	24,880					$	25,615
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts and drafts payable			$	813					$	866
Other accrued liabilities			1,099						1,271
Gift card liability			191						249
Current portion of long-term debt and finance leases			75						68
Liabilities held for sale - discontinued operations			—						437
Total current liabilities			2,178						2,891
Long-term debt, net of current portion			13,228						13,250
Finance leases, net of current portion			253						261
Operating lease liabilities, net of current portion			1,916						1,900
Other liabilities, net			931						1,034
Deferred income taxes, net			1,083						1,120
Total liabilities			19,589						20,456
Shareholders’ equity:
Common shares, no par value; unlimited shares authorized at March 31, 2026 and December 31, 2025; 347,325,114 shares issued and outstanding at March 31, 2026; 346,323,165 shares issued and outstanding at December 31, 2025			2,902						2,859
Retained earnings			1,903						1,795
Accumulated other comprehensive income (loss)			(1,062)						(1,020)
Total Restaurant Brands International Inc. shareholders’ equity			3,743						3,634
Noncontrolling interests			1,548						1,525
Total shareholders’ equity			5,291						5,159
Total liabilities and shareholders’ equity			$	24,880					$	25,615

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RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

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

			Three Months Ended March 31,
			2026						2025
Cash flows from operating activities:
Net income			$	445					$	221
Net loss from discontinued operations			—						2
Net income from continuing operations			445						223
Depreciation and amortization			78						71
Amortization of deferred financing costs and debt issuance discount			6						6
(Income) loss from equity method investments			(2)						(5)
(Gain) loss on remeasurement of foreign denominated transactions			(30)						75
Net (gains) losses on derivatives			(41)						(51)
Share-based compensation and non-cash incentive compensation expense			35						48
Deferred income taxes			(49)						15
Other non-cash adjustments, net			(11)						11
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable			30						15
Inventories and prepaids and other current assets			(5)						(39)
Accounts and drafts payable			(42)						(51)
Other accrued liabilities and gift card liability			(176)						(187)
Tenant inducements paid to franchisees			(8)						(6)
Changes in other long-term assets and liabilities			(3)						(7)
Net cash provided by operating activities from continuing operations			227						118
Cash flows from investing activities:
Payments for additions of property and equipment			(58)						(64)
Net proceeds from disposal of assets, restaurant closures, and refranchisings			21						10
Net payments for acquisition of franchised restaurants, net of cash acquired			—						(151)
Settlement/sale of derivatives, net			16						21
Other investing activities, net			(12)						—
Net cash used for investing activities from continuing operations			(33)						(184)
Cash flows from financing activities:
Repayments of long-term debt and finance leases			(28)						(33)
Payment of common share dividends and Partnership exchangeable unit distributions			(283)						(262)
Repurchase of common shares			(32)						—
Proceeds from stock option exercises			28						13
Proceeds from derivatives			10						17
Other financing activities, net			(1)						—
Net cash used for financing activities from continuing operations			(306)						(265)
Net cash used for discontinued operations			(27)						(26)
Effect of exchange rates on cash and cash equivalents			(3)						3
(Decrease) increase in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations			(142)						(354)
Increase in cash classified as assets held for sale - discontinued operations			(9)						(81)
(Decrease) increase in cash and cash equivalents			(151)						(435)
Cash and cash equivalents at beginning of period			1,163						1,334
Cash and cash equivalents at end of period			$	1,012					$	899
Supplemental cash flow disclosures:
Interest paid			$	137					$	153
Income taxes paid, net			$	137					$	190
Accruals for additions of property and equipment			$	28					$	18

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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 why we believe this information is useful to management and 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) income/expenses from non-recurring projects and non-operating activities. For the periods referenced, income/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 Acquisition and (b) the anticipated refranchising of restaurants held in the RH segment, primarily those acquired in the Carrols Acquisition, in connection with the sunset of the RH segment announced in February 2026 ("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

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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 expense (benefit) 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 the Company's liquidity. We believe this measure is an important indicator of the Company's ability to service its debt obligations.

Net Leverage is defined as Net Debt divided by 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 the Company's plans to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China and new investors for 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.

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RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Non-GAAP Financial Measures | Organic Growth

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

						Three Months Ended March 31,												Variance												RH Impact						FX Impact						Organic Growth
						2026						2025						$						%						$						$						$						%
Revenue
TH						$	997					$	903					$	93					10.3		%				$	—					$	36					$	57					6.1		%
BK						365						356						9						2.4		%				—						1						8						2.3		%
PLK						190						194						(4)						(2.0)		%				—						—						(4)						(2.1)		%
FHS						60						54						6						10.9		%				—						—						6						10.7		%
INTL						254						218						36						16.5		%				—						15						21						9.1		%
RH						448						432						16						3.7		%				16						—						—						—		%
Elimination of intersegment revenues (a)						(48)						(48)						(1)						1.6		%				(1)						—						—						—		%
Total Revenues						$	2,264					$	2,109					$	155					7.4		%				$	15					$	52					$	88					5.0		%
Income from Operations						$	606					$	435					$	171					39.3		%				$	(10)					$	12					$	169					37.8		%
Net Income from Continuing Operations						$	445					$	223					$	222					99.6		%				$	(11)					$	11					$	223					95.4		%
Adjusted Operating Income (Loss)
TH						$	229					$	220					$	8					3.8		%				$	—					$	9					$	(1)					(0.4)		%
BK						115						103						12						11.9		%				—						—						12						11.7		%
PLK						57						60						(3)						(5.1)		%				—						—						(3)						(5.5)		%
FHS						14						11						3						26.3		%				—						—						3						26.0		%
INTL						196						138						57						41.4		%				—						9						49						33.1		%
RH						(1)						7						(8)						NM						(8)						—						—						NM
Adjusted Operating Income						$	610					$	539					$	70					13.0		%				$	(8)					$	18					$	60					10.7		%
Adjusted EBITDA						$	706					$	642					$	64					10.0		%				$	0					$	20					$	44					6.8		%
Adjusted Net Income						$	396					$	343					$	53					15.3		%				$	(6)					$	16					$	42					11.7		%
Adjusted Diluted Earnings per Share						$	0.86					$	0.75					$	0.11					14.6		%				$	(0.01)					$	0.04					$	0.09					11.0		%

(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.

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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						March 31, 2026						March 31, 2025
Long-term debt, net of current portion						$	13,228					$	13,441
Finance leases, net of current portion						253						280
Current portion of long-term debt and finance leases						75						218
Unamortized deferred financing costs and deferred issuance discount						84						111
Total debt						13,640						14,050
Cash and cash equivalents						1,012						899
Net debt						12,628						13,151
LTM Net Income from continuing operations						1,423						1,340
Net Income from continuing operations Net leverage						8.9x						9.8x
LTM Adjusted EBITDA (a)						3,034						2,799
Net Leverage						4.2x						4.7x

(a)Adjusted EBITDA includes Adjusted EBITDA from RH beginning May 16, 2024.

Free Cash Flow			Three Months Ended March 31,																		Twelve Months Ended December 31,												Twelve Months Ended March 31,
			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			$	227					$	118					$	148					$	1,714					$	1,503					$	1,823					$	1,473
Payments for additions of property and equipment			(58)						(64)						(26)						(265)						(201)						(259)						(239)
Free Cash Flow			$	169					$	54					$	122					$	1,449					$	1,302					$	1,564					$	1,234

						Three Months Ended March 31,
Capex and Cash Inducements						2026						2025
Payments for additions of property and equipment						$	58					$	64
Tenant inducements paid to franchisees						8						6
Other cash inducements (incl. in changes in other long-term assets and liabilities)						13						9
Increase (decrease) in accruals for additions to property and equipment						(26)						(32)
Total Capex and Cash Inducements						$	53					$	47

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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 March 31,																		Twelve Months Ended December 31,												Twelve Months Ended March 31,
															2026						2025						2024						2025						2024						2026						2025
															A						B						C						D						E						A + D - B						B + E - C
Net income from continuing operations															$	445					$	223					$	328					$	1,201					$	1,445					$	1,423					$	1,340
Income tax expense (benefit) from continuing operations(3)															38						82						68						483						364						439						378
Loss on early extinguishment of debt															—						—						—						2						33						2						33
Interest expense, net															123						130						148						516						577						509						559
Income from operations															606						435						544						2,202						2,419						2,373						2,310
Franchise agreement and reacquired franchise rights amortization (FAA)															16						16						8						65						53						65						61
RH and BK China Transaction costs															6						6						4						37						22						37						24
Corporate restructuring and advisory fees															2						1						2						14						20						15						19
Impact of equity method investments(2)															1						(2)						—						5						(53)						8						(55)
Other operating expenses (income), net															(21)						83						(18)						261						(59)						157						42
Adjusted Operating Income															$	610					$	539					$	540					$	2,584					$	2,402					$	2,655					$	2,401
Depreciation and amortization, excluding FAA															62						55						41						236						210						242						224
Share-based compensation and non-cash incentive compensation expense(1)															35						48						46						151						172						138						174
Adjusted EBITDA															$	706					$	642					$	627					$	2,970					$	2,784					$	3,034					$	2,799

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

			Three Months Ended March 31,
			2026						2025
Net income from continuing operations			$	445					$	223
Income tax expense from continuing operations(3)			38						82
Income from continuing operations before income taxes			483						305
Adjustments:
Franchise agreement and reacquired franchise rights amortization			16						16
Amortization of deferred financing costs and debt issuance discount			6						6
Interest expense and loss on extinguished debt(4)			(7)						(4)
RH and BK China Transaction costs			6						6
Corporate restructuring and advisory fees			2						1
Impact of equity method investments(2)			1						(2)
Other operating expenses (income), net			(21)						83
Total adjustments			3						106
Adjusted income before income taxes			486						411
Adjusted income tax expense(3)(5)			90						68
Adjusted net income			$	396					$	343
Adjusted diluted earnings per share			$	0.86					$	0.75
Weighted average diluted shares outstanding (in millions)			459						456

Note: Totals may not recalculate due to rounding.

17

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 decrease in our effective tax rate was primarily due to a discrete tax benefit resulting from the revaluation of deferred tax liabilities in connection with an intra-group reorganization completed during the quarter. Subsequent to March 31, 2026, we completed an intra-group reorganization and expect to record another discrete income tax benefit of approximately $170 million in the quarter ending June 30, 2026. The reorganization is expected to have a favorable impact to the full year effective tax rate but is not expected to 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.

18

FAQ

How did Restaurant Brands International (QSR) perform financially in Q1 2026?

Restaurant Brands International delivered higher total revenues of $2,264 million, up from $2,109 million a year earlier. Income from operations increased to $606 million, and net income from continuing operations rose to $445 million, showing stronger profitability across the business.

What were Restaurant Brands International’s earnings per share in Q1 2026?

Diluted earnings per share from continuing operations were $0.97, up from $0.49 in Q1 2025. Adjusted diluted EPS, which excludes certain items, was $0.86 versus $0.75, representing 14.6% nominal and 11.0% organic growth.

How fast did Restaurant Brands International’s system-wide sales grow in Q1 2026?

Consolidated system-wide sales reached $11.51 billion, compared with $10.50 billion in the prior-year quarter. System-wide sales growth was 6.2% on a constant currency basis, while comparable sales increased 3.2% across the company’s brands.

What guidance did Restaurant Brands International give for 2026 organic AOI growth?

Restaurant Brands International stated it remains on track for 8%+ organic Adjusted Operating Income growth in 2026. In Q1 2026, organic AOI growth was 10.7%, providing early-year support for this full-year objective based on current performance trends.

Did Restaurant Brands International repurchase shares in 2026 and what is the plan?

The company resumed share repurchases in March 2026 and indicated it expects to repurchase $500 million of shares during 2026. This capital return comes alongside its regular dividend and reflects stronger free cash flow and a lower net leverage ratio.

How did Restaurant Brands International’s leverage and free cash flow change in Q1 2026?

Net leverage improved to 4.2x from 4.7x, indicating lower debt relative to earnings. Free cash flow rose to $169 million from $54 million in the prior-year quarter, helped by higher operating cash flow and disciplined capital spending.

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