Restaurant Brands International misses Q3 revenue forecast at $2.52B but holds its 2026 targets

Earnings per share of $1.10 matched expectations, and the company declared a quarterly dividend of $0.65 and kept buying back stock.

Restaurant Brands International reported third-quarter revenue of $2.52 billion, short of the $2.57 billion expected, while earnings per share of $1.10 matched forecasts. The gap is about $50 million, and it is the only part of the quarter that fell short.

The company left its 2026 targets as they were. It still expects segment G&A excluding RH of $600 million to $620 million, RH Adjusted Operating Income of $10 million to $20 million, adjusted interest expense of $500 million to $520 million, and capex and cash inducements of around $400 million. It also says it remains on track for 8% organic Adjusted Operating Income growth. Holding those figures suggests management does not expect the revenue miss to change the year.

CEO Josh Kobza credited global comparable sales growth, led by outperformance at Burger King, with steady growth at Tim Hortons and International. Next quarter's sales will show whether Burger King keeps that lead.

Capital return stays large. The company bought back $61 million of common shares and $214 million of exchangeable units in the quarter, $275 million in all, leaving $768 million under its $1 billion repurchase authorization as of September 30, 2026. It declared a quarterly dividend of $0.65 per common share and partnership exchangeable unit, payable January 5, 2027 to holders of record on December 22, 2026.