Restaurant Brands International Inc
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+ FollowMarket Cap$26.75B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong overall operating momentum (Q3): RBI delivered 3.8% same-store sales and 3.0% net restaurant growth, driving 6.2% system-wide sales growth and 6.7% organic adjusted operating income (AOI) growth; nominal adjusted EPS up 6.9% to $1.10 (year-to-date organic AOI +7.8% and adjusted EPS +11.1%). The company emphasized this as the 5th straight quarter of same-store growth above 3%.
Burger King U.S.: momentum looks durable, but work remains (multi-year):
- U.S. same-store sales +8.4% and system-wide sales +7.5%, widening performance vs. burger peers and reclaiming #2 in the U.S. burger category.
- Management highlighted that the opportunity extends beyond menu: remodel/image upgrades still have major runway—they’re around ~60% complete and expect sustained uplift as they push toward ~85% and beyond.
- Menu elevation is continuing (e.g., upgraded chicken nuggets, core improvements driving double-digit growth in Whopper core AUVs, King Jr. +40%, nuggets +35%).
- Remodel timing may be modestly extended vs. expectations, influenced by record beef inflation; management said this may take a little longer but not “considerably,” and expects most of the system modernized by ~2028/2029.
Popeyes: underperformance with improving guest metrics—top-line pain likely to last longer:
- Same-store sales -1.8% (negative this quarter).
- Despite this, the brand is showing encouraging execution signals: Popeyes was the only chicken category brand to report improving service satisfaction YOY in each of the first 3 quarters, with core chicken satisfaction at its highest on record.
- Management cited two key headwinds:
- $6 Big Box promo returned less incremental sales than hoped.
- Intentional scaling back of wings (reduces operational complexity to refocus on core items), creating year-over-year sales pressure.
- Outlook change: while they previously expected positive same-store sales in H2, they now believe it will take a bit longer.
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$186.68
143.5% upside
Current Fair Value
143.5% upsideUndervalued by 143.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $26.75 Billion |
|---|---|
| Enterprise Value | $41.19 Billion |
| Annual dividend | $2.57 |
| Dividend yield | 3.31% |
| Earnings per Share | $2.36 |
| Beta | 0.59 |
| Outstanding Shares | 349,000,000 |
Return
| Return on Equity | 42.31% |
|---|---|
| Return on Assets | 6.60% |
| Return on Invested Capital | 11.59% |
Valuation & Multiples
| P/E Ratio | 17.98 |
|---|---|
| PEG | 24.96 |
| Price to Sales | 2.74 |
| Price to Book Ratio | 5.11 |
| Enterprise Value to Revenue | 4.21 |
| Enterprise Value to EBIT | 15.61 |
| Enterprise Value to Net Income | 24 |
| Total Debt to Enterprise | 0.37 |
| Debt to Equity | 3.92 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS
$1.10
Est. $1.08Revenue
$2.52 B
Est. $2.55 BNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$1.02
Consensus analyst estimateRevenue Estimate
$2.53 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.09, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.0867▲ 76.05% |
|---|---|
| Total Calls | 36,900▼ 98.58% |
| Total Puts | 40,100▼ 95.28% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 10.68%▼ 82.54% |
|---|---|
| Total Invested | $2.70B▼ 88.51% |
| Investors Holding | 254▼ 369.00% |
About Restaurant Brands International Inc
53,500 employees
CEO: Jose Cil
Restaurant Brands International, Inc. is a holding company, which engages in the operation of quick service restaurants. It operates through the following segments: Tim Hortons, Burger King, Popeyes, and Firehouse Subs. The Tim Hortons s...