QSR NYSE Russell 1000 Earnings call
Restaurant Brands International (QSR) · Q2 2026 results and valuation
Share price: $76.66 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 6 May 2026
Net income up 49.4% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+49.4%
Net income vs Q1 2026
Outlook given
Net income 665.0M vs 445.0M
Revenue +11.3%
Against the same quarter last year (Q2 2025) it is +152.9%, so it is not just seasonal.
2 · How management spoke
Upbeat
More upbeat than 86% of company calls
Answers to analysts: upbeat, in line with the script.
Last call it was different: the answers were more upbeat than the script.
3 · What stood out
Guidance
The company expects a total RH AOI of roughly $10 million to $20 million for the full year due to the impact of Carrols restaurant refranchising.
Valuation
Is Restaurant Brands International undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 13.2% growth a year (3-year revenue growth), the model's fair value is $91.22 a share — the stock trades 16% below it. Today's price assumes 11.5% growth a year.
Current price
$76.66
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+11.5% for 10 yrs
Fair value / share
$91.22
Buy below
$68.42
Price vs fair value
Undervalued 16%
Price vs buy-below price
Overvalued 12%
Read between the lines
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Guidance
Current rates are expected to cut roughly $10 million from profit and shave $0.02 to $0.03 from adjusted EPS in the second half of 2026.
Source quote
“Based on current rates, we expect an approximately $10 million headwind to AOI and a $0.02 to $0.03 headwind to adjusted EPS for the second half of 2026.”
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Figure
In July, I visited Restaurant Brands International's Firehouse business in Brazil with Thiago, Yuri and its local team, where transactions per restaurant...
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our recent Mata launch also unlocks an entirely new beverage innovation opportunity, while the continued rollout of fountain equipment is enabling us to further expand our cold beverage offerings like...”
“Growing same-store sales by high single digits in today's restaurant environment is an outstanding outcome, especially following the momentum we delivered in Q1.”
“Delivering attractive returns supports new unit growth and market expansion, such as the recent successful launch of Firehouse Subs in Australia.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.52B | 2.26B | +11.3% | 2.41B | +4.6% |
| Operating income | 716.0M | 606.0M | +18.2% | 483.0M | +48.2% |
| Net income | 665.0M | 445.0M | +49.4% | 263.0M | +152.9% |
| EPS | 1.45 | 0.97 | +49.5% | 0.57 | +154.4% |
| P/E today 18.8 | 19.5 | 26.1 | −6.6 | 25.1 | −5.6 |
Topics
Most discussed now
- Meanwhile, Restaurant Brands International's Burger King team has accelerated investments in restaurant image and operations, and they're…
- Was a standout performer this quarter with Restaurant Brands International's elevation strategy driving another major step forward in sales…
- Restaurant Brands International continues to expect net restaurant growth to accelerate through the second half of the year as it…
- Restaurant Brands International continues to expect its full year adjusted effective tax rate to be between 18% and 19%.
- They change because thousands of people make thousands of better decisions every single day.
Faded since Q1 2026
- Dropped Restaurant Brands International remains confident in the durability of its long-term algorithm anchored by approximately 3% same-store…
- Dropped Moving to fountain machines makes things an awful lot easier and faster for Restaurant Brands International's restaurant teams, but it also…
- Fading Restaurant Brands International continues to generate strong free cash flow, which allows it to do it all: invest in high-return organic...
- Fading Restaurant Brands International resumed share buybacks in March and have repurchased $60 million through April 30, an indication of…
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; Regulation FD disclosure · SEC 8-K
- Impairment; Regulation FD disclosure; Other events · SEC 8-K
- Results of operations · SEC 8-K