Restaurant Brands International posts mixed Q3 results as Burger King’s U.S. rebound shines
The fast‑food conglomerate posted higher earnings but saw overall sales growth tempered by Popeyes’ decline.
Burger King’s U.S. turnaround is lifting Restaurant Brands International’s quarterly performance.
Restaurant Brands International reported third‑quarter net income attributable to common shareholders of $542 million, or $1.54 per share, compared with $315 million, or 96 cents per share, a year earlier. On an adjusted basis that excludes certain non‑cash items, earnings were $1.10 per share.
Across the company’s portfolio, same‑store sales grew 3.8% for the quarter, marking the fifth consecutive quarter of growth above 3%.
CEO Josh Kobza told CNBC that the company has not observed any major shifts in consumer behavior, noting a “relatively stable” environment over recent months.
Burger King emerged as the top performer, posting 8.4% U.S. same‑store sales growth. The chain is in the middle of a multiyear turnaround focused on food and restaurant improvements. Chair Patrick Doyle said the plans put in place over the last several years are working and highlighted three consecutive quarters of “truly exceptional results.”
After upgrading the Whopper earlier in the year, Burger King turned to its nuggets and sauces. Kobza said the relaunch of 100% white‑meat chicken nuggets on September 1 drove sales up more than 35%, and additional core menu upgrades are slated for next year.
Tim Hortons recorded 1.8% same‑store sales growth in Canada, its home market, and recently introduced a line of matcha drinks to attract afternoon traffic.
Popeyes remained the laggard, with U.S. same‑store sales falling 2.2% for the quarter.
While Burger King’s resurgence offers a bright spot, the mixed results underscore the challenge of balancing performance across a diverse brand portfolio.
