Equity Profile

QSR

Restaurant Brands International Inc.

Consumer DiscretionaryRestaurants$25.9B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Restaurant Brands International Inc. (QSR) is a global leader in the fast-food industry, owning popular brands like Burger King, Tim Hortons, and Popeyes....

Key Metrics to Watch

Same-Store Sales Growth

This metric indicates how well existing restaurants are performing and reflects consumer demand.

Expected growth of 2.5%

Earnings Per Share (EPS)

EPS is a key indicator of profitability and is closely watched by investors.

Expected at $0.88

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

QSR Q2-2026 Earnings Preview

Context

Company Snapshot

Restaurant Brands International Inc. (QSR) is a global leader in the fast-food industry, owning popular brands like Burger King, Tim Hortons, and Popeyes. As a major player in the consumer discretionary sector, its performance is closely tied to consumer spending trends and preferences in dining.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+0.82%

Avg Stock Reaction

-2.25%

Last Quarter Recap

In Q1 2026, QSR reported an EPS of $0.86, beating estimates by 4.37%. However, the stock fell 5.47% the following day, indicating market disappointment despite the earnings beat.

Management Promises & Guidance

Focus on improving customer experience across all brands.
Commitment to expanding digital ordering capabilities.
Plans to enhance menu offerings to attract more customers.

Expectations

Wall Street Expectations

Overall, analysts expect QSR to report solid earnings driven by steady consumer demand, but concerns about inflation and competition linger.

Bull Case

If same-store sales exceed expectations and new openings are strong, it could signal robust growth and market confidence.

Bear Case

Conversely, if the company reports weaker-than-expected sales growth or struggles with cost pressures, it may lead to a negative market reaction.

Key Metrics to Watch

Same-Store Sales Growth

Expected growth of 2.5%

This metric indicates how well existing restaurants are performing and reflects consumer demand.

Earnings Per Share (EPS)

Expected at $0.88

EPS is a key indicator of profitability and is closely watched by investors.

Net New Restaurant Openings

Expected to open 150 new locations

This shows the company's expansion strategy and ability to capture market share.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the same-store sales growth rate for Q2 2026?

This metric is crucial as it reflects consumer demand and can significantly impact investor sentiment.

How many new restaurant openings are planned for the remainder of the year?

New openings are a key driver of growth and can indicate the company's expansion strategy and market confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of QSR's digital ordering enhancements, which could drive higher sales than anticipated.

Supporting Evidence

Recent trends show increasing consumer preference for digital ordering, which QSR is well-positioned to capitalize on.

The company's strong brand loyalty may cushion it against competitive pressures more than analysts expect.

Key Risk

If same-store sales growth comes in below 2%, it could challenge the optimistic growth narrative.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers around the company's ability to sustain growth amid rising costs and competition.

Bull Confirmed If

Same-store sales growth of 3% or higher would confirm strong consumer demand and support the bull case.

Bear Confirmed If

Same-store sales growth below 2% would raise concerns about market competitiveness and consumer spending.

Pre-Earnings Positioning

Options Market

Implied Move

±3.81%

Historical Avg

±3.1%

Pricing rich

The options market is pricing in a move of about 3.81%, suggesting investors are anticipating some volatility around the earnings report.

Options are pricing ±3.8% while QSR has averaged ±3.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

26.3%

Calls (53K)P/C Ratio: 1.13Puts (7K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If QSR beats expectations, history suggests the stock could rise around 1.5% the following day, confirming positive market sentiment.

In-Line / Cautious

If results are in line but management expresses caution, the stock may experience muted movement as investors reassess growth prospects.

Miss

If QSR misses expectations, history indicates an average decline of about 2.77%, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on digital ordering adoption rates across brands.
2Details on customer feedback regarding new menu items.
3Insights into cost management strategies amid inflation.
4Any commentary on competitive pressures in the fast-food sector.
5Management's outlook on consumer spending trends for the remainder of the year.

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AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Restaurant Brands International Inc. (QSR) is a global leader in the fast-food industry, owning popular brands like Burger King, Tim Hortons, and Popeyes....

Key Metrics to Watch

Same-Store Sales Growth

This metric indicates how well existing restaurants are performing and reflects consumer demand.

Expected growth of 2.5%

Earnings Per Share (EPS)

EPS is a key indicator of profitability and is closely watched by investors.

Expected at $0.88

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

QSR Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+0.82%

Avg Stock Reaction

-2.25%

Last Quarter Recap

In Q1 2026, QSR reported an EPS of $0.86, beating estimates by 4.37%. However, the stock fell 5.47% the following day, indicating market disappointment despite the earnings beat.

Management Promises & Guidance

Focus on improving customer experience across all brands.
Commitment to expanding digital ordering capabilities.
Plans to enhance menu offerings to attract more customers.

Expectations

Wall Street Expectations

Overall, analysts expect QSR to report solid earnings driven by steady consumer demand, but concerns about inflation and competition linger.

Bull Case

If same-store sales exceed expectations and new openings are strong, it could signal robust growth and market confidence.

Bear Case

Conversely, if the company reports weaker-than-expected sales growth or struggles with cost pressures, it may lead to a negative market reaction.

Key Metrics to Watch

Same-Store Sales Growth

Expected growth of 2.5%

This metric indicates how well existing restaurants are performing and reflects consumer demand.

Earnings Per Share (EPS)

Expected at $0.88

EPS is a key indicator of profitability and is closely watched by investors.

Net New Restaurant Openings

Expected to open 150 new locations

This shows the company's expansion strategy and ability to capture market share.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the same-store sales growth rate for Q2 2026?

This metric is crucial as it reflects consumer demand and can significantly impact investor sentiment.

How many new restaurant openings are planned for the remainder of the year?

New openings are a key driver of growth and can indicate the company's expansion strategy and market confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of QSR's digital ordering enhancements, which could drive higher sales than anticipated.

Supporting Evidence

Recent trends show increasing consumer preference for digital ordering, which QSR is well-positioned to capitalize on.

The company's strong brand loyalty may cushion it against competitive pressures more than analysts expect.

Key Risk

If same-store sales growth comes in below 2%, it could challenge the optimistic growth narrative.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers around the company's ability to sustain growth amid rising costs and competition.

Bull Confirmed If

Same-store sales growth of 3% or higher would confirm strong consumer demand and support the bull case.

Bear Confirmed If

Same-store sales growth below 2% would raise concerns about market competitiveness and consumer spending.

Pre-Earnings Positioning

Options Market

Implied Move

±3.81%

Historical Avg

±3.1%

Pricing rich

The options market is pricing in a move of about 3.81%, suggesting investors are anticipating some volatility around the earnings report.

Options are pricing ±3.8% while QSR has averaged ±3.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

26.3%

Calls (53K)P/C Ratio: 1.13Puts (7K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If QSR beats expectations, history suggests the stock could rise around 1.5% the following day, confirming positive market sentiment.

In-Line / Cautious

If results are in line but management expresses caution, the stock may experience muted movement as investors reassess growth prospects.

Miss

If QSR misses expectations, history indicates an average decline of about 2.77%, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on digital ordering adoption rates across brands.
2Details on customer feedback regarding new menu items.
3Insights into cost management strategies amid inflation.
4Any commentary on competitive pressures in the fast-food sector.
5Management's outlook on consumer spending trends for the remainder of the year.