On Thursday, Restaurant Brands International disclosed mixed quarterly results, with Popeyes’ challenges being offset by Burger King’s successful U.S. turnaround. The company’s shares declined approximately 2% during morning trading. Across all its restaurant locations, the firm reported same-store sales growth of 3.8%, marking the fifth consecutive quarter of growth exceeding 3%.
The company’s third-quarter net income attributable to common shareholders was $542 million, or $1.54 per share, up from $315 million, or 96 cents per share, a year earlier. Net revenue rose 3.1% to $2.53 billion. Excluding certain noncash items, the company earned $1.10 per share, slightly above the $1.09 expected by analysts.
Burger King leads with strong U.S. sales growth
Burger King was the top performer, with U.S. same-store sales growth of 8.4%. The chain is in the middle of a multiyear turnaround, focusing on improving its food and restaurants. CEO Josh Kobza said that the environment has been “relatively stable” over the last few quarters. Chair Patrick Doyle emphasized on the earnings call that Burger King has delivered over four years of industry outperformance, with three consecutive quarters of exceptional results. In this photo illustration, a Burger King Whopper and fries are seen in a restaurant on August 17, 2026, in Hollywood, Florida.
After enhancing its Whopper earlier this year, Burger King turned its attention to nuggets and sauces. Since relaunching its nuggets on September 1 with 100% white meat chicken, sales have increased by more than 35%. Kobza noted that the company had long recognized the opportunity to improve nuggets and sauces, responding to clear feedback from customers.
Popeyes lags as competitors gain ground
Popeyes, however, was the laggard of Restaurant Brands’ portfolio. The fried chicken chain’s U.S. same-store sales fell 2.2%. Competitors have lured customers away with discounts. The return of Popeyes’ $6 Big Box promotion in September boosted sales less than expected. Additionally, the chain has scaled back its wings to refocus on its core menu items, which has hurt short-term sales.
Restaurant Brands is trying to stage a comeback for Popeyes with improved operations and a focus on its core menu. However, the company now believes it will take longer than expected for Popeyes to return to same-store sales growth. Kobza noted that while traffic is improving, the chain’s recovery is progressing more slowly than initially forecast.
International growth and future upgrades
The company’s international business saw same-store sales growth of 3.9%. Burger King locations fueled this growth. Tim Hortons reported same-store sales growth of 1.8% in Canada, its home market. The coffee chain’s new matcha drinks, launched in July, brought more customers during afternoon hours, a traditionally slower period.