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QSR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Restaurant Brands International Inc. (QSR) stock moving?
Restaurant Brands reported Q3 results on Oct 29 with adjusted EPS of $1.10, beating the $1.08 estimate, but sales of $2.525B missed the $2.541B estimate. Burger King drove the growth, while Popeyes softened and management said its return to positive same-store sales in H2 will take longer than expected. Management also flagged some impact from higher gas prices, especially in drive-thru and rural markets. TD Cowen reiterated a Hold with a $78 price target. The stock fell to a 30-day low of 71.66 on Oct 29 on about 5.5M shares, roughly 2.5 times its usual volume, then recovered to 74-75 in early November. A jump to 78.38 on Nov 4 on 3.9M shares had no matching news item in the feed. Since then, the stock has held between about 77.5 and 78.5 on falling volume, closing at 77.63 on Nov 10, close to the $78 target. The mix of an EPS beat, a revenue miss, and Popeyes and gas-price headwinds gives a balanced picture, with the recent rebound already pricing in much of the recovery.
News behind the analysis
- Restaurant Brands Intl Q3 Adj. EPS $1.10 Beats $1.08 Estimate, Sales $2.525B Miss $2.541B EstimateRestaurant Brands reported Q3 adjusted EPS of $1.10, above the $1.08 estimate, while sales of $2.525B fell short of the $2.541B estimate.
- Burger King or Popeyes: Who Is Shining?The Q3 EPS beat was driven by Burger King growth, which offset a slight revenue miss and softer Popeyes sales.
- TD Cowen Reiterates Hold on Restaurant Brands Intl, Maintains $78 Price TargetTD Cowen kept its Hold rating and $78 price target on Restaurant Brands after the Q3 report.
- Restaurant Brands Exec Says Co Sees Some Impact From Higher Gas Prices, Especially In Drive-Thru And Rural MarketA company executive said higher gas prices are hurting results, particularly in drive-thru and rural markets.
- Restaurant Brands Exec Says Popeyes' Return To Positive Same-Store Sales In H2 Will Take Longer Than ExpectedA company executive said Popeyes will take longer than expected to return to positive same-store sales in the second half.
About Restaurant Brands International Inc.
Restaurant Brands International is a Miami-based fast-food company that owns Burger King, Tim Hortons, Popeyes and Firehouse Subs, with tens of thousands of restaurants in more than 100 countries. Almost all of its restaurants are run by franchisees, and it is listed in both New York and Toronto. Pershing Square is a well-known long-term shareholder.
How it makes money
Most of its money comes from franchisees: royalties (a percentage of each restaurant's sales), advertising fund contributions and rent on properties it leases to them. Tim Hortons also earns a large amount by selling coffee, food and supplies to its Canadian franchisees (about $2.3 billion in the first nine months of 2026). It also has some company-owned restaurant sales, partly from the Burger King US restaurants it took back to remodel and refranchise.
What usually moves QSR
- Same-store sales trends at Burger King US and Popeyes
- International restaurant openings and growth
- Tim Hortons performance in Canada
- Beef, coffee and other food costs, plus US dollar/Canadian dollar moves
- Dividend and share buyback announcements