QSR net income +153% to $665.0M on tax benefit; operating income +48%; BK China JV closed

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read

Key Changes

• high

  Established BK China joint venture with CPE in January 2026; CPE invested $350M primary capital, QSR retained 17% equity stake and board seat, deconsolidated BK China and resumed franchise revenue recognition.

  MD&A: BK China Transaction & Notes verify on EDGAR →
• high

  Repurchased $171M of common shares (2.3M shares) in H1 2026 under new up to $1B authorization approved August 2025, with $829M remaining; no repurchases occurred in H1 2025.

  MD&A: Share Repurchases & Notes verify on EDGAR →
• high

  Burger King comparable sales accelerated to 8.6% (Q2) and 7.2% (H1) from 1.3% and 0.0% prior year; Popeyes comps worsened to -5.1% (Q2) and -5.8% (H1) from -1.4% and -2.7%; Tim Hortons comps decelerated to 0.1% (Q2) and 0.8% (H1) from 3.4% and 1.8%.

  MD&A: Segment Comparable Sales verify on EDGAR →