Restaurant Brands International reported third-quarter earnings on Thursday that reflected divergent performance across its portfolio of restaurant brands. The company’s net income attributable to common shareholders reached $542 million, or $1.54 per share, compared with $315 million, or 96 cents per share, in the prior-year period. On an adjusted basis excluding certain noncash items, earnings per share totaled $1.10. Net revenue increased 3.1% to $2.53 billion.
The company’s consolidated same-store sales advanced 3.8% across all restaurants, marking the fifth consecutive quarter of same-store sales growth exceeding 3%. Management noted that the consumer environment had remained relatively stable over recent months, with no significant behavioral changes observed despite elevated gas prices that softened traffic in the broader industry during the quarter.
Burger King emerged as the strongest performer, posting U.S. same-store sales growth of 8.4% as its multiyear turnaround strategy continued to yield results. The brand has now delivered four years of industry outperformance and three consecutive quarters of exceptional results. Following earlier improvements to its Whopper sandwich, the chain relaunched its nuggets on September 1 with 100% white meat chicken, generating sales increases exceeding 35%. Management indicated that additional core menu items would receive upgrades in the following year.
Tim Hortons reported Canadian same-store sales growth of 1.8%, buoyed by a matcha drink line launched in July that attracted customers during afternoon hours. Popeyes, however, continued to underperform, with U.S. same-store sales declining 2.2% as competitors drew customers away through promotional pricing. The company extended its timeline for Popeyes’ return to same-store sales growth beyond the previously forecast second half of the year, citing modest results from a September relaunch of its $6 Big Box promotion. The chain’s decision to scale back wings offerings to emphasize core items also pressured near-term sales, though traffic was improving. Internationally, Restaurant Brands achieved same-store sales growth of 3.9%, driven primarily by Burger King locations.
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