Filing Flows › Restaurant Brands International (QSR) › Q1 2026
Restaurant Brands International (QSR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Restaurant Brands International (QSR) reported revenue of $2.3B for the first quarter 2026 (Q1 2026), +7% from a year earlier and -8% from the quarter before. Operating margin was 26.8%, net earnings $338M (14.9% of revenue).
Restaurant Brands International, Q1 2026: revenue $2.3B (+7% year over year), operating margin 26.8%, net earnings $338M, operating cash flow $227M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | -8% | +7% |
| Operating profit | $606M | -2% | +39% |
| Net earnings | $338M | +199% | +113% |
| Operating cash flow | $227M | -59% | +92% |
| Free cash flow | $169M | — | +213% |
What changed
Revenue was $2.3B in Q1 2026, up 7% year over year and down 8% from the previous quarter. TH was the largest line at 44% of revenue. TH added $0.09B year over year (up 10%), 61% of the total change. PLK declined 2%.
Operating profit was $0.61B, a 26.8% margin (up 6.1 points year over year). Of the extra revenue versus Q1 2025, 110% reached operating profit, above the 21% margin then. Total costs fell 1% while revenue rose 7%. Net earnings were $0.34B, up 113% year over year. The effective tax rate was 7.9%.
Operating cash flow was $0.23B (up 92% year over year), 51% of net income including minority interests. Non-cash charges added back $0.08B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.33B. After payments for additions of property and equipment ($0.06B), free cash flow as the company reports it was $0.17B.
Questions
What was Restaurant Brands International's revenue in the first quarter 2026?
Restaurant Brands International (QSR) reported revenue of $2.3B for the first quarter 2026 (Q1 2026), +7% from a year earlier and -8% from the quarter before.
Was Restaurant Brands International profitable in the first quarter 2026?
Operating profit was $606M (26.8% of revenue) and net earnings $338M.