Filing Flows › Restaurant Brands International (QSR) › Q2 2026 › vs Q1 2026
Restaurant Brands International (QSR) Q2 2026 vs Q1 2026 (quarter over quarter)
Restaurant Brands International's revenue rose $256M (+11%) from $2.3B in Q1 2026 to $2.5B in Q2 2026. The biggest changes: TH +$140M (+14%); RH +$58.0M (+13%); BK +$25.0M (+8%). Operating margin 28.4% against 26.8% (+1.6 pts).
Restaurant Brands International, Q2 2026: revenue $2.5B (+5% year over year), operating margin 28.4%, net earnings $507M, operating cash flow $530M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 28.4% | 26.8% | +1.6 pts |
| Net margin | 20.1% | 14.9% | +5.2 pts |
| Free cash flow margin | 19.0% | 7.5% | +11.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| TH | $1.1B | $997M | $140M | +14% |
| RH | $506M | $448M | $58.0M | +13% |
| BK | $342M | $317M | $25.0M | +8% |
| INTL | $274M | $253M | $21.0M | +8% |
| PLK | $199M | $190M | $9.0M | +5% |
| FHS | $62.0M | $60.0M | $2.0M | +3% |
| Revenue | $2.5B | $2.3B | $256M | +11% |
| Operating profit | $716M | $606M | $110M | +18% |
| Costs & expenses | $1.8B | $1.7B | $146M | +9% |
| Pre-tax earnings | $592M | $483M | $109M | +23% |
| Other expense, net | $124M | $123M | $1.0M | +0.8% |
| General & admin | $181M | $180M | $1.0M | +0.6% |
| Other operating costs | $1.6B | $1.5B | $145M | +10% |
| Income tax benefit | $73.0M | −$38.0M | $111M | — |
| Net earnings | $507M | $338M | $169M | +50% |
| Minority interests | $158M | $107M | $51.0M | +48% |
| Depreciation & amortization | $77.0M | $78.0M | −$1.0M | -1% |
| Share-based compensation | $35.0M | $35.0M | $0 | 0% |
| Working capital & other | $89.0M | $224M | −$135M | -60% |
| Operating cash flow | $530M | $227M | $303M | +133% |
| Free cash flow (OCF − capex) | $479M | $169M | $310M | +183% |
| Capital expenditures | $51.0M | $58.0M | −$7.0M | -12% |
Questions
How much did Restaurant Brands International's revenue grow quarter over quarter in Q2 2026?
Restaurant Brands International's revenue rose $256M (+11%) from $2.3B in Q1 2026 to $2.5B in Q2 2026.
What drove Restaurant Brands International's revenue change in Q2 2026?
TH +$140M (+14%); RH +$58.0M (+13%); BK +$25.0M (+8%).