QSR earnings are due October 29, 2026, with analysts expecting Restaurant Brands International to report adjusted earnings per share of $1.08 on revenue of $2.54 billion. On October 20, Mizuho assigned the restaurant operator an Outperform rating and an $85 price target, citing expectations for long-term sales growth and restaurant expansion.
Key Takeaways
- Analysts expect third-quarter adjusted EPS of $1.08 and revenue of $2.54 billion; neither figure is a reported result.
- Mizuho projects long-term same-store sales growth above 3% and annual net unit growth of 4%.
- The dividend payout ratio of 77% makes earnings and cash generation important measures to assess alongside the yield.
Table of Contents
- QSR earnings expectations separate from long-term forecasts
- Dividend coverage remains an open question
- Four brands underpin the operating business
- Conclusion
QSR earnings expectations separate from long-term forecasts
Mizuho’s $85 target compares with a recent closing share price of $75.63. The target represents the brokerage’s assessment, not a guaranteed future trading price.
The brokerage’s growth outlook concerns two distinct drivers: higher sales at existing restaurants and expansion of the restaurant network. Those long-term projections are separate from the third-quarter analyst estimates and should not be read as company guidance.
Restaurant Brands International’s third-quarter results announcement schedule confirms an October 29, 2026 release and an investor conference call at 8:30 a.m. Eastern Time that morning.
| Item | Details |
|---|---|
| Annual system-wide sales | Nearly $49 billion, as described in the September 15, 2026 company announcement. |
| Restaurant network | More than 33,000 restaurants. |
| Geographic footprint | More than 120 countries and territories. |
Dividend coverage remains an open question
The October 20 snapshot put the dividend yield at 3.42%, the payout ratio at 77% and the three-year dividend growth rate at 7.2%. These figures describe the distribution’s size relative to the share price and earnings, but do not establish that future payments are assured.
A payout ratio of 77% means dividends absorb most of the earnings used in that calculation. Cash generation and earnings stability therefore matter when assessing coverage; the payout ratio alone does not provide a complete measure of dividend sustainability.
Four brands underpin the operating business
Restaurant Brands International owns Burger King, Tim Hortons, Popeyes and Firehouse Subs. Its predominantly franchised business generates revenue from franchise fees, royalties and supply chain sales.
The company’s scale also requires a distinction between system-wide sales and reported revenue: sales across its restaurant network are not the same as revenue recognized by the parent company.
Conclusion
The next confirmed event is the October 29 results release and morning investor call. Those disclosures will allow a comparison of actual quarterly performance with analyst expectations and a fuller assessment of earnings and cash generation.
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