Restaurant Brands International Inc. (NYSE:QSR) shares slipped on Wednesday despite the fast-food operator delivering stronger-than-expected quarterly results and continued momentum across its international business.

The company pointed to sustained comparable sales growth at Tim Hortons and Burger King as operational improvements and global expansion efforts continued to support performance.

Quarter In Detail

The company reported first-quarter adjusted earnings per share of 86 cents, beating the analyst consensus estimate of 82 cents. Quarterly sales of $2.264 billion outpaced the Street view of $2.240 billion.

Restaurant Brands said consolidated system-wide sales grew 6.2% year over year, including 11.1% growth in international markets.

Quarterly comparable sales accelerated to 3.2%, including 5.8% growth at Burger King U.S. and 5.7% growth in international markets.

CEO Josh Kobza said the company delivered a strong start to the year, translating solid topline growth into double-digit earnings gains while resuming share repurchases and growing its dividend.

He added that Tim Hortons and the international business each posted their 20th consecutive quarter of positive comparable sales, while Burger King benefited from years of operational improvements that boosted guest engagement and performance.

Adjusted operating income in the quarter under review increased to $610 million from $539 million a year ago. Adjusted EBITDA totaled $706 million, higher than $642 million a year ago.

Dividend

The firm declared a second-quarter 2026 dividend of 65 cents per common share and partnership exchangeable unit of Restaurant Brands International LP, payable on July 7.

Outlook

Restaurant Brands expects 2026 segment G&A expenses, excluding Restaurant Holdings, to range between $600 million and $620 million, while Restaurant Holdings adjusted operating income is projected at approximately $10 million to $20 million.

The company expects adjusted net interest expense between $500 million and $520 million and total capital expenditures and cash inducements of around $400 million in 2026.

Restaurant Brands continues to target long-term comparable sales growth of more than 3% and organic adjusted operating income growth above 8% on average between 2024 and 2028.

The company also continues to expect net restaurant growth to exceed 5% toward the end of its long-term algorithm period.

QSR Price Action: Restaurant Brands Intl shares were down 5.64% at $77.06 at the time of publication on Wednesday, according to Benzinga Pro data.

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