QSR reports 3.8% sales growth, Burger King US up 8.6%, Tim Hortons Canada flat

Restaurant Brands International reported its third consecutive quarter of outperformance, with 3.8% same-store sales growth, while navigating currency headwinds and historically high beef costs. Burger King's US comparable sales rose 8.6%, but Tim Hortons Canada was flat at 0.1% and Popeyes US fell 5.2%. Currency moves will create a $10 million adjusted operating income headwind in the second half. Beef costs remain at all-time highs, pressuring franchisee profitability and delaying remodels until early 2027. Refranchising was slower than expected, though buyer interest has doubled.