MIAMI, FL — February 26, 2026 — Leads & Copy —
Restaurant Brands International Inc. (RBI) (NYSE: QSR) (TSX: QSR) (TSX: QSP) reaffirmed its growth expectations for the 2028 outlook period and announced plans to return over $1.6 billion of capital to shareholders in 2026 through dividends and share repurchases during its 2026 Investor Day in Miami.
The company highlighted its commitment to delivering 8%+ organic Adjusted Operating Income growth from 2024-2028, having achieved this target in both 2024 and 2025. RBI also provided a roadmap to 5%+ Net Restaurant Growth by 2028.
RBI plans to allocate the majority of excess free cash flow to share repurchases, starting with $500 million in 2026. The company also aims to achieve corporate investment-grade leverage by 2028.
The company intends to sunset the Restaurant Holdings segment by the end of 2027 as part of a simplification roadmap. RBI updated its long-term capital spending framework, projecting capital expenditures, tenant inducements, and incentives to decline to approximately $300 million annually from 2028 onward.
Tom Curtis, President of Burger King US and Canada, announced an extension of the elevated 4.5% franchisee advertising fund contribution rate through at least 2027 and shared details on the progress of the Reclaim the Flame plan.
RBI CEO Josh Kobza said the company is focused on building a simpler and stronger organization. He emphasized the strength of RBI’s four brands, supported by franchisees and talent. Kobza projected consistent 5%+ Net Restaurant Growth, earnings growth, and double-digit total shareholder returns, positioning the company to create value for stakeholders.
CFO Sami Siddiqui stated the company’s commitment to becoming a 99% franchised business. He highlighted the significant free cash flow generation, which allows for brand investment, balance sheet maintenance, and shareholder returns through dividends and share repurchases. Siddiqui expressed confidence in achieving corporate investment-grade leverage within two years, unlocking long-term flexibility.
Executive Chairman Patrick Doyle said he saw a company with great brands and people when he invested in RBI three years ago. Doyle added that RBI makes long-term decisions and prioritizes franchisee profitability.
RBI outlined its strategy to achieve 5%+ Net Restaurant Growth by 2028, representing about 1,800 net new restaurants annually. The company’s Net Restaurant Growth, excluding Burger King China, has averaged 4.0% over the past five years.
Growth in the US and Canada (300-400 net new restaurants per year by 2028) is expected to be driven by Firehouse Subs, Tim Hortons, and Popeyes. Firehouse Subs is expected to contribute about half of the net new units, with 150-200 per year. The remaining 150-200 net new units will be roughly split between Tim Hortons and Popeyes. Burger King China’s partnership with CPE is expected to deliver over 200 net new units in 2028. Popeyes China and Tim Hortons China are expected to contribute the remaining 100-200 combined net new units in 2028.
Top 10 growth markets internationally, excluding China, including India, the UK, Mexico, France, and Japan, are expected to deliver approximately 700 units per year by 2028. The remaining international portfolio of around 175 brand-market combinations are expected to contribute approximately 400 new units per year.
Burger King’s Reclaim the Flame strategy has delivered four years of burger QSR industry Comparable Sales outperformance since launching in 2022. Franchisee profitability grew in 2025, even during a challenging environment. Burger King franchisees have voted to continue their elevated ad fund contribution of 4.5% of sales through at least 2027. The brand will also launch a major campaign reinforcing its commitment to listening to and acting on guest feedback in 2026.
RBI introduced BK Assistant, an AI-powered tool, to streamline restaurant operations.
RBI is transitioning to a 99% franchised model, targeting corporate investment-grade leverage by 2028, and resuming share repurchases, with about $500 million expected in 2026. The company is committed to its dividend, with a long-term target payout ratio of around 60%.
RBI is working to refranchise the Burger King US company restaurant portfolio and place Popeyes China and Firehouse Brazil with long-term local partners. Both objectives are expected to be accomplished by the end of 2027. Total Capex and Cash Inducements is expected to be approximately $400 million in 2026 and 2027, stepping down to approximately $300 million in 2028 and thereafter.
RBI is targeting net leverage of approximately 4.0x in 2026 and a long-term target of low- to mid-3x, which the Company expects to achieve by 2028 through earnings growth.
The 2026 Investor Day featured presentations from CEO Josh Kobza, CFO Sami Siddiqui, Executive Chairman Patrick Doyle, and Business Unit Presidents. A replay of the event will be available on RBI’s investor relations website for one year following the event.
Restaurant Brands International Inc. is one of the world’s largest quick service restaurant companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories. RBI owns four brands – BURGER KING®, TIM HORTONS®, POPEYES®, and FIREHOUSE SUBS®.
Source: Restaurant Brands International
