Restaurant Brands has beaten earnings estimates in three of its last four reported quarters. Its September-quarter results will show whether recent estimate upgrades and sales momentum can continue.
Restaurant Brands International Inc. (TSX: QSR) is set to report results before markets open on October 29, 2026, for the quarter ended September 30. One earnings calendar lists an estimate of C$1.09 per share. A separate earnings-trends feed puts consensus at C$1.52, based on 23 analysts. That’s a significant difference, so check the source and currency before treating either figure as the benchmark.
Recent earnings trend
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Restaurant Brands International Inc
QSR.TO
QSR.TO
Restaurant Brands International Inc
WealthAwesomeMarket cap
$47.84B
P/E
19.0x
Div. yield
2.41%
Div. / share
$2.54
52W high
$112.10
52W low
$86.73
1W change
-0.58%
Beta
0.54
Analyst Price Targets
Based on analyst covering QSR · as of Oct 27, 2026
Wall Street analysts forecast QSR stock price to rise 10.7% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$115.58
+10.7% Upside
Previously C$117.08 on Sep 30, 2026
Current Price
C$104.43
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on QSR's historical volatility
30-Day Vol
22.9%
Annualized
90-Day Vol
23.8%
Annualized
Trend (90d)
-3.4%
Annualized drift
90d Mean
C$103.16
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$104.00 | C$96.11 – C$112.55 |
| 60 trading days | C$103.58 | C$92.64 – C$115.82 |
| 90 trading days | C$103.16 | C$89.97 – C$118.28 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
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Analyst coverage: 23 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-29 | — | 1.0900 | — |
| 2026-06-30 | 2026-08-06 | 1.5000 | 1.4500 | +3.4% |
| 2026-03-31 | 2026-05-06 | 1.1700 | 1.1300 | +3.5% |
| 2025-12-31 | 2026-02-12 | 1.3000 | 1.3100 | -0.8% |
| 2025-09-30 | 2025-10-30 | 1.4300 | 1.3900 | +2.9% |
| 2025-06-30 | 2025-08-07 | 1.2900 | 1.3300 | -3.0% |
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The trends feed also forecasts revenue of $2.53 billion, up 3.3% from a year earlier, and EPS growth of 5.9%. For Canadian investors, the main question is whether QSR’s multi-brand restaurant business can deliver the sales and earnings growth behind those forecasts.
Investor takeaway: The outlook is cautiously positive, but a beat isn’t guaranteed. QSR has topped estimates in three of its last four quarters, and consensus has edged higher over the past month. RBC has also flagged the potential for stronger same-store sales at Tim Hortons, citing a Harry Potter collaboration and a broadly stable economy. But the EPS estimates provided don’t match. And beating estimates alone won’t settle the investment case: investors will want to see sales growth translate into lasting profitability.
Three beats in the last four quarters
QSR reported EPS of $1.50 against an estimate of $1.45 for June 2026, $1.17 against $1.13 for March, $1.30 against $1.31 for December 2025, and $1.43 against $1.39 for September 2025. That record makes another beat possible, but the conflicting September-quarter estimates mean investors should confirm which figure they’re using.
Bull case
QSR has beaten earnings expectations in three of its last four comparable quarters. The earnings-trends feed shows consensus EPS rising from $1.50 to $1.52 over the past 30 days, with 12 upward revisions and one downward revision. RBC sees potential for stronger same-store sales at Tim Hortons, and the revenue consensus points to modest year-over-year growth. If QSR delivers sales and earnings growth without hurting profitability, the results could strengthen confidence in its franchised, multi-brand business.
Bear case
The estimates don’t line up: the earnings calendar lists $1.09 per share, while the trends feed lists $1.52. Based on the figures provided, it’s unclear which one investors should use as the benchmark. Forecast revenue growth of 3.3% is positive but modest, and higher sales don’t always lead to better margins.
QSR shares closed at C$104.43, below the 50-day moving average of C$105.14 but above the 200-day average of C$102.69. The 2.41% dividend yield and nearly 19 P/E may appeal to some investors, but they don’t remove the risk of weak execution or high expectations.
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