Why is Restaurant Brands International stock sliding today?

Shares of Restaurant Brands International fell 3.9% in pre-open trading after the company released its third-quarter 2026 results before the market opened, delivering a revenue miss that overshadowed a narrow earnings beat.

Adjusted EPS came in at $1.10, edging past the $1.08 analyst consensus, but total revenue of approximately $2.52 billion fell short of the roughly $2.54–2.55 billion Wall Street had expected, and adjusted EBITDA of $829 million also trailed the $839 million estimate — a combination that left investors focused on the top-line disappointment.

The drag was concentrated in two of the company’s four major brands. Popeyes U.S. comparable sales declined 2.2% in the quarter, continuing a prolonged stretch of negative traffic, while Tim Hortons Canada — which accounts for a significant share of the company’s operating profit — posted comparable sales growth of just 1.5%, a sharp deceleration from the 4.2% gain recorded a year earlier.

Free cash flow margin also contracted to 19% from 21.7% in the prior-year period, adding to concerns about underlying profitability trends.

Partially offsetting these negatives, Burger King U.S. comparable sales surged 8.4%, well ahead of the 3.2% gain a year ago, driven by value promotions and new menu items, and the company reaffirmed its full-year target of 8% organic adjusted operating income growth.

The broader market provided little cushion, with the S&P 500 slipping 0.4%, the Dow Jones edging 0.3% lower, and the Nasdaq declining 1.2%, reflecting a risk-off tone across U.S. equities that amplified the stock’s reaction to the mixed report.

Taken together, the revenue and EBITDA misses, persistent brand-level weakness at Popeyes and Tim Hortons, and a softening macro backdrop combined to outweigh the positives from Burger King’s momentum and the reaffirmed guidance, sending QSR shares to trade at $71.63 — near the lower end of its pre-market range and well off its prior close of $74.52.