RBI’s Brands Build Momentum Through Q3 2026

Picking Up Where Q2 Left Off

In our Q2 coverage, we asked whether Burger King could keep up its momentum, whether Popeyes’ early turnaround would hold, and whether Firehouse Subs could sustain its traffic while expanding. Q3 visit data offers some answers: Every RBI brand ended the quarter stronger than it began, each through its own mix of short-term promotions and long-term strategy.   

Four Brands, One Portfolio Gain

RBI’s four brands are each moving forward in their own way, and in Q3, their gains added up. The company’s overall visits grew 2.0% YoY, widening its lead over the QSR benchmark, which declined further, while keeping pace with the fast casual benchmark. That’s a notable shift for a portfolio that trailed both benchmarks through Q1 2026, and it aligns with management’s case that “investing behind” each of its brands is paying off. 

On a per-location basis, RBI outperformed both benchmarks. Average visits per location grew 3.3% YoY in Q3, extending a three-quarter streak and outpacing overall visits. The gap reflects a smaller fleet, as Burger King continued shuttering underperforming stores and dozens of Popeyes locations closed following a franchisee bankruptcy in late June. But with overall visits still rising, RBI appears to be holding onto its traffic despite a smaller footprint. 

Burger King and Popeyes: Turnarounds Gain Traction

Burger King really earned its royal moniker in Q3, leading RBI’s brands in both overall and same-store visit growth. Overall visits rose 3.4% YoY and same-store visits 4.4%, each one bettering Q2. Same-store visits also accelerated each month, from 0.3% in June to 8.7% in September, a month that included Burger King’s popular Dragon Ball Super Menu promotion and the full Labor Day weekend, which began in August last year. These short-term wins reinforce the chain’s long-term “Reclaim the Flame” framework, which has already helped Burger King reclaim its long-sought No. 2 spot among U.S. burger chains.  

Popeyes hasn’t had as smooth a ride, but it too ended the quarter stronger than it began. While the aforementioned store closures kept overall Q3 visits slightly negative, same-store visits turned positive for the quarter, a marked improvement from Q2. Same-store visits rose from 1.3% in June to 4.3% in September, dipping in August before rebounding soon after Popeyes brought back its $6 Big Box as part of its new “THAT Chicken” brand campaign. Both moves align with RBI’s turnaround plan for Popeyes: consistent value through the Big Box and a campaign spotlighting its signature chicken rather than another limited-time offer. Management expects this renewed focus to drive positive second-half comps.

Firehouse Subs and Tim Hortons: Steady Monthly Progress

Firehouse Subs also ended the quarter on an upswing. While its Q3 same-store performance was slightly negative and softer than Q2, visits gradually improved each month from June to September, ending on 0.4% growth. The climb coincided with the Smokin’ Honey Melts special and the beginning of the chain’s multi-year partnership with the MLB. Longer term, these results are a promising sign as Firehouse leans into development incentives to encourage new franchisees, building on the chain’s recently opened 1,500th restaurant. 

Tim Hortons, for its part, improved substantially from Q2 and narrowed its visit gap each month from a 5.3% YoY decline in June to just 1.1% in September. The limited-time Harry Potter menu launched in mid-August, which featured drinks, donuts, and packaging inspired by the series, added a timely bit of magic to the chain’s late-summer lineup. With the chain planning further expansion outside its Great Lakes and Northern strongholds into Southern markets, it might only be a matter of time before visits tip into positive territory. 

Customers at the Center

Across RBI's portfolio, its brands have framed their efforts around guest feedback, from Burger King’s revamped Whopper to Firehouse Subs’ expanded Melt lineup and Popeyes’ new Honey Chicken Biscuit, inspired by fans’ own menu hacks. If Q3 is any indication, diners are noticing. 

For more data-driven dining insights, visit placer.ai/anchor.