| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 6, 2026 | 9/12 | 1 medium, 2 low flags | 0 | 0 | Call sheet → |
| Q1'26 | May 6, 2026 | 10/12 | 2 medium, 3 low flags | 1 | 1 | Call sheet → |
| Q4'25 | February 12, 2026 | 9/12 | 1 medium, 5 low flags | 6 | 0 | Call sheet → |
| Q3'25 | October 30, 2025 | 9/12 | 2 medium, 4 low flags | 3 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Well positioned to deliver another year of approximately 8% organic AOI growth in 2026 Full year remained open. H1 organic adjusted operating income growth was 8.5%, versus the approximately 8% annual objective. Q2 growth was 6.7%. |
| Q2'26 | Pending | Reach the long-term leverage objective by 2028 The target is not yet due. Net leverage improved from 4.2x to 4.1x, and management reported a credit-rating upgrade. |
| Q2'26 | Pending | Expect to see a similar AOI drag in Q2 from Tim Hortons advertising, which will partially reverse in the back half of the year The <a href="https://www.sec.gov/Archives/edgar/data/1618756/000161875626000041/qsr_2026630xpressrelease.htm">Q2 earnings release, Tim Hortons segment table</a> reports $76M of advertising revenue and $90M of advertising expense, a $14M net expense. H1 net expense was $27M. This item was disclosed outside the call. The expected H2 partial reversal and full-year approximately $20M net expense remained pending at Q2. |
| Q2'26 | Pending | Path to sunset Restaurant Holdings segment by end of 2027 Period not ended; reiterated this quarter as still on track with a specific 2026/2027 re-franchising cadence, though Q2 pace itself was admitted to be slower than expected. |
| Q2'26 | Pending | Remain on track to repurchase approximately $500 million for the full year 2026 Period ongoing; Q2 buyback was $137 million, tracking toward the $500 million full-year target but not yet complete. |
| Q2'26 | Pending | CPE has fully funded BK China development, starting with a return to modestly positive net restaurant growth this year in 2026 No specific BK China NRG figure was disclosed on the Q2 call; only qualitative commentary on comps and 'sequential improvement in unit economics'. Actual not stated on the call. |
| Q2'26 | Pending | Confident our efforts will support a return to positive comps in the second half of 2026 at Popeyes Period not yet ended; Q2 comps still -5.2%, management reiterated confidence 'a week into August', but no positive comp has been reported yet. |
| Q1'26 | Missed | Popeyes return to positive comps Comps worsened to -6.5% in Q1, now targeting second half 2026 recovery |
| Q1'26 | Pending | Canadian Tire loyalty partnership launch Confirmed for second half 2026 launch timeline maintained |
| Q1'26 | Pending | Return Burger King China to modestly positive net restaurant growth in 2026 CPE partnership closed, early double-digit comps encouraging but unit growth TBD |
| Q1'26 | Pending | Accelerate net restaurant growth in 2026 following 2025 low point Q1 at 2.6% but expected seasonal low, BK China should help acceleration |
| Q1'26 | Pending | Deliver fourth consecutive year of approximately 8% organic AOI growth Q1 delivered 10.7% growth, ahead of algorithm |
| Q1'26 | Delivered | Resume share repurchases in 2026 after 2+ year suspension Began repurchasing in March with $60M through April 30, on track for $500M full year |
| Q4'25 | Exceeded | BK China sale process making good progress Closed CPE joint venture on January 30, 2026, ahead of original timeline |
| Q4'25 | Delivered | Net restaurant growth around 3% for 2025 Achieved 2.9% NRG, essentially in line with guidance |
| Q4'25 | Delivered | 8%+ organic AOI growth for 2025 Delivered 8.3% organic AOI growth, third consecutive year around 8% |
| Q4'25 | Delivered | Return to modest net restaurant growth in Canada in 2025 Tim Hortons returned to net growth in Canada for first time since 2021 |
| Q4'25 | Delivered | Around 400 BK US remodels in 2025 Completed roughly 400 remodels as guided |
| Q4'25 | Exceeded | Between 50 and 100 restaurant refranchising in 2025 Slightly exceeded 100 restaurants refranchised, ahead of schedule |
| Q3'25 | Delivered | Tim Hortons supply chain margins roughly 19% for full year Reaffirmed with Q4 guidance in mid-17% range |
| Q3'25 | Pending | Net restaurant growth of around 3% for the year Reaffirmed in guidance |
| Q3'25 | Exceeded | Refranchise between 50 and 100 restaurants in 2025 Already started ahead of schedule, signed 5 Crown Your Career candidates |
| Q3'25 | Pending | Return to modest net restaurant growth in Canada in 2025 Still on track per management commentary |
| Q3'25 | Pending | Complete roughly 400 BK remodels this year Still on track but now 'mindful of commodity cycle' - adding qualifier |
| Q3'25 | Delivered | Deliver at least 8% organic AOI growth in 2025 Q3 delivered 8.8% growth, maintaining confidence in full year target |
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