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Bill Ackman highlights Restaurant Brands capital returns and growth
Ackman says Burger King delivered about 7% same-store growth in the first half of the year, and he argues Restaurant Brands trades at a roughly 17 times P/E despite outperformance.
Bill Ackman’s Pershing Square Holdings drew fresh attention after disclosing in its second-quarter 2026 13F filing that it continues to hold a stake in Restaurant Brands International, the parent of Burger King and other brands including Tim Hortons and Popeyes.
According to the piece, Pershing Square is the second-biggest shareholder of Restaurant Brands and holds about a 7.4% stake. In a shareholder letter, Ackman pointed to the company’s 2026 stock performance and said investors are increasingly recognizing the durability of its growth and improvements to its capital return program.
The article also cites Burger King’s 7% same-store growth for the first half of the year as a key part of Ackman’s case, noting it came ahead of peers. It further states Ackman believes Restaurant Brands trades at a material discount to peers at a 17 times price-to-earnings multiple.
Finally, the report says the stock has risen in double digits since the prior discussion of its valuation and has outperformed peers including McDonald’s.