Fast-food company Restaurant Brands International (NYSE:QSR) will be announcing earnings results tomorrow before the bell. Here's what investors should know.

Restaurant Brands beat analysts' revenue expectations by 1% last quarter, reporting revenues of $1.82 billion, up 7.8% year on year. It was a good quarter for the company, with a decent beat of analysts' revenue and EPS estimates.

Is Restaurant Brands a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Restaurant Brands's revenue to grow 7% year on year to $1.70 billion, slowing from the 9.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.72 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they are expecting the business to stay the course heading into earnings. Restaurant Brands has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 1.9% on average.

Looking at Restaurant Brands's peers in the restaurants segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Darden delivered year-on-year revenue growth of 6.8%, missing analyst expectations by 1.7%, and Kura Sushi reported revenues up 30.4%, topping Wall Street's consensus estimates by 1.1%. Darden traded down 5.5% following the results while Kura Sushi was up 5.7%.

Read our full analysis of Darden's results here and Kura Sushi's results here.

Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, and while some of the restaurants stocks have fared somewhat better, they have not been spared, with share price declining 4.9% over the last month. Restaurant Brands is down 5.9% during the same time and is heading into earnings with an average analyst price target of $85.5 (compared to share price of $73.82).

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