In short: A one-line 13F relay from the Pershing Square holdings walk — "He added more to Restaurant Brands International." No thesis or stance of Carlson's own.
17:04He added more to Restaurant Brands International. Finally, we get further up the holding list for Bill Ackman, and we get to companies like Amazon. He slightly reduced Amazon. This one has done really well, so I believe he's taking some gains out of this one and simply reallocating it. When we look at Microsoft, this is another one that he added to recently, another 10%.
In short: Burger King breaks out. Q2 revenue +5% Y/Y to $2.5B (in line) with adjusted EPS $1.07 (a $0.03 beat), system-wide sales +6.4%, comparable sales accelerating to 3.8% and adjusted operating income of $715M. Burger King US was the standout, with comps surging 8.5% versus 5.8% in Q1 and roughly 3.5% expected — outperforming the broader US burger category by more than 9 points as four years of remodels, kitchen upgrades, marketing and value offers under "Reclaim the Flame" finally show up in traffic and sales. The rest was mixed: international comps +5.5% with system-wide sales +10.7%, but Tim Hortons Canada slowed to just 0.1% and Popeyes remained weak at −5.2% comps (improved from −6.5%), with management still expecting Popeyes to turn positive in H2. RBI returned $435M through dividends and buybacks and maintained its FY26 target of 8% organic adjusted operating income growth despite continued beef inflation and a modest FX headwind. "Burger King and International are increasingly responsible for carrying the portfolio."
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