(https://www.cnbc.com/2026/08/06/restaurant-brands-international-q2-2026-earnings.html) and the market cheered. But here's what the headline misses: franchise models collapse when *franchisees* are squeezed, not the parent. When you own nothing but the brand, accrual quality is everything—receivables from franchisees, deferred revenue timing, and royalty revenue recognition become the real earnings.

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