Restaurant Brands International Inc. (QSR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$9.7B

Revenue growth

6.5%

Net income, last twelve months

$1.3B

Earnings per share

$3.71

Operating margin

26.9%

Net margin

13.1%

Free cash flow

$1.6B

Return on equity

33.1%

Market value

$26.0B

Price to earnings

20.1x

Dividend yield

3.4%

Cash

$1.1B

Debt

$13.3B

Debt to equity

3.44

Shares outstanding

349.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the Third Quarter 2026 results, filed 29 October 2026.

• System-wide sales up 6.2%. System-wide Sales rose 6.2% on a constant currency basis to $12,972 million, with International up 9.0%. Global comparable sales were 3.8%, against 4.0% a year earlier.
• Adjusted EPS and AOI both higher. Adjusted diluted EPS was $1.10 against $1.03, up 6.9% nominal and 8.6% organic. AOI was $737 million, up 5.0% nominal and 6.7% organic. Diluted EPS from continuing operations was $1.54 against $0.96.
• Tax benefit lifted net income. The income tax line was a $133 million benefit against a $94 million expense a year earlier. Management attributed the change to discrete tax benefits from intra-group reorganizations undertaken in 2026.
• Burger King US comparable sales rose 8.4%. Burger King comparable sales were 8.3%, with US at 8.4%, against 3.1% a year earlier. Segment AOI was $136 million, up 10.6%, with refranchising reducing total revenues.
• International royalties and BK China resumed. International system-wide sales rose 9.0% constant currency, with comparable sales of 3.9%. Segment AOI was $205 million, up 8.9%, helped by resumed royalties from BK China.
• Tim Hortons comparable sales slowed. Tim Hortons comparable sales were 1.5%, with Canada at 1.8%, against 4.2% a year earlier. Segment system-wide sales rose 2.0% and segment AOI was $317 million, up 4.2%.
• Popeyes sales and AOI declined. Popeyes system-wide sales fell 1.0% and comparable sales fell 1.8%, with US down 2.2%. Segment AOI was $58 million, against $63 million, with segment G&A up on compensation.
• Firehouse Subs grew with unit count. Firehouse Subs system-wide sales rose 8.3% and comparable sales were 1.5%. Restaurant count rose 7.8% to 1,509, and segment AOI was $16 million, up from $14 million.
• Restaurant Holdings AOI fell. Restaurant Holdings AOI was $5 million, against $10 million, as company restaurant expenses and segment G&A rose. Management tied the expense increase to Carrols Burger King sales and to start-up businesses in PLK China and FHS Brazil.
• Guest feedback guides brand work. Chief Executive Officer Josh Kobza said RBI continues to listen to guests and act on their feedback across its brands to deliver quality, service and convenience.
• Investor Day themes restated. Kobza referred to the Investor Day themes: four global brands, the ability to invest for long-term growth, and teams and franchisees around the world.
• Reclaim the Flame spending ceiling. Burger King's Reclaim the Flame plan includes investing up to $700 million through year-end 2028. Advertising and digital investments were completed in 2024, with the remaining spend on remodels, technology and equipment.
• Royal Reset funding progressed. As of September 30, 2026, $198 million had been funded toward the Royal Reset investments, up to $550 million planned. The June 30 figure was $194 million.
• Global comparable sales 3.8%. Global comparable sales were 3.8% for the quarter against 4.0% a year earlier. For the nine months they were 3.6%, against 2.2% a year earlier.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2024

By region, FY2025

Company events

The newest 8-K filings of 162 held.

Every filing

The newest filings with the SEC of 299 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

635 funds held it at 30 Jun 2026: 303 added and 162 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• McDonald's Corp. (MCD): revenue $27.7B, market value $177.4B
• Yum! Brands, Inc. (YUM): revenue $8.7B, market value $41.0B
• Chipotle Mexican Grill Inc. (CMG): revenue $12.4B, market value $36.4B
• Darden Restaurants Inc. (DRI): revenue $13.4B, market value $24.5B
• Yum China Holdings, Inc. (YUMC): revenue $12.4B, market value $15.4B
• Aramark (ARMK): revenue $19.8B, market value $14.6B
• Texas Roadhouse, Inc. (TXRH): revenue $6.2B, market value $11.5B
• Brinker International, Inc. (EAT): revenue $5.9B, market value $9.2B
• Cava Group, Inc. (CAVA): revenue $1.4B, market value $6.3B
• Cheesecake Factory Inc. (CAKE): revenue $3.9B, market value $5.3B

What the company does

Restaurant Brands International describes itself as one of the world's largest quick service restaurant companies. It owns and franchises four brands, Tim Hortons, Burger King, Popeyes and Firehouse Subs, which the company calls iconic. As of 31 December 2025 the system had 33,041 restaurants in more than 120 countries and territories, and over 95% of them were franchised. The remaining restaurants are Company restaurants, mostly acquired in the Carrols Acquisition.

The four brands

Tim Hortons was founded in 1964 and has 6,232 restaurants in 21 countries and territories. The filing describes it as a coffee and baked goods chain and says it is the largest in Canada by restaurant count. Burger King was founded in 1954 and has 19,900 restaurants in 126 countries and territories. It is the world's second largest quick service hamburger chain by restaurant count and serves flame-grilled hamburgers, chicken and other sandwiches.

Popeyes was founded in 1972 and has 5,413 restaurants in 51 countries and territories. It is the world's second largest quick service chicken concept by restaurant count, with a "Louisiana" style menu of fried bone-in chicken, tenders, sandwiches and wings. Firehouse Subs was founded in 1994 and has 1,496 restaurants in 9 countries and territories. It sells hot subs, chili and soups.

How the business makes money

Most restaurants are run by franchisees, so most revenue comes from the franchise relationship. The company reports five kinds of revenue:

- Supply chain sales: products, supplies and equipment bought and resold to franchisees, mainly for Tim Hortons, plus consumer packaged goods. - - Franchise revenues: royalties, franchise fees and convention revenue. - Property revenues: rent from properties the company leases or subleases to franchisees. - Advertising revenues and other services: advertising fund contributions and technology fees.

In the U.S. and Canada, royalties for standard restaurants typically range from 3.0% to 6.0% of gross sales. Franchisees who lease from the company typically pay rent of 8.5% to 10.0% of monthly gross sales, a fixed monthly amount, or both. The company leased or subleased approximately 4,700 properties, mainly to Tim Hortons and Burger King franchisees. Advertising fund contributions range from 2.0% to 5.0% of gross sales. Franchise agreements in the U.S. and Canada generally run for 10 or 20 years.

How the business is organised

The company reports six segments. Four are the brands in the U.S. and Canada: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK) and Firehouse Subs (FHS). International (INTL) covers all brands outside the U.S. and Canada. Restaurant Holdings (RH) covers the Burger King restaurants acquired from Carrols, the Popeyes China restaurants and the Firehouse Subs Brazil restaurants. The company says it intends to refranchise the vast majority of the Carrols restaurants and to find new partners for Popeyes China and Firehouse Subs Brazil.

Where it operates

The U.S. and Canada have 16,638 restaurants and international markets have 16,403. Outside North America the company uses master franchise agreements, which give franchisees sub-franchising rights, and development agreements. It also holds equity stakes in some large master franchisees. On 30 January 2026 it closed a joint venture for Burger King China. CPE owns approximately 83% of it, the company owns approximately 17% and has a board seat, and the joint venture is now a master franchisee.

Supply chain and operations

Tim Hortons has the most hands-on supply chain. The company runs two coffee roasting facilities and a fondant and fills manufacturing facility. It also has nine distribution centers in Canada, five of which it owns and operates. In the U.S. it supplies Tim Hortons restaurants through third-party distributors.

Burger King, Popeyes and Firehouse Subs buy from third-party suppliers. Burger King uses seven U.S. distributors, four of which serve approximately 92% of its restaurants. Popeyes uses ten broadline distributors, four of which serve approximately 83% of its restaurants. Firehouse Subs uses five, three of which serve approximately 83% of its restaurants. The company approves suppliers and sets operating standards for each brand. Franchisees take part in initial and ongoing training.

Competition and people

Each brand competes on product choice, quality, affordability, service and location. Competitors include independent local operators, chains of all sizes, convenience and grocery stores, and delivery aggregators. The brands also compete for franchisees, sites and staff. Sales are typically higher in spring and summer and lowest in winter.

Of the approximately 53,500 employees, approximately 3,400 work at restaurant support centers or serve franchisees in the field. Approximately 1,300 work in distribution centers and manufacturing facilities, and approximately 48,900 work in Company restaurants. About 33,700 are in the United States, 2,100 in Canada and 17,700 elsewhere. Franchisees are independent owners who employ their own restaurant teams. The company has digital loyalty programs across all its brands in the U.S., Canada and many international markets.

*From Restaurant Brands International's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1618756/000161875626000017/qsr-20251231.htm)*

From the company's 10-K.