QSRNYSERetail-Eating PlacesUS GAAP · USD

Restaurant Brands International Inc.

Restaurant Brands International Inc. is a U.S.-based quick service restaurant company that owns and franchises Tim Hortons, Burger King, Popeyes, and Firehouse Subs. Its business is built around franchised restaurant operations, brand licensing, and related revenue streams such as royalties, advertising funds, and property-related income across more than 120 countries and territories.

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Revenue9,434m USD
+12.2 %y/y
Operating profit (EBIT)2,202m USD
−9.0 %y/y
EBIT margin23.3%
−5.4 ppy/y
Net income1,075m USD
−25.6 %y/y
Free cash flow1,449m USD
+11.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,00010,000m USD2020: 4,968 m USD2020: EBIT 1,422 m USD20202021: 5,739 m USD2021: EBIT 1,879 m USD20212022: 6,505 m USD2022: EBIT 1,898 m USD20222023: 7,022 m USD2023: EBIT 2,051 m USD20232024: 8,406 m USD2024: EBIT 2,419 m USD20242025: 9,434 m USD2025: EBIT 2,202 m USD20259,4342,202
RevenueOperating profit (EBIT)

Business

Share of revenue
Franchising and royalties45 %

Brand licenses and royalty streams tied to franchise restaurant sales.

Advertising and brand support15 %

Advertising fund contributions and marketing support for franchise systems.

Company restaurant sales10 %

Sales from restaurants directly operated by the company, mainly test or acquired units.

Property revenues10 %

Lease and sublease income from properties used by franchisees.

Supply chain and other services20 %

Supply chain sales, CPG sales, and other support services tied to the brands.

Customers

The company serves franchisees that operate restaurants under its brand systems, as well as consumers who buy food and beverages at those restaurants. Franchisees buy the right to use the brands, operating systems, and support infrastructure, while end customers are drawn by convenience, value, and familiar menu platforms. The business also interacts with landlords, suppliers, and advertising partners that support the restaurant network.

Franchise operators

Buy brand rights, operating systems, and support to run restaurants and earn local restaurant sales.

End consumers

Purchase meals, coffee, snacks, and beverages from the restaurant brands for convenience and familiarity.

Master franchisees and developers

Buy development rights in international markets and expand the brands locally.

Property counterparties

Lease or sublease restaurant real estate and support the footprint of franchised locations.

Strategy

The company’s strategy centers on expanding its franchise system, strengthening brand relevance, and using technology to improve ordering, loyalty, and restaurant execution. It also seeks to grow through international development partnerships and by refranchising company-operated restaurants back into the franchise system. These priorities support scale, recurring royalty economics, and a more consistent operating model across brands and markets.

Grow franchise system scaleMedium term

A larger franchised base increases royalty, advertising, and brand reach with less direct operating intensity.

Improve digital guest engagementShort term

Digital ordering and loyalty can raise visit frequency, convenience, and brand stickiness.

Refranchise company-operated restaurantsMedium term

Returning restaurants to franchise ownership aligns the system with the company’s asset-light model.

Strengthen brand execution and operations

Consistent quality, speed, and cleanliness protect brand equity across a large franchise network.

Geography

Q1/2026

Restaurant Brands International operates in the U.S., Canada, and more than 120 countries and territories through a mix of company-operated, franchised, and master franchise structures. The U.S. and Canada are the core markets for Tim Hortons and Burger King, while international growth is often organized through master franchise and exclusive development arrangements. This geographic mix creates exposure to currency, regulation, consumer spending, and local partner execution across many markets.

United States55 %
Canada45 %

Share of the revenue the company reports by geography.

Risks

The business depends on franchisee performance, food safety, brand reputation, and execution by third-party suppliers and delivery partners. Its global footprint adds exposure to currency swings, regulation, consumer spending changes, and partner risk in master franchise markets, while company-operated restaurants create additional labor, commodity, and liability exposure. Competition is intense across QSR, casual dining, grocery, convenience, and delivery channels, which can pressure traffic and site economics.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Food safety and product quality failures1Franchisee and master franchise partner execution risk2Foreign exchange and macroeconomic volatility3Competitive pressure in quick service restaurants4Company-operated restaurant exposure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Food safety and product quality failuresImpact: HighLikelihood: Medium

    A single incident can spread quickly across a large franchised system and harm brand trust.

    Exposure: All brands and markets

  2. Franchisee and master franchise partner execution riskImpact: HighLikelihood: Medium

    The company relies on third parties to operate restaurants, enforce standards, and fund growth.

    Exposure: International markets and franchised system

  3. Foreign exchange and macroeconomic volatilityImpact: MediumLikelihood: Medium

    Global operations expose results to currency movements, inflation, taxes, and consumer spending shifts.

    Exposure: International revenue and earnings translation

  4. Competitive pressure in quick service restaurantsImpact: MediumLikelihood: Medium

    Consumers can switch to other QSR chains, fast casual, grocery, convenience, or delivery options.

    Exposure: All brands

  5. Company-operated restaurant exposureImpact: MediumLikelihood: Medium

    Direct operations increase labor, insurance, commodity, and regulatory liabilities versus pure franchising.

    Exposure: Acquired and test restaurants

Accounting

Judgemental items
Royalty and advertising fund revenue recognition

These revenues are tied to franchise sales and can vary with restaurant performance and timing.

Impact: Affects reported revenue mix and comparability across periods

Goodwill and intangible impairment

Acquisitions and brand assets create large balances that depend on future cash flow assumptions.

Impact: Could create non-cash charges if brand or reporting unit values decline

Lease and sublease accounting

Property revenues and expenses depend on lease terms for franchisee locations.

Impact: Affects property income, occupancy costs, and balance sheet assets

Foreign currency translation

International operations generate earnings in many currencies while reporting in U.S. dollars.

Impact: Can materially change reported revenue and operating income

Acquisition and refranchising estimates

Purchased restaurant portfolios and refranchising plans require valuation and recoverability judgments.

Impact: Affects goodwill, fixed assets, and gains or losses on disposition

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Last updated: 24/09/2026