RSTRFRetail-Eating PlacesIFRS · EUR

Restaurant Brands International Limited Partnership

Restaurant Brands International Limited Partnership is a U.S.-based quick service restaurant company that owns and franchises Tim Hortons, Burger King, Popeyes, and Firehouse Subs. Its business model centers on franchised restaurant operations, brand development, and system support across North America and international markets through a mix of franchised, master-franchised, and company-operated locations.

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

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,00010,000m EUR2020: 4,968 m EUR2020: EBIT 1,422 m EUR20202021: 5,739 m EUR2021: EBIT 1,879 m EUR20212022: 6,505 m EUR2022: EBIT 1,898 m EUR20222023: 7,022 m EUR2023: EBIT 2,051 m EUR20232024: 8,406 m EUR2024: EBIT 2,419 m EUR20242025: 9,434 m EUR2025: EBIT 2,202 m EUR20259,4342,202
RevenueOperating profit (EBIT)
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Business

Share of revenue
Franchise royalties and fees45 %

Royalties, franchise fees, and related franchise revenue from restaurant operators.

Company restaurant sales20 %

Sales from restaurants directly operated by the company, including acquired portfolios.

Advertising and other services20 %

Advertising fund contributions, tech fees, and related brand support services.

Property revenues10 %

Lease and sublease income from properties used by franchisees.

Supply chain and product sales5 %

Supply chain activity and CPG-related sales, especially tied to Tim Hortons.

Customers

The company sells primarily to franchisees, master franchisees, and development partners that operate restaurants under its brands. End demand comes from consumers buying coffee, breakfast, burgers, chicken, sandwiches, and related QSR meals in dine-in, drive-thru, delivery, and digital channels. It also serves retail and supply-chain counterparties where brand-related products and support services are involved.

Franchise operators

Buy brand rights, operating systems, and support to run restaurants under RBI banners.

Master franchisees and developers

Buy exclusive or semi-exclusive market development rights outside the U.S. and Canada.

End consumers

Purchase coffee, breakfast, burgers, chicken, and sandwiches from RBI restaurants.

Delivery and digital users

Order through mobile, web, and third-party delivery channels for convenience.

Retail and CPG channels

Buy branded products and related offerings tied mainly to Tim Hortons.

Strategy

RBI’s strategy is built around refranchising, system-wide sales growth, and expanding restaurant count across its brands. It also emphasizes digital loyalty, technology-enabled ordering, and stronger local execution to improve guest experience and support franchisee economics.

Refranchise acquired company restaurantsMedium term

Moves the system back toward a capital-light franchisor model and local operator ownership.

Grow system-wide sales and trafficShort term

Royalty and advertising revenue depend on franchisee sales volumes.

Expand digital and loyalty capabilitiesMedium term

Improves customer retention, frequency, and order convenience across brands.

Use international master franchise growthLong term

Scales the brands without direct ownership of most restaurants abroad.

Geography

Q1/2026

RBI operates in more than 120 countries and territories, with core franchise systems in the U.S. and Canada and a broad international footprint. Its operating structure separates North American franchisor segments from an international segment, while also using master franchise and development agreements in many overseas markets. Geography matters because consumer tastes, regulation, currency, and local partner quality can vary significantly by market.

United States55 %
Canada45 %

Share of the revenue the company reports by geography.

Risks

RBI is exposed to food safety, brand reputation, and franchise execution risk because its economics depend on consistent product quality across a large, decentralized system. Its international footprint adds currency, regulatory, geopolitical, and partner-credit risk, while company-operated restaurant portfolios increase labor, commodity, lease, and liability exposure.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Food safety and product quality failures1Franchisee and partner execution risk2International currency and regulatory exposure3Company-operated restaurant operating risk4Goodwill and acquisition integration risk5
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 affect many franchised locations and damage brand trust.

    Exposure: System-wide brand reputation and guest traffic

  2. Franchisee and partner execution riskImpact: HighLikelihood: Medium

    Royalty growth depends on operators maintaining standards, investing, and expanding.

    ExposureMaster franchiseesDevelopersSub-franchisees
  3. International currency and regulatory exposureImpact: MediumLikelihood: Medium

    Foreign markets create translation, inflation, tax, and policy uncertainty.

    Exposure: More than 120 countries and territories

  4. Company-operated restaurant operating riskImpact: MediumLikelihood: Medium

    Direct ownership increases exposure to wages, commodities, leases, and compliance.

    Exposure: Acquired restaurant portfolios and test locations

  5. Goodwill and acquisition integration riskImpact: MediumLikelihood: Medium

    Acquisitions create goodwill and require successful refranchising to realize value.

    Exposure: Carrols-related and other portfolio acquisitions

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Accounting

Judgemental items
Franchise royalties and advertising contributions

Revenue depends on franchisee sales and contractual percentages, so system sales drive reported results.

Impact: Affects royalty revenue and advertising revenue timing

Company restaurant sales

Directly operated restaurants create a different revenue and expense profile than franchised units.

Impact: Changes revenue mix and operating cost exposure

Lease and sublease accounting

Property revenues and segment F&P expenses depend on leased restaurant real estate.

Impact: Affects property income and segment profitability

Goodwill impairment

Acquisitions and refranchising require valuation assumptions about future cash flows.

Impact: Could create non-cash impairment charges

Acquisition and refranchising accounting

Portfolio acquisitions and subsequent refranchising can change asset values and reported gains or losses.

Impact: Affects balance sheet composition and period results

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Last updated: 24/09/2026

Restaurant Brands International Limited Partnership – Retail-Eating Places | Financial Analysis – Clarifo