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.

26,5 %

11,4 %

+12,2 %

0.98

0.91

— Restaurant Brands International Limited Partnership
%
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.

The company sells primarily to franchisees, master franchisees, and development partners that operate restaurants under...

  • Franchise operatorsprimary

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

  • Master franchisees and developersprimary

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

  • End consumersprimary

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

  • Delivery and digital userssecondary

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

  • Retail and CPG channelssecondary

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

RBI operates in more than 120 countries and territories, with core franchise systems in the U.S...

  • •Core markets are the United States and Canada
  • •International operations span more than 120 countries and territories
  • •Master franchise model is used widely outside North America
  • •Some markets are operated through joint ventures or development partners
  • •Currency and local regulation affect international economics

RBI’s strategy is built around refranchising, system-wide sales growth, and expanding restaurant count across its...

01
Refranchise acquired company restaurantsmedium-term

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

02
Grow system-wide sales and trafficshort-term

Royalty and advertising revenue depend on franchisee sales volumes.

03
Expand digital and loyalty capabilitiesmedium-term

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

04
Use international master franchise growthlong-term

Scales the brands without direct ownership of most restaurants abroad.

RBI is exposed to food safety, brand reputation, and franchise execution risk because its economics depend on...

high

Food safety and product quality failures

A single incident can affect many franchised locations and damage brand trust.

Scope
System-wide brand reputation and guest traffic
Materiality
high
high

Franchisee and partner execution risk

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

Scope
Master franchisees, developers, and sub-franchisees
Materiality
high
medium

International currency and regulatory exposure

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

Scope
More than 120 countries and territories
Materiality
high
medium

Company-operated restaurant operating risk

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

Scope
Acquired restaurant portfolios and test locations
Materiality
medium
medium

Goodwill and acquisition integration risk

Acquisitions create goodwill and require successful refranchising to realize value.

Scope
Carrols-related and other portfolio acquisitions
Materiality
high
Franchise royalties and advertising contributions
Affects royalty revenue and advertising revenue timing
Company restaurant sales
Changes revenue mix and operating cost exposure
Lease and sublease accounting
Affects property income and segment profitability
Goodwill impairment
Could create non-cash impairment charges
Acquisition and refranchising accounting
Affects balance sheet composition and period results

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: 29/04/2026