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.

Kysy yhtiöstä
Liikevaihto9 434milj. EUR
+12,2 %v/v
Liikevoitto (EBIT)2 202milj. EUR
−9,0 %v/v
EBIT-marginaali23,3%
−5,4 %-yks.v/v
Nettotulos1 075milj. EUR
−25,6 %v/v
Vapaa kassavirta1 449milj. EUR
+11,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

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

Liiketoiminta

Osuus liikevaihdosta
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.

Asiakkaat

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.

Strategia

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 restaurantsKeskipitkä aikaväli

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

Grow system-wide sales and trafficLyhyt aikaväli

Royalty and advertising revenue depend on franchisee sales volumes.

Expand digital and loyalty capabilitiesKeskipitkä aikaväli

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

Use international master franchise growthPitkä aikaväli

Scales the brands without direct ownership of most restaurants abroad.

Maantiede

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.

USA55 %
Kanada45 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Food safety and product quality failures1Franchisee and partner execution risk2International currency and regulatory exposure3Company-operated restaurant operating risk4Goodwill and acquisition integration risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Food safety and product quality failuresVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: System-wide brand reputation and guest traffic

  2. Franchisee and partner execution riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuMaster franchiseesDevelopersSub-franchisees
  3. International currency and regulatory exposureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: More than 120 countries and territories

  4. Company-operated restaurant operating riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Acquired restaurant portfolios and test locations

  5. Goodwill and acquisition integration riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Acquisitions create goodwill and require successful refranchising to realize value.

    Kohdistuu: Carrols-related and other portfolio acquisitions

Kirjanpito

Harkinnanvaraiset erät
Franchise royalties and advertising contributions

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

Vaikutus: Affects royalty revenue and advertising revenue timing

Company restaurant sales

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

Vaikutus: Changes revenue mix and operating cost exposure

Lease and sublease accounting

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

Vaikutus: Affects property income and segment profitability

Goodwill impairment

Acquisitions and refranchising require valuation assumptions about future cash flows.

Vaikutus: Could create non-cash impairment charges

Acquisition and refranchising accounting

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

Vaikutus: Affects balance sheet composition and period results

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026