Restaurant Brands International Inc.

What does Restaurant Brands International own?
RBI owns four quick service restaurant brands: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, and Firehouse Subs. The company operates as a franchisor, with over 33,000 restaurants in more than 120 countries, the majority owned and operated by independent franchisees.

Is Restaurant Brands International publicly traded?
Yes, RBI trades on the New York Stock Exchange under ticker QSR and on the Toronto Stock Exchange under tickers QSR and QSP. The company has been publicly traded since its formation in 2014 through the merger of Burger King and Tim Hortons.

Who founded Restaurant Brands International?
RBI was formed in 2014 through the merger of Burger King Worldwide and Tim Hortons Inc. The merger was engineered by 3G Capital, the Brazilian investment firm that had acquired Burger King in 2010. The deal was valued at approximately $11.4 billion.

Where is Restaurant Brands International headquartered?
RBI is headquartered in Miami, Florida. The company's brands are headquartered in their home markets: Tim Hortons in Canada and Burger King, Popeyes, and Firehouse Subs in the United States.

How many restaurants does RBI operate?
RBI's system includes over 33,000 restaurants in more than 120 countries and territories as of Q1 2026. The vast majority are franchised locations. System-wide sales were approximately $47 billion in 2025.

What is RBI's revenue?
RBI reported total revenues of $9.4 billion for fiscal year 2025, up from $8.4 billion in 2024. Adjusted Operating Income was $2.6 billion. The company's third consecutive year of approximately 8% organic AOI growth.

What are RBI's largest or most valuable brands?
Burger King is the largest brand by restaurant count with over 20,000 locations. Tim Hortons is the largest by revenue contribution, accounting for approximately 42% of system-wide sales. Popeyes is the primary international growth vehicle. Firehouse Subs is the fastest-growing by unit count.

Has RBI made major acquisitions recently?
In 2024, RBI acquired Carrols Restaurant Group, the largest Burger King franchisee in the US, for approximately $1 billion, and Popeyes China. In February 2025, RBI acquired the remaining equity in Burger King China. The company plans to refranchise most company-operated restaurants by the end of 2027.

RBI was formed in 2014 through an $11.4 billion merger between Burger King Worldwide and Tim Hortons Inc. The deal was engineered by 3G Capital, the Brazilian investment firm that had acquired Burger King in 2010. The merger created a new holding company initially based in Oakville, Ontario, Canada, and later relocated to Toronto. The structure was a tax inversion, allowing Burger King's corporate parent to benefit from Canada's lower corporate tax rate.

The Canadian government approved the merger under the Investment Canada Act, with conditions requiring RBI to maintain Tim Hortons' Canadian operations, employment levels, and franchisee relationships. The deal closed on December 12, 2014.

In February 2017, RBI acquired Popeyes Louisiana Kitchen for $1.8 billion, or $79 per share. The acquisition gave RBI entry into the fried chicken category, one of the largest segments in quick service restaurants. Popeyes had approximately 2,600 restaurants at the time of acquisition, primarily in the United States.

In November 2021, RBI acquired Firehouse Subs for $1 billion. Firehouse Subs, founded in 1994 by brothers Chris and Robin Sorensen in Jacksonville, Florida, had approximately 1,200 locations. The acquisition gave RBI a presence in the sandwich category and a brand with strong unit economics and growth potential.

In May 2024, RBI acquired Carrols Restaurant Group, the largest Burger King franchisee in the United States, for approximately $1 billion. Carrols operated 1,022 Burger King restaurants across 23 states. RBI also acquired Popeyes China in June 2024. These acquisitions created a new operating segment, Restaurant Holdings, which includes company-operated restaurants that RBI intends to refranchise over time.

In February 2025, RBI acquired substantially all remaining equity interests in Burger King China from its former joint venture partners. BK China was classified as held for sale and reported as discontinued operations for 2025. RBI subsequently entered into a joint venture with CPE Alder Investment to operate BK China.

At its February 2026 Investor Day, RBI announced plans to refranchise the Burger King US company restaurant portfolio to approximately 300 to 500 restaurants and to place Popeyes China and Firehouse Brazil with long-term local partners by the end of 2027. The Restaurant Holdings segment is expected to wind down once these transactions are complete.

For Q1 2026, RBI reported total revenues of $2.26 billion, up from $2.11 billion in Q1 2025. System-wide sales grew 6.2%, with comparable sales of 3.2%. The company resumed share repurchases in March 2026 and expects to repurchase $500 million in 2026.

RBI publishes an annual "Restaurant Brands for Good" sustainability report covering food, planet, and people and communities. The company was named to the Dow Jones Best-in-Class North America Index in 2024, its third consecutive year on the index.

The company's sustainability framework focuses on sustainable sourcing of ingredients, packaging reduction, and energy efficiency in restaurant operations. RBI has set targets for reducing greenhouse gas emissions across its franchise network and supply chain.

Animal welfare standards apply across the supply chain, with commitments to cage-free eggs and improved broiler chicken welfare. RBI works with suppliers to implement responsible sourcing practices for palm oil, seafood, and coffee.

Community engagement includes the Firehouse Subs Public Safety Foundation, which has donated over $100 million in life-saving equipment to first responders since 2005. Tim Hortons operates the Tim Hortons Foundation Camps, sending underprivileged children to summer camps.

• Dow Jones Best-in-Class North America Index (2024): Named for the third consecutive year, recognizing ESG performance
• Restaurant Brands for Good Report (2025): Fifth annual sustainability report covering food, planet, and people and communities
• Franchise Times Top 200: RBI brands consistently ranked among the largest franchise systems in the United States
• QSR Magazine Top 50: All four RBI brands ranked among the top quick service restaurant chains by system-wide sales
• Burger King Reclaim the Flame Results: Burger King US comparable sales growth of 5.8% in Q1 2026, outperforming the broader quick service restaurant category
• Tim Hortons 20 Consecutive Quarters of Positive Comparable Sales: Achieved as of Q1 2026
• Firehouse Subs Growth Recognition: Fastest-growing brand in RBI's portfolio by net restaurant growth, surpassing 100 net new units in 2025

RBI has faced criticism over the environmental impact of its packaging and supply chain, particularly the use of single-use plastics and paper products across its 33,000+ restaurants. The company has committed to packaging reduction targets and increased use of recyclable materials.

Labor practices at franchise locations have drawn scrutiny. Because RBI operates primarily as a franchisor, franchisees set wages and working conditions for the majority of restaurant employees. This structure has led to criticism that RBI cannot fully ensure fair labor practices across its network. The company has faced lawsuits related to wage theft and working conditions at franchise-operated locations.

The Burger King "Reclaim the Flame" strategy has required significant investment, including a $400 million capital expenditure by RBI in 2023 and 2024 to support franchisee remodels and advertising. Some franchisees have pushed back on the required investments, creating tension within the system.

Supply chain costs were up 8.4% for the full year 2025, driven by commodity price inflation, particularly coffee prices at Tim Hortons partly due to tariffs. RBI passed some of these costs to franchisees, which in turn raised menu prices, creating consumer pushback in certain markets.

The acquisition of Carrols Restaurant Group in 2024 transformed RBI from a pure franchisor into a company that also operates restaurants, creating tension with existing franchisees who compete with company-operated locations. RBI has committed to refranchising the majority of Carrols locations by the end of 2027.