Restaurant Brands International

What Restaurant Brands International does

Restaurant Brands International (NYSE/TSX: QSR) is one of the world's largest quick service restaurant (QSR) companies, headquartered in Canada with principal executive offices in Miami, Florida. Formed in December 2014 through the merger of Tim Hortons (founded 1964) and Burger King (founded 1954), and subsequently expanded through the 2017 acquisition of Popeyes (founded 1972) and the 2021 acquisition of Firehouse Subs (founded 1994), the company operates four globally recognized brands across complementary dayparts and cuisines — coffee and breakfast (Tim Hortons), flame-grilled burgers (Burger King), Louisiana-style fried chicken (Popeyes), and submarine sandwiches (Firehouse Subs). Across all four brands, the system spans 33,041 restaurants in more than 120 countries and territories and generates approximately $45 billion in annual system-wide sales.

RBI runs a capital-light franchise model in which over 95% of system restaurants are owned and operated by independent franchisees, with management's stated goal of moving to 99% franchised by 2028. Revenue is generated primarily through royalty payments (a percentage of system-wide sales) and rent from company-owned restaurants, with a smaller stream of revenue from the residual company-operated units, most of which originated from the May 2024 acquisition of Carrols Restaurant Group (largest U.S. Burger King franchisee, approximately $1 billion deal). Recent disclosures show Q1 2026 revenue of $2.26 billion (+7.3% YoY) and system-wide sales of $11.51 billion (+6.2%), implying a full-year 2026 revenue base in the high-$9 billions. The company is incorporated under Canadian law, dual-listed on NYSE and TSX under the ticker QSR, and is backed by 3G Capital as a long-standing controlling shareholder, with material additional institutional positions from Pershing Square (~7.8%), Baupost (~$597M), and Duquesne Capital.

Strategic direction is anchored by the February 2026 Investor Day plan: accelerate to 99% franchised by 2028, add 1,800 net new units annually (5%+ net restaurant growth), deliver 8%+ organic adjusted operating income growth, and continue international expansion — most visibly through the $350 million Burger King China joint venture with CPE (targeting >4,000 stores by 2035), the Popeyes China acquisition and Tims China co-investment (July 2024), the Inspira Global-led consortium taking control of Restaurant Brands Asia/Burger King India, and an ongoing review of strategic alternatives for Restaurant Brands Europe. Underpinning this is the Burger King U.S. 'Reclaim the Flame' turnaround and aggressive brand-level operating leadership turnover across all four brands during 2025–2026.

Name

Restaurant Brands International

Legal name

Restaurant Brands International Inc.

Website

https://rbi.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Restaurant Brands International (NYSE/TSX: QSR) is a Canadian-domiciled multi-brand QSR holding company that franchises more than 33,000 Tim Hortons, Burger King, Popeyes, and Firehouse Subs restaurants across 120+ countries, generating revenue primarily through royalties on system-wide sales of about $45 billion annually.

Ownership category

akta.pro rank

Product category

Quick Service Restaurants

NAICS

Limited-Service Restaurants (722513), Restaurants and Other Eating Places (7225), Snack and Nonalcoholic Beverage Bars (722515)

SIC

Retail-Eating Places (5812), Retail-Eating & Drinking Places (5810)

akta.pro primary industry

Multi-Concept / Global QSR Chains (Mixed Menus) (THAFAAAO)

akta.pro secondary industries

Burger QSR (THAFAAAA), Chicken & Wings QSR (THAFAAAC), Coffee Chains & Franchise Cafes (THAFADAB), Sandwiches & Subs QSR (THAFAAAD), Breakfast & Coffee QSR (THAFAAAI)

Keywords

• Quick service restaurants
• Franchise restaurant operations
• Fast food brands
• Coffee chain operations
• Multi-brand restaurant portfolio

Headquarters

HQ city

Oakville

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Supply Chain, Marketing or Sales, Personnel, Technology or R&D

Revenue model

1. Franchise Royalties and Rent: As a franchise-heavy company with over 95% of restaurants franchised, RBI generates the majority of its revenue from royalty payments (typically a percentage of system-wide sales) and rent from company-owned restaurants. This model provides high operating margins and stable cash flow with low capital intensity.
2. Company-Owned Restaurant Sales: Revenue from the approximately 5% of restaurants that RBI operates directly, primarily from recently acquired Carrols Restaurant Group operations that are in the process of being refranchised.

Pricing tiers

Distribution channels1 record

Marketing channels5 records

Core offering

Restaurant Brands International is one of the world's largest quick service restaurant (QSR) companies, operating four iconic brands—Tim Hortons, Burger King, Popeyes, and Firehouse Subs—through a franchise-heavy model with over 33,000 restaurants across 120+ countries and territories. The company generates revenue primarily through franchise royalties, rent from company-owned restaurants, and direct sales from the small percentage of corporate-operated units, with nearly $45 billion in annual system-wide sales.

Product overview

Restaurant Brands International operates a multi-brand quick service restaurant portfolio consisting of four distinct brands: Tim Hortons (Canadian coffee and bakery chain), Burger King (global hamburger chain known for the flame-grilled Whopper), Popeyes (New Orleans-style fried chicken), and Firehouse Subs (firefighter-founded sub sandwich chain). The company operates primarily through a franchise model with over 32,000 restaurants across 120+ countries, generating revenue through royalty fees, rent, and corporate restaurant sales. The four brands serve different market segments with complementary menus spanning coffee/bakery, burgers, chicken, and subs.

Differentiator

Problem solved

Functional benefit

Brands

• TIM HORTONS: North America's largest restaurant chain in the quick service segment, founded in Canada in 1964. Offers premium coffee, specialty drinks, baked goods, sandwiches, and prepared foods. Operates more than 6,000 system-wide restaurants.
• BURGER KING
• POPEYES
• FIREHOUSE SUBS

Products and services

• Tim Hortons North American quick service coffee chain founded in Canada in 1964, offering premium coffee, hot/cold specialty drinks, teas, smoothies, baked goods, sandwiches, wraps, soups, and prepared foods. Operates more than 6,000 system-wide restaurants in Canada, the United States, and worldwide.
• Burger King Global quick service hamburger chain founded in 1954, known for its iconic flame-grilled Whopper sandwich. Operates more than 19,700 locations in 120+ markets, with approximately 95% owned by independent franchisees.
• Popeyes New Orleans-style chicken quick service restaurant founded in 1972, distinguished by its unique menu featuring spicy chicken, chicken tenders, fried shrimp, and regional Louisiana items. Operates over 4,900 restaurants in the U.S. and worldwide.
• Firehouse Subs American restaurant chain founded in 1994 by two former firefighters, specializing in hearty subs and supporting public safety through the Firehouse Subs Public Safety Foundation. Named No. 1 brand in restaurant industry for supporting local community activities for four consecutive years.

Quantifiable outcome

• 5.8% comparable sales growth at Burger King U.S. in Q1 2026
• +4 more outcomes

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• TH International LimitedminorStrategic or Co-development Partner · 1 July 2024RBI announced acquisition of Popeyes China franchise from TH International Limited and co-investment in Tims China, operated by TH International, with total investment cap of up to $45-50 million.
• Carrols Restaurant GroupcoreStrategic or Co-development Partner · 1 May 2024RBI acquired Carrols Restaurant Group, the largest Burger King franchisee in the U.S. operating over 1,000 Burger King restaurants and several dozen Popeyes locations. RBI plans to remodel these locations and refranchise a significant portion as part of its U.S. turnaround strategy.

Scale indicators15 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Jack in the Box: Jack in the Box is a US-focused franchised burger QSR operator. Comparable in franchise-heavy model and value-oriented consumer positioning, though smaller in scale and lacking multi-brand diversification.
• Domino's Pizza: Domino's is a franchised QSR peer comparable in capital-light franchise economics and digital-first operating model. RBI's Executive Chairman Patrick Doyle previously led Domino's successful turnaround, providing direct strategic linkage.
• Starbucks Corporation: Starbucks is the primary competitor to Tim Hortons in coffee and breakfast occasions. Comparable in daypart focus, premium beverage offerings, and global footprint, though Starbucks operates a heavily company-owned model rather than franchise-heavy.

Direct peers

• Subway: Subway is a direct competitor to Firehouse Subs in the sub sandwich category. Comparable in franchise model, daypart, and consumer demographic, though Subway operates a much larger global franchise system.
• Inspire Brands: Inspire Brands is Roark Capital's multi-brand QSR platform (Arby's, Buffalo Wild Wings, Sonic, Dunkin', Jimmy John's, Baskin-Robbins). It is RBI's closest private-market analog as a multi-brand QSR holding company pursuing similar franchise-driven growth.
• Yum! Brands: Yum! operates KFC, Taco Bell, Pizza Hut, and Habit Burger — a multi-brand QSR franchisor with a nearly identical business model to RBI. Comparable in capital-light franchise structure, international exposure, and multi-brand portfolio strategy.
• McDonald's Corporation: McDonald's is the world's largest QSR company and RBI's most direct competitor, particularly through Burger King in the hamburger segment. Both operate global franchise-heavy models and compete for value-conscious QSR consumers worldwide.
• Chick-fil-A: Chick-fil-A is the leading chicken QSR and direct competitor to Popeyes. Comparable in daypart, target consumer, and competitive intensity in the chicken sandwich category that has driven recent QSR industry growth.
• Wendy's Company: Wendy's is a direct burger QSR competitor to Burger King with a similarly franchised system. Comparable in scale, target consumer (value-conscious), and North American QSR competitive dynamics.

Emerging players

• Wingstop: Wingstop is a high-growth chicken QSR chain overlapping with Popeyes' chicken focus. Comparable in franchise model and category, though smaller in scale and focused narrowly on wings rather than broader chicken offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/restaurantbrands
• YouTubeyoutube.com/user/RBICorporate
• Facebookfacebook.com/RestaurantBrandsIntl
• LinkedInlinkedin.com/company/restaurant-brands-international
• Instagraminstagram.com/restaurantbrandsintl

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Restaurant Brands International