Companies · QSR
Restaurant Brands Intl
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Latest analysis
Updated Aug 6, 2026
RBI Q2 2026: BK US 8.5% comparable sales surge drives 6.7% organic AOI growth; Popeyes -5.1% comp is the portfolio's critical weak point.
Burger King US delivered its strongest comparable sales quarter in years at 8.5%, driving consolidated comparable sales to 3.8% and organic Adjusted Operating Income growth of 6.7% — both ahead of RBI's long-term algorithm targets. The performance validates the 'Reclaim the Flame' investment thesis and offsets Popeyes' deepening comp decline of -5.1% US, which represents a structural deterioration requiring urgent brand attention. International continues to compound at scale, with 10.7% system-wide sales growth and 5.5% comparable sales, reinforcing the portfolio's geographic diversification as a genuine earnings buffer.
Tone: mixedRevenue
$9.4B
QSR 10-K · FY 2025
Employees
53,500
Revenue FY2024
$8.4B
Headquarters
Miami, FL
Profile
QSR 10-K Item 1 · Feb 20, 2026Restaurant Brands International (RBI) is one of the world's largest quick service restaurant companies, owning and franchising four iconic brands — Tim Hortons, Burger King, Popeyes, and Firehouse Subs — across more than 120 countries. Over 95% of its more than 33,000 restaurants are franchised, generating revenues primarily from royalties, supply chain sales, property income, and advertising fund contributions. The company operates six reportable segments, including five franchisor segments and a Restaurant Holdings segment for company-operated locations targeted for refranchising.
Read filing description ↓ Collapse description ↑
We are one of the world's largest quick service restaurant ('QSR') companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories as of December 31, 2025. As of the date of this Annual Report on Form 10-K, over 95% of system-wide restaurants were franchised restaurants. Our remaining restaurants are Company restaurants, primarily restaurants we acquired as a part of the Carrols Acquisition, the vast majority of which we plan to refranchise over the coming years. We also operate some other Company restaurants as test locations for new initiatives and to develop operational talent. We own and franchise four iconic brands, Tim Hortons, Burger King, Popeyes, and Firehouse Subs. Our four iconic brands have complementary daypart mixes and product platforms that benefit from global scale and sharing of best practices while preserving the independence and rich heritage of each brand. Tim Hortons is one of the largest coffee and baked goods restaurant chains in North America and the largest in Canada as measured by total number of restaurants. Burger King is the world's second largest quick service hamburger restaurant chain, as measured by total number of restaurants, and is the Home of the Whopper. Popeyes is the world's second largest quick service chicken concept, as measured by total number of restaurants. Firehouse Subs is a leading player in the sandwich category in North America. Our strategic focus is centered on delivering three core pillars — Quality, Service, and Convenience — which we believe resonate with guests, franchisees, and the broader market and will allow us to deliver financial growth to our franchisees and our shareholders.
Primary products
- Tim Hortons coffee and baked goods
- Burger King flame-grilled hamburgers
- Popeyes fried bone-in chicken
- Firehouse Subs hot and hearty subs
- supply chain sales
- franchise and property revenues
Business segments
End markets
Geographies
“Burger King is the world's second largest quick service hamburger restaurant chain, as measured by total number of restaurants, and is the Home of the Whopper.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $8,406 million in 2024 to $9,434 million in 2025, driven primarily by growth in Company restaurant sales following the Carrols Acquisition and increases across supply chain, franchise, and advertising revenue lines.
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