Restaurant Brands International Limited Partnership
rbi.comWhat Do They Do?
Owns and franchises quick-service restaurant brands serving coffee and baked goods, burgers and chicken, and sandwiches to restaurant guests.
10-K for FY2025, filed Feb 20, 2026We own and franchise four iconic brands, Tim Hortons®, Burger King®, Popeyes®, and Firehouse Subs®. Our four iconic brands have…View ↗
Tim Hortons® - Founded in 1964, Tim Hortons is one of the largest coffee and baked goods restaurant chains in North America and the largest…View ↗
Burger King® - Founded in 1954, Burger King is the world’s second largest quick service hamburger restaurant chain, as measured by total…View ↗
Popeyes® - Founded in 1972, Popeyes is the world’s second largest quick service chicken concept, as measured by total number of…View ↗
Firehouse Subs® - Founded in 1994, Firehouse Subs is a leading player in the sandwich category in North America delivering guests hot and…View ↗
How Do They Make Money?
Franchisees pay royalties tied to restaurant sales, fees when restaurants open or renew, and monthly rent on leased properties. Tim Hortons sells supplies to franchisees and retailers when delivered; franchisees also contribute to advertising based on sales and pay market-varying technology fees.
10-K for FY2025, filed Feb 20, 2026Royalties are calculated as a percentage of franchised restaurant sales over the term of the franchise agreement. Initial and renewal…View ↗
As of December 31, 2025, we leased or subleased approximately 4,700 properties, primarily to TH and BK franchisees. Franchisees typically…View ↗
Supply chain sales represent sales of products, supplies and restaurant equipment to franchisees, as well as sales to retailers and direct…View ↗
supply chain sales, consisting primarily of Tim Hortons supply chain sales, which represent the sourcing of products, supplies, and…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by product or service ↗
$9.4B
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10-K for FY2025, filed Feb 20, 2026
$9.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Franchise and property revenues
Mix
10-K for FY2025, filed Feb 20, 2026 |
31%
FY2022: 41%
|
Franchise and property revenues, FY2025
$3B Sources
|
Mix |
|
Advertising revenues and other services
Usage-based
10-K for FY2025, filed Feb 20, 2026 |
13%
FY2022: 16%
|
Advertising revenues and other services, FY2025
$1.2B Sources
|
Usage-based |
Who Are Their Customers?
Franchisees pay for brand rights and related services; Tim Hortons franchisees in Canada buy supplies directly, while its U.S. supplies go through distributors. Burger King, Popeyes and Firehouse Subs franchisees buy from approved distributors; restaurant guests buy from company-run locations.
10-K for FY2025, filed Feb 20, 2026Our franchise model is designed to drive both operational efficiency and brand consistency. Franchise agreements can be either individual…View ↗
For the majority of the other products used in our TH Canada restaurants, we purchase products from suppliers and sell directly to our TH…View ↗
BK and PLK U.S. and Canada. BK and PLK work with purchasing cooperatives that negotiate the purchase terms for most equipment and products…View ↗
FHS U.S. and Canada. FHS franchisees purchase directly from distributors, which we have identified, qualified, and approved. As of December…View ↗
Company restaurant sales consist of sales to restaurant guests. Revenue from Company restaurant sales is recognized at the point of sale.…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.
10-K for FY2025, filed Feb 20, 2026
$2.2BView ↗
10-K for FY2025, filed Feb 20, 2026
$1.1BView ↗
10-K for FY2025, filed Feb 20, 2026
$1.4BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 6, 2026
Company remains on track for 8% organic adjusted operating income growth
Sources
8-K, filed Aug 6, 2026
RBI remains on track for 8% organic Adjusted Operating Income growth in 2026View ↗
Growing. Revenue grew 64% in 4 years, from $5.7B in FY2021 to $9.4B in FY2025, about 13% a year.
Company-run restaurants
The earlier report describes a franchise-based restaurant system; the latest also includes company-run restaurants acquired with Carrols and plans to refranchise Burger King locations.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 20, 2026We are a Canadian limited partnership that serves as the indirect holding company for Tim Hortons, Burger King, Popeyes and Firehouse Subs…View ↗
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