Restaurant Brands International Inc.
rbi.comWhat Do They Do?
Owns and franchises quick-service restaurant brands serving guests coffee and baked goods, hamburgers, and chicken.
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 ↗
How Do They Make Money?
Franchisees pay royalties as restaurant sales occur, franchise fees when a restaurant opens or renews, and monthly rent for leased properties; they also contribute to advertising funds based on sales and pay technology fees that vary by market. Tim Hortons supply-chain goods are paid for on delivery, and guests pay when buying at company-run restaurants.
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 ↗
Advertising revenues consist primarily of franchisee contributions to advertising funds in those markets where our subsidiaries manage an…View ↗
Other services revenues consist primarily of tech fees and revenues, that vary by market, and partially offset expenses related to…View ↗
Supply chain sales represent sales of products, supplies and restaurant equipment to franchisees, as well as sales to retailers and direct…View ↗
Company restaurant sales consist of sales to restaurant guests. Revenue from Company restaurant sales is recognized at the point of sale.…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 operate the restaurants. Tim Hortons franchisees in Canada buy supplies directly from RBI; U.S. Tim Hortons restaurants and Burger King, Popeyes, and Firehouse Subs franchisees buy through distributors, while international master franchisees or developers arrange sourcing and distribution.
10-K for FY2025, filed Feb 20, 2026For 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 ↗
function. In international markets without a master franchisee or developer, franchisees can make their own purchasing decisions from an…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
Affirmed outlook for organic operating-income growth
The company said it remains on track for 8% organic Adjusted Operating Income growth in 2026.
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.
More company-operated restaurants
The older report described the brand restaurants as almost entirely franchised; the latest also includes company-operated restaurants, primarily those acquired with Carrols.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 20, 2026We are a Canadian corporation that serves as the indirect holding company for Tim Hortons, Burger King, Popeyes and Firehouse Subs and…View ↗
We are one of the world’s largest quick service restaurant (“QSR”) companies with nearly $47 billion in annual system-wide sales and over…View ↗
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