Restaurant Brands International Inc (NYSE/TSX: QSR) is a quick-service restaurant company that owns and operates the Tim Hortons, Burger King, Popeyes Louisiana Kitchen, and Firehouse Subs brand systems through a franchise-driven model. Revenue comes primarily from royalties, franchise fees, and property income collected from franchisees, with a smaller portion from company-operated restaurants. The company is structured as the sole general partner of Restaurant Brands International Limited Partnership, which is the indirect parent of The TDL Group Corp. (Tim Hortons), Burger King Company LLC, Popeyes Louisiana Kitchen Inc., and FRG LLC (Firehouse Subs). QSR is incorporated in the United States and listed on both the New York Stock Exchange and the Toronto Stock Exchange, making it subject to reporting requirements in each Canadian province and territory as well as U.S. securities regulations. The franchise model concentrates capital ownership at the franchisee level, keeping the parent company's asset base relatively light relative to total system sales.

Revenue model

Franchise royalties, franchise fees, and property revenues collected from franchisees across four brand systems (Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs), supplemented by revenues from company-operated restaurants.

Products and services

Quick-service restaurant brands: Tim Hortons (coffee, baked goods, breakfast), Burger King (burgers, sandwiches), Popeyes Louisiana Kitchen (chicken), Firehouse Subs (submarine sandwiches). Revenue streams include franchise royalties, initial franchise fees, and rental income on properties leased to franchisees.

Customers and end markets

Primary customers are franchisees who pay royalties and fees to operate restaurants under QSR's four brand systems. End consumers are quick-service restaurant guests across all dayparts. The franchise model means franchisees, not end consumers, are the direct revenue-generating customer relationship.

Value-chain role

Franchisor and brand owner in the quick-service restaurant industry. Sets brand standards, collects royalties and fees, and manages franchisee relationships. Does not own the majority of restaurant-level assets.

Geographic exposure

Operations span multiple countries through each of the four brand systems. QSR is incorporated in the United States and is a reporting issuer in each Canadian province and territory, reflecting material operations in both the U.S. and Canada at minimum.

Source: SEC 10-K, filed 2026-02-20

Industry: Retail-Eating Places