Restaurant Brands International (NYSE: QSR, TSX: QSR) is a publicly listed company headquartered in Toronto, Canada that owns 4 consumer brands, and has 1 recorded transaction.[1][2]
Restaurant Brands International was created in 2014 when Burger King, controlled by 3G Capital, merged with the Canadian chain Tim Hortons in a transaction that moved the combined headquarters to Canada. It added Popeyes in 2017 and Firehouse Subs in 2021, and 3G Capital retains a substantial stake.
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acquisitions recorded
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Read from Restaurant Brands International's latest annual filing[1]. Each line gives the sentence the filing uses, copied word for word.
We have six operating and reportable segments, including four franchisor segments for our Tim Hortons, Burger King, Popeyes, and Firehouse Subs brands in the U.S. and Canada ("TH", "BK", "PLK", and "FHS", respectively) and a fifth franchisor segment for all of our brands in the rest of the world ("INTL").
Our TH segment is based in Toronto, Ontario, our BK and PLK segments are based in Miami, Florida, our FHS segment is based in Jacksonville, Florida, and our INTL segment is based in Zug, Switzerland.
Additionally, following the acquisitions of Carrols Restaurant Group Inc. ("Carrols") and Popeyes China ("PLK China") ("PLK China Acquisition") on May 16, 2024 and June 28, 2024, respectively, we established a new operating and reportable segment, Restaurant Holdings ("RH").
On February 14, 2025, we acquired substantially all of the remaining equity interests in Burger King China from our former joint venture partners for approximately $151 million in an all-cash transaction and assumed approximately $178 million of outstanding debt.
As of the date of this Annual Report on Form 10-K, we directly operated approximately 5% of our total restaurants, primarily as a result of the Carrols Acquisition in May 2024.
Also, integration of strategic transactions such as the Carrols Acquisition and related refranchising, may divert management's attention from other initiatives and from effectively executing our growth strategy.
Additionally, following the acquisitions of Carrols Restaurant Group Inc. ("Carrols") and Popeyes China ("PLK China") ("PLK China Acquisition") on May 16, 2024 and June 28, 2024, respectively, we established a new operating and reportable segment, Restaurant Holdings ("RH").
On February 14, 2025, we acquired substantially all the remaining equity interests in Pangaea Foods (China) Holdings Ltd. ("BK China") from our former joint venture partners ("BK China Acquisition").
The RH segment revenues, expenses and segment income reflect the Burger King restaurants acquired from Carrols and the PLK China restaurants beginning on their acquisition dates of May 16, 2024 and June 28, 2024, respectively, and FHS Brazil beginning in 2025.
In connection with the Carrols Acquisition, the PLK China Acquisition, and the BK China Acquisition, we incurred certain non-recurring fees and expenses ("RH and BK China Transaction costs") consisting primarily of professional fees, compensation-related expenses, and integration costs, all of which are classified as general and administrative expenses in the consolidated statements of operations.
The increase in Total revenues was primarily driven by the inclusion of results from Popeyes restaurants acquired in the Carrols Acquisition for the full twelve month period in 2025 compared to a partial period in 2024.
In addition, the change in (income) loss from equity method investments during 2025 also reflects the changes in earnings of our equity method investments, including the impact of discontinuing equity method accounting for BK China beginning in February 2025.
Headline figures from Restaurant Brands International's annual reports filed with the US Securities and Exchange Commission, in USD as reported, fiscal years ending 2020–2025. Revenue moved from $4.97bn to $9.43bn, an average of 13.7% a year (calculated).
| Fiscal year ended | Revenue | Operating income | Operating margin | Net income | Total assets | Long-term debt | Filing |
|---|---|---|---|---|---|---|---|
| $9.43bn | $2.2bn | 23.3% | — | $25.6bn | $13.3bn | 10-K | |
| $8.41bn | $2.42bn | 28.8% | — | $24.6bn | $13.5bn | 10-K | |
| $7.02bn | $2.05bn | 29.2% | — | $23.4bn | $12.9bn | 10-K | |
| $6.5bn | $1.9bn | 29.2% | — | $22.7bn | $12.8bn | 10-K | |
| $5.74bn | $1.88bn | 32.7% | — | $23.2bn | $12.9bn | 10-K | |
| $4.97bn | $1.42bn | 28.6% | — | $22.8bn | $12.4bn | 10-K |
Source: SEC XBRL company facts. A dash means the company did not report that line in a form we could read. Figures for a year can be restated in a later filing; the latest filing's number is shown.
Controlling ownership as of . Brands grouped under the entity that owns them; large groups are collapsed.
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Burger King, controlled by 3G Capital, merged with Tim Hortons to create Restaurant Brands International, headquartered in Canada. The move drew criticism in the United States as a tax inversion, and Berkshire Hathaway provided $3 billion of preferred equity financing.
The Global Legal Entity Identifier Foundation (GLEIF) keeps an open register of legal entities. Each entity reports its own parents. We show it as a cross-check on the ownership recorded on this page, which is built from filings.
The documents behind the figures on this page, as listed in the SEC's EDGAR index. Each links to the filing itself.
| Filed | Form | What it declares |
|---|---|---|
| 8-K | Regulation FD disclosure | |
| 10-Q | Quarterly report | |
| 8-K | Results of operations and financial condition | |
| 8-K | Results of a shareholder vote | |
| 10-Q | Quarterly report | |
| 8-K | Results of operations and financial condition | |
| 8-K | Results of operations and financial condition | |
| 8-K | Entry into a material agreement; Regulation FD disclosure | |
| 8-K | Material impairments; Regulation FD disclosure; Other events | |
| 10-Q | Quarterly report | |
| 8-K | Results of operations and financial condition |
Restaurant Brands International owns 4 consumer brands tracked here, including Firehouse Subs, Tim Hortons, Popeyes and Burger King.
Yes. Restaurant Brands International is headquartered in Toronto, Canada and was founded in 2014.
Restaurant Brands International is a publicly listed company owned by its shareholders; it trades as QSR on the NYSE and QSR on the TSX.
The most recent completed acquisition recorded here is Tim Hortons on 12 December 2014.
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
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