Restaurant Brands International Limited Partnership

What they do

The Partnership owns and franchises four QSR brands across more than 120 countries, with over 95% of system-wide restaurants franchised as of the 2025 10-K. As of December 31, 2025 it operated 33,041 restaurants: Burger King 19,900, Tim Hortons 6,232, Popeyes 5,413 and Firehouse Subs 1,496. The remaining Company restaurants are mainly Burger King locations acquired in the May 16, 2024 Carrols Acquisition, which the company intends to refranchise. RBI is sole general partner, owns all Class A common units and manages the business; Partnership exchangeable units trade on the TSX under QSP.

Revenue drivers

• Burger King — The largest brand by system-wide sales at $29,368 million in 2025, with 19,900 restaurants (7,025 in the U.S. and Canada, 12,875 international) across 126 countries and territories.
• Tim Hortons — Largest Canadian coffee and baked goods chain by restaurant count, with 6,232 restaurants (4,586 in the U.S. and Canada, 1,646 international) and $8,248 million of 2025 system-wide sales.
• Popeyes — World's second largest quick service chicken concept by restaurant count, with 5,413 restaurants (3,578 U.S. and Canada, 1,835 international) and $7,789 million of 2025 system-wide sales.
• Firehouse Subs — The smallest brand, with 1,496 restaurants (1,449 in the U.S. and Canada, 47 international) and $1,357 million of 2025 system-wide sales.

Recent performance

For Q2 2026, system-wide sales rose 6.4% to $12,702 million, including 10.7% growth in International, and comparable sales accelerated to 3.8%, including 8.5% at Burger King U.S. and 5.5% internationally. Total revenues were $2,520 million versus $2,410 million a year earlier, income from operations was $716 million versus $483 million, and diluted EPS from continuing operations was $1.45 versus $0.58. Adjusted EBITDA was $810 million, adjusted EPS $1.07 (up 12.9% nominally), and net leverage was 4.1x versus 4.6x. For the six months ended June 30, 2026, revenue was $4,784 million, net income from continuing operations $1,110 million, and organic AOI growth 8.5%. RBI returned $435 million of capital to shareholders in the quarter via dividends and share repurchases.

Strategy

Management organizes the business around three pillars: Quality, Service and Convenience, supported by new product development, franchisee recruitment and consistent service execution. The company is investing in training, modernized operations, technology and digital solutions, loyalty programs, kiosks, drive-thru and delivery, and renovated restaurants. It reports six segments but manages five franchisor segments (TH, BK, PLK, FHS, INTL) and intends to refranchise the vast majority of Carrols Burger King restaurants, find a new partner for Popeyes China and new investors for Firehouse Subs Brazil, and sunset the Restaurant Holdings segment. RBI said it remains on track for 8% organic Adjusted Operating Income growth in 2026.

Risks

• Consumer discretionary spending — Restaurant sales, traffic and profitability are strongly correlated to consumer discretionary spending, and the company says soft economic conditions have driven shifts toward affordability and value menus.
• Intense competition — The company competes with local operators, large regional and global chains, grocery and convenience stores, and delivery aggregators on product, price, innovation, delivery, loyalty and location.
• Company restaurant refranchising — The remaining Company restaurants are primarily Carrols Burger King locations that must be refranchised; the 10-Q MD&A explains the Restaurant Holdings segment is expected to be sunset, so execution of that plan is a key operational dependency.
• Leverage and debt — At June 30, 2026 total liabilities were $19.63 billion and long-term debt was $13.21 billion against $5.39 billion of equity, although reported net leverage improved to 4.1x from 4.6x a year earlier.

Outlook

RBI said it remains on track for 8% organic Adjusted Operating Income growth in 2026, with Q2 2026 organic AOI growth of 6.7% and first-half growth of 8.5%. Management highlighted double-digit earnings growth, over 3% global comparable sales, Burger King's standout performance and continued International strength, and said the Investor Day strategy is working across all brands.