QSR

Restaurant Brands International Inc.

Consumer Discretionary · Restaurants · MIAMI, FL · CIK 0001618756

The business

Restaurant Brands International Inc. (TSX: QSR) operates as one of the world's largest quick service restaurant companies with approximately 33,000 restaurants across more than 120 countries and territories. The company's website is www.rbi.com.

RBI owns and franchises four iconic brands: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, and Firehouse Subs. Tim Hortons, founded in 1964, is the largest coffee and baked goods restaurant chain in Canada and a major player in North America. Burger King, established in 1954, ranks as the world's second largest quick service hamburger chain and is known for its flame-grilled offerings and the Whopper sandwich. Popeyes, founded in 1972, represents the world's second largest quick service chicken concept featuring Louisiana-style fried chicken. Firehouse Subs, created in 1994, operates as a leading sandwich concept in North America.

As of December 31, 2025, the company generated approximately $47 billion in annual system-wide sales. The business operates through six reportable segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International operations, and Restaurant Holdings. Over 95 percent of system-wide restaurants are franchised, with the remainder being company-operated locations, primarily from the May 2024 acquisition of Carrols Restaurant Group, which RBI intends to refranchise over time.

RBI employed approximately 53,500 people as of December 31, 2025, including roughly 3,400 corporate employees, 1,300 distribution and manufacturing workers, and 48,900 restaurant employees. The workforce spans approximately 33,700 employees in the United States, 2,100 in Canada, and 17,700 internationally.

The company operates a vertically integrated supply chain for Tim Hortons, including coffee roasting facilities, fondant and fills manufacturing, and distribution networks across Canada and the United States. For other brands, products are sourced through third-party suppliers and purchasing cooperatives. RBI's business strategy focuses on three core pillars: high quality food with experienced franchisees, service excellence through technology and training, and increasing convenience via restaurant growth and modernization.

Ownership

Who holds Restaurant Brands International Inc. — from fund N-PORT and institutional 13F filings · N-PORT 2026Q1 · 13F 2026-03-31

307
funds hold it
3 of 36
superinvestors hold it
$5.76B
fund-held value

Top fund holders

Fund% of fundValue
New Perspective Fund
ANWPX
0.57%$864.26M
American Funds Fundamental Investors
ANCFX
0.47%$724.96M
Income Fund of America
AMECX
0.40%$581.50M
American Balanced Fund
ABALX
0.19%$489.50M
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND
VXUS · VANGUARD STAR FUNDS
0.05%$317.48M

Superinvestors in Restaurant Brands International Inc.

Bill AckmanDECREASED -1.0%
Pershing Square Capital Management
12.2%
Seth KlarmanUNCHANGED
Baupost Group
11.7%
Stanley DruckenmillerDECREASED -62.4%
Duquesne Family Office
1.1%

Share of each manager's reported 13F portfolio.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

15 years of Restaurant Brands International Inc.'s financials

Income statement, balance sheet and cash flow across 15 years, every filing with its disclosures, and each number traceable to the filing it came from — free with an account, no card required.

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