At a glance
Restaurant Brands International Inc is worth $33.39B, about 32 times its fiscal 2025 earnings. Revenue grew 12.2% to $9.43B in fiscal 2025, with 8.2% kept as profit; over 5 years it has grown 13.7% a year. It pays a 3.47% dividend yield, raised every year for at least 9 years, and returned $6.45B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +13.8% over the past year with dividends reinvested and +9.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 56.9% in the 2020 crash (S&P 500: 33.7%) and 23.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 2 months after the lows.
The business in plain English
Restaurant Brands International owns and franchises four fast-food chains: Tim Hortons (coffee and baked goods), Burger King, Popeyes and Firehouse Subs. As of December 31, 2025, it had 33,041 restaurants in more than 120 countries and territories. Burger King was the largest brand, with 19,900 locations. System-wide sales were nearly $47 billion. That figure counts sales at every restaurant, including those the company doesn't own.
Over 95% of the restaurants are franchised. Independent owners run them and pay fees to use the brands. In the U.S. and Canada, royalties on a standard restaurant typically run 3.0% to 6.0% of its gross sales. The company also leased or subleased about 4,700 properties, mostly to Tim Hortons and Burger King franchisees. Rent is often 8.5% to 10.0% of a restaurant's monthly gross sales. Tim Hortons also roasts coffee and runs a supply chain for its restaurants in Canada and the U.S.
That supply business is a big reason the Tim Hortons segment brought in 45% of the company's $9.4 billion revenue in fiscal 2025. Restaurant Holdings added 19.5%. This segment is mostly company-run Burger King restaurants acquired in the Carrols Acquisition, plus Popeyes China and Firehouse Subs Brazil. The company plans to refranchise most of those Burger Kings, meaning it will sell them to franchisees. Burger King U.S. and Canada made up 13.9% of revenue, International 10.6%, Popeyes 8.5% and Firehouse Subs 2.5%. The U.S. supplied 48.3% of revenue and Canada 40.8%, so results depend heavily on North American diners.
Price history
The interactive chart needs JavaScript.
QSR +13.8% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By business segment
| TH | $4.25B | 45% |
| RH | $1.84B | 19.5% |
| BK | $1.32B | 13.9% |
| INTL | $998.0M | 10.6% |
| PLK | $800.0M | 8.5% |
| FHS | $232.0M | 2.5% |
By geography
| United States | $4.56B | 48.3% |
| Canada | $3.85B | 40.8% |
| Other | $1.03B | 10.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.52B, up 3.1% from a year earlier, and net income was $542.0M (+72.1%).
- For fiscal 2025, revenue was $9.43B (+12.2% year over year; +13.7% a year from FY2020 to FY2025) with a 8.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.7% good |
|---|---|
| Operating margin | 23.3% good |
| Free cash flow margin | 15.4% good |
| Return on equity (FY2025) | 21.4% good |
| Return on assets (FY2025) | 3% watch |
| Net cash (cash minus debt) | $-12.27B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.97B | $486.0M | $804.0M |
| FY2021 | $5.74B | $838.0M | $1.62B |
| FY2022 | $6.50B | $1.01B | $1.39B |
| FY2023 | $7.02B | $1.19B | $1.20B |
| FY2024 | $8.41B | $1.02B | $1.30B |
| FY2025 | $9.43B | $776.0M | $1.45B |
Valuation snapshot
| Market value | $33.39B |
|---|---|
| P/E ratio | 31.5 |
| Dividend yield | 3.47% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| QSR price data to Oct 27, 2026 | +11.4% | +13.8% | +7.6% | +9.3% | +8.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.4% |
| 2025 | +8.7% |
| 2024 | -13.8% |
| 2023 | +24.7% |
| 2022 | +10.7% |
| 2021 | +2.7% |
| 2020 | -0.4% |
| 2019 | +25.6% |
| 2018 | -12.2% |
| 2017 | +30.7% |
| 2016 | +29.4% |
| 2015 | -3.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.2% over that stretch · deepest drop along the way 56.9%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10% over that stretch · deepest drop along the way 23.5%, back to its old high 2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 2 sales ($9.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 21, 2026 | Thomas Benjamin Curtis Pres., BK US & CA | sell | $5.2M |
| Sep 4, 2026 | Axel Schwan Pres., Tim Hortons US & Canada | sell | $4.7M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7% | Dec 31, 2025 |
| Vanguard Capital Management | 5% | Sep 30, 2026 |
| EdgePoint Investment Group Inc. | 4.95% | Jun 30, 2026 |
| Capital Research Global Investors | 3.5% | Dec 31, 2024 |
ETFs with the most weight in QSR
| BEEX Beehive ETF | 2.67% |
| DUSA Davis Select U.S. Equity ETF | 2.22% |
| DINT Davis Select International ETF | 2.13% |
| QLV FlexShares US Quality Low Volatility Index Fund | 0.54% |
| CZAR Themes Natural Monopoly ETF | 0.51% |
| LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF | 0.35% |
| DIHP Dimensional International High Profitability ETF | 0.25% |
| PABD iShares Paris-Aligned Climate MSCI World ex USA ETF | 0.17% |
What could go wrong
- Depends on franchisees it does not control. Independent franchisees run over 95% of the restaurants, and RBI has limited influence over them. Royalties and much of its rent track franchisee sales, so struggling franchisees can hurt RBI's results and growth.
- A heavy debt load. As of September 30, 2026, RBI had $13.2 billion of debt and $974 million in cash. Debt payments take cash that could go to dividends or growth, and rising interest rates can raise borrowing costs.
- Costs of running its own restaurants. The Carrols Acquisition added a large group of company-run Burger King restaurants. Running them exposes RBI to labor, food and other operating costs that can squeeze margins and cash flow until most are refranchised.
- Coffee prices and supply chain costs. Tim Hortons runs its own supply chain and roasts most of its coffee. Coffee bean prices can swing sharply. Higher food and commodity costs or supply disruptions can hurt the profits of RBI and its franchisees.
- Its cross-border tax structure could be challenged. RBI is a Canadian company, but it and its affiliated partnership could be treated as U.S. corporations for tax purposes. That could mean substantial extra U.S. taxes. Changes to Canadian or U.S. tax law add uncertainty.
- One shareholder holds 22% of the vote. 3G RBH owns about 22% of RBI's combined voting power, and its interests may differ from those of other shareholders. Canadian laws may also delay or prevent a change in control, such as a takeover.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Asset impairment; Investor presentation or announcement; Other company announcement
For income and retirement investors
Restaurant Brands International has raised its dividend at least 9 years in a row through 2025, and the true streak may be longer. Dividends per share rose from $2.08 in 2020 to $2.48 in 2025, about 3.6% a year. In 2025, dividends equaled 142.8% of earnings, meaning RBI paid out more than it earned. They took a lower 76.5% of free cash flow (cash left after running and investing in the business). The dividend yield was 3.47% as of October 27, 2026. Buybacks totaled about $1.4 billion from 2021 to 2025, with none in 2024 or 2025.
The shares have fallen hard in past downturns. In the 2020 COVID crash they dropped 56.9% in under a month and recovered by January 2021, about 10 months after the low. In the 2022 bear market they fell 23.5% and regained that ground in about two months. As a single stock, QSR carries more risk than a diversified fund.
Questions investors ask
What restaurants does Restaurant Brands International own?
Restaurant Brands International (RBI) owns four chains: Tim Hortons, Burger King, Popeyes and Firehouse Subs. As of December 31, 2025, Burger King was the largest with 19,900 restaurants. Tim Hortons had 6,232, Popeyes 5,413 and Firehouse Subs 1,496, for 33,041 in total. RBI also holds about 17% of Burger King China through a joint venture that closed on January 30, 2026. A fund managed by CPE owns the other 83% or so.
How does Restaurant Brands International make money?
RBI earns money from franchisees, from a Tim Hortons supply business and from restaurants it runs itself. Over 95% of its restaurants are franchised. In the U.S. and Canada, franchise owners typically pay royalties of 3.0% to 6.0% of gross sales. RBI also collects rent on about 4,700 properties it leases or subleases to franchisees. The Tim Hortons segment, which roasts coffee and supplies restaurants, provided 45% of RBI's $9.4 billion in fiscal 2025 revenue.
Does Restaurant Brands International raise its dividend every year?
Yes, so far. RBI has raised its dividend at least 9 years in a row through 2025, and the streak may be longer. Dividends per share grew from $2.08 in 2020 to $2.48 in 2025, about 3.6% a year. The yield was 3.47% as of October 27, 2026. One caution: 2025 dividends equaled 142.8% of earnings. Free cash flow covered them more comfortably, with a 76.5% payout.
How much debt does Restaurant Brands International have?
About $13.2 billion as of September 30, 2026. Against that, RBI held $974 million in cash and investments, leaving net debt (debt minus cash) of roughly $12.3 billion. Shareholders' equity was $3.9 billion. RBI's annual report (10-K) lists its leverage and debt obligations as a risk to the business. Debt payments compete with dividends and growth spending for cash.
How has Restaurant Brands International stock performed?
QSR shares returned about 8.9% a year over the 10 years to October 27, 2026 (134% in total), based on market price data. Over five years they returned 9.3% a year (56% in total). Calendar years were uneven: a 24.7% gain in 2023, a 13.8% loss in 2024 and an 8.7% gain in 2025. For 2026 through October 27, the shares were up 11.4%. The deepest fall from a peak in about 12 years of price history was 63.1%.