Restaurant Brands International

Restaurant Brands International Inc. (NYSE/TSX: QSR) is one of the world's largest quick service restaurant companies, operating and franchising over 30,000 restaurants under four iconic brands — Tim Hortons, Burger King, Popeyes Louisiana Kitchen, and Firehouse Subs — in more than 100 countries worldwide. Headquartered in Toronto, Canada and formed in 2014 through the merger of Burger King and Tim Hortons — a transaction backed by 3G Capital and Berkshire Hathaway — Restaurant Brands International has since grown its portfolio through the acquisition of Popeyes in 2017 and Firehouse Subs in 2021 to become a diversified multi-brand quick service restaurant company with combined global system sales exceeding $40 billion annually. According to its website at rbi.com, the company is committed to growing its iconic brands, delivering world-class food experiences, and creating value for its franchisees, team members, communities, and shareholders.

Restaurant Brands International's brand portfolio, described at rbi.com, encompasses Tim Hortons — Canada's largest and most beloved quick service restaurant chain, serving coffee, baked goods, and food across thousands of locations in Canada and internationally; Burger King — the world's second-largest hamburger fast food chain with a global presence spanning more than 100 countries and a distinctive flame-grilled burger identity; Popeyes Louisiana Kitchen — one of the world's most popular fried chicken quick service restaurant chains whose chicken sandwich launch generated extraordinary media and consumer attention; and Firehouse Subs — an American fast casual submarine sandwich chain with a distinctive first responder brand identity and community service focus. Each brand operates as a predominantly franchised system, with franchisees owning and operating the vast majority of system restaurants.

Restaurant Brands International's predominantly franchise business model generates revenue primarily through royalty fees paid by franchisees as a percentage of system restaurant sales, along with franchise fees, rent income from properties leased to franchisees, and supply chain distribution revenues — creating a capital-light business model with high margins and strong cash flow generation relative to company-operated restaurant models. According to rbi.com, the company's multi-brand, multi-geography franchise model provides significant geographic diversification — with meaningful exposure to both developed market quick service restaurant consumers through Burger King and Tim Hortons and to emerging market consumers where the quick service restaurant category is growing rapidly. Restaurant Brands International's combination of four iconic global QSR brands, 30,000-plus restaurant system scale, capital-light franchise business model, and multi-geography market presence establishes it as one of the most significant and globally diversified quick service restaurant companies in the world.