RBI Recommends Shareholders Reject NYSB's "Mini-tender Offer"March 6, 2026 4:15 PM
PR Newswire (Canada)

MIAMI, March 6, 2026 /CNW/ - Restaurant Brands International Inc. (NYSE: QSR) (TSX: QSR) ("RBI") has been notified of an unsolicited mini-tender offer made by New York Stock and Bond LLC ("NYSB") to purchase up to 100,000 RBI common shares, or approximately 0.03% of the company's outstanding common shares, at a price of US$43.60 per share. NYSB's offer price of US$43.60 represents a discount of 34.92% to the NYSE closing price of US$66.99 for RBI common shares on January 30, 2026, the last trading day before the mini-tender offer was commenced. RBI cautions shareholders that the mini-tender offer has been made at a price significantly below the market price for RBI shares.







RBI does not endorse this unsolicited offer, has no association with NYSB or its offer, and recommends that shareholders do not tender their shares to the offer.According to NYSB's offer documents, RBI shareholders who have already tendered their shares can withdraw their shares at any time within 14 days after the date of delivery of the shareholder's acceptance form (or tender form) by following the procedures described in the offer documents.For background, mini-tender offers are designed to seek less than 5% of a company's outstanding shares, avoiding disclosure and procedural requirements applicable to most bids under U.S. and Canadian securities regulations. The U.S. Securities and Exchange Commission (SEC) and the Canadian Securities Administrators (CSA) have expressed serious concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.The SEC states that "bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price."RBI strongly encourages brokers, dealers and other market participants to exercise caution and review the letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC website at: http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htmRBI requests that a copy of this news release be included in any distribution of materials relating to NYSB's mini-tender offer for RBI shares.Comments from the CSA on mini-tenders can be found on the Ontario Securities Commission (OSC) website at: http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_19991210_61-301.jspInformation about mini-tender offers can be found on the SEC website at: http://www.sec.gov/investor/pubs/minitend.htmNYSB has made similar unsolicited mini-tender offers for shares of other public companies in the US.Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.



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Original: RBI Recommends Shareholders Reject NYSB's "Mini-tender Offer"

RBI Reaffirms Growth Algorithm, including 8%+ Organic Adjusted Operating Income Growth and 5%+ Net Restaurant Growth by 2028, with Plans to Return $1.6 Billion of Capital to Shareholders in 2026February 26, 2026 8:00 AM
PR Newswire (Canada)

MIAMI, Feb. 26, 2026 /CNW/ - Restaurant Brands International Inc. ("RBI", "Company") (NYSE: QSR) (TSX: QSR) (TSX: QSP) today hosted its 2026 Investor Day at the Company's Miami headquarters, reaffirming expectations to deliver against its growth algorithm within the 2028 outlook period and providing enhanced visibility into the execution of its strategic plan. The Company also announced plans to return over $1.6 billion of capital to shareholders in 2026 through both dividends and the resumption of share repurchases.







KEY HIGHLIGHTS:Reaffirmed 8%+ organic Adjusted Operating Income growth from 2024-2028; having delivered over 8% in both 2024 and 2025Provided a path to 5%+ Net Restaurant Growth by 2028, with distinct building blocks adding visibility and confidence in plansAnnounced that the majority of excess free cash flow will be earmarked for share repurchases, commencing with $500 million in 2026Unveiled goal of becoming an investment-grade company and expectations to achieve corporate investment-grade leverage by 2028Outlined simplification roadmap including intent to sunset Restaurant Holdings segment by the end of 2027Updated long-term capital spending framework with capital expenditures, tenant inducements, and incentives ("Capex and Cash Inducements") declining to roughly $300 million annually from 2028 onwardPresident of Burger King US and Canada, Tom Curtis, announced extension of elevated 4.5% franchisee advertising fund contribution rate through at least 2027 and provided details on accelerating momentum of the Reclaim the Flame plan"We are building a simpler, stronger, and more focused RBI – a world-class restaurant company designed to win for decades. Our growth is powered by four iconic brands with deep heritage in their communities and enduring guest loyalty, supported by exceptional franchisees and great talent around the world," said Josh Kobza, Chief Executive Officer of RBI. "As we look toward 2028 and beyond, we see a highly franchised, asset-light business delivering consistent 5%+ Net Restaurant Growth, predictable earnings growth, and strong double-digit total shareholder returns. The strength of our brands and the quality of our teams position us to compound value for all our stakeholders for many years to come."Sami Siddiqui, Chief Financial Officer, commented: "We're committed to becoming a simpler, 99% franchised business over the next few years. Our business generates significant free cash flow, which gives us substantial capital allocation flexibility. We've always prioritized investing in our brands, maintaining a strong balance sheet, and returning excess cash to shareholders through our attractive dividend. We're resuming share repurchases in 2026, and we've made the decision to become an investment-grade company. We believe we're only two years away from achieving corporate investment-grade leverage, which, once achieved, will unlock meaningful long-term flexibility for our business."Patrick Doyle, Executive Chairman, commented: "When I invested in RBI three years ago, I saw a company with great brands, great food, great people, and great franchisees executing the fundamentals that drive long-term success in this business. Today, we're delivering on exactly what attracted me to invest in this company. RBI continues to make the right long-term decisions for the business. We allocate capital well and keep franchisee profitability at the center of our decision-making. I cannot imagine a more exciting time to be part of the RBI story."CLEAR PATH TO 5%+ NET RESTAURANT GROWTH RBI outlined three building blocks to achieve 5%+ Net Restaurant Growth by 2028, representing approximately 1,800 net new restaurants per year by 2028. Outside of Burger King China, RBI's Net Restaurant Growth has averaged 4.0% over the past five years, underscoring the strength and diversity of the core development engine.US and Canada (300-400 net new restaurants per year by 2028): Growth in the US and Canada is expected to be driven by Firehouse Subs, Tim Hortons, and Popeyes. Firehouse Subs is expected to contribute approximately half of the net new units in the US and Canada, with 150-200 net new units per year, driven by improving brand awareness and strong unit economics, with paybacks under four years, on average. The remaining 150-200 net new units will be roughly split between Tim Hortons and Popeyes. Tim Hortons Canada growth is supported by opportunities in underpenetrated regions including Western Canada and Quebec, as well as attractive paybacks, which are less than three years on average. In the US, the team is on track to continue accelerating development in both existing and new markets, like Virginia, Florida, Delaware, Tennessee, New York, Michigan, New Jersey, and Texas. While Popeyes tempered development in 2025, the team is laying the operational groundwork to position the brand to reaccelerate in the years ahead.China (300-400 net new restaurants per year by 2028): Burger King China's partnership with CPE, announced in November 2025, is on track to deliver over 200 net new units in 2028, with continued acceleration after 2028, as CPE executes on its commitment to double the brand's footprint to 2,500 restaurants within five years. CPE's $350 million primary capital investment is intended to fully fund this development. Popeyes China and Tim Hortons China are expected to contribute the remaining 100-200 combined net new units in 2028 as both businesses scale.International Excluding China (approximately 1,100 net new restaurants per year by 2028): Top 10 growth markets including India, the UK, Mexico, France, and Japan are expected to deliver approximately 700 units per year by 2028, supported by strong unit economics, with paybacks under four and a half years, on average. The remaining international portfolio of around 175 brand-market combinations are expected to contribute approximately 400 new units per year.BURGER KING RECLAIM THE FLAME GROWTH STRATEGY DELIVERING RESULTSTom Curtis, President of Burger King US and Canada, provided an update on Reclaim the Flame, the brand's comprehensive growth strategy, which has delivered four years of burger QSR industry Comparable Sales outperformance since launching in 2022. The brand has moved from 10th to 6th place in industry guest experience rankings, increased modern image penetration from 37% in 2021 to 58% in 2025, and improved franchisee profitability from a low of around $125,000 to approximately $205,000 in both 2023 and 2024. Looking through the impact of temporary beef inflation and ad fund transfers, franchisee profitability grew in 2025, demonstrating that actions within the brand's control are working to expand profitability even during a challenging environment.In addition, Burger King franchisees have voted to continue their elevated ad fund contribution of 4.5% of sales through at least 2027, with 97% voting to support the continued advertising firepower. The ad fund rate will continue at this level in 2028 if the business achieves $230,000 in franchisee profitability by the end of 2027 or if the franchisees vote to extend again. This continued investment supports sustained marketing share of voice and demonstrates strong franchisee confidence in the brand's trajectory.Looking ahead, Burger King will elevate culinary quality, beginning with enhancements to the Whopper, including new glazed buns, creamier mayonnaise, and upgraded clamshell packaging. In 2026, the brand will also launch a major campaign reinforcing its commitment to listening to and acting on guest feedback. Additionally, Burger King sees meaningful opportunity to win with families and kids, who represent just 10% of the brand's traffic today.The Company also introduced BK Assistant, an AI-powered tool designed to streamline restaurant operations by providing managers and team members with instant access to operational guidelines, inventory management, and compliance tracking, enabling them to focus more on guest service and team leadership.SIMPLIFICATION ROADMAP AND CAPITAL ALLOCATION UPDATE Sami Siddiqui, Chief Financial Officer, outlined RBI's simplification roadmap and enhanced capital allocation framework, and emphasized the transition to a 99% franchised model, corporate investment-grade leverage by 2028, and resumption of share repurchases, with around $500 million expected in 2026. Share repurchases are expected to grow over time as the Company uses the majority of annual excess free cash flow for buybacks, with capacity to accelerate further once investment grade is achieved. In addition, RBI committed to its durable and growing dividend, with a long-term target payout ratio of around 60%.RBI's algorithm of 3%+ Comparable Sales and 5%+ Net Restaurant Growth continues to support 8%+ organic Adjusted Operating Income growth on average through 2028. Three core structural drivers underpin this outlook: first, ramping to 5%+ Net Restaurant Growth by 2028; second, a structural tailwind in the royalty rate as international markets scale and contractual royalty step-ups take effect; and third, disciplined cost management, with annual Segment G&A growth of approximately 2%, excluding Restaurant Holdings, creating meaningful operating leverage as System-wide Sales grow faster.Restaurant Holdings to Sunset: RBI is actively working to refranchise the Burger King US company restaurant portfolio to a base of approximately 300-500 home market restaurants and to place Popeyes China and Firehouse Brazil with long-term local partners. Both objectives are expected to be accomplished by the end of 2027, at which point the Restaurant Holdings segment will wind down. The long-term steady-state Burger King US company portfolio will target 300 restaurants across a few strategic markets.Refined Capital Expenditures Outlook: Total Capex and Cash Inducements is expected to be approximately $400 million in 2026 and 2027, stepping down to approximately $300 million in 2028 and thereafter as the Company finds long-term partners for Popeyes China and Firehouse Brazil, refranchises the vast majority of the Burger King US company restaurants, and largely concludes Reclaim the Flame. This trajectory supports significant free cash flow growth from approximately $1.6 billion in 2025 to more than $2 billion annually by 2028.Investment Grade by 2028: RBI is targeting net leverage of approximately 4.0x in 2026 and a long-term target of low- to mid-3x, which the Company expects to achieve by 2028 through earnings growth. Investment grade provides tangible benefits including lower relative cost of debt, access to deeper pools of capital, and the ability to issue longer-duration debt.Until RBI becomes investment grade, the Company does not intend to fund share repurchases with incremental leverage. Once investment grade is achieved, RBI fully intends to operate within investment-grade leverage parameters while stepping up the quantum of buybacks with incremental leverage capacity each year as EBITDA grows.2026 INVESTOR DAYRBI's 2026 Investor Day featured presentations from Chief Executive Officer, Josh Kobza, Chief Financial Officer, Sami Siddiqui, Executive Chairman, Patrick Doyle, and Business Unit Presidents including Tom Curtis (Burger King US and Canada), Axel Schwan (Tim Hortons Canada and US), Thiago Santelmo (International), Peter Perdue (Popeyes US and Canada), and Mike Hancock (Firehouse Subs US and Canada). A replay of the event will be available on RBI's investor relations website for one year following the event at http://rbi.com/investors.About Restaurant Brands InternationalRestaurant Brands International Inc. is one of the world's largest quick service restaurant companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – BURGER KING®, TIM HORTONS®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. To learn more about RBI, please visit the company's website at www.rbi.com. Contacts: Investors: investor@rbi.com; Media: media@rbi.comForward-Looking Statements This press release and our Investor Day presentations contain certain forward-looking statements and information, which reflect management's current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties.These forward-looking statements include statements about our expectations or beliefs regarding (i) our vision for 2028 and our expectations as to how we will achieve it; (ii) net restaurant growth; (iii) our remodel program and refranchising efforts, including our future levels of franchising and our ability to meet our Carrols remodeling and refranchising timeline; (iv) leverage, free cash flow, and capital expenditures, including our path to becoming investment grade; (v) our and our franchisees' future operational and financial performance; (vi) our share repurchase program; (vii) the impact of commodity prices; (viii) our growth opportunities, plans and strategies for each of our brands and ability to enhance operations and drive long-term, sustainable growth; (ix) our strategic priorities including development of new products and intellectual property partnerships; (x) our ability to accelerate international development through joint venture structures and master franchise and development agreements and the impact on future growth and profitability of our brands; and (xi) our commitment to technology and innovation, our continued investment in our technology capabilities and our plans and strategies with respect to digital sales, our information systems and technology offerings and investments. The factors that could cause actual results to differ materially from RBI's expectations are detailed in filings of RBI with the Securities and Exchange Commission and applicable Canadian securities regulatory authorities, such as its annual and quarterly reports and current reports on Form 8-K, and include the following: (1) global economic or other business conditions, including inflation, affordability, and under or unemployment rates, that may affect the desire or ability of our guests to purchase our products; (2) our relationship with, and the success of, our franchisees and risks related to our nearly fully franchised business model; (3) our franchisees' financial stability and their ability to access and maintain the capital necessary to operate and grow their businesses; (4) the effectiveness of our marketing, advertising and digital programs and franchisee support of these programs; (5) commodity prices, tariffs, and other factors that affect the profitability of our and our franchisees' operations; (6) our ability to successfully implement our domestic and international growth strategy for each of our brands and risks related to our international operations, including our ability to find long-term partners for Popeyes China and FHS Brazil; (7) our reliance on franchisees to accelerate restaurant growth; (8) risks related to unforeseen events; (9) changes in applicable tax laws or interpretations thereof; (10) evolving legislation and regulations in the area of franchise and labor and employment law; (11) our ability to address environmental and social sustainability issues; (12) risks related to geopolitical conflicts and terrorism; and (13) fluctuations in interest rates and in the currency exchange markets and the effectiveness of our hedging activity. Other than as required under U.S. federal securities laws or Canadian securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, change in expectations or otherwise.



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Original: RBI Reaffirms Growth Algorithm, including 8%+ Organic Adjusted Operating Income Growth and 5%+ Net Restaurant Growth by 2028, with Plans to Return $1.6 Billion of Capital to Shareholders in 2026

Restaurant Brands International is Hosting an Investor Event on February 26, 2026February 23, 2026 4:15 PM
PR Newswire (US)

MIAMI, Feb. 23, 2026 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (NYSE: QSR) (TSX: QSR) (TSX: QSP) is hosting an Investor Event on Thursday, February 26, 2026 at 8:30 a.m. Eastern Time. 







The event will mark two years since the introduction of RBI's long-term growth algorithm and will serve as a mid-point update on the company's progress. Senior leadership – including Executive Chairman Patrick Doyle, CEO Josh Kobza, and CFO Sami Siddiqui – will share updates on the company's execution of its multi-year initiatives, highlight operational and brand-building priorities, discuss capital allocation, and address other topics of interest to investors.The event will be webcast live beginning at 8:30 a.m. Eastern Time on February 26, 2026. All interested parties are invited to access the webcast from the Events & Presentations page of RBI's Investor Relations website at https://rbi.com/investors. A replay will be available for a limited time following the event.About Restaurant Brands International Inc.
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.



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Original: Restaurant Brands International is Hosting an Investor Event on February 26, 2026

Restaurant Brands Tops Q4 Estimates on International Burger King StrengthFebruary 12, 2026 8:38 AM
IH Market News
Restaurant Brands International (NYSE:QSR) reported fourth-quarter results that outpaced market expectations, fueled by solid international momentum at Burger King.System-wide comparable sales rose 3.1% in the quarter, improving from 2.5% a year earlier and beating Bloomberg consensus forecasts for 2.55% growth.On an adjusted basis, earnings per share reached $0.96 for the quarter ended December 31, ahead of analyst estimates of $0.94.Adjusted EBITDA climbed 12% year over year to $772 million, surpassing Wall Street expectations of $767.2 million. Revenue increased 7.4% to $2.47 billion, also topping projections.International comparable sales at Burger King accelerated to 5.8%, up from 4.9% a year ago. In the U.S., efforts to revamp restaurant operations and marketing initiatives helped lift same-store sales by 3.1%.Tim Hortons delivered a 4.2% rise in comparable sales, as the Canadian coffee chain continues to expand its food offerings to drive higher customer traffic.“Our performance in 2025 reflects the progress we’ve made strengthening our brands and our system, driven by consistent execution from our teams and franchisees,” said CEO Josh Kobza.Shares of Restaurant Brands edged slightly higher in premarket U.S. trading following the announcement.Restaurant Brands stock price

Original: Restaurant Brands Tops Q4 Estimates on International Burger King Strength

Restaurant Brands International Inc. Reports Fourth Quarter and Full Year 2025 ResultsFebruary 12, 2026 6:30 AM
PR Newswire (Canada)

Consolidated system-wide sales grow 5.8% in the fourth quarter and 5.3% in 2025
Consolidated comparable sales up 3.1% in Q4, led by 6.1% at INTL, 2.8% at TH Canada and 2.6% at BK US
Achieves 2025 targets for organic Adjusted Operating Income growth and net leverageReturns ~$1.1 billion of capital to shareholders in 2025 while investing for growth MIAMI, Feb. 12, 2026 /CNW/ - Restaurant Brands International Inc. ("RBI") (NYSE: QSR) (TSX: QSR) (TSX: QSP) today reported financial results for the fourth quarter and full year ended December 31, 2025. Josh Kobza, Chief Executive Officer of RBI, commented, "Our performance in 2025 reflects the progress we've made strengthening our brands and our system, driven by consistent execution from our teams and franchisees. By staying focused on the fundamentals, we delivered our third consecutive year of roughly 8% organic Adjusted Operating Income growth. As we enter 2026, I'm encouraged by the stronger, more focused foundation we've built for the long term."







Consolidated Operational and Financial Highlights and Supplemental Annual Disclosure
(in US$ millions, except per share data, unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,Operational Highlights2025
2024
2025
2024System-Wide Sales Growth (a)
5.8 %

5.6 %

5.3 %

5.4 %System-Wide Sales (a)$12,131
$11,279
$46,762
$44,476Comparable Sales
3.1 %

2.5 %

2.4 %

2.3 %Net Restaurant Growth
2.9 %

3.4 %

2.9 %

3.4 %System Restaurant Count at Period End
33,041

32,125

33,041

32,125











GAAP Financials










Total revenues$2,466
$2,296
$9,434
$8,406Income from operations$621
$635
$2,202
$2,419  Income from operations growth (decline)
(2.2) %

35.4 %

(9.0) %

17.9 %Net income from continuing operations$274
$361
$1,201
$1,445Diluted earnings per share from continuing operations$0.60
$0.79
$2.63
$3.18











Financial Highlights (b)










Adjusted Operating Income (AOI) $674
$578
$2,584
$2,402  Organic AOI growth
15.6 %

13.7 %

8.3 %

9.0 %Adjusted EBITDA $772
$688
$2,970
$2,784Adjusted diluted earnings per share  (Adj. EPS)$0.96
$0.81
$3.69
$3.34  Nominal Adj. EPS growth
18.7 %

8.2 %

10.7 %

3.0 %  Organic Adj. EPS growth
17.2 %

11.0 %

12.4 %

4.4 %Net Leverage
4.2x

4.6x

4.2x

4.6x
















Twelve Months Ended December 31,Home Market Franchisee Profitability (c) (in 000s)

2025
2024
2023TH — Canada



C$           295   

C$           305   

C$           280    BK — US



$             185

$             205

$             205PLK — US



$             235

$             255

$             245FHS — US



$             100

$               90

$             110

(a)System-Wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in system-wide sales, which is reported on a nominal basis.(b)Non-GAAP metrics. See "Non-GAAP Financial Measures" for further detail. (c)Represents four-wall restaurant level profitability. Rounded estimates based on unaudited, self-reported franchisee results.Items Affecting Comparability and Restaurant Holdings Segment ReminderOperating and Reportable Segments
RBI reports results under six operating and reportable segments consisting of four franchisor segments for the Tim Hortons, Burger King, Popeyes, and Firehouse Subs brands in the U.S. and Canada ("TH," "BK," "PLK," and "FHS"), and a fifth franchisor segment for all of our brands in the rest of the world ("INTL"). Additionally, we acquired Carrols Restaurant Group Inc. ("Carrols") (the "Carrols Acquisition") and Popeyes China ("PLK China") ("the PLK China Acquisition") effective on May 16, 2024 and June 28, 2024, respectively. Following these acquisitions, we established a new operating and reportable segment, Restaurant Holdings ("RH"), which includes results from (i) the Carrols Burger King restaurants and the PLK China restaurants from their acquisition dates and (ii) Firehouse Subs Brazil ("FHS Brazil") beginning in 2025.RBI maintains the franchisor dynamics in its TH, BK, PLK, FHS, and INTL segments ("Five Franchisor Segments") to report results consistent with how the business will be managed long-term. This approach reflects RBI's intent to refranchise the vast majority of the Carrols Burger King restaurants and to find new partners for PLK China and FHS Brazil in the future. RH results include Company restaurant sales and expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK for the Carrols Burger King restaurants and INTL for PLK China and FHS Brazil) and eliminated upon consolidation.  Burger King China
On February 14, 2025, we acquired substantially all of the remaining equity interests in Burger King China ("BK China") from our former joint venture partners (the "BK China Acquisition"). For 2025, BK China was classified as held for sale and reported as discontinued operations. As such, for 2025, results for BK China were not recognized in the INTL segment. However, BK China KPIs continued to be included in our INTL segment KPIs.On November 8, 2025, we agreed to enter into a joint venture with CPE Alder Investment Limited, a fund managed by CPE ("CPE"), with respect to the operations of BK China (such joint venture, the "BK China JV"). Subsequent to the transaction, which closed January 30, 2026, CPE owns approximately 83% of the BK China JV, while we own approximately 17% and have a seat on its board of directors. In conjunction with the transaction, we recognized a non-cash charge of $114 million during 2025 related to our Burger King China holdings. This charge is included within Net loss from discontinued operations in the consolidated statements of operations.Beginning in 2026, we will account for our interest in BK China JV under the equity method of accounting and recognize franchise revenue, primarily related to royalties, in our INTL segment. Royalties from BK China will initially be at a lower rate and step up to the traditional Burger King International royalty rate over time.Convention Timing Impact on Franchise and Property Results
BK hosted conventions in Q3 2025 and Q4 2024, PLK hosted conventions in both Q2 2025 and Q2 2024, FHS hosted conventions in both Q3 2025 and Q3 2024, TH held a convention in Q2 2024 only and INTL held a convention in Q2 2025 only. In 2026, PLK and FHS will host conventions in Q3 and TH and BK will host conventions in Q4. Convention-related revenues and expenses are recognized in each segment's Franchise and Property Revenues and Segment F&P Expenses, respectively, and have an immaterial net AOI impact.Supplemental Disclosures 
Please review the Restaurant Count by Market and Trending Schedules posted on the RBI Investor Relations webpage under "Financial Information" for additional disclosures, including: Home Market and International KPIs by Brand and Company Restaurant Count by Segment;Segment Results with Disaggregated Franchise and Property Revenues (Royalties, Property Revenue and Franchise Fees and Other Revenue);Intersegment Revenue and Expense Eliminations;BK China KPIs and Selected Financial Data;Burger King US "Reclaim the Flame" Expenditures by Quarter; andRH Burger King Carrols Restaurant-Level EBITDA Margins.TH Segment ResultsThree Months Ended December 31,
Twelve Months Ended December 31,(in US$ millions, unaudited)2025
2024
2025
2024











System-wide Sales Growth (a)
2.7 %

3.2 %

3.0 %

4.7 %System-wide Sales (a)$1,918
$1,863
$7,573
$7,479Comparable Sales
2.9 %

2.2 %

2.7 %

3.9 %Comparable Sales - Canada
2.8 %

2.5 %

2.8 %

4.3 %











Net Restaurant Growth
1.0 %

0.3 %

1.0 %

0.3 %System Restaurant Count at Period End
4,586

4,539

4,586

4,539











Supply chain sales$797
$699
$2,909
$2,708Company restaurant sales$11
$11
$46
$45Franchise and property revenues$251
$242
$995
$987Advertising revenues and other services$76
$74
$298
$301Total revenues$1,135
$1,027
$4,247
$4,040











Supply chain cost of sales$659
$565
$2,363
$2,180Company restaurant expenses$10
$9
$40
$37Segment F&P expenses$84
$77
$330
$330Advertising expenses and other services$76
$72
$312
$307Segment G&A$37
$42
$140
$158Adjustments:










Cash distributions received from equity
method investments$4
$4
$16
$15Adjusted Operating Income$274
$266
$1,077
$1,043











(a)System-wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide Sales, which is reported on a nominal basisThe increase in Total revenues for the fourth quarter and full year was primarily driven by higher Supply chain sales due to increases in commodity prices, CPG net sales, and equipment sales to franchisees. For the full year, results were also impacted by unfavorable FX Impact. Excluding FX Impacts, Total revenues increased $106 million and $274 million for the fourth quarter and full year, respectively.The increase in Adjusted Operating Income for the fourth quarter and full year was primarily driven by revenue growth and a decrease in Segment G&A, largely due to lower compensation-related expenses. This was partially offset by higher Supply chain cost of sales due primarily to increases in commodity prices. For the full year, results were also impacted by unfavorable FX Impacts. Excluding FX Impacts, Adjusted Operating Income increased by $8 million and $51 million for the fourth quarter and full year, respectively.BK Segment ResultsThree Months Ended December 31,
Twelve Months Ended December 31,(in US$ millions, unaudited)2025
2024
2025
2024











System-wide Sales Growth
1.9 %

0.5 %

0.9 %

0.2 %System-wide Sales$2,970
$2,915
$11,578
$11,484Comparable Sales
2.7 %

1.1 %

1.5 %

1.0 %Comparable Sales - US
2.6 %

1.5 %

1.6 %

1.2 %











Net Restaurant Growth
(0.8) %

(0.9) %

(0.8) %

(0.9) %System Restaurant Count at Period End
7,025

7,082

7,025

7,082











Company restaurant sales$52
$62
$235
$243Franchise and property revenues (a)$185
$187
$722
$720Advertising revenues and other services (b)$145
$125
$556
$488Total revenues$383
$375
$1,514
$1,451











Company restaurant expenses$49
$56
$219
$221Segment F&P expenses$32
$37
$130
$122Advertising expenses and other services$148
$168
$567
$558Segment G&A$33
$35
$130
$139Adjusted Operating Income$121
$78
$468
$410

(a)Franchise and property revenues include intersegment revenues from RH consisting of royalties and rent of $29 million and $112 million during the three and twelve months ended December 31, 2025, respectively, and $28 million and $71 million during the three and twelve months ended December 31, 2024, respectively, which are eliminated in consolidation.(b)Advertising revenues and other services include intersegment revenues from RH consisting of advertising contributions and tech fees of $22 million and $85 million during the three and twelve months ended December 31, 2025, respectively, and $19 million and $47 million during the three and twelve months ended December 31, 2024, respectively, which are eliminated in consolidation.As a reminder, BK segment results are presented consistent with our franchisor model. As such, results include intersegment Franchise and property revenues and Advertising revenues and other services from the Carrols Burger King restaurants included in RH (as footnoted above).Burger King U.S. Reclaim the Flame
Burger King is executing its multi-year "Reclaim the Flame" plan to accelerate sales growth and drive franchisee profitability. This plan includes investing up to $700 million through year-end 2028, comprised of advertising and digital investments ("Fuel the Flame") and high-quality remodels and relocations, restaurant technology, kitchen equipment, and building enhancements ("Royal Reset"). The Fuel the Flame investments were completed in the fourth quarter ended December 31, 2024. As of December 31, 2025, we have funded $176 million out of up to $550 million planned toward the Royal Reset investments.Burger King 2025 Results 
The increase in Total revenues for the fourth quarter and full year was primarily driven by increases in Advertising revenues and other services primarily due to an increase in advertising fund contributions from franchisees reflecting an increase in the contribution rate. For the fourth quarter, these increases were partially offset by lower Company restaurant sales as a result of Company restaurant refranchising.The increase in Adjusted Operating Income for the fourth quarter and full year was primarily driven by the non-recurrence of $41 million and $61 million, respectively, of Fuel the Flame expenses incurred in the prior year period. For the full year, the increase also reflects a decrease in Segment G&A due primarily to lower compensation-related expenses, partially offset by higher Segment F&P expenses due to net bad debt expenses in 2025 compared to net bad debt recoveries in 2024.PLK Segment ResultsThree Months Ended December 31,
Twelve Months Ended December 31,(in US$ millions, unaudited)2025
2024
2025
2024











System-wide Sales Growth
(2.5) %

2.8 %

(0.7) %

4.2 %System-wide Sales$1,504
$1,543
$6,076
$6,124Comparable Sales
(4.8) %

(0.2) %

(3.2) %

0.4 %Comparable Sales - US
(4.9) %

0.1 %

(2.9) %

0.6 %











Net Restaurant Growth
1.6 %

3.7 %

1.6 %

3.7 %System Restaurant Count at Period End
3,578

3,520

3,578

3,520











Company restaurant sales$47
$48
$183
$148Franchise and property revenues$79
$81
$324
$325Advertising revenues and other services$70
$72
$293
$295Total revenues$196
$201
$800
$768











Company restaurant expenses$41
$42
$159
$128Segment F&P expenses$3
$1
$13
$9Advertising expenses and other services$72
$75
$303
$303Segment G&A$18
$22
$75
$84Adjusted Operating Income$62
$61
$250
$243The decrease in Total revenues for the fourth quarter was driven by lower System-wide Sales. For the full year, the increase in Total revenues was primarily driven by the inclusion of results from Popeyes restaurants acquired in the Carrols Acquisition for the full year period in 2025 compared to a partial period in 2024.Adjusted Operating Income for the fourth quarter remained relatively consistent with the prior year period. For the full year, the increase in Adjusted Operating Income was primarily driven by a decrease in Segment G&A largely due to lower compensation-related expenses.FHS Segment ResultsThree Months Ended December 31,
Twelve Months Ended December 31,(in US$ millions, unaudited)2025
2024
2025
2024











System-wide Sales Growth
10.1 %

5.4 %

8.6 %

2.7 %System-wide Sales$346
$315
$1,337
$1,233Comparable Sales
2.1 %

0.3 %

1.1 %

(1.1) %Comparable Sales - US
2.4 %

0.0 %

1.0 %

(1.3) %











Net Restaurant Growth
7.7 %

6.3 %

7.7 %

6.3 %System Restaurant Count at Period End
1,449

1,345

1,449

1,345











Company restaurant sales$12
$11
$45
$41Franchise and property revenues$29
$26
$113
$105Advertising revenues and other services$20
$21
$75
$68Total revenues$60
$58
$232
$214











Company restaurant expenses$10
$9
$38
$36Segment F&P expenses$2
$1
$10
$8Advertising expenses and other services$20
$22
$77
$70Segment G&A$13
$12
$51
$51Adjusted Operating Income$15
$13
$56
$48The increases in Total revenues and Adjusted Operating Income for the fourth quarter and full year were primarily driven by the increases in System-wide Sales.INTL Segment ResultsThree Months Ended December 31,
Twelve Months Ended December 31,(in US$ millions, unaudited)2025
2024
2025
2024System-wide Sales Growth (a)
11.9 %

11.2 %

10.7 %

10.0 %System-wide Sales (a)$5,392
$4,643
$20,199
$18,156Comparable Sales
6.1 %

4.7 %

4.9 %

3.3 %Comparable Sales -
     INTL - Burger King
5.8 %

4.9 %

4.8 %

3.3 %











Net Restaurant Growth
4.9 %

6.1 %

4.9 %

6.1 %System Restaurant Count at Period End
16,403

15,639

16,403

15,639











Franchise and property revenues$243
$217
$916
$853Advertising revenues and other services$20
$21
$82
$82Total revenues$263
$237
$998
$935











Segment F&P expenses$(2)
$21
$19
$31Advertising expenses and other services$22
$20
$92
$90Segment G&A$53
$50
$198
$200Adjusted Operating Income$191
$146
$690
$614











(a)System-wide Sales Growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide Sales, which is reported on a nominal basisThe increase in Total revenues for the fourth quarter and full year was primarily driven by higher royalties from Burger King and Popeyes restaurants resulting from increased System-wide Sales, partially offset by the absence of $9 million and $37 million of revenues, respectively, from BK China, which were recognized in 2024 but not 2025 as a result of the BK China Acquisition. Results in both periods were also impacted by a favorable FX Impact. Excluding the FX Impact, Total revenues increased by $14 million and $53 million for the fourth quarter and full year, respectively.The increase in Adjusted Operating Income for the fourth quarter and full year was primarily driven by revenue growth and lower Segment F&P expenses primarily driven by a decrease in net bad debt expenses. Results in both periods also benefited from a favorable FX Impact. Excluding the FX Impact, Adjusted Operating Income increased by $37 million and $72 million for the fourth quarter and full year, respectively.RH Segment ResultsThree Months Ended December 31,
Twelve Months Ended December 31,(in US$ millions, unaudited)2025
2024
2025
2024











Comparable Sales
2.5 %

1.6 %

2.3 %

0.4 %Comparable Sales - BK US
2.4 %

1.6 %

2.3 %

0.4 %System Restaurant Count at Period End
1,087

1,036

1,087

1,036











Total revenues$480
$445
$1,840
$1,116











Food, beverage and packaging costs$146
$126
$537
$312Restaurant wages and related expenses$150
$142
$595
$358Restaurant occupancy and other expenses (a)$124
$119
$476
$296Company restaurant expenses$420
$387
$1,608
$965Advertising expenses and other services (b)$24
$19
$92
$49Segment G&A$26
$24
$96
$59Adjusted Operating Income$11
$14
$44
$44

(a)Restaurant occupancy and other expenses include intersegment royalties and property expense of $29 million and $112 million during the three and twelve months ended December 31, 2025, respectively, and $28 million and $71 million during the three and twelve months ended December 31, 2024, respectively, which are eliminated in consolidation.(b)Advertising expenses and other services include intersegment advertising expenses and tech fees of $22 million and $85 million during the three and twelve months ended December 31, 2025, respectively, and $19 million and $47 million during the three and twelve months ended December 31, 2024, respectively, which are eliminated in consolidation.The increase in Total revenues for the fourth quarter was primarily driven by Comparable Sales growth as well as $14 million of incremental revenue recognized by Carrols Burger King restaurants due to three additional operating days in 2025 compared to 2024 as a result of aligning Carrols' and RBI's fiscal year periods. The increase in Total revenues for the full year reflects twelve months of results during 2025 compared to a partial period during 2024.The decrease in Adjusted Operating Income for the fourth quarter was primarily driven by an increase in Company restaurant expenses due to higher commodity costs, primarily beef, and higher restaurant wages. Additionally, Advertising expenses and other services increased due to an increase in the advertising fund contribution rate from Carrols Burger King restaurants, consistent with the rate increase for the rest of the Burger King US system. Segment G&A increased as Popeyes China and Firehouse Brazil continue to scale. These factors were partially offset by revenue growth, including a $2 million flow through to Adjusted Operating Income as a result of the alignment of fiscal year periods. Adjusted Operating Income for the full year remained consistent with the prior year. Declaration of Dividend
The RBI board of directors has declared a dividend of $0.65 per common share and partnership exchangeable unit of RBI LP for the first quarter of 2026. The dividend will be payable on April 2, 2026 to shareholders and unitholders of record at the close of business on March 19, 2026. RBI also announced an annual total dividend target of $2.60 per RBI common share and per partnership exchangeable unit of RBI LP for 2026.2026 Financial Guidance
For 2026, RBI expects:Segment G&A (excluding RH) for 2026 between $600 million and $620 million;RH Segment G&A for 2026 of approximately $100 million;Adjusted Interest Expense, net between $500 million and $520 million; andConsolidated capital expenditures, tenant inducements and incentives (including RH), or "Total Capex and Cash Inducements" of around $400 million.Long-Term Algorithm 
RBI continues to expect the following long-term consolidated performance on average, from 2024 to 2028:3%+ Comparable Sales; and8%+ organic Adjusted Operating Income growth.In addition, the Company continues to expect to reach 5%+ Net Restaurant Growth towards the end of its algorithm period.Investor Conference Call
We will host an investor conference call and webcast at 8:30 a.m. Eastern Time on Thursday, February 12, 2026, to review financial results for the fourth quarter and full year ended December 31, 2025. The earnings call will be broadcast live via our investor relations website at http://rbi.com/investors and a replay will be available for a limited time following the release. The dial-in number is (833) 470-1428 for U.S. callers, (833) 950-0062 for Canadian callers, and (929) 526-1599 for callers from other countries. For all dial-in numbers please use the following access code: 365228.Contacts
Investors: investor@rbi.com
Media: media@rbi.comAbout Restaurant Brands International Inc. 
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.RBI's principal executive offices are in Miami, Florida. In North America, RBI's brands are headquartered in their home markets where they were founded decades ago: Canada for Tim Hortons and the U.S. for Burger King, Popeyes and Firehouse Subs. To learn more about RBI, please visit the company's website at www.rbi.com.Forward-Looking Statements
This press release and our investor conference call contain certain forward-looking statements and information, which reflect management's current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties.These forward-looking statements include statements about our expectations or beliefs regarding (i) the impact of the macro-economic pressures and currency fluctuations on our and our franchisees' results of operations and business; (ii) our remodel program and refranchising efforts; (iii) leverage and free cash flow; (iv) our and our franchisees' future operational and financial performance, and our effective tax rates and adjusted net interest expense in 2026 and, as applicable, through 2028; (v) long-term partners for Popeyes China and FHS Brazil; (vi) refranchising of stores acquired in the Carrols Acquisition; (vii) commodity prices; (viii) tariff related impacts; and (ix) our growth opportunities, plans and strategies for each of our brands and ability to enhance operations and drive long-term, sustainable growth. The factors that could cause actual results to differ materially from RBI's expectations are detailed in filings of RBI with the Securities and Exchange Commission and applicable Canadian securities regulatory authorities, such as its annual and quarterly reports and current reports on Form 8-K, and include the following: (1) our indebtedness, which could adversely affect our financial condition; (2) global economic or other business conditions that may affect the desire or ability of our guests to purchase our products; (3) our relationship with, and the success of, our franchisees and risks related to our nearly fully franchised business model; (4) our franchisees' financial stability and their ability to access and maintain the liquidity necessary to operate their businesses; (5) our supply chain operations; (6) our ownership and leasing of real estate; (7) the effectiveness of our marketing, advertising and digital programs and franchisee support of these programs; (8) fluctuations in interest rates and in the currency exchange markets and the effectiveness of our hedging activity; (9) our ability to successfully implement our domestic and international growth strategy for each of our brands and risks related to our international operations; (10) our reliance on franchisees, including subfranchisees to accelerate restaurant growth; (11) risks related to unforeseen events; (12) changes in applicable tax laws or interpretations thereof; (13) evolving legislation and regulations in the area of franchise and labor and employment law; (14) our ability to address environmental and social sustainability issues; (15) risks related to geopolitical conflicts and terrorism; (16) the ability of cash flows from the Carrols restaurants to fund our budgeted remodels and the timing of refranchising of such restaurants; (17) tariffs and their impact on economic conditions or our business; and (18) our ability to find long-term partners for Popeyes China and FHS Brazil. Other than as required under U.S. federal securities laws or Canadian securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, change in expectations or otherwise. RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In millions of U.S. dollars, except per share data, Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024Revenues:






Supply chain sales$                    797
$                    700
$                 2,909
$                 2,708Company restaurant sales602
576
2,348
1,592Franchise and property revenues759
725
2,960
2,919Advertising revenues and other services308
295
1,217
1,187Total revenues2,466
2,296
9,434
8,406Operating costs and expenses:






Supply chain cost of sales659
564
2,363
2,180Company restaurant expenses504
480
1,968
1,328Franchise and property expenses131
150
552
544Advertising expenses and other services341
358
1,358
1,330General and administrative expenses192
199
741
733(Income) loss from equity method investments1
—
(11)
(69)Other operating expenses (income), net17
(90)
261
(59)Total operating costs and expenses1,845
1,661
7,232
5,987Income from operations621
635
2,202
2,419Interest expense, net125
135
516
577Loss on early extinguishment of debt2
—
2
33Income from continuing operations before income taxes494
500
1,684
1,809Income tax expense from continuing operations220
139
483
364Net income from continuing operations274
361
1,201
1,445Net loss from discontinued operations119
—
126
—Net income155
361
1,075
1,445Net income attributable to noncontrolling interests42
102
299
424Net income attributable to common shareholders$                    113
$                    259
$                    776
$                 1,021







Earnings (loss) per common share:






Basic net income per share from continuing
operations$                   0.60
$                   0.80
$                   2.64
$                   3.21Basic net loss per share from discontinued
operations$                  (0.26)
$                       —
$                  (0.28)
$                       —Basic net income per share$                   0.34
$                   0.80
$                   2.36
$                   3.21







Diluted net income per share from continuing
operations$                   0.60
$                   0.79
$                   2.63
$                   3.18Diluted net loss per share from discontinued
operations$                  (0.26)
$                       —
$                  (0.28)
$                       —Diluted net income per share$                   0.34
$                   0.79
$                   2.35
$                   3.18







Weighted average shares outstanding (in millions):






Basic334
324
329
319Diluted457
455
457
454RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions of U.S. dollars, except share data, Unaudited)
As of December 31,
2025
2024ASSETS


Current assets:


Cash and cash equivalents$                      1,163
$                      1,334Accounts and notes receivable, net of allowance of $54 and $57, respectively794
698Inventories, net205
142Prepaids and other current assets179
108Assets held for sale - discontinued operations489
—Total current assets2,830
2,282Property and equipment, net of accumulated depreciation and amortization of $1,245 and
$1,087, respectively2,303
2,236Operating lease assets, net1,961
1,852Intangible assets, net11,190
10,922Goodwill6,306
5,986Other assets, net1,025
1,354Total assets$                    25,615
$                    24,632LIABILITIES AND SHAREHOLDERS' EQUITY


Current liabilities:


Accounts and drafts payable$                         866
$                         765Other accrued liabilities1,271
1,141Gift card liability249
236Current portion of long-term debt and finance leases68
222Liabilities held for sale - discontinued operations437
—Total current liabilities2,891
2,364Long-term debt, net of current portion13,250
13,455Finance leases, net of current portion261
286Operating lease liabilities, net of current portion1,900
1,770Other liabilities, net1,034
706Deferred income taxes, net1,120
1,208Total liabilities20,456
19,789Commitments and contingencies


Shareholders' equity:


Common shares, no par value; unlimited shares authorized at December 31, 2025 and
December 31, 2024; 346,323,165 shares issued and outstanding at December 31, 2025;
324,426,589 shares issued and outstanding at December 31, 20242,859
2,357Retained earnings1,795
1,860Accumulated other comprehensive income (loss)(1,020)
(1,107)Total Restaurant Brands International Inc. shareholders' equity3,634
3,110Noncontrolling interests1,525
1,733Total shareholders' equity5,159
4,843Total liabilities and shareholders' equity$                    25,615
$                    24,632RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In millions of U.S. dollars, Unaudited)
Twelve Months Ended December 31,
2025
2024Cash flows from operating activities:


Net income$                          1,075
$                          1,445Net loss from discontinued operations126
—Net income from continuing operations1,201
1,445Depreciation and amortization301
264Non-cash loss on early extinguishment of debt2
23Amortization of deferred financing costs and debt issuance discount25
25(Income) loss from equity method investments(11)
(69)Loss (gain) on remeasurement of foreign denominated transactions209
(71)Net (gains) losses on derivatives(198)
(191)Share-based compensation and non-cash incentive compensation expense151
172Deferred income taxes97
(5)Other non-cash adjustments, net49
19Changes in current assets and liabilities, excluding acquisitions and dispositions:


Accounts and notes receivable(89)
7Inventories and prepaids and other current assets(67)
30Accounts and drafts payable89
(30)Other accrued liabilities and gift card liability(7)
(37)Tenant inducements paid to franchisees(44)
(38)Changes in other long-term assets and liabilities6
(41)Net cash provided by operating activities from continuing operations1,714
1,503Cash flows from investing activities:


Payments for additions of property and equipment(265)
(201)Net proceeds from disposal of assets, restaurant closures, and refranchisings38
34Net payments for acquisition of franchised restaurants, net of cash acquired(152)
(540)Settlement/sale of derivatives, net76
74Other investing activities, net(15)
(27)Net cash used for investing activities from continuing operations(318)
(660)Cash flows from financing activities:


Proceeds from long-term debt—
2,450Repayments of long-term debt and finance leases(427)
(2,190)Payment of financing costs—
(41)Payment of common share dividends and Partnership exchangeable unit
distributions(1,108)
(1,029)Proceeds from stock option exercises33
78Proceeds from derivatives67
109Other financing activities, net(1)
(2)Net cash used for financing activities from continuing operations(1,436)
(625)Net cash used for discontinued operations(81)
—Effect of exchange rates on cash and cash equivalents16
(23)(Decrease) increase in cash and cash equivalents, including cash classified as assets
held for sale - discontinued operations(105)
195Increase in cash classified as assets held for sale - discontinued operations(66)
—Increase (decrease) in cash and cash equivalents(171)
195Cash and cash equivalents at beginning of period1,334
1,139Cash and cash equivalents at end of period$                          1,163
$                          1,334Supplemental cash flow disclosures:


Interest paid$                             714
$                             785Income taxes paid, net$                             450
$                             293Accruals for additions of property and equipment$                               53
$                               51RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Key Operating Metrics and Non-GAAP Financial MeasuresKey Operating Metrics
Key performance indicators ("KPIs") are shown for RBI's Five Franchisor Segments. The KPIs for the Carrols Burger King restaurants are included in the BK segment and KPIs for the PLK China, BK China, and FHS Brazil restaurants are included in the INTL segment.System-wide Sales Growth refers to the percentage change in sales at all franchised restaurants and company restaurants (referred to as System-wide Sales) in one period from the same period in the prior year on a constant currency basis, which means the results exclude the effect of foreign currency translation ("FX Impact"). We calculate the FX Impact by translating prior year results at current year monthly average exchange rates. System-wide Sales is reported on a nominal basis.Comparable Sales refers to the percentage change in restaurant sales in one period from the same prior year period on a constant currency basis for restaurants that have been open for an initial consecutive period, typically at least 13 months. Additionally, if a restaurant is closed for a significant portion of a month, the restaurant is excluded from the monthly Comparable Sales calculation.Unless otherwise stated, System-wide Sales Growth, System-wide Sales and Comparable Sales are presented on a system-wide basis, which means they include franchised restaurants and company restaurants. System-wide results are driven by our franchised restaurants, as over 95% of system-wide restaurants are franchised. Franchise sales represent sales at all franchised restaurants and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales.Net Restaurant Growth refers to the net change in restaurant count (openings, net of permanent closures) over a trailing twelve month period, divided by the restaurant count at the beginning of the trailing twelve month period. In determining whether a restaurant meets our definition of a restaurant that will be included in our Net Restaurant Growth, we consider factors such as scope of operations, format and image, separate franchise agreement, and minimum sales thresholds. We refer to restaurants that do not meet our definition as "alternative formats" and we believe these are helpful to build brand awareness, test new concepts and provide convenience in certain markets.Total Capex and Cash Inducements refers to the sum of payments for additions to property and equipment, tenant inducements paid to franchisees, other cash inducements (included in changes in other long-term assets and liabilities), and increase (decrease) in accruals for additions to property and equipment.These metrics are important indicators of the overall direction of our business, including trends in sales and the effectiveness of each brand's marketing, operations and growth initiatives. Total Capex and Cash Inducements is an indicator of the capital intensity of our business.Non-GAAP Measures
Below, we define non-GAAP financial measures, provide a reconciliation of each measure to the most directly comparable financial measure calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), and discuss the reasons why we believe this information is useful to management and may be useful to investors. These measures do not have standardized meanings under GAAP and may differ from similarly captioned measures of other companies in our industry. We believe that these non-GAAP measures are useful to investors in assessing our operating performance and liquidity. By disclosing these non-GAAP measures, we intend to provide investors with a consistent comparison of our operating results and trends for the periods presented.AOI represents Income from operations adjusted to exclude (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net and, (iv) income/expenses from non-recurring projects and non-operating activities. For the periods referenced in the following financial results, income/expenses from non-recurring projects and non-operating activities included (i) non-recurring fees and expenses incurred in connection with the Carrols Acquisition, the PLK China Acquisition and the BK China Acquisition, consisting primarily of professional fees, compensation related expenses and integration costs ("RH and BK China Transaction costs") and (ii) non-operating costs from professional advisory and consulting services associated with certain transformational corporate restructuring initiatives that rationalize our structure and optimize cash movements as well as services related to significant tax reform legislation and regulations ("Corporate restructuring and advisory fees"). Management believes that these types of expenses are either not related to our underlying profitability drivers or not likely to re-occur in the foreseeable future and the varied timing, size and nature of these projects may cause volatility in our results unrelated to the performance or trends of our core operations. AOI is used by management to measure operating performance of the business, excluding these non-cash and other specifically identified items. AOI, as defined above, also represents our measure of segment income for each of our operating segments.Adjusted EBITDA is defined as earnings (net income or loss from continuing operations) before interest expense, net, (gain) loss on early extinguishment of debt, income tax expense (benefit) from continuing operations, and depreciation and amortization excluding (i) the non-cash impact of share-based compensation and non-cash incentive compensation expense, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net, and (iv) income or expense from non-recurring projects and non-operating activities (as described above) and is used by management to measure leverage.Segment G&A is defined as general and administrative expenses excluding RH and BK China Transaction costs and Corporate restructuring and advisory fees. Segment G&A (excluding RH) is defined as Segment G&A for our Five Franchisor Segments.Segment F&P Expenses is defined as franchise and property expenses excluding franchise agreement amortization ("FAA") and reacquired franchise rights amortization as a result of acquisition accounting.Adjusted Net Income is defined as Net income from continuing operations excluding (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (ii) amortization of deferred financing costs and debt issuance discount, (iii) loss on early extinguishment of debt and interest expense, which represents non-cash interest expense related to amounts reclassified from accumulated comprehensive income (loss) into interest expense in connection with restructured interest rate swaps, (iv) (income) loss from equity method investments, net of cash distributions received from equity method investments, (v) other operating expenses (income), net, and (vi) income or expense from non-recurring projects and non-operating activities (as described above). Adjusted Interest Expense, net is defined as interest expense, net less (i) amortization of deferred financing costs and debt issuance discount and (ii) non-cash interest expense related to amounts reclassified from accumulated comprehensive income (loss) into interest expense in connection with restructured interest rate swaps.Adjusted Diluted EPS is calculated by dividing Adjusted Net Income by the weighted average diluted shares outstanding of RBI during the reporting period. Adjusted Net Income and Adjusted Diluted EPS are used by management to evaluate the operating performance of the business, excluding certain non-cash and other specifically identified items that management believes are not relevant to management's assessment of operating performance.Net Debt is defined as Total debt less cash and cash equivalents. Total debt is defined as long-term debt, net of current portion plus (i) Finance leases, net of current portion, (ii) Current portion of long-term debt and finance leases and (iii) Unamortized deferred financing costs and deferred issue discount. Net Debt is used by management to evaluate the Company's liquidity. We believe this measure is an important indicator of the Company's ability to service its debt obligations.Net Leverage is defined as Net Debt divided by Adjusted EBITDA. This metric is an operating performance measure that we believe provides investors a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents that eventually could be used to repay outstanding debt.Revenue growth, Income from Operations growth, Adjusted Operating Income growth, Net Income growth, Adjusted EBITDA growth, Adjusted Net Income growth and Adjusted Diluted EPS growth on an organic basis, are non-GAAP measures that exclude the impact of FX movements and the results of our RH segment. With respect to Adjusted Diluted EPS, growth on an organic basis also excludes the impact of incremental debt incurred as part of the Carrols transaction. Management believes that organic growth is an important metric for measuring the operating performance of our business as it helps identify underlying business trends, without distortion from the effects of FX movements and the RH segment given the Company's plans to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China and new investors for FHS Brazil in the future. We calculate the impact of FX movements by translating prior year results at current year monthly average exchange rates.Free Cash Flow ("FCF") is the total of Net cash provided by operating activities minus Payments for property and equipment. FCF is a liquidity measure used by management as one factor in determining the amount of cash that is available for working capital needs or other uses of cash and it does not represent residual cash flows available for discretionary expenditures. We are not currently able to reconcile our forward-looking non-GAAP measures because we cannot predict the timing and amounts of certain important components of estimated operating income and general and administrative expenses, including the impact of equity method investments and other operating expenses or income from non-recurring projects and non-operating activities, which could significantly impact GAAP results.RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Non-GAAP Financial Measures | Organic Growth
Three Months Ended December 31, 2025
(In millions of U.S dollars, except per share data, Unaudited)

Three Months EndedDecember 31,
Variance
RH Impact
FX Impact
Organic Growth

2025
2024
$
%
$
$
$
%Revenue















TH
$       1,135
$      1,027
$         109
10.6 %
$              —
$                3
$           106
10.3 %BK
383
375
8
2.1 %
—
—
8
2.1 %PLK
196
201
(5)
(2.7) %
—
—
(6)
(2.8) %FHS
60
58
2
4.1 %
—
—
2
4.1 %INTL
263
237
26
10.8 %
—
12
14
5.6 %RH
480
445
36
8.0 %
36
—
—
NMElimination of
intersegment revenues
(a)
(51)
(47)
(5)
NM
(5)
—
—
NMTotal revenues
$       2,466
$      2,296
$         170
7.4 %
$              31
$              14
$           125
6.5 %
















Income from Operations
$          621
$         635
$          (14)
(2.2) %
$              (5)
$              17
$            (25)
(3.9) %Net Income from
Continuing Operations
$          274
$         361
$          (87)
(24.1) %
$              (8)
$                3
$            (82)
(22.5) %
















Adjusted Operating Income













TH
$          274
$         266
$             9
3.3 %
$              —
$                1
$               8
3.1 %BK
121
78
43
55.4 %
—
—
43
55.3 %PLK
62
61
—
(0.4) %
—
—
—
(0.5) %FHS
15
13
2
18.3 %
—
—
2
18.2 %INTL
191
146
45
30.5 %
—
8
37
23.7 %RH
11
14
(3)
(22.4) %
(3)
—
—
NMAdjusted Operating
Income
$          674
$         578
$           96
16.5 %
$              (3)
$                9
$             90
15.6 %
















Adjusted EBITDA
$          772
$         688
$           84
12.2 %
$              (3)
$                9
$             77
11.5 %
















Adjusted Net Income
$          441
$         369
$           72
19.4 %
$              (3)
$                8
$             67
17.8 %Adjusted Diluted Earnings
per Share
$         0.96
$        0.81
$        0.15
18.7 %
$         (0.01)
$           0.02
$          0.14
17.2 %
(a) Consists of royalties, property revenues, advertising contribution revenues and tech fees from intersegment transactions with RH.
Note: Percentage changes and totals may not recalculate due to rounding. RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Non-GAAP Financial Measures | Organic Growth
Twelve Months Ended December 31, 2025
(In millions of U.S dollars, except per share data, Unaudited)

Twelve Months EndedDecember 31,
Variance
RH Impact
FX Impact
Organic Growth

2025
2024
$
%
$
$
$
%Revenue















TH
$       4,247
$      4,040
$         207
5.1 %
$              —
$            (66)
$           274
6.9 %BK
1,514
1,451
63
4.3 %
—
(1)
64
4.4 %PLK
800
768
33
4.2 %
—
—
33
4.3 %FHS
232
214
19
8.7 %
—
—
19
8.8 %INTL
998
935
63
6.7 %
—
10
53
5.6 %RH
1,840
1,116
724
NM
724
—
—
NMElimination of
intersegment revenues
(a)
(197)
(117)
(80)
NM
(80)
—
—
NMTotal revenues
$       9,434
$      8,406
$      1,028
12.2 %
$            644
$            (58)
$           442
6.0 %
















Income from Operations
$       2,202
$      2,419
$        (217)
(9.0) %
$            (14)
$              (9)
$          (194)
(8.1) %Net Income from
Continuing Operations
$       1,201
$      1,445
$        (244)
(16.9) %
$            (20)
$            (21)
$          (203)
(14.3) %
















Adjusted Operating Income













TH
$       1,077
$      1,043
$           34
3.3 %
$              —
$            (17)
$             51
4.9 %BK
468
410
57
14.0 %
—
—
58
14.1 %PLK
250
243
7
2.7 %
—
—
7
2.8 %FHS
56
48
8
15.6 %
—
—
8
15.7 %INTL
690
614
76
12.4 %
—
4
72
11.7 %RH
44
44
—
NM
—
—
—
NMAdjusted Operating
Income
$       2,584
$      2,402
$         181
7.5 %
$              —
$            (14)
$           195
8.3 %
















Adjusted EBITDA
$       2,970
$      2,784
$         185
6.7 %
$              21
$            (15)
$           179
6.6 %
















Adjusted Net Income
$       1,687
$      1,515
$         172
11.4 %
$            (13)
$            (10)
$           195
13.1 %Adjusted Diluted Earnings
per Share
$         3.69
$        3.34
$        0.36
10.7 %
$         (0.03)
$         (0.02)
$          0.41
12.4 %
(a) Consists of royalties, property revenues, advertising contribution revenues and tech fees from intersegment transactions with RH.
Note: Percentage changes and totals may not recalculate due to rounding.RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
Reconciliation of Net Leverage, Free Cash Flow and Capex and Cash Inducements
(In millions of U.S dollars, except ratio, Unaudited)

As of December 31,Net Leverage
2025
2024Long-term debt, net of current portion
$                            13,250
$                            13,455Finance leases, net of current portion
261
286Current portion of long-term debt and finance leases
68
222Unamortized deferred financing costs and deferred issue discount
90
117Total Debt
$                            13,669
$                            14,080




Cash and cash equivalents
$                               1,163
$                               1,334Net debt
12,506
12,746




Net income from continuing operations
1,201
1,445Net Income from continuing operations Net leverage
10.4x
8.8x




Adjusted EBITDA
2,970
2,784Net Leverage
4.2x
4.6x Free Cash Flow
Twelve Months Ended
December 31,
Nine Months Ended
September 30,
Three Months Ended
December 31,

2025
2025
2025Calculation:
A
B
A - BNet cash provided by operating activities
$                        1,714
$                        1,159
$                           555Payments for additions of property and equipment
(265)
(163)
(102)Free Cash Flow
$                        1,449
$                           996
$                           453 

Three Months Ended
December 31,
Twelve Months Ended
December 31,Capex and Cash Inducements
2025
2024
2025
2024Payments for additions of property and equipment
$                102
$                  77
$                265
$                201Tenant inducements paid to franchisees
18
15
44
38Other cash inducements (incl. in changes in other long-term assets
and liabilities)
16
13
53
49Increase (decrease) in accruals for additions to property and
equipment (a)
4
44
3
44Total Capex and Cash Inducements
$                140
$                149
$                365
$                332
(a) For the twelve months ended December 31, 2024, increase (decrease) in accruals for additions to property and equipment reflects $7 million of accruals for additions of property and equipment assumed in connection with the Carrols Acquisition.RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Non-GAAP Financial Measures| Reconciliations
(In millions of U.S dollars, except per share data, Unaudited)Net Income from Continuing Operations to Income from Operations to Adjusted Operating Income to Adjusted EBITDA

Three Months Ended
December 31,
Twelve Months Ended
December 31,

2025
2024
2025
2024Net income from continuing operations
$              274
$              361
$           1,201
$           1,445Income tax expense (benefit) from continuing operations(3)
220
139
483
364Loss on early extinguishment of debt
2
—
2
33Interest expense, net
125
135
516
577Income from operations
621
635
2,202
2,419Franchise agreement and reacquired franchise rights amortization
(FAA)
16
15
65
53RH andBK China Transaction costs
8
5
37
22Corporate restructuring and advisory fees
7
9
14
20Impact of equity method investments(2)
6
4
5
(53)Other operating expenses (income), net
17
(90)
261
(59)Adjusted Operating Income
$              674
$              578
$           2,584
$           2,402Depreciation and amortization, excluding FAA
60
62
236
210Share-based compensation and non-cash incentive compensation
expense(1)
38
48
151
172Adjusted EBITDA
$              772
$              688
$           2,970
$           2,784Net Income from Continuing Operations to Adjusted Net Income and Adjusted Diluted EPS




Net income from continuing operations
$              274
$              361
$           1,201
$           1,445Income tax expense from continuing operations(3)
220
139
483
364Income from continuing operations before income taxes
494
500
1,684
1,809Adjustments:







Franchise agreement and reacquired franchise rights amortization
16
15
65
53Amortization of deferred financing costs and debt issuance discount
6
6
25
25Interest expense and loss on extinguished debt(4)
(3)
(1)
(18)
31RH andBK China Transaction costs
8
5
37
22Corporate restructuring and advisory fees
7
9
14
20Impact of equity method investments(2)
6
4
5
(53)Other operating expenses (income), net
17
(90)
261
(59)Total adjustments
57
(52)
389
39Adjusted income before income taxes
551
448
2,073
1,848Adjusted income tax expense(3)(5)
109
79
385
333Adjusted Net Income
$              441
$              369
$           1,687
$           1,515Adjusted diluted earnings per share
$             0.96
$             0.81
$             3.69
$             3.34Weighted average diluted shares outstanding (in millions)
457
455
457
454
Note: Totals may not recalculate due to rounding.RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
Footnotes to Reconciliation Tables(1)Represents share-based compensation expense associated with equity awards for the periods indicated; also includes the portion of annual non-cash incentive compensation expense that eligible employees elected to receive or are expected to elect to receive as common equity in lieu of their 2025 and 2024 cash bonus, respectively.

(2)Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in Adjusted Operating Income which is our measure of segment income.

(3)The increase in our US GAAP effective tax rate was primarily driven by a decrease in our net deferred tax assets in connection with intra-group reorganizations (which we expect to have a favorable impact to the rate in 2026), unfavorable impacts of OECD Pillar II guidance issued during 2025, the mix of income from multiple jurisdictions, and internal financing arrangements.  The intra-group reorganizations and the OECD guidance did not have an impact on the adjusted income tax expense or adjusted effective tax rate

(4)Represents loss on early extinguishment of debt and interest expense. Interest expense included in this amount represents non-cash interest expense related to amounts reclassified from accumulated comprehensive income (loss) into interest expense in connection with restructured interest rate swaps.

(5)Adjusted income tax expense includes the tax impact of the non-GAAP adjustments and is calculated using our statutory tax rate in the jurisdiction in which the costs were incurred. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/restaurant-brands-international-inc-reports-fourth-quarter-and-full-year-2025-results-302685828.htmlSOURCE Restaurant Brands International Inc.

Original: Restaurant Brands International Inc. Reports Fourth Quarter and Full Year 2025 Results

Interesting video...

People I know up in Ontario still swear by Timmy's and I do enjoy their coffee. Thanks!

Video Update
https://investorshub.advfn.com/stock-market/NYSE/restaurant-brands-QSR/stock-news/97685477/restaurant-brands-international-to-report-fourth-q

My Three-Pronged Investment Thesis Update -- TRIFECTA Update 2:

Truth always prevails. I have not sold a share since this was last written in the post I'm referring to:

_____________________________________________________

The verdict is coming in fast and furious. TAST went on a tear and sold 10000/16000 of it for almost 200% gains. Keeping 6000 long and allocating the profit to 500 extra shares of QSR.

1,900 shares long of QSR and 6,000 shares long TAST, and 10,000 shares long THCH

Total investment as of this time stamp of 8-20-23 on the original allocation of $111,000 is now at a current market valuation of $196,000 ($130,000 QSR + $44,000 TAST + $22,000 THCH)
__________________________________________________

Since that time, QSR bought TAST for $9.60 per share and I sold out at $9.50 per share. What is that? 300% return or more? I say I got bought out on the cheap. But since I own QSR still, all 1900 shares still, I guess I bought it from myself. More THCH was bought from those hefty profits, as well as other non-related positions.

UPDATE AS OF 2-5-24

1,900 shares long of QSR and 24,000 shares long THCH (a franchisee of QSR)


Truth prevails and the march continues forward.

My Three-Pronged Investment Thesis Update -- TRIFECTA Update:

The verdict is coming in fast and furious. TAST went on a tear and sold 10000/16000 of it for almost 200% gains. Keeping 6000 long and allocating the profit to 500 extra shares of QSR.

1,900 shares long of QSR and 6,000 shares long TAST, and 10,000 shares long THCH

Total investment as of this time stamp of 8-20-23 on the original allocation of $111,000 is now at a current market valuation of $196,000 ($130,000 QSR + $44,000 TAST + $22,000 THCH)

Truth prevails and the march continues forward.

UPDATE: TAST is on a tear. So is QSR

Not a single share sold.

It's good to be the King

am into farm things like bacon and eggs

Peter Doyle just became chairman of QSR with $30 million of his own money on the line. And he turned Dominoes around and made it an investment better than Amazon if truth be known. Better returns! I think this is a winner!

QSR's brand Tim Horton's is about 50% of its revenue, and I think China is going to be explosive for them. THCH is rollling out very aggressive growth there. And they just signed a deal to franchise Popeyes as well. THCH is funded by Burger King in China which is doing great.

My Three-Pronged Investment Thesis Update -- TRIFECTA
(Time-stamp update from post that this one is responding to)

Additional purchase since last time-stamped update:
2000 shares of THCH (Tim Hortons) added.

1,300 shares long of QSR and 15,200 shares long TAST, and 2,000 shares long THCH

Total investment as of this time stamp of 2-23-23 is approximately $111,000 at a current market valuation of $125,443 ($85,423 QSR + $29,640 + $10,380 THCH)

Investment highlights:

1. Returning 7% to shareholders at today's price of $60ish - With a 3.2% div. yield and having bought back 3% of its shares this year so far, that's a true return of 6% given back to shareholders on a growth story.

2. Strong FCF on a strong franchise model ensuring stable CAFD for decades to come.

3. Perfect shield against inflation and recession resistant. The main inflationary pressures such as commodity and operating costs costs are on franchisees of the business. Fast food is more resilient in recessions since fast casual diners can "downgrade." Hence, less price elastic than say fine dining, and fast food proved to be a good place to be in the decade of the '70s known for its stagflation.

4. Only one weak spot currently remains for Burger King, which is the largest income driver for QSR, and that is domestic franchisees that are experiencing flat comps (unlike the fantastic results of their International footprint). A big plan to rejuvenate the brand in the US will be unveiled in September, a month away at the time of this post.

5. TAST is a *booster* to turbo-charge this already great investment in my opinion.
Burger King's largest franchisee, which always outperforms US comps as a whole is Carrols (TAST), so they should be a beneficiary from QSR's renewed focus in rejuvenating the brand. From a contrarian perspective, it will inflate the returns on QSR dramatically when the two are tied together in a portfolio like this one with significant weight. Since TAST's units are over 90% BK units, which are the one sore spot for QSR domestically speaking, an improvement in gross margins there would be dramatic. So, the alignment of interests are there to turn this around, and both have good management.

6. BONUS KICKER: New mystery brands to be bought in the future. My personal hope is that they buy RAVE (Pizza Inn and Pie Five) one day since that is a 100% franchise model itself and would help my stock there (another unrelated investment), and give them a pizza chain they can ramp up expansion on with a much stronger capital base. Although it's probably too small at this time to be on their radar. Yet, what a great a way to go head to head with Pizza Hut one day.

7. SECOND BONUS BOOSTER: Tim Horton's in China (THCH) was added due to the re-opening of China's economy, and a new SPAC that emerged but quickly fell to great value in this author's opinion.

ETRADE:

QSR
08/24/22 Bought 1000 of QSR @ $47.50 (Order #2033) Unassigned -47,500.00
08/24/22 Option Exercise 10 QSR Jan 20 '23 $47.50 Call(QSR) Unassigned -
06/13/22 Bought To Open 10 QSR Jan 20 '23 $47.50 Call(QSR) @ $4.41 Unassigned -4,415.10
04/08/22 Sold To Close 10 QSR Apr 14 '22 $50 Call(QSR) @ $9.50 Unassigned 9,494.83
10/27/21 Bought To Open 10 QSR Apr 14 '22 $50 Call(QSR) @ $7.72 Unassigned -7,725.10

Translation: 1000 shares purchased at net avg. cost of $51.91 -- Bought a reservation that expired due to lack of funds for dream stock, but *luckily* made small profit. Then made a new reservation and exercised it early when sufficient funding was available.

TAST
Buy 1000 TAST Executed @ $1.3891Dec 08, 2022 10:37 AM ET 21,432
10/10/22 Bough 1000 of TAST @ $1.624 (Order #2059) Unassigned -1,624.80
10/10/22 Bought 1000 of TAST @ $1.625 (Order #2058) Unassigned -1,625.20
09/02/22 Bought 1000 of TAST @ $1.97 (Order #2041) Unassigned -1,970.00
04/27/22 Bought 1000 of TAST @ $1.67 (Order #1955) Unassigned -1,670.00
04/18/22 Bought 1000 of TAST @ $1.9568 (Order #1951) Unassigned -1,956.80
12/01/21 Bought 1000 of TAST @ $2.6466 (Order #1850) Unassigned -2,646.60
11/19/21 Bought 800 of TAST @ $3.05 (Order #1849) Unassigned -2,440.00
11/19/21 Bought 200 of TAST @ $3.045 (Order #1849) Unassigned -609.00
10/05/21 Dividend CARROLS RESTAURANT GROUP INC CASH DIV ON 5000 SHS REC 08/25/21 PAY 10/05/21 Unassigned 2,050.00
08/13/21 Bought 2000 of TAST @ $4.276 (Order #1786) Unassigned -8,552.00
07/15/21 Bought 1000 of TAST @ $4.78 (Order #1772) Unassigned -4,780.00
06/03/21 Bought 100 of TAST @ $5.715 (Order #1647) Unassigned -571.50
06/03/21 Bought 900 of TAST @ $5.7185 (Order #1647) Unassigned -5,146.65

Translation: Bought 12,000 shares over the course of a year for an avg. cost of $2.59 per share: Per share calculated: ($2.77 per share * 12000 - dividend)/12000. -- Total Investment: $31,080

THCH
01/23/23 Bought 1000 of THCH @ $2.9699 (Order #2119) Unassigned -2,969.90
01/17/23 Bought 300 of THCH @ $3.4197 (Order #2114) Unassigned -1,025.91
01/17/23 Bought 100 of THCH @ $3.375 (Order #2114) Unassigned -337.50
01/17/23 Bought 600 of THCH @ $3.40 (Order #2114) Unassigned -2,040.00

Translation: Added Tim Horton's China as latest edition of QSR's brands to make it a Tri-Fecta!

MERRILL EDGE:

TOTAL INVESTMENT: $22,384 and current market valuation is $22,611

QSR
QSR = 300 shares at $53.79 per share avg. cost.

05/10/2022 (Short Term) 200 $51.25 $10,250.00 $59.09 $11,818.00 +$1,568.00+15.30%
10/25/2021 (Short Term) 100 $58.87 $5,886.50 $59.09 $5,909.00 +$22.50+0.38%

TAST
TAST = 2200 shares at $2.84 per share avg. cost

05/02/2022 (Short Term) 1,000 $1.58 $1,575.00 $2.22 $2,220.00 +$645.00+40.95%
08/13/2021 (Long Term) 1,000 $3.85 $3,845.00 $2.22 $2,220.00 -$1,625.00-42.26%
07/19/2021 (Long Term) 200 $4.14 $828.00 $2.22 $444.00 -$384.00-46.38%

Sorry, just now seeing this. Thanks for reminding me that I need to update my thesis. I'm also in Tim Horton's China now as well -- A Trifecta: QSR, TAST, and THCH.

Still 1000 shares long here and haven't noticed much volatility lately. Seems stable as a rock. And listening to Peter Doyle I'm more confident than ever. He absolutely gets it to me.

QSR down 4 5 % After posting a nice profit..... coverings ???

My Two-Pronged Investment Thesis Update
(Time-stamp update from post that this one is responding to)

Additional purchase since last time-stamped update:
Buy 1000 TAST Executed @ $1.3891Dec 08, 2022 10:37 AM ET 21,432

1,300 shares long of QSR and 15,200 shares long TAST

Total investment as of this time stamp of 12-11-22 is approximately $105,000 at a current market valuation of $108,000.

Investment highlights:

1. Returning 7% to shareholders at today's price of $60ish - With a 3.2% div. yield and having bought back 3% of its shares this year so far, that's a true return of 6% given back to shareholders on a growth story.

2. Strong FCF on a strong franchise model ensuring stable CAFD for decades to come.

3. Perfect shield against inflation and recession resistant. The main inflationary pressures such as commodity and operating costs costs are on franchisees of the business. Fast food is more resilient in recessions since fast casual diners can "downgrade." Hence, less price elastic than say fine dining, and fast food proved to be a good place to be in the decade of the '70s known for its stagflation.

4. Only one weak spot currently remains for Burger King, which is the largest income driver for QSR, and that is domestic franchisees that are experiencing flat comps (unlike the fantastic results of their International footprint). A big plan to rejuvenate the brand in the US will be unveiled in September, a month away at the time of this post.

5. TAST is a *booster* to turbo-charge this already great investment in my opinion.
Burger King's largest franchisee, which always outperforms US comps as a whole is Carrols (TAST), so they should be a beneficiary from QSR's renewed focus in rejuvenating the brand. From a contrarian perspective, it will inflate the returns on QSR dramatically when the two are tied together in a portfolio like this one with significant weight. Since TAST's units are over 90% BK units, which are the one sore spot for QSR domestically speaking, an improvement in gross margins there would be dramatic. So, the alignment of interests are there to turn this around, and both have good management.

6. BONUS KICKER: New mystery brands to be bought in the future. My personal hope is that they buy RAVE (Pizza Inn and Pie Five) one day since that is a 100% franchise model itself and would help my stock there (another unrelated investment), and give them a pizza chain they can ramp up expansion on with a much stronger capital base. Although it's probably too small at this time to be on their radar. Yet, what a great a way to go head to head with Pizza Hut one day.

ETRADE:

QSR
08/24/22 Bought 1000 of QSR @ $47.50 (Order #2033) Unassigned -47,500.00
08/24/22 Option Exercise 10 QSR Jan 20 '23 $47.50 Call(QSR) Unassigned -
06/13/22 Bought To Open 10 QSR Jan 20 '23 $47.50 Call(QSR) @ $4.41 Unassigned -4,415.10
04/08/22 Sold To Close 10 QSR Apr 14 '22 $50 Call(QSR) @ $9.50 Unassigned 9,494.83
10/27/21 Bought To Open 10 QSR Apr 14 '22 $50 Call(QSR) @ $7.72 Unassigned -7,725.10

Translation: 1000 shares purchased at net avg. cost of $51.91 -- Bought a reservation that expired due to lack of funds for dream stock, but *luckily* made small profit. Then made a new reservation and exercised it early when sufficient funding was available.

TAST
10/10/22 Bough 1000 of TAST @ $1.624 (Order #2059) Unassigned -1,624.80
10/10/22 Bought 1000 of TAST @ $1.625 (Order #2058) Unassigned -1,625.20
09/02/22 Bought 1000 of TAST @ $1.97 (Order #2041) Unassigned -1,970.00
04/27/22 Bought 1000 of TAST @ $1.67 (Order #1955) Unassigned -1,670.00
04/18/22 Bought 1000 of TAST @ $1.9568 (Order #1951) Unassigned -1,956.80
12/01/21 Bought 1000 of TAST @ $2.6466 (Order #1850) Unassigned -2,646.60
11/19/21 Bought 800 of TAST @ $3.05 (Order #1849) Unassigned -2,440.00
11/19/21 Bought 200 of TAST @ $3.045 (Order #1849) Unassigned -609.00
10/05/21 Dividend CARROLS RESTAURANT GROUP INC CASH DIV ON 5000 SHS REC 08/25/21 PAY 10/05/21 Unassigned 2,050.00
08/13/21 Bought 2000 of TAST @ $4.276 (Order #1786) Unassigned -8,552.00
07/15/21 Bought 1000 of TAST @ $4.78 (Order #1772) Unassigned -4,780.00
06/03/21 Bought 100 of TAST @ $5.715 (Order #1647) Unassigned -571.50
06/03/21 Bought 900 of TAST @ $5.7185 (Order #1647) Unassigned -5,146.65

Translation: Bought 12,000 shares over the course of a year for an avg. cost of $2.59 per share: Per share calculated: ($2.77 per share * 12000 - dividend)/12000. -- Total Investment: $31,080

MERRILL EDGE:

TOTAL INVESTMENT: $22,384 and current market valuation is $22,611

QSR
QSR = 300 shares at $53.79 per share avg. cost.

05/10/2022 (Short Term) 200 $51.25 $10,250.00 $59.09 $11,818.00 +$1,568.00+15.30%
10/25/2021 (Short Term) 100 $58.87 $5,886.50 $59.09 $5,909.00 +$22.50+0.38%

TAST
TAST = 2200 shares at $2.84 per share avg. cost

05/02/2022 (Short Term) 1,000 $1.58 $1,575.00 $2.22 $2,220.00 +$645.00+40.95%
08/13/2021 (Long Term) 1,000 $3.85 $3,845.00 $2.22 $2,220.00 -$1,625.00-42.26%
07/19/2021 (Long Term) 200 $4.14 $828.00 $2.22 $444.00 -$384.00-46.38%

Strong same store sales at Burger King in CEO's interview:



This would be before the recent huge investment announced in its franchisees.

Recent WSJ Report in video format made specifically about fast food restaurants such as QSR:



I consider this bet on Burger King a good inflation hedge.

A CFA discussed QSR in a good video made two months ago:

Thought it would be a good time to consolidate our portfolios as one in order to be a more transparent team!

My Two-Pronged Investment Thesis

1,300 shares long of QSR and 14,200 shares long TAST

Total investment as of this time stamp of 10-15-22 is approximately $104,000 at a current market valuation of $88,000.

Investment highlights:

1. Returning 7% to shareholders at today's price of $60ish - Witih a 4% div. yield and having bought back 3% of its shares this year so far, that's a true return of 7% given back to shareholders on a growth story.

2. Strong FCF on a strong franchise model ensuring stable CAFD for decades to come.

3. Perfect shield against inflation and recession resistant. The main inflationary pressures such as commodity and operating costs costs are on franchisees of the business. Fast food is more resilient in recessions since fast casual diners can "downgrade." Hence, less price elastic than say fine dining, and fast food proved to be a good place to be in the decade of the '70s known for its stagflation.

4. Only one weak spot currently remains for Burger King, which is the largest income driver for QSR, and that is domestic franchisees that are experiencing flat comps (unlike the fantastic results of their International footprint). A big plan to rejuvenate the brand in the US will be unveiled in September, a month away at the time of this post.

5. TAST is a *booster* to turbo-charge this already great investment in my opinion.
Burger King's largest franchisee, which always outperforms US comps as a whole is Carrols (TAST), so they should be a beneficiary from QSR's renewed focus in rejuvenating the brand. From a contrarian perspective, it will inflate the returns on QSR dramatically when the two are tied together in a portfolio like this one with significant weight. Since TAST's units are over 90% BK units, which are the one sore spot for QSR domestically speaking, an improvement in gross margins there would be dramatic. So, the alignment of interests are there to turn this around, and both have good management.

6. BONUS KICKER: New mystery brands to be bought in the future. My personal hope is that they buy RAVE (Pizza Inn and Pie Five) one day since that is a 100% franchise model itself and would help my stock there (another unrelated investment), and give them a pizza chain they can ramp up expansion on with a much stronger capital base. Although it's probably too small at this time to be on their radar. Yet, what a great a way to go head to head with Pizza Hut one day.

ETRADE:

QSR
08/24/22 Bought 1000 of QSR @ $47.50 (Order #2033) Unassigned -47,500.00
08/24/22 Option Exercise 10 QSR Jan 20 '23 $47.50 Call(QSR) Unassigned -
06/13/22 Bought To Open 10 QSR Jan 20 '23 $47.50 Call(QSR) @ $4.41 Unassigned -4,415.10
04/08/22 Sold To Close 10 QSR Apr 14 '22 $50 Call(QSR) @ $9.50 Unassigned 9,494.83
10/27/21 Bought To Open 10 QSR Apr 14 '22 $50 Call(QSR) @ $7.72 Unassigned -7,725.10

Translation: 1000 shares purchased at net avg. cost of $51.91 -- Bought a reservation that expired due to lack of funds for dream stock, but *luckily* made small profit. Then made a new reservation and exercised it early when sufficient funding was available.

TAST
10/10/22 Bough 1000 of TAST @ $1.624 (Order #2059) Unassigned -1,624.80
10/10/22 Bought 1000 of TAST @ $1.625 (Order #2058) Unassigned -1,625.20
09/02/22 Bought 1000 of TAST @ $1.97 (Order #2041) Unassigned -1,970.00
04/27/22 Bought 1000 of TAST @ $1.67 (Order #1955) Unassigned -1,670.00
04/18/22 Bought 1000 of TAST @ $1.9568 (Order #1951) Unassigned -1,956.80
12/01/21 Bought 1000 of TAST @ $2.6466 (Order #1850) Unassigned -2,646.60
11/19/21 Bought 800 of TAST @ $3.05 (Order #1849) Unassigned -2,440.00
11/19/21 Bought 200 of TAST @ $3.045 (Order #1849) Unassigned -609.00
10/05/21 Dividend CARROLS RESTAURANT GROUP INC CASH DIV ON 5000 SHS REC 08/25/21 PAY 10/05/21 Unassigned 2,050.00
08/13/21 Bought 2000 of TAST @ $4.276 (Order #1786) Unassigned -8,552.00
07/15/21 Bought 1000 of TAST @ $4.78 (Order #1772) Unassigned -4,780.00
06/03/21 Bought 100 of TAST @ $5.715 (Order #1647) Unassigned -571.50
06/03/21 Bought 900 of TAST @ $5.7185 (Order #1647) Unassigned -5,146.65

Translation: Bought 12,000 shares over the course of a year for an avg. cost of $2.59 per share: Per share calculated: ($2.77 per share * 12000 - dividend)/12000. -- Total Investment: $31,080

MERRILL EDGE:

TOTAL INVESTMENT: $22,384 and current market valuation is $22,611

QSR
QSR = 300 shares at $53.79 per share avg. cost.

05/10/2022 (Short Term) 200 $51.25 $10,250.00 $59.09 $11,818.00 +$1,568.00+15.30%
10/25/2021 (Short Term) 100 $58.87 $5,886.50 $59.09 $5,909.00 +$22.50+0.38%

TAST
TAST = 2200 shares at $2.84 per share avg. cost

05/02/2022 (Short Term) 1,000 $1.58 $1,575.00 $2.22 $2,220.00 +$645.00+40.95%
08/13/2021 (Long Term) 1,000 $3.85 $3,845.00 $2.22 $2,220.00 -$1,625.00-42.26%
07/19/2021 (Long Term) 200 $4.14 $828.00 $2.22 $444.00 -$384.00-46.38%

I have this investment in QSR as well from my brokerage at Merrill.

And I also have TAST in there. Great minds think alike!

MERRILL EDGE:

TOTAL INVESTMENT: $22,384 and current market valuation is $22,611

QSR
QSR = 300 shares at $53.79 per share avg. cost.

05/10/2022 (Short Term) 200 $51.25 $10,250.00 $59.09 $11,818.00 +$1,568.00+15.30%
10/25/2021 (Short Term) 100 $58.87 $5,886.50 $59.09 $5,909.00 +$22.50+0.38%

TAST
TAST = 2200 shares at $2.84 per share avg. cost

05/02/2022 (Short Term) 1,000 $1.58 $1,575.00 $2.22 $2,220.00 +$645.00+40.95%
08/13/2021 (Long Term) 1,000 $3.85 $3,845.00 $2.22 $2,220.00 -$1,625.00-42.26%
07/19/2021 (Long Term) 200 $4.14 $828.00 $2.22 $444.00 -$384.00-46.38%

I think it would be prudent to join our two together into a consolidated power house! Vote as one! For truth and in defiance against all bad laws.

QSR to $100 is a case that this analyst makes too:

https://seekingalpha.com/article/4536776-restaurant-brands-international-firing-all-cylinders-near-term-growth

RAVE has lot sof promise. You should get away from some of those shady stocks you participate in though. They had their time, but you should move to bigger and better things. They probably have dark characters that try to damage you. Darkness attracts darkness.

I have a very similar position, although more which I'll post soon because I'll be drawing upon two accounts for full disclosure.

Preserving some time-stamped evidence here, which I'm erasing from my profile as of 8-28-22.



Continuation of experiment of 4 abandoned tickers: Empty shells or no sales that have more secrets than their surface meaning implies.

TIME-STAMPED SUPPORTING EVIDENCE (Part 3 of X):

FNQQF - 2,985,500 shares @ avg cost basis of .014 per share

AVNI - $6,900 profit. 9,000 *free* shares remain

ZMWYF (subsidiary experiment of AVNI) - closed at $2,000 profit

TOGL - $46,000 profit. Position Closed.

EVCC - $11,341 profit. 352,624 *free* shares remain

Which two brokers?

I love this company as well.

My Two-Pronged Investment Thesis

1,000 shares long of QSR and 9,000 shares long TAST

Total investment as of this time stamp of 8-27-22 is approximately $78,000 at a current market valuation of $80,000.

Investment highlights:

1. Returning 7% to shareholders at today's price of $60ish - Witih a 4% div. yield and having bought back 3% of its shares this year so far, that's a true return of 7% given back to shareholders on a growth story.

2. Strong FCF on a strong franchise model ensuring stable CAFD for decades to come.

3. Perfect shield against inflation and recession resistant. The main inflationary pressures such as commodity and operatig costs costs are on franchisees of the business. Fast food is more resilient in recessions since fast casual diners can "downgrade." Hence, less price elastic than say fine dining, and fast food proved to be a good place to be in the decade of the '70s known for its stagflation.

4. Only one weak spot currently remains for Burger King, which is the largest income driver for QSR, and that is domestic franchisees that are experiencing flat comps (unlike the fantastic results of their International footprint). A big plan to rejuvenate the brand in the US will be unveiled in September, a month away at the time of this post.

5. TAST is a *booster* to turbo-charge this already great investment in my opinion.
Burger King's largest franchisee, which always outperforms US comps as a whole is Carrols (TAST), so they should be a beneficiary from QSR's renewed focus in rejuvenating the brand. From a contrarian perspective, it will inflate the returns on QSR dramatically when the two are tied together in a portfolio like this one with significant weight. Since TAST's units are over 90% BK units, which are the one sore spot for QSR domestically speaking, an improvement in gross margins there would be dramatic. So, the alignment of interests are there to turn this around, and both have good management.

6. BONUS KICKER: New mystery brands to be bought in the future. My personal hope is that they buy RAVE (Pizza Inn and Pie Five) one day since that is a 100% franchise model itself and would help my stock there (another unrelated investment), and give them a pizza chain they can ramp up expansion on with a much stronger capital base. Although it's probably too small at this time to be on their radar. Yet, what a great a way to go head to head with Pizza Hut one day.

QSR
08/24/22 Bought 1000 of QSR @ $47.50 (Order #2033) Unassigned -47,500.00
08/24/22 Option Exercise 10 QSR Jan 20 '23 $47.50 Call(QSR) Unassigned -
06/13/22 Bought To Open 10 QSR Jan 20 '23 $47.50 Call(QSR) @ $4.41 Unassigned -4,415.10
04/08/22 Sold To Close 10 QSR Apr 14 '22 $50 Call(QSR) @ $9.50 Unassigned 9,494.83
10/27/21 Bought To Open 10 QSR Apr 14 '22 $50 Call(QSR) @ $7.72 Unassigned -7,725.10

Translation: 1000 shares purchased at net avg. cost of $51.91 -- Bought a reservation that expired due to lack of funds for dream stock, but *luckily* made small profit. Then made a new reservation and exercised it early when sufficient funding was available.

TAST
04/27/22 Bought 1000 of TAST @ $1.67 (Order #1955) Unassigned -1,670.00
04/18/22 Bought 1000 of TAST @ $1.9568 (Order #1951) Unassigned -1,956.80
12/01/21 Bought 1000 of TAST @ $2.6466 (Order #1850) Unassigned -2,646.60
11/19/21 Bought 800 of TAST @ $3.05 (Order #1849) Unassigned -2,440.00
11/19/21 Bought 200 of TAST @ $3.045 (Order #1849) Unassigned -609.00
10/05/21 Dividend CARROLS RESTAURANT GROUP INC CASH DIV ON 5000 SHS REC 08/25/21 PAY 10/05/21 Unassigned 2,050.00
08/13/21 Bought 2000 of TAST @ $4.276 (Order #1786) Unassigned -8,552.00
07/15/21 Bought 1000 of TAST @ $4.78 (Order #1772) Unassigned -4,780.00
06/03/21 Bought 100 of TAST @ $5.715 (Order #1647) Unassigned -571.50
06/03/21 Bought 900 of TAST @ $5.7185 (Order #1647) Unassigned -5,146.65

Translation: Bought 9,000 shares over the course of a year for an avg. cost of $2.88 per share ($3.11 per share * 9000 - dividend)/9000.

Returning 7% to shareholders at today's price of $60ish

With a 4% yield and having bought back 3% of its shares this year so far, that's a true return of 7% to shareholders. And a growth stock no less with strong FCF!

Hope they buy RAVE (Pizza Inn and Pie Five) one day since that is a 100% franchise model itself and would help my stock there, and give them a pizza chain they can ramp up expansion on with a much stronger capital base.

QSR to $100?

That's the thesis of this article, and I like it:

https://seekingalpha.com/article/4536776-restaurant-brands-international-firing-all-cylinders-near-term-growth

Analyst consensus at the time of this writing: Around $64 per share with about 14 analysts covering the stock. Closing price today: Low 60s.

Love that chicken from Popeyes

I grew up in New Orleans where spicy actually meant SPICY HOT. Not the Popeyes I knew, but still darn good!

It's Good to be the KING

I'm 1,300 shares long in QSR between two brokers. And about 11,000 shares in TAST, Burger King's largest franchisee, between two brokers.

That's quite an investment and I love these brands! Almost $100,000 between the two tickers at today's date: QSR at $61 per share and TAST around $2.20 per share.

Can't wait to see what new mystery brand we buy in the future.

Burger king still selling whoppers in authoritarian russia. Feeding the very people who are killing innocent civilians, and a free country.

No more sickening, disgusting burger king.


This company is disgusting. Filthy.

Short this pile of shit.

hit 60's again :)

hello 60's :)

very nice, still riding shares from march/april lows' gl

QSR acquisition of Subway in process behind the scenes

How do we feel about this?

hitting 58 been adding on dips long term swing

still riding shares longer term

hit last month's price now getting close to add entry

still riding it

60 now after hours :)

hit 59.73

popeye same store sales soar more then 40 percent :)

added more on the dip today 60's by eoy, bounces back quickly on any dip

hit 54 that 60 target eoy getting closer and closer each week :)

nice bounce back recession proof stock

looking for at least 60's by eoy fastfood restaurants typically do well in a recession

nice action a/h, another long term hold 60's by eoy imo

Looking really good, as more of the world opens up.......

Wear those masks, folks !!

$$ QSR $$