Here are 1-3 brief analogies to describe Restaurant Brands International (QSR):

• A fast-food holding company, much like Yum! Brands, which owns KFC, Pizza Hut, and Taco Bell. QSR owns Burger King, Tim Hortons, and Popeyes Louisiana Kitchen.
• Imagine the 'Procter & Gamble of quick-service restaurants,' managing a portfolio of famous food chains rather than household goods.

• Burger King: Offers flame-grilled hamburgers, chicken sandwiches, fries, and other fast-food items.
• Tim Hortons: Provides coffee, donuts, baked goods, sandwiches, and other quick-service restaurant items.
• Popeyes Louisiana Kitchen: Serves Louisiana-style fried chicken, chicken sandwiches, seafood, and sides.
• Firehouse Subs: Offers hot, hearty sub sandwiches with premium meats and cheeses.

Restaurant Brands International (QSR) primarily sells to other companies, specifically its **franchisees**.

As a global quick-service restaurant company, QSR operates its portfolio of brands (Burger King, Tim Hortons, Popeyes Louisiana Kitchen, and Firehouse Subs) predominantly through a franchise model. This means that the direct customers of Restaurant Brands International are the independent business owners and groups (franchisees) who enter into agreements to operate individual restaurant locations under the respective brand names.

These franchisees are responsible for the day-to-day operations of the restaurants and pay royalties, franchise fees, and often purchase supplies and services from QSR or its approved vendors. Due to the decentralized nature of a franchise system, there isn't a limited number of "major customer companies" that can be listed by name and public symbol. Instead, QSR's customer base is highly fragmented and consists of thousands of individual franchise entities operating worldwide, who are typically private companies.

• Restaurant Supply Chain Solutions, LLC
• The Coca-Cola Company (KO)

Joshua Kobza, Chief Executive Officer

Joshua Kobza was appointed Chief Executive Officer of Restaurant Brands International in March 2023, having previously served as Chief Operating Officer since January 2019. Prior to this, he held various leadership roles within the company, including Chief Technology Officer and Development Officer, and Chief Financial Officer for both Restaurant Brands International and Burger King Worldwide. Before joining RBI, Mr. Kobza worked at SIP Capital, a private investment firm in Sao Paulo, where he evaluated investments. He also served as an analyst in the corporate private equity area of the Blackstone Group, indicating a pattern of managing companies backed by private equity firms. Mr. Kobza was instrumental in the acquisitions of Tim Hortons in 2014, Popeyes in 2017, and Firehouse Subs in 2021.

Sami Siddiqui, Chief Financial Officer

Sami Siddiqui was appointed Chief Financial Officer of Restaurant Brands International in March 2024. He has been with RBI for eleven years, serving as Brand President for Popeyes US and Canada, Brand President for all RBI brands in the Asia Pacific region, and Brand President for Tim Hortons. Mr. Siddiqui also held roles as head of finance and investor relations, and Brand CFO for Tim Hortons and later Burger King. Prior to joining RBI, he worked at Blackstone, a private equity firm.

J. Patrick Doyle, Executive Chairman

J. Patrick Doyle was appointed Executive Chairman of Restaurant Brands International in November 2022. Most recently, he served as an executive partner of The Carlyle Group, a global diversified investment firm focused on the consumer sector, from September 2019 to November 2022. Mr. Doyle previously served as the Chief Executive Officer of Domino's Pizza from March 2010 to June 2018, leading a significant turnaround for the company. His earlier roles at Domino's included president, executive vice president of Domino's Team USA, and executive vice president of Domino's Pizza International. Mr. Doyle has also served on the board of directors of Best Buy Co., Inc. since November 2014 and was Chairman of Best Buy's board from May 2020 to June 2024.

Jill Granat, General Counsel and Corporate Secretary

Jill Granat was appointed General Counsel and Corporate Secretary of Restaurant Brands International in December 2014, and also serves as the company's Chief Compliance Officer. She joined Burger King Corporation's legal department in 1998 and held positions of increasing responsibility, including Senior Vice President, General Counsel and Secretary of Burger King Worldwide and its predecessor, and Vice President and Assistant General Counsel of Burger King Corporation.

Thiago Santelmo, President, International

Thiago Santelmo was appointed President, International of Restaurant Brands International in March 2024. He has been with RBI since 2013, previously serving as President, EMEA, and President of the Latin America and Caribbean region. His earlier roles at RBI included Head of Finance & Business Development, EMEA. Before joining RBI, Mr. Santelmo worked at McKinsey & Company.

The rapid emergence and expansion of ghost kitchens and virtual restaurant brands represents a clear emerging threat to Restaurant Brands International (QSR).

Ghost kitchens operate delivery-only restaurants without the high overheads of traditional physical storefronts, staff, and utilities. This model allows them to:

• Offer lower prices or higher margins: By eliminating the need for expensive prime real estate and front-of-house operations, they can potentially undercut established QSR pricing or achieve greater profitability.
• Achieve greater agility and niche targeting: They can rapidly launch, test, and scale new menu concepts and virtual brands tailored to specific dietary trends, local tastes, or micro-segments of the market with significantly less capital and time than traditional QSRs.
• Optimize for delivery: Designed from the ground up for efficiency in food preparation and packaging for delivery, they can potentially offer a more streamlined and consistent delivery experience.
• Directly compete for the growing delivery segment: As QSR increasingly relies on delivery aggregators, these pure-play virtual competitors directly vie for the same customer occasions without the burden or limitations of a physical store network, potentially eroding market share in a critical growth area for QSR.

For Restaurant Brands International (QSR), the addressable markets for their main products and services are as follows:

• Quick Service Restaurant (QSR) Market: The global quick service restaurant market size was valued at USD 971.36 billion in 2024 and is projected to grow to USD 1,930.14 billion by 2032, exhibiting a CAGR of 9.01% during the forecast period. North America dominated the quick-service restaurant market with a 37.45% share in 2024. Another estimate places the global fast food market size at USD 1.65 trillion in 2025, projected to reach USD 2.39 trillion by 2030.
• Burgers (Burger King): The global hamburger market size was USD 600 billion in 2023 and is expected to reach USD 750 billion by 2032. North America held a major share of the global hamburger market in 2023. The burgers/sandwiches segment within the global fast food market accounted for USD 252.53 billion in revenue in 2021. The global hamburger market size is valued at USD 700.84 billion in 2025, expected to reach USD 1,168.48 billion by 2035.
• Coffee and Baked Goods (Tim Hortons): The global coffee shop market size was valued at USD 220.21 billion in 2024 and is expected to reach nearly USD 289.98 billion by 2032. The global coffee industry has a total addressable market of more than USD 400 billion in annual sales, with about USD 8 out of every USD 10 spent on "Coffee Away From Home". North America is a dominating region in the global coffee shop market, with USD 36 billion in the U.S. in 2023. Tim Hortons holds a 70% market share for hot brewed coffee in Canada, which increased to 72% in 2021.
• Fried Chicken (Popeyes): The global fried chicken market size was worth around USD 44.56 billion in 2024 and is predicted to grow to around USD 78.92 billion by 2035. The global fried chicken franchise market size was valued at USD 51.65 billion in 2024 and is expected to reach USD 77.48 billion by 2032. North America was the largest region in the fried chicken market in 2024. Popeyes is the largest domestic player in the U.S. QSR chicken segment with a 36% market share.
• Submarine Sandwiches (Firehouse Subs): Restaurant Brands International (RBI) believes the international sandwich market represents a USD 75 billion market for Firehouse Subs to pursue.

Expected Drivers of Future Revenue Growth for Restaurant Brands International (QSR)

Over the next 2-3 years, Restaurant Brands International (QSR) is expected to drive revenue growth through several key initiatives across its brand portfolio:

1. Net Restaurant Growth and International Expansion: QSR is focused on expanding its global footprint through net restaurant growth, targeting around 3% for 2025. A significant driver in this area is the strategic partnership for Burger King in China, aiming to increase locations from 1,250 to over 4,000 by 2035 with a $350 million investment. The company also seeks new partners for Popeyes China and Firehouse Brazil, indicating further international growth strategies.
2. "Reclaim the Flame" Program for Burger King: This multi-year strategic plan for Burger King involves substantial investments of up to $700 million through the end of 2028. These investments are directed towards advertising and digital initiatives ("Fuel the Flame"), high-quality remodels and relocations, restaurant technology, kitchen equipment, and building enhancements ("Royal Reset") to accelerate sales growth and improve franchisee profitability.
3. System-Wide Sales and Comparable Sales Growth: RBI consistently aims for and reports growth in global system-wide sales and comparable sales across its brands. For example, Tim Hortons Canada and the International business have demonstrated consistent positive comparable sales. The company has maintained a long-term target of more than 3% comparable sales growth through 2028.
4. Menu Innovation and Operational Enhancements: Across its brands, QSR emphasizes thoughtful marketing, operational improvements, and maintaining a modern image to enhance the guest experience and drive sustained growth. Tim Hortons, in particular, is noted for its steady stream of menu innovation and breakfast leadership, contributing to comparable sales growth.
5. Strong Performance in the International Segment: The International segment is a consistent and significant contributor to RBI's overall performance and growth, comprising a substantial portion of its operating income. This segment has shown strong system-wide sales growth and comparable sales acceleration across various markets.

Share Repurchases

• In August 2023, Restaurant Brands International authorized a share repurchase program of up to US$1.0 billion through September 30, 2025.
• Between September 15, 2023, and September 14, 2024, the company repurchased 7.6 million common shares.
• In September 2025, a new share repurchase program of up to US$1.0 billion was authorized through September 30, 2027, replacing the prior authorization.

Share Issuance

• On August 12, 2024, an affiliate of 3G Capital (HL1 17 LP) commenced a secondary offering of up to 6,528,013 common shares; however, Restaurant Brands International did not sell any shares or receive any proceeds from this offering.

Outbound Investments

• In May 2024, Restaurant Brands International acquired Carrols Restaurant Group, Inc., the largest Burger King franchisee in the U.S. with over 1,000 restaurants, for $974 million, which included $431 million of Carrols debt.
• In July 2024, the company acquired Popeyes China for an enterprise value of $15 million and co-invested up to $30 million in Tims China.
• Restaurant Brands International acquired Firehouse Subs in 2021.

Capital Expenditures

• Consolidated capital expenditures, tenant inducements, and incentives for 2024 were between $400 million and $450 million.
• Expected capital expenditures and cash inducements for 2025 are around $400 million, adjusted from an earlier guidance of $400 million to $450 million.
• A significant focus of capital allocation includes Burger King's multi-year "Reclaim the Flame" plan, involving up to $700 million in investments through 2028 for advertising, digital initiatives, and restaurant remodels and technology upgrades.