Here are the 10-K annual reports from Restaurant Brands International Inc. (QSR) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow QSR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full QSR filings page.
Restaurant Brands International Inc. filed its 2025 annual report, outlining the business of its four global quick service brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs. The company reports nearly $46.8 billion in annual system-wide sales and 33,041 restaurants across more than 120 countries as of December 31, 2025.
More than 95% of locations are franchised, with key growth driven by international master franchise and development agreements and by the Carrols acquisition, which added a large portfolio of Burger King restaurants the company plans to refranchise. Restaurant Brands also closed a joint venture for Burger King China and now holds about 17% of that business, which is presented as discontinued operations.
The filing highlights substantial leverage, with $13,372 million of debt outstanding, and details risks related to economic conditions, competition, food safety, supply chain, labor markets, technology, cybersecurity, and evolving global tax and sustainability regulations. As of December 31, 2025, the company employed about 53,500 people worldwide and emphasizes digital initiatives, loyalty programs, and sustainability pillars focused on food, planet, and communities.