Restaurant Brands International Inc. filings document operating results, governance and capital-structure matters for a global quick service restaurant company built around Tim Hortons, Burger King, Popeyes and Firehouse Subs. Its 8-K reports furnish quarterly and annual earnings releases, supplemental operating metrics, comparable sales, system-wide sales and segment information for brand and international operations.
Proxy materials cover board and shareholder-voting matters, while material-event filings address agreements, capital actions and other corporate disclosures, including dividends, repurchases and changes affecting restaurant holdings or brand-market structures.
Restaurant Brands International executive Axel Schwan, President of Tim Hortons Americas, reported a mix of equity award activity and a share sale. On February 22, 2026, performance share units representing 81,587.3096 units were exercised and converted, delivering 65,269.8476 common shares at a stated price of $67.51 per share for reporting purposes. Following these transactions, Schwan directly held 229,922.8787 common shares.
On February 23, 2026, he sold 34,938.9494 common shares at an average price of $67.51 per share, with a footnote explaining the sale was made to cover withholding tax obligations related to the vesting of performance-based restricted share units. The filing also lists updated holdings of options, restricted share units, and performance share units that vest or may be earned over future performance periods.
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.
Restaurant Brands International Inc. received a Schedule 13G from EdgePoint Investment Group Inc., which reported beneficial ownership of 16,645,003 common shares, representing 5.08% of the class as of 12/31/2025.
EdgePoint, an investment adviser based in Ontario, Canada, reported sole voting and dispositive power over 12,111,205 shares and shared voting and dispositive power over 4,533,798 shares. EdgePoint states the shares are held in the ordinary course of business and not with the purpose of changing or influencing control of the issuer.
Restaurant Brands International reported fourth-quarter and full-year 2025 results showing steady topline growth but softer GAAP profitability. System-wide sales grew 5.8% in Q4 and 5.3% for 2025, with consolidated comparable sales up 3.1% in Q4. Total revenues reached $2,466 million in Q4 and $9,434 million for 2025, up from $2,296 million and $8,406 million in 2024.
Income from operations declined to $2,202 million for 2025 from $2,419 million, and net income from continuing operations fell to $1,201 million from $1,445 million, partly reflecting higher taxes and a non-cash charge tied to Burger King China, which contributed to discontinued operations. On an adjusted basis, performance was stronger: Adjusted Operating Income rose to $2,584 million from $2,402 million and Adjusted EBITDA to $2,970 million from $2,784 million, with organic AOI growth of 8.3% for 2025 and 15.6% in Q4.
Adjusted diluted EPS increased to $3.69 in 2025 from $3.34, while reported diluted EPS from continuing operations declined to $2.63 from $3.18. Net leverage improved to 4.2x from 4.6x, and the company returned about $1.1 billion to shareholders in 2025. The board declared a first-quarter 2026 dividend of $0.65 per share and set a 2026 annual dividend target of $2.60 per share. For 2026, RBI guides Segment G&A (excluding RH) to $600–$620 million, RH Segment G&A to about $100 million, Adjusted Interest Expense, net, to $500–$520 million, and Total Capex and Cash Inducements to around $400 million. Management reiterates a 2024–2028 long-term algorithm of 3%+ comparable sales and 8%+ organic Adjusted Operating Income growth.
BlackRock, Inc. filed an amended Schedule 13G/A reporting beneficial ownership of 22,790,938 shares of Restaurant Brands International Inc. common stock, representing 7.0% of the class as of the reporting date. BlackRock has sole voting power over 21,600,193 shares and sole dispositive power over 22,790,938 shares, with no shared voting or dispositive power.
The filing explains that these holdings reflect positions managed by certain BlackRock business units in the ordinary course of business, not for the purpose of changing or influencing control of the company. Various underlying clients have rights to dividends or sale proceeds, but no single client holds more than five percent of Restaurant Brands International’s outstanding common shares.
Restaurant Brands International Inc. executive Jill Granat, EVP, General Counsel & Secretary, reported several equity compensation-related transactions. On January 6, 2026, she acquired 45.1442 common shares at $0, settled from dividend equivalent rights tied to previously vested restricted share units. On January 7, 2026, she sold 1,925.0829 common shares at $67.44 per share, with the filing explaining these shares were sold to cover withholding tax obligations on the settlement of vested restricted share units. Following these transactions, she held 458,279.9556 common shares directly.
Granat also reported grants and accruals of restricted share units and performance share units, including small additional amounts of RSU and PSU dividend equivalent rights that vest and settle on the same terms as their underlying awards. The disclosed performance-based RSU awards have performance periods running through December 31, 2025, February 23, 2027, and February 28, 2028, with potential vesting on February 22, 2026, March 15, 2027, and March 15, 2028, depending on performance outcomes.
Restaurant Brands International executive Jacqueline Friesner, SVP, Controller and Principal Accounting Officer, reported several equity-compensation related movements in early January 2026. She acquired 19.112 common shares at $0 on January 6, 2026 from dividend-equivalent rights tied to previously vested restricted share units, and on January 7, 2026 sold 815.7643 common shares at $67.44 per share to cover withholding taxes from earlier RSU vesting. After these transactions she directly held 187,068.7308 common shares, along with 9,098 exchangeable units of Restaurant Brands International Limited Partnership that are convertible into common shares or cash. She also reported small additions of restricted share units and performance share units, including related dividend-equivalent rights, which each represent contingent rights to receive common shares subject to time-based vesting and multi‑year performance conditions through 2028.
Restaurant Brands International Inc. Chief Executive Officer Joshua Kobza reported several equity transactions in early January 2026. On January 7, 2026, he sold 3,443.3528 common shares at $67.44 per share, with the disclosure stating these shares were sold to cover withholding tax obligations tied to previously vested restricted share units.
On January 6, 2026, he acquired 80.8327 common shares at $0 from dividend equivalent rights on a vested restricted share unit award. He also received multiple awards and dividend-equivalent accruals of restricted share units and performance share units at $0, each representing a contingent right to receive common shares subject to time-based vesting or performance conditions.
Following these transactions, Kobza directly held 952,620.242 common shares. He also held derivative interests including 5,413 exchangeable units convertible into common shares or cash, fully vested options to buy 200,000 common shares at an exercise price of $56.92, and sizable balances of restricted and performance share units.
Restaurant Brands International executive Thomas Benjamin Curtis, President of Burger King US & Canada, reported several equity-related transactions. On January 7, 2026, he sold 1,171.5928 common shares of Restaurant Brands International at $67.44 per share to cover withholding tax obligations tied to previously vested restricted share units, and held 76,409.5053 common shares directly afterward. On January 6, 2026, he acquired 24.1515 common shares from dividend equivalent rights on vested restricted share units.
He also received multiple awards of restricted share units and performance share units, including 2023, 2024 and 2025 performance-based RSUs, which can settle in common shares depending on performance results. These units generally vest in annual installments or on specific dates in 2026, 2027 and 2028, with dividend equivalent rights accruing and vesting on the same terms as the underlying awards.
Restaurant Brands International Inc. President, International Thiago T. Santelmo reported several equity transactions in company securities. On January 7, 2026, he sold 699.1704 common shares of Restaurant Brands International Inc. at $67.44 per share, leaving him with 64,088.2768 common shares held directly. The filing explains this sale represents shares sold to cover withholding taxes tied to previously vested restricted share units.
On January 6, 2026, Santelmo acquired small additional amounts of common shares and multiple awards of restricted share units and performance share units, largely from dividend equivalent rights accruing on existing awards. He also reports direct holdings of exchangeable units and fully vested stock options with various exercise prices and expiration dates, reflecting his ongoing long-term equity incentive position in Restaurant Brands International Inc.