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 Inc. director reports share sales. A director of Restaurant Brands International Inc. (ticker QSR) reported selling common shares of the company on 11/26/2025. The transactions included 2,273 common shares sold at a weighted average price of $72.6543 per share and an additional 4,727 common shares sold at a weighted average price of $72.8316 per share. After these sales, the reporting person directly beneficially owned 18,962 common shares of Restaurant Brands International. The prices in one transaction reflect U.S. dollar equivalents of trades executed in Canadian dollars using the Bank of Canada daily exchange rate on November 26, 2025.
Restaurant Brands International (QSR) Executive Chairman J. Patrick Doyle reported equity transactions on November 21, 2025. He acquired 110,451.3916 common shares at an exercise price of $0 upon the vesting and settlement of restricted share units, then sold 15,499 shares at a weighted average price of $68.8864, 12,300 shares at $69.8413, and 15,798 shares at $70.6546. The company notes these sales were made to cover withholding tax obligations related to the RSU vesting.
After these transactions, Doyle reports continued direct and indirect ownership of QSR equity, including common shares held personally and 500,000 shares held indirectly through Lodgepole 231 LLC. He also holds 2,000,000 options with a $66.74 exercise price, additional time‑vesting restricted share units that continue to vest annually through November 21, 2027, and performance-based restricted share units with a performance period running from November 21, 2022 to May 21, 2028, which may be earned from 50% to 200% of target based on RBI share price appreciation.
Restaurant Brands International Inc. (QSR) reported the equity holdings of its officer serving as President, Popeyes-US & Canada, in a Form 3 beneficial ownership statement. The reporting person directly owns 35,108.182 common shares. In addition, they hold stock options to buy 10,000 common shares at $64.75 expiring on February 21, 2029, and 12,000 common shares at $66.31 expiring on February 20, 2030.
The filing also shows multiple grants of restricted share units (RSUs) and performance share units (PSUs), each representing a contingent right to receive one common share, with vesting dates running through late 2028. Certain awards are performance-based (2023, 2024, and 2025 PBRSUs), where the ultimate number of shares earned can increase or decrease based on specified performance conditions over multi‑year periods.
Restaurant Brands International (QSR) disclosed an underwriting agreement for a secondary offering by HL1 17 LP, an affiliate of 3G Capital. The transaction covers up to 17,626,570 common shares, to be sold to the underwriter at $68.72 per share via a forward sale structure. RBI is not selling any shares and will not receive proceeds.
BofA Securities will act as underwriter and forward counterparty. In the offering, the forward counterparty or its affiliates agreed to borrow and sell 9,785,784 shares, and may sell up to 7,840,786 additional shares tied to indications of interest from two investors. The selling shareholder is expected to physically settle the forward by delivering the shares and receive cash at $68.72 per share, with settlement expected on or before December 3, 2025. Closing of the offering is expected on November 17, 2025. 3G-related funds agreed to a 45‑day lock-up, subject to exceptions.
Restaurant Brands International (QSR) disclosed insider activity by entities affiliated with 3G. On 11/13/2025, the holder elected to exchange 17,626,570 exchangeable units for 17,626,570 common shares (code C); the exchange became irrevocable that day and will be effected on or before December 3, 2025.
Separately, HL1 17 LP entered a forward sale contract with BofA Securities obligating delivery of up to 17,626,570 common shares on December 3, 2025 (or earlier at HL1’s election). Cash payment is based on a per-share price of $68.72, multiplied by a factor of 1 + (overnight bank funding rate − negotiated spread) for each day the contract is outstanding. Following the conversion entry, the filing lists 99,157,902 derivative securities beneficially owned.
Restaurant Brands International (QSR): 3G-related entities updated their ownership. An exchange notice for 17,626,570 Exchangeable Units became irrevocable on November 13, 2025. The issuer elected to satisfy this by issuing 17,626,570 Common Shares, with the November 2025 exchange to be effected on or before December 3, 2025.
After this exchange, the reporting persons will continue to hold 99,157,902 Exchangeable Units. One holder, HL1, entered a forward contract with BofA Securities, Inc. to deliver up to 17,626,570 Common Shares on December 3, 2025, in return for cash based on $68.72 per share adjusted daily by an overnight bank funding rate minus a negotiated spread. Aggregate beneficial ownership for 3G RBH GP is disclosed as 116,784,472 (including common shares and units), representing 26.27%, calculated using 327,812,087 Common Shares outstanding as of October 24, 2025 plus the exchangeable shares issuable.
Restaurant Brands International (QSR) announced a joint venture for Burger King China with CPE Alder Investment Limited. CPE will invest $350 million of new primary capital at closing and is expected to own approximately 83% of the JV, while RBI will retain approximately 17% and a board seat. RBI will not receive cash proceeds; the capital stays in the JV to fund growth, with closing targeted for Q1 2026 subject to customary regulatory approvals.
RBI will enter a 20-year master development agreement with the JV’s subsidiary, setting targets to grow from about 1,250 restaurants today to roughly double by 2030 and to more than 4,000 by 2035. As a result of selling a significant portion of the China business and the implied valuation, RBI expects a non-cash impairment charge of approximately $150 million related to its Burger King China holdings. The China operations remain classified as held for sale and reported in discontinued operations.
Restaurant Brands International (QSR) reported stronger results for the quarter ended September 30, 2025. Total revenues were $2.45 billion, up from $2.29 billion a year ago, driven by higher supply chain sales at Tim Hortons and higher royalties and advertising revenues across brands. Income from operations rose to $663 million from $577 million. Diluted EPS was $0.96 versus $0.79, and net income attributable to common shareholders increased to $315 million from $252 million.
Segment detail shows Tim Hortons at $1.13 billion in revenue, Burger King at $387 million (including intersegment), Popeyes at $201 million, Firehouse Subs at $60 million, International at $268 million, and Restaurant Holdings at $459 million. The company recorded a small net loss from discontinued operations tied to BK China. Year-to-date, cash from operating activities reached $1.16 billion, long-term debt stood at $13.42 billion, and cash and equivalents were $1.21 billion. As of October 24, 2025, common shares outstanding were 327,812,087.
Restaurant Brands International (QSR) furnished an update on its recent performance. The company filed an 8‑K to report that it issued a press release and supplemental financial and operational information covering results for the three and nine months ended September 30, 2025. These materials are included as Exhibit 99 and were released on October 30, 2025.
The disclosure is made under Item 2.02 – Results of Operations and Financial Condition, with the cover page XBRL tags embedded in the Inline XBRL document as Exhibit 104.
J. Patrick Doyle, Executive Chairman and director of Restaurant Brands International (QSR), reported changes in his beneficial ownership on 10/07/2025. The filing shows a disposition of 127,000.6322 common shares, leaving an indirect beneficial holding of 500,000 common shares held through Lodgepole 231 LLC. The report also discloses derivative positions: an option to buy 2,000,000 common shares at a strike price of $66.74 exercisable beginning 11/21/2027 and expiring 11/20/2032, plus newly recorded restricted share units and performance share units that convert to 2,955.9653 and 7,389.9132 common shares respectively when settled. The filing notes dividend equivalents on those awards and vesting/ performance periods for the equity awards.