Restaurant Brand SEC Filings

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.

Jeffrey W. Klein, President, Popeyes‑US & Canada at Restaurant Brands International, Inc. (QSR), filed a Form 4 disclosing changes in beneficial ownership on 10/07/2025. The reporting form shows a disposition of 20,762.7801 common shares and multiple equity awards granted or credited the same day: restricted share units totaling 120.0714 RSUs (reported as several tranches with dividend equivalents), performance share unit awards totaling 620.8277 PSUs across three performance programs, and resulting beneficial ownership tallies for each award series. Several RSU tranches vest on 12/15/2025 through 12/15/2028, and PSU performance periods end between 12/31/2025 and 02/28/2028 with vesting dates in 02/22/2026, 03/15/2027, and 03/15/2028. The filing was signed by an attorney‑in‑fact on 10/09/2025.

Jill Granat, Senior EVP, General Counsel & Secretary of Restaurant Brands International Inc. (QSR), reported multiple equity transactions on 10/07/2025. The filing shows a disposition of 455,614.6543 common shares and subsequent changes in derivative holdings including exercises/awards reflected as reductions and new awards. Several performance- and restricted-share unit awards were granted/credited on 10/07/2025 with underlying common-share equivalents: 52,965, 50,000, 25,000 (options) and multiple RSU/PSU amounts totaling tens of thousands of common-share equivalents across vesting schedules through 03/15/2028. Some awards carry dividend equivalent accruals and specified vesting dates, while certain options are fully vested and exercisable with exercise prices of $56.92 and $66.31.

The report clarifies conversion rights for partnership exchangeable units into common shares or cash and lists remaining vesting dates for restricted share units, including final vesting in 2025–2028. The form was signed by an attorney-in-fact on 10/09/2025.

Restaurant Brands International Inc. (QSR) Form 4 shows insider activity by Jeffrey Housman, the company's Chief People & Services Officer. The filing reports a disposition of 144,929.0864 common shares on 10/07/2025 and multiple equity awards acquired the same day: vested options exercisable at $55.55, $58.44, and $66.31; restricted share units (RSUs) and dividend equivalents; and performance-based restricted share units (PBRSUs/PSUs) with vesting/measurement periods ending between 02/22/2026 and 02/28/2028.

The filing lists post-transaction beneficial ownership counts for the derivative and equity awards (for example, 24,250.9072, 28,169.9248, and 33,887.8822 common-share equivalents tied to performance awards). Several RSU tranches have remaining vesting dates in 2025–2028. The document is signed by an attorney-in-fact on 10/09/2025.

Restaurant Brands International Inc. (QSR) reporting person Jacqueline Friesner, SVP, Controller and Principal Accounting Officer, filed a Form 4 disclosing a disposition of 182,897.091 common shares on 10/07/2025 and a series of equity award transactions the same day. Several restricted share units (RSUs), performance-based restricted share units (PBRSUs/PSUs) and exchangeable units were reported as acquired (A) for reporting purposes because dividend equivalents or award settlements convert into common shares at $0 exercise price.

The filing lists specific future vesting and performance periods: 2023 PBRSUs vest on 02/22/2026, 2024 PSUs vest on 03/15/2027, and 2025 PBRSUs vest on 03/15/2028. Several RSU tranches show remaining vesting dates in 2025–2028. The report was signed by an attorney-in-fact on 10/09/2025.

Thiago T. Santelmo, President, International at Restaurant Brands International Inc. (QSR), reported changes on 10/07/2025. The filing shows a disposition of 59,406.1569 common shares and reports a mix of equity holdings including fully vested options, exchangeable units, restricted share units (RSUs) and multiple performance-based restricted share unit (PSU) awards. Several RSU tranches and dividend equivalent accruals vest through 12/31/2028 and the disclosed PSUs have performance periods ending on 12/31/2025, 02/23/2027, and 02/28/2028 with vesting/settlement dates in 2026, 2027, and 2028.

The report also lists fully exercisable options with strikes of $55.55, $58.44, $64.75, and $66.31 and shows meaningful potential future issuance: reported underlying common-share equivalents from PSUs and RSUs total tens of thousands of shares (for example, 19,400.7258, 30,339.0473, and 40,980.9099). The changes reflect a combination of a sale and the routine recognition of equity awards and dividend equivalents rather than a single corporate event.