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Restaurant Brands International Inc. officer Jill Granat reported a set of equity transactions. She sold 11,524.9807 common shares on February 23, 2026 at $67.51 per share in an open-market transaction to cover withholding tax on vested performance-based restricted share units. On February 22, 2026, she exercised 36,714.2893 performance share units and acquired 29,371.4314 common shares through derivative conversion. After these moves, she directly holds 476,126.4063 common shares, along with exchangeable units, options, restricted share units, and performance-based restricted share units that vest over future dates tied to performance and service conditions.
Restaurant Brands International Inc. executive Thomas Benjamin Curtis, President of Burger King US & Canada, reported several equity compensation transactions in common shares and units. On February 23, 2026 he executed an open‑market sale of 15,410.211 common shares at $67.51 per share, specifically to cover withholding tax obligations tied to recently vested performance-based restricted share units.
On February 22, 2026, performance share units representing 48,952.3857 shares were exercised or converted, delivering 39,161.9086 common shares at no exercise price and reducing that performance-unit position to zero. Following these transactions, he directly held 100,161.2029 common shares, alongside multiple outstanding restricted share unit and performance share unit awards with future vesting and performance periods as described in the footnotes.
Restaurant Brands International Chief Corporate Officer Fulton Duncan reported multiple equity transactions in company securities. On February 23, 2026, he executed an open-market sale of 10,307.9375 common shares at $67.51 per share, with a footnote stating the shares were sold to cover withholding tax obligations on vested performance-based restricted share units.
On February 22, 2026, he exercised performance share units, acquiring 19,256.3749 common shares through a derivative conversion, and his directly held common share balance after these transactions was 49,676.9168 shares. He also continues to hold various option, restricted share unit, and performance-based restricted share unit awards that vest over future dates based on time and performance conditions.
Restaurant Brands International Inc. officer Jeffrey Housman reported multiple equity transactions. On February 23, 2026, he completed an open‑market sale of 7,705.1055 common shares at $67.51 per share, with a footnote stating the sale was to cover withholding tax obligations on the settlement of performance‑based restricted share units.
On February 22, 2026, he exercised performance share units into 19,580.9543 common shares at a stated price of $0.00 per share and now holds 159,961.9254 common shares directly. The filing also lists direct holdings of exchangeable units, stock options, restricted share units, and additional performance share units with various vesting schedules and performance periods.
Restaurant Brands International President, International Thiago T. Santelmo reported several equity award transactions. On February 22, 2026, he exercised 19,580.9543 Performance Share Units, receiving 15,664.7634 common shares at no cost, bringing his direct common share holdings to 79,753.0402 shares.
On February 23, 2026, he sold 5,686.3092 common shares at $67.51 per share, leaving 74,066.731 common shares directly owned. A footnote states this sale was made to cover withholding tax obligations on the vesting of performance-based restricted share units. He also continues to hold exchangeable units, stock options, restricted share units and new performance-based RSU awards with performance periods and vesting dates extending through 2028.
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.