FoodBud
RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

Global foodservice chain intelligence. Every figure should link back to a source.

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Company card

Restaurant Brands International

Medium
Group

NYSE/TSX QSR · US

Listing status
listed
Operating model
Franchise / master franchise
Scale basis
GMV / system sales
Confidence
Medium
Segment
qsr multi brand

SEC first pass gives a useful denominator, but direct/franchise and system sales still need 10-K business-section parsing.

Scale basis note

Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
33,041 stores
FY2025 (year ended December 31, 2025): System Restaurant Count at Period End 33,041
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · System Restaurant Count at Period End 33,041
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Scale
Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
$46.76B
FY2025 (year ended December 31, 2025): System-Wide Sales (a): $46,762 [million] for the twelve months ended December 31, 2025
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · System-Wide Sales (a): $46,762 [million] for the twelve months ended December 31, 2025
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: GMV / system sales
Precision: Source-backed
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$1.42M
Screening proxy
Derived scale_per_store using scale ÷ store_count at the linked scale basis; not a separately reported company metric.
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: GMV / system sales
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$1.08B
FY2025 (year ended December 31, 2025): 1075000000 USD. (A2 stale-FX/FY refresh, Cowork-approved; basis unchanged).
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Latest disclosed FY2025 (year ended December 31, 2025): Net income $1,075 [million] for the twelve months ended December 31, 2025
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$9.43B
USD 9.43B revenue (Revenues)
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Source-backed

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$26.16B
Directional proxy
May 22, 2026: Unverified: no citable primary disclosure with a verbatim excerpt found. Cannot verify the exact May 22, 2026 market cap with a verbatim source excerpt. Available data shows ~$25.48B on June 21, 2026 ($73.44/share × ~346.98M shares) and ~$3
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Directional proxy
S3 supplementary (opens in new tab)
Media Or Aggregator · Unverified: no citable primary disclosure with a verbatim excerpt found. Cannot verify the exact May 22, 2026 market cap with a verbatim source excerpt. Available data shows ~$25.48B on June 21, 2026 ($73.44/share × ~346.98M shares) and ~$3
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

11/20 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
burgerS3 supplementary (opens in new tab)
Cuisine (secondary)
coffee cafeS3 supplementary (opens in new tab)~
Service model
QSRtier3_reference (opens in new tab)
Price tier
valuetertiary (opens in new tab)
Company
Founded
2,014secondary (opens in new tab)
HQ country
Canadasecondary (opens in new tab)
CEO
Joshua Kobzasecondary (opens in new tab)
Employees
53,500 headcountaggregator (opens in new tab)~
Ownership
Parent
Independent / public-standalone (no corporate parent; dual-listed NYSE/TSX:QSR)encyclopedic (opens in new tab)
PE / holding
3G Capital (largest single shareholder, ~23% via exchangeable units, not controlling) — down from 47% in 2014regulatory/news (opens in new tab)
Recent M&A
Acquired Carrols Restaurant Group (largest Burger King franchisee) and Popeyes China in 2024encyclopedic (opens in new tab)~
Growth
System sales YoY
5.3%S1 official primary (opens in new tab)
Revenue YoY
12.2%S1 official primary (opens in new tab)
Net new units
2.9 %S1 official primary (opens in new tab)
Pricing & digital
Avg check
not disclosed
Digital sales
not disclosed
Loyalty members
not disclosed
Franchise terms
Royalty
4.5%FDD-summary (opens in new tab)~
Franchise fee
$50,000FDD-summary (opens in new tab)~
By-market footprint
International
16,403 storesS1 official primary (opens in new tab)
U.S. and Canada
16,638 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed9/9 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
33,041 stores
as reported in current seed source
Source-backedS1 official primary (opens in new tab)
Company-operated
see brand drilldown
Franchised
see brand drilldown

Brand drilldown

non-additive

Per-brand detail — NOT additive (brands may use different bases / periods) and NOT counted in rankings. Listed for transparency only.

Tim Hortons
Stores
6,232 stores
source period
Source-backedS1 official primary (opens in new tab)
System sales
$8.2B
source period
Source-backedS1 official primary (opens in new tab)
Burger King
Stores
19,900 stores
source period
Source-backedS1 official primary (opens in new tab)
System sales
$29B
source period
Source-backedS1 official primary (opens in new tab)
Popeyes
Stores
5,413 stores
source period
Source-backedS1 official primary (opens in new tab)
System sales
$7.8B
source period
Source-backedS1 official primary (opens in new tab)
Firehouse Subs
Stores
1,496 stores
source period
Source-backedS1 official primary (opens in new tab)
System sales
$1.4B
source period
Source-backedS1 official primary (opens in new tab)

Single-store model

4/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Secondary relay (FDD/10-K/release); confirm vs primary.
US AUV: Burger King $1.63m / Tim Hortons $1.19m / Popeyes ~$1.8-1.93m (2024).
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
Single-store profit
GAP — not fabricated.
—
GapSource (opens in new tab)
Initial investment
Secondary relay (FDD/10-K/release); confirm vs primary.
Investment $1.8-4.7m (BK) / $0.24-2.18m (TH) / $1.22-3.92m (Popeyes).
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
Franchise fee / royalty
Secondary relay (FDD/10-K/release); confirm vs primary.
Royalty ~4.5% (BK) / 4.5-6% (TH) / 5% (Popeyes) + ~4-4.5% ad.
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
Payback period
GAP — not fabricated.
—
GapSource (opens in new tab)
Same-store sales
GAP — not fabricated.
—
GapSource (opens in new tab)
Store open / close
GAP — not fabricated.
—
GapSource (opens in new tab)
Company-operated share
Secondary relay (FDD/10-K/release); confirm vs primary.
~95% system-wide franchised end-2024.
2024_or_latest
Source-backedS2 official secondary (opens in new tab)

Cost structure

1/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS—
FY2024Gap
Heavily franchised. Company restaurant sales $1,592M, expenses $1,328M -> rest-level margin ~16.6%. No food/labor/occupancy split.
Labor—
FY2024Gap
Heavily franchised. Company restaurant sales $1,592M, expenses $1,328M -> rest-level margin ~16.6%. No food/labor/occupancy split.
Rent / occupancy—
FY2024Gap
Heavily franchised. Company restaurant sales $1,592M, expenses $1,328M -> rest-level margin ~16.6%. No food/labor/occupancy split.
Delivery commission—
FY2024Gap
Heavily franchised. Company restaurant sales $1,592M, expenses $1,328M -> rest-level margin ~16.6%. No food/labor/occupancy split.
Marketing—
FY2024Gap
Heavily franchised. Company restaurant sales $1,592M, expenses $1,328M -> rest-level margin ~16.6%. No food/labor/occupancy split.
Operating margin16.6%
FY2024· restaurant_levelS2 official secondary (opens in new tab)Estimated
Heavily franchised. Company restaurant sales $1,592M, expenses $1,328M -> rest-level margin ~16.6%. No food/labor/occupancy split.

Supply chain

5 suppliers · 4 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

Aryzta AG (Maidstone Bakeries)SIX:ARYN
Ingredients
discloses as: Restaurant Brands International
—named (no % disclosed)S1 filingsource (opens in new tab)
Keurig Dr Pepper (formerly Dr Pepper/Seven Up, Inc.)NASDAQ:KDP
Ingredients
discloses as: Restaurant Brands International
—named (no % disclosed)S1 filingsource (opens in new tab)
The Coca-Cola CompanyNYSE:KO
Ingredients
discloses as: Restaurant Brands International
—named (no % disclosed)S1 filingsource (opens in new tab)
Lineage Logistics (acquirer of Maines Paper & Food Service QSR distribution assets)NASDAQ:LINE
Logistics / cold chain
discloses as: Restaurant Brands International
—named (no % disclosed)S3 newssource (opens in new tab)
Restaurant Services, Inc. (RSI)
Other
discloses as: Restaurant Brands International
—named (no % disclosed)S1 filingsource (opens in new tab)

Related insights

  • RBI's $46.8 billion splits into four brands — but the company keeps just $9.4 billion (opens in new tab)

Peers in this segment

Yum! BrandsGMV / system salesAmRest Holdings SECompany-operated revenue (proxy)TAB Gida Sanayi ve Ticaret A.S.GMV / system salesRestaurant Brands New Zealand LimitedRevenue proxy

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.