RBI is one group with four brand faces

Single-group read of Restaurant Brands International. The brand rows are children of the parent (one stack at two levels); system-wide sales and GAAP revenue are different layers, not comparable. Source: S1, RBI FY2025 Form 10-K. Information only, not investment advice.

Restaurant Brands International is easy to misread if the table shows only the parent row. RBI reported $46.762B of FY2025 system-wide sales across 33,041 restaurants.

That parent number is not GAAP revenue. It is the sales running through the brand systems, including franchised and company restaurants. RBI's FY2025 GAAP total revenue was $9.434B, a different economic layer.

The useful part of RBI is that the brand rows tie cleanly to the parent. Burger King is the largest face at $29.368B of system-wide sales and 19,900 restaurants. Tim Hortons adds $8.248B and 6,232 restaurants. Popeyes adds $7.789B and 5,413 restaurants. Firehouse Subs adds $1.357B and 1,496 restaurants.

Together, those four brand rows sum to $46.762B and 33,041 restaurants. That makes RBI a clean group-stack example: the parent row is the aggregate, and the brand rows explain the aggregate.

The trap is to count the faces twice. If a ranking shows RBI at the parent level and also shows Burger King, Tim Hortons, Popeyes, and Firehouse Subs as components, the brand rows should be expandable children, not extra scale to add on top.

The basis also matters. RBI's $46.762B is gmv_or_system_sales_usd, while $9.434B is GAAP revenue. The gap is not a contradiction; it is the difference between consumer sales across the system and accounting revenue kept by the parent company.

Evidence pack — every number, with basis and source

[^rbi]: S1 — Restaurant Brands International FY2025 Form 10-K (SEC EDGAR): qsr-20251231.htm (opens in new tab). System-wide sales and restaurant counts from the brand summary table; GAAP total revenues from the consolidated statement of operations. Basis guard locked via FoodBud saas-export-2026-06-08-gh091 (S2).

Basis discipline — why these lines must stay separate

• The four brand rows sum exactly to the parent ($29.368 + $8.248 + $7.789 + $1.357 = $46.762B; 19,900 + 6,232 + 5,413 + 1,496 = 33,041) — they are expandable children of the parent, not extra scale to add on top. Do not count the faces twice.
• System-wide sales ($46.762B) and GAAP revenue ($9.434B) are different layers — gmv_or_system_sales_usd is consumer sales across the system; revenue_usd is accounting revenue kept by the parent. Keep GAAP revenue isolated; do not rank it against system-wide sales.
• This is a single-group article: RBI's system-wide sales are not compared with another operator's revenue, and market capitalization is intentionally omitted.

Related: Restaurant Brands International company card (opens in new tab).

Source: S1, RBI FY2025 Form 10-K; S2, FoodBud gh091 locked export. Information only, not investment advice.