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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-36786

RESTAURANT BRANDS INTERNATIONAL INC.

(Exact Name of Registrant as Specified in its Charter)

Canada

98-1202754

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

5707 Blue Lagoon Drive

Miami,

Florida

United States

33126

(Address of Principal Executive Offices and Zip Code)

(305) 378-3000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Common Shares, without par value

QSR

New York Stock Exchange

Toronto Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Table of Contents

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2025, there were 327,801,863 common shares of the Registrant outstanding. In addition, as of July 31, 2025, there were 126,983,115 Class B exchangeable limited partnership units of Restaurant Brands International Limited Partnership which are exchangeable, on a one for one basis, into common shares of the Registrant.

Table of Contents

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

TABLE OF CONTENTS



		Page

PART I – Financial Information
Item 1.	Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	47

PART II – Other Information
Item 1.	Legal Proceedings	49
Item 5.	Other Information	49
Item 6.	Exhibits	50
	Signatures	51

Table of Contents

PART I — Financial Information

Item 1. Financial Statements

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In millions of U.S. dollars, except share data, Unaudited)


	As of
	June 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,026	$	1,334
Accounts and notes receivable, net of allowance of $58 and $57, respectively	778		698
Inventories, net	167		142
Prepaids and other current assets	195		108
Assets held for sale - discontinued operations	622		—
Total current assets	2,788		2,282
Property and equipment, net of accumulated depreciation and amortization of $1,188 and $1,087, respectively	2,243		2,236
Operating lease assets, net	1,909		1,852
Intangible assets, net	11,279		10,922
Goodwill	6,301		5,986
Other assets, net	1,168		1,354
Total assets	$	25,688	$	24,632
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts and drafts payable	$	763	$	765
Other accrued liabilities	1,135		1,141
Gift card liability	189		236
Current portion of long-term debt and finance leases	221		222
Liabilities held for sale - discontinued operations	446		—
Total current liabilities	2,754		2,364
Long-term debt, net of current portion	13,428		13,455
Finance leases, net of current portion	282		286
Operating lease liabilities, net of current portion	1,835		1,770
Other liabilities, net	1,094		706
Deferred income taxes, net	1,205		1,208
Total liabilities	20,598		19,789
Shareholders’ equity:
Common shares, no par value; Unlimited shares authorized at June 30, 2025 and December 31, 2024; 327,777,360 shares issued and outstanding at June 30, 2025; 324,426,589 shares issued and outstanding at December 31, 2024	2,469		2,357
Retained earnings	1,794		1,860
Accumulated other comprehensive income (loss)	(946)		(1,107)
Total Restaurant Brands International Inc. shareholders’ equity	3,317		3,110
Noncontrolling interests	1,773		1,733
Total shareholders’ equity	5,090		4,843
Total liabilities and shareholders’ equity	$	25,688	$	24,632

See accompanying notes to condensed consolidated financial statements.

Table of Contents

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In millions of U.S. dollars, except per share data, Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues:
Supply chain sales	$	732	$	682	$	1,343	$	1,309
Company restaurant sales	600		347		1,158		449
Franchise and property revenues	760		747		1,423		1,459
Advertising revenues and other services	318		304		595		602
Total revenues	2,410		2,080		4,519		3,819
Operating costs and expenses:
Supply chain cost of sales	589		540		1,085		1,057
Company restaurant expenses	498		286		966		375
Franchise and property expenses	144		134		274		260
Advertising expenses and other services	364		334		675		645
General and administrative expenses	188		185		379		358
(Income) loss from equity method investments	(5)		(69)		(10)		(72)
Other operating expenses (income), net	149		7		232		(11)
Total operating costs and expenses	1,927		1,417		3,601		2,612
Income from operations	483		663		918		1,207
Interest expense, net	132		147		262		295
Loss on early extinguishment of debt	—		32		—		32
Income from continuing operations before income taxes	351		484		656		880
Income tax expense from continuing operations	87		85		169		153
Net income from continuing operations	264		399		487		727
Net loss from discontinued operations (net of tax of $0 and $0)	1		—		3		—
Net income	263		399		484		727
Net income attributable to noncontrolling interests (Note 13)	74		119		136		217
Net income attributable to common shareholders	$	189	$	280	$	348	$	510
Earnings per common share
Basic net income per share from continuing operations	$	0.58	$	0.89	$	1.07	$	1.62
Basic net loss per share from discontinued operations	$	(0.00)	$	—	$	(0.01)	$	—
Basic net income per share	$	0.58	$	0.89	$	1.07	$	1.62

Diluted net income per share from continuing operations	$	0.58	$	0.88	$	1.07	$	1.60
Diluted net loss per share from discontinued operations	$	(0.00)	$	—	$	(0.01)	$	—
Diluted net income per share	$	0.57	$	0.88	$	1.06	$	1.60

Weighted average shares outstanding (in millions):
Basic	328		317		327		316
Diluted	457		453		456		453

See accompanying notes to condensed consolidated financial statements.

Table of Contents

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In millions of U.S. dollars, Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	263	$	399	$	484	$	727

Foreign currency translation adjustment	696		(107)		798		(347)
Net change in fair value of net investment hedges, net of tax of $3, $3, $(9) and $6	(417)		26		(492)		160
Net change in fair value of cash flow hedges, net of tax of $4, $(10), $15 and $(36)	(11)		27		(41)		96
Amounts reclassified to earnings of cash flow hedges, net of tax of $7, $10, $15 and $18	(21)		(27)		(42)		(49)
Gain (loss) recognized on other, net of tax of $0, $0, $0 and $0	2		—		1		—
Other comprehensive income (loss)	249		(81)		224		(140)
Comprehensive income (loss)	512		318		708		587
Comprehensive income (loss) attributable to noncontrolling interests	144		95		199		175
Comprehensive income (loss) attributable to common shareholders	$	368	$	223	$	509	$	412

See accompanying notes to condensed consolidated financial statements.

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RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Statement of Shareholders’ Equity

(In millions of U.S. dollars, except shares and per share data, Unaudited)


	Issued Common Shares			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total
	Shares	Amount
Balances at December 31, 2024	324,426,589	$	2,357	$	1,860	$	(1,107)	$	1,733	$	4,843
Stock option exercises	221,007	13		—		—		—		13
Share-based compensation	—	44		—		—		—		44
Issuance of shares	2,926,103	10		—		—		—		10
Dividends declared ($0.62 per share)	—	—		(203)		—		—		(203)
Dividend equivalents declared on restricted stock units	—	5		(5)		—		—		—
Distributions declared by Partnership on Partnership exchangeable units ($0.62 per unit)	—	—		—		—		(79)		(79)
Exchange of Partnership exchangeable units for RBI common shares	55,462	1		—		—		(1)		—


Net income	—	—		159		—		62		221
Other comprehensive income (loss)	—	—		—		(18)		(7)		(25)
Balances at March 31, 2025	327,629,161	$	2,430	$	1,811	$	(1,125)	$	1,708	$	4,824
Stock option exercises	144,700	7		—		—		—		7
Share-based compensation	—	29		—		—		—		29
Issuance of shares	3,499	—		—		—		—		—
Dividends declared ($0.62 per share)	—	—		(203)		—		—		(203)
Dividend equivalents declared on restricted stock units	—	3		(3)		—		—		—
Distributions declared by Partnership on Partnership exchangeable units ($0.62 per unit)	—	—		—		—		(79)		(79)



Net income	—	—		189		—		74		263
Other comprehensive income (loss)	—	—		—		179		70		249
Balances at June 30, 2025	327,777,360	$	2,469	$	1,794	$	(946)	$	1,773	$	5,090

See accompanying notes to condensed consolidated financial statements.

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RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Statement of Shareholders’ Equity

(In millions of U.S. dollars, except shares and per share data, Unaudited)


	Issued Common Shares			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total
	Shares	Amount
Balances at December 31, 2023	312,454,851	$	1,973	$	1,599	$	(706)	$	1,864	$	4,730
Stock option exercises	721,052	39		—		—		—		39
Share-based compensation	—	42		—		—		—		42
Issuance of shares	3,204,316	17		—		—		—		17
Dividends declared ($0.58 per share)	—	—		(184)		—		—		(184)
Dividend equivalents declared on restricted stock units	—	5		(5)		—		—		—
Distributions declared by Partnership on Partnership exchangeable units ($0.58 per unit)	—	—		—		—		(77)		(77)
Exchange of Partnership exchangeable units for RBI common shares	2,220	—		—		—		—		—

Noncontrolling interest distributions	—	—		—		—		(1)		(1)
Net income	—	—		230		—		98		328
Other comprehensive income (loss)	—	—		—		(41)		(18)		(59)
Balances at March 31, 2024	316,382,439	$	2,076	$	1,640	$	(747)	$	1,866	$	4,835
Stock option exercises	464,725	21		—		—		—		21
Share-based compensation	—	38		—		—		—		38
Issuance of shares	36,411	1		—		—		—		1
Dividends declared ($0.58 per share)	—	—		(184)		—		—		(184)
Dividend equivalents declared on restricted stock units	—	2		(2)		—		—		—
Distributions declared by Partnership on Partnership exchangeable units ($0.58 per unit)	—	—		—		—		(78)		(78)
Exchange of Partnership exchangeable units for RBI common shares	14,400	—		—		—		—		—


Net income	—	—		280		—		119		399
Other comprehensive income (loss)	—	—		—		(57)		(24)		(81)
Balances at June 30, 2024	316,897,975	$	2,138	$	1,734	$	(804)	$	1,883	$	4,951

See accompanying notes to condensed consolidated financial statements.

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RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In millions of U.S. dollars, Unaudited)


	Six Months Ended June 30,
	2025		2024
Cash flows from operating activities:
Net income	$	484	$	727
Net loss from discontinued operations	3		—
Net income from continuing operations	487		727

Depreciation and amortization	148		108
Non-cash loss on early extinguishment of debt	—		22
Amortization of deferred financing costs and debt issuance discount	13		12
(Income) loss from equity method investments	(10)		(72)
(Gain) loss on remeasurement of foreign denominated transactions	207		(29)
Net (gains) losses on derivatives	(102)		(91)
Share-based compensation and non-cash incentive compensation expense	81		87
Deferred income taxes	8		10
Other non-cash adjustments, net	31		5
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable	(72)		9
Inventories and prepaids and other current assets	(30)		14
Accounts and drafts payable	(6)		(70)
Other accrued liabilities and gift card liability	(155)		(210)
Tenant inducements paid to franchisees	(14)		(11)
Changes in other long-term assets and liabilities	(19)		(29)
Net cash provided by operating activities from continuing operations	567		482
Cash flows from investing activities:
Payments for additions of property and equipment	(102)		(69)
Net proceeds from disposal of assets, restaurant closures, and refranchisings	12		7
Net payments for acquisition of franchised restaurants, net of cash acquired	(152)		(531)
Settlement/sale of derivatives, net	40		35
Other investing activities, net	—		(1)
Net cash used for investing activities from continuing operations	(202)		(559)
Cash flows from financing activities:
Proceeds from long-term debt	—		1,950
Repayments of long-term debt and finance leases	(66)		(1,639)
Payment of financing costs	—		(32)
Payment of common share dividends and Partnership exchangeable unit distributions	(544)		(506)

Proceeds from stock option exercises	20		60
Proceeds from derivatives	34		57
Other financing activities, net	1		(2)
Net cash used for financing activities from continuing operations	(555)		(112)
Net cash used for discontinued operations	(85)		—
Effect of exchange rates on cash and cash equivalents	19		(8)
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations	(256)		(197)
Increase in cash classified as assets held for sale - discontinued operations	(52)		—
Decrease in cash and cash equivalents	(308)		(197)
Cash and cash equivalents at beginning of period	1,334		1,139
Cash and cash equivalents at end of period	$	1,026	$	942
Supplemental cash flow disclosures:
Interest paid	$	360	$	390
Income taxes paid	$	285	$	186
Accruals for additions of property and equipment	$	22	$	—

See accompanying notes to condensed consolidated financial statements.

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RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1. Description of Business and Organization

Restaurant Brands International Inc. (the “Company”, “RBI”, “we”, “us” or “our”) is a Canadian corporation that serves as the sole general partner of Restaurant Brands International Limited Partnership (“Partnership”). We franchise and operate quick service restaurants serving premium coffee and other beverage and food products under the Tim Hortons® brand (“Tim Hortons”), fast food hamburgers principally under the Burger King® brand (“Burger King”), chicken under the Popeyes® brand (“Popeyes”) and sandwiches under the Firehouse Subs® brand (“Firehouse”). We are one of the world’s largest quick service restaurant, or QSR, companies as measured by total number of restaurants. As of June 30, 2025, we franchised or owned 6,075 Tim Hortons restaurants, 19,666 Burger King restaurants, 5,086 Popeyes restaurants and 1,402 Firehouse Subs restaurants, for a total of 32,229 restaurants, and operate in more than 120 countries and territories. As of June 30, 2025, over 90% of current system-wide restaurants are franchised.

All references to “$” or “dollars” are to the currency of the United States unless otherwise indicated. All references to “Canadian dollars” or “C$” are to the currency of Canada unless otherwise indicated.

Basis of Presentation and Consolidation

We have prepared the accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, the Financial Statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K filed with the SEC and Canadian securities regulatory authorities on February 21, 2025.

The Financial Statements include our accounts and the accounts of entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. Investments in other affiliates that are owned 50% or less where we have significant influence are accounted for by the equity method. All material intercompany balances and transactions have been eliminated in consolidation.

We are the sole general partner of Partnership and, as such we have the exclusive right, power and authority to manage, control, administer and operate the business and affairs and to make decisions regarding the undertaking and business of Partnership, subject to the terms of the amended and restated limited partnership agreement of Partnership (the “partnership agreement”) and applicable laws. As a result, we consolidate the results of Partnership and record a noncontrolling interest in our condensed consolidated balance sheets and statements of operations with respect to the remaining economic interest in Partnership we do not hold.

In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the full year.

The preparation of consolidated financial statements in conformity with U.S. GAAP and related rules and regulations of the SEC requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates.

The carrying amounts for cash and cash equivalents, accounts and notes receivable and accounts and drafts payable approximate fair value based on the short-term nature of these accounts.

Certain prior year amounts in the accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified in order to be comparable with the current year classifications. These reclassifications did not arise as a result of any changes to accounting policies and relate entirely to presentation, with no effect on previously reported net income.

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New Accounting Pronouncements

Improvements to Income Tax Disclosures – In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that expands income tax disclosures for public entities, including requiring enhanced disclosures related to the rate reconciliation and income taxes paid information. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance should be applied on a prospective basis, with retrospective application to all prior periods presented in the financial statements permitted. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance.

Disaggregation of Income Statement Expenses – In November 2024, the FASB issued guidance that requires disclosure of disaggregated information about certain income statement expense line items. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2026, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance.

Note 2. Earnings (Loss) per Share

An economic interest in Partnership common equity is held by the holders of Class B exchangeable limited partnership units (the “Partnership exchangeable units”), which is reflected as a noncontrolling interest in our equity. See Note 13, Shareholders’ Equity.

Basic and diluted earnings (loss) per share are computed using the weighted average number of shares outstanding for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by outstanding equity awards, unless the effect of their inclusion is anti-dilutive. The diluted earnings (loss) per share calculation assumes conversion of 100% of the Partnership exchangeable units under the “if converted” method. Accordingly, the numerator is also adjusted to include the earnings (loss) allocated to the holders of noncontrolling interests.

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The following table summarizes the basic and diluted earnings per share calculations (in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net income from continuing operations attributable to common shareholders - basic	$	190	$	280	$	350	$	510
Add: Net income from continuing operations attributable to noncontrolling interests	74		119		137		216
Net income from continuing operations available to common shareholders and noncontrolling interests - diluted	$	264	$	399	$	487	$	726

Net loss from discontinued operations	$	1	$	—	$	3	$	—

Net income attributable to common shareholders - basic	$	189	$	280	$	348	$	510
Add: Net income attributable to noncontrolling interests	74		119		136		216
Net income available to common shareholders and noncontrolling interests - diluted	$	263	$	399	$	484	$	726

Denominator:
Weighted average common shares - basic	328		317		327		316
Exchange of noncontrolling interests for common shares (Note 13)	127		134		127		134
Effect of other dilutive securities	2		2		2		3
Weighted average common shares - diluted	457		453		456		453

Basic net income per share from continuing operations (a)	$	0.58	$	0.89	$	1.07	$	1.62
Basic net loss per share from discontinued operations (a)	$	(0.00)	$	—	$	(0.01)	$	—
Basic net income per share (a)	$	0.58	$	0.89	$	1.07	$	1.62

Diluted net income per share from continuing operations (a)	$	0.58	$	0.88	$	1.07	$	1.60
Diluted net loss per share from discontinued operations (a)	$	(0.00)	$	—	$	(0.01)	$	—
Diluted net income per share (a)	$	0.57	$	0.88	$	1.06	$	1.60

Anti-dilutive securities outstanding	5		5		5		5

(a) Earnings (loss) per share may not recalculate exactly as it is calculated based on unrounded numbers.

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Note 3. Revenue Recognition

Contract Liabilities

Contract liabilities consist of deferred revenue resulting from initial and renewal franchise fees paid by franchisees, as well as upfront fees paid by master franchisees, which are generally recognized on a straight-line basis over the term of the underlying agreement. We may recognize unamortized franchise fees and upfront fees when a contract with a franchisee or master franchisee is modified and is accounted for as a termination of the existing contract. We classify these contract liabilities as Other liabilities, net in our condensed consolidated balance sheets. The following table reflects the change in contract liabilities on a consolidated basis between December 31, 2024 and June 30, 2025 (in millions):


Contract Liabilities
Balance at December 31, 2024	$	517
Recognized during period and included in the contract liability balance at the beginning of the year	(29)
Increase, excluding amounts recognized as revenue during the period	21
Effective settlement of pre-existing contract liabilities in connection with BK China Acquisition (Note 6)	(17)
Impact of foreign currency translation	22
Balance at June 30, 2025	$	514

The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) on a consolidated basis as of June 30, 2025 (in millions):


Contract liabilities expected to be recognized in
Remainder of 2025	$	27
2026	52
2027	49
2028	46
2029	43
Thereafter	297
Total	$	514

Disaggregation of Total Revenues

Refer to Note 5, Segment Reporting, for definition of our segments. The following tables disaggregate revenue by segment (in millions). Totals in the following tables may not calculate exactly due to rounding.


	Three Months Ended June 30, 2025
	TH		BK		PLK		FHS		INTL		RH		ELIM (a)		Total
Supply chain sales	$	732	$	—	$	—	$	—	$	—	$	—	$	—	$	732
Company restaurant sales	12		61		46		11		—		469		—		600
Royalties	89		124		76		19		213		—		(21)		500
Property revenues	166		55		4		—		—		—		(6)		219
Franchise fees and other revenue	7		3		7		9		15		—		—		41
Advertising revenues and other services	78		144		77		20		21		—		(22)		318
Total revenues	$	1,083	$	388	$	210	$	59	$	250	$	469	$	(49)	$	2,410

(a)Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK and INTL from intersegment transactions with RH.

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	Six Months Ended June 30, 2025
	TH		BK		PLK		FHS		INTL		RH		ELIM (a)		Total
Supply chain sales	$	1,343	$	—	$	—	$	—	$	—	$	—	$	—	$	1,343
Company restaurant sales	22		121		93		22		—		901		—		1,158
Royalties	162		238		148		37		400		—		(40)		945
Property revenues	303		107		7		—		1		—		(15)		404
Franchise fees and other revenue	15		5		9		17		27		—		—		74
Advertising revenues and other services	142		273		147		36		40		—		(42)		595
Total revenues	$	1,987	$	744	$	404	$	113	$	468	$	901	$	(97)	$	4,519


	Three Months Ended June 30, 2024
	TH		BK		PLK		FHS		INTL		RH		ELIM (a)		Total
Supply chain sales	$	682	$	—	$	—	$	—	$	—	$	—	$	—	$	682
Company restaurant sales	11		63		33		10		—		230		—		347
Royalties	86		122		76		19		200		—		(10)		493
Property revenues	160		52		4		—		1		—		(4)		213
Franchise fees and other revenue	13		3		5		8		12		—		—		41
Advertising revenues and other services	78		124		76		16		20		—		(10)		304
Total revenues	$	1,030	$	364	$	194	$	53	$	233	$	230	$	(24)	$	2,080


	Six Months Ended June 30, 2024
	TH		BK		PLK		FHS		INTL		RH		ELIM (a)		Total
Supply chain sales	$	1,309	$	—	$	—	$	—	$	—	$	—	$	—	$	1,309
Company restaurant sales	22		121		56		20		—		230		—		449
Royalties	163		238		151		36		388		—		(10)		966
Property revenues	307		108		7		—		1		—		(4)		419
Franchise fees and other revenue	20		6		7		16		25		—		—		74
Advertising revenues and other services	148		241		151		31		41		—		(10)		602
Total revenues	$	1,969	$	714	$	372	$	103	$	455	$	230	$	(24)	$	3,819

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Note 4. Leases

Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Lease income - operating leases
Minimum lease payments	$	90	$	92	$	177	$	186
Variable lease payments	127		119		224		230
Amortization of favorable and unfavorable income lease contracts, net	1		1		1		1
Subtotal - lease income from operating leases	218		212		402		417
Earned income on direct financing and sales-type leases	1		1		2		2
Total property revenues	$	219	$	213	$	404	$	419

Note 5. Segment Reporting

As stated in Note 1, Description of Business and Organization, we manage four brands: Tim Hortons, Burger King, Popeyes and Firehouse Subs.

Our management structure and information regularly reviewed by our Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”), reflects five operating and reportable segments that reflect our franchisor operations consistent with how the business will be managed long-term. Additionally, following the Carrols Acquisition (see Note 7, Carrols Acquisition) and PLK China Acquisition (see note 8, Equity Method Investments) in the second quarter of 2024, we established a sixth operating and reportable segment, which includes results from the Burger King restaurants acquired as part of the Carrols Acquisition, the PLK China restaurants and the results from Firehouse Subs Brazil (“FHS Brazil”) beginning in 2025, to reflect the manner in which our CODM manages and assesses performance of these acquired businesses. As a result, we are reporting results under six operating and reportable segments consisting of the following:

1.Tim Hortons – operations of our Tim Hortons brand in Canada and the U.S. (“TH”);

2.Burger King – operations of our Burger King brand in the U.S. and Canada, excluding results of Burger King restaurants acquired as part of the Carrols Acquisition, included in our RH segment (defined below) (“BK”);

3.Popeyes Louisiana Kitchen – operations of our Popeyes brand in the U.S. and Canada (“PLK”);

4.Firehouse Subs – operations of our Firehouse Subs brand in the U.S. and Canada (“FHS”);

5.International – operations of each of our brands outside the U.S. and Canada, excluding results of PLK China and FHS Brazil restaurants included in our RH segment and, commencing in the first quarter of 2025, results of restaurants acquired in connection with the BK China Acquisition which are included in net loss from discontinued operations (“INTL”); and

6.Restaurant Holdings – operations of Burger King restaurants acquired as part of the Carrols Acquisition and the operations of PLK China and FHS Brazil restaurants (“RH”).

Our measure of segment income is Adjusted Operating Income. Our chief operating decision maker uses Adjusted Operating Income (i) in the budgeting process and in periodic reviews of segment performance by comparing variances in actual segment income results to budget and (ii) during the annual budgeting process to make capital allocation decisions, including allocating resources to segments.

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Adjusted Operating Income represents income from operations adjusted to exclude (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net and, (iv) income/expenses from non-recurring projects and non-operating activities. For the periods referenced, income/expenses from non-recurring projects and non-operating activities included (i) non-recurring fees and expenses incurred in connection with the Carrols Acquisition, the PLK China Acquisition, and the BK China Acquisition consisting primarily of professional fees, compensation-related expenses, and integration costs (“RH and BK China Transaction costs”); and (ii) non-operating costs from professional advisory and consulting services associated with certain transformational corporate restructuring initiatives that rationalize our structure and optimize cash movements as well as services related to significant tax reform legislation and regulations (“Corporate restructuring and advisory fees”).

The following tables present total segment revenues, significant segment expenses that are regularly reviewed by the CODM to manage and assess segment performance and segment income, as well as depreciation and amortization, (income) loss from equity method investments, and capital expenditures by segment (in millions). For the periods referenced, segment franchise and property expenses (“Segment F&P expenses”) for each segment exclude franchise agreement and reacquired franchise rights amortization and Segment G&A for each segment excludes RH and BK China Transaction costs, and Corporate restructuring and advisory fees. For segment reporting purposes, capital expenditures include payments for additions of property and equipment during the period, as well as the change in accruals for additions of property and equipment since the prior period. Totals in the following tables may not calculate exactly due to rounding.


	Three Months Ended June 30, 2025
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Revenues from external customers	$	1,083	$	338	$	210	$	59	$	250	$	469	$	—	$	2,410
Intersegment revenues (a)	—		49		—		—		—		—		(49)		—
Total revenues	$	1,083	$	388	$	210	$	59	$	250	$	469	$	(49)	$	2,410

Operating costs and expenses:
Supply chain cost of sales	589		—		—		—		—		—		—		589
Company restaurant expenses (b)	10		57		40		9		—		406		(23)		498
Segment F&P expenses	83		33		6		2		9		—		(4)		128
Advertising expenses and other services	93		147		80		20		23		24		(22)		364
Segment G&A	34		31		19		13		47		23		—		166
Adjustments:
Cash distributions received from equity method investments	4		—		—		—		—		—		—		4
Adjusted Operating Income	278		121		66		15		172		16		—		668

Additional segment information:
Depreciation and amortization	28		13		4		1		7		24		—		77
(Income) loss from equity method investments	(4)		—		—		—		(1)		—		—		(5)
Capital expenditures	9		6		2		1		4		21		—		42

(a)Consists of BK and INTL royalties, property revenues, advertising contribution revenues and tech fees from intersegment transactions with RH.

(b)The components of Company restaurant expenses for our RH segment are included below.

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	Six Months Ended June 30, 2025
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Revenues from external customers	$	1,987	$	647	$	404	$	113	$	468	$	901	$	—	$	4,519
Intersegment revenues (a)	—		97		—		—		—		—		(97)		—
Total revenues	$	1,987	$	744	$	404	$	113	$	468	$	901	$	(97)	$	4,519

Operating costs and expenses:
Supply chain cost of sales	1,085		—		—		—		—		—		—		1,085
Company restaurant expenses (b)	19		111		79		19		—		785		(47)		966
Segment F&P expenses	161		64		8		3		14		—		(8)		242
Advertising expenses and other services	159		278		152		38		45		45		(42)		675
Segment G&A	71		67		40		27		98		48		—		351
Adjustments:
Cash distributions received from equity method investments	7		—		—		—		—		—		—		7
Adjusted Operating Income	499		224		126		26		310		23		—		1,208

Additional segment information:
Depreciation and amortization	55		26		7		3		14		44		—		148
(Income) loss from equity method investments	(7)		—		—		—		(3)		—		—		(10)
Capital expenditures	13		11		3		2		6		37		—		73


	Three Months Ended June 30, 2024
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Total revenues	$	1,030	$	340	$	194	$	53	$	233	$	230	$	—	$	2,080
Intersegment revenues (a)	—		24		—		—		—		—		(24)		—
Total revenues	$	1,030	$	364	$	194	$	53	$	233	$	230	$	(24)	$	2,080

Operating costs and expenses:
Supply chain cost of sales	540		—		—		—		—		—		—		540
Company restaurant expenses (b)	10		57		29		9		—		194		(13)		286
Segment F&P expenses	91		26		5		1		—		—		(2)		122
Advertising expenses and other services	87		131		78		17		22		10		(10)		334
Segment G&A	38		36		21		14		49		12		—		170
Adjustments:
Cash distributions received from equity method investments	4		—		—		—		—		—		—		4
Adjusted Operating Income	269		114		62		13		160		14		—		632

Additional segment information:
Depreciation and amortization	28		12		3		1		7		9		—		59
(Income) loss from equity method investments	(4)		(77)		—		—		12		—		—		(69)
Capital expenditures	11		17		6		1		3		7		—		44

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	Six Months Ended June 30, 2024
	TH		BK		PLK		FHS		INTL		RH		ELIM		Total
Total revenues	$	1,969	$	690	$	372	$	103	$	455	$	230	$	—	$	3,819
Intersegment revenues (a)			24										(24)		—
Total revenues	$	1,969	$	714	$	372	$	103	$	455	$	230	$	(24)	$	3,819

Operating costs and expenses:
Supply chain cost of sales	1,057		—		—		—		—		—		—		1,057
Company restaurant expenses (b)	19		110		48		18		—		194		(13)		375
Segment F&P expenses	171		57		6		3		5		—		(2)		240
Advertising expenses and other services	157		256		154		32		45		10		(10)		645
Segment G&A	80		72		43		28		102		12		—		337
Adjustments:
Cash distributions received from equity method investments	7		—		—		—		—		—		—		7
Adjusted Operating Income	493		220		120		23		302		14		—		1,172

Additional segment information:
Depreciation and amortization	55		23		5		2		13		9		—		108
(Income) loss from equity method investments	(8)		(77)		—		—		14		—		—		(72)
Capital expenditures	18		30		7		2		5		7		—		69

The following table presents the components of Company restaurant expenses for our RH segment (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Company restaurant expenses for RH segment
Food, beverage and packaging costs	$	134	$	64	$	255	$	64
Restaurant wages and related expenses	152		72		297		72
Restaurant occupancy expense and other	120		59		233		59
Company restaurant expenses (RH segment)	$	406	$	194	$	785	$	194

The following tables present revenues by country (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues by country (c):
United States	$	1,165	$	902	$	2,238	$	1,563
Canada	992		945		1,807		1,801
Other	253		233		474		455
Total revenues	$	2,410	$	2,080	$	4,519	$	3,819

(c)Only the United States and Canada represented 10% or more of our total revenues in each period presented.

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Our CODM manages assets on a consolidated basis. Accordingly, segment assets are not reported to our CODM or used in his decisions to allocate resources or assess performance of the segments. Therefore, total segment assets and long-lived assets have not been disclosed.

Adjusted Operating Income is used by management to measure operating performance of the business, excluding these non-cash and other specifically identified items that management believes are not relevant to management’s assessment of our operating performance. A reconciliation of segment income to net income from continuing operations consists of the following (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Segment income:
TH	$	278	$	269	$	499	$	493
BK	121		114		224		220
PLK	66		62		126		120
FHS	15		13		26		23
INTL	172		160		310		302
RH	16		14		23		14
Adjusted Operating Income	668		632		1,208		1,172
Franchise agreement and reacquired franchise rights amortization	17		11		33		19
RH and BK China Transaction costs	16		9		22		13
Corporate restructuring and advisory fees	5		6		6		8
Impact of equity method investments (a)	(1)		(64)		(3)		(64)
Other operating expenses (income), net	149		7		232		(11)
Income from operations	483		663		918		1,207
Interest expense, net	132		147		262		295
Loss on early extinguishment of debt	—		32		—		32
Income tax expense from continuing operations	87		85		169		153
Net income from continuing operations	$	264	$	399	$	487	$	727

(a)Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in Adjusted Operating Income, which is our measure of segment income.

Note 6. BK China

Prior to February 14, 2025, we owned an equity interest in Pangaea Foods (China) Holdings Ltd. (“BK China”), which we accounted for primarily as an equity method investment. On February 14, 2025, we acquired substantially all of the remaining equity interests of BK China for approximately $151 million in an all-cash transaction funded by cash on hand (the “BK China Acquisition”). We plan to hold our controlling interest in BK China temporarily and have been in discussions with several potential partners to acquire the controlling interest from us and inject primary capital into the business, which we expect to occur within twelve months of the BK China Acquisition. We determined the criteria for classification as held for sale were met on the acquisition date and presented the financial position and results of operations of BK China as discontinued operations in our condensed consolidated financial statements beginning on the date of acquisition on a one month lag with no material impact to consolidated results. Refer to the “Discontinued Operations” section within this footnote below for further details.

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The BK China Acquisition was accounted for as a step acquisition, which required remeasurement of our existing ownership interest in BK China to fair value. We utilized an income approach to determine the fair value of our existing equity interest. This resulted in an increase in the value of our existing equity interest and the recognition of a gain of $2 million (the “BK China Step Acquisition Gain”), which is included in (Income) loss from equity method investments in our condensed consolidated statement of operations for the six months ended June 30, 2025.

Purchase price consideration in connection with the BK China Acquisition totaled $149 million, consisting of the cash purchase price of $151 million plus the fair value of our existing interest of $11 million less the effective settlement of pre-existing balances with BK China related to franchise agreements prior to the date of acquisition of $13 million.

Our preliminary allocation of the purchase price to net assets acquired includes property, plant and equipment of $116 million, operating lease right of use assets of $160 million, goodwill of $308 million, outstanding current debt assumed of $178 million, operating lease liabilities of $157 million, and other net liabilities of $100 million. Goodwill is considered to represent the value associated with the workforce and benefits anticipated to be realized by our INTL segment for future restaurant growth. The preliminary fair value estimates are based on management’s analysis, including preliminary work performed by third-party valuation specialists. During the measurement period, we will continue to obtain information to assist in determining the fair value of the net assets acquired. During the six months ended June 30, 2025, we assigned $108 million of goodwill to a reporting unit in the INTL segment. Goodwill arising from the BK China Acquisition that was not assigned to a reporting unit in the INTL segment is part of the disposal group and classified as Assets held for sale – discontinued operations in our condensed consolidated balance sheet.

Supplemental pro forma net income from continuing operations, assuming the BK China Acquisition had occurred on January 1, 2024, would not differ materially from the results reported during the three and six months ended June 30, 2025 and 2024.

Discontinued Operations

Upon determining that a disposal group meets the criteria to be classified as held for sale, we measure it at the lower of its carrying value or fair value less costs to sell. Fair value less costs to sell is assessed each period the disposal group remains classified as held-for-sale, with any subsequent changes recognized as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. No adjustments to the carrying value of BK China have been recognized as a result of this assessment.

Upon classification as held for sale, we cease depreciation and amortization of long-lived assets included in a disposal group, including operating lease right-of-use assets. Additionally, BK China ceased recognition of royalty expense and our INTL segment ceased recognition of revenue from BK China following the BK China Acquisition and presentation as discontinued operations.

The assets and liabilities of BK China are classified as Assets held for sale – discontinued operations and Liabilities held for sale – discontinued operations, respectively, in our condensed consolidated balance sheet. During the six months ended June 30, 2025, we provided $137 million of funding to BK China. Cash and cash equivalents for BK China was $58 million as of June 30, 2025, reflected in assets held for sale – discontinued operations.

Net cash provided by (used for) discontinued operations consists of the following (in millions):


	Six Months Ended June 30, 2025
Cash flows from discontinued operations:
Net cash used for operating activities from discontinued operations	$	(53)
Net cash used for investing activities from discontinued operations	(2)
Net cash used for financing activities from discontinued operations	(30)
Net cash used for discontinued operations	$	(85)

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Note 7. Carrols Acquisition

Prior to May 16, 2024, we owned a 15% equity interest in Carrols Restaurant Group, Inc. (“Carrols”), which was accounted for as an equity method investment. On May 16, 2024, we acquired the remaining 85% of Carrols issued and outstanding shares that were not already held by us or our affiliates for $9.55 per share in an all cash transaction (the “Carrols Acquisition”) in order to accelerate the reimaging of restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operations. The Carrols Acquisition was accounted for as a business combination by applying the acquisition method of accounting and Carrols became a consolidated subsidiary.

The acquisition of the 85% equity interest of Carrols was accounted for as a step acquisition, which required remeasurement of our existing 15% ownership interest in Carrols to fair value. We utilized the $9.55 per share acquisition price to determine the fair value of the existing equity interest. This resulted in an increase in the value of our existing 15% equity interest and the recognition of a gain of $79 million (the “Carrols Step Acquisition Gain”), which was recognized in (Income) loss from equity method investments in our condensed consolidated statements of operations during the second quarter of 2024.

Total cash paid in connection with the Carrols Acquisition was $543 million. Additionally, in connection with the Carrols Acquisition, we assumed approximately $431 million of outstanding debt, all of which was fully extinguished as of June 30, 2024. The cash purchase price and extinguishment of debt assumed in the Carrols Acquisition were funded with a combination of cash on hand and $750 million of incremental borrowings under our senior secured term loan facility.

The following table summarizes the purchase price consideration in connection with the Carrols Acquisition (in millions):


Total cash paid	$	543
Effective settlement of pre-existing balance sheet accounts (a)	15

Fair value of existing 15% equity interest	90
Total consideration	$	648

(a)Effective settlement of pre-existing balances with Carrols related to franchise and lease agreements prior to the date of acquisition.

Fees and expenses related to the Carrols Acquisition and related financings totaled approximately $11 million during 2024, consisting of professional fees and compensation related expenses which are classified as general and administrative expenses in the accompanying condensed consolidated statements of operations (the “Carrols Acquisition Costs”).

During the three months ended March 31, 2025, we adjusted our preliminary estimate of the fair value of net assets acquired and finalized acquisition accounting for the Carrols Acquisition. The final allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions):


	May 16, 2024
Total current assets	$	81
Property and equipment	296
Reacquired franchise rights	363
Operating lease assets	705
Other assets	24
Accounts and drafts payable	(13)
Other accrued liabilities	(150)
Current portion of long-term debt and finance leases	(434)
Finance leases, net of current portion	(9)
Operating lease liabilities, net of current portion	(684)
Other liabilities	(10)
Total identifiable net assets	169
Goodwill	479
Total consideration	$	648

The adjustments to the preliminary estimate of net assets acquired resulted in a $2 million decrease to the preliminary estimated goodwill, reflecting a $2 million increase in the estimated fair value of property and equipment.

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Reacquired franchise rights, which represent the fair value of reacquired franchise agreements determined using the excess earnings method, are amortized over the remaining term of the reacquired franchise agreement and have a weighted average remaining term of 12 years.

Goodwill is considered to represent the value associated with the workforce and synergies anticipated to be realized as a combined company, including synergies expected to benefit the BK segment as a result of accelerating remodels of Burger King restaurants acquired in the Carrols Acquisition. During the three months ended March 31, 2025, we assigned $362 million and $117 million of goodwill to reporting units in the RH and BK segments, respectively. None of the goodwill will be deductible for tax purposes.

Supplemental Pro Forma Information

The following table presents unaudited supplemental pro forma consolidated revenue for the three and six months ended June 30, 2024, as if the Carrols Acquisition had occurred on January 1, 2023 (in millions):


	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Total revenues	$	2,291	$	4,435

The unaudited supplemental pro forma consolidated revenue gives effect to actual revenues prior to the Carrols Acquisition, adjusted to exclude the elimination of intercompany transactions. Other than the impact of the Step Acquisition Gain and Carrols Acquisition Costs (as discussed above), supplemental pro forma net earnings, assuming the Carrols Acquisition had occurred on January 1, 2024, would not be materially different from the results reported during the three and six months ended June 30, 2024.

The unaudited pro forma information has been prepared for comparative purposes only, in accordance with the acquisition method of accounting, and is not necessarily indicative of the results of operations that would have occurred if the Carrols Acquisition had been completed on the date indicated, nor is it indicative of our future operating results.

Note 8. Equity Method Investments

As discussed in Note 6, BK China, prior to February 14, 2025, we owned an equity interest in BK China, which we accounted for primarily as an equity method investment. In connection with the BK China Acquisition, we acquired substantially all of the remaining equity interest of BK China, resulting in the BK China Step Acquisition Gain. As a result of the BK China Acquisition, BK China became a consolidated subsidiary beginning on February 14, 2025.

As discussed in Note 7, Carrols Acquisition, prior to May 16, 2024, we owned a 15% equity interest in Carrols, which was accounted for as an equity method investment. In connection with the Carrols Acquisition, we acquired the remaining 85% equity interest in Carrols, resulting in the Carrols Step Acquisition Gain. As a result of the Carrols Acquisition, Carrols became a consolidated subsidiary beginning on May 16, 2024.

The aggregate carrying amounts of our equity method investments were $120 million and $113 million as of June 30, 2025 and December 31, 2024, respectively, and are included as a component of Other assets, net in our accompanying condensed consolidated balance sheets.

Except for the following equity method investments, no quoted market prices are available for our other equity method investments. The aggregate market value of our 6.4% equity interest in Zamp S.A. (formerly BK Brasil Operação e Assessoria a Restaurantes S.A.) based on the quoted market price on June 30, 2025 was approximately $16 million. The aggregate market value of our 4.1% equity interest in TH International Limited (“Tims China”) based on the quoted market price on June 30, 2025 was approximately $4 million.

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We have equity interests in entities that own or franchise Tim Hortons, Burger King and Popeyes restaurants. Revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest, including Carrols through May 15, 2024 and BK China through February 14, 2025, consist of the following (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues from affiliates:
Royalties	$	83	$	95	$	158	$	196
Advertising revenues and other services	1		11		3		31
Property revenues	1		5		1		13
Franchise fees and other revenue	4		5		7		11
Supply chain sales	4		5		8		9
Total	$	93	$	121	$	177	$	260

At June 30, 2025 and December 31, 2024, we had $47 million and $44 million, respectively, of accounts receivable, net from our equity method investments which were recorded in Accounts and notes receivable, net in our condensed consolidated balance sheets.

With respect to our Tim Hortons business, the most significant equity method investment is our 50% joint venture interest with The Wendy’s Company (the “TIMWEN Partnership”), which jointly holds real estate underlying Canadian combination restaurants. Distributions received from this joint venture were $4 million during the three months ended June 30, 2025 and 2024. Distributions received from this joint venture were $7 million during the six months ended June 30, 2025 and 2024.

Associated with the TIMWEN Partnership, we recognized $6 million and $5 million of rent expense during the three months ended June 30, 2025 and 2024, respectively, and we recognized $10 million of rent expense during the six months ended June 30, 2025 and 2024.

(Income) loss from equity method investments reflects our share of investee net income or loss as well as gains or losses from changes in our ownership interests in equity investees.

In June 2024, we acquired the Popeyes China (“PLK China”) business from Tims China (“the PLK China Acquisition”). In addition, Tims China issued us a $20 million three-year convertible note due June 28, 2027 and a $5 million three-year convertible note due August 15, 2027, which are included within Other assets, net in the condensed consolidated balance sheets as of June 30, 2025.

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Note 9. Intangible Assets, net and Goodwill

Intangible assets, net and goodwill consist of the following (in millions):


	As of
	June 30, 2025						December 31, 2024
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Identifiable assets subject to amortization:
Franchise agreements	$	733	$	(398)	$	335	$	707	$	(369)	$	338
Reacquired franchise rights	374		(40)		334		374		(22)		352
Favorable leases	75		(56)		19		74		(53)		21
Subtotal	1,182		(494)		688		1,155		(444)		711
Indefinite-lived intangible assets:
Tim Hortons brand	$	6,271	$	—	$	6,271	$	5,972	$	—	$	5,972
Burger King brand	2,149		—		2,149		2,068		—		2,068
Popeyes brand	1,355		—		1,355		1,355		—		1,355
Firehouse Subs brand	816		—		816		816		—		816
Subtotal	10,591		—		10,591		10,211		—		10,211
Intangible assets, net					$	11,279					$	10,922

Goodwill:
TH segment	$	4,025					$	3,841
BK segment	358						240
PLK segment	844						844
FHS segment	194						193
INTL segment	507						377
RH segment	373						491
Total	$	6,301					$	5,986

Amortization expense on intangible assets totaled $18 million and $13 million for the three months ended June 30, 2025 and 2024, respectively. Amortization expense on intangible assets totaled $35 million and $22 million for the six months ended June 30, 2025 and 2024, respectively. Additionally, the change in intangible asset balances reflects the impact of foreign currency translation during the six months ended June 30, 2025.

As of December 31, 2024, preliminary goodwill arising from the Carrols Acquisition was reported within the RH segment. During the three months ended March 31, 2025, we assigned $362 million and $117 million of goodwill from the Carrols Acquisition to reporting units in the RH and BK segments, respectively. Refer to Note 7, Carrols Acquisition, for a description of goodwill recognized in connection with the Carrols Acquisition. Additionally, during the six months ended June 30, 2025, we assigned $108 million of goodwill from the BK China Acquisition to a reporting unit in the INTL segment. Refer to Note 6, BK China, for a description of goodwill recognized in connection with the BK China Acquisition. The changes in goodwill balances for each segment also reflect the impact of foreign currency translation during the six months ended June 30, 2025.

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Note 10. Other Accrued Liabilities and Other Liabilities, net

Other accrued liabilities (current) and Other liabilities, net (noncurrent) consist of the following (in millions):


	As of
	June 30, 2025		December 31, 2024
Current:
Dividend payable	$	282	$	262
Interest payable	69		69
Accrued compensation and benefits	123		143
Taxes payable	173		228
Deferred income	77		71
Accrued advertising expenses	62		35
Restructuring and other provisions	20		16
Current portion of operating lease liabilities	201		193
Other	128		124
Other accrued liabilities	$	1,135	$	1,141
Noncurrent:
Taxes payable	$	55	$	52
Contract liabilities	514		517
Derivative liabilities	385		1
Unfavorable leases	29		30
Accrued pension	24		23
Deferred income	60		54
Other	27		29
Other liabilities, net	$	1,094	$	706

Note 11. Long-Term Debt

Long-term debt consists of the following (in millions):


	As of
	June 30, 2025		December 31, 2024
Term Loan B	$	4,703	$	4,726
Term Loan A	1,259		1,275

3.875% First Lien Senior Notes due 2028	1,550		1,550
3.50% First Lien Senior Notes due 2029	750		750
6.125% First Lien Senior Notes due 2029	1,200		1,200
5.625% First Lien Senior Notes due 2029	500		500
4.375% Second Lien Senior Notes due 2028	750		750
4.00% Second Lien Senior Notes due 2030	2,900		2,900
TH Facility and other	105		108
Less: unamortized deferred financing costs and deferred issuance discount	(104)		(117)
Total debt, net	13,613		13,642
Less: current maturities of debt	(185)		(187)
Total long-term debt	$	13,428	$	13,455

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Revolving Credit Facility

As of June 30, 2025, we had no amounts outstanding under our Revolving Credit Facility, had $2 million of letters of credit issued against the Revolving Credit Facility, and our borrowing availability under our Revolving Credit Facility was $1,248 million. Funds available under the Revolving Credit Facility may be used to repay other debt, finance debt or equity repurchases, fund acquisitions or capital expenditures, and for other general corporate purposes. We have a $125 million letter of credit sublimit as part of the Revolving Credit Facility, which reduces our borrowing availability thereunder by the cumulative amount of outstanding letters of credit.

TH Facility

One of our subsidiaries entered into a non-revolving delayed drawdown term credit facility in a total aggregate principal amount of C$225 million with a maturity date of October 4, 2025 (the “TH Facility”). Prior to June 30, 2024, the interest rate applicable to the TH Facility was the Canadian Bankers’ Acceptance rate plus an applicable margin equal to 1.40% or the Prime Rate plus an applicable margin equal to 0.40%, at our option. Beginning July 1, 2024, the interest rate applicable to the TH Facility is the Adjusted Term CORRA rate plus an applicable margin equal to 1.40% or the Prime Rate plus an applicable margin equal to 0.40%, at our option. Obligations under the TH Facility are guaranteed by three of our subsidiaries, and amounts borrowed under the TH Facility are secured by certain parcels of real estate. As of June 30, 2025, we had approximately C$143 million outstanding under the TH Facility with a weighted average interest rate of 4.40%.

Restrictions and Covenants

As of June 30, 2025, we were in compliance with all applicable financial debt covenants under our senior secured term loan facilities and Revolving Credit Facility (together the “Credit Facilities”), the TH Facility, and the indentures governing our 3.875% First Lien Senior Notes due 2028, 3.50% First Lien Senior Notes due 2029, 6.125% First Lien Senior Notes due 2029, 5.625% First Lien Senior Notes due 2029, 4.375% Second Lien Senior Notes due 2028, and 4.00% Second Lien Senior Notes due 2030 (together, the “Senior Notes”).

Fair Value Measurement

The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions):


	As of
	June 30, 2025		December 31, 2024
Fair value of our variable term debt and senior notes	$	13,329	$	13,090
Principal carrying amount of our variable term debt and senior notes	13,612		13,651

Interest Expense, net

Interest expense, net consists of the following (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Debt (a)	$	127	$	145	$	254	$	293
Finance lease obligations	4		5		9		10
Amortization of deferred financing costs and debt issuance discount	7		6		13		12
Interest income	(6)		(9)		(14)		(20)
Interest expense, net	$	132	$	147	$	262	$	295

(a)Amount includes $27 million and $36 million benefit during the three months ended June 30, 2025 and 2024, respectively, and $53 million and $66 million benefit during the six months ended June 30, 2025 and 2024, respectively, related to our interest rate swaps. Amount includes $22 million and $12 million benefit during the three months ended June 30, 2025 and 2024, respectively, and $44 million and $23 million benefit during the six months ended June 30, 2025 and 2024, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 12, Derivative Instruments.

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Note 12. Derivative Instruments

Disclosures about Derivative Instruments and Hedging Activities

We enter into derivative instruments for risk management purposes, including derivatives designated as cash flow hedges and derivatives designated as net investment hedges. We use derivatives to manage our exposure to fluctuations in interest rates and currency exchange rates.

Interest Rate Swaps

At June 30, 2025, we had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $3,500 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities, including any subsequent refinancing or replacement of the Term Loan Facilities, beginning August 31, 2021 through the termination date of October 31, 2028. Additionally, at June 30, 2025, we also had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $500 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities effective September 30, 2019 through the termination date of September 30, 2026. At inception, all of these interest rate swaps were designated as cash flow hedges for hedge accounting. The unrealized changes in market value are recorded in AOCI, net of tax, and reclassified into interest expense during the period in which the hedged forecasted transaction affects earnings.

In connection with the Carrols Acquisition, we assumed a receive-variable, pay-fixed interest rate swap utilizing SOFR as the benchmark interest rate with a total notional value of $120 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities, including any subsequent refinancing or replacement of the Term Loan Facilities, through the termination date of February 28, 2025. This interest rate swap was designated as a cash flow hedge for hedge accounting and the unrealized changes in market value were recorded in AOCI, net of tax, and reclassified into interest expense during the period in which the hedged forecasted transaction affected earnings.

At June 30, 2025, the net amount of pre-tax gains that we expect to be reclassified from AOCI into interest expense within the next 12 months is $74 million.

Cross-Currency Rate Swaps

To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, we hedge a portion of our net investment in one or more of our foreign subsidiaries by using cross-currency rate swaps. At June 30, 2025, we had outstanding cross-currency rate swap contracts between the Canadian dollar and U.S. dollar and the euro and U.S. dollar that have been designated as net investment hedges of a portion of our equity in foreign operations in those currencies. The component of the gains and losses on our net investment in these designated foreign operations driven by changes in foreign exchange rates is economically partly offset by movements in the fair value of our cross-currency swap contracts. The fair value of the swaps is calculated each period with changes in fair value reported in AOCI, net of tax. Such amounts will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations.

At June 30, 2025, we had outstanding cross-currency rate swaps from which we receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $5,700 million to partially hedge the net investment in our Canadian subsidiaries. In November 2024, we restructured $5,000 million of cross-currency rate swaps, of which $1,950 million have a maturity of September 30, 2028, $1,400 million have a maturity of October 31, 2029 and $1,650 million have a maturity of October 31, 2030. The restructure resulted in a re-designation of the hedge and the swaps continue to be accounted for as a net investment hedge. Additionally, in November 2024 we entered into cross-currency rate swaps in which we receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $700 million through the maturity date of October 31, 2027. At inception, these cross-currency rate swaps were designated and continue to be hedges and are accounted for as net investment hedges.

At June 30, 2025, we had outstanding cross-currency rate swap contracts between the euro and U.S. dollar from which we receive quarterly fixed-rate interest payments on the U.S. dollar aggregate amount of $2,750 million, of which $1,400 million were entered during 2023 and have a maturity date of October 31, 2026, $1,200 million were entered during 2023 and have a maturity date of November 30, 2028, and $150 million were entered during 2021 and have a maturity date of October 31, 2028. At inception, these cross-currency rate swaps were designated and continue to be hedges and are accounted for as net investment hedges.

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In connection with the cross-currency rate swaps hedging Canadian dollar and euro net investments, we utilize the spot method to exclude the interest component (the “Excluded Component”) from the accounting hedge without affecting net investment hedge accounting and amortize the Excluded Component over the life of the derivative instrument. The amortization of the Excluded Component is recognized in Interest expense, net in the condensed consolidated statements of operations. The change in fair value that is not related to the Excluded Component is recorded in AOCI and will be reclassified to earnings when the foreign subsidiaries are sold or substantially liquidated.

Foreign Currency Exchange Contracts

We use foreign exchange derivative instruments to manage the impact of foreign exchange fluctuations on U.S. dollar purchases and payments, such as coffee purchases made by our Canadian Tim Hortons’ operations. At June 30, 2025, we had outstanding forward currency contracts to manage this risk in which we sell Canadian dollars and buy U.S. dollars with a notional value of $202 million with maturities to August 17, 2026. We have designated these instruments as cash flow hedges, and as such, the unrealized changes in market value of effective hedges are recorded in AOCI and are reclassified into earnings during the period in which the hedged forecasted transaction affects earnings.

Credit Risk

By entering into derivative contracts, we are exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty.

Credit-Risk Related Contingent Features

Our derivative instruments do not contain any credit-risk related contingent features.

Quantitative Disclosures about Derivative Instruments and Fair Value Measurements

The following tables present the required quantitative disclosures for our derivative instruments, including their estimated fair values (all estimated using Level 2 inputs) and their location on our condensed consolidated balance sheets (in millions):


	Gain or (Loss) Recognized in Other Comprehensive Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Derivatives designated as cash flow hedges(1)
Interest rate swaps	$	(17)	$	35	$	(58)	$	127
Forward-currency contracts	$	2	$	2	$	2	$	5
Derivatives designated as net investment hedges
Cross-currency rate swaps	$	(420)	$	23	$	(483)	$	154

(1) We did not exclude any components from the cash flow hedge relationships presented in this table.

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	Location of Gain or (Loss) Reclassified from AOCI into Earnings	Gain or (Loss) Reclassified from AOCI into Earnings
		Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Derivatives designated as cash flow hedges
Interest rate swaps	Interest expense, net	$	27	$	36	$	53	$	66
Forward-currency contracts	Supply chain cost of sales	$	1	$	1	$	4	$	1

	Location of Gain or (Loss) Recognized in Earnings	Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing)
		Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Derivatives designated as net investment hedges
Cross-currency rate swaps	Interest expense, net	$	22	$	12	$	44	$	23


	Fair Value as of
	June 30, 2025		December 31, 2024		Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate	$	94	$	194	Other assets, net
Interest rate	—		1		Prepaids and other current assets
Foreign currency	6		8		Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency	—		83		Other assets, net

Total assets at fair value	$	100	$	286

Liabilities:



Derivatives designated as net investment hedges
Foreign currency	$	385	$	1	Other liabilities, net
Total liabilities at fair value	$	385	$	1

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Note 13. Shareholders’ Equity

Noncontrolling Interests

The holders of Partnership exchangeable units held an economic interest of approximately 27.9% and 28.1% in Partnership common equity through the ownership of 126,983,115 and 127,038,577 Partnership exchangeable units as of June 30, 2025 and December 31, 2024, respectively.

Pursuant to exchange notices received, Partnership exchanged 55,462 Partnership exchangeable units during the six months ended June 30, 2025. In accordance with the terms of the partnership agreement, Partnership satisfied the exchange notices by exchanging these Partnership exchangeable units for the same number of newly issued RBI common shares and each such Partnership exchangeable unit was cancelled concurrently with the exchange. Partnership exchangeable units exchanged for RBI common shares subsequent to December 31, 2023 also result in the issuance of additional Partnership Class A common units to RBI in an amount equal to the number of RBI common shares exchanged. The exchanges represented increases in our ownership interest in Partnership and were accounted for as equity transactions, with no gain or loss recorded in the accompanying condensed consolidated statements of operations.

Share Repurchases

On August 6, 2025, our Board of Directors approved a share repurchase program that allows us to purchase up to $1,000 million of our common shares from September 15, 2025 until September 30, 2027. Effective as of September 15, 2025, this share repurchase authorization will replace our prior two-year authorization to repurchase up to the same $1,000 million of our common shares until September 30, 2025 (the “Prior Authorization”). For the three and six months ended June 30, 2025, we did not repurchase any of our common shares and as of June 30, 2025 had $500 million remaining under the Prior Authorization.

Accumulated Other Comprehensive Income (Loss)

The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions):


	Derivatives		Pensions		Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2024	$	719	$	(14)	$	(1,812)	$	(1,107)
Foreign currency translation adjustment	—		—		798		798
Net change in fair value of derivatives, net of tax	(533)		—		—		(533)
Amounts reclassified to earnings of cash flow hedges, net of tax	(42)		—		—		(42)
Gain (loss) recognized on other, net of tax	—		1		—		1
Amounts attributable to noncontrolling interests	161		—		(224)		(63)
Balance at June 30, 2025	$	305	$	(13)	$	(1,238)	$	(946)

Note 14. Income Taxes

Our effective tax rate was 24.8% and 25.8% for the three and six months ended June 30, 2025, respectively. The effective tax rate during these periods includes the impact of the Administrative Guidance recently issued by the Organization for Economic Cooperation and Development (“OECD”), partially offset by the mix of income from multiple tax jurisdictions and internal financing arrangements.

Our effective tax rate was 17.6% and 17.4% for the three and six months ended June 30, 2024, respectively. The effective tax rate during these periods was primarily the result of the mix of income from multiple tax jurisdictions, internal financing arrangements, the impact of the Carrols Acquisition, and equity-based compensation.

On July 4, 2025, the “One Big Beautiful Bill Act” (“OBBBA”) was enacted into law. The OBBBA provides for modifications to U.S. tax law including changes to interest deductibility, R&D expensing, bonus depreciation, and various international provisions. We are currently evaluating the full effects of the tax law change, but we do not expect the legislation to have a material impact on our financial statements. As the law was enacted after the end of the second quarter, we have not reflected any impact from the OBBBA in our operating results for the three and six months ended June 30, 2025.

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Note 15. Other Operating Expenses (Income), net

Other operating expenses (income), net consists of the following (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings	$	13	$	8	$	15	$	10
Litigation settlements (gains) and reserves, net	1		1		4		1
Net losses (gains) on foreign exchange	132		(6)		207		(29)
Other, net	3		4		6		7
Other operating expenses (income), net	$	149	$	7	$	232	$	(11)

Net losses (gains) on disposal of assets, restaurant closures, and refranchisings represent sales of properties and other costs related to restaurant closures and refranchisings. Gains and losses recognized in the current period may reflect certain costs related to closures and refranchisings that occurred in previous periods.

Litigation settlements and reserves, net primarily reflect accruals and payments made and proceeds received in connection with litigation and arbitration matters and other business disputes.

Net losses (gains) on foreign exchange consist of remeasurement of foreign denominated assets and liabilities, primarily intercompany financing. A substantial portion of this net foreign currency gain or loss relates to measurement of U.S. dollar intercompany balances in foreign subsidiaries. This gain or loss primarily results from fluctuations in the exchange rate between the Euro and U.S. dollar.

Note 16. Supplier Finance Programs

Our TH business includes individually negotiated contracts with suppliers, which include payment terms that range up to 120 days. A global financial institution offers a voluntary supply chain finance (“SCF”) program to certain TH vendors, which provides suppliers that elect to participate with the ability to elect early payment, which is discounted based on the payment terms and a rate based on RBI's credit rating, which may be beneficial to the vendor. Participation in the SCF program is at the sole discretion of the suppliers and financial institution and we are not a party to the arrangements between the suppliers and the financial institution. Our obligations to suppliers are not affected by the suppliers’ decisions to participate in the SCF program and our payment terms remain the same based on the original supplier invoicing terms and conditions. No guarantees are provided by us or any of our subsidiaries in connection with the SCF Program.

Our confirmed outstanding obligations under the SCF program at June 30, 2025 and December 31, 2024 totaled $32 million and $22 million, respectively, and are classified as Accounts and drafts payable in our condensed consolidated balance sheets. All activity related to the obligations is classified as Supply chain cost of sales in our condensed consolidated statements of operations and presented within cash flows from operating activities in our condensed consolidated statements of cash flows.

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Note 17. Commitments and Contingencies

Litigation

From time to time, we are involved in legal proceedings arising in the ordinary course of business relating to matters including, but not limited to, disputes with franchisees, suppliers, employees and customers, as well as disputes over our intellectual property.

On October 5, 2018, a class action complaint was filed against Burger King Worldwide, Inc. (“BKW”) and Burger King Company, successor in interest, (“BKC”) in the U.S. District Court for the Southern District of Florida by Jarvis Arrington, individually and on behalf of all others similarly situated. On October 18, 2018, a second class action complaint was filed against RBI, BKW and BKC in the U.S. District Court for the Southern District of Florida by Monique Michel, individually and on behalf of all others similarly situated. On October 31, 2018, a third class action complaint was filed against BKC and BKW in the U.S. District Court for the Southern District of Florida by Geneva Blanchard and Tiffany Miller, individually and on behalf of all others similarly situated. On November 2, 2018, a fourth class action complaint was filed against RBI, BKW and BKC in the U.S. District Court for the Southern District of Florida by Sandra Munster, individually and on behalf of all others similarly situated. These complaints have been consolidated and allege that the defendants violated Section 1 of the Sherman Act by incorporating an employee no-solicitation and no-hiring clause in the standard form franchise agreement all Burger King franchisees are required to sign. Each plaintiff seeks injunctive relief and damages for himself or herself and other members of the class. On March 24, 2020, the Court granted BKC’s motion to dismiss for failure to state a claim and on April 20, 2020 the plaintiffs filed a motion for leave to amend their complaint. The court denied the plaintiffs motion for leave to amend their complaint in August 2020 and the plaintiffs appealed this ruling. In August 2022, the federal appellate court reversed the lower court's decision to dismiss the case and remanded the case to the lower court for further proceedings. In March 2025, at the request of the court, BKC filed a supplemental brief in support of its motion to dismiss and the plaintiffs filed a supplemental brief in support of its motion opposing BKC's motion to dismiss. On April 9, 2025, the court denied BKC's motion to dismiss. Plaintiffs filed an amended complaint on April 30, 2025, and BKC filed its answer on May 21, 2025. While we intend to vigorously defend these claims, we are unable to predict the ultimate outcome of this case or estimate the range of possible loss, if any.

On October 7, 2024, purported former shareholders of Carrols filed a complaint in the Court of Chancery of the State of Delaware against RBI and two individuals that were on the board of Carrols. The complaint alleges claims for breach of fiduciary duty by RBI, as a purported controlling shareholder of Carrols, and unjust enrichment by RBI in connection with the acquisition of Carrols, as well as claims for breaches of fiduciary duty by the two individual directors. The complaint generally alleges that RBI coerced Carrols into the transaction, and that the two directors failed to disclose that their interests differed from the interests of other Carrols shareholders, and that the two directors were not independent from RBI. The complaint seeks equitable relief, damages and fees and expenses. We filed a motion to dismiss in December 2024 and the plaintiffs filed an amended complaint in February 2025. In March 2025, we filed an amended motion to dismiss and plaintiffs filed their opposition on May 2, 2025. On July 22, 2025, the court denied RBI's motion to dismiss. RBI is working with counsel to prepare a timely response to the plaintiff's amended complaint. We intend to vigorously defend these claims, however, we are unable to predict the ultimate outcome of this case or estimate the range of possible loss, if any.

Note 18. Subsequent Events

Dividends

On July 8, 2025, we paid a cash dividend of $0.62 per common share to common shareholders of record on June 24, 2025. On such date, Partnership also made a distribution in respect of each Partnership exchangeable unit in the amount of $0.62 per exchangeable unit to holders of record on June 24, 2025.

Subsequent to June 30, 2025, our board of directors declared a cash dividend of $0.62 per common share, which will be paid on October 7, 2025 to common shareholders of record on September 23, 2025. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.62 per Partnership exchangeable unit, and the record date and payment date for distributions on Partnership exchangeable units are the same as the record date and payment date set forth above.

*****

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the unaudited condensed consolidated financial statements and the related notes thereto (“Financial Statements”) in Item 1 and the Special Note Regarding Forward-Looking Statements later in this Item 2. All Note references herein refer to the Notes to the Financial Statements. Tabular amounts are displayed in millions of U.S. dollars except per share and unit count amounts, or as otherwise specifically identified. All references to “Canadian dollars” or “C$” are to the currency of Canada unless otherwise indicated. Percentages may not recompute due to rounding.

Overview

We are one of the world’s largest quick service restaurant (“QSR”) companies with over $45 billion in annual system-wide sales and over 32,000 restaurants, over 90% of which are franchised, in more than 120 countries and territories as of June 30, 2025. We own and franchise four iconic brands, Tim Hortons®, Burger King®, Popeyes®, and Firehouse Subs®. Our brands have complementary daypart mixes and product platforms that benefit from global scale and sharing of best practices to optimize costs while preserving their independence and rich heritage.

We have six operating and reportable segments, including four franchisor segments for our Tim Hortons, Burger King, Popeyes and Firehouse Subs brands in the U.S. and Canada (“TH”, “BK”, “PLK”, and “FHS”, respectively) and a fifth franchisor segment for all of our brands in the rest of the world (“INTL”). Additionally, we completed the acquisitions of Carrols Restaurant Group Inc. (“Carrols”) (“the Carrols Acquisition”) and Popeyes China (“PLK China”) (“the PLK China Acquisition”) on May 16, 2024 and June 28, 2024, respectively. Following these acquisitions, we established a new operating and reportable segment, Restaurant Holdings (“RH”), which includes results from the Carrols Burger King restaurants and the PLK China restaurants from their acquisition dates and includes results from Firehouse Subs Brazil (“FHS Brazil”) beginning in 2025.

RBI plans to maintain the franchisor dynamics in its TH, BK, PLK, FHS, and INTL segments ("five franchisor segments") to report results consistent with how the business will be managed long-term given RBI's plans to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China and new investors for FHS Brazil in the future. RH results include Company restaurant sales and expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK for the Carrols Burger King restaurants and INTL for PLK China and FHS Brazil) and eliminated upon consolidation. Additionally, Adjusted Operating Income represents our measure of segment income for each of our reportable segments and is used by management to measure operating performance. See Note 5, “Segment Reporting” of the Financial Statements for additional information about our operating and reportable segments and our measure of segment income.

On February 14, 2025, we acquired substantially all the remaining equity interests in Pangaea Foods (China) Holdings Ltd. (“BK China”) (“the BK China Acquisition”) from our former joint venture partners. BK China met the criteria to be classified as held for sale and reported as discontinued operations. We are working to identify a new controlling shareholder which aligns with our long-term strategy of partnering with experienced local operators while maintaining a primarily franchised business.

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Key Operating Metrics

Key performance indicators (“KPIs”) are shown for RBI's five franchisor segments. The KPIs for the Carrols Burger King restaurants are included in the BK segment and the KPIs for the PLK China, BK China and FHS Brazil restaurants are included in the INTL segment.

We evaluate our restaurants and assess our business based on the following operating metrics:

•System-wide sales growth refers to the percentage change in sales at all franchised restaurants and Company restaurants (referred to as system-wide sales) in one period from the same period in the prior year on a constant currency basis, which means the results exclude the effect of foreign currency translation (“FX Impact”). We calculate the FX Impact by translating prior year results at current year monthly average exchange rates. System-wide sales is reported on a nominal basis.

•Comparable sales refers to the percentage change in restaurant sales in one period from the same prior year period on a constant currency basis for restaurants that have been open for an initial consecutive period, typically at least 13 months. Additionally, if a restaurant is closed for a significant portion of a month, the restaurant is excluded from the monthly comparable sales calculation.

•Unless otherwise stated, system-wide sales growth, system-wide sales and comparable sales are presented on a system-wide basis, which means they include franchised restaurants and Company restaurants. System-wide results are driven by our franchised restaurants, as over 90% of system-wide restaurants are franchised. Franchise sales represent sales at all franchised restaurants and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales.

•Net restaurant growth refers to the net change in restaurant count (openings, net of permanent closures) over a trailing twelve-month period, divided by the restaurant count at the beginning of the trailing twelve-month period. In determining whether a restaurant meets our definition of a restaurant that will be included in our net restaurant growth, we consider factors such as scope of operations, format and image, separate franchise agreement, and minimum sales thresholds. We refer to restaurants that do not meet our definition as “alternative formats” and we believe these are helpful to build brand awareness, test new concepts and provide convenience in certain markets.

These metrics are important indicators of the overall direction of our business, including trends in sales and the effectiveness of marketing, operations and growth initiatives.

The following tables present our consolidated key operating metrics for each of the periods indicated, which have been derived from our internal records. We evaluate our restaurants and assess our business based on these operating metrics. These metrics may differ from those used by other companies in our industry who may define these metrics differently.


	Three Months Ended June 30,						Six Months Ended June 30,
Consolidated Key Operating Metrics	2025			2024			2025			2024






System-wide Sales Growth (a)	5.3		%	5.0		%	4.1		%	6.5		%






System-wide Sales (in US$ millions) (a)	$	11,853		$	11,252		$	22,349		$	21,764






Comparable Sales	2.4		%	1.9		%	1.3		%	3.2		%









Net Restaurant Growth	2.9		%	4.0		%	2.9		%	4.0		%






System Restaurant Count at Period End	32,229			31,324			32,229			31,324

(a)System-wide sales growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in System-wide sales, which is reported on a nominal basis.

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Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024

Tabular amounts in millions of U.S. dollars unless noted otherwise. Totals, variances and percentage changes may not calculate exactly due to rounding.


Consolidated	Three Months Ended June 30,				Variance		FX Impact (a)		Variance Excluding FX Impact		Six Months Ended June 30,				Variance		FX Impact (a)		Variance Excluding FX Impact
	2025		2024		Favorable / (Unfavorable)						2025		2024		Favorable / (Unfavorable)
Revenues:
Supply chain sales	$	732	$	682	$	50	$	(7)	$	57	$	1,343	$	1,309	$	34	$	(40)	$	74
Company restaurant sales	600		347		253		—		253		1,158		449		709		—		709
Franchise and property revenues	760		747		13		—		13		1,423		1,459		(36)		(22)		(14)
Advertising revenues and other services	318		304		14		—		14		595		602		(7)		(6)		(1)
Total revenues	2,410		2,080		330		(7)		337		4,519		3,819		700		(68)		768
Operating costs and expenses:
Supply chain cost of sales	589		540		(49)		5		(54)		1,085		1,057		(28)		33		(61)
Company restaurant expenses	498		286		(212)		—		(212)		966		375		(591)		—		(591)
Franchise and property expenses	144		134		(10)		1		(11)		274		260		(14)		6		(20)
Advertising expenses and other services	364		334		(30)		1		(31)		675		645		(30)		6		(36)
General and administrative expenses	188		185		(3)		(2)		(1)		379		358		(21)		1		(22)
(Income) loss from equity method investments	(5)		(69)		(64)		—		(64)		(10)		(72)		(62)		—		(62)
Other operating expenses (income), net	149		7		(142)		1		(143)		232		(11)		(243)		—		(243)
Total operating costs and expenses	1,927		1,417		(510)		6		(516)		3,601		2,612		(989)		46		(1,035)
Income from operations	483		663		(180)		(1)		(179)		918		1,207		(289)		(22)		(267)
Interest expense, net	132		147		15		—		15		262		295		33		—		33
Loss on early extinguishment of debt	—		32		32		—		32		—		32		32		—		32
Income from continuing operations before income taxes	351

Restaurant Brands International Inc. 10-Q