- Business
- Restaurant Brands International Inc. (QSR.TO) operates as a multinational quick-service restaurant holding company that owns, operates and franchises four leading brands: Tim Hortons, Burger King, Popeyes Louisiana Kitchen and Firehouse Subs. Tim Hortons offers premium coffee, hot and cold specialty drinks, fresh baked goods, grilled panini, classic sandwiches, wraps, soups, prepared foods and other products across more than 6,000 system-wide restaurants primarily in Canada, the United States and international markets; Burger King serves flame-grilled Whopper sandwiches, hamburgers, chicken and specialty sandwiches through over 19,700 locations in more than 120 countries; Popeyes provides spicy bone-in chicken, chicken sandwiches, tenders, wings, fried shrimp and regional Louisiana-style items at more than 4,900 restaurants worldwide; and Firehouse Subs features hot subs piled with premium meats and cheeses, chopped salads, chili, soups and sides at over 1,400 outlets mainly in the United States. The company manages over 32,000 restaurants across more than 120 countries and territories, generating nearly $45 billion in annual system-wide sales, with operations segmented into Tim Hortons, Burger King, Popeyes, Firehouse Subs, International and Restaurant Holdings. Founded in 2014 through the merger of Burger King and Tim Hortons, Restaurant Brands International maintains principal executive offices in Miami, Florida, with brand headquarters in Toronto for Tim Hortons and in the United States for the others. Recent developments include the 2024 acquisitions of Carrols Restaurant Group and Popeyes China, establishing a new Restaurant Holdings segment that incorporates Carrols Burger King restaurants, Popeyes China operations and Firehouse Subs Brazil from 2025; the February 2025 acquisition of remaining equity in Burger King China, now classified as held for sale to align with a franchised model via local partners; a $1.21 billion follow-on equity offering to support international expansion, digital initiatives and the Burger King "Reclaim the Flame" strategy; and execution of up to $550 million in Burger King U.S. remodels, relocations and technology upgrades as of September 2025.