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Restaurant Brands International logo

Restaurant Brands International Business Segments

Business, geographic, and product segment breakdowns

Restaurant Brands International generates $9.6B in annual revenue across 4 key segments: BK ($115.0M), FHS ($14.0M), INTL ($196.0M), and PLK ($57.0M). The company-wide operating margin is 24.75%. Based on the Q1 2026 filing.

BK$115.0MFHS$14.0MINTL$196.0MPLK$57.0MRH-$1.0MTH$229.0M
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$25.6B
P/E Ratio19.74
ROE37.88%

Products & Services

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advertising revenues and other services$295M$277M$318M$314M$308M$297M

Total

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Restaurant wages and related expenses$145M$145M$152M$148M$150M$146M
Food, beverage, and packaging costs$125M$121M$134M$136M$146M$133M
Restaurant occupancy expense and other$117M$113M$120M$119M$123M$122M

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Royalties$483M$445M$500M$520M$512M$488M
Franchise fees and other revenue$36M$33M$41M$41M$36M$36M
Supply chain sales—$4M$4M$4M—$4M

Geographic

Total

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Canada$1.4B———$1.5B—
Other$52M———$77M—
United States$2.7B———$2.7B—

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States$1.1B$1.1B$1.2B$1.1B$1.2B$1.1B
CANADA$928M$815M$992M$1B$1B$902M
Other$240M$221M$253M$273M$284M$263M

Business Segments

Adjusted Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TH—$220M———$229M
INTL—$138M———$196M
BK—$103M———$115M
PLK—$60M———$57M
FHS—$11M———$14M
RH—$7M———-$1M

Advertising expenses and other services

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
BK$169M$132M$147M$141M$148M$141M
TH$72M$66M$93M$77M$76M$82M
PLK$75M$72M$80M$79M$73M$74M
RH$20M$21M$24M$23M$24M$23M
FHS$22M$17M$20M$19M$20M$21M
INTL$20M$23M$23M$25M$22M$21M

CapEx

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
RH$56M$16M$21M$58M$50M$16M
BK$26M$5M$6M$7M$14M$5M
TH$23M$5M$9M$15M$30M$5M
PLK$11M$2M$2M$4M$8M$3M
INTL$3M$2M$4M$3M$3M$2M
FHS$2M$1M$1M$2M$2M$1M

Cash distributions received from equity method investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TH$4M$3M$4M$4M$5M$3M
BK$0$0$0$0$0$0
FHS$0$0$0$0$0$0
INTL$0$0$0$0$0$0
PLK$0$0$0$0$0$0
RH$0$0$0$0$0$0

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
RH$24M$20M$24M$24M$25M$27M
TH$28M$27M$28M$27M$27M$27M
BK$13M$13M$13M$13M$12M$12M
INTL$7M$7M$7M$8M$7M$7M
PLK$4M$3M$4M$4M$3M$4M
FHS$2M$1M$1M$1M$1M$1M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TH$3.8B$3.8B$4B$3.9B$4B$3.9B
PLK$844M$844M$844M$844M$844M$844M
INTL$377M$492M$507M$506M$545M$542M
RH$491M$362M$373M$371M$370M$364M
BK$240M$117M$358M$358M$358M$358M
FHS$193M$193M$194M$194M$194M$194M

Income (Loss) from Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TH$3M$3M$4M$4M$3M$3M
INTL-$3M$2M$1M-$2M-$5M-$1M
BK$0$0$0$0$1M$0
FHS$0$0$0$0$0$0
PLK$0$0$0$0$0$0
RH$0$0$0$0$0$0

Indefinite-lived intangible assets:

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TH$6B$6B$6.3B$6.1B$6.2B$6.1B
BK$2.1B$2.1B$2.1B$2.1B$2.1B$2.1B
PLK$1.4B$1.4B$1.4B$1.4B$1.4B$1.4B
FHS$816M$816M$816M$816M$816M$816M

Number of restaurants in operation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
BK19732.0019716.0019666.0019633.0019900.0019851.00
TH6043.006039.006075.006126.006232.006203.00
PLK4979.005015.005086.005229.005413.005420.00
FHS1371.00———1496.00—

Property revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TH$153M$137M$166M$166M$157M$146M
BK$56M$52M$55M$54M$56M$56M
PLK$4M$4M$4M$4M$4M$3M
FHS$0$0$0$0$0$0
INTL$0$1M$0$0$1M$0
RH$0$0$0$0$0$0

Reporting unit, amount of fair value in excess of carrying amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
BK————$1B—

Reporting unit, percentage of fair value in excess of carrying amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
BK————7.0%—

Segment F&P expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TH$77M$78M$83M$86M$84M$82M
BK$36M$31M$33M$35M$32M$34M
INTL$21M$5M$9M$7M—-$14M
PLK$1M$2M$6M$3M$3M$3M
FHS$2M$2M$2M$5M$2M$2M
RH$0$0$0$0$0$0

Segment G&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
INTL$50M$52M$47M$47M$53M$51M
TH$42M$37M$34M$33M$36M$34M
BK$35M$36M$31M$30M$33M$32M
RH$24M$24M$23M$23M$26M$24M
PLK$22M$21M$19M$17M$18M$18M
FHS$12M$14M$13M$12M$12M$13M

Total

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TH$564M$496M$589M$619M$659M$564M
RH$387M$379M$406M$403M$420M$401M
BK$55M$55M$57M$59M$49M$43M
PLK$43M$39M$40M$39M$41M$38M
FHS$9M$9M$9M$9M$10M$10M
INTL$0$0$0$0$0$0

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TH$1B$903M$1.1B$1.1B$1.1B$997M
RH$445M$432M$469M$459M$480M$448M
BK$374M$356M$388M$387M$383M$365M
INTL$237M$218M$250M$268M$263M$254M
PLK$201M$194M$210M$201M$195M$190M
FHS$58M$54M$59M$60M$60M$60M