RESTAURANT BRANDS INTERNATIONAL INC., 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-36786  
Registrant Name RESTAURANT BRANDS INTERNATIONAL INC.  
Entity Incorporation, State or Country Code Z4  
Entity Tax Identification Number 98-1202754  
Entity Address, Address Line One 5707 Waterford District Drive  
Entity Address, City or Town Miami,  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33126  
City Area Code 305  
Local Phone Number 378-3000  
Title of 12(b) Security Common Shares, without par value  
Trading Symbol QSR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001618756  
Current Fiscal Year End Date --12-31  
Common Class A    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   346,983,973
Partnerships Exchangeable Units    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   109,352,921
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,012 $ 1,163
Accounts and notes receivable, net of allowance of $37 and $54, respectively 767 794
Inventories, net 203 205
Prepaids and other current assets 172 179
Assets held for sale - discontinued operations 0 489
Total current assets 2,154 2,830
Property and equipment, net of accumulated depreciation and amortization of $1,273 and $1,245, respectively 2,261 2,303
Operating lease assets, net 1,972 1,961
Intangible assets, net 11,079 11,190
Goodwill 6,251 6,306
Other assets, net 1,163 1,025
Total assets 24,880 25,615
Current liabilities:    
Accounts and drafts payable 813 866
Other accrued liabilities 1,099 1,271
Gift card liability 191 249
Current portion of long-term debt and finance leases 75 68
Liabilities held for sale - discontinued operations 0 437
Total current liabilities 2,178 2,891
Long-term debt, net of current portion 13,228 13,250
Finance leases, net of current portion 253 261
Operating lease liabilities, net of current portion 1,916 1,900
Other liabilities, net 931 1,034
Deferred income taxes, net 1,083 1,120
Total liabilities 19,589 20,456
Shareholders’ equity:    
Common shares, no par value; Unlimited shares authorized at March 31, 2026 and December 31, 2025; 347,325,114 shares issued and outstanding at March 31, 2026; 346,323,165 shares issued and outstanding at December 31, 2025 2,902 2,859
Retained earnings 1,903 1,795
Accumulated other comprehensive income (loss) (1,062) (1,020)
Total Restaurant Brands International Inc. shareholders’ equity 3,743 3,634
Noncontrolling interests 1,548 1,525
Total shareholders’ equity 5,291 5,159
Total liabilities and shareholders’ equity $ 24,880 $ 25,615
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Financing receivable, allowance for credit loss, current $ 37 $ 54
Accumulated depreciation and amortization $ 1,273 $ 1,245
Common stock, par value (in usd per share) $ 0 $ 0
Common stock, shares authorized (in shares) Unlimited Unlimited
Common stock, shares issued (in shares) 347,325,114 346,323,165
Common stock, shares outstanding (in shares) 347,325,114 346,323,165
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total revenues $ 2,264 $ 2,109
Operating costs and expenses:    
Franchise and property expenses 119 130
Advertising expenses and other services 341 311
General and administrative expenses 180 191
(Income) loss from equity method investments (2) (5)
Other operating expenses (income), net (21) 83
Total operating costs and expenses 1,658 1,674
Income from operations 606 435
Interest expense, net 123 130
Income from continuing operations before income taxes 483 305
Income tax expense from continuing operations 38 82
Net income from continuing operations 445 223
Net loss from discontinued operations (net of tax of $0) 0 2
Net income 445 221
Net income attributable to noncontrolling interests (Note 11) 107 62
Net income attributable to common shareholders $ 338 $ 159
Earnings per common share (Note 2)    
Basic net income per share from continuing operations (in dollars per share) $ 0.98 $ 0.49
Basic net loss per share from discontinued operations (in dollars per share) 0 0.00
Basic net income per share (in usd per share) 0.98 0.49
Diluted net income per share from continuing operations (in dollars per share) 0.97 0.49
Diluted net loss per share from discontinued operations (in dollars per share) 0 0.00
Diluted net income per share (in usd per share) $ 0.97 $ 0.49
Weighted average shares outstanding (in millions):    
Basic (in shares) 347 326
Diluted (in shares) 459 456
Supply chain sales    
Operating costs and expenses:    
Total $ 564 $ 496
Company restaurant sales    
Operating costs and expenses:    
Total 477 468
Product | Supply chain sales    
Revenues:    
Total revenues 686 611
Product | Company restaurant sales    
Revenues:    
Total revenues 559 558
Franchise and property revenues    
Revenues:    
Total revenues 722 663
Advertising revenues and other services    
Revenues:    
Total revenues $ 297 $ 277
v3.26.1
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net loss from discontinued operations (net of tax) $ 0 $ 0
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 445 $ 221
Foreign currency translation adjustment (164) 102
Net change in fair value of net investment hedges, net of tax of $3 and $(12) 104 (75)
Net change in fair value of cash flow hedges, net of tax of $(8) and $11 23 (30)
Amounts reclassified to earnings of cash flow hedges, net of tax of $5 and $8 (14) (21)
Gain (loss) recognized on other, net of tax of $1 and $0 (4) (1)
Other comprehensive income (loss) (55) (25)
Comprehensive income (loss) 390 196
Comprehensive income (loss) attributable to noncontrolling interests 94 55
Comprehensive income (loss) attributable to common shareholders $ 296 $ 141
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net change in fair value of net investment hedges, net of tax $ 3 $ (12)
Net change in fair value of cash flow hedges, net of tax (8) 11
Amounts reclassified to earnings of cash flow hedges, net of tax 5 8
Gain (loss) recognized on defined benefit pension plans and other items, net of tax $ 1 $ 0
v3.26.1
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions
Total
Issued Common Shares
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Beginning balances (in shares) at Dec. 31, 2024   324,426,589      
Beginning balances at Dec. 31, 2024 $ 4,843 $ 2,357 $ 1,860 $ (1,107) $ 1,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock option exercises (in shares)   221,007      
Stock option exercises 13 $ 13      
Share-based compensation 44 $ 44      
Issuance of shares (in shares)   2,926,103      
Issuance of shares 10 $ 10      
Dividends declared (203)   (203)    
Dividend equivalents declared on restricted stock units 0 $ 5 (5)    
Distributions declared by Partnership on Partnership exchangeable units (79)       (79)
Exchange of Partnership exchangeable units for RBI common shares (in shares)   55,462      
Exchange of Partnership exchangeable units for RBI common shares 0 $ 1     (1)
Net income 221   159   62
Other comprehensive income (loss) (25)     (18) (7)
Ending balances (in shares) at Mar. 31, 2025   327,629,161      
Ending balances at Mar. 31, 2025 $ 4,824 $ 2,430 1,811 (1,125) 1,708
Beginning balances (in shares) at Dec. 31, 2025 346,323,165 346,323,165      
Beginning balances at Dec. 31, 2025 $ 5,159 $ 2,859 1,795 (1,020) 1,525
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock option exercises (in shares)   485,617      
Stock option exercises 28 $ 28      
Share-based compensation 31 $ 31      
Issuance of shares (in shares)   954,481      
Issuance of shares 14 $ 14      
Dividends declared (226)   (226)    
Dividend equivalents declared on restricted stock units 0 $ 4 (4)    
Distributions declared by Partnership on Partnership exchangeable units (71)       (71)
Exchange of Partnership exchangeable units for RBI common shares (in shares)   3,624      
Exchange of Partnership exchangeable units for RBI common shares 0 $ 0     0
Repurchase of common shares (in shares)   (441,773)      
Repurchase of common shares (34) $ (34)      
Net income 445   338   107
Other comprehensive income (loss) $ (55)     (42) (13)
Ending balances (in shares) at Mar. 31, 2026 347,325,114 347,325,114      
Ending balances at Mar. 31, 2026 $ 5,291 $ 2,902 $ 1,903 $ (1,062) $ 1,548
v3.26.1
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Common stock, dividends declared (in usd per share) $ 0.65 $ 0.62
Dividend distributions declared (in usd per share) $ 0.65 $ 0.62
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 445 $ 221
Net loss from discontinued operations 0 2
Net income from continuing operations 445 223
Depreciation and amortization 78 71
Amortization of deferred financing costs and debt issuance discount 6 6
(Income) loss from equity method investments (2) (5)
(Gain) loss on remeasurement of foreign denominated transactions (30) 75
Net (gains) losses on derivatives (41) (51)
Share-based compensation and non-cash incentive compensation expense 35 48
Deferred income taxes (49) 15
Other non-cash adjustments, net (11) 11
Changes in current assets and liabilities, excluding acquisitions and dispositions:    
Accounts and notes receivable 30 15
Inventories and prepaids and other current assets (5) (39)
Accounts and drafts payable (42) (51)
Other accrued liabilities and gift card liability (176) (187)
Tenant inducements paid to franchisees (8) (6)
Changes in other long-term assets and liabilities (3) (7)
Net cash provided by operating activities from continuing operations 227 118
Cash flows from investing activities:    
Payments for additions of property and equipment (58) (64)
Net proceeds from disposal of assets, restaurant closures, and refranchisings 21 10
Net payments for acquisition of franchised restaurants, net of cash acquired 0 (151)
Settlement/sale of derivatives, net 16 21
Other investing activities, net (12) 0
Net cash used for investing activities from continuing operations (33) (184)
Cash flows from financing activities:    
Repayments of long-term debt and finance leases (28) (33)
Payment of common share dividends and Partnership exchangeable unit distributions (283) (262)
Repurchase of common shares (32) 0
Proceeds from stock option exercises 28 13
Proceeds from derivatives 10 17
Other financing activities, net (1) 0
Net cash used for financing activities from continuing operations (306) (265)
Net cash used for discontinued operations (27) (26)
Effect of exchange rates on cash and cash equivalents (3) 3
(Decrease) increase in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations (142) (354)
Increase in cash classified as assets held for sale - discontinued operations (9) (81)
(Decrease) increase in cash and cash equivalents (151) (435)
Cash and cash equivalents at beginning of period 1,163 1,334
Cash and cash equivalents at end of period 1,012 899
Supplemental cash flow disclosures:    
Interest paid 137 153
Income taxes paid, net 137 190
Accruals for additions of property and equipment $ 28 $ 18
v3.26.1
Description of Business and Organization
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Organization 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 March 31, 2026, we franchised or owned 6,203 Tim Hortons restaurants, 19,851 Burger King restaurants, 5,420 Popeyes restaurants, and 1,511 Firehouse Subs restaurants, for a total of 32,985 restaurants, and operate in more than 120 countries and territories. As of March 31, 2026, over 95% 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 20, 2026.
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, including marketing funds we control. We also consider entities for consolidation when the controlling financial interest may be achieved through arrangements that do not involve voting interests (“VIE”). Investments in other affiliates that are owned 50% or less where we have significant influence are generally 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.
New Accounting Pronouncements
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.
Internal-Use Software - In September 2025, the FASB issued guidance to clarify and modernize the accounting for costs related to internal-use software and requires an entity to start capitalizing software costs when both of the following occur: (1) Management has authorized and committed to funding the software project; and (2) It is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods in those years, with early adoption permitted. Entities may apply the new guidance using a prospective, retrospective, or modified transition approach. We are currently evaluating the impact this new guidance will have on our financial statements and disclosures.
Hedge Accounting Improvements - In November 2025, the FASB issued guidance that modifies aspects of the existing hedge accounting framework, including (1) permitting a group of forecasted transactions to be designated as a single cash flow hedge if the individual transactions have a ‘similar’ rather than ‘shared’ risk exposure, (2) providing an optional hedging model for cash flow hedges of forecasted interest payments on ‘choose-your-rate’ debt instruments, (3) expanding hedge accounting availability for non-financial forecasted transactions, (4) allowing net written options as hedging instruments under certain circumstances, and (5) addressing the use of foreign-currency-denominated debt instruments as both a hedging instrument and hedged item. The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods in those years, with early adoption permitted. We are currently evaluating the impact this new guidance will have on our financial statements and disclosures.
v3.26.1
Earnings (Loss) per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings (Loss) per Share 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 11, 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.
The following table summarizes the basic and diluted earnings per share calculations (in millions, except per share amounts):
Three Months Ended
March 31,
20262025
Numerator:
Net income from continuing operations attributable to common shareholders - basic$338 $160 
Add: Net income from continuing operations attributable to noncontrolling interests107 63 
Net income from continuing operations available to common shareholders and noncontrolling interests - diluted$445 $223 
Net loss from discontinued operations$— $2 
Net income attributable to common shareholders - basic$338 $159 
Add: Net income attributable to noncontrolling interests107 62 
Net income available to common shareholders and noncontrolling interests - diluted$445 $221 
Denominator:
Weighted average common shares - basic347 326 
Exchange of noncontrolling interests for common shares (Note 11)109 127 
Effect of other dilutive securities3 3 
Weighted average common shares - diluted 459 456 
Basic net income per share from continuing operations (a)$0.98 $0.49 
Basic net loss per share from discontinued operations (a)$— $0.00 
Basic net income per share (a)$0.98 $0.49 
Diluted net income per share from continuing operations (a)$0.97 $0.49 
Diluted net loss per share from discontinued operations (a)$— $0.00 
Diluted net income per share (a)$0.97 $0.49 
Anti-dilutive securities outstanding1 5 
(a) Earnings (loss) per share may not recalculate exactly as it is calculated based on unrounded numbers.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting 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 six operating and reportable segments. The reportable segments consist 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 our acquisition of Carrols Restaurant Group Inc. (the “Carrols Acquisition”) (“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 restaurants acquired as part of our acquisition of Popeyes China (“PLK China”) (“PLK China Acquisition”) and Firehouse Subs Brazil (“FHS Brazil”) restaurants (“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”).
Following the establishment of a joint venture with CPE Alder Investment Limited with respect to the operations of BK China (the “BK China JV”), during the first quarter of 2026, we resumed recognizing franchise revenue from the BK China JV within our INTL segment. See Note 5, BK China, for additional information.
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.
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, consisting primarily of professional fees, compensation-related expenses, and integration costs, incurred in connection with (a) the Carrols Acquisition, the PLK China Acquisition, and the BK China Acquisition and (b) the anticipated refranchising of restaurants held in the RH segment, primarily those acquired in the Carrols Acquisition, in connection with the sunset of the RH segment announced in February 2026 (“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 March 31, 2026
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$997 $317 $190 $60 $253 $448 $— $2,264 
Intersegment revenues (a)— 48 — — — — (48)— 
Total revenues$997 $365 $190 $60 $254 $448 $(48)$2,264 
Operating costs and expenses:
Supply chain cost of sales$564 $— $— $— $— $— $— $564 
Company restaurant expenses (b)9 43 38 10 — 401 (24)477 
Segment F&P expenses82 34 3 2 (14)— (4)103 
Advertising expenses and other services82 141 74 21 21 23 (21)341 
Segment G&A34 32 18 13 51 24 — 173 
Adjustments:
Cash distributions received from equity method investments3 — — — — — — 3 
Adjusted Operating Income (Loss)$229 $115 $57 $14 $196 $(1)$— $610 
Additional segment information:
Depreciation and amortization$27 $12 $4 $1 $7 $27 $— $78 
(Income) loss from equity method investments$(3)$— $— $— $1 $— $— $(2)
Capital expenditures$5 $5 $3 $1 $2 $16 $— $32 
(a)Consists of BK and INTL royalties, property, advertising, and other services revenues from intersegment transactions with RH.
(b)The components of Company restaurant expenses for our RH segment are included below.
Three Months Ended March 31, 2025
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$903 $308 $194 $54 $218 $432 $— $2,109 
Intersegment revenues (a)— 48 — — — — (48)— 
Total revenues$903 $356 $194 $54 $218 $432 $(48)$2,109 
Operating costs and expenses:
Supply chain cost of sales$496 $— $— $— $— $— $— $496 
Company restaurant expenses (b)9 55 39 9 — 379 (23)468 
Segment F&P expenses78 31 2 2 5 — (4)114 
Advertising expenses and other services66 132 72 17 23 21 (20)311 
Segment G&A37 36 21 14 52 24 — 184 
Adjustments:
Cash distributions received from equity method investments3 — — — — — — 3 
Adjusted Operating Income$220 $103 $60 $11 $138 $7 $— $539 
Additional segment information:
Depreciation and amortization$27 $13 $3 $1 $7 $20 $— $71 
(Income) loss from equity method investments$(3)$— $— $— $(2)$— $— $(5)
Capital expenditures$5 $5 $2 $1 $2 $16 $— $31 
The following table presents the components of Company restaurant expenses for our RH segment (in millions):
Three Months Ended
March 31,
20262025
Company restaurant expenses for RH segment
Food, beverage, and packaging costs$133 $121 
Restaurant wages and related expenses146 145 
Restaurant occupancy expense and other122 113 
             Total$401 $379 
The following tables present revenues by country (in millions):
Three Months Ended
March 31,
20262025
Revenues by country (c):
     United States$1,099 $1,073 
     Canada902 815 
     Other263 221 
Total$2,264 $2,109 
(c)Only the United States and Canada represented 10% or more of our total revenues in each period presented.
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 Income from operations to Adjusted Operating Income consists of the following (in millions):

Three Months Ended
March 31,
20262025
Income from operations$606 $435 
Franchise agreement and reacquired franchise rights amortization16 16 
RH and BK China Transaction costs6 6 
Corporate restructuring and advisory fees2 1 
Impact of equity method investments (a)1 (2)
Other operating expenses (income), net(21)83 
Adjusted Operating Income $610 $539 
(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 segment income.
v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition 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, 2025 and March 31, 2026 (in millions):
Balance at December 31, 2025$517 
Recognized during period and included in the contract liability balance at the beginning of the year(16)
Increase, excluding amounts recognized as revenue during the period5 
Impact of foreign currency translation(3)
Balance at March 31, 2026$503 
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 March 31, 2026 (in millions):
Remainder of 2026$40 
202751 
202848 
202945 
203043 
Thereafter276 
Total$503 
Disaggregation of Total Revenues
The following tables disaggregate revenue by segment (in millions). Totals in the following tables may not calculate exactly due to rounding.
Three Months Ended March 31, 2026
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$686 $— $— $— $— $— $— $686 
Company restaurant sales10 46 44 12 — 448 — 559 
Royalties78 120 68 20 222 — (20)488 
Property revenues146 56 3 — — — (7)198 
Franchise fees and other revenue9 2 3 9 12 — — 36 
Advertising revenues and other services69 140 72 20 18 — (21)297 
Total revenues$997 $365 $190 $60 $254 $448 $(48)$2,264 
(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.
Three Months Ended March 31, 2025
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$611 $— $— $— $— $— $— $611 
Company restaurant sales10 59 46 11 — 432 — 558 
Royalties73 114 72 18 187 — (19)445 
Property revenues137 52 4 — 1 — (9)185 
Franchise fees and other revenue8 2 3 8 12 — — 33 
Advertising revenues and other services64 129 69 17 18 — (20)277 
Total revenues$903 $356 $194 $54 $218 $432 $(48)$2,109 
v3.26.1
BK China
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BK China BK China
On February 14, 2025, we acquired substantially all of the remaining equity interests in Pangaea Foods (China) Holdings Ltd. (“BK China”) for approximately $151 million in an all-cash transaction funded by cash on hand (the “BK China Acquisition”). Following the acquisition, we ceased accounting for our interest in BK China as an equity method investment and ceased recognition of franchise revenue. We determined the criteria for classification as held for sale were met on the acquisition date and presented the financial position and results of operations of BK China as discontinued operations in our consolidated financial statements beginning on the date of acquisition.
On January 30, 2026, we established the BK China JV with CPE Alder Investment Limited, a fund managed by CPE (“CPE”). As a result, we hold an approximately 17% equity interest in the BK China JV and hold a seat on its Board of Directors. Upon establishment of the joint venture, we deconsolidated BK China and began accounting for our interest in the BK China JV under the equity method of accounting (see Note 6, Equity Method Investments) and resumed recognizing franchise revenue from the BK China JV in our INTL segment.
Net cash provided by (used for) discontinued operations consists of the following (in millions):
Three Months Ended March 31,
20262025
Cash flows from discontinued operations:
Net cash used for operating activities from discontinued operations$(9)$(15)
Net cash used for investing activities from discontinued operations(3)— 
Net cash used for financing activities from discontinued operations(15)(11)
Net cash used for discontinued operations$(27)$(26)
v3.26.1
Equity Method Investments
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
As discussed in Note 5, BK China, upon closing of the transaction on January 30, 2026, we recorded an investment in the BK China JV of $66 million and we began accounting for our interest in the BK China JV under the equity method of accounting.
The aggregate carrying amounts of our equity method investments were $196 million and $111 million as of March 31, 2026 and December 31, 2025, respectively, and are included as a component of Other assets, net in our accompanying condensed consolidated balance sheets.
The aggregate market value of our 4.1% equity interest in TH International Limited (“Tims China”) based on the quoted market price on March 31, 2026 was approximately $3 million. No quoted market prices are available for our other equity method investments.
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, consist of the following (in millions):
Three Months Ended
March 31,
20262025
Revenues from affiliates:
Royalties$87 $75 
Advertising revenues and other services3 2 
Franchise fees and other revenue3 3 
Supply chain sales4 4 
Total$97 $84 
At March 31, 2026 and December 31, 2025, we had $34 million and $41 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 $3 million during each of the three months ended March 31, 2026 and 2025.
Associated with the TIMWEN Partnership, we recognized $5 million and $4 million of rent expense during the three months ended March 31, 2026 and 2025, respectively.
(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.
During 2024 and 2025, Tims China issued us convertible notes with an aggregate principal amount of $58 million due September 30, 2029, which are included within Other assets, net in the condensed consolidated balance sheets as of March 31, 2026.
v3.26.1
Intangible Assets, net and Goodwill
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net and Goodwill Intangible Assets, net and Goodwill
Intangible assets, net and goodwill consist of the following (in millions):

As of
March 31, 2026December 31, 2025
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$727 $(418)$309 $732 $(413)$319 
   Reacquired franchise rights362 (64)298 368 (56)312 
   Favorable leases63 (46)17 63 (46)17 
      Subtotal1,152 (528)624 1,163 (515)648 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,148 $— $6,148 $6,224 $— $6,224 
   Burger King brand
2,136 — 2,136 2,147 — 2,147 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,455 — 10,455 10,542 — 10,542 
Intangible assets, net$11,079 $11,190 
Goodwill:
TH segment$3,949 $3,995 
BK segment358 358 
PLK segment844 844 
FHS segment194 194 
INTL segment542 545 
RH segment364 370 
      Total$6,251 $6,306 
Amortization expense on intangible assets totaled $17 million for the three months ended March 31, 2026 and 2025. Additionally, the change in intangible asset and goodwill balances reflects the impact of foreign currency translation during the three months ended March 31, 2026.
v3.26.1
Other Accrued Liabilities and Other Liabilities, net
 3 Months Ended
Mar. 31, 2026
Other Liabilities Disclosure [Abstract]  
Other Accrued Liabilities and Other Liabilities, net Other Accrued Liabilities and Other Liabilities, net
Other accrued liabilities (current) and Other liabilities, net (noncurrent) consist of the following (in millions):
As of
March 31,
2026		December 31,
2025
Current:
Dividend payable$297 $283 
Interest payable96 69 
Accrued compensation and benefits98 155 
Taxes payable114 188 
Deferred income89 77 
Accrued advertising expenses37 44 
Restructuring and other provisions25 25 
Current portion of operating lease liabilities211 200 
Other132 230 
Other accrued liabilities$1,099 $1,271 
Noncurrent:
Taxes payable$80 $77 
Contract liabilities503 517 
Derivative liabilities191 290 
Unfavorable leases23 25 
Accrued pension24 23 
Deferred income47 45 
Other63 57 
Other liabilities, net$931 $1,034 
v3.26.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following (in millions):
As of
Maturity DateInterest Rate (a)March 31,
2026		December 31,
2025
Term Loan BSep 21, 20305.418 %$4,467 $4,479 
Term Loan ASep 21, 20284.668 %1,235 1,243 
First Lien Senior NotesJan 15, 20283.875 %1,550 1,550 
First Lien Senior NotesFeb 15, 20293.500 %750 750 
First Lien Senior NotesJun 15, 20296.125 %1,200 1,200 
First Lien Senior NotesSep 15, 20295.625 %500 500 
Second Lien Senior NotesJan 15, 20284.375 %750 750 
Second Lien Senior NotesOct 15, 20304.000 %2,900 2,900 
Less: unamortized deferred financing costs and deferred issuance discount(84)(90)
Total debt, net13,268 13,282 
    Less: current maturities of debt(40)(32)
Total long-term debt$13,228 $13,250 
(a)Represents the interest rate on Term Loan B and Term Loan A as of March 31, 2026.
Revolving Credit Facility
As of March 31, 2026, 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.
Restrictions and Covenants
As of March 31, 2026, we were in compliance with all applicable financial debt covenants under our senior secured term loan A and B facilities and Revolving Credit Facility (together the “Credit Facilities”), 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
March 31,
2026		December 31,
2025
Fair value of our variable term debt and senior notes$13,116 $13,266 
Principal carrying amount of our variable term debt and senior notes13,352 13,372 
Interest Expense, net
Interest expense, net consists of the following (in millions):
Three Months Ended
March 31,
20262025
Debt (a)$119 $127 
Finance lease obligations4 5 
Amortization of deferred financing costs and debt issuance discount6 6 
Interest income(6)(8)
    Interest expense, net$123 $130 
(a)Amount includes $20 million and $26 million benefit during the three months ended March 31, 2026 and 2025, respectively, related to our interest rate swaps. Amount includes $22 million benefit during the three months ended March 31, 2026 and 2025, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 10, Derivative Instruments.
v3.26.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments 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 March 31, 2026, 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 senior secured term loan A & B facilities (the “Term Loan A” and together with the “Term Loan B,” the “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 March 31, 2026, 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.
At March 31, 2026, the net amount of pre-tax gains that we expect to be reclassified from AOCI into interest expense within the next 12 months is $66 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, 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.
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 March 31, 2026, 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 $220 million with maturities to May 17, 2027. 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
March 31,
20262025
Derivatives designated as cash flow hedges(1)
Interest rate swaps$26 $(41)
Forward-currency contracts$5 $— 
Derivatives designated as net investment hedges
Cross-currency rate swaps$101 $(63)
(1) We did not exclude any components from the cash flow hedge relationships presented in this table.
Location of Gain or (Loss) Reclassified from AOCI into EarningsGain or (Loss) Reclassified from
AOCI into Earnings
Three Months Ended
March 31,
20262025
Derivatives designated as cash flow hedges
Interest rate swapsInterest expense, net$20 $26 
Forward-currency contractsSupply chain cost of sales$(1)$3 
Location of Gain or (Loss) Recognized in EarningsGain or (Loss) Recognized in Earnings
(Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
20262025
Derivatives designated as net investment hedges
Cross-currency rate swapsInterest expense, net$22 $22 
Fair Value as of
March 31,
2026		December 31, 2025Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate$74 $58 Other assets, net
Interest rate6 8 Prepaids and other current assets
Foreign currency3 — Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency10 — Other assets, net
Total assets at fair value$93 $66 
Liabilities:
Derivatives designated as cash flow hedges
Foreign currency$— $3 Other accrued liabilities
Derivatives designated as net investment hedges
Foreign currency191 290 Other liabilities, net
Total liabilities at fair value$191 $293 
v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Noncontrolling Interests
The holders of Partnership exchangeable units held an economic interest of approximately 24.0% and 24.0% in Partnership common equity through the ownership of 109,352,921 and 109,356,545 Partnership exchangeable units as of March 31, 2026 and December 31, 2025, respectively.
Pursuant to exchange notices received, Partnership exchanged 3,624 Partnership exchangeable units during the three months ended March 31, 2026. 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. 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 authorizing the repurchase of up to $1,000 million of our common shares from September 15, 2025 through September 30, 2027. For the three months ended March 31, 2026, we repurchased 463,442 of our common shares for $34 million. Of these repurchases, 21,669 had not yet settled as of March 31, 2026 and therefore were not cancelled at that date. Share repurchases are cancelled upon settlement. As of March 31, 2026, we had $966 million remaining under the new share repurchase authorization.
Accumulated Other Comprehensive Income (Loss)
The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions):
DerivativesPensionsForeign Currency TranslationAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2025$358 $(18)$(1,360)$(1,020)
Foreign currency translation adjustment— — (164)(164)
Net change in fair value of derivatives, net of tax127 — — 127 
Amounts reclassified to earnings of cash flow hedges, net of tax(14)— — (14)
Gain (loss) recognized on other, net of tax— (4)— (4)
Amounts attributable to noncontrolling interests(27)1 39 13 
Balance at March 31, 2026$444 $(21)$(1,485)$(1,062)
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases 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
March 31,
20262025
Lease income - operating leases
Minimum lease payments$97 $87 
Variable lease payments100 97 
Subtotal - lease income from operating leases197 184 
Earned income on direct financing and sales-type leases1 1 
Total property revenues$198 $185 
Leases 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
March 31,
20262025
Lease income - operating leases
Minimum lease payments$97 $87 
Variable lease payments100 97 
Subtotal - lease income from operating leases197 184 
Earned income on direct financing and sales-type leases1 1 
Total property revenues$198 $185 
Leases 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
March 31,
20262025
Lease income - operating leases
Minimum lease payments$97 $87 
Variable lease payments100 97 
Subtotal - lease income from operating leases197 184 
Earned income on direct financing and sales-type leases1 1 
Total property revenues$198 $185 
Leases 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
March 31,
20262025
Lease income - operating leases
Minimum lease payments$97 $87 
Variable lease payments100 97 
Subtotal - lease income from operating leases197 184 
Earned income on direct financing and sales-type leases1 1 
Total property revenues$198 $185 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our effective tax rate was 7.9% for the three months ended March 31, 2026. The effective tax rate during this period was favorably impacted by a discrete tax benefit resulting from the revaluation of deferred tax liabilities in connection with an intra-group reorganization completed during the quarter.
Our effective tax rate was 26.9% for the three months ended March 31, 2025. The effective tax rate during this period 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.
Subsequent to March 31, 2026, we completed another intra-group reorganization and expect to record an additional discrete income tax benefit of approximately $170 million in the quarter ending June 30, 2026. The reorganization is expected to have a favorable impact to the full year effective tax rate. As the transaction was completed after the balance sheet date, its impact has not been reflected in the condensed consolidated financial statements as of and for the three months ended March 31, 2026.
v3.26.1
Other Operating Expenses (Income), net
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Other Operating Expenses (Income), net Other Operating Expenses (Income), net
Other operating expenses (income), net consists of the following (in millions):
Three Months Ended
March 31,
20262025
Net losses (gains) on disposal of assets, restaurant closures and refranchisings$— $2 
Litigation settlements (gains) and reserves, net4 3 
Net losses (gains) on foreign exchange(30)75 
Other, net5 3 
     Other operating expenses (income), net$(21)$83 
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings represent long-lived asset impairments, losses (gains) from asset write-offs and sales of properties, and 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 related to intercompany financing. A substantial portion of this net foreign currency gain or loss relates to the 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.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
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.
Burger King Company, and various affiliates, including RBI, are defendants in a class action lawsuit brought by former Burger King employees in the U.S. District Court for the Southern District of Florida. The lawsuit alleges that the defendants violated Section 1 of the Sherman Act by incorporating an employee no-solicitation and no-hiring clause in the Burger King standard form franchise agreement. Each plaintiff seeks injunctive relief and damages for each member of the class. In March 2020, the court granted the defendants’ motion to dismiss for failure to state a claim, but in August 2022 the decision was reversed on appeal and remanded for further proceedings. In April 2025, the plaintiffs filed an amended complaint, and in May 2025, the defendants filed an answer. In March 2026, a court-ordered mediation between the parties resulted in an impasse. While we intend to vigorously defend against these claims, we are unable to predict the ultimate outcome of this case or estimate the range of possible loss, if any.
In October 2024, purported former shareholders of Carrols filed a complaint in the Delaware Court of Chancery against RBI and two individual directors of Carrols. The complaint arises from the Carrols Acquisition and alleges that RBI coerced Carrols into the transaction, that the two directors failed to disclose that their interest differed from the interests of other Carrols shareholders, and that the two directors were not independent from RBI. The complaint also includes claims for breach of fiduciary duty and unjust enrichment by RBI. The plaintiffs seek equitable relief, damages and fees and expenses. In July 2025, the court denied RBI’s motion to dismiss, and in October 2025, RBI filed its answer and affirmative defense to the plaintiff’s amended complaint. The court has set a trial date for early 2027, though the date is subject to change. 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.
v3.26.1
Supplier Finance Programs
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplier Finance Programs 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, at a discount 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 March 31, 2026 and December 31, 2025 totaled $50 million and $38 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.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividends
On April 2, 2026, we paid a cash dividend of $0.65 per common share to common shareholders of record on March 19, 2026. On such date, Partnership also made a distribution in respect of each Partnership exchangeable unit in the amount of $0.65 per exchangeable unit to holders of record on March 19, 2026.
Subsequent to March 31, 2026, our board of directors declared a cash dividend of $0.65 per common share, which will be paid on July 7, 2026 to common shareholders of record on June 23, 2026. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.65 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.
Share Repurchases
Subsequent to March 31, 2026 through April 30, 2026, we repurchased 337,204 of our common shares for $26 million and as of April 30, 2026 had $940 million remaining under the share repurchase authorization.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Description of Business and Organization (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
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 20, 2026.
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, including marketing funds we control. We also consider entities for consolidation when the controlling financial interest may be achieved through arrangements that do not involve voting interests (“VIE”). Investments in other affiliates that are owned 50% or less where we have significant influence are generally 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.
Consolidation
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.
New Accounting Pronouncements
New Accounting Pronouncements
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.
Internal-Use Software - In September 2025, the FASB issued guidance to clarify and modernize the accounting for costs related to internal-use software and requires an entity to start capitalizing software costs when both of the following occur: (1) Management has authorized and committed to funding the software project; and (2) It is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods in those years, with early adoption permitted. Entities may apply the new guidance using a prospective, retrospective, or modified transition approach. We are currently evaluating the impact this new guidance will have on our financial statements and disclosures.
Hedge Accounting Improvements - In November 2025, the FASB issued guidance that modifies aspects of the existing hedge accounting framework, including (1) permitting a group of forecasted transactions to be designated as a single cash flow hedge if the individual transactions have a ‘similar’ rather than ‘shared’ risk exposure, (2) providing an optional hedging model for cash flow hedges of forecasted interest payments on ‘choose-your-rate’ debt instruments, (3) expanding hedge accounting availability for non-financial forecasted transactions, (4) allowing net written options as hedging instruments under certain circumstances, and (5) addressing the use of foreign-currency-denominated debt instruments as both a hedging instrument and hedged item. The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods in those years, with early adoption permitted. We are currently evaluating the impact this new guidance will have on our financial statements and disclosures.
Earnings (Loss) per Share 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 11, 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.
Contract Liabilities
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
v3.26.1
Earnings (Loss) per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share
The following table summarizes the basic and diluted earnings per share calculations (in millions, except per share amounts):
Three Months Ended
March 31,
20262025
Numerator:
Net income from continuing operations attributable to common shareholders - basic$338 $160 
Add: Net income from continuing operations attributable to noncontrolling interests107 63 
Net income from continuing operations available to common shareholders and noncontrolling interests - diluted$445 $223 
Net loss from discontinued operations$— $2 
Net income attributable to common shareholders - basic$338 $159 
Add: Net income attributable to noncontrolling interests107 62 
Net income available to common shareholders and noncontrolling interests - diluted$445 $221 
Denominator:
Weighted average common shares - basic347 326 
Exchange of noncontrolling interests for common shares (Note 11)109 127 
Effect of other dilutive securities3 3 
Weighted average common shares - diluted 459 456 
Basic net income per share from continuing operations (a)$0.98 $0.49 
Basic net loss per share from discontinued operations (a)$— $0.00 
Basic net income per share (a)$0.98 $0.49 
Diluted net income per share from continuing operations (a)$0.97 $0.49 
Diluted net loss per share from discontinued operations (a)$— $0.00 
Diluted net income per share (a)$0.97 $0.49 
Anti-dilutive securities outstanding1 5 
(a) Earnings (loss) per share may not recalculate exactly as it is calculated based on unrounded numbers.
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment Totals in the following tables may not calculate exactly due to rounding.
Three Months Ended March 31, 2026
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$997 $317 $190 $60 $253 $448 $— $2,264 
Intersegment revenues (a)— 48 — — — — (48)— 
Total revenues$997 $365 $190 $60 $254 $448 $(48)$2,264 
Operating costs and expenses:
Supply chain cost of sales$564 $— $— $— $— $— $— $564 
Company restaurant expenses (b)9 43 38 10 — 401 (24)477 
Segment F&P expenses82 34 3 2 (14)— (4)103 
Advertising expenses and other services82 141 74 21 21 23 (21)341 
Segment G&A34 32 18 13 51 24 — 173 
Adjustments:
Cash distributions received from equity method investments3 — — — — — — 3 
Adjusted Operating Income (Loss)$229 $115 $57 $14 $196 $(1)$— $610 
Additional segment information:
Depreciation and amortization$27 $12 $4 $1 $7 $27 $— $78 
(Income) loss from equity method investments$(3)$— $— $— $1 $— $— $(2)
Capital expenditures$5 $5 $3 $1 $2 $16 $— $32 
(a)Consists of BK and INTL royalties, property, advertising, and other services revenues from intersegment transactions with RH.
(b)The components of Company restaurant expenses for our RH segment are included below.
Three Months Ended March 31, 2025
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$903 $308 $194 $54 $218 $432 $— $2,109 
Intersegment revenues (a)— 48 — — — — (48)— 
Total revenues$903 $356 $194 $54 $218 $432 $(48)$2,109 
Operating costs and expenses:
Supply chain cost of sales$496 $— $— $— $— $— $— $496 
Company restaurant expenses (b)9 55 39 9 — 379 (23)468 
Segment F&P expenses78 31 2 2 5 — (4)114 
Advertising expenses and other services66 132 72 17 23 21 (20)311 
Segment G&A37 36 21 14 52 24 — 184 
Adjustments:
Cash distributions received from equity method investments3 — — — — — — 3 
Adjusted Operating Income$220 $103 $60 $11 $138 $7 $— $539 
Additional segment information:
Depreciation and amortization$27 $13 $3 $1 $7 $20 $— $71 
(Income) loss from equity method investments$(3)$— $— $— $(2)$— $— $(5)
Capital expenditures$5 $5 $2 $1 $2 $16 $— $31 
The following table presents the components of Company restaurant expenses for our RH segment (in millions):
Three Months Ended
March 31,
20262025
Company restaurant expenses for RH segment
Food, beverage, and packaging costs$133 $121 
Restaurant wages and related expenses146 145 
Restaurant occupancy expense and other122 113 
             Total$401 $379 
Schedule of Revenues by Operating Segment and Country
The following tables present revenues by country (in millions):
Three Months Ended
March 31,
20262025
Revenues by country (c):
     United States$1,099 $1,073 
     Canada902 815 
     Other263 221 
Total$2,264 $2,109 
(c)Only the United States and Canada represented 10% or more of our total revenues in each period presented.
Schedule of Reconciliation of Segment Income to Net Income (Loss)
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 Income from operations to Adjusted Operating Income consists of the following (in millions):

Three Months Ended
March 31,
20262025
Income from operations$606 $435 
Franchise agreement and reacquired franchise rights amortization16 16 
RH and BK China Transaction costs6 6 
Corporate restructuring and advisory fees2 1 
Impact of equity method investments (a)1 (2)
Other operating expenses (income), net(21)83 
Adjusted Operating Income $610 $539 
(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 segment income.
v3.26.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Change in Contract Liabilities The following table reflects the change in contract liabilities on a consolidated basis between December 31, 2025 and March 31, 2026 (in millions):
Balance at December 31, 2025$517 
Recognized during period and included in the contract liability balance at the beginning of the year(16)
Increase, excluding amounts recognized as revenue during the period5 
Impact of foreign currency translation(3)
Balance at March 31, 2026$503 
Schedule of Estimated Revenues Expected to be Recognized
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 March 31, 2026 (in millions):
Remainder of 2026$40 
202751 
202848 
202945 
203043 
Thereafter276 
Total$503 
Schedule of Disaggregation of Total Revenues
The following tables disaggregate revenue by segment (in millions). Totals in the following tables may not calculate exactly due to rounding.
Three Months Ended March 31, 2026
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$686 $— $— $— $— $— $— $686 
Company restaurant sales10 46 44 12 — 448 — 559 
Royalties78 120 68 20 222 — (20)488 
Property revenues146 56 3 — — — (7)198 
Franchise fees and other revenue9 2 3 9 12 — — 36 
Advertising revenues and other services69 140 72 20 18 — (21)297 
Total revenues$997 $365 $190 $60 $254 $448 $(48)$2,264 
(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.
Three Months Ended March 31, 2025
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$611 $— $— $— $— $— $— $611 
Company restaurant sales10 59 46 11 — 432 — 558 
Royalties73 114 72 18 187 — (19)445 
Property revenues137 52 4 — 1 — (9)185 
Franchise fees and other revenue8 2 3 8 12 — — 33 
Advertising revenues and other services64 129 69 17 18 — (20)277 
Total revenues$903 $356 $194 $54 $218 $432 $(48)$2,109 
v3.26.1
BK China (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations
Net cash provided by (used for) discontinued operations consists of the following (in millions):
Three Months Ended March 31,
20262025
Cash flows from discontinued operations:
Net cash used for operating activities from discontinued operations$(9)$(15)
Net cash used for investing activities from discontinued operations(3)— 
Net cash used for financing activities from discontinued operations(15)(11)
Net cash used for discontinued operations$(27)$(26)
v3.26.1
Equity Method Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Franchise and Property Revenues
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, consist of the following (in millions):
Three Months Ended
March 31,
20262025
Revenues from affiliates:
Royalties$87 $75 
Advertising revenues and other services3 2 
Franchise fees and other revenue3 3 
Supply chain sales4 4 
Total$97 $84 
v3.26.1
Intangible Assets, net and Goodwill (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
Intangible assets, net and goodwill consist of the following (in millions):

As of
March 31, 2026December 31, 2025
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$727 $(418)$309 $732 $(413)$319 
   Reacquired franchise rights362 (64)298 368 (56)312 
   Favorable leases63 (46)17 63 (46)17 
      Subtotal1,152 (528)624 1,163 (515)648 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,148 $— $6,148 $6,224 $— $6,224 
   Burger King brand
2,136 — 2,136 2,147 — 2,147 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,455 — 10,455 10,542 — 10,542 
Intangible assets, net$11,079 $11,190 
Goodwill:
TH segment$3,949 $3,995 
BK segment358 358 
PLK segment844 844 
FHS segment194 194 
INTL segment542 545 
RH segment364 370 
      Total$6,251 $6,306 
v3.26.1
Other Accrued Liabilities and Other Liabilities, net (Tables)
 3 Months Ended
Mar. 31, 2026
Other Liabilities Disclosure [Abstract]  
Schedule of Other Accrued Liabilities (Current) and Other Liabilities (Non-Current), Net
Other accrued liabilities (current) and Other liabilities, net (noncurrent) consist of the following (in millions):
As of
March 31,
2026		December 31,
2025
Current:
Dividend payable$297 $283 
Interest payable96 69 
Accrued compensation and benefits98 155 
Taxes payable114 188 
Deferred income89 77 
Accrued advertising expenses37 44 
Restructuring and other provisions25 25 
Current portion of operating lease liabilities211 200 
Other132 230 
Other accrued liabilities$1,099 $1,271 
Noncurrent:
Taxes payable$80 $77 
Contract liabilities503 517 
Derivative liabilities191 290 
Unfavorable leases23 25 
Accrued pension24 23 
Deferred income47 45 
Other63 57 
Other liabilities, net$931 $1,034 
v3.26.1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of the following (in millions):
As of
Maturity DateInterest Rate (a)March 31,
2026		December 31,
2025
Term Loan BSep 21, 20305.418 %$4,467 $4,479 
Term Loan ASep 21, 20284.668 %1,235 1,243 
First Lien Senior NotesJan 15, 20283.875 %1,550 1,550 
First Lien Senior NotesFeb 15, 20293.500 %750 750 
First Lien Senior NotesJun 15, 20296.125 %1,200 1,200 
First Lien Senior NotesSep 15, 20295.625 %500 500 
Second Lien Senior NotesJan 15, 20284.375 %750 750 
Second Lien Senior NotesOct 15, 20304.000 %2,900 2,900 
Less: unamortized deferred financing costs and deferred issuance discount(84)(90)
Total debt, net13,268 13,282 
    Less: current maturities of debt(40)(32)
Total long-term debt$13,228 $13,250 
(a)Represents the interest rate on Term Loan B and Term Loan A as of March 31, 2026.
Schedule of 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
March 31,
2026		December 31,
2025
Fair value of our variable term debt and senior notes$13,116 $13,266 
Principal carrying amount of our variable term debt and senior notes13,352 13,372 
Schedule of Interest Expense, Net
Interest expense, net consists of the following (in millions):
Three Months Ended
March 31,
20262025
Debt (a)$119 $127 
Finance lease obligations4 5 
Amortization of deferred financing costs and debt issuance discount6 6 
Interest income(6)(8)
    Interest expense, net$123 $130 
(a)Amount includes $20 million and $26 million benefit during the three months ended March 31, 2026 and 2025, respectively, related to our interest rate swaps. Amount includes $22 million benefit during the three months ended March 31, 2026 and 2025, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 10, Derivative Instruments.
v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Quantitative Disclosures of Derivative Instruments
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
March 31,
20262025
Derivatives designated as cash flow hedges(1)
Interest rate swaps$26 $(41)
Forward-currency contracts$5 $— 
Derivatives designated as net investment hedges
Cross-currency rate swaps$101 $(63)
(1) We did not exclude any components from the cash flow hedge relationships presented in this table.
Location of Gain or (Loss) Reclassified from AOCI into EarningsGain or (Loss) Reclassified from
AOCI into Earnings
Three Months Ended
March 31,
20262025
Derivatives designated as cash flow hedges
Interest rate swapsInterest expense, net$20 $26 
Forward-currency contractsSupply chain cost of sales$(1)$3 
Location of Gain or (Loss) Recognized in EarningsGain or (Loss) Recognized in Earnings
(Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
20262025
Derivatives designated as net investment hedges
Cross-currency rate swapsInterest expense, net$22 $22 
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
Fair Value as of
March 31,
2026		December 31, 2025Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate$74 $58 Other assets, net
Interest rate6 8 Prepaids and other current assets
Foreign currency3 — Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency10 — Other assets, net
Total assets at fair value$93 $66 
Liabilities:
Derivatives designated as cash flow hedges
Foreign currency$— $3 Other accrued liabilities
Derivatives designated as net investment hedges
Foreign currency191 290 Other liabilities, net
Total liabilities at fair value$191 $293 
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Change in Components of Accumulated Other Comprehensive Income (Loss) ("AOCI")
The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions):
DerivativesPensionsForeign Currency TranslationAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2025$358 $(18)$(1,360)$(1,020)
Foreign currency translation adjustment— — (164)(164)
Net change in fair value of derivatives, net of tax127 — — 127 
Amounts reclassified to earnings of cash flow hedges, net of tax(14)— — (14)
Gain (loss) recognized on other, net of tax— (4)— (4)
Amounts attributable to noncontrolling interests(27)1 39 13 
Balance at March 31, 2026$444 $(21)$(1,485)$(1,062)
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Property Revenue
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
March 31,
20262025
Lease income - operating leases
Minimum lease payments$97 $87 
Variable lease payments100 97 
Subtotal - lease income from operating leases197 184 
Earned income on direct financing and sales-type leases1 1 
Total property revenues$198 $185 
v3.26.1
Other Operating Expenses (Income), net (Tables)
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Schedule of Other Operating Expenses (Income), net
Other operating expenses (income), net consists of the following (in millions):
Three Months Ended
March 31,
20262025
Net losses (gains) on disposal of assets, restaurant closures and refranchisings$— $2 
Litigation settlements (gains) and reserves, net4 3 
Net losses (gains) on foreign exchange(30)75 
Other, net5 3 
     Other operating expenses (income), net$(21)$83 
v3.26.1
Description of Business and Organization (Details)
Mar. 31, 2026
country
restaurant
Basis Of Presentation [Line Items]  
Number of restaurants in operation 32,985
Number of countries in which company and franchise restaurants operated (more than) | country 120
Percent of system-wide restaurants franchised 95.00%
Tim Hortons brand  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 6,203
Burger King brand  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 19,851
Popeyes brand  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 5,420
Firehouse Subs  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 1,511
v3.26.1
Earnings (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Assumed conversion of convertible securities, percent 100.00%  
Numerator:    
Net income from continuing operations attributable to common shareholders - basic $ 338 $ 160
Add: Net income from continuing operations attributable to noncontrolling interests 107 63
Net income from continuing operations available to common shareholders and noncontrolling interests - diluted 445 223
Net loss from discontinued operations 0 2
Net income attributable to common shareholders - basic 338 159
Add: Net income attributable to noncontrolling interests 107 62
Net income available to common shareholders and noncontrolling interests - diluted $ 445 $ 221
Denominator:    
Weighted average common shares - basic (in shares) 347 326
Exchange of noncontrolling interests for common shares (in shares) 109 127
Effect of other dilutive securities (in shares) 3 3
Weighted average common shares - diluted (in shares) 459 456
Basic net income per share from continuing operations (in dollars per share) $ 0.98 $ 0.49
Basic net loss per share from discontinued operations (in dollars per share) 0 0.00
Basic net income per share (in usd per share) 0.98 0.49
Diluted net income per share from continuing operations (in dollars per share) 0.97 0.49
Diluted net loss per share from discontinued operations (in dollars per share) 0 0.00
Diluted net income per share (in usd per share) $ 0.97 $ 0.49
Anti-dilutive securities outstanding (in shares) 1 5
v3.26.1
Segment Reporting - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
brand
segment
Segment Reporting [Abstract]  
Number of brands | brand 4
Number of operating segments 6
Number of reportable segments 6
v3.26.1
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue, Major Customer [Line Items]    
Total revenues $ 2,264 $ 2,109
Segment F&P expenses 103 114
Advertising expenses and other services 341 311
Segment G&A 173 184
Cash distributions received from equity method investments 3 3
Adjusted Operating Income (Loss) 610 539
Depreciation and amortization 78 71
(Income) loss from equity method investments (2) (5)
Capital expenditures 32 31
Supply chain sales    
Revenue, Major Customer [Line Items]    
Total 564 496
Company restaurant sales    
Revenue, Major Customer [Line Items]    
Total 477 468
TH    
Revenue, Major Customer [Line Items]    
Total revenues 997 903
Burger King brand    
Revenue, Major Customer [Line Items]    
Total revenues 317 308
Popeyes brand    
Revenue, Major Customer [Line Items]    
Total revenues 190 194
FHS    
Revenue, Major Customer [Line Items]    
Total revenues 60 54
INTL    
Revenue, Major Customer [Line Items]    
Total revenues 253 218
RH    
Revenue, Major Customer [Line Items]    
Total revenues 448 432
Operating Segments | TH    
Revenue, Major Customer [Line Items]    
Total revenues 997 903
Segment F&P expenses 82 78
Advertising expenses and other services 82 66
Segment G&A 34 37
Cash distributions received from equity method investments 3 3
Adjusted Operating Income (Loss) 229 220
Depreciation and amortization 27 27
(Income) loss from equity method investments (3) (3)
Capital expenditures 5 5
Operating Segments | TH | Supply chain sales    
Revenue, Major Customer [Line Items]    
Total 564 496
Operating Segments | TH | Company restaurant sales    
Revenue, Major Customer [Line Items]    
Total 9 9
Operating Segments | Burger King brand    
Revenue, Major Customer [Line Items]    
Total revenues 365 356
Segment F&P expenses 34 31
Advertising expenses and other services 141 132
Segment G&A 32 36
Cash distributions received from equity method investments 0 0
Adjusted Operating Income (Loss) 115 103
Depreciation and amortization 12 13
(Income) loss from equity method investments 0 0
Capital expenditures 5 5
Operating Segments | Burger King brand | Supply chain sales    
Revenue, Major Customer [Line Items]    
Total 0 0
Operating Segments | Burger King brand | Company restaurant sales    
Revenue, Major Customer [Line Items]    
Total 43 55
Operating Segments | Popeyes brand    
Revenue, Major Customer [Line Items]    
Total revenues 190 194
Segment F&P expenses 3 2
Advertising expenses and other services 74 72
Segment G&A 18 21
Cash distributions received from equity method investments 0 0
Adjusted Operating Income (Loss) 57 60
Depreciation and amortization 4 3
(Income) loss from equity method investments 0 0
Capital expenditures 3 2
Operating Segments | Popeyes brand | Supply chain sales    
Revenue, Major Customer [Line Items]    
Total 0 0
Operating Segments | Popeyes brand | Company restaurant sales    
Revenue, Major Customer [Line Items]    
Total 38 39
Operating Segments | FHS    
Revenue, Major Customer [Line Items]    
Total revenues 60 54
Segment F&P expenses 2 2
Advertising expenses and other services 21 17
Segment G&A 13 14
Cash distributions received from equity method investments 0 0
Adjusted Operating Income (Loss) 14 11
Depreciation and amortization 1 1
(Income) loss from equity method investments 0 0
Capital expenditures 1 1
Operating Segments | FHS | Supply chain sales    
Revenue, Major Customer [Line Items]    
Total 0 0
Operating Segments | FHS | Company restaurant sales    
Revenue, Major Customer [Line Items]    
Total 10 9
Operating Segments | INTL    
Revenue, Major Customer [Line Items]    
Total revenues 254 218
Segment F&P expenses (14) 5
Advertising expenses and other services 21 23
Segment G&A 51 52
Cash distributions received from equity method investments 0 0
Adjusted Operating Income (Loss) 196 138
Depreciation and amortization 7 7
(Income) loss from equity method investments 1 (2)
Capital expenditures 2 2
Operating Segments | INTL | Supply chain sales    
Revenue, Major Customer [Line Items]    
Total 0 0
Operating Segments | INTL | Company restaurant sales    
Revenue, Major Customer [Line Items]    
Total 0 0
Operating Segments | RH    
Revenue, Major Customer [Line Items]    
Total revenues 448 432
Segment F&P expenses 0 0
Advertising expenses and other services 23 21
Segment G&A 24 24
Cash distributions received from equity method investments 0 0
Adjusted Operating Income (Loss) (1) 7
Depreciation and amortization 27 20
(Income) loss from equity method investments 0 0
Capital expenditures 16 16
Operating Segments | RH | Supply chain sales    
Revenue, Major Customer [Line Items]    
Total 0 0
Operating Segments | RH | Company restaurant sales    
Revenue, Major Customer [Line Items]    
Total 401 379
Intersegment Eliminations    
Revenue, Major Customer [Line Items]    
Total revenues (48) (48)
Segment F&P expenses (4) (4)
Advertising expenses and other services (21) (20)
Segment G&A 0 0
Cash distributions received from equity method investments 0 0
Adjusted Operating Income (Loss) 0 0
Depreciation and amortization 0 0
(Income) loss from equity method investments 0 0
Capital expenditures 0 0
Intersegment Eliminations | Supply chain sales    
Revenue, Major Customer [Line Items]    
Total 0 0
Intersegment Eliminations | Company restaurant sales    
Revenue, Major Customer [Line Items]    
Total (24) (23)
Intersegment Eliminations | TH    
Revenue, Major Customer [Line Items]    
Total revenues 0 0
Intersegment Eliminations | Burger King brand    
Revenue, Major Customer [Line Items]    
Total revenues 48 48
Intersegment Eliminations | Popeyes brand    
Revenue, Major Customer [Line Items]    
Total revenues 0 0
Intersegment Eliminations | FHS    
Revenue, Major Customer [Line Items]    
Total revenues 0 0
Intersegment Eliminations | INTL    
Revenue, Major Customer [Line Items]    
Total revenues 0 0
Intersegment Eliminations | RH    
Revenue, Major Customer [Line Items]    
Total revenues $ 0 $ 0
v3.26.1
Segment Reporting - Schedule of Components of Company Restaurant (Details) - Company restaurant sales - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue, Major Customer [Line Items]    
Total $ 477 $ 468
RH | Operating Segments    
Revenue, Major Customer [Line Items]    
Total 401 379
RH | Operating Segments | Food, beverage, and packaging costs    
Revenue, Major Customer [Line Items]    
Total 133 121
RH | Operating Segments | Restaurant wages and related expenses    
Revenue, Major Customer [Line Items]    
Total 146 145
RH | Operating Segments | Restaurant occupancy expense and other    
Revenue, Major Customer [Line Items]    
Total $ 122 $ 113
v3.26.1
Segment Reporting - Schedule of Revenues by Operating Segment and Country (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue, Major Customer [Line Items]    
Total revenues $ 2,264 $ 2,109
United States    
Revenue, Major Customer [Line Items]    
Total revenues $ 1,099 $ 1,073
United States | Sales Revenue | Geographic Concentration Risk    
Revenue, Major Customer [Line Items]    
Percentage of revenue (as a percent) 10.00% 10.00%
Canada    
Revenue, Major Customer [Line Items]    
Total revenues $ 902 $ 815
Canada | Sales Revenue | Geographic Concentration Risk    
Revenue, Major Customer [Line Items]    
Percentage of revenue (as a percent) 10.00% 10.00%
Other    
Revenue, Major Customer [Line Items]    
Total revenues $ 263 $ 221
v3.26.1
Segment Reporting - Schedule of Reconciliation of Segment Income to Net Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting, Revenue Reconciling Item [Line Items]    
Income from operations $ 606 $ 435
Impact of equity method investments 2 5
Other operating expenses (income), net (21) 83
Adjusted Operating Income 610 539
Unallocated management G&A    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Franchise agreement and reacquired franchise rights amortization 16 16
RH and BK China Transaction costs 6 6
Corporate restructuring and advisory fees 2 1
Impact of equity method investments 1 (2)
Other operating expenses (income), net $ (21) $ 83
v3.26.1
Revenue Recognition - Schedule of Change in Contract Liabilities (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Contract Liabilities  
Beginning balance $ 517
Recognized during period and included in the contract liability balance at the beginning of the year (16)
Increase, excluding amounts recognized as revenue during the period 5
Impact of foreign currency translation (3)
Ending balance $ 503
v3.26.1
Revenue Recognition - Schedule of Estimated Revenue Recognition (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 503
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 40
Revenue, remaining performance obligation, expected timing of satisfaction, period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 51
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 48
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 45
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 43
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 276
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
v3.26.1
Revenue Recognition - Schedule of Disaggregation of Total Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Property revenues $ 198 $ 185
Total revenues 2,264 2,109
TH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 997 903
BK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 317 308
PLK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 190 194
FHS    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 60 54
INTL    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 253 218
RH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 448 432
Product | Supply chain sales    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 686 611
Total revenues 686 611
Product | Company restaurant sales    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 559 558
Total revenues 559 558
Royalties    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 488 445
Franchise fees and other revenue    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 36 33
Advertising revenues and other services    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 297 277
Total revenues 297 277
Operating Segments | TH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Property revenues 146 137
Total revenues 997 903
Operating Segments | BK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Property revenues 56 52
Total revenues 365 356
Operating Segments | PLK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Property revenues 3 4
Total revenues 190 194
Operating Segments | FHS    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Property revenues 0 0
Total revenues 60 54
Operating Segments | INTL    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Property revenues 0 1
Total revenues 254 218
Operating Segments | RH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Property revenues 0 0
Total revenues 448 432
Operating Segments | Product | Supply chain sales | TH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 686 611
Operating Segments | Product | Supply chain sales | BK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Operating Segments | Product | Supply chain sales | PLK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Operating Segments | Product | Supply chain sales | FHS    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Operating Segments | Product | Supply chain sales | INTL    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Operating Segments | Product | Supply chain sales | RH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Operating Segments | Product | Company restaurant sales | TH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 10 10
Operating Segments | Product | Company restaurant sales | BK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 46 59
Operating Segments | Product | Company restaurant sales | PLK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 44 46
Operating Segments | Product | Company restaurant sales | FHS    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 12 11
Operating Segments | Product | Company restaurant sales | INTL    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Operating Segments | Product | Company restaurant sales | RH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 448 432
Operating Segments | Royalties | TH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 78 73
Operating Segments | Royalties | BK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 120 114
Operating Segments | Royalties | PLK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 68 72
Operating Segments | Royalties | FHS    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 20 18
Operating Segments | Royalties | INTL    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 222 187
Operating Segments | Royalties | RH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Operating Segments | Franchise fees and other revenue | TH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 9 8
Operating Segments | Franchise fees and other revenue | BK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 2 2
Operating Segments | Franchise fees and other revenue | PLK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 3 3
Operating Segments | Franchise fees and other revenue | FHS    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 9 8
Operating Segments | Franchise fees and other revenue | INTL    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 12 12
Operating Segments | Franchise fees and other revenue | RH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Operating Segments | Advertising revenues and other services | TH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 69 64
Operating Segments | Advertising revenues and other services | BK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 140 129
Operating Segments | Advertising revenues and other services | PLK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 72 69
Operating Segments | Advertising revenues and other services | FHS    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 20 17
Operating Segments | Advertising revenues and other services | INTL    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 18 18
Operating Segments | Advertising revenues and other services | RH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Intersegment Eliminations    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Property revenues (7) (9)
Total revenues (48) (48)
Intersegment Eliminations | TH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 0 0
Intersegment Eliminations | BK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 48 48
Intersegment Eliminations | PLK    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 0 0
Intersegment Eliminations | FHS    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 0 0
Intersegment Eliminations | INTL    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 0 0
Intersegment Eliminations | RH    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total revenues 0 0
Intersegment Eliminations | Product | Supply chain sales    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Intersegment Eliminations | Product | Company restaurant sales    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Intersegment Eliminations | Royalties    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues (20) (19)
Intersegment Eliminations | Franchise fees and other revenue    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues 0 0
Intersegment Eliminations | Advertising revenues and other services    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenues $ (21) $ (20)
v3.26.1
BK China - Additional Information (Details) - USD ($)
$ in Millions
Feb. 14, 2025
Jan. 30, 2026
Burger King China    
Business Combination [Line Items]    
Payments to acquire businesses $ 151  
Burger King China JV    
Business Combination [Line Items]    
Acquisition, remaining issued and outstanding shares percentage   17.00%
v3.26.1
BK China - Schedule of Disposal Groups, Including Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Net cash used for operating activities from discontinued operations $ (9) $ (15)
Net cash used for investing activities from discontinued operations (3) 0
Net cash used for financing activities from discontinued operations (15) (11)
Net cash used for discontinued operations $ (27) $ (26)
v3.26.1
Equity Method Investments - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Jan. 30, 2026
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]          
Equity method investments $ 196     $ 111  
Cash distributions received from equity method investments 3 $ 3      
TH          
Schedule of Equity Method Investments [Line Items]          
Quoted market price 3        
Burger King China JV          
Schedule of Equity Method Investments [Line Items]          
Equity method investments     $ 66    
TH | Wendy's Company TIMWEN Partnership          
Schedule of Equity Method Investments [Line Items]          
Cash distributions received from equity method investments 3 3      
Rent expense 5 $ 4      
Equity Method Investee          
Schedule of Equity Method Investments [Line Items]          
Accounts receivable from equity method investments $ 34     41  
Related Party | TH International Limited (Tims China) | Convertible Notes Payable Due September 30, 2029          
Schedule of Equity Method Investments [Line Items]          
Debt instrument, face amount       $ 58 $ 58
United States | TH          
Schedule of Equity Method Investments [Line Items]          
Ownership percentage (as a percent) 4.10%        
CANADA | Wendy's Company TIMWEN Partnership          
Schedule of Equity Method Investments [Line Items]          
Ownership percentage (as a percent) 50.00%        
v3.26.1
Equity Method Investments - Schedule of Franchise and Property Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues from affiliates:    
Total revenues $ 2,264 $ 2,109
Affiliates    
Revenues from affiliates:    
Total revenues 97 84
Royalties    
Revenues from affiliates:    
Revenues 488 445
Royalties | Affiliates    
Revenues from affiliates:    
Revenues 87 75
Advertising revenues and other services    
Revenues from affiliates:    
Revenues 297 277
Total revenues 297 277
Advertising revenues and other services | Affiliates    
Revenues from affiliates:    
Revenues 3 2
Franchise fees and other revenue    
Revenues from affiliates:    
Revenues 36 33
Franchise fees and other revenue | Affiliates    
Revenues from affiliates:    
Revenues 3 3
Supply chain sales | Affiliates    
Revenues from affiliates:    
Revenues $ 4 $ 4
v3.26.1
Intangible Assets, net and Goodwill - Schedule of Intangible Assets, Net and Goodwill (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross $ 1,152 $ 1,163
Accumulated Amortization (528) (515)
Net 624 648
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets: 10,455 10,542
Intangible assets, net 11,079 11,190
Trade Names | Tim Hortons brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets: 6,148 6,224
Trade Names | Burger King brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets: 2,136 2,147
Trade Names | Popeyes brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets: 1,355 1,355
Trade Names | FHS    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets: 816 816
Franchise agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross 727 732
Accumulated Amortization (418) (413)
Net 309 319
Reacquired franchise rights    
Finite-Lived Intangible Assets [Line Items]    
Gross 362 368
Accumulated Amortization (64) (56)
Net 298 312
Favorable leases    
Finite-Lived Intangible Assets [Line Items]    
Gross 63 63
Accumulated Amortization (46) (46)
Net $ 17 $ 17
v3.26.1
Intangible Assets, net and Goodwill - Schedule Of Goodwill (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Line Items]    
Goodwill $ 6,251 $ 6,306
TH    
Goodwill [Line Items]    
Goodwill 3,949 3,995
BK    
Goodwill [Line Items]    
Goodwill 358 358
PLK    
Goodwill [Line Items]    
Goodwill 844 844
FHS    
Goodwill [Line Items]    
Goodwill 194 194
INTL    
Goodwill [Line Items]    
Goodwill 542 545
RH    
Goodwill [Line Items]    
Goodwill $ 364 $ 370
v3.26.1
Intangible Assets, net and Goodwill - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense on intangible assets $ 17 $ 17
v3.26.1
Other Accrued Liabilities and Other Liabilities, net (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current:    
Dividend payable $ 297 $ 283
Interest payable 96 69
Accrued compensation and benefits 98 155
Taxes payable 114 188
Deferred income 89 77
Accrued advertising expenses 37 44
Restructuring and other provisions 25 25
Current portion of operating lease liabilities $ 211 $ 200
Operating lease, liability, current, statement of financial position flag Other accrued liabilities Other accrued liabilities
Other $ 132 $ 230
Other accrued liabilities 1,099 1,271
Noncurrent:    
Taxes payable 80 77
Contract liabilities 503 517
Derivative liabilities 191 290
Unfavorable leases 23 25
Accrued pension 24 23
Deferred income 47 45
Other 63 57
Other liabilities, net $ 931 $ 1,034
v3.26.1
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Less: unamortized deferred financing costs and deferred issuance discount $ (84) $ (90)
Total debt, net 13,268 13,282
Less: current maturities of debt (40) (32)
Total long-term debt $ 13,228 13,250
Term Loan B    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 5.418%  
Term loan facility $ 4,467 4,479
Term Loan A    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 4.668%  
Term loan facility $ 1,235 1,243
First Lien Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 3.875%  
Senior notes $ 1,550 1,550
First Lien Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 3.50%  
Senior notes $ 750 750
First Lien Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 6.125%  
Senior notes $ 1,200 1,200
First Lien Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 5.625%  
Senior notes $ 500 500
Second Lien Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 4.375%  
Senior notes $ 750 750
Second Lien Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 4.00%  
Senior notes $ 2,900 $ 2,900
v3.26.1
Long-Term Debt - Revolving Credit Facility (Details) - Line of Credit
Mar. 31, 2026
USD ($)
Revolving Credit Facility  
Line of Credit Facility [Line Items]  
Letters of credit issued against credit facility $ 0
Remaining borrowing capacity 1,248,000,000
Letter of Credit  
Line of Credit Facility [Line Items]  
Letters of credit issued against credit facility 2,000,000
Letter of credit sublimit as part of revolving credit facility $ 125,000,000
v3.26.1
Long-Term Debt - Restrictions and Covenants (Details) - Senior Notes
Mar. 31, 2026
First Lien Senior Notes  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 3.875%
First Lien Senior Notes  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 3.50%
First Lien Senior Notes  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 6.125%
First Lien Senior Notes  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 5.625%
Second Lien Senior Notes  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 4.375%
Second Lien Senior Notes  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 4.00%
v3.26.1
Long-Term Debt - Schedule of Fair Value Measurement (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Disclosure [Abstract]    
Fair value of our variable term debt and senior notes $ 13,116 $ 13,266
Principal carrying amount of our variable term debt and senior notes $ 13,352 $ 13,372
v3.26.1
Long-Term Debt - Schedule of Interest Expense, Net and Other (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Disclosure [Abstract]    
Debt $ 119 $ 127
Finance lease obligations 4 5
Amortization of deferred financing costs and debt issuance discount 6 6
Interest income (6) (8)
Interest expense, net 123 130
Interest rate swaps | Derivatives designated as cash flow hedges | Interest expense, net    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Gain or (loss) reclassified from AOCI into earnings 20 26
Cross-currency rate swaps | Derivatives designated as net investment hedges    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Gain (loss) reclassified to earnings, net investment hedge $ 22 $ 22
v3.26.1
Derivative Instruments - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Nov. 30, 2024
Interest Rate Swap - Period One    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value $ 3,500,000,000  
Interest Rate Swap - Period Two    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 500,000,000  
Interest rate swaps | Interest expense, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain reclassified from AOCI to income 66,000,000  
Cross currency interest rate contract | Derivatives designated as net investment hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 5,700,000,000 $ 5,000,000,000
Cross Currency Interest Rate Contract, Maturing September 30 2028 | Derivatives designated as net investment hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 1,950,000,000  
Cross Currency Interest Rate Contract, Maturing October 31, 2029 | Derivatives designated as net investment hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 1,400,000,000  
Cross Currency Interest Rate Contract, Maturing October 31, 2030 | Derivatives designated as net investment hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 1,650,000,000  
Cross Currency Interest Rate Contract, Maturing October 31, 2027 | Derivatives designated as net investment hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 700,000,000  
Cross Currency Interest Rate Contract Interest Receivable | Derivatives designated as net investment hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 2,750,000,000  
Cross Currency Interest Rate Contract, Maturing October 31, 2026 | Derivatives designated as net investment hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 1,400,000,000  
Cross Currency Interest Rate Contract, Maturing November 30, 2028 | Derivatives designated as net investment hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 1,200,000,000  
Cross Currency Interest Rate Contract, Maturing October 31, 2028 | Derivatives designated as net investment hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 150,000,000  
Foreign Exchange Contract    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value $ 220,000,000  
v3.26.1
Derivative Instruments - Schedule of Quantitative Disclosures of Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest rate swaps | Derivatives designated as cash flow hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain or (Loss) Recognized in Other Comprehensive Income (Loss) $ 26 $ (41)
Interest rate swaps | Interest expense, net | Derivatives designated as cash flow hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain or (Loss) Reclassified from AOCI into Earnings 20 26
Forward-currency contracts | Derivatives designated as cash flow hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain or (Loss) Recognized in Other Comprehensive Income (Loss) 5 0
Forward-currency contracts | Supply chain cost of sales | Derivatives designated as cash flow hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain or (Loss) Reclassified from AOCI into Earnings (1) 3
Cross-currency rate swaps | Derivatives designated as net investment hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Cross-currency rate swaps 101 (63)
Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing) $ 22 $ 22
v3.26.1
Derivative Instruments - Schedule of Fair Value Measurements (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Derivatives assets $ 93 $ 66
Derivatives liabilities 191 293
Interest rate | Other assets, net | Derivatives designated as cash flow hedges    
Derivative [Line Items]    
Derivatives assets 74 58
Interest rate | Prepaids and other current assets | Derivatives designated as cash flow hedges    
Derivative [Line Items]    
Derivatives assets 6 8
Foreign currency | Other assets, net | Derivatives designated as net investment hedges    
Derivative [Line Items]    
Derivatives assets 10 0
Foreign currency | Prepaids and other current assets | Derivatives designated as cash flow hedges    
Derivative [Line Items]    
Derivatives assets 3 0
Foreign currency | Other accrued liabilities | Derivatives designated as cash flow hedges    
Derivative [Line Items]    
Derivatives liabilities 0 3
Foreign currency | Other liabilities, net | Derivatives designated as net investment hedges    
Derivative [Line Items]    
Derivatives liabilities $ 191 $ 290
v3.26.1
Shareholders' Equity - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Aug. 06, 2025
Stockholders Equity [Line Items]        
Gain (loss) recorded on equity transactions $ 0      
Number of shares authorized to be repurchased (in shares)       1,000,000,000
Stock repurchased, not yet settled (in shares) 21,669      
Remaining authorized repurchase amount $ 966,000,000      
Issued Common Shares        
Stockholders Equity [Line Items]        
Exchange of Partnership exchangeable units for RBI common shares (in shares) 3,624 55,462    
Repurchase of common shares (in shares) 463,442      
Repurchase of common shares $ 34,000,000      
Partnerships Exchangeable Units        
Stockholders Equity [Line Items]        
Exchange of Partnership exchangeable units for RBI common shares (in shares) 3,624      
Restaurant Brands International Limited Partnership        
Stockholders Equity [Line Items]        
Partnership exchangeable units economic interest 24.00%   24.00%  
Partnership exchangeable units economic interest (in shares) 109,352,921   109,356,545  
v3.26.1
Shareholders' Equity - Schedule of Change in Components of Accumulated Other Comprehensive Income (Loss) ("AOCI") (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balances $ 5,159 $ 4,843
Foreign currency translation adjustment (164) 102
Amounts reclassified to earnings of cash flow hedges, net of tax (14) (21)
Gain (loss) recognized on other, net of tax (4) (1)
Ending balances 5,291 4,824
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balances (1,020) (1,107)
Foreign currency translation adjustment (164)  
Net change in fair value of derivatives, net of tax 127  
Amounts reclassified to earnings of cash flow hedges, net of tax (14)  
Gain (loss) recognized on other, net of tax (4)  
Amounts attributable to noncontrolling interests 13  
Ending balances (1,062) $ (1,125)
Derivatives    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balances 358  
Net change in fair value of derivatives, net of tax 127  
Amounts reclassified to earnings of cash flow hedges, net of tax (14)  
Amounts attributable to noncontrolling interests (27)  
Ending balances 444  
Pensions    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balances (18)  
Gain (loss) recognized on other, net of tax (4)  
Amounts attributable to noncontrolling interests 1  
Ending balances (21)  
Foreign Currency Translation    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balances (1,360)  
Foreign currency translation adjustment (164)  
Amounts attributable to noncontrolling interests 39  
Ending balances $ (1,485)  
v3.26.1
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lease income - operating leases    
Minimum lease payments $ 97 $ 87
Variable lease payments 100 97
Subtotal - lease income from operating leases 197 184
Earned income on direct financing and sales-type leases 1 1
Total property revenues $ 198 $ 185
v3.26.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Mar. 31, 2025
Effective Income Tax Rate Reconciliation [Line Items]      
Effective income tax rate (as a percent)   7.90% 26.90%
Forecast      
Effective Income Tax Rate Reconciliation [Line Items]      
Discrete income tax benefit $ 170    
v3.26.1
Other Operating Expenses (Income), net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Income and Expenses [Abstract]    
Net losses (gains) on disposal of assets, restaurant closures and refranchisings $ 0 $ 2
Litigation settlements (gains) and reserves, net 4 3
Net losses (gains) on foreign exchange (30) 75
Other, net 5 3
Other operating expenses (income), net $ (21) $ 83
v3.26.1
Commitments and Contingencies (Details)
 1 Months Ended
Oct. 31, 2024
director
Pending Litigation | Former Shareholder Vs Individual Directors  
Loss Contingencies [Line Items]  
Number of defendants 2
v3.26.1
Supplier Finance Programs (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Supplier finance programs, term 120 days  
Supplier finance program, obligation $ 50 $ 38
v3.26.1
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Apr. 02, 2026
May 06, 2026
Apr. 30, 2026
Mar. 31, 2026
Mar. 31, 2025
Subsequent Event [Line Items]          
Common stock, dividends declared (in usd per share)       $ 0.65 $ 0.62
Remaining authorized repurchase amount       $ 966  
Issued Common Shares          
Subsequent Event [Line Items]          
Repurchase of common shares (in shares)       463,442  
Repurchase of common shares       $ 34  
Subsequent Event          
Subsequent Event [Line Items]          
Common stock, dividends paid (in usd per share) $ 0.65        
Common stock, dividends declared (in usd per share)   $ 0.65      
Remaining authorized repurchase amount     $ 940    
Subsequent Event | Issued Common Shares          
Subsequent Event [Line Items]          
Repurchase of common shares (in shares)     337,204    
Repurchase of common shares     $ 26    
Subsequent Event | Partnerships Exchangeable Units | Restaurant Brands International Limited Partnership          
Subsequent Event [Line Items]          
Distribution in respect of each Partnership exchangeable unit (in usd per share) $ 0.65 $ 0.65