RESTAURANT BRANDS INTERNATIONAL INC., DEF 14A filed on 4/24/2025
Proxy Statement (definitive)
v3.25.1
Cover
12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name RESTAURANT BRANDS INTERNATIONAL INC.
Entity Central Index Key 0001618756
v3.25.1
Pay vs Performance Disclosure - USD ($)
2 Months Ended 10 Months Ended 12 Months Ended
Feb. 28, 2023
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure              
Pay vs Performance Disclosure, Table    
Pay Versus Performance
As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation
S-K,
we are providing the following information about the relationship between executive compensation actually paid (“CAP”, as defined by SEC rules) and certain financial performance measures for the last five completed fiscal years. These financial metrics include total shareholder return (TSR), net income metric, and a company-selected measure of Adjusted Operating Income (AOI).
We selected AOI as the most important in linking compensation actually paid to our NEOs for 2024 to our performance, as it was the predominant metric used in our 2024 incentive plans as described in the Compensation Discussion & Analysis earlier in this Proxy Statement.
 
Year
(1)
 
Summary
Compensation
Table Total for
First PEO
(Jose Cil)
   
Compensation
Actually Paid
to First PEO
(2)

(Jose Cil)
   
Summary
Compensation
Table Total for
Second PEO
(Joshua Kobza)
   
Compensation
Actually Paid
to Second
PEO
(2)

(Joshua Kobza)
   
Average
Summary
Compensation
Table Total for
Non-PEO

NEOs
   
Compensation
Actually Paid
to
Non-PEO

NEOs
(2)
   
Total
Share

holder
Return
   
Peer Group
Total
Shareholder
Return
   
Net
Income
(millions)
   
Adj.
Operating
Income
(3)

(millions)
 
2024
    —        —      $ 14,469,868     ($ 28,120,726   $ 6,093,196     $ 203,860     $ 122     $ 161     $ 1,445     $ 2,402  
2023
  $ 2,919,736     $ 22,058,277     $ 28,967,541      $ 77,213,418     $ 7,215,978     $ 12,712,740     $ 141     $ 153     $ 1,718     $ 2,200  
2022
  $ 17,051,342     $ 27,404,712       —        —      $ 36,433,352     $ 57,793,584     $ 113     $ 133     $ 1,482     $ 2,084  
2021
  $ 13,968,789     $ 13,978,748       —        —      $ 6,914,601     $ 6,379,416     $ 102     $ 145     $ 1,253     $ 1,977  
2020
  $ 20,054,416     $ 17,686,735       —        —      $ 7,709,451     $ 6,253,319     $ 100     $ 118     $ 750     $ 1,624  
 
(1)
Mr. Cil is the PEO for 2020, 2021, 2022, and two months of 2023. Mr. Kobza is the PEO for the remainder of 2023 and 2024. The other NEOs for each year are: for 2024 – Messrs. Siddiqui, Schwan, Curtis, and Ms. Granat; for 2023 – Messrs. Dunnigan, Shear, Schwan, and Curtis; for 2022 – Messrs. Doyle, Dunnigan, Kobza, and Shear; for 2021 – Messrs. Dunnigan, Kobza, Shear, and Curtis; and for 2020 – Messrs. Dunnigan, Kobza, Schwan, and Siddiqui
(2)
Dollar amounts shown in this column represent compensation actually paid calculated by adjusting amounts in summary compensation table in accordance with SEC rules. As required, the dollar amounts include unpaid amounts of equity compensation that may be realizable in future periods, and as such, the dollar amounts do not fully represent the actual final amount of compensation earned or actually paid to the CEO or other NEO during the applicable years. Adjustments made are shown in below tables.
(3)
For 2024, our Company Selected Measure is Adjusted Operating Income, consistent with our Short-Term Incentive Program. In prior years, we used Adjusted EBITDA. For more details, refer to our Compensation Discussion and Analysis, beginning on page 28. Adjusted Operating Income (AOI) is a
non-GAAP
measure, and reconciliation to Operating Income is provided in Appendix A.
CEO Equity Adjustments
 
All values in $US
 
2020
   
2021
   
2022
   
2023
First CEO
(Jose Cil)
   
2023
Second CEO
(Joshua Kobza)
   
2024
 
Summary Compensation Table Total
 
 
20,054,416
 
 
 
13,968,789
 
 
 
17,051,342
 
 
 
2,919,736
 
 
 
28,967,541
 
 
 
14,469,868
 
Less:
Stock and Option Award values reported in SCT
    (17,716,706     (10,769,665     (13,575,946     (2,571,384     (26,007,809     (11,626,221
Plus:
Fair Value of Stock and Options Awards Granted in Year
    16,327,370       7,792,950       15,204,487       2,223,970       57,461,293       8,143,340  
Plus/Less:
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years
    (1,571,152     (341,716     4,528,849       13,737,077       11,220,283       (38,966,723
Less:
Fair Value as of Vesting Date of Equity Award Granted and Vested in Year
    —        1,423,917       734,069       699,434       477,567       536,046  
Plus/Less:
Change in Fair Value of Stock and Options Awards from Prior Years that Vested in Year
    (1,432,805     (111,328     157,046       893,104       533,178       (701,420
Less:
Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year
    —        —        —        —        —        —   
Plus:
Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
    2,025,612       2,015,801       3,304,865       4,156,340       4,561,366       24,385  
Less:
Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans
    —        —        —        —        —        —   
Plus:
Aggregate Service Cost and Prior Service Cost for Pension Plans
    —        —        —        —        —        —   
Compensation Actually Paid
 
 
17,686,735
 
 
 
13,978,748
 
 
 
27,404,712
 
 
 
22,058,277
 
 
 
77,213,418
 
 
 
(28,120,725
 
 
Average Other NEOs Equity Adjustments
 
All values in $US
  
2020
   
2021
   
2022
   
2023
   
2024
 
Summary Compensation Table Total
  
 
7,709,451
 
 
 
6,914,601
 
 
 
36,433,352
 
 
 
7,215,978
 
 
 
6,093,196
 
Less:
Stock and Option Award values reported in SCT
     (6,293,970     (4,942,911     (34,402,665     (5,205,781     (4,777,605
Plus:
Fair Value of Stock and Options Awards Granted in Year
     5,854,254       3,640,557       53,815,223       6,230,469       2,912,303  
Plus/Less:
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years
     (584,003     (250,129     1,328,710       3,053,515       (2,935,383
Less:
Fair Value as of Vesting Date of Equity Award Granted and Vested in Year
     —        585,031       264,387       282,346       205,059  
Plus/Less:
Change in Fair Value of Stock and Options Awards from Prior Years that Vested in Year
     (1,304,992     (144,704     (524,058     208,276       (177,972
Less:
Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year
     —        —        —        —        (1,127,307
Plus:
Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
     872,581       576,970       878,635       927,936       11,353  
Less:
Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans
     —        —        —        —        216  
Compensation Actually Paid
  
 
6,253,319
 
 
 
6,379,416
 
 
 
57,793,584
 
 
 
12,712,740
 
 
 
203,860
 
       
Company Selected Measure Name     Adj. Operating Income        
Named Executive Officers, Footnote     The other NEOs for each year are: for 2024 – Messrs. Siddiqui, Schwan, Curtis, and Ms. Granat; for 2023 – Messrs. Dunnigan, Shear, Schwan, and Curtis; for 2022 – Messrs. Doyle, Dunnigan, Kobza, and Shear; for 2021 – Messrs. Dunnigan, Kobza, Shear, and Curtis; and for 2020 – Messrs. Dunnigan, Kobza, Schwan, and Siddiqui        
PEO Total Compensation Amount     $ 14,469,868   $ 17,051,342 $ 13,968,789 $ 20,054,416
PEO Actually Paid Compensation Amount     $ (28,120,725)   27,404,712 13,978,748 17,686,735
Adjustment To PEO Compensation, Footnote    
CEO Equity Adjustments
 
All values in $US
 
2020
   
2021
   
2022
   
2023
First CEO
(Jose Cil)
   
2023
Second CEO
(Joshua Kobza)
   
2024
 
Summary Compensation Table Total
 
 
20,054,416
 
 
 
13,968,789
 
 
 
17,051,342
 
 
 
2,919,736
 
 
 
28,967,541
 
 
 
14,469,868
 
Less:
Stock and Option Award values reported in SCT
    (17,716,706     (10,769,665     (13,575,946     (2,571,384     (26,007,809     (11,626,221
Plus:
Fair Value of Stock and Options Awards Granted in Year
    16,327,370       7,792,950       15,204,487       2,223,970       57,461,293       8,143,340  
Plus/Less:
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years
    (1,571,152     (341,716     4,528,849       13,737,077       11,220,283       (38,966,723
Less:
Fair Value as of Vesting Date of Equity Award Granted and Vested in Year
    —        1,423,917       734,069       699,434       477,567       536,046  
Plus/Less:
Change in Fair Value of Stock and Options Awards from Prior Years that Vested in Year
    (1,432,805     (111,328     157,046       893,104       533,178       (701,420
Less:
Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year
    —        —        —        —        —        —   
Plus:
Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
    2,025,612       2,015,801       3,304,865       4,156,340       4,561,366       24,385  
Less:
Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans
    —        —        —        —        —        —   
Plus:
Aggregate Service Cost and Prior Service Cost for Pension Plans
    —        —        —        —        —        —   
Compensation Actually Paid
 
 
17,686,735
 
 
 
13,978,748
 
 
 
27,404,712
 
 
 
22,058,277
 
 
 
77,213,418
 
 
 
(28,120,725
       
Non-PEO NEO Average Total Compensation Amount     $ 6,093,196 $ 7,215,978 36,433,352 6,914,601 7,709,451
Non-PEO NEO Average Compensation Actually Paid Amount     $ 203,860 12,712,740 57,793,584 6,379,416 6,253,319
Adjustment to Non-PEO NEO Compensation Footnote    
Average Other NEOs Equity Adjustments
 
All values in $US
  
2020
   
2021
   
2022
   
2023
   
2024
 
Summary Compensation Table Total
  
 
7,709,451
 
 
 
6,914,601
 
 
 
36,433,352
 
 
 
7,215,978
 
 
 
6,093,196
 
Less:
Stock and Option Award values reported in SCT
     (6,293,970     (4,942,911     (34,402,665     (5,205,781     (4,777,605
Plus:
Fair Value of Stock and Options Awards Granted in Year
     5,854,254       3,640,557       53,815,223       6,230,469       2,912,303  
Plus/Less:
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years
     (584,003     (250,129     1,328,710       3,053,515       (2,935,383
Less:
Fair Value as of Vesting Date of Equity Award Granted and Vested in Year
     —        585,031       264,387       282,346       205,059  
Plus/Less:
Change in Fair Value of Stock and Options Awards from Prior Years that Vested in Year
     (1,304,992     (144,704     (524,058     208,276       (177,972
Less:
Fair Value of Stock and Option Awards that fail to meet vesting conditions during Year
     —        —        —        —        (1,127,307
Plus:
Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
     872,581       576,970       878,635       927,936       11,353  
Less:
Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans
     —        —        —        —        216  
Compensation Actually Paid
  
 
6,253,319
 
 
 
6,379,416
 
 
 
57,793,584
 
 
 
12,712,740
 
 
 
203,860
 
       
Compensation Actually Paid vs. Total Shareholder Return     LOGO        
Compensation Actually Paid vs. Net Income     LOGO        
Compensation Actually Paid vs. Company Selected Measure     LOGO        
Total Shareholder Return Vs Peer Group     LOGO        
Tabular List, Table    
Disclosure of Most Important Measures Linking Compensation Actually Paid in 2024 to Company Performance
The most important measures used by RBI to link compensation actually paid to our NEOs for 2024 to our performance are disclosed below. For further information on these performance metrics and their function in our executive compensation program, refer to the Compensation Discussion & Analysis beginning on page 28.
 
   
Adjusted Operating Income
 
   
Same Store Sales (or Comparable Sales)
 
   
Net Restaurant Growth
 
   
Total Shareholder Return
       
Total Shareholder Return Amount     $ 122 141 113 102 100
Peer Group Total Shareholder Return Amount     161 153 133 145 118
Net Income (Loss)     $ 1,445,000,000 $ 1,718,000,000 $ 1,482,000,000 $ 1,253,000,000 $ 750,000,000
Company Selected Measure Amount     2,402,000,000 2,200,000,000 2,084,000,000 1,977,000,000 1,624,000,000
Measure:: 1              
Pay vs Performance Disclosure              
Name     Adjusted Operating Income        
Measure:: 2              
Pay vs Performance Disclosure              
Name     Same Store Sales (or Comparable Sales)        
Measure:: 3              
Pay vs Performance Disclosure              
Name     Net Restaurant Growth        
Measure:: 4              
Pay vs Performance Disclosure              
Name     Total Shareholder Return        
Mr. Cil [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     $ 0 $ 2,919,736 $ 17,051,342 $ 13,968,789 $ 20,054,416
PEO Actually Paid Compensation Amount     0 22,058,277 $ 27,404,712 $ 13,978,748 $ 17,686,735
PEO Name Mr. Cil       Mr. Cil Mr. Cil Mr. Cil
Mr. Kobza [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     14,469,868 28,967,541 $ 0 $ 0 $ 0
PEO Actually Paid Compensation Amount     $ (28,120,726) 77,213,418 0 0 0
PEO Name   Mr. Kobza Mr. Kobza        
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ 0   0 0 0
PEO | Pension Adjustments Prior Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0   0 0 0
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (11,626,221)   (13,575,946) (10,769,665) (17,716,706)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     8,143,340   15,204,487 7,792,950 16,327,370
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (38,966,723)   4,528,849 (341,716) (1,571,152)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     536,046   734,069 1,423,917 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (701,420)   157,046 (111,328) (1,432,805)
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0   0 0 0
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     24,385   3,304,865 2,015,801 2,025,612
PEO | Mr. Cil [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       0      
PEO | Mr. Cil [Member] | Pension Adjustments Prior Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       0      
PEO | Mr. Cil [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       (2,571,384)      
PEO | Mr. Cil [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       2,223,970      
PEO | Mr. Cil [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       13,737,077      
PEO | Mr. Cil [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       699,434      
PEO | Mr. Cil [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       893,104      
PEO | Mr. Cil [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       0      
PEO | Mr. Cil [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       4,156,340      
PEO | Mr. Kobza [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       0      
PEO | Mr. Kobza [Member] | Pension Adjustments Prior Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       0      
PEO | Mr. Kobza [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       (26,007,809)      
PEO | Mr. Kobza [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       57,461,293      
PEO | Mr. Kobza [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       11,220,283      
PEO | Mr. Kobza [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       477,567      
PEO | Mr. Kobza [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       533,178      
PEO | Mr. Kobza [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       0      
PEO | Mr. Kobza [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       4,561,366      
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     216 0 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (4,777,605) (5,205,781) (34,402,665) (4,942,911) (6,293,970)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     2,912,303 6,230,469 53,815,223 3,640,557 5,854,254
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (2,935,383) 3,053,515 1,328,710 (250,129) (584,003)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     205,059 282,346 264,387 585,031 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (177,972) 208,276 (524,058) (144,704) (1,304,992)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (1,127,307) 0 0 0 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ 11,353 $ 927,936 $ 878,635 $ 576,970 $ 872,581
v3.25.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Timing of Equity Awards
RBI’s Compensation Committee generally makes grants to executives, including named executive officers, at a meeting early in the calendar year and delegates to the CEO the ability to make grants to a broad group of other employees. Such grants are issued at a set grant date that is generally a week or more after the release of financial information for the prior fiscal year so that such grants are made after the market has incorporated any material non-public information. Additional grants may be made by the Compensation Committee or its delegate at such other times as necessary for business purposes related to employee promotion, retention, or new hires. Although RBI does not have a formal policy with respect to the timing of equity-based awards, we determine a specific calendar of trading blackout dates each year, and awards of options and other stock appreciation rights are not granted in proximity to the release of material nonpublic information. We have not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.
Award Timing Predetermined true
Award Timing MNPI Considered true
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true