RESTAURANT BRANDS INTERNATIONAL INC., 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
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 Blue Lagoon 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 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001618756  
Current Fiscal Year End Date --12-31  
Common Class A    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   327,801,863
Partnerships Exchangeable Units    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   126,983,115
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,026 $ 1,334
Accounts and notes receivable, net of allowance of $58 and $57, respectively 778 698
Inventories, net 167 142
Prepaids and other current assets 195 108
Assets held for sale - discontinued operations 622 0
Total current assets 2,788 2,282
Property and equipment, net of accumulated depreciation and amortization of $1,188 and $1,087, respectively 2,243 2,236
Operating lease assets, net 1,909 1,852
Intangible assets, net 11,279 10,922
Goodwill 6,301 5,986
Other assets, net 1,168 1,354
Total assets 25,688 24,632
Current liabilities:    
Accounts and drafts payable 763 765
Other accrued liabilities 1,135 1,141
Gift card liability 189 236
Current portion of long-term debt and finance leases 221 222
Liabilities held for sale - discontinued operations 446 0
Total current liabilities 2,754 2,364
Long-term debt, net of current portion 13,428 13,455
Finance leases, net of current portion 282 286
Operating lease liabilities, net of current portion 1,835 1,770
Other liabilities, net 1,094 706
Deferred income taxes, net 1,205 1,208
Total liabilities 20,598 19,789
Shareholders’ equity:    
Common shares, no par value; Unlimited shares authorized at June 30, 2025 and December 31, 2024; 327,777,360 shares issued and outstanding at June 30, 2025; 324,426,589 shares issued and outstanding at December 31, 2024 2,469 2,357
Retained earnings 1,794 1,860
Accumulated other comprehensive income (loss) (946) (1,107)
Total Restaurant Brands International Inc. shareholders’ equity 3,317 3,110
Noncontrolling interests 1,773 1,733
Total shareholders’ equity 5,090 4,843
Total liabilities and shareholders’ equity $ 25,688 $ 24,632
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Financing receivable, allowance for credit loss, current $ 58 $ 57
Accumulated depreciation and amortization $ 1,188 $ 1,087
Common stock, par value (in usd per share) $ 0 $ 0
Common stock, shares authorized (in shares) Unlimited Unlimited
Common stock, shares issued (in shares) 327,777,360 324,426,589
Common stock, shares outstanding (in shares) 327,777,360 324,426,589
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 2,410 $ 2,080 $ 4,519 $ 3,819
Operating costs and expenses:        
Franchise and property expenses 144 134 274 260
Advertising expenses and other services 364 334 675 645
General and administrative expenses 188 185 379 358
(Income) loss from equity method investments (5) (69) (10) (72)
Other operating expenses (income), net 149 7 232 (11)
Total operating costs and expenses 1,927 1,417 3,601 2,612
Income from operations 483 663 918 1,207
Interest expense, net 132 147 262 295
Loss on early extinguishment of debt 0 32 0 32
Income from continuing operations before income taxes 351 484 656 880
Income tax expense from continuing operations 87 85 169 153
Net income from continuing operations 264 399 487 727
Net loss from discontinued operations (net of tax of $0 and $0) 1 0 3 0
Net income 263 399 484 727
Net income attributable to noncontrolling interests (Note 13) 74 119 136 217
Net income attributable to common shareholders $ 189 $ 280 $ 348 $ 510
Earnings per common share        
Basic net income per share from continuing operations (in dollars per share) $ 0.58 $ 0.89 $ 1.07 $ 1.62
Basic net loss per share from discontinued operations (in dollars per share) 0.00 0 (0.01) 0
Basic net income per share (in usd per share) 0.58 0.89 1.07 1.62
Diluted net income per share from continuing operations (in dollars per share) 0.58 0.88 1.07 1.60
Diluted net loss per share from discontinued operations (in dollars per share) 0.00 0 (0.01) 0
Diluted net income per share (in usd per share) $ 0.57 $ 0.88 $ 1.06 $ 1.60
Weighted average shares outstanding (in millions):        
Basic (in shares) 328 317 327 316
Diluted (in shares) 457 453 456 453
Supply chain sales        
Operating costs and expenses:        
Cost of goods and services sold $ 589 $ 540 $ 1,085 $ 1,057
Company restaurant sales        
Operating costs and expenses:        
Cost of goods and services sold 498 286 966 375
Product | Supply chain sales        
Revenues:        
Total revenues 732 682 1,343 1,309
Product | Company restaurant sales        
Revenues:        
Total revenues 600 347 1,158 449
Franchise and property revenues        
Revenues:        
Total revenues 760 747 1,423 1,459
Advertising revenues and other services        
Revenues:        
Total revenues $ 318 $ 304 $ 595 $ 602
v3.25.2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Discontinued operation, tax effect of discontinued operation $ 0 $ 0 $ 0 $ 0
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 263 $ 399 $ 484 $ 727
Foreign currency translation adjustment 696 (107) 798 (347)
Net change in fair value of net investment hedges, net of tax of $3, $3, $(9) and $6 (417) 26 (492) 160
Net change in fair value of cash flow hedges, net of tax of $4, $(10), $15 and $(36) (11) 27 (41) 96
Amounts reclassified to earnings of cash flow hedges, net of tax of $7, $10, $15 and $18 (21) (27) (42) (49)
Gain (loss) recognized on other, net of tax of $0, $0, $0 and $0 2 0 1 0
Other comprehensive income (loss) 249 (81) 224 (140)
Comprehensive income (loss) 512 318 708 587
Comprehensive income (loss) attributable to noncontrolling interests 144 95 199 175
Comprehensive income (loss) attributable to common shareholders $ 368 $ 223 $ 509 $ 412
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net change in fair value of net investment hedges, tax $ 3 $ 3 $ (9) $ 6
Net change in fair value of cash flow hedges, tax 4 (10) 15 (36)
Amounts reclassified to earnings of cash flow hedges, tax 7 10 15 18
Gain (loss) recognized on other, tax $ 0 $ 0 $ 0 $ 0
v3.25.2
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, 2023   312,454,851      
Beginning balances at Dec. 31, 2023 $ 4,730 $ 1,973 $ 1,599 $ (706) $ 1,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock option exercises (in shares)   721,052      
Stock option exercises 39 $ 39      
Share-based compensation 42 $ 42      
Issuance of shares (in shares)   3,204,316      
Issuance of shares 17 $ 17      
Dividends declared (184)   (184)    
Dividend equivalents declared on restricted stock units 0 $ 5 (5)    
Distributions declared by Partnership on Partnership exchangeable units (77)       (77)
Exchange of Partnership exchangeable units for RBI common shares (in shares)   2,220      
Noncontrolling interest distributions (1)       (1)
Net income 328   230   98
Other comprehensive income (loss) (59)     (41) (18)
Ending balances (in shares) at Mar. 31, 2024   316,382,439      
Ending balances at Mar. 31, 2024 4,835 $ 2,076 1,640 (747) 1,866
Beginning balances (in shares) at Dec. 31, 2023   312,454,851      
Beginning balances at Dec. 31, 2023 4,730 $ 1,973 1,599 (706) 1,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 727        
Other comprehensive income (loss) (140)        
Ending balances (in shares) at Jun. 30, 2024   316,897,975      
Ending balances at Jun. 30, 2024 4,951 $ 2,138 1,734 (804) 1,883
Beginning balances (in shares) at Mar. 31, 2024   316,382,439      
Beginning balances at Mar. 31, 2024 4,835 $ 2,076 1,640 (747) 1,866
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock option exercises (in shares)   464,725      
Stock option exercises 21 $ 21      
Share-based compensation 38 $ 38      
Issuance of shares (in shares)   36,411      
Issuance of shares 1 $ 1      
Dividends declared (184)   (184)    
Dividend equivalents declared on restricted stock units 0 $ 2 (2)    
Distributions declared by Partnership on Partnership exchangeable units (78)       (78)
Exchange of Partnership exchangeable units for RBI common shares (in shares)   14,400      
Net income 399   280   119
Other comprehensive income (loss) (81)     (57) (24)
Ending balances (in shares) at Jun. 30, 2024   316,897,975      
Ending balances at Jun. 30, 2024 $ 4,951 $ 2,138 1,734 (804) 1,883
Beginning balances (in shares) at Dec. 31, 2024 324,426,589 324,426,589      
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, 2024 324,426,589 324,426,589      
Beginning balances at Dec. 31, 2024 $ 4,843 $ 2,357 1,860 (1,107) 1,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 484        
Other comprehensive income (loss) $ 224        
Ending balances (in shares) at Jun. 30, 2025 327,777,360 327,777,360      
Ending balances at Jun. 30, 2025 $ 5,090 $ 2,469 1,794 (946) 1,773
Beginning balances (in shares) at Mar. 31, 2025   327,629,161      
Beginning balances at Mar. 31, 2025 4,824 $ 2,430 1,811 (1,125) 1,708
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock option exercises (in shares)   144,700      
Stock option exercises 7 $ 7      
Share-based compensation 29 $ 29      
Issuance of shares (in shares)   3,499      
Issuance of shares 0 $ 0      
Dividends declared (203)   (203)    
Dividend equivalents declared on restricted stock units 0 $ 3 (3)    
Distributions declared by Partnership on Partnership exchangeable units (79)       (79)
Net income 263   189   74
Other comprehensive income (loss) $ 249     179 70
Ending balances (in shares) at Jun. 30, 2025 327,777,360 327,777,360      
Ending balances at Jun. 30, 2025 $ 5,090 $ 2,469 $ 1,794 $ (946) $ 1,773
v3.25.2
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]        
Common stock, dividends declared (in usd per share) $ 0.62 $ 0.62 $ 0.58 $ 0.58
Dividend distributions declared (in usd per share) $ 0.62 $ 0.62 $ 0.58 $ 0.58
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 484 $ 727
Net loss from discontinued operations 3 0
Net income from continuing operations 487 727
Depreciation and amortization 148 108
Non-cash loss on early extinguishment of debt 0 22
Amortization of deferred financing costs and debt issuance discount 13 12
(Income) loss from equity method investments (10) (72)
(Gain) loss on remeasurement of foreign denominated transactions 207 (29)
Net (gains) losses on derivatives (102) (91)
Share-based compensation and non-cash incentive compensation expense 81 87
Deferred income taxes 8 10
Other non-cash adjustments, net 31 5
Changes in current assets and liabilities, excluding acquisitions and dispositions:    
Accounts and notes receivable (72) 9
Inventories and prepaids and other current assets (30) 14
Accounts and drafts payable (6) (70)
Other accrued liabilities and gift card liability (155) (210)
Tenant inducements paid to franchisees (14) (11)
Changes in other long-term assets and liabilities (19) (29)
Net cash provided by operating activities from continuing operations 567 482
Cash flows from investing activities:    
Payments for additions of property and equipment (102) (69)
Net proceeds from disposal of assets, restaurant closures, and refranchisings 12 7
Net payments for acquisition of franchised restaurants, net of cash acquired (152) (531)
Settlement/sale of derivatives, net 40 35
Other investing activities, net 0 (1)
Net cash used for investing activities from continuing operations (202) (559)
Cash flows from financing activities:    
Proceeds from long-term debt 0 1,950
Repayments of long-term debt and finance leases (66) (1,639)
Payment of financing costs 0 (32)
Payment of common share dividends and Partnership exchangeable unit distributions (544) (506)
Proceeds from stock option exercises 20 60
Proceeds from derivatives 34 57
Other financing activities, net 1 (2)
Net cash used for financing activities from continuing operations (555) (112)
Net cash used for discontinued operations (85) 0
Effect of exchange rates on cash and cash equivalents 19 (8)
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations (256) (197)
Increase in cash classified as assets held for sale - discontinued operations (52) 0
Decrease in cash and cash equivalents (308) (197)
Cash and cash equivalents at beginning of period 1,334 1,139
Cash and cash equivalents at end of period 1,026 942
Supplemental cash flow disclosures:    
Interest paid 360 390
Income taxes paid 285 186
Accruals for additions of property and equipment $ 22 $ 0
v3.25.2
Description of Business and Organization
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025, we franchised or owned 6,075 Tim Hortons restaurants, 19,666 Burger King restaurants, 5,086 Popeyes restaurants and 1,402 Firehouse Subs restaurants, for a total of 32,229 restaurants, and operate in more than 120 countries and territories. As of June 30, 2025, over 90% of current system-wide restaurants are franchised.
All references to “$” or “dollars” are to the currency of the United States unless otherwise indicated. All references to “Canadian dollars” or “C$” are to the currency of Canada unless otherwise indicated.
Basis of Presentation and Consolidation
We have prepared the accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, the Financial Statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K filed with the SEC and Canadian securities regulatory authorities on February 21, 2025.
The Financial Statements include our accounts and the accounts of entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. Investments in other affiliates that are owned 50% or less where we have significant influence are accounted for by the equity method. All material intercompany balances and transactions have been eliminated in consolidation.
We are the sole general partner of Partnership and, as such we have the exclusive right, power and authority to manage, control, administer and operate the business and affairs and to make decisions regarding the undertaking and business of Partnership, subject to the terms of the amended and restated limited partnership agreement of Partnership (the “partnership agreement”) and applicable laws. As a result, we consolidate the results of Partnership and record a noncontrolling interest in our condensed consolidated balance sheets and statements of operations with respect to the remaining economic interest in Partnership we do not hold.
In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the full year.
The preparation of consolidated financial statements in conformity with U.S. GAAP and related rules and regulations of the SEC requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
The carrying amounts for cash and cash equivalents, accounts and notes receivable and accounts and drafts payable approximate fair value based on the short-term nature of these accounts.
Certain prior year amounts in the accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified in order to be comparable with the current year classifications. These reclassifications did not arise as a result of any changes to accounting policies and relate entirely to presentation, with no effect on previously reported net income.
New Accounting Pronouncements
Improvements to Income Tax Disclosures – In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that expands income tax disclosures for public entities, including requiring enhanced disclosures related to the rate reconciliation and income taxes paid information. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance should be applied on a prospective basis, with retrospective application to all prior periods presented in the financial statements permitted. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance.
Disaggregation of Income Statement Expenses – In November 2024, the FASB issued guidance that requires disclosure of disaggregated information about certain income statement expense line items. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2026, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance.
v3.25.2
Earnings (Loss) per Share
 6 Months Ended
Jun. 30, 2025
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 13, Shareholders’ Equity.
Basic and diluted earnings (loss) per share are computed using the weighted average number of shares outstanding for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by outstanding equity awards, unless the effect of their inclusion is anti-dilutive. The diluted earnings (loss) per share calculation assumes conversion of 100% of the Partnership exchangeable units under the “if converted” method. Accordingly, the numerator is also adjusted to include the earnings (loss) allocated to the holders of noncontrolling interests.
The following table summarizes the basic and diluted earnings per share calculations (in millions, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Numerator:
Net income from continuing operations attributable to common shareholders - basic$190 $280 $350 $510 
Add: Net income from continuing operations attributable to noncontrolling interests74 119 137 216 
Net income from continuing operations available to common shareholders and noncontrolling interests - diluted$264 $399 $487 $726 
Net loss from discontinued operations$1 $— $3 $— 
Net income attributable to common shareholders - basic$189 $280 $348 $510 
Add: Net income attributable to noncontrolling interests74 119 136 216 
Net income available to common shareholders and noncontrolling interests - diluted$263 $399 $484 $726 
Denominator:
Weighted average common shares - basic328 317 327 316 
Exchange of noncontrolling interests for common shares (Note 13)127 134 127 134 
Effect of other dilutive securities2 2 2 3 
Weighted average common shares - diluted457 453 456 453 
Basic net income per share from continuing operations (a)$0.58 $0.89 $1.07 $1.62 
Basic net loss per share from discontinued operations (a)$(0.00)$— $(0.01)$— 
Basic net income per share (a)$0.58 $0.89 $1.07 $1.62 
Diluted net income per share from continuing operations (a)$0.58 $0.88 $1.07 $1.60 
Diluted net loss per share from discontinued operations (a)$(0.00)$— $(0.01)$— 
Diluted net income per share (a)$0.57 $0.88 $1.06 $1.60 
Anti-dilutive securities outstanding5 5 5 5 
(a) Earnings (loss) per share may not recalculate exactly as it is calculated based on unrounded numbers.
v3.25.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2025
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, 2024 and June 30, 2025 (in millions):
Contract Liabilities
Balance at December 31, 2024$517 
Recognized during period and included in the contract liability balance at the beginning of the year(29)
Increase, excluding amounts recognized as revenue during the period21 
Effective settlement of pre-existing contract liabilities in connection with BK China Acquisition (Note 6)(17)
Impact of foreign currency translation22 
Balance at June 30, 2025$514 
The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) on a consolidated basis as of June 30, 2025 (in millions):
Contract liabilities expected to be recognized in
Remainder of 2025$27 
202652 
202749 
202846 
202943 
Thereafter297 
Total$514 
Disaggregation of Total Revenues
Refer to Note 5, Segment Reporting, for definition of our segments. The following tables disaggregate revenue by segment (in millions). Totals in the following tables may not calculate exactly due to rounding.
Three Months Ended June 30, 2025
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$732 $— $— $— $— $— $— $732 
Company restaurant sales12 61 46 11 — 469 — 600 
Royalties89 124 76 19 213 — (21)500 
Property revenues166 55 4 — — — (6)219 
Franchise fees and other revenue7 3 7 9 15 — — 41 
Advertising revenues and other services78 144 77 20 21 — (22)318 
Total revenues$1,083 $388 $210 $59 $250 $469 $(49)$2,410 
(a)Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK and INTL from intersegment transactions with RH.
Six Months Ended June 30, 2025
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$1,343 $— $— $— $— $— $— $1,343 
Company restaurant sales22 121 93 22 — 901 — 1,158 
Royalties162 238 148 37 400 — (40)945 
Property revenues303 107 7 — 1 — (15)404 
Franchise fees and other revenue15 5 9 17 27 — — 74 
Advertising revenues and other services142 273 147 36 40 — (42)595 
Total revenues$1,987 $744 $404 $113 $468 $901 $(97)$4,519 

Three Months Ended June 30, 2024
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$682 $— $— $— $— $— $— $682 
Company restaurant sales11 63 33 10 — 230 — 347 
Royalties86 122 76 19 200 — (10)493 
Property revenues160 52 4 — 1 — (4)213 
Franchise fees and other revenue13 3 5 8 12 — — 41 
Advertising revenues and other services78 124 76 16 20 — (10)304 
Total revenues$1,030 $364 $194 $53 $233 $230 $(24)$2,080 

Six Months Ended June 30, 2024
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$1,309 $— $— $— $— $— $— $1,309 
Company restaurant sales22 121 56 20 — 230 — 449 
Royalties163 238 151 36 388 — (10)966 
Property revenues307 108 7 — 1 — (4)419 
Franchise fees and other revenue20 6 7 16 25 — — 74 
Advertising revenues and other services148 241 151 31 41 — (10)602 
Total revenues$1,969 $714 $372 $103 $455 $230 $(24)$3,819 
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
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
June 30,		Six Months Ended
June 30,
2025202420252024
Lease income - operating leases
Minimum lease payments$90 $92 $177 $186 
Variable lease payments127 119 224 230 
Amortization of favorable and unfavorable income lease contracts, net1 1 1 1 
Subtotal - lease income from operating leases218 212 402 417 
Earned income on direct financing and sales-type leases1 1 2 2 
Total property revenues$219 $213 $404 $419 
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
June 30,		Six Months Ended
June 30,
2025202420252024
Lease income - operating leases
Minimum lease payments$90 $92 $177 $186 
Variable lease payments127 119 224 230 
Amortization of favorable and unfavorable income lease contracts, net1 1 1 1 
Subtotal - lease income from operating leases218 212 402 417 
Earned income on direct financing and sales-type leases1 1 2 2 
Total property revenues$219 $213 $404 $419 
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
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 five operating and reportable segments that reflect our franchisor operations consistent with how the business will be managed long-term. Additionally, following the Carrols Acquisition (see Note 7, Carrols Acquisition) and PLK China Acquisition (see note 8, Equity Method Investments) in the second quarter of 2024, we established a sixth operating and reportable segment, which includes results from the Burger King restaurants acquired as part of the Carrols Acquisition, the PLK China restaurants and the results from Firehouse Subs Brazil (“FHS Brazil”) beginning in 2025, to reflect the manner in which our CODM manages and assesses performance of these acquired businesses. As a result, we are reporting results under six operating and reportable segments consisting of the following:
1.Tim Hortons – operations of our Tim Hortons brand in Canada and the U.S. (“TH”);
2.Burger King – operations of our Burger King brand in the U.S. and Canada, excluding results of Burger King restaurants acquired as part of the Carrols Acquisition, included in our RH segment (defined below) (“BK”);
3.Popeyes Louisiana Kitchen – operations of our Popeyes brand in the U.S. and Canada (“PLK”);
4.Firehouse Subs – operations of our Firehouse Subs brand in the U.S. and Canada (“FHS”);
5.International – operations of each of our brands outside the U.S. and Canada, excluding results of PLK China and FHS Brazil restaurants included in our RH segment and, commencing in the first quarter of 2025, results of restaurants acquired in connection with the BK China Acquisition which are included in net loss from discontinued operations (“INTL”); and
6.Restaurant Holdings – operations of Burger King restaurants acquired as part of the Carrols Acquisition and the operations of PLK China and FHS Brazil restaurants (“RH”).
Our measure of segment income is Adjusted Operating Income. Our chief operating decision maker uses Adjusted Operating Income (i) in the budgeting process and in periodic reviews of segment performance by comparing variances in actual segment income results to budget and (ii) during the annual budgeting process to make capital allocation decisions, including allocating resources to segments.
Adjusted Operating Income represents income from operations adjusted to exclude (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net and, (iv) income/expenses from non-recurring projects and non-operating activities. For the periods referenced, income/expenses from non-recurring projects and non-operating activities included (i) non-recurring fees and expenses incurred in connection with the Carrols Acquisition, the PLK China Acquisition, and the BK China Acquisition consisting primarily of professional fees, compensation-related expenses, and integration costs (“RH and BK China Transaction costs”); and (ii) non-operating costs from professional advisory and consulting services associated with certain transformational corporate restructuring initiatives that rationalize our structure and optimize cash movements as well as services related to significant tax reform legislation and regulations (“Corporate restructuring and advisory fees”).
The following tables present total segment revenues, significant segment expenses that are regularly reviewed by the CODM to manage and assess segment performance and segment income, as well as depreciation and amortization, (income) loss from equity method investments, and capital expenditures by segment (in millions). For the periods referenced, segment franchise and property expenses (“Segment F&P expenses”) for each segment exclude franchise agreement and reacquired franchise rights amortization and Segment G&A for each segment excludes RH and BK China Transaction costs, and Corporate restructuring and advisory fees. For segment reporting purposes, capital expenditures include payments for additions of property and equipment during the period, as well as the change in accruals for additions of property and equipment since the prior period. Totals in the following tables may not calculate exactly due to rounding.
Three Months Ended June 30, 2025
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$1,083 $338 $210 $59 $250 $469 $— $2,410 
Intersegment revenues (a)— 49 — — — — (49)— 
Total revenues$1,083 $388 $210 $59 $250 $469 $(49)$2,410 
Operating costs and expenses:
Supply chain cost of sales589 — — — — — — 589 
Company restaurant expenses (b)10 57 40 9 — 406 (23)498 
Segment F&P expenses83 33 6 2 9 — (4)128 
Advertising expenses and other services93 147 80 20 23 24 (22)364 
Segment G&A34 31 19 13 47 23 — 166 
Adjustments:
Cash distributions received from equity method investments4 — — — — — — 4 
Adjusted Operating Income278 121 66 15 172 16 — 668 
Additional segment information:
Depreciation and amortization28 13 4 1 7 24 — 77 
(Income) loss from equity method investments(4)— — — (1)— — (5)
Capital expenditures9 6 2 1 4 21 — 42 
(a)Consists of BK and INTL royalties, property revenues, advertising contribution revenues and tech fees from intersegment transactions with RH.
(b)The components of Company restaurant expenses for our RH segment are included below.
Six Months Ended June 30, 2025
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$1,987 $647 $404 $113 $468 $901 $— $4,519 
Intersegment revenues (a)— 97 — — — — (97)— 
Total revenues$1,987 $744 $404 $113 $468 $901 $(97)$4,519 
Operating costs and expenses:
Supply chain cost of sales1,085 — — — — — — 1,085 
Company restaurant expenses (b)19 111 79 19 — 785 (47)966 
Segment F&P expenses161 64 8 3 14 — (8)242 
Advertising expenses and other services159 278 152 38 45 45 (42)675 
Segment G&A71 67 40 27 98 48 — 351 
Adjustments:
Cash distributions received from equity method investments7 — — — — — — 7 
Adjusted Operating Income499 224 126 26 310 23 — 1,208 
Additional segment information:
Depreciation and amortization55 26 7 3 14 44 — 148 
(Income) loss from equity method investments(7)— — — (3)— — (10)
Capital expenditures13 11 3 2 6 37 — 73 

Three Months Ended June 30, 2024
THBKPLKFHSINTLRHELIMTotal
Total revenues$1,030 $340 $194 $53 $233 $230 $— $2,080 
Intersegment revenues (a)— 24 — — — — (24)— 
Total revenues$1,030 $364 $194 $53 $233 $230 $(24)$2,080 
Operating costs and expenses:
Supply chain cost of sales540 — — — — — — 540 
Company restaurant expenses (b)10 57 29 9 — 194 (13)286 
Segment F&P expenses91 26 5 1 — — (2)122 
Advertising expenses and other services87 131 78 17 22 10 (10)334 
Segment G&A38 36 21 14 49 12 — 170 
Adjustments:
Cash distributions received from equity method investments4 — — — — — — 4 
Adjusted Operating Income269 114 62 13 160 14 — 632 
Additional segment information:
Depreciation and amortization28 12 3 1 7 9 — 59 
(Income) loss from equity method investments(4)(77)— — 12 — — (69)
Capital expenditures11 17 6 1 3 7 — 44 
Six Months Ended June 30, 2024
THBKPLKFHSINTLRHELIMTotal
Total revenues$1,969 $690 $372 $103 $455 $230 $— $3,819 
Intersegment revenues (a)24 (24)— 
Total revenues$1,969 $714 $372 $103 $455 $230 $(24)$3,819 
Operating costs and expenses:
Supply chain cost of sales1,057 — — — — — — 1,057 
Company restaurant expenses (b)19 110 48 18 — 194 (13)375 
Segment F&P expenses171 57 6 3 5 — (2)240 
Advertising expenses and other services157 256 154 32 45 10 (10)645 
Segment G&A80 72 43 28 102 12 — 337 
Adjustments:
Cash distributions received from equity method investments7 — — — — — — 7 
Adjusted Operating Income493 220 120 23 302 14 — 1,172 
Additional segment information:
Depreciation and amortization55 23 5 2 13 9 — 108 
(Income) loss from equity method investments(8)(77)— — 14 — — (72)
Capital expenditures18 30 7 2 5 7 — 69 
The following table presents the components of Company restaurant expenses for our RH segment (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Company restaurant expenses for RH segment
Food, beverage and packaging costs$134 $64 $255 $64 
Restaurant wages and related expenses152 72 297 72 
Restaurant occupancy expense and other120 59 233 59 
             Company restaurant expenses (RH segment)$406 $194 $785 $194 
The following tables present revenues by country (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenues by country (c):
     United States$1,165 $902 $2,238 $1,563 
     Canada992 945 1,807 1,801 
     Other253 233 474 455 
Total revenues$2,410 $2,080 $4,519 $3,819 
(c)Only the United States and Canada represented 10% or more of our total revenues in each period presented.
Our CODM manages assets on a consolidated basis. Accordingly, segment assets are not reported to our CODM or used in his decisions to allocate resources or assess performance of the segments. Therefore, total segment assets and long-lived assets have not been disclosed.
Adjusted Operating Income is used by management to measure operating performance of the business, excluding these non-cash and other specifically identified items that management believes are not relevant to management’s assessment of our operating performance. A reconciliation of segment income to net income from continuing operations consists of the following (in millions):

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Segment income:
     TH$278 $269 $499 $493 
     BK121 114 224 220 
     PLK66 62 126 120 
     FHS15 13 26 23 
INTL172 160 310 302 
RH16 14 23 14 
          Adjusted Operating Income668 632 1,208 1,172 
Franchise agreement and reacquired franchise rights amortization17 11 33 19 
RH and BK China Transaction costs16 9 22 13 
Corporate restructuring and advisory fees5 6 6 8 
Impact of equity method investments (a)(1)(64)(3)(64)
Other operating expenses (income), net149 7 232 (11)
          Income from operations483 663 918 1,207 
Interest expense, net132 147 262 295 
Loss on early extinguishment of debt— 32 — 32 
Income tax expense from continuing operations87 85 169 153 
          Net income from continuing operations$264 $399 $487 $727 
(a)Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in Adjusted Operating Income, which is our measure of segment income.
v3.25.2
BK China
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BK China BK China
Prior to February 14, 2025, we owned an equity interest in Pangaea Foods (China) Holdings Ltd. (“BK China”), which we accounted for primarily as an equity method investment. On February 14, 2025, we acquired substantially all of the remaining equity interests of BK China for approximately $151 million in an all-cash transaction funded by cash on hand (the “BK China Acquisition”). We plan to hold our controlling interest in BK China temporarily and have been in discussions with several potential partners to acquire the controlling interest from us and inject primary capital into the business, which we expect to occur within twelve months of the BK China Acquisition. We determined the criteria for classification as held for sale were met on the acquisition date and presented the financial position and results of operations of BK China as discontinued operations in our condensed consolidated financial statements beginning on the date of acquisition on a one month lag with no material impact to consolidated results. Refer to the “Discontinued Operations” section within this footnote below for further details.
The BK China Acquisition was accounted for as a step acquisition, which required remeasurement of our existing ownership interest in BK China to fair value. We utilized an income approach to determine the fair value of our existing equity interest. This resulted in an increase in the value of our existing equity interest and the recognition of a gain of $2 million (the “BK China Step Acquisition Gain”), which is included in (Income) loss from equity method investments in our condensed consolidated statement of operations for the six months ended June 30, 2025.
Purchase price consideration in connection with the BK China Acquisition totaled $149 million, consisting of the cash purchase price of $151 million plus the fair value of our existing interest of $11 million less the effective settlement of pre-existing balances with BK China related to franchise agreements prior to the date of acquisition of $13 million.
Our preliminary allocation of the purchase price to net assets acquired includes property, plant and equipment of $116 million, operating lease right of use assets of $160 million, goodwill of $308 million, outstanding current debt assumed of $178 million, operating lease liabilities of $157 million, and other net liabilities of $100 million. Goodwill is considered to represent the value associated with the workforce and benefits anticipated to be realized by our INTL segment for future restaurant growth. The preliminary fair value estimates are based on management’s analysis, including preliminary work performed by third-party valuation specialists. During the measurement period, we will continue to obtain information to assist in determining the fair value of the net assets acquired. During the six months ended June 30, 2025, we assigned $108 million of goodwill to a reporting unit in the INTL segment. Goodwill arising from the BK China Acquisition that was not assigned to a reporting unit in the INTL segment is part of the disposal group and classified as Assets held for sale – discontinued operations in our condensed consolidated balance sheet.
Supplemental pro forma net income from continuing operations, assuming the BK China Acquisition had occurred on January 1, 2024, would not differ materially from the results reported during the three and six months ended June 30, 2025 and 2024.
Discontinued Operations
Upon determining that a disposal group meets the criteria to be classified as held for sale, we measure it at the lower of its carrying value or fair value less costs to sell. Fair value less costs to sell is assessed each period the disposal group remains classified as held-for-sale, with any subsequent changes recognized as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. No adjustments to the carrying value of BK China have been recognized as a result of this assessment.
Upon classification as held for sale, we cease depreciation and amortization of long-lived assets included in a disposal group, including operating lease right-of-use assets. Additionally, BK China ceased recognition of royalty expense and our INTL segment ceased recognition of revenue from BK China following the BK China Acquisition and presentation as discontinued operations.
The assets and liabilities of BK China are classified as Assets held for sale – discontinued operations and Liabilities held for sale – discontinued operations, respectively, in our condensed consolidated balance sheet. During the six months ended June 30, 2025, we provided $137 million of funding to BK China. Cash and cash equivalents for BK China was $58 million as of June 30, 2025, reflected in assets held for sale – discontinued operations.
Net cash provided by (used for) discontinued operations consists of the following (in millions):
Six Months Ended
June 30, 2025
Cash flows from discontinued operations:
Net cash used for operating activities from discontinued operations$(53)
Net cash used for investing activities from discontinued operations(2)
Net cash used for financing activities from discontinued operations(30)
Net cash used for discontinued operations$(85)
Carrols Acquisition
Prior to May 16, 2024, we owned a 15% equity interest in Carrols Restaurant Group, Inc. (“Carrols”), which was accounted for as an equity method investment. On May 16, 2024, we acquired the remaining 85% of Carrols issued and outstanding shares that were not already held by us or our affiliates for $9.55 per share in an all cash transaction (the “Carrols Acquisition”) in order to accelerate the reimaging of restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operations. The Carrols Acquisition was accounted for as a business combination by applying the acquisition method of accounting and Carrols became a consolidated subsidiary.
The acquisition of the 85% equity interest of Carrols was accounted for as a step acquisition, which required remeasurement of our existing 15% ownership interest in Carrols to fair value. We utilized the $9.55 per share acquisition price to determine the fair value of the existing equity interest. This resulted in an increase in the value of our existing 15% equity interest and the recognition of a gain of $79 million (the “Carrols Step Acquisition Gain”), which was recognized in (Income) loss from equity method investments in our condensed consolidated statements of operations during the second quarter of 2024.
Total cash paid in connection with the Carrols Acquisition was $543 million. Additionally, in connection with the Carrols Acquisition, we assumed approximately $431 million of outstanding debt, all of which was fully extinguished as of June 30, 2024. The cash purchase price and extinguishment of debt assumed in the Carrols Acquisition were funded with a combination of cash on hand and $750 million of incremental borrowings under our senior secured term loan facility.
The following table summarizes the purchase price consideration in connection with the Carrols Acquisition (in millions):
Total cash paid$543 
Effective settlement of pre-existing balance sheet accounts (a)15 
Fair value of existing 15% equity interest
90 
Total consideration$648 
(a)Effective settlement of pre-existing balances with Carrols related to franchise and lease agreements prior to the date of acquisition.
Fees and expenses related to the Carrols Acquisition and related financings totaled approximately $11 million during 2024, consisting of professional fees and compensation related expenses which are classified as general and administrative expenses in the accompanying condensed consolidated statements of operations (the “Carrols Acquisition Costs”).
During the three months ended March 31, 2025, we adjusted our preliminary estimate of the fair value of net assets acquired and finalized acquisition accounting for the Carrols Acquisition. The final allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions):
May 16, 2024
Total current assets$81 
Property and equipment296 
Reacquired franchise rights363 
Operating lease assets705 
Other assets24 
Accounts and drafts payable(13)
Other accrued liabilities(150)
Current portion of long-term debt and finance leases(434)
Finance leases, net of current portion(9)
Operating lease liabilities, net of current portion(684)
Other liabilities(10)
Total identifiable net assets169 
Goodwill479 
Total consideration$648 
The adjustments to the preliminary estimate of net assets acquired resulted in a $2 million decrease to the preliminary estimated goodwill, reflecting a $2 million increase in the estimated fair value of property and equipment.
Reacquired franchise rights, which represent the fair value of reacquired franchise agreements determined using the excess earnings method, are amortized over the remaining term of the reacquired franchise agreement and have a weighted average remaining term of 12 years.
Goodwill is considered to represent the value associated with the workforce and synergies anticipated to be realized as a combined company, including synergies expected to benefit the BK segment as a result of accelerating remodels of Burger King restaurants acquired in the Carrols Acquisition. During the three months ended March 31, 2025, we assigned $362 million and $117 million of goodwill to reporting units in the RH and BK segments, respectively. None of the goodwill will be deductible for tax purposes.
Supplemental Pro Forma Information
The following table presents unaudited supplemental pro forma consolidated revenue for the three and six months ended June 30, 2024, as if the Carrols Acquisition had occurred on January 1, 2023 (in millions):
Three Months Ended June 30, 2024Six Months Ended
June 30, 2024
Total revenues$2,291 $4,435 
The unaudited supplemental pro forma consolidated revenue gives effect to actual revenues prior to the Carrols Acquisition, adjusted to exclude the elimination of intercompany transactions. Other than the impact of the Step Acquisition Gain and Carrols Acquisition Costs (as discussed above), supplemental pro forma net earnings, assuming the Carrols Acquisition had occurred on January 1, 2024, would not be materially different from the results reported during the three and six months ended June 30, 2024.
The unaudited pro forma information has been prepared for comparative purposes only, in accordance with the acquisition method of accounting, and is not necessarily indicative of the results of operations that would have occurred if the Carrols Acquisition had been completed on the date indicated, nor is it indicative of our future operating results.
v3.25.2
Carrols Acquisition
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Carrols Acquisition BK China
Prior to February 14, 2025, we owned an equity interest in Pangaea Foods (China) Holdings Ltd. (“BK China”), which we accounted for primarily as an equity method investment. On February 14, 2025, we acquired substantially all of the remaining equity interests of BK China for approximately $151 million in an all-cash transaction funded by cash on hand (the “BK China Acquisition”). We plan to hold our controlling interest in BK China temporarily and have been in discussions with several potential partners to acquire the controlling interest from us and inject primary capital into the business, which we expect to occur within twelve months of the BK China Acquisition. We determined the criteria for classification as held for sale were met on the acquisition date and presented the financial position and results of operations of BK China as discontinued operations in our condensed consolidated financial statements beginning on the date of acquisition on a one month lag with no material impact to consolidated results. Refer to the “Discontinued Operations” section within this footnote below for further details.
The BK China Acquisition was accounted for as a step acquisition, which required remeasurement of our existing ownership interest in BK China to fair value. We utilized an income approach to determine the fair value of our existing equity interest. This resulted in an increase in the value of our existing equity interest and the recognition of a gain of $2 million (the “BK China Step Acquisition Gain”), which is included in (Income) loss from equity method investments in our condensed consolidated statement of operations for the six months ended June 30, 2025.
Purchase price consideration in connection with the BK China Acquisition totaled $149 million, consisting of the cash purchase price of $151 million plus the fair value of our existing interest of $11 million less the effective settlement of pre-existing balances with BK China related to franchise agreements prior to the date of acquisition of $13 million.
Our preliminary allocation of the purchase price to net assets acquired includes property, plant and equipment of $116 million, operating lease right of use assets of $160 million, goodwill of $308 million, outstanding current debt assumed of $178 million, operating lease liabilities of $157 million, and other net liabilities of $100 million. Goodwill is considered to represent the value associated with the workforce and benefits anticipated to be realized by our INTL segment for future restaurant growth. The preliminary fair value estimates are based on management’s analysis, including preliminary work performed by third-party valuation specialists. During the measurement period, we will continue to obtain information to assist in determining the fair value of the net assets acquired. During the six months ended June 30, 2025, we assigned $108 million of goodwill to a reporting unit in the INTL segment. Goodwill arising from the BK China Acquisition that was not assigned to a reporting unit in the INTL segment is part of the disposal group and classified as Assets held for sale – discontinued operations in our condensed consolidated balance sheet.
Supplemental pro forma net income from continuing operations, assuming the BK China Acquisition had occurred on January 1, 2024, would not differ materially from the results reported during the three and six months ended June 30, 2025 and 2024.
Discontinued Operations
Upon determining that a disposal group meets the criteria to be classified as held for sale, we measure it at the lower of its carrying value or fair value less costs to sell. Fair value less costs to sell is assessed each period the disposal group remains classified as held-for-sale, with any subsequent changes recognized as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. No adjustments to the carrying value of BK China have been recognized as a result of this assessment.
Upon classification as held for sale, we cease depreciation and amortization of long-lived assets included in a disposal group, including operating lease right-of-use assets. Additionally, BK China ceased recognition of royalty expense and our INTL segment ceased recognition of revenue from BK China following the BK China Acquisition and presentation as discontinued operations.
The assets and liabilities of BK China are classified as Assets held for sale – discontinued operations and Liabilities held for sale – discontinued operations, respectively, in our condensed consolidated balance sheet. During the six months ended June 30, 2025, we provided $137 million of funding to BK China. Cash and cash equivalents for BK China was $58 million as of June 30, 2025, reflected in assets held for sale – discontinued operations.
Net cash provided by (used for) discontinued operations consists of the following (in millions):
Six Months Ended
June 30, 2025
Cash flows from discontinued operations:
Net cash used for operating activities from discontinued operations$(53)
Net cash used for investing activities from discontinued operations(2)
Net cash used for financing activities from discontinued operations(30)
Net cash used for discontinued operations$(85)
Carrols Acquisition
Prior to May 16, 2024, we owned a 15% equity interest in Carrols Restaurant Group, Inc. (“Carrols”), which was accounted for as an equity method investment. On May 16, 2024, we acquired the remaining 85% of Carrols issued and outstanding shares that were not already held by us or our affiliates for $9.55 per share in an all cash transaction (the “Carrols Acquisition”) in order to accelerate the reimaging of restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operations. The Carrols Acquisition was accounted for as a business combination by applying the acquisition method of accounting and Carrols became a consolidated subsidiary.
The acquisition of the 85% equity interest of Carrols was accounted for as a step acquisition, which required remeasurement of our existing 15% ownership interest in Carrols to fair value. We utilized the $9.55 per share acquisition price to determine the fair value of the existing equity interest. This resulted in an increase in the value of our existing 15% equity interest and the recognition of a gain of $79 million (the “Carrols Step Acquisition Gain”), which was recognized in (Income) loss from equity method investments in our condensed consolidated statements of operations during the second quarter of 2024.
Total cash paid in connection with the Carrols Acquisition was $543 million. Additionally, in connection with the Carrols Acquisition, we assumed approximately $431 million of outstanding debt, all of which was fully extinguished as of June 30, 2024. The cash purchase price and extinguishment of debt assumed in the Carrols Acquisition were funded with a combination of cash on hand and $750 million of incremental borrowings under our senior secured term loan facility.
The following table summarizes the purchase price consideration in connection with the Carrols Acquisition (in millions):
Total cash paid$543 
Effective settlement of pre-existing balance sheet accounts (a)15 
Fair value of existing 15% equity interest
90 
Total consideration$648 
(a)Effective settlement of pre-existing balances with Carrols related to franchise and lease agreements prior to the date of acquisition.
Fees and expenses related to the Carrols Acquisition and related financings totaled approximately $11 million during 2024, consisting of professional fees and compensation related expenses which are classified as general and administrative expenses in the accompanying condensed consolidated statements of operations (the “Carrols Acquisition Costs”).
During the three months ended March 31, 2025, we adjusted our preliminary estimate of the fair value of net assets acquired and finalized acquisition accounting for the Carrols Acquisition. The final allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions):
May 16, 2024
Total current assets$81 
Property and equipment296 
Reacquired franchise rights363 
Operating lease assets705 
Other assets24 
Accounts and drafts payable(13)
Other accrued liabilities(150)
Current portion of long-term debt and finance leases(434)
Finance leases, net of current portion(9)
Operating lease liabilities, net of current portion(684)
Other liabilities(10)
Total identifiable net assets169 
Goodwill479 
Total consideration$648 
The adjustments to the preliminary estimate of net assets acquired resulted in a $2 million decrease to the preliminary estimated goodwill, reflecting a $2 million increase in the estimated fair value of property and equipment.
Reacquired franchise rights, which represent the fair value of reacquired franchise agreements determined using the excess earnings method, are amortized over the remaining term of the reacquired franchise agreement and have a weighted average remaining term of 12 years.
Goodwill is considered to represent the value associated with the workforce and synergies anticipated to be realized as a combined company, including synergies expected to benefit the BK segment as a result of accelerating remodels of Burger King restaurants acquired in the Carrols Acquisition. During the three months ended March 31, 2025, we assigned $362 million and $117 million of goodwill to reporting units in the RH and BK segments, respectively. None of the goodwill will be deductible for tax purposes.
Supplemental Pro Forma Information
The following table presents unaudited supplemental pro forma consolidated revenue for the three and six months ended June 30, 2024, as if the Carrols Acquisition had occurred on January 1, 2023 (in millions):
Three Months Ended June 30, 2024Six Months Ended
June 30, 2024
Total revenues$2,291 $4,435 
The unaudited supplemental pro forma consolidated revenue gives effect to actual revenues prior to the Carrols Acquisition, adjusted to exclude the elimination of intercompany transactions. Other than the impact of the Step Acquisition Gain and Carrols Acquisition Costs (as discussed above), supplemental pro forma net earnings, assuming the Carrols Acquisition had occurred on January 1, 2024, would not be materially different from the results reported during the three and six months ended June 30, 2024.
The unaudited pro forma information has been prepared for comparative purposes only, in accordance with the acquisition method of accounting, and is not necessarily indicative of the results of operations that would have occurred if the Carrols Acquisition had been completed on the date indicated, nor is it indicative of our future operating results.
v3.25.2
Equity Method Investments
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
As discussed in Note 6, BK China, prior to February 14, 2025, we owned an equity interest in BK China, which we accounted for primarily as an equity method investment. In connection with the BK China Acquisition, we acquired substantially all of the remaining equity interest of BK China, resulting in the BK China Step Acquisition Gain. As a result of the BK China Acquisition, BK China became a consolidated subsidiary beginning on February 14, 2025.
As discussed in Note 7, Carrols Acquisition, prior to May 16, 2024, we owned a 15% equity interest in Carrols, which was accounted for as an equity method investment. In connection with the Carrols Acquisition, we acquired the remaining 85% equity interest in Carrols, resulting in the Carrols Step Acquisition Gain. As a result of the Carrols Acquisition, Carrols became a consolidated subsidiary beginning on May 16, 2024.
The aggregate carrying amounts of our equity method investments were $120 million and $113 million as of June 30, 2025 and December 31, 2024, respectively, and are included as a component of Other assets, net in our accompanying condensed consolidated balance sheets.
Except for the following equity method investments, no quoted market prices are available for our other equity method investments. The aggregate market value of our 6.4% equity interest in Zamp S.A. (formerly BK Brasil Operação e Assessoria a Restaurantes S.A.) based on the quoted market price on June 30, 2025 was approximately $16 million. The aggregate market value of our 4.1% equity interest in TH International Limited (“Tims China”) based on the quoted market price on June 30, 2025 was approximately $4 million.
We have equity interests in entities that own or franchise Tim Hortons, Burger King and Popeyes restaurants. Revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest, including Carrols through May 15, 2024 and BK China through February 14, 2025, consist of the following (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenues from affiliates:
Royalties$83 $95 $158 $196 
Advertising revenues and other services1 11 3 31 
Property revenues1 5 1 13 
Franchise fees and other revenue4 5 7 11 
Supply chain sales4 5 8 9 
Total$93 $121 $177 $260 
At June 30, 2025 and December 31, 2024, we had $47 million and $44 million, respectively, of accounts receivable, net from our equity method investments which were recorded in Accounts and notes receivable, net in our condensed consolidated balance sheets.
With respect to our Tim Hortons business, the most significant equity method investment is our 50% joint venture interest with The Wendy’s Company (the “TIMWEN Partnership”), which jointly holds real estate underlying Canadian combination restaurants. Distributions received from this joint venture were $4 million during the three months ended June 30, 2025 and 2024. Distributions received from this joint venture were $7 million during the six months ended June 30, 2025 and 2024.
Associated with the TIMWEN Partnership, we recognized $6 million and $5 million of rent expense during the three months ended June 30, 2025 and 2024, respectively, and we recognized $10 million of rent expense during the six months ended June 30, 2025 and 2024.
(Income) loss from equity method investments reflects our share of investee net income or loss as well as gains or losses from changes in our ownership interests in equity investees.
In June 2024, we acquired the Popeyes China (“PLK China”) business from Tims China (“the PLK China Acquisition”). In addition, Tims China issued us a $20 million three-year convertible note due June 28, 2027 and a $5 million three-year convertible note due August 15, 2027, which are included within Other assets, net in the condensed consolidated balance sheets as of June 30, 2025.
v3.25.2
Intangible Assets, net and Goodwill
 6 Months Ended
Jun. 30, 2025
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
June 30, 2025December 31, 2024
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$733 $(398)$335 $707 $(369)$338 
   Reacquired franchise rights374 (40)334 374 (22)352 
   Favorable leases75 (56)19 74 (53)21 
      Subtotal1,182 (494)688 1,155 (444)711 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,271 $— $6,271 $5,972 $— $5,972 
   Burger King brand
2,149 — 2,149 2,068 — 2,068 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,591 — 10,591 10,211 — 10,211 
Intangible assets, net$11,279 $10,922 
Goodwill:
TH segment$4,025 $3,841 
BK segment358 240 
PLK segment844 844 
FHS segment194 193 
INTL segment507 377 
RH segment373 491 
      Total$6,301 $5,986 
Amortization expense on intangible assets totaled $18 million and $13 million for the three months ended June 30, 2025 and 2024, respectively. Amortization expense on intangible assets totaled $35 million and $22 million for the six months ended June 30, 2025 and 2024, respectively. Additionally, the change in intangible asset balances reflects the impact of foreign currency translation during the six months ended June 30, 2025.
As of December 31, 2024, preliminary goodwill arising from the Carrols Acquisition was reported within the RH segment. During the three months ended March 31, 2025, we assigned $362 million and $117 million of goodwill from the Carrols Acquisition to reporting units in the RH and BK segments, respectively. Refer to Note 7, Carrols Acquisition, for a description of goodwill recognized in connection with the Carrols Acquisition. Additionally, during the six months ended June 30, 2025, we assigned $108 million of goodwill from the BK China Acquisition to a reporting unit in the INTL segment. Refer to Note 6, BK China, for a description of goodwill recognized in connection with the BK China Acquisition. The changes in goodwill balances for each segment also reflect the impact of foreign currency translation during the six months ended June 30, 2025.
v3.25.2
Other Accrued Liabilities and Other Liabilities, net
 6 Months Ended
Jun. 30, 2025
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
June 30,
2025		December 31,
2024
Current:
Dividend payable$282 $262 
Interest payable69 69 
Accrued compensation and benefits123 143 
Taxes payable173 228 
Deferred income77 71 
Accrued advertising expenses62 35 
Restructuring and other provisions20 16 
Current portion of operating lease liabilities201 193 
Other128 124 
Other accrued liabilities$1,135 $1,141 
Noncurrent:
Taxes payable$55 $52 
Contract liabilities514 517 
Derivative liabilities385 1 
Unfavorable leases29 30 
Accrued pension24 23 
Deferred income60 54 
Other27 29 
Other liabilities, net$1,094 $706 
v3.25.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following (in millions):
As of
June 30,
2025		December 31,
2024
Term Loan B$4,703 $4,726 
Term Loan A1,259 1,275 
3.875% First Lien Senior Notes due 2028
1,550 1,550 
3.50% First Lien Senior Notes due 2029
750 750 
6.125% First Lien Senior Notes due 2029
1,200 1,200 
5.625% First Lien Senior Notes due 2029
500 500 
4.375% Second Lien Senior Notes due 2028
750 750 
4.00% Second Lien Senior Notes due 2030
2,900 2,900 
TH Facility and other105 108 
Less: unamortized deferred financing costs and deferred issuance discount(104)(117)
Total debt, net13,613 13,642 
    Less: current maturities of debt(185)(187)
Total long-term debt$13,428 $13,455 
Revolving Credit Facility
As of June 30, 2025, we had no amounts outstanding under our Revolving Credit Facility, had $2 million of letters of credit issued against the Revolving Credit Facility, and our borrowing availability under our Revolving Credit Facility was $1,248 million. Funds available under the Revolving Credit Facility may be used to repay other debt, finance debt or equity repurchases, fund acquisitions or capital expenditures, and for other general corporate purposes. We have a $125 million letter of credit sublimit as part of the Revolving Credit Facility, which reduces our borrowing availability thereunder by the cumulative amount of outstanding letters of credit.
TH Facility
One of our subsidiaries entered into a non-revolving delayed drawdown term credit facility in a total aggregate principal amount of C$225 million with a maturity date of October 4, 2025 (the “TH Facility”). Prior to June 30, 2024, the interest rate applicable to the TH Facility was the Canadian Bankers’ Acceptance rate plus an applicable margin equal to 1.40% or the Prime Rate plus an applicable margin equal to 0.40%, at our option. Beginning July 1, 2024, the interest rate applicable to the TH Facility is the Adjusted Term CORRA rate plus an applicable margin equal to 1.40% or the Prime Rate plus an applicable margin equal to 0.40%, at our option. Obligations under the TH Facility are guaranteed by three of our subsidiaries, and amounts borrowed under the TH Facility are secured by certain parcels of real estate. As of June 30, 2025, we had approximately C$143 million outstanding under the TH Facility with a weighted average interest rate of 4.40%.
Restrictions and Covenants
As of June 30, 2025, we were in compliance with all applicable financial debt covenants under our senior secured term loan facilities and Revolving Credit Facility (together the “Credit Facilities”), the TH Facility, and the indentures governing our 3.875% First Lien Senior Notes due 2028, 3.50% First Lien Senior Notes due 2029, 6.125% First Lien Senior Notes due 2029, 5.625% First Lien Senior Notes due 2029, 4.375% Second Lien Senior Notes due 2028, and 4.00% Second Lien Senior Notes due 2030 (together, the “Senior Notes”).
Fair Value Measurement
The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions):
As of
June 30,
2025		December 31,
2024
Fair value of our variable term debt and senior notes$13,329 $13,090 
Principal carrying amount of our variable term debt and senior notes13,612 13,651 
Interest Expense, net
Interest expense, net consists of the following (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Debt (a)$127 $145 $254 $293 
Finance lease obligations4 5 9 10 
Amortization of deferred financing costs and debt issuance discount7 6 13 12 
Interest income(6)(9)(14)(20)
    Interest expense, net$132 $147 $262 $295 
(a)Amount includes $27 million and $36 million benefit during the three months ended June 30, 2025 and 2024, respectively, and $53 million and $66 million benefit during the six months ended June 30, 2025 and 2024, respectively, related to our interest rate swaps. Amount includes $22 million and $12 million benefit during the three months ended June 30, 2025 and 2024, respectively, and $44 million and $23 million benefit during the six months ended June 30, 2025 and 2024, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 12, Derivative Instruments.
v3.25.2
Derivative Instruments
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025, we had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $3,500 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities, including any subsequent refinancing or replacement of the Term Loan Facilities, beginning August 31, 2021 through the termination date of October 31, 2028. Additionally, at June 30, 2025, we also had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $500 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities effective September 30, 2019 through the termination date of September 30, 2026. At inception, all of these interest rate swaps were designated as cash flow hedges for hedge accounting. The unrealized changes in market value are recorded in AOCI, net of tax, and reclassified into interest expense during the period in which the hedged forecasted transaction affects earnings.
In connection with the Carrols Acquisition, we assumed a receive-variable, pay-fixed interest rate swap utilizing SOFR as the benchmark interest rate with a total notional value of $120 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities, including any subsequent refinancing or replacement of the Term Loan Facilities, through the termination date of February 28, 2025. This interest rate swap was designated as a cash flow hedge for hedge accounting and the unrealized changes in market value were recorded in AOCI, net of tax, and reclassified into interest expense during the period in which the hedged forecasted transaction affected earnings.
At June 30, 2025, the net amount of pre-tax gains that we expect to be reclassified from AOCI into interest expense within the next 12 months is $74 million.
Cross-Currency Rate Swaps
To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, we hedge a portion of our net investment in one or more of our foreign subsidiaries by using cross-currency rate swaps. At June 30, 2025, we had outstanding cross-currency rate swap contracts between the Canadian dollar and U.S. dollar and the euro and U.S. dollar that have been designated as net investment hedges of a portion of our equity in foreign operations in those currencies. The component of the gains and losses on our net investment in these designated foreign operations driven by changes in foreign exchange rates is economically partly offset by movements in the fair value of our cross-currency swap contracts. The fair value of the swaps is calculated each period with changes in fair value reported in AOCI, net of tax. Such amounts will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations.
At June 30, 2025, we had outstanding cross-currency rate swaps from which we receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $5,700 million to partially hedge the net investment in our Canadian subsidiaries. In November 2024, we restructured $5,000 million of cross-currency rate swaps, of which $1,950 million have a maturity of September 30, 2028, $1,400 million have a maturity of October 31, 2029 and $1,650 million have a maturity of October 31, 2030. The restructure resulted in a re-designation of the hedge and the swaps continue to be accounted for as a net investment hedge. Additionally, in November 2024 we entered into cross-currency rate swaps in which we receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $700 million through the maturity date of October 31, 2027. At inception, these cross-currency rate swaps were designated and continue to be hedges and are accounted for as net investment hedges.
At June 30, 2025, we had outstanding cross-currency rate swap contracts between the euro and U.S. dollar from which we receive quarterly fixed-rate interest payments on the U.S. dollar aggregate amount of $2,750 million, of which $1,400 million were entered during 2023 and have a maturity date of October 31, 2026, $1,200 million were entered during 2023 and have a maturity date of November 30, 2028, and $150 million were entered during 2021 and have a maturity date of October 31, 2028. At inception, these cross-currency rate swaps were designated and continue to be hedges and are accounted for as net investment hedges.
In connection with the cross-currency rate swaps hedging Canadian dollar and euro net investments, we utilize the spot method to exclude the interest component (the “Excluded Component”) from the accounting hedge without affecting net investment hedge accounting and amortize the Excluded Component over the life of the derivative instrument. The amortization of the Excluded Component is recognized in Interest expense, net in the condensed consolidated statements of operations. The change in fair value that is not related to the Excluded Component is recorded in AOCI and will be reclassified to earnings when the foreign subsidiaries are sold or substantially liquidated.
Foreign Currency Exchange Contracts
We use foreign exchange derivative instruments to manage the impact of foreign exchange fluctuations on U.S. dollar purchases and payments, such as coffee purchases made by our Canadian Tim Hortons’ operations. At June 30, 2025, we had outstanding forward currency contracts to manage this risk in which we sell Canadian dollars and buy U.S. dollars with a notional value of $202 million with maturities to August 17, 2026. We have designated these instruments as cash flow hedges, and as such, the unrealized changes in market value of effective hedges are recorded in AOCI and are reclassified into earnings during the period in which the hedged forecasted transaction affects earnings.
Credit Risk
By entering into derivative contracts, we are exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty.
Credit-Risk Related Contingent Features
Our derivative instruments do not contain any credit-risk related contingent features.
Quantitative Disclosures about Derivative Instruments and Fair Value Measurements
The following tables present the required quantitative disclosures for our derivative instruments, including their estimated fair values (all estimated using Level 2 inputs) and their location on our condensed consolidated balance sheets (in millions):
Gain or (Loss) Recognized in Other Comprehensive Income (Loss)
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Derivatives designated as cash flow hedges(1)
Interest rate swaps$(17)$35 $(58)$127 
Forward-currency contracts$2 $2 $2 $5 
Derivatives designated as net investment hedges
Cross-currency rate swaps$(420)$23 $(483)$154 
(1) We did not exclude any components from the cash flow hedge relationships presented in this table.
Location of Gain or (Loss) Reclassified from AOCI into EarningsGain or (Loss) Reclassified from
AOCI into Earnings
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Derivatives designated as cash flow hedges
Interest rate swapsInterest expense, net$27 $36 $53 $66 
Forward-currency contractsSupply chain cost of sales$1 $1 $4 $1 
Location of Gain or (Loss) Recognized in EarningsGain or (Loss) Recognized in Earnings
(Amount Excluded from Effectiveness Testing)
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Derivatives designated as net investment hedges
Cross-currency rate swapsInterest expense, net$22 $12 $44 $23 
Fair Value as of
June 30,
2025		December 31, 2024Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate$94 $194 Other assets, net
Interest rate— 1 Prepaids and other current assets
Foreign currency6 8 Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency— 83 Other assets, net
Total assets at fair value$100 $286 
Liabilities:
Derivatives designated as net investment hedges
Foreign currency$385 $1 Other liabilities, net
Total liabilities at fair value$385 $1 
v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Noncontrolling Interests
The holders of Partnership exchangeable units held an economic interest of approximately 27.9% and 28.1% in Partnership common equity through the ownership of 126,983,115 and 127,038,577 Partnership exchangeable units as of June 30, 2025 and December 31, 2024, respectively.
Pursuant to exchange notices received, Partnership exchanged 55,462 Partnership exchangeable units during the six months ended June 30, 2025. In accordance with the terms of the partnership agreement, Partnership satisfied the exchange notices by exchanging these Partnership exchangeable units for the same number of newly issued RBI common shares and each such Partnership exchangeable unit was cancelled concurrently with the exchange. Partnership exchangeable units exchanged for RBI common shares subsequent to December 31, 2023 also result in the issuance of additional Partnership Class A common units to RBI in an amount equal to the number of RBI common shares exchanged. The exchanges represented increases in our ownership interest in Partnership and were accounted for as equity transactions, with no gain or loss recorded in the accompanying condensed consolidated statements of operations.
Share Repurchases
On August 6, 2025, our Board of Directors approved a share repurchase program that allows us to purchase up to $1,000 million of our common shares from September 15, 2025 until September 30, 2027. Effective as of September 15, 2025, this share repurchase authorization will replace our prior two-year authorization to repurchase up to the same $1,000 million of our common shares until September 30, 2025 (the “Prior Authorization”). For the three and six months ended June 30, 2025, we did not repurchase any of our common shares and as of June 30, 2025 had $500 million remaining under the Prior Authorization.
Accumulated Other Comprehensive Income (Loss)
The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions):
DerivativesPensionsForeign Currency TranslationAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2024$719 $(14)$(1,812)$(1,107)
Foreign currency translation adjustment— — 798 798 
Net change in fair value of derivatives, net of tax(533)— — (533)
Amounts reclassified to earnings of cash flow hedges, net of tax(42)— — (42)
Gain (loss) recognized on other, net of tax— 1 — 1 
Amounts attributable to noncontrolling interests161 — (224)(63)
Balance at June 30, 2025$305 $(13)$(1,238)$(946)
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our effective tax rate was 24.8% and 25.8% for the three and six months ended June 30, 2025, respectively. The effective tax rate during these periods includes the impact of the Administrative Guidance recently issued by the Organization for Economic Cooperation and Development (“OECD”), partially offset by the mix of income from multiple tax jurisdictions and internal financing arrangements.
Our effective tax rate was 17.6% and 17.4% for the three and six months ended June 30, 2024, respectively. The effective tax rate during these periods was primarily the result of the mix of income from multiple tax jurisdictions, internal financing arrangements, the impact of the Carrols Acquisition, and equity-based compensation.
On July 4, 2025, the “One Big Beautiful Bill Act” (“OBBBA”) was enacted into law. The OBBBA provides for modifications to U.S. tax law including changes to interest deductibility, R&D expensing, bonus depreciation, and various international provisions. We are currently evaluating the full effects of the tax law change, but we do not expect the legislation to have a material impact on our financial statements. As the law was enacted after the end of the second quarter, we have not reflected any impact from the OBBBA in our operating results for the three and six months ended June 30, 2025.
v3.25.2
Other Operating Expenses (Income), net
 6 Months Ended
Jun. 30, 2025
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
June 30,		Six Months Ended
June 30,
2025202420252024
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings$13 $8 $15 $10 
Litigation settlements (gains) and reserves, net1 1 4 1 
Net losses (gains) on foreign exchange132 (6)207 (29)
Other, net3 4 6 7 
     Other operating expenses (income), net$149 $7 $232 $(11)
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings represent sales of properties and other costs related to restaurant closures and refranchisings. Gains and losses recognized in the current period may reflect certain costs related to closures and refranchisings that occurred in previous periods.
Litigation settlements and reserves, net primarily reflect accruals and payments made and proceeds received in connection with litigation and arbitration matters and other business disputes.
Net losses (gains) on foreign exchange consist of remeasurement of foreign denominated assets and liabilities, primarily intercompany financing. A substantial portion of this net foreign currency gain or loss relates to measurement of U.S. dollar intercompany balances in foreign subsidiaries. This gain or loss primarily results from fluctuations in the exchange rate between the Euro and U.S. dollar.
v3.25.2
Supplier Finance Programs
 6 Months Ended
Jun. 30, 2025
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, which is discounted based on the payment terms and a rate based on RBI's credit rating, which may be beneficial to the vendor. Participation in the SCF program is at the sole discretion of the suppliers and financial institution and we are not a party to the arrangements between the suppliers and the financial institution. Our obligations to suppliers are not affected by the suppliers’ decisions to participate in the SCF program and our payment terms remain the same based on the original supplier invoicing terms and conditions. No guarantees are provided by us or any of our subsidiaries in connection with the SCF Program.
Our confirmed outstanding obligations under the SCF program at June 30, 2025 and December 31, 2024 totaled $32 million and $22 million, respectively, and are classified as Accounts and drafts payable in our condensed consolidated balance sheets. All activity related to the obligations is classified as Supply chain cost of sales in our condensed consolidated statements of operations and presented within cash flows from operating activities in our condensed consolidated statements of cash flows.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
From time to time, we are involved in legal proceedings arising in the ordinary course of business relating to matters including, but not limited to, disputes with franchisees, suppliers, employees and customers, as well as disputes over our intellectual property.
On October 5, 2018, a class action complaint was filed against Burger King Worldwide, Inc. (“BKW”) and Burger King Company, successor in interest, (“BKC”) in the U.S. District Court for the Southern District of Florida by Jarvis Arrington, individually and on behalf of all others similarly situated. On October 18, 2018, a second class action complaint was filed against RBI, BKW and BKC in the U.S. District Court for the Southern District of Florida by Monique Michel, individually and on behalf of all others similarly situated. On October 31, 2018, a third class action complaint was filed against BKC and BKW in the U.S. District Court for the Southern District of Florida by Geneva Blanchard and Tiffany Miller, individually and on behalf of all others similarly situated. On November 2, 2018, a fourth class action complaint was filed against RBI, BKW and BKC in the U.S. District Court for the Southern District of Florida by Sandra Munster, individually and on behalf of all others similarly situated. These complaints have been consolidated and allege that the defendants violated Section 1 of the Sherman Act by incorporating an employee no-solicitation and no-hiring clause in the standard form franchise agreement all Burger King franchisees are required to sign. Each plaintiff seeks injunctive relief and damages for himself or herself and other members of the class. On March 24, 2020, the Court granted BKC’s motion to dismiss for failure to state a claim and on April 20, 2020 the plaintiffs filed a motion for leave to amend their complaint. The court denied the plaintiffs motion for leave to amend their complaint in August 2020 and the plaintiffs appealed this ruling. In August 2022, the federal appellate court reversed the lower court's decision to dismiss the case and remanded the case to the lower court for further proceedings. In March 2025, at the request of the court, BKC filed a supplemental brief in support of its motion to dismiss and the plaintiffs filed a supplemental brief in support of its motion opposing BKC's motion to dismiss. On April 9, 2025, the court denied BKC's motion to dismiss. Plaintiffs filed an amended complaint on April 30, 2025, and BKC filed its answer on May 21, 2025. While we intend to vigorously defend these claims, we are unable to predict the ultimate outcome of this case or estimate the range of possible loss, if any.
On October 7, 2024, purported former shareholders of Carrols filed a complaint in the Court of Chancery of the State of Delaware against RBI and two individuals that were on the board of Carrols. The complaint alleges claims for breach of fiduciary duty by RBI, as a purported controlling shareholder of Carrols, and unjust enrichment by RBI in connection with the acquisition of Carrols, as well as claims for breaches of fiduciary duty by the two individual directors. The complaint generally alleges that RBI coerced Carrols into the transaction, and that the two directors failed to disclose that their interests differed from the interests of other Carrols shareholders, and that the two directors were not independent from RBI. The complaint seeks equitable relief, damages and fees and expenses. We filed a motion to dismiss in December 2024 and the plaintiffs filed an amended complaint in February 2025. In March 2025, we filed an amended motion to dismiss and plaintiffs filed their opposition on May 2, 2025. On July 22, 2025, the court denied RBI's motion to dismiss. RBI is working with counsel to prepare a timely response to the plaintiff's amended complaint. We intend to vigorously defend these claims, however, we are unable to predict the ultimate outcome of this case or estimate the range of possible loss, if any.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividends
On July 8, 2025, we paid a cash dividend of $0.62 per common share to common shareholders of record on June 24, 2025. On such date, Partnership also made a distribution in respect of each Partnership exchangeable unit in the amount of $0.62 per exchangeable unit to holders of record on June 24, 2025.
Subsequent to June 30, 2025, our board of directors declared a cash dividend of $0.62 per common share, which will be paid on October 7, 2025 to common shareholders of record on September 23, 2025. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.62 per Partnership exchangeable unit, and the record date and payment date for distributions on Partnership exchangeable units are the same as the record date and payment date set forth above.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
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
v3.25.2
Description of Business and Organization (Policies)
 6 Months Ended
Jun. 30, 2025
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 21, 2025.
The Financial Statements include our accounts and the accounts of entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. Investments in other affiliates that are owned 50% or less where we have significant influence are accounted for by the equity method. All material intercompany balances and transactions have been eliminated in consolidation.
We are the sole general partner of Partnership and, as such we have the exclusive right, power and authority to manage, control, administer and operate the business and affairs and to make decisions regarding the undertaking and business of Partnership, subject to the terms of the amended and restated limited partnership agreement of Partnership (the “partnership agreement”) and applicable laws. As a result, we consolidate the results of Partnership and record a noncontrolling interest in our condensed consolidated balance sheets and statements of operations with respect to the remaining economic interest in Partnership we do not hold.
In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the full year.
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.
Certain prior year amounts in the accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified in order to be comparable with the current year classifications. These reclassifications did not arise as a result of any changes to accounting policies and relate entirely to presentation, with no effect on previously reported net income.
New Accounting Pronouncements
New Accounting Pronouncements
Improvements to Income Tax Disclosures – In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that expands income tax disclosures for public entities, including requiring enhanced disclosures related to the rate reconciliation and income taxes paid information. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance should be applied on a prospective basis, with retrospective application to all prior periods presented in the financial statements permitted. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance.
Disaggregation of Income Statement Expenses – In November 2024, the FASB issued guidance that requires disclosure of disaggregated information about certain income statement expense line items. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2026, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance.
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 13, Shareholders’ Equity.
Basic and diluted earnings (loss) per share are computed using the weighted average number of shares outstanding for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by outstanding equity awards, unless the effect of their inclusion is anti-dilutive. The diluted earnings (loss) per share calculation assumes conversion of 100% of the Partnership exchangeable units under the “if converted” method. Accordingly, the numerator is also adjusted to include the earnings (loss) allocated to the holders of noncontrolling interests.
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
v3.25.2
Earnings (Loss) per Share (Tables)
 6 Months Ended
Jun. 30, 2025
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
June 30,		Six Months Ended
June 30,
2025202420252024
Numerator:
Net income from continuing operations attributable to common shareholders - basic$190 $280 $350 $510 
Add: Net income from continuing operations attributable to noncontrolling interests74 119 137 216 
Net income from continuing operations available to common shareholders and noncontrolling interests - diluted$264 $399 $487 $726 
Net loss from discontinued operations$1 $— $3 $— 
Net income attributable to common shareholders - basic$189 $280 $348 $510 
Add: Net income attributable to noncontrolling interests74 119 136 216 
Net income available to common shareholders and noncontrolling interests - diluted$263 $399 $484 $726 
Denominator:
Weighted average common shares - basic328 317 327 316 
Exchange of noncontrolling interests for common shares (Note 13)127 134 127 134 
Effect of other dilutive securities2 2 2 3 
Weighted average common shares - diluted457 453 456 453 
Basic net income per share from continuing operations (a)$0.58 $0.89 $1.07 $1.62 
Basic net loss per share from discontinued operations (a)$(0.00)$— $(0.01)$— 
Basic net income per share (a)$0.58 $0.89 $1.07 $1.62 
Diluted net income per share from continuing operations (a)$0.58 $0.88 $1.07 $1.60 
Diluted net loss per share from discontinued operations (a)$(0.00)$— $(0.01)$— 
Diluted net income per share (a)$0.57 $0.88 $1.06 $1.60 
Anti-dilutive securities outstanding5 5 5 5 
(a) Earnings (loss) per share may not recalculate exactly as it is calculated based on unrounded numbers.
v3.25.2
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2024 and June 30, 2025 (in millions):
Contract Liabilities
Balance at December 31, 2024$517 
Recognized during period and included in the contract liability balance at the beginning of the year(29)
Increase, excluding amounts recognized as revenue during the period21 
Effective settlement of pre-existing contract liabilities in connection with BK China Acquisition (Note 6)(17)
Impact of foreign currency translation22 
Balance at June 30, 2025$514 
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 June 30, 2025 (in millions):
Contract liabilities expected to be recognized in
Remainder of 2025$27 
202652 
202749 
202846 
202943 
Thereafter297 
Total$514 
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 June 30, 2025
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$732 $— $— $— $— $— $— $732 
Company restaurant sales12 61 46 11 — 469 — 600 
Royalties89 124 76 19 213 — (21)500 
Property revenues166 55 4 — — — (6)219 
Franchise fees and other revenue7 3 7 9 15 — — 41 
Advertising revenues and other services78 144 77 20 21 — (22)318 
Total revenues$1,083 $388 $210 $59 $250 $469 $(49)$2,410 
(a)Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK and INTL from intersegment transactions with RH.
Six Months Ended June 30, 2025
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$1,343 $— $— $— $— $— $— $1,343 
Company restaurant sales22 121 93 22 — 901 — 1,158 
Royalties162 238 148 37 400 — (40)945 
Property revenues303 107 7 — 1 — (15)404 
Franchise fees and other revenue15 5 9 17 27 — — 74 
Advertising revenues and other services142 273 147 36 40 — (42)595 
Total revenues$1,987 $744 $404 $113 $468 $901 $(97)$4,519 

Three Months Ended June 30, 2024
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$682 $— $— $— $— $— $— $682 
Company restaurant sales11 63 33 10 — 230 — 347 
Royalties86 122 76 19 200 — (10)493 
Property revenues160 52 4 — 1 — (4)213 
Franchise fees and other revenue13 3 5 8 12 — — 41 
Advertising revenues and other services78 124 76 16 20 — (10)304 
Total revenues$1,030 $364 $194 $53 $233 $230 $(24)$2,080 

Six Months Ended June 30, 2024
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$1,309 $— $— $— $— $— $— $1,309 
Company restaurant sales22 121 56 20 — 230 — 449 
Royalties163 238 151 36 388 — (10)966 
Property revenues307 108 7 — 1 — (4)419 
Franchise fees and other revenue20 6 7 16 25 — — 74 
Advertising revenues and other services148 241 151 31 41 — (10)602 
Total revenues$1,969 $714 $372 $103 $455 $230 $(24)$3,819 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Operating Lease And Direct Financing Lease, Lease Income
Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Lease income - operating leases
Minimum lease payments$90 $92 $177 $186 
Variable lease payments127 119 224 230 
Amortization of favorable and unfavorable income lease contracts, net1 1 1 1 
Subtotal - lease income from operating leases218 212 402 417 
Earned income on direct financing and sales-type leases1 1 2 2 
Total property revenues$219 $213 $404 $419 
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Revenues by Operating Segment and Country
Three Months Ended June 30, 2025
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$1,083 $338 $210 $59 $250 $469 $— $2,410 
Intersegment revenues (a)— 49 — — — — (49)— 
Total revenues$1,083 $388 $210 $59 $250 $469 $(49)$2,410 
Operating costs and expenses:
Supply chain cost of sales589 — — — — — — 589 
Company restaurant expenses (b)10 57 40 9 — 406 (23)498 
Segment F&P expenses83 33 6 2 9 — (4)128 
Advertising expenses and other services93 147 80 20 23 24 (22)364 
Segment G&A34 31 19 13 47 23 — 166 
Adjustments:
Cash distributions received from equity method investments4 — — — — — — 4 
Adjusted Operating Income278 121 66 15 172 16 — 668 
Additional segment information:
Depreciation and amortization28 13 4 1 7 24 — 77 
(Income) loss from equity method investments(4)— — — (1)— — (5)
Capital expenditures9 6 2 1 4 21 — 42 
(a)Consists of BK and INTL royalties, property revenues, advertising contribution revenues and tech fees from intersegment transactions with RH.
(b)The components of Company restaurant expenses for our RH segment are included below.
Six Months Ended June 30, 2025
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$1,987 $647 $404 $113 $468 $901 $— $4,519 
Intersegment revenues (a)— 97 — — — — (97)— 
Total revenues$1,987 $744 $404 $113 $468 $901 $(97)$4,519 
Operating costs and expenses:
Supply chain cost of sales1,085 — — — — — — 1,085 
Company restaurant expenses (b)19 111 79 19 — 785 (47)966 
Segment F&P expenses161 64 8 3 14 — (8)242 
Advertising expenses and other services159 278 152 38 45 45 (42)675 
Segment G&A71 67 40 27 98 48 — 351 
Adjustments:
Cash distributions received from equity method investments7 — — — — — — 7 
Adjusted Operating Income499 224 126 26 310 23 — 1,208 
Additional segment information:
Depreciation and amortization55 26 7 3 14 44 — 148 
(Income) loss from equity method investments(7)— — — (3)— — (10)
Capital expenditures13 11 3 2 6 37 — 73 

Three Months Ended June 30, 2024
THBKPLKFHSINTLRHELIMTotal
Total revenues$1,030 $340 $194 $53 $233 $230 $— $2,080 
Intersegment revenues (a)— 24 — — — — (24)— 
Total revenues$1,030 $364 $194 $53 $233 $230 $(24)$2,080 
Operating costs and expenses:
Supply chain cost of sales540 — — — — — — 540 
Company restaurant expenses (b)10 57 29 9 — 194 (13)286 
Segment F&P expenses91 26 5 1 — — (2)122 
Advertising expenses and other services87 131 78 17 22 10 (10)334 
Segment G&A38 36 21 14 49 12 — 170 
Adjustments:
Cash distributions received from equity method investments4 — — — — — — 4 
Adjusted Operating Income269 114 62 13 160 14 — 632 
Additional segment information:
Depreciation and amortization28 12 3 1 7 9 — 59 
(Income) loss from equity method investments(4)(77)— — 12 — — (69)
Capital expenditures11 17 6 1 3 7 — 44 
Six Months Ended June 30, 2024
THBKPLKFHSINTLRHELIMTotal
Total revenues$1,969 $690 $372 $103 $455 $230 $— $3,819 
Intersegment revenues (a)24 (24)— 
Total revenues$1,969 $714 $372 $103 $455 $230 $(24)$3,819 
Operating costs and expenses:
Supply chain cost of sales1,057 — — — — — — 1,057 
Company restaurant expenses (b)19 110 48 18 — 194 (13)375 
Segment F&P expenses171 57 6 3 5 — (2)240 
Advertising expenses and other services157 256 154 32 45 10 (10)645 
Segment G&A80 72 43 28 102 12 — 337 
Adjustments:
Cash distributions received from equity method investments7 — — — — — — 7 
Adjusted Operating Income493 220 120 23 302 14 — 1,172 
Additional segment information:
Depreciation and amortization55 23 5 2 13 9 — 108 
(Income) loss from equity method investments(8)(77)— — 14 — — (72)
Capital expenditures18 30 7 2 5 7 — 69 
The following table presents the components of Company restaurant expenses for our RH segment (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Company restaurant expenses for RH segment
Food, beverage and packaging costs$134 $64 $255 $64 
Restaurant wages and related expenses152 72 297 72 
Restaurant occupancy expense and other120 59 233 59 
             Company restaurant expenses (RH segment)$406 $194 $785 $194 
The following tables present revenues by country (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenues by country (c):
     United States$1,165 $902 $2,238 $1,563 
     Canada992 945 1,807 1,801 
     Other253 233 474 455 
Total revenues$2,410 $2,080 $4,519 $3,819 
(c)Only the United States and Canada represented 10% or more of our total revenues in each period presented.
Schedule of Reconciliation of Segment Income to Net Income (Loss) A reconciliation of segment income to net income from continuing operations consists of the following (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Segment income:
     TH$278 $269 $499 $493 
     BK121 114 224 220 
     PLK66 62 126 120 
     FHS15 13 26 23 
INTL172 160 310 302 
RH16 14 23 14 
          Adjusted Operating Income668 632 1,208 1,172 
Franchise agreement and reacquired franchise rights amortization17 11 33 19 
RH and BK China Transaction costs16 9 22 13 
Corporate restructuring and advisory fees5 6 6 8 
Impact of equity method investments (a)(1)(64)(3)(64)
Other operating expenses (income), net149 7 232 (11)
          Income from operations483 663 918 1,207 
Interest expense, net132 147 262 295 
Loss on early extinguishment of debt— 32 — 32 
Income tax expense from continuing operations87 85 169 153 
          Net income from continuing operations$264 $399 $487 $727 
(a)Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in Adjusted Operating Income, which is our measure of segment income.
v3.25.2
BK China (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule Of Net Cash Provided by (Used in) Discontinued Operations
Net cash provided by (used for) discontinued operations consists of the following (in millions):
Six Months Ended
June 30, 2025
Cash flows from discontinued operations:
Net cash used for operating activities from discontinued operations$(53)
Net cash used for investing activities from discontinued operations(2)
Net cash used for financing activities from discontinued operations(30)
Net cash used for discontinued operations$(85)
v3.25.2
Carrols Acquisition (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Business Combination
The following table summarizes the purchase price consideration in connection with the Carrols Acquisition (in millions):
Total cash paid$543 
Effective settlement of pre-existing balance sheet accounts (a)15 
Fair value of existing 15% equity interest
90 
Total consideration$648 
(a)Effective settlement of pre-existing balances with Carrols related to franchise and lease agreements prior to the date of acquisition.
Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed The final allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions):
May 16, 2024
Total current assets$81 
Property and equipment296 
Reacquired franchise rights363 
Operating lease assets705 
Other assets24 
Accounts and drafts payable(13)
Other accrued liabilities(150)
Current portion of long-term debt and finance leases(434)
Finance leases, net of current portion(9)
Operating lease liabilities, net of current portion(684)
Other liabilities(10)
Total identifiable net assets169 
Goodwill479 
Total consideration$648 
Schedule of Supplemental Pro Forma Information
The following table presents unaudited supplemental pro forma consolidated revenue for the three and six months ended June 30, 2024, as if the Carrols Acquisition had occurred on January 1, 2023 (in millions):
Three Months Ended June 30, 2024Six Months Ended
June 30, 2024
Total revenues$2,291 $4,435 
v3.25.2
Equity Method Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Franchise and Property Revenues Revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest, including Carrols through May 15, 2024 and BK China through February 14, 2025, consist of the following (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenues from affiliates:
Royalties$83 $95 $158 $196 
Advertising revenues and other services1 11 3 31 
Property revenues1 5 1 13 
Franchise fees and other revenue4 5 7 11 
Supply chain sales4 5 8 9 
Total$93 $121 $177 $260 
v3.25.2
Intangible Assets, net and Goodwill (Tables)
 6 Months Ended
Jun. 30, 2025
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
June 30, 2025December 31, 2024
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$733 $(398)$335 $707 $(369)$338 
   Reacquired franchise rights374 (40)334 374 (22)352 
   Favorable leases75 (56)19 74 (53)21 
      Subtotal1,182 (494)688 1,155 (444)711 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,271 $— $6,271 $5,972 $— $5,972 
   Burger King brand
2,149 — 2,149 2,068 — 2,068 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,591 — 10,591 10,211 — 10,211 
Intangible assets, net$11,279 $10,922 
Goodwill:
TH segment$4,025 $3,841 
BK segment358 240 
PLK segment844 844 
FHS segment194 193 
INTL segment507 377 
RH segment373 491 
      Total$6,301 $5,986 
v3.25.2
Other Accrued Liabilities and Other Liabilities, net (Tables)
 6 Months Ended
Jun. 30, 2025
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
June 30,
2025		December 31,
2024
Current:
Dividend payable$282 $262 
Interest payable69 69 
Accrued compensation and benefits123 143 
Taxes payable173 228 
Deferred income77 71 
Accrued advertising expenses62 35 
Restructuring and other provisions20 16 
Current portion of operating lease liabilities201 193 
Other128 124 
Other accrued liabilities$1,135 $1,141 
Noncurrent:
Taxes payable$55 $52 
Contract liabilities514 517 
Derivative liabilities385 1 
Unfavorable leases29 30 
Accrued pension24 23 
Deferred income60 54 
Other27 29 
Other liabilities, net$1,094 $706 
v3.25.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of the following (in millions):
As of
June 30,
2025		December 31,
2024
Term Loan B$4,703 $4,726 
Term Loan A1,259 1,275 
3.875% First Lien Senior Notes due 2028
1,550 1,550 
3.50% First Lien Senior Notes due 2029
750 750 
6.125% First Lien Senior Notes due 2029
1,200 1,200 
5.625% First Lien Senior Notes due 2029
500 500 
4.375% Second Lien Senior Notes due 2028
750 750 
4.00% Second Lien Senior Notes due 2030
2,900 2,900 
TH Facility and other105 108 
Less: unamortized deferred financing costs and deferred issuance discount(104)(117)
Total debt, net13,613 13,642 
    Less: current maturities of debt(185)(187)
Total long-term debt$13,428 $13,455 
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
June 30,
2025		December 31,
2024
Fair value of our variable term debt and senior notes$13,329 $13,090 
Principal carrying amount of our variable term debt and senior notes13,612 13,651 
Schedule of Interest Expense, Net
Interest expense, net consists of the following (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Debt (a)$127 $145 $254 $293 
Finance lease obligations4 5 9 10 
Amortization of deferred financing costs and debt issuance discount7 6 13 12 
Interest income(6)(9)(14)(20)
    Interest expense, net$132 $147 $262 $295 
(a)Amount includes $27 million and $36 million benefit during the three months ended June 30, 2025 and 2024, respectively, and $53 million and $66 million benefit during the six months ended June 30, 2025 and 2024, respectively, related to our interest rate swaps. Amount includes $22 million and $12 million benefit during the three months ended June 30, 2025 and 2024, respectively, and $44 million and $23 million benefit during the six months ended June 30, 2025 and 2024, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 12, Derivative Instruments.
v3.25.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Quantitative Disclosures of Derivative Instruments
The following tables present the required quantitative disclosures for our derivative instruments, including their estimated fair values (all estimated using Level 2 inputs) and their location on our condensed consolidated balance sheets (in millions):
Gain or (Loss) Recognized in Other Comprehensive Income (Loss)
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Derivatives designated as cash flow hedges(1)
Interest rate swaps$(17)$35 $(58)$127 
Forward-currency contracts$2 $2 $2 $5 
Derivatives designated as net investment hedges
Cross-currency rate swaps$(420)$23 $(483)$154 
(1) We did not exclude any components from the cash flow hedge relationships presented in this table.
Location of Gain or (Loss) Reclassified from AOCI into EarningsGain or (Loss) Reclassified from
AOCI into Earnings
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Derivatives designated as cash flow hedges
Interest rate swapsInterest expense, net$27 $36 $53 $66 
Forward-currency contractsSupply chain cost of sales$1 $1 $4 $1 
Location of Gain or (Loss) Recognized in EarningsGain or (Loss) Recognized in Earnings
(Amount Excluded from Effectiveness Testing)
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Derivatives designated as net investment hedges
Cross-currency rate swapsInterest expense, net$22 $12 $44 $23 
Schedule of Fair Value Measurements
Fair Value as of
June 30,
2025		December 31, 2024Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate$94 $194 Other assets, net
Interest rate— 1 Prepaids and other current assets
Foreign currency6 8 Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency— 83 Other assets, net
Total assets at fair value$100 $286 
Liabilities:
Derivatives designated as net investment hedges
Foreign currency$385 $1 Other liabilities, net
Total liabilities at fair value$385 $1 
v3.25.2
Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2024$719 $(14)$(1,812)$(1,107)
Foreign currency translation adjustment— — 798 798 
Net change in fair value of derivatives, net of tax(533)— — (533)
Amounts reclassified to earnings of cash flow hedges, net of tax(42)— — (42)
Gain (loss) recognized on other, net of tax— 1 — 1 
Amounts attributable to noncontrolling interests161 — (224)(63)
Balance at June 30, 2025$305 $(13)$(1,238)$(946)
v3.25.2
Other Operating Expenses (Income), net (Tables)
 6 Months Ended
Jun. 30, 2025
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
June 30,		Six Months Ended
June 30,
2025202420252024
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings$13 $8 $15 $10 
Litigation settlements (gains) and reserves, net1 1 4 1 
Net losses (gains) on foreign exchange132 (6)207 (29)
Other, net3 4 6 7 
     Other operating expenses (income), net$149 $7 $232 $(11)
v3.25.2
Description of Business and Organization (Details)
Jun. 30, 2025
restaurant
country
Basis Of Presentation [Line Items]  
Number of restaurants in operation 32,229
Number of countries in which company and franchise restaurants operated (more than) | country 120
Percent of system-wide restaurants franchised 90.00%
Tim Hortons brand  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 6,075
Burger King brand  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 19,666
Popeyes brand  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 5,086
Firehouse Subs  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 1,402
v3.25.2
Earnings (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Assumed conversion of convertible securities, percent 100.00%   100.00%  
Numerator:        
Net income from continuing operations attributable to common shareholders - basic $ 190 $ 280 $ 350 $ 510
Add: Net income from continuing operations attributable to noncontrolling interests 74 119 137 216
Net income from continuing operations available to common shareholders and noncontrolling interests - diluted 264 399 487 726
Net loss from discontinued operations 1 0 3 0
Net income attributable to common shareholders - basic 189 280 348 510
Add: Net income attributable to noncontrolling interests 74 119 136 216
Net income attributable to common shareholders - diluted $ 263 $ 399 $ 484 $ 726
Denominator:        
Weighted average common shares - basic (in shares) 328 317 327 316
Exchange of noncontrolling interests for common shares (in shares) 127 134 127 134
Effect of other dilutive securities (in shares) 2 2 2 3
Weighted average common shares - diluted (in shares) 457 453 456 453
Basic net income per share from continuing operations (in dollars per share) $ 0.58 $ 0.89 $ 1.07 $ 1.62
Basic net loss per share from discontinued operations (in dollars per share) 0.00 0 (0.01) 0
Basic net income per share (in usd per share) 0.58 0.89 1.07 1.62
Diluted net income per share from continuing operations (in dollars per share) 0.58 0.88 1.07 1.60
Diluted net loss per share from discontinued operations (in dollars per share) 0.00 0 (0.01) 0
Diluted net income per share (in usd per share) $ 0.57 $ 0.88 $ 1.06 $ 1.60
Anti-dilutive securities outstanding (in shares) 5 5 5 5
v3.25.2
Revenue Recognition - Schedule of Change in Contract Liabilities (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Contract Liabilities  
Beginning balance $ 517
Recognized during period and included in the contract liability balance at the beginning of the year (29)
Increase, excluding amounts recognized as revenue during the period 21
Effective settlement of pre-existing contract liabilities in connection with BK China Acquisition (Note 6) (17)
Impact of foreign currency translation 22
Ending balance $ 514
v3.25.2
Revenue Recognition - Schedule of Estimated Revenue Recognition (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 514
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 27
Revenue, remaining performance obligation, expected timing of satisfaction, period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 52
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
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 $ 49
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 $ 46
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 $ 43
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 $ 297
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
v3.25.2
Revenue Recognition - Schedule of Disaggregation of Total Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues $ 219 $ 213 $ 404 $ 419
Total revenues 2,410 2,080 4,519 3,819
TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 1,083 1,030 1,987 1,969
BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 338 340 647 690
PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 210 194 404 372
FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 59 53 113 103
INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 250 233 468 455
RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 469 230 901 230
Product | Supply chain sales        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 732 682 1,343 1,309
Total revenues 732 682 1,343 1,309
Product | Company restaurant sales        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 600 347 1,158 449
Total revenues 600 347 1,158 449
Royalties        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 500 493 945 966
Franchise fees and other revenue        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 41 41 74 74
Advertising revenues and other services        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 318 304 595 602
Total revenues 318 304 595 602
Operating Segments | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 166 160 303 307
Total revenues 1,083 1,030 1,987 1,969
Operating Segments | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 55 52 107 108
Total revenues 388 364 744 714
Operating Segments | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 4 4 7 7
Total revenues 210 194 404 372
Operating Segments | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 0 0 0 0
Total revenues 59 53 113 103
Operating Segments | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 0 1 1 1
Total revenues 250 233 468 455
Operating Segments | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 0 0 0 0
Total revenues 469 230 901 230
Operating Segments | Product | Supply chain sales | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 732 682 1,343 1,309
Operating Segments | Product | Supply chain sales | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Operating Segments | Product | Supply chain sales | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Operating Segments | Product | Supply chain sales | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Operating Segments | Product | Supply chain sales | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Operating Segments | Product | Supply chain sales | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Operating Segments | Product | Company restaurant sales | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 12 11 22 22
Operating Segments | Product | Company restaurant sales | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 61 63 121 121
Operating Segments | Product | Company restaurant sales | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 46 33 93 56
Operating Segments | Product | Company restaurant sales | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 11 10 22 20
Operating Segments | Product | Company restaurant sales | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Operating Segments | Product | Company restaurant sales | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 469 230 901 230
Operating Segments | Royalties | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 89 86 162 163
Operating Segments | Royalties | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 124 122 238 238
Operating Segments | Royalties | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 76 76 148 151
Operating Segments | Royalties | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 19 19 37 36
Operating Segments | Royalties | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 213 200 400 388
Operating Segments | Royalties | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Operating Segments | Franchise fees and other revenue | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 7 13 15 20
Operating Segments | Franchise fees and other revenue | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 3 3 5 6
Operating Segments | Franchise fees and other revenue | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 7 5 9 7
Operating Segments | Franchise fees and other revenue | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 9 8 17 16
Operating Segments | Franchise fees and other revenue | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 15 12 27 25
Operating Segments | Franchise fees and other revenue | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Operating Segments | Advertising revenues and other services | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 78 78 142 148
Operating Segments | Advertising revenues and other services | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 144 124 273 241
Operating Segments | Advertising revenues and other services | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 77 76 147 151
Operating Segments | Advertising revenues and other services | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 20 16 36 31
Operating Segments | Advertising revenues and other services | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 21 20 40 41
Operating Segments | Advertising revenues and other services | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Intersegment Eliminations        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues (6) (4) (15) (4)
Total revenues (49) (24) (97) (24)
Intersegment Eliminations | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 0 0 0
Intersegment Eliminations | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 49 24 97 24
Intersegment Eliminations | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 0 0 0
Intersegment Eliminations | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 0 0 0
Intersegment Eliminations | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 0 0 0
Intersegment Eliminations | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Total revenues 0 0 0
Intersegment Eliminations | Product | Supply chain sales        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Intersegment Eliminations | Product | Company restaurant sales        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Intersegment Eliminations | Royalties        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues (21) (10) (40) (10)
Intersegment Eliminations | Franchise fees and other revenue        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0 0 0 0
Intersegment Eliminations | Advertising revenues and other services        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues $ (22) $ (10) $ (42) $ (10)
v3.25.2
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Lease income - operating leases        
Minimum lease payments $ 90 $ 92 $ 177 $ 186
Variable lease payments 127 119 224 230
Amortization of favorable and unfavorable income lease contracts, net 1 1 1 1
Subtotal - lease income from operating leases 218 212 402 417
Earned income on direct financing and sales-type leases 1 1 2 2
Total property revenues $ 219 $ 213 $ 404 $ 419
v3.25.2
Segment Reporting - Additional Information (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
segment
brand
Dec. 31, 2024
segment
Segment Reporting [Abstract]    
Number of brands | brand 4  
Number of operating segments 6 5
Number of reportable segments 6 5
v3.25.2
Segment Reporting - Schedule of Revenues by Operating Segment and Country (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue, Major Customer [Line Items]        
Total revenues $ 2,410,000 $ 2,080,000 $ 4,519,000 $ 3,819,000
Segment F&P expenses 128,000 122,000 242,000 240,000
Advertising expenses and other services 364,000 334,000 675,000 645,000
Segment G&A 166,000 170,000 351,000 337,000
Cash distributions received from equity method investments 4,000 4,000 7,000 7,000
Adjusted Operating Income 668,000 632,000 1,208,000 1,172,000
Depreciation and amortization 77,000 59,000 148,000 108,000
(Income) loss from equity method investments (5,000) (69,000) (10,000) (72,000)
Capital expenditures 42,000 44,000 73,000 69,000
Supply chain sales        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 589,000 540,000 1,085,000 1,057,000
Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 498,000 286,000 966,000 375,000
Intersegment Eliminations        
Revenue, Major Customer [Line Items]        
Total revenues (49,000) (24,000) (97,000) (24,000)
Segment F&P expenses (4,000) (2,000) (8,000) (2,000)
Advertising expenses and other services (22,000) (10,000) (42,000) (10,000)
Segment G&A 0 0 0 0
Cash distributions received from equity method investments 0 0 0 0
Adjusted Operating Income 0 0 0 0
Depreciation and amortization 0 0 0 0
(Income) loss from equity method investments 0 0 0 0
Capital expenditures 0 0 0 0
Intersegment Eliminations | Supply chain sales        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 0 0 0 0
Intersegment Eliminations | Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold (23,000) (13,000) (47,000) (13,000)
United States        
Revenue, Major Customer [Line Items]        
Total revenues $ 1,165,000 $ 902,000 $ 2,238,000 $ 1,563,000
United States | Sales Revenue | Geographic Concentration Risk        
Revenue, Major Customer [Line Items]        
Percentage of revenue (as a percent) 10.00% 10.00% 10.00% 10.00%
Canada        
Revenue, Major Customer [Line Items]        
Total revenues $ 992,000 $ 945,000 $ 1,807,000 $ 1,801,000
Canada | Sales Revenue | Geographic Concentration Risk        
Revenue, Major Customer [Line Items]        
Percentage of revenue (as a percent) 10.00% 10.00% 10.00% 10.00%
Other        
Revenue, Major Customer [Line Items]        
Total revenues $ 253,000 $ 233,000 $ 474,000 $ 455,000
TH        
Revenue, Major Customer [Line Items]        
Total revenues 1,083,000 1,030,000 1,987,000 1,969,000
TH | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 1,083,000 1,030,000 1,987,000 1,969,000
Segment F&P expenses 83,000 91,000 161,000 171,000
Advertising expenses and other services 93,000 87,000 159,000 157,000
Segment G&A 34,000 38,000 71,000 80,000
Cash distributions received from equity method investments 4,000 4,000 7,000 7,000
Adjusted Operating Income 278,000 269,000 499,000 493,000
Depreciation and amortization 28,000 28,000 55,000 55,000
(Income) loss from equity method investments (4,000) (4,000) (7,000) (8,000)
Capital expenditures 9,000 11,000 13,000 18,000
TH | Operating Segments | Supply chain sales        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 589,000 540,000 1,085,000 1,057,000
TH | Operating Segments | Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 10,000 10,000 19,000 19,000
TH | Intersegment Eliminations        
Revenue, Major Customer [Line Items]        
Total revenues 0 0 0
BK        
Revenue, Major Customer [Line Items]        
Total revenues 338,000 340,000 647,000 690,000
BK | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 388,000 364,000 744,000 714,000
Segment F&P expenses 33,000 26,000 64,000 57,000
Advertising expenses and other services 147,000 131,000 278,000 256,000
Segment G&A 31,000 36,000 67,000 72,000
Cash distributions received from equity method investments 0 0 0 0
Adjusted Operating Income 121,000 114,000 224,000 220,000
Depreciation and amortization 13,000 12,000 26,000 23,000
(Income) loss from equity method investments 0 (77,000) 0 (77,000)
Capital expenditures 6,000 17,000 11,000 30,000
BK | Operating Segments | Supply chain sales        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 0 0 0 0
BK | Operating Segments | Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 57,000 57,000 111,000 110,000
BK | Intersegment Eliminations        
Revenue, Major Customer [Line Items]        
Total revenues 49,000 24,000 97,000 24,000
PLK        
Revenue, Major Customer [Line Items]        
Total revenues 210,000 194,000 404,000 372,000
PLK | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 210,000 194,000 404,000 372,000
Segment F&P expenses 6,000 5,000 8,000 6,000
Advertising expenses and other services 80,000 78,000 152,000 154,000
Segment G&A 19,000 21,000 40,000 43,000
Cash distributions received from equity method investments 0 0 0 0
Adjusted Operating Income 66,000 62,000 126,000 120,000
Depreciation and amortization 4,000 3,000 7,000 5,000
(Income) loss from equity method investments 0 0 0 0
Capital expenditures 2,000 6,000 3,000 7,000
PLK | Operating Segments | Supply chain sales        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 0 0 0 0
PLK | Operating Segments | Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 40,000 29,000 79,000 48,000
PLK | Intersegment Eliminations        
Revenue, Major Customer [Line Items]        
Total revenues 0 0 0
FHS        
Revenue, Major Customer [Line Items]        
Total revenues 59,000 53,000 113,000 103,000
FHS | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 59,000 53,000 113,000 103,000
Segment F&P expenses 2,000 1,000 3,000 3,000
Advertising expenses and other services 20,000 17,000 38,000 32,000
Segment G&A 13,000 14,000 27,000 28,000
Cash distributions received from equity method investments 0 0 0 0
Adjusted Operating Income 15,000 13,000 26,000 23,000
Depreciation and amortization 1,000 1,000 3,000 2,000
(Income) loss from equity method investments 0 0 0 0
Capital expenditures 1,000 1,000 2,000 2,000
FHS | Operating Segments | Supply chain sales        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 0 0 0 0
FHS | Operating Segments | Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 9,000 9,000 19,000 18,000
FHS | Intersegment Eliminations        
Revenue, Major Customer [Line Items]        
Total revenues 0 0 0
INTL        
Revenue, Major Customer [Line Items]        
Total revenues 250,000 233,000 468,000 455,000
INTL | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 250,000 233,000 468,000 455,000
Segment F&P expenses 9,000 0 14,000 5,000
Advertising expenses and other services 23,000 22,000 45,000 45,000
Segment G&A 47,000 49,000 98,000 102,000
Cash distributions received from equity method investments 0 0 0 0
Adjusted Operating Income 172,000 160,000 310,000 302,000
Depreciation and amortization 7,000 7,000 14,000 13,000
(Income) loss from equity method investments (1,000) 12,000 (3,000) 14,000
Capital expenditures 4,000 3,000 6,000 5,000
INTL | Operating Segments | Supply chain sales        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 0 0 0 0
INTL | Operating Segments | Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 0 0 0 0
INTL | Intersegment Eliminations        
Revenue, Major Customer [Line Items]        
Total revenues 0 0 0
RH        
Revenue, Major Customer [Line Items]        
Total revenues 469,000 230,000 901,000 230,000
RH | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 469,000 230,000 901,000 230,000
Segment F&P expenses 0 0 0 0
Advertising expenses and other services 24,000 10,000 45,000 10,000
Segment G&A 23,000 12,000 48,000 12,000
Cash distributions received from equity method investments 0 0 0 0
Adjusted Operating Income 16,000 14,000 23,000 14,000
Depreciation and amortization 24,000 9,000 44,000 9,000
(Income) loss from equity method investments 0 0 0 0
Capital expenditures 21,000 7,000 37,000 7,000
RH | Operating Segments | Supply chain sales        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 0 0 0 0
RH | Operating Segments | Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 406,000 194,000 785,000 194,000
RH | Intersegment Eliminations        
Revenue, Major Customer [Line Items]        
Total revenues 0 0 0
RH | Food, beverage and packaging costs | Operating Segments | Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 134,000 64,000 255,000 64,000
RH | Restaurant wages and related expenses | Operating Segments | Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold 152,000 72,000 297,000 72,000
RH | Restaurant occupancy expense and other | Operating Segments | Company restaurant expenses        
Revenue, Major Customer [Line Items]        
Cost of goods and services sold $ 120,000 $ 59,000 $ 233,000 $ 59,000
v3.25.2
Segment Reporting - Schedule of Reconciliation of Segment Income to Net Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]        
Adjusted Operating Income $ 668 $ 632 $ 1,208 $ 1,172
Impact of equity method investments (5) (69) (10) (72)
Other operating expenses (income), net 149 7 232 (11)
Income from operations 483 663 918 1,207
Interest expense, net 132 147 262 295
Loss on early extinguishment of debt 0 32 0 32
Income tax expense from continuing operations 87 85 169 153
Net income from continuing operations 264 399 487 727
Unallocated Management G&A        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Franchise agreement and reacquired franchise rights amortization 17 11 33 19
RH and BK China Transaction costs 16 9 22 13
Corporate restructuring and advisory fees 5 6 6 8
Impact of equity method investments (1) (64) (3) (64)
Other operating expenses (income), net 149 7 232 (11)
TH | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Adjusted Operating Income 278 269 499 493
Impact of equity method investments (4) (4) (7) (8)
BK | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Adjusted Operating Income 121 114 224 220
Impact of equity method investments 0 (77) 0 (77)
PLK | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Adjusted Operating Income 66 62 126 120
Impact of equity method investments 0 0 0 0
FHS | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Adjusted Operating Income 15 13 26 23
INTL | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Adjusted Operating Income 172 160 310 302
Impact of equity method investments (1) 12 (3) 14
RH | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Adjusted Operating Income 16 14 23 14
Impact of equity method investments $ 0 $ 0 $ 0 $ 0
v3.25.2
BK China - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Feb. 14, 2025
Jun. 30, 2025
Dec. 31, 2024
Business Combination [Line Items]      
Goodwill   $ 6,301 $ 5,986
INTL      
Business Combination [Line Items]      
Goodwill   507 $ 377
Discontinued Operations, Held-for-Sale | Burger King China      
Business Combination [Line Items]      
Cash and cash equivalents, at carrying value, including discontinued operations   137  
Assets held for sale - discontinued operations   58  
Burger King China      
Business Combination [Line Items]      
Payments to acquire businesses $ 151    
Business combination, recognition of gain   2  
Consideration transferred 149    
Fair value of existing 15% equity interest 11    
Amount of settlement of pre-existing balances 13    
Property and equipment 116    
Operating lease right of use assets 160    
Goodwill 308    
Short-term debt 178    
Operating lease liabilities 157    
Other assets and liabilities $ 100    
Burger King China | INTL      
Business Combination [Line Items]      
Goodwill   $ 108  
v3.25.2
BK China - Schedule of Net Cash Provided by (Used in) Discontinued Operations (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Net cash used for operating activities from discontinued operations $ (53)  
Net cash used for investing activities from discontinued operations (2)  
Net cash used for financing activities from discontinued operations (30)  
Net cash used for discontinued operations $ (85) $ 0
v3.25.2
Carrols Acquisition - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 2 Months Ended 6 Months Ended 12 Months Ended 14 Months Ended
May 16, 2024
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Jun. 30, 2025
Mar. 31, 2025
May 15, 2024
Asset Acquisition, Contingent Consideration [Line Items]                
Goodwill     $ 6,301   $ 5,986 $ 6,301    
RH                
Asset Acquisition, Contingent Consideration [Line Items]                
Goodwill     373   491 373    
BK                
Asset Acquisition, Contingent Consideration [Line Items]                
Goodwill     $ 358   240 358    
Carrols Restaurant Group, Inc.                
Asset Acquisition, Contingent Consideration [Line Items]                
Equity interest               15.00%
Acquisition, remaining issued and outstanding shares percentage 85.00%              
Business acquisition price per share (in dollars per share) $ 9.55              
Business combination, recognition of gain       $ 79        
Payments to acquire businesses $ 543              
Outstanding debt 431              
Proceeds from loans used to business combination   $ 750            
Transaction costs         $ 11      
Goodwill, measurement adjustment           (2)    
Property and equipment           $ 2    
Weighted average amortization period     12 years          
Goodwill $ 479              
Carrols Restaurant Group, Inc. | RH                
Asset Acquisition, Contingent Consideration [Line Items]                
Goodwill             $ 362  
Carrols Restaurant Group, Inc. | BK                
Asset Acquisition, Contingent Consideration [Line Items]                
Goodwill             $ 117  
v3.25.2
Carrols Acquisition - Schedule of Purchase Price Consideration (Details) - Carrols Restaurant Group, Inc. - USD ($)
$ in Millions
May 16, 2024
May 15, 2024
Asset Acquisition [Line Items]    
Total cash paid $ 543  
Effective settlement of pre-existing balance sheet accounts 15  
Fair value of existing 15% equity interest 90  
Equity interest   15.00%
Total consideration $ 648  
v3.25.2
Carrols Acquisition - Schedule of Schedule of Allocation of Consideration to Net Tangible and Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
May 16, 2024
Business Combination [Line Items]      
Goodwill $ 6,301 $ 5,986  
Carrols Restaurant Group Inc      
Business Combination [Line Items]      
Total current assets     $ 81
Property and equipment     296
Reacquired franchise rights     363
Operating lease assets     705
Other assets     24
Accounts and drafts payable     (13)
Other accrued liabilities     (150)
Current portion of long-term debt and finance leases     (434)
Finance leases, net of current portion     (9)
Operating lease liabilities, net of current portion     (684)
Other liabilities     (10)
Total identifiable net assets     169
Goodwill     479
Total consideration     $ 648
v3.25.2
Carrols Acquisition - Schedule of Supplemental Pro Forma Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Carrols Restaurant Group Inc    
Business Combination [Line Items]    
Total revenues $ 2,291 $ 4,435
v3.25.2
Equity Method Investments - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
May 16, 2024
May 15, 2024
Schedule of Equity Method Investments [Line Items]                
Equity method investments   $ 120   $ 120   $ 113    
Cash distributions received from equity method investments   4 $ 4 7 $ 7      
Equity Method Investee                
Schedule of Equity Method Investments [Line Items]                
Accounts receivable from equity method investments   $ 47   $ 47   $ 44    
Related Party | Propeyes China | Convertible Notes Payable Due June 28, 2027                
Schedule of Equity Method Investments [Line Items]                
Debt instrument, face amount $ 20   20   20      
Debt instrument term 3 years              
Related Party | Propeyes China | Convertible Notes Payable Due August 15, 2027                
Schedule of Equity Method Investments [Line Items]                
Debt instrument, face amount $ 5   5   5      
Debt instrument term 3 years              
BK Brasil                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage   6.40%   6.40%        
Quoted market price   $ 16   $ 16        
TH International Limited                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage   4.10%   4.10%        
Quoted market price   $ 4   $ 4        
Wendy's Company TIMWEN Partnership | CANADA                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage   50.00%   50.00%        
Carrols Restaurant Group Inc                
Schedule of Equity Method Investments [Line Items]                
Equity interest               15.00%
Acquisition, remaining issued and outstanding shares percentage             85.00%  
Tim Hortons brand | Wendy's Company TIMWEN Partnership                
Schedule of Equity Method Investments [Line Items]                
Cash distributions received from equity method investments   $ 4 4 $ 7 7      
Rent expense   $ 6 $ 5 $ 10 $ 10      
v3.25.2
Equity Method Investments - Schedule of Franchise and Property Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues from affiliates:        
Property revenues $ 219 $ 213 $ 404 $ 419
Total revenues 2,410 2,080 4,519 3,819
Affiliates        
Revenues from affiliates:        
Total revenues 93 121 177 260
Royalties        
Revenues from affiliates:        
Revenues 500 493 945 966
Royalties | Affiliates        
Revenues from affiliates:        
Revenues 83 95 158 196
Advertising revenues and other services        
Revenues from affiliates:        
Revenues 318 304 595 602
Total revenues 318 304 595 602
Advertising revenues and other services | Affiliates        
Revenues from affiliates:        
Revenues 1 11 3 31
Property revenues | Affiliates        
Revenues from affiliates:        
Property revenues 1 5 1 13
Franchise fees and other revenue        
Revenues from affiliates:        
Revenues 41 41 74 74
Franchise fees and other revenue | Affiliates        
Revenues from affiliates:        
Revenues 4 5 7 11
Supply chain sales | Affiliates        
Revenues from affiliates:        
Revenues $ 4 $ 5 $ 8 $ 9
v3.25.2
Intangible Assets, net and Goodwill - Schedule of Intangible Assets, Net and Goodwill (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross $ 1,182 $ 1,155
Accumulated Amortization (494) (444)
Net 688 711
Indefinite-lived Intangible Assets [Line Items]    
Intangible assets, net 11,279 10,922
Trade Names    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets: 10,591 10,211
Trade Names | Tim Hortons brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets: 6,271 5,972
Trade Names | Burger King brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets: 2,149 2,068
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 733 707
Accumulated Amortization (398) (369)
Net 335 338
Reacquired franchise rights    
Finite-Lived Intangible Assets [Line Items]    
Gross 374 374
Accumulated Amortization (40) (22)
Net 334 352
Favorable leases    
Finite-Lived Intangible Assets [Line Items]    
Gross 75 74
Accumulated Amortization (56) (53)
Net $ 19 $ 21
v3.25.2
Intangible Assets, net and Goodwill - Goodwill (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Goodwill $ 6,301 $ 5,986
TH    
Goodwill [Line Items]    
Goodwill 4,025 3,841
BK    
Goodwill [Line Items]    
Goodwill 358 240
PLK    
Goodwill [Line Items]    
Goodwill 844 844
FHS    
Goodwill [Line Items]    
Goodwill 194 193
INTL    
Goodwill [Line Items]    
Goodwill 507 377
RH    
Goodwill [Line Items]    
Goodwill $ 373 $ 491
v3.25.2
Intangible Assets, net and Goodwill - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Feb. 14, 2025
Dec. 31, 2024
May 16, 2024
Goodwill [Line Items]                
Amortization expense on intangible assets $ 18 $ 13 $ 35 $ 22        
Goodwill 6,301   6,301       $ 5,986  
Carrols Restaurant Group Inc                
Goodwill [Line Items]                
Goodwill               $ 479
Burger King China                
Goodwill [Line Items]                
Goodwill           $ 308    
RH                
Goodwill [Line Items]                
Goodwill 373   373       491  
RH | Carrols Restaurant Group Inc                
Goodwill [Line Items]                
Goodwill         $ 362      
BK                
Goodwill [Line Items]                
Goodwill 358   358       240  
BK | Carrols Restaurant Group Inc                
Goodwill [Line Items]                
Goodwill         $ 117      
INTL                
Goodwill [Line Items]                
Goodwill 507   507       $ 377  
INTL | Burger King China                
Goodwill [Line Items]                
Goodwill $ 108   $ 108          
v3.25.2
Other Accrued Liabilities and Other Liabilities, net (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current:    
Dividend payable $ 282 $ 262
Interest payable 69 69
Accrued compensation and benefits 123 143
Taxes payable 173 228
Deferred income 77 71
Accrued advertising expenses 62 35
Restructuring and other provisions 20 16
Current portion of operating lease liabilities $ 201 $ 193
Operating lease, liability, current, statement of financial position flag Other accrued liabilities Other accrued liabilities
Other $ 128 $ 124
Other accrued liabilities 1,135 1,141
Noncurrent:    
Taxes payable 55 52
Contract liabilities 514 517
Derivative liabilities 385 1
Unfavorable leases 29 30
Accrued pension 24 23
Deferred income 60 54
Other 27 29
Other liabilities, net $ 1,094 $ 706
v3.25.2
Long-Term Debt - Long-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
TH Facility and other $ 105 $ 108
Less: unamortized deferred financing costs and deferred issuance discount (104) (117)
Total debt, net 13,613 13,642
Less: current maturities of debt (185) (187)
Total long-term debt 13,428 13,455
Term Loan B    
Debt Instrument [Line Items]    
Term loan facility 4,703 4,726
Term Loan A    
Debt Instrument [Line Items]    
Term loan facility $ 1,259 1,275
3.875% First Lien Senior Notes due 2028 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 3.875%  
Senior notes $ 1,550 1,550
3.50% First Lien Senior Notes due 2029 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 3.50%  
Senior notes $ 750 750
6.125% First Lien Senior Notes due 2029 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 6.125%  
Senior notes $ 1,200 1,200
5.625% First Lien Senior Notes due 2029 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 5.625%  
Senior notes $ 500 500
4.375% Second Lien Senior Notes due 2028 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 4.375%  
Senior notes $ 750 750
4.00% Second Lien Senior Notes due 2030 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 4.00%  
Senior notes $ 2,900 $ 2,900
v3.25.2
Long-Term Debt - Revolving Credit Facility (Details) - Line of Credit
Jun. 30, 2025
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
v3.25.2
Long-Term Debt - TH Facility (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
subsidiary
Jun. 30, 2025
CAD ($)
subsidiary
Dec. 31, 2024
USD ($)
Line of Credit Facility [Line Items]      
Amount outstanding $ 13,613   $ 13,642
TH Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Number of subsidiaries | subsidiary 1 1  
Maximum borrowing capacity   $ 225,000,000  
Number of guaranteed subsidiaries | subsidiary 3 3  
Amount outstanding   $ 143,000,000  
Weighted average interest rate 4.40% 4.40%  
TH Facility | Line of Credit | Canadian Bankers' Acceptance Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.40%    
TH Facility | Line of Credit | Prime Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.40%    
v3.25.2
Long-Term Debt - Restrictions and Covenants (Details) - Senior Notes
Jun. 30, 2025
3.875% First Lien Senior Notes due 2028  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 3.875%
3.50% First Lien Senior Notes due 2029  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 3.50%
6.125% First Lien Senior Notes due 2029  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 6.125%
5.625% First Lien Senior Notes due 2029  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 5.625%
4.375% Second Lien Senior Notes due 2028  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 4.375%
4.00% Second Lien Senior Notes due 2030  
Line of Credit Facility [Line Items]  
Stated interest rate (as a percent) 4.00%
v3.25.2
Long-Term Debt - Fair Value Measurement (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Fair value of our variable term debt and senior notes $ 13,329 $ 13,090
Principal carrying amount of our variable term debt and senior notes $ 13,612 $ 13,651
v3.25.2
Long-Term Debt - Interest Expense, Net and Other (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Disclosure [Abstract]        
Debt $ 127 $ 145 $ 254 $ 293
Finance lease obligations 4 5 9 10
Amortization of deferred financing costs and debt issuance discount 7 6 13 12
Interest income (6) (9) (14) (20)
Interest expense, net 132 147 262 295
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 27 36 53 66
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 12 44 23
Cross-currency rate swaps | Derivatives designated as net investment hedges | Interest expense, net        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Gain (loss) reclassified to earnings, net investment hedge $ 22 $ 12 $ 44 $ 23
v3.25.2
Derivative Instruments - Additional Information (Details) - USD ($)
 6 Months Ended
Jun. 30, 2025
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 - Period Three    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 120,000,000  
Interest rate swaps | Interest expense, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain reclassified from AOCI to income 74,000,000  
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  
Cross Currency Interest Rate Contract, Interest Payable | Derivatives designated as net investment hedges | Fixed income interest rate    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value   $ 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 $ 202,000,000  
v3.25.2
Derivative Instruments - Quantitative Disclosures of Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivatives designated as cash flow hedges | Interest rate swaps        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Recognized in Other Comprehensive Income (Loss) $ (17) $ 35 $ (58) $ 127
Derivatives designated as cash flow hedges | Interest rate swaps | Interest expense, net        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Reclassified from AOCI into Earnings 27 36 53 66
Derivatives designated as cash flow hedges | Forward-currency contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Recognized in Other Comprehensive Income (Loss) 2 2 2 5
Derivatives designated as cash flow hedges | Forward-currency contracts | Supply chain cost of sales        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Reclassified from AOCI into Earnings 1 1 4 1
Derivatives designated as net investment hedges | Cross-currency rate swaps        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Recognized in Other Comprehensive Income (Loss) (420) 23 (483) 154
Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing) 22 12 44 23
Derivatives designated as net investment hedges | Cross-currency rate swaps | Interest expense, net        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing) $ 22 $ 12 $ 44 $ 23
v3.25.2
Derivative Instruments - Fair Value Measurements (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Derivatives assets $ 100 $ 286
Derivatives liabilities 385 1
Derivatives designated as cash flow hedges | Interest rate | Other assets, net    
Derivative [Line Items]    
Derivatives assets 94 194
Derivatives designated as cash flow hedges | Interest rate | Prepaids and other current assets    
Derivative [Line Items]    
Derivatives assets 0 1
Derivatives designated as cash flow hedges | Foreign currency | Prepaids and other current assets    
Derivative [Line Items]    
Derivatives assets 6 8
Derivatives designated as net investment hedges | Foreign currency | Other assets, net    
Derivative [Line Items]    
Derivatives assets 0 83
Derivatives designated as net investment hedges | Foreign currency | Other liabilities, net    
Derivative [Line Items]    
Derivatives liabilities $ 385 $ 1
v3.25.2
Shareholders' Equity - Additional Information (Details) - USD ($)
 6 Months Ended 12 Months Ended
Aug. 05, 2025
Jun. 30, 2025
Dec. 31, 2024
Aug. 06, 2025
Stockholders Equity [Line Items]        
Gain (loss) recorded on equity transactions   $ 0    
Remaining authorized repurchase amount   $ 500,000,000    
Subsequent Event        
Stockholders Equity [Line Items]        
Number of shares authorized to be repurchased (in shares) 1,000,000,000     1,000,000,000
Stock repurchase program, period 2 years      
Partnerships Exchangeable Units        
Stockholders Equity [Line Items]        
Exchange of Partnership exchangeable units for RBI common shares (in shares)   55,462    
Restaurant Brands International Limited Partnership        
Stockholders Equity [Line Items]        
Partnership exchangeable units economic interest   27.90% 28.10%  
Partnership exchangeable units economic interest (in shares)   126,983,115 127,038,577  
v3.25.2
Shareholders' Equity - Change in Components of Accumulated Other Comprehensive Income (Loss) ("AOCI") (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances $ 4,824 $ 4,835 $ 4,843 $ 4,730
Foreign currency translation adjustment 696 (107) 798 (347)
Net change in fair value of derivatives, net of tax     (533)  
Amounts reclassified to earnings of cash flow hedges, net of tax (21) (27) (42) (49)
Gain (loss) recognized on other, net of tax 2 0 1 0
Amounts attributable to noncontrolling interests     (63)  
Ending balances 5,090 4,951 5,090 4,951
Accumulated Other Comprehensive Income (Loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances (1,125) (747) (1,107) (706)
Ending balances (946) $ (804) (946) $ (804)
Derivatives        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances     719  
Net change in fair value of derivatives, net of tax     (533)  
Amounts reclassified to earnings of cash flow hedges, net of tax     (42)  
Amounts attributable to noncontrolling interests     161  
Ending balances 305   305  
Pensions        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances     (14)  
Gain (loss) recognized on other, net of tax     1  
Amounts attributable to noncontrolling interests     0  
Ending balances (13)   (13)  
Foreign Currency Translation        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances     (1,812)  
Foreign currency translation adjustment     798  
Amounts attributable to noncontrolling interests     (224)  
Ending balances $ (1,238)   $ (1,238)  
v3.25.2
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate (as a percent) 24.80% 17.60% 25.80% 17.40%
v3.25.2
Other Operating Expenses (Income), net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other Income and Expenses [Abstract]        
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings $ 13 $ 8 $ 15 $ 10
Litigation settlements (gains) and reserves, net 1 1 4 1
Net losses (gains) on foreign exchange 132 (6) 207 (29)
Other, net 3 4 6 7
Other operating expenses (income), net $ 149 $ 7 $ 232 $ (11)
v3.25.2
Supplier Finance Programs (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Supplier finance programs, term 120 days  
Supplier finance program, obligation $ 32 $ 22
v3.25.2
Commitments and Contingencies (Details)
Oct. 07, 2024
director
Pending Litigation | Former Shareholder Vs Individual Directors  
Loss Contingencies [Line Items]  
Number of defendants 2
v3.25.2
Subsequent Events (Details) - Subsequent Event - $ / shares
 1 Months Ended
Jul. 08, 2025
Aug. 07, 2025
Subsequent Event [Line Items]    
Common stock, dividends paid (in usd per share) $ 0.62  
Dividends payable (in usd per share)   $ 0.62
Partnerships Exchangeable Units | Restaurant Brands International Limited Partnership    
Subsequent Event [Line Items]    
Distribution in respect of each Partnership exchangeable unit (in usd per share) $ 0.62 $ 0.62