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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2026
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-36786
 
 RESTAURANT BRANDS INTERNATIONAL INC.
(Exact Name of Registrant as Specified in its Charter)


Canada98-1202754
(State or Other Jurisdiction of(I.R.S. Employer
Incorporation or Organization)Identification No.)
5707 Waterford District Drive
Miami, FloridaUnited States33126
(Address of Principal Executive Offices and Zip Code)
(305) 378-3000
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Shares, without par valueQSRNew York Stock Exchange
Toronto Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Table of Contents
Large accelerated filer☒  Accelerated filer☐
Non-accelerated filer☐  Smaller reporting company☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
As of October 23, 2026, there were 348,350,731 common shares of the Registrant outstanding. In addition, as of October 23, 2026, there were 102,926,279 Class B exchangeable limited partnership units of Restaurant Brands International Limited Partnership which are exchangeable, on a one for one basis, into common shares of the Registrant.


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RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
TABLE OF CONTENTS

Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 2.
Item 5.
Item 6.
3
Table of Contents
PART I — Financial Information
Item 1. Financial Statements
RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions of U.S. dollars, except share data, Unaudited)
As of
September 30,
2026		December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents$974 $1,163 
Accounts and notes receivable, net of allowance of $45 and $54, respectively
799 794 
Inventories, net237 205 
Prepaids and other current assets300 179 
Assets held for sale - discontinued operations— 489 
Total current assets2,310 2,830 
Property and equipment, net of accumulated depreciation and amortization of $1,335 and $1,245, respectively
2,251 2,303 
Operating lease assets, net1,998 1,961 
Intangible assets, net10,880 11,190 
Goodwill6,166 6,306 
Other assets, net1,658 1,025 
Total assets$25,263 $25,615 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts and drafts payable$816 $866 
Other accrued liabilities1,344 1,271 
Gift card liability168 249 
Current portion of long-term debt and finance leases89 68 
Liabilities held for sale - discontinued operations— 437 
Total current liabilities2,417 2,891 
Long-term debt, net of current portion13,184 13,250 
Finance leases, net of current portion243 261 
Operating lease liabilities, net of current portion1,941 1,900 
Other liabilities, net895 1,034 
Deferred income taxes, net1,055 1,120 
Total liabilities19,735 20,456 
Shareholders’ equity:
Common shares, no par value; Unlimited shares authorized at September 30, 2026 and December 31, 2025; 348,600,694 shares issued and outstanding at September 30, 2026; 346,323,165 shares issued and outstanding at December 31, 2025
2,686 2,859 
Retained earnings2,490 1,795 
Accumulated other comprehensive income (loss)(1,236)(1,020)
Total Restaurant Brands International Inc. shareholders’ equity3,940 3,634 
Noncontrolling interests1,588 1,525 
Total shareholders’ equity5,528 5,159 
Total liabilities and shareholders’ equity$25,263 $25,615 
See accompanying notes to condensed consolidated financial statements.
4
RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In millions of U.S. dollars, except per share data, Unaudited)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenues:
Supply chain sales$780 $769 $2,254 $2,112 
Company restaurant sales608 588 1,784 1,746 
Franchise and property revenues814 778 2,329 2,201 
Advertising revenues and other services323 314 942 909 
Total revenues2,525 2,449 7,309 6,968 
Operating costs and expenses:
Supply chain cost of sales618 619 1,817 1,704 
Company restaurant expenses509 498 1,494 1,464 
Franchise and property expenses151 147 409 421 
Advertising expenses and other services354 342 1,064 1,017 
General and administrative expenses183 170 544 549 
(Income) loss from equity method investments(6)(2)(10)(12)
Other operating expenses (income), net20 12 (27)244 
Total operating costs and expenses1,829 1,786 5,291 5,387 
Income from operations696 663 2,018 1,581 
Interest expense, net125 129 372 391 
Income from continuing operations before income taxes571 534 1,646 1,190 
Income tax (benefit) expense from continuing operations(133)94 (168)263 
Net income from continuing operations704 440 1,814 927 
Net loss from discontinued operations (net of tax of $0)
— 4 — 7 
Net income704 436 1,814 920 
Net income attributable to noncontrolling interests (Note 11)162 121 427 257 
Net income attributable to common shareholders$542 $315 $1,387 $663 
Earnings per common share (Note 2)
Basic net income per share from continuing operations$1.55 $0.97 $3.99 $2.04 
Basic net loss per share from discontinued operations$— $(0.01)$— $(0.02)
Basic net income per share$1.55 $0.96 $3.99 $2.03 
Diluted net income per share from continuing operations$1.54 $0.96 $3.95 $2.03 
Diluted net loss per share from discontinued operations$— $(0.01)$— $(0.01)
Diluted net income per share$1.54 $0.96 $3.95 $2.01 
Weighted average shares outstanding (in millions):
Basic349 328 348 327 
Diluted457 457 459 456 
See accompanying notes to condensed consolidated financial statements.

5
RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In millions of U.S. dollars, Unaudited)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Net income$704 $436 $1,814 $920 
Foreign currency translation adjustment(41)(206)(414)592 
Net change in fair value of net investment hedges, net of tax of $9, $3, $5 and $(6)
4 119 141 (373)
Net change in fair value of cash flow hedges, net of tax of $(13), $1, $(31) and $16
34 (1)84 (42)
Amounts reclassified to earnings of cash flow hedges, net of tax of $6, $7, $16 and $22
(16)(19)(44)(61)
Gain (loss) recognized on other, net of tax of $2, $0, $3 and $0
(16)(1)(21)— 
Other comprehensive income (loss)(35)(108)(254)116 
Comprehensive income (loss)669 328 1,560 1,036 
Comprehensive income (loss) attributable to noncontrolling interests154 90 367 289 
Comprehensive income (loss) attributable to common shareholders$515 $238 $1,193 $747 
    
See accompanying notes to condensed consolidated financial statements.

6
RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity
(In millions of U.S. dollars, except shares and per share data, Unaudited)

Issued Common SharesRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Noncontrolling
Interests		Total
SharesAmount
Balances at December 31, 2025346,323,165 $2,859 $1,795 $(1,020)$1,525 $5,159 
Stock option exercises485,617 28 — — — 28 
Share-based compensation— 31 — — — 31 
Issuance of shares954,481 14 — — — 14 
Dividends declared ($0.65 per share)
— — (226)— — (226)
Dividend equivalents declared on restricted stock units— 4 (4)— — — 
Distributions declared by Partnership on Partnership exchangeable units ($0.65 per unit)
— — — — (71)(71)
Exchange of Partnership exchangeable units for RBI common shares3,624 — — — — — 
Repurchase of common shares(441,773)(34)— — — (34)
Net income— — 338 — 107 445 
Other comprehensive income (loss)— — — (42)(13)(55)
Balances at March 31, 2026347,325,114 $2,902 $1,903 $(1,062)$1,548 $5,291 
Stock option exercises106,000 7 — — — 7 
Share-based compensation— 30 — — — 30 
Issuance of shares4,043 — — — — — 
Dividends declared ($0.65 per share)
— — (227)— — (227)
Dividend equivalents declared on restricted stock units— 4 (4)— — — 
Distributions declared by Partnership on Partnership exchangeable units ($0.65 per unit)
— — — — (69)(69)
Exchange of Partnership exchangeable units for RBI common shares3,599,548 65 — (12)(53)— 
Repurchase of common shares(1,829,054)(138)— — — (138)
Net income— — 507 — 158 665 
Other comprehensive income (loss)— — — (125)(39)(164)
Balances at June 30, 2026349,205,651 $2,870 $2,179 $(1,199)$1,545 $5,395 
Stock option exercises148,500 9 — — — 9 
Share-based compensation— 30 — — — 30 
Issuance of shares6,811 — — — — — 
Dividends declared ($0.65 per share)
— — (227)— — (227)
Dividend equivalents declared on restricted stock units— 4 (4)— — — 
Distributions declared by Partnership on Partnership exchangeable units ($0.65 per unit)
— — — — (67)(67)
Exchange of Partnership exchangeable units for RBI common shares42,545 1 — — (1)— 
Repurchase of common shares(802,813)(67)— — — (67)
Repurchase of Partnership exchangeable units— (161)— (10)(43)(214)
Net income— — 542 — 162 704 
Other comprehensive income (loss)— — — (27)(8)(35)
Balances at September 30, 2026348,600,694 $2,686 $2,490 $(1,236)$1,588 $5,528 
See accompanying notes to condensed consolidated financial statements.

7
RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity
(In millions of U.S. dollars, except shares and per share data, Unaudited)

Issued Common SharesRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Noncontrolling
Interests		Total
SharesAmount
Balances at December 31, 2024324,426,589 $2,357 $1,860 $(1,107)$1,733 $4,843 
Stock option exercises221,007 13 — — — 13 
Share-based compensation— 44 — — — 44 
Issuance of shares2,926,103 10 — — — 10 
Dividends declared ($0.62 per share)
— — (203)— — (203)
Dividend equivalents declared on restricted stock units— 5 (5)— — — 
Distributions declared by Partnership on Partnership exchangeable units ($0.62 per unit)
— — — — (79)(79)
Exchange of Partnership exchangeable units for RBI common shares55,462 1 — — (1)— 
Net income— — 159 — 62 221 
Other comprehensive income (loss)— — — (18)(7)(25)
Balances at March 31, 2025327,629,161 $2,430 $1,811 $(1,125)$1,708 $4,824 
Stock option exercises144,700 7 — — — 7 
Share-based compensation— 29 — — — 29 
Issuance of shares3,499 — — — — — 
Dividends declared ($0.62 per share)
— — (203)— — (203)
Dividend equivalents declared on restricted stock units— 3 (3)— — — 
Distributions declared by Partnership on Partnership exchangeable units ($0.62 per unit)
— — — — (79)(79)
Net income— — 189 — 74 263 
Other comprehensive income (loss)— — — 179 70 249 
Balances at June 30, 2025327,777,360 $2,469 $1,794 $(946)$1,773 $5,090 
Stock option exercises5,000 — — — — — 
Share-based compensation— 29 — — — 29 
Issuance of shares24,727 — — — — — 
Dividends declared ($0.62 per share)
— — (203)— — (203)
Dividend equivalents declared on restricted stock units— 4 (4)— — — 
Distributions declared by Partnership on Partnership exchangeable units ($0.62 per unit)
— — — — (79)(79)
Net income— — 315 — 121 436 
Other comprehensive income (loss)— — — (77)(31)(108)
Balances at September 30, 2025327,807,087 $2,502 $1,902 $(1,023)$1,784 $5,165 
See accompanying notes to condensed consolidated financial statements.
8

RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
 (In millions of U.S. dollars, Unaudited)
Nine Months Ended September 30,
20262025
Cash flows from operating activities:
Net income$1,814 $920 
Net loss from discontinued operations— 7 
Net income from continuing operations1,814 927 
Depreciation and amortization229 225 
Amortization of deferred financing costs and debt issuance discount18 19 
(Income) loss from equity method investments(10)(12)
(Gain) loss on remeasurement of foreign denominated transactions(61)208 
Net (gains) losses on derivatives(125)(151)
Share-based compensation and non-cash incentive compensation expense104 113 
Deferred income taxes(465)(19)
Other non-cash adjustments, net21 44 
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable(27)(66)
Inventories and prepaids and other current assets(55)(76)
Accounts and drafts payable(35)58 
Other accrued liabilities and gift card liability(55)(62)
Tenant inducements paid to franchisees(32)(26)
Changes in other long-term assets and liabilities(13)(23)
Net cash provided by operating activities from continuing operations1,308 1,159 
Cash flows from investing activities:
Payments for additions of property and equipment(181)(163)
Net proceeds from disposal of assets, restaurant closures, and refranchisings54 26 
Net payments for acquisition of franchised restaurants, net of cash acquired(10)(152)
Settlement/sale of derivatives, net42 58 
Other investing activities, net(23)18 
Net cash used for investing activities from continuing operations(118)(213)
Cash flows from financing activities:
Repayments of long-term debt and finance leases(86)(198)
Payment of common share dividends and Partnership exchangeable unit distributions(875)(826)
Repurchase of RBI common shares and Partnership exchangeable units(444)— 
Proceeds from stock option exercises44 20 
Proceeds from derivatives29 52 
Net cash used for financing activities from continuing operations(1,332)(952)
Net cash used for discontinued operations(27)(52)
Effect of exchange rates on cash and cash equivalents(11)15 
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations(180)(43)
Increase in cash classified as assets held for sale - discontinued operations(9)(85)
(Decrease) increase in cash and cash equivalents(189)(128)
Cash and cash equivalents at beginning of period1,163 1,334 
Cash and cash equivalents at end of period$974 $1,206 
Supplemental cash flow disclosures:
Interest paid$468 $514 
Income taxes paid, net$297 $369 
Accruals for additions of property and equipment$30 $50 
See accompanying notes to condensed consolidated financial statements.
9
RESTAURANT BRANDS INTERNATIONAL INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1. Description of Business and Organization
Restaurant Brands International Inc. (the “Company,” “RBI,” “we,” “us,” or “our”) is a Canadian corporation that serves as the sole general partner of Restaurant Brands International Limited Partnership (“Partnership”). We franchise and operate quick service restaurants serving premium coffee and other beverage and food products under the Tim Hortons® brand (“Tim Hortons”), fast food hamburgers principally under the Burger King® brand (“Burger King”), chicken under the Popeyes® brand (“Popeyes”), and sandwiches under the Firehouse Subs® brand (“Firehouse”). We are one of the world’s largest quick service restaurant, or QSR, companies as measured by total number of restaurants. As of September 30, 2026, we franchised or owned 6,230 Tim Hortons restaurants, 20,030 Burger King restaurants, 5,563 Popeyes restaurants, and 1,578 Firehouse Subs restaurants, for a total of 33,401 restaurants, and operate in more than 120 countries and territories. As of September 30, 2026, over 95% of current system-wide restaurants are franchised.
All references to “$” or “dollars” are to the currency of the United States unless otherwise indicated. All references to “Canadian dollars” or “C$” are to the currency of Canada unless otherwise indicated.
Basis of Presentation and Consolidation
We have prepared the accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, the Financial Statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K filed with the SEC and Canadian securities regulatory authorities on February 20, 2026.
The Financial Statements include our accounts and the accounts of entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest, including marketing funds we control. We also consider entities for consolidation when the controlling financial interest may be achieved through arrangements that do not involve voting interests (“VIE”). Investments in other affiliates that are owned 50% or less where we have significant influence are generally accounted for by the equity method. All material intercompany balances and transactions have been eliminated in consolidation.
We are the sole general partner of Partnership and, as such we have the exclusive right, power, and authority to manage, control, administer, and operate the business and affairs and to make decisions regarding the undertaking and business of Partnership, subject to the terms of the amended and restated limited partnership agreement of Partnership (the “partnership agreement”) and applicable laws. As a result, we consolidate the results of Partnership and record a noncontrolling interest in our condensed consolidated balance sheets and statements of operations with respect to the remaining economic interest in Partnership we do not hold.
In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the full year.
The preparation of consolidated financial statements in conformity with U.S. GAAP and related rules and regulations of the SEC requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
The carrying amounts for cash and cash equivalents, accounts and notes receivable, and accounts and drafts payable approximate fair value based on the short-term nature of these accounts.
10
New Accounting Pronouncements
Disaggregation of Income Statement Expenses – In November 2024, the Financial Accounting Standards Board (“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. The guidance is applied prospectively, although retrospective application is 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.
Internal-Use Software - In September 2025, the FASB issued guidance to clarify and modernize the accounting for costs related to internal-use software and requires an entity to start capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project; and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods in those years, with early adoption permitted. Entities may apply the new guidance using a prospective, retrospective, or modified transition approach. We are currently evaluating the impact this new guidance will have on our financial statements and disclosures.
Hedge Accounting Improvements - In November 2025, the FASB issued guidance that modifies aspects of the existing hedge accounting framework, including (1) permitting a group of forecasted transactions to be designated as a single cash flow hedge if the individual transactions have a ‘similar’ rather than ‘shared’ risk exposure, (2) providing an optional hedging model for cash flow hedges of forecasted interest payments on ‘choose-your-rate’ debt instruments, (3) expanding hedge accounting availability for non-financial forecasted transactions, (4) allowing net written options as hedging instruments under certain circumstances, and (5) addressing the use of foreign-currency-denominated debt instruments as both a hedging instrument and hedged item. The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods in those years, with early adoption permitted. We have evaluated this guidance and do not expect the adoption to have a material impact on our financial statements or disclosures.

11
Note 2. Earnings (Loss) per Share
An economic interest in Partnership common equity is held by the holders of Class B exchangeable limited partnership units (the “Partnership exchangeable units”), which is reflected as a noncontrolling interest in our equity. See Note 11, Shareholders’ Equity.
Basic and diluted earnings (loss) per share are computed using the weighted average number of shares outstanding for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by outstanding equity awards, unless the effect of their inclusion is anti-dilutive. The diluted earnings (loss) per share calculation assumes conversion of 100% of the Partnership exchangeable units under the “if converted” method. Accordingly, the numerator is also adjusted to include the earnings (loss) allocated to the holders of noncontrolling interests.
The following table summarizes the basic and diluted earnings (loss) per share calculations (in millions, except per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Numerator:
Net income from continuing operations attributable to common shareholders - basic$542 $318 $1,387 $668 
Add: Net income from continuing operations attributable to noncontrolling interests162 122 427 259 
Net income from continuing operations available to common shareholders and noncontrolling interests - diluted$704 $440 $1,814 $927 
Net loss from discontinued operations$— $4 $— $7 
Net income attributable to common shareholders - basic$542 $315 $1,387 $663 
Add: Net income attributable to noncontrolling interests162 121 427 257 
Net income available to common shareholders and noncontrolling interests - diluted$704 $436 $1,814 $920 
Denominator:
Weighted average common shares - basic349 328 348 327 
Exchange of noncontrolling interests for common shares (Note 11)105 127 107 127 
Effect of other dilutive securities3 2 4 2 
Weighted average common shares - diluted 457 457 459 456 
Basic net income per share from continuing operations (a)$1.55 $0.97 $3.99 $2.04 
Basic net loss per share from discontinued operations (a)$— $(0.01)$— $(0.02)
Basic net income per share (a)$1.55 $0.96 $3.99 $2.03 
Diluted net income per share from continuing operations (a)$1.54 $0.96 $3.95 $2.03 
Diluted net loss per share from discontinued operations (a)$— $(0.01)$— $(0.01)
Diluted net income per share (a)$1.54 $0.96 $3.95 $2.01 
Anti-dilutive securities outstanding— 5 — 5 
(a) Earnings (loss) per share may not recalculate exactly as it is calculated based on unrounded numbers.
12
Note 3. Segment Reporting
As stated in Note 1, Description of Business and Organization, we manage four brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs.
Our management structure and information regularly reviewed by our Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”), reflects six operating and reportable segments. The reportable segments consist of the following:
1.Tim Hortons – Operations of our Tim Hortons brand in Canada and the U.S. (“TH”);
2.Burger King – Operations of our Burger King brand in the U.S. and Canada, excluding results of Burger King restaurants acquired as part of our acquisition of Carrols Restaurant Group Inc. (the “Carrols Acquisition”) (“BK”);
3.Popeyes Louisiana Kitchen – Operations of our Popeyes brand in the U.S. and Canada (“PLK”);
4.Firehouse Subs – Operations of our Firehouse Subs brand in the U.S. and Canada (“FHS”);
5.International – Operations of each of our brands outside the U.S. and Canada, excluding results of restaurants acquired as part of our acquisition of Popeyes China (“PLK China”) (“PLK China Acquisition”) and Firehouse Subs Brazil (“FHS Brazil”) restaurants (“INTL”); and
6.Restaurant Holdings – Operations of Burger King restaurants acquired as part of the Carrols Acquisition and the operations of PLK China and FHS Brazil restaurants (“RH”).
Following the establishment of a joint venture with CPE Alder Investment Limited with respect to BK China (the “BK China JV”), during the first quarter of 2026, we resumed recognizing franchise revenue from the BK China JV in our INTL segment. We refer to the acquisition of BK China and the subsequent establishment of the BK China JV collectively as the “BK China Transactions.” See Note 5, BK China, for additional information.
Our measure of segment income is Adjusted Operating Income. Our chief operating decision maker uses Adjusted Operating Income (i) in the budgeting process and in periodic reviews of segment performance by comparing variances in actual segment income results to budget and (ii) during the annual budgeting process to make capital allocation decisions, including allocating resources to segments.
Adjusted Operating Income represents income from operations adjusted to exclude (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net, and (iv) expenses from non-recurring projects and non-operating activities. For the periods referenced, expenses from non-recurring projects and non-operating activities included (i) non-recurring fees and expenses, consisting primarily of professional fees, compensation-related expenses, and integration costs, incurred in connection with (a) the Carrols Acquisition, the PLK China Acquisition, and the BK China Transactions, and (b) the anticipated refranchising of restaurants held in the RH segment, primarily those acquired in the Carrols Acquisition, in connection with the planned sunset of the RH segment (“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.
13
Three Months Ended September 30, 2026
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$1,136 $345 $204 $65 $289 $487 $— $2,525 
Intersegment revenues (a)— 51 — — 1 — (52)— 
Total revenues$1,136 $396 $204 $65 $289 $487 $(52)$2,525 
Operating costs and expenses:
Supply chain cost of sales$618 $— $— $— $— $— $— $618 
Company restaurant expenses (b)10 38 49 10 — 429 (26)509 
Segment F&P expenses86 33 8 4 6 — (3)134 
Advertising expenses and other services77 156 71 22 25 26 (22)354 
Segment G&A32 33 19 12 53 28 — 176 
Adjustments:
Cash distributions received from equity method investments4 — — — — — — 4 
Adjusted Operating Income$317 $136 $58 $16 $205 $5 $— $737 
Additional segment information:
Depreciation and amortization$27 $12 $4 $1 $7 $23 $— $74 
(Income) loss from equity method investments$(4)$— $— $— $(3)$— $— $(6)
Capital expenditures$13 $3 $4 $2 $2 $59 $— $83 
(a)Consists of BK and INTL royalties, property, advertising, and other services revenues from intersegment transactions with RH.
(b)The components of Company restaurant expenses for our RH segment are included below.
Nine Months Ended September 30, 2026
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$3,270 $1,004 $593 $186 $816 $1,441 $— $7,309 
Intersegment revenues (a)— 153 — — 1 — (155)— 
Total revenues$3,270 $1,157 $593 $186 $817 $1,441 $(155)$7,309 
Operating costs and expenses:
Supply chain cost of sales$1,817 $— $— $— $— $— $— $1,817 
Company restaurant expenses (b)28 120 128 30 — 1,265 (77)1,494 
Segment F&P expenses254 99 14 8 (4)— (10)361 
Advertising expenses and other services249 453 220 64 70 75 (67)1,064 
Segment G&A100 97 55 38 155 79 — 523 
Adjustments:
Cash distributions received from equity method investments11 — — — — — — 11 
Adjusted Operating Income$833 $388 $177 $47 $596 $21 $— $2,061 
Additional segment information:
Depreciation and amortization$81 $36 $11 $4 $21 $76 $— $229 
(Income) loss from equity method investments$(11)$(1)$— $— $1 $— $— $(10)
Capital expenditures$28 $13 $11 $3 $7 $96 $— $158 
14

Three Months Ended September 30, 2025
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$1,125 $338 $201 $60 $268 $459 $— $2,449 
Intersegment revenues (a)— 49 — — — — (49)— 
Total revenues$1,125 $387 $201 $60 $268 $459 $(49)$2,449 
Operating costs and expenses:
Supply chain cost of sales$619 $— $— $— $— $— $— $619 
Company restaurant expenses (b)11 59 39 9 — 403 (24)498 
Segment F&P expenses86 35 3 5 7 — (4)131 
Advertising expenses and other services77 141 79 19 25 23 (21)342 
Segment G&A33 30 17 12 47 23 — 162 
Adjustments:
Cash distributions received from equity method investments4 — — — — — — 4 
Adjusted Operating Income$304 $123 $63 $14 $189 $10 $— $702 
Additional segment information:
Depreciation and amortization$27 $13 $4 $1 $8 $24 $— $76 
(Income) loss from equity method investments$(4)$— $— $— $2 $— $— $(2)
Capital expenditures$15 $7 $4 $2 $3 $58 $— $89 
Nine Months Ended September 30, 2025
THBKPLKFHSINTLRHELIMTotal
Revenues from external customers$3,112 $985 $605 $172 $735 $1,360 $— $6,968 
Intersegment revenues (a)— 146 — — — — (146)— 
Total revenues$3,112 $1,131 $605 $172 $735 $1,360 $(146)$6,968 
Operating costs and expenses:
Supply chain cost of sales$1,704 $— $— $— $— $— $— $1,704 
Company restaurant expenses (b)30 170 118 28 — 1,188 (71)1,464 
Segment F&P expenses246 98 10 8 21 — (12)372 
Advertising expenses and other services236 419 230 57 70 68 (63)1,017 
Segment G&A104 97 57 39 145 70 — 512 
Adjustments:
Cash distributions received from equity method investments11 — — — — — — 11 
Adjusted Operating Income$803 $347 $188 $41 $499 $33 $— $1,910 
Additional segment information:
Depreciation and amortization$82 $39 $11 $4 $22 $67 $— $225 
(Income) loss from equity method investments$(11)$(1)$— $— $(1)$— $— $(12)
Capital expenditures$28 $18 $8 $4 $9 $95 $— $162 
15
The following table presents the components of Company restaurant expenses for our RH segment (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Company restaurant expenses for RH segment
Food, beverage, and packaging costs$148 $136 $435 $391 
Restaurant wages and related expenses154 148 454 445 
Restaurant occupancy expense and other126 119 376 353 
             Total$429 $403 $1,265 $1,188 
The following tables present revenues by country (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenues by country (a):
     United States$1,182 $1,148 $3,478 $3,386 
     Canada1,039 1,028 2,978 2,835 
     Other304 273 853 747 
Total$2,525 $2,449 $7,309 $6,968 
(a)Only the United States and Canada represented 10% or more of our total revenues in each period presented.
Our CODM manages assets on a consolidated basis. Accordingly, segment assets are not reported to our CODM or used in his decisions to allocate resources or assess performance of the segments. Therefore, total segment assets and long-lived assets have not been disclosed.
Adjusted Operating Income is used by management to measure operating performance of the business, excluding these non-cash and other specifically identified items that management believes are not relevant to management’s assessment of our operating performance. A reconciliation of Income from operations to Adjusted Operating Income consists of the following (in millions):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Income from operations$696 $663 $2,018 $1,581 
Franchise agreement and reacquired franchise rights amortization16 16 48 49 
RH and BK China Transaction costs2 7 11 29 
Corporate restructuring and advisory fees5 1 9 7 
Impact of equity method investments (a)(3)2 1 (1)
Other operating expenses (income), net20 12 (27)244 
Adjusted Operating Income $737 $702 $2,061 $1,910 
(a)Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in segment income.


16
Note 4. Revenue Recognition
Contract Liabilities
Contract liabilities consist of deferred revenue resulting from initial and renewal franchise fees paid by franchisees, as well as upfront fees paid by master franchisees, which are generally recognized on a straight-line basis over the term of the underlying agreement. We may recognize unamortized franchise fees and upfront fees when a contract with a franchisee or master franchisee is modified and is accounted for as a termination of the existing contract. We classify these contract liabilities as Other liabilities, net in our condensed consolidated balance sheets. The following table reflects the change in contract liabilities on a consolidated basis between December 31, 2025 and September 30, 2026 (in millions):
Balance at December 31, 2025$517 
Recognized during period and included in the contract liability balance at the beginning of the year(45)
Increase, excluding amounts recognized as revenue during the period29 
Impact of foreign currency translation(7)
Balance at September 30, 2026$494 
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 September 30, 2026 (in millions):
Remainder of 2026$14 
202752 
202849 
202946 
203044 
Thereafter289 
Total$494 
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 September 30, 2026
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$780 $— $— $— $— $— $— $780 
Company restaurant sales11 43 55 12 — 487 — 608 
Royalties92 135 71 20 253 — (22)549 
Property revenues167 62 4 — — — (8)225 
Franchise fees and other revenue7 2 7 12 13 — — 40 
Advertising revenues and other services79 154 68 21 23 — (22)323 
Total revenues$1,136 $396 $204 $65 $289 $487 $(52)$2,525 
(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.
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Nine Months Ended September 30, 2026
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$2,254 $— $— $— $— $— $— $2,254 
Company restaurant sales31 133 145 35 — 1,440 — 1,784 
Royalties259 390 213 60 717 — (64)1,574 
Property revenues478 178 11 — 1 — (23)645 
Franchise fees and other revenue24 7 14 29 36 — — 110 
Advertising revenues and other services224 450 211 61 63 — (67)942 
Total revenues$3,270 $1,157 $593 $186 $817 $1,441 $(155)$7,309 

Three Months Ended September 30, 2025
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$769 $— $— $— $— $— $— $769 
Company restaurant sales12 62 44 11 — 459 — 588 
Royalties90 124 74 19 233 — (21)520 
Property revenues166 54 4 — — — (8)217 
Franchise fees and other revenue7 8 3 11 12 — — 41 
Advertising revenues and other services80 138 76 18 22 — (21)314 
Total revenues$1,125 $387 $201 $60 $268 $459 $(49)$2,449 

Nine Months Ended September 30, 2025
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$2,111 $— $— $— $— $— $— $2,112 
Company restaurant sales34 183 136 33 — 1,360 — 1,746 
Royalties253 362 222 56 633 — (61)1,465 
Property revenues470 162 11 — 1 — (22)621 
Franchise fees and other revenue22 13 12 28 39 — — 115 
Advertising revenues and other services222 411 223 55 62 — (63)909 
Total revenues$3,112 $1,131 $605 $172 $735 $1,360 $(146)$6,968 

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Note 5. BK China
On February 14, 2025, we acquired substantially all of the remaining equity interests in Pangaea Foods (China) Holdings Ltd. (“BK China”) for approximately $151 million in an all-cash transaction funded by cash on hand. Following the acquisition, we ceased accounting for our interest in BK China as an equity method investment and ceased recognition of franchise revenue. We determined the criteria for classification as held for sale were met on the acquisition date and presented the financial position and results of operations of BK China as discontinued operations in our consolidated financial statements beginning on the date of acquisition.
On January 30, 2026, we established the BK China JV with CPE Alder Investment Limited, a fund managed by CPE (“CPE”). As a result, we hold an approximately 17% equity interest in the BK China JV and hold a seat on its Board of Directors. Upon establishment of the joint venture, we deconsolidated BK China and began accounting for our interest in the BK China JV under the equity method of accounting (see Note 6, Equity Method Investments) and resumed recognizing franchise revenue from the BK China JV in our INTL segment.
Net cash provided by (used for) discontinued operations consists of the following (in millions):
Nine Months Ended
September 30,
20262025
Cash flows from discontinued operations:
Net cash used for operating activities from discontinued operations$(9)$(74)
Net cash used for investing activities from discontinued operations(3)(4)
Net cash used for financing activities from discontinued operations(15)26 
Net cash used for discontinued operations$(27)$(52)
Note 6. Equity Method Investments
As discussed in Note 5, BK China, upon establishment of the BK China JV on January 30, 2026, we recorded an investment in the BK China JV of $66 million and we began accounting for our interest in the BK China JV under the equity method of accounting.
The aggregate carrying amounts of our equity method investments were $175 million and $111 million as of September 30, 2026 and December 31, 2025, respectively, and are included as a component of Other assets, net in our accompanying condensed consolidated balance sheets.
The aggregate market value of our 4.1% equity interest in TH International Limited (“Tims China”) based on the quoted market price on September 30, 2026 was approximately $2 million. No quoted market prices are available for our other equity method investments.
We have equity interests in entities that own or franchise Tim Hortons, Burger King, and Popeyes restaurants. Revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest, consist of the following (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenues from affiliates:
Royalties$100 $96 $281 $254 
Advertising revenues and other services— 2 6 5 
Property revenues1 — 1 1 
Franchise fees and other revenue3 4 9 11 
Supply chain sales3 4 11 12 
Total$107 $106 $308 $283 
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At September 30, 2026 and December 31, 2025, we had $36 million and $41 million, respectively, of accounts receivable, net from our equity method investments which were recorded in Accounts and notes receivable, net in our condensed consolidated balance sheets.
With respect to our Tim Hortons business, the most significant equity method investment is our 50% joint venture interest with The Wendy’s Company (the “TIMWEN Partnership”), which jointly holds real estate underlying Canadian combination restaurants. Distributions received from this joint venture were $4 million during the three months ended September 30, 2026 and 2025, and $11 million during the nine months ended September 30, 2026 and 2025.
Associated with the TIMWEN Partnership, we recognized $5 million and $6 million of rent expense during the three months ended September 30, 2026 and 2025, respectively, and we recognized $15 million and $16 million of rent expense during the nine months ended September 30, 2026 and 2025, respectively.
(Income) loss from equity method investments reflects our share of investee net income or loss as well as gains or losses from changes in our ownership interests in equity investees.
Tims China issued us convertible notes in multiple installments with an aggregate principal amount of $88 million due September 30, 2029, which are included within Other assets, net in the condensed consolidated balance sheets as of September 30, 2026. Subsequent to September 30, 2026, Tims China issued an incremental $15 million with terms consistent with existing outstanding convertible notes.
Note 7. Intangible Assets, net and Goodwill
Intangible assets, net and goodwill consist of the following (in millions):

As of
September 30, 2026December 31, 2025
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$721 $(430)$291 $732 $(413)$319 
   Reacquired franchise rights324 (72)252 368 (56)312 
   Favorable leases62 (48)14 63 (46)17 
      Subtotal1,107 (550)557 1,163 (515)648 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,029 $— $6,029 $6,224 $— $6,224 
   Burger King brand
2,123 — 2,123 2,147 — 2,147 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,323 — 10,323 10,542 — 10,542 
Intangible assets, net$10,880 $11,190 
Goodwill:
TH segment$3,875 $3,995 
BK segment358 358 
PLK segment850 844 
FHS segment193 194 
INTL segment539 545 
RH segment351 370 
      Total$6,166 $6,306 
Amortization expense on intangible assets totaled $17 million for the three months ended September 30, 2026 and 2025. Amortization expense on intangible assets totaled $51 million and $52 million for the nine months ended September 30, 2026 and 2025, respectively. Additionally, the change in intangible asset and goodwill balances reflects the impact of foreign
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currency translation during the nine months ended September 30, 2026.
Note 8. Other Accrued Liabilities and Other Liabilities, net
Other accrued liabilities (current) and Other liabilities, net (noncurrent) consist of the following (in millions):
As of
September 30,
2026		December 31,
2025
Current:
Dividend payable$294 $283 
Interest payable96 69 
Accrued compensation and benefits147 155 
Taxes payable262 188 
Deferred income94 77 
Accrued advertising expenses56 44 
Restructuring and other provisions24 25 
Current portion of operating lease liabilities215 200 
Other156 230 
Other accrued liabilities$1,344 $1,271 
Noncurrent:
Taxes payable$86 $77 
Contract liabilities494 517 
Derivative liabilities171 290 
Unfavorable leases20 25 
Accrued pension25 23 
Deferred income43 45 
Other56 57 
Other liabilities, net$895 $1,034 
Note 9. Long-Term Debt
Long-term debt consists of the following (in millions):
As of
Maturity DateInterest Rate (a)September 30,
2026		December 31,
2025
Term Loan BSep 21, 20305.651 %$4,443 $4,479 
Term Loan ASep 21, 20284.901 %1,219 1,243 
First Lien Senior NotesJan 15, 20283.875 %1,550 1,550 
First Lien Senior NotesFeb 15, 20293.500 %750 750 
First Lien Senior NotesJun 15, 20296.125 %1,200 1,200 
First Lien Senior NotesSep 15, 20295.625 %500 500 
Second Lien Senior NotesJan 15, 20284.375 %750 750 
Second Lien Senior NotesOct 15, 20304.000 %2,900 2,900 
Less: unamortized deferred financing costs and deferred issuance discount(72)(90)
Total debt, net13,240 13,282 
    Less: current maturities of debt(56)(32)
Total long-term debt$13,184 $13,250 
(a)Represents the interest rate on Term Loan B and Term Loan A as of September 30, 2026.
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Revolving Credit Facility
As of September 30, 2026, we had no amounts outstanding under our Revolving Credit Facility, had $2 million of letters of credit issued against the Revolving Credit Facility, and our borrowing availability under our Revolving Credit Facility was $1,248 million. Funds available under the Revolving Credit Facility may be used to repay other debt, finance debt redemptions or equity repurchases, fund acquisitions or capital expenditures, and for other general corporate purposes. We have a $125 million letter of credit sublimit as part of the Revolving Credit Facility, which reduces our borrowing availability thereunder by the cumulative amount of outstanding letters of credit.
Restrictions and Covenants
As of September 30, 2026, we were in compliance with all applicable financial debt covenants under our senior secured term loan A and B facilities and Revolving Credit Facility (together the “Credit Facilities”), and the indentures governing our 3.875% First Lien Senior Notes due 2028, 3.50% First Lien Senior Notes due 2029, 6.125% First Lien Senior Notes due 2029, 5.625% First Lien Senior Notes due 2029, 4.375% Second Lien Senior Notes due 2028, and 4.00% Second Lien Senior Notes due 2030 (together, the “Senior Notes”).
Fair Value Measurement
The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions):
As of
September 30,
2026		December 31,
2025
Fair value of our variable term debt and senior notes$12,939 $13,266 
Principal carrying amount of our variable term debt and senior notes13,312 13,372 
Interest Expense, net
Interest expense, net consists of the following (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Debt (a)$121 $127 $358 $381 
Finance lease obligations4 5 13 14 
Amortization of deferred financing costs and debt issuance discount6 6 18 19 
Interest income(6)(9)(17)(23)
    Interest expense, net$125 $129 $372 $391 
(a)Amount includes $20 million and $26 million benefit during the three months ended September 30, 2026 and 2025, respectively, and $59 million and $79 million benefit during the nine months ended September 30, 2026 and 2025, respectively, related to our interest rate swaps. Amount includes $21 million and $23 million benefit during the three months ended September 30, 2026 and 2025, respectively, and $65 million and $67 million benefit during the nine months ended September 30, 2026 and 2025, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 10, Derivative Instruments.
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Note 10. 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 September 30, 2026, we had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $3,500 million to hedge the variability in the interest payments on a portion of our senior secured term loan A & B facilities (the “Term Loan A” and together with the “Term Loan B,” the “Term Loan Facilities”), including any subsequent refinancing or replacement of the Term Loan Facilities, beginning August 31, 2021 through the termination date of October 31, 2028. At inception, all of these interest rate swaps were designated as cash flow hedges for hedge accounting. The unrealized changes in market value are recorded in AOCI, net of tax, and reclassified into interest expense during the period in which the hedged forecasted transaction affects earnings.
At September 30, 2026, the net amount of pre-tax gains that we expect to be reclassified from AOCI into interest expense within the next 12 months is $115 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 September 30, 2026, we had outstanding cross-currency rate swap contracts between the Canadian dollar and U.S. dollar and the euro and U.S. dollar that have been designated as net investment hedges of a portion of our equity in foreign operations in those currencies. The component of the gains and losses on our net investment in these designated foreign operations driven by changes in foreign exchange rates is economically partly offset by movements in the fair value of our cross-currency swap contracts. The fair value of the swaps is calculated each period with changes in fair value reported in AOCI, net of tax. Such amounts will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations.
At September 30, 2026, we had outstanding cross-currency rate swaps from which we receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $5,700 million to partially hedge the net investment in our Canadian subsidiaries (the “CAD cross-currency swaps”), of which $1,450 million have a maturity of September 30, 2028, $1,450 million have a maturity of October 31, 2029, $1,400 million have a maturity of October 31, 2030, and $1,400 million have a maturity of October 31, 2031. At inception, these cross-currency rate swaps were designated as net investment hedges for hedge accounting.
In September 2026, we de-designated, restructured, and re-designated all of our $5,700 million CAD cross-currency swaps. The balances in AOCI associated with the de-designated cross-currency rate swaps will remain in AOCI and will only be reclassified into earnings upon the complete or substantially complete liquidation of our investment in the underlying foreign operations.
At September 30, 2026, we had outstanding cross-currency rate swap contracts designated as hedges 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 $150 million have a maturity date of October 31, 2028, $1,200 million have a maturity date of November 30, 2028, and $1,400 million have a maturity date of October 31, 2029. At inception, these cross-currency rate swaps were designated as net investment hedges for hedge accounting.
In June 2026, we de-designated, restructured, and re-designated $1,400 million of euro and U.S. dollar cross-currency swaps. The balances in AOCI associated with the de-designated cross-currency rate swaps will remain in AOCI and will only be reclassified into earnings upon the complete or substantially complete liquidation of our investment in the underlying foreign operations.
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 our 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 applicable foreign subsidiaries are sold or substantially liquidated.
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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 September 30, 2026, we had outstanding forward currency contracts to manage this risk in which we sell Canadian dollars and buy U.S. dollars with a notional value of $207 million with maturities to November 15, 2027. We have designated these instruments as cash flow hedges, and as such, the unrealized changes in market value of effective hedges are recorded in AOCI and are reclassified into earnings during the period in which the hedged forecasted transaction affects earnings.
Credit Risk
By entering into derivative contracts, we are exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty.
Credit-Risk Related Contingent Features
Our derivative instruments do not contain any credit-risk related contingent features.
Quantitative Disclosures about Derivative Instruments and Fair Value Measurements
The following tables present the required quantitative disclosures for our derivative instruments, including their estimated fair values (all estimated using Level 2 inputs) and their location on our condensed consolidated balance sheets (in millions):
Gain or (Loss) Recognized in Other Comprehensive Income (Loss)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Derivatives designated as cash flow hedges(1)
Interest rate swaps$47 $4 $106 $(54)
Forward-currency contracts$— $(6)$9 $(4)
Derivatives designated as net investment hedges
Cross-currency rate swaps$(5)$116 $136 $(367)
(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
September 30,		Nine Months Ended
September 30,
2026202520262025
Derivatives designated as cash flow hedges
Interest rate swapsInterest expense, net$20 $26 $59 $79 
Forward-currency contractsSupply chain cost of sales$2 $— $1 $4 
Location of Gain or (Loss) Recognized in EarningsGain or (Loss) Recognized in Earnings
(Amount Excluded from Effectiveness Testing)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Derivatives designated as net investment hedges
Cross-currency rate swapsInterest expense, net$21 $23 $65 $67 
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Fair Value as of
September 30,
2026		December 31, 2025Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate$134 $58 Other assets, net
Interest rate— 8 Prepaids and other current assets
Foreign currency5 — Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency39 — Other assets, net
Derivatives not designated as hedging instruments(1)
Foreign currency11 — Other assets, net
Total assets at fair value$189 $66 
Liabilities:
Derivatives designated as cash flow hedges
Foreign currency$— $3 Other accrued liabilities
Derivatives designated as net investment hedges
Foreign currency160 290 Other liabilities, net
Derivatives not designated as hedging instruments(1)
Foreign currency11 — 
Other liabilities, net
Total liabilities at fair value$171 $293 
(1) These amounts pertain to $800 million of CAD cross-currency rate swaps and $800 million of offsetting swaps both with a maturity date of September 30, 2028. The offsetting changes in fair value of these swaps are recognized in earnings.
Note 11. Shareholders’ Equity
Noncontrolling Interests
The holders of Partnership exchangeable units held an economic interest of approximately 22.8% and 24.0% in Partnership common equity through the ownership of 102,926,279 and 109,356,545 Partnership exchangeable units as of September 30, 2026 and December 31, 2025, respectively.
Pursuant to exchange notices received, Partnership exchanged 6,430,266 Partnership exchangeable units during the nine months ended September 30, 2026. In accordance with the applicable terms of the partnership agreement, Partnership satisfied the exchange notices by repurchasing 2,784,549 Partnership exchangeable units for approximately $214 million in cash and exchanging 3,645,717 Partnership exchangeable units for the same number of newly issued RBI common shares. Each such Partnership exchangeable unit was cancelled upon the settlement of the exchange. The exchanges represented increases in our ownership interest in Partnership and were accounted for as equity transactions, with no gain or loss recorded in the accompanying condensed consolidated statements of operations.
Share Repurchases
On August 6, 2025, our Board of Directors approved a share repurchase program authorizing the repurchase of up to $1,000 million of our common shares from September 15, 2025 through September 30, 2027. For the three and nine months ended September 30, 2026, we repurchased 817,041 and 3,101,650 of our common shares for $61 million and $232 million, respectively, excluding excise taxes. Of these repurchases, 28,010 common shares had not yet settled as of September 30, 2026 and therefore were not cancelled at that date. Repurchased shares are cancelled upon settlement. As of September 30, 2026, we had $768 million remaining under the share repurchase authorization.
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Accumulated Other Comprehensive Income (Loss)
The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions):
DerivativesPensionsForeign Currency TranslationAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2025$358 $(18)$(1,360)$(1,020)
Foreign currency translation adjustment— — (414)(414)
Net change in fair value of derivatives, net of tax225 — — 225 
Amounts reclassified to earnings of cash flow hedges, net of tax(44)— — (44)
Gain (loss) recognized on other, net of tax— (21)— (21)
Amounts attributable to noncontrolling interests(35)5 68 38 
Balance at September 30, 2026$504 $(34)$(1,706)$(1,236)
Note 12. 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
September 30,		Nine Months Ended
September 30,
2026202520262025
Lease income - operating leases
Minimum lease payments$101 $91 $297 $268 
Variable lease payments124 125 345 349 
Amortization of favorable and unfavorable income lease contracts, net— — 1 1 
Subtotal - lease income from operating leases225 216 643 618 
Earned income on direct financing and sales-type leases— 1 2 3 
Total property revenues$225 $217 $645 $621 
Note 13. Income Taxes
Our effective tax rate was (23.2)% and (10.2)% for the three and nine months ended September 30, 2026, respectively. The effective tax rates during these periods were favorably impacted by the movements in net deferred taxes in connection with intra-group reorganizations.
Our effective tax rate was 17.6% and 22.1% for the three and nine months ended September 30, 2025, respectively. The effective tax rates during these periods include 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.

26
Note 14. Other Operating Expenses (Income), net
Other operating expenses (income), net consists of the following (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Net losses (gains) on disposal of assets, restaurant closures and refranchisings$20 $7 $19 $22 
Litigation settlements (gains) and reserves, net(1)2 4 6 
Net losses (gains) on foreign exchange(11)1 (61)208 
Other, net12 2 11 8 
     Other operating expenses (income), net$20 $12 $(27)$244 
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings represent long-lived asset impairments, losses (gains) from asset write-offs and sales of properties, and costs related to restaurant closures and refranchisings. Gains and losses recognized in the current period may reflect certain costs related to closures and refranchisings that occurred in previous periods.
Litigation settlements (gains) and reserves, net primarily reflect accruals, payments made, and proceeds received in connection with litigation and arbitration matters and other business disputes.
Net losses (gains) on foreign exchange consist of remeasurement of foreign denominated assets and liabilities, primarily related to intercompany financing. A substantial portion of this net foreign currency gain or loss relates to the measurement of U.S. dollar intercompany balances in foreign subsidiaries. This gain or loss primarily results from fluctuations in the exchange rate between the euro and U.S. dollar.
Note 15. Commitments and Contingencies
Litigation
We are involved in legal proceedings arising in the ordinary course of business relating to matters including, but not limited to, disputes with franchisees, suppliers, employees and customers, as well as disputes over our intellectual property.
Burger King Company LLC, and various affiliates, including RBI, are defendants in a class action lawsuit brought by former Burger King employees in the U.S. District Court for the Southern District of Florida. The lawsuit alleges that the defendants violated Section 1 of the Sherman Act by incorporating an employee no-solicitation and no-hiring clause in the Burger King standard form franchise agreement. Each plaintiff seeks injunctive relief and damages for each member of the class. In March 2020, the court granted the defendants’ motion to dismiss for failure to state a claim, but in August 2022 the decision was reversed on appeal and remanded for further proceedings. In April 2025, the plaintiffs filed an amended complaint, and in May 2025, the defendants filed an answer. In March 2026, a court-ordered mediation between the parties resulted in an impasse. While we intend to vigorously defend against these claims, we are unable to predict the ultimate outcome of this case or estimate the range of possible loss, if any.
In October 2024, purported former shareholders of Carrols filed a complaint in the Delaware Court of Chancery against RBI and two individual directors of Carrols. The complaint arises from the Carrols Acquisition and alleges that RBI coerced Carrols into the transaction, that the two directors failed to disclose that their interest differed from the interests of other Carrols shareholders, and that the two directors were not independent from RBI. The complaint also includes claims for breach of fiduciary duty and unjust enrichment by RBI. The plaintiffs seek equitable relief, damages and fees and expenses. In July 2026, the parties reached an agreement-in-principle to settle the case, subject to final court approval.
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Note 16. Supplier Finance Programs
Our TH business includes individually negotiated contracts with suppliers, which include payment terms that range up to 120 days. A global financial institution offers a voluntary supply chain finance (“SCF”) program to certain TH vendors, which provides suppliers that elect to participate with the ability to elect early payment, at a discount based on the payment terms and a rate based on RBI's credit rating, which may be beneficial to the vendor. Participation in the SCF program is at the sole discretion of the suppliers and the 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 September 30, 2026 and December 31, 2025 totaled $56 million and $38 million, respectively, and are classified as Accounts and drafts payable in our condensed consolidated balance sheets. All activity related to the obligations is classified as Supply chain cost of sales in our condensed consolidated statements of operations and presented within cash flows from operating activities in our condensed consolidated statements of cash flows.

Note 17. Subsequent Events
Dividends
On October 2, 2026, we paid a cash dividend of $0.65 per common share to common shareholders of record on September 18, 2026. On such date, Partnership also made a distribution in respect of each Partnership exchangeable unit in the amount of $0.65 per exchangeable unit to holders of record on September 18, 2026.
Subsequent to September 30, 2026, our board of directors declared a cash dividend of $0.65 per common share, which will be paid on January 5, 2027 to common shareholders of record on December 22, 2026. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.65 per Partnership exchangeable unit, and the record date and payment date for distributions on Partnership exchangeable units are the same as the record date and payment date set forth above.
Share Repurchases
Subsequent to September 30, 2026 through October 23, 2026, we repurchased 235,276 of our common shares for $17 million and as of October 23, 2026 had $751 million remaining under our share repurchase authorization.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes thereto (“Financial Statements”) in Item 1 and the Special Note Regarding Forward-Looking Statements later in this Item 2. All Note references herein refer to the Notes to the Financial Statements. Tabular amounts are displayed in millions of U.S. dollars except per share and unit count amounts, or as otherwise specifically identified. All references to “Canadian dollars” or “C$” are to the currency of Canada unless otherwise indicated. Percentages may not recompute due to rounding.
Overview
We are one of the world’s largest quick service restaurant (“QSR”) companies with over $49 billion in annual system-wide sales and over 33,000 restaurants, over 95% of which are franchised, in more than 120 countries and territories as of September 30, 2026. We own and franchise four iconic brands, Tim Hortons®, Burger King®, Popeyes®, and Firehouse Subs®. Our brands have complementary daypart mixes and product platforms that benefit from global scale and the sharing of best practices while preserving the independence and rich heritage of each brand.
We have six operating and reportable segments, including four franchisor segments for our Tim Hortons, Burger King, Popeyes, and Firehouse Subs brands in the U.S. and Canada (“TH”, “BK”, “PLK”, and “FHS”, respectively) and a fifth franchisor segment for all of our brands in the rest of the world (“INTL”). Additionally, we have a sixth operating and reportable segment, Restaurant Holdings (“RH”), which includes the operations of (i) Burger King restaurants acquired in our acquisition of Carrols Restaurant Group Inc. (the “Carrols Acquisition”), (ii) restaurants acquired in our acquisition of Popeyes China (“PLK China”) (“PLK China Acquisition”), and (iii) Firehouse Subs Brazil (“FHS Brazil”) restaurants.
RBI maintains the franchisor dynamics in its TH, BK, PLK, FHS, and INTL segments (“five franchisor segments”) to report results consistent with how the business will be managed long-term. This approach reflects RBI’s intent to refranchise the vast majority of the Carrols Burger King restaurants and to find new investors for PLK China and FHS Brazil and sunset the RH segment. RH results include Company restaurant sales and expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK for the Carrols Burger King restaurants and INTL for PLK China and FHS Brazil restaurants) and eliminated upon consolidation.
Adjusted Operating Income represents our measure of segment income for each of our reportable segments and is used by management to measure operating performance. See Note 3, “Segment Reporting” of the Financial Statements for additional information about our operating and reportable segments and our measure of segment income.
On February 14, 2025, we acquired substantially all the remaining equity interests in Pangaea Foods (China) Holdings Ltd. (“BK China”). Following the acquisition, we ceased accounting for our interest in BK China as an equity method investment and ceased recognition of franchise revenue. BK China met the criteria to be classified as held for sale and was reported as discontinued operations. On January 30, 2026, we established a joint venture with CPE Alder Investment Limited, a fund managed by CPE (“CPE”), with respect to the operations of BK China (the “BK China JV”). CPE invested $350 million of primary capital into the BK China JV. Following the transaction, we deconsolidated BK China, began accounting for our remaining 17% equity interest in the BK China JV under the equity method of accounting, and resumed recognizing franchise revenue, primarily related to royalties, from the BK China JV in our INTL segment. We refer to the acquisition of BK China and the subsequent establishment of the BK China JV collectively as the “BK China Transactions.” See Note 5, “BK China” of the Financial Statements and Note 6, “Equity Method Investments” of the Financial Statements for additional information.



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Key Operating Metrics
Key performance indicators (“KPIs”) are shown for RBI's five franchisor segments. The KPIs for the Carrols Burger King restaurants are included in the BK segment, and the KPIs for the BK China, PLK China, and FHS Brazil restaurants are included in the INTL segment.
We evaluate our restaurants and assess our business based on the following operating metrics:
•System-wide sales growth refers to the percentage change in sales at all franchised restaurants and Company restaurants (referred to as system-wide sales) in one period from the same period in the prior year on a constant currency basis, which means the results exclude the effect of foreign currency translation (“FX Impact”). We calculate the FX Impact by translating prior year results at current year monthly average exchange rates. System-wide sales is reported on a nominal basis.
•Comparable sales refers to the percentage change in restaurant sales in one period from the same prior year period on a constant currency basis for restaurants that have been open for an initial consecutive period, typically at least 13 months. Additionally, if a restaurant is closed for a significant portion of a month, the restaurant is excluded from the monthly comparable sales calculation.
•Unless otherwise stated, system-wide sales growth, system-wide sales, and comparable sales are presented on a system-wide basis, which means they include franchised restaurants and Company restaurants. System-wide results are driven by our franchised restaurants, as over 95% of system-wide restaurants are franchised. Franchise sales represent sales at all franchised restaurants and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales.
•Net restaurant growth refers to the net change in restaurant count (openings, net of permanent closures) over a trailing twelve-month period, divided by the restaurant count at the beginning of the trailing twelve-month period. In determining whether a restaurant meets our definition of a restaurant that will be included in our net restaurant growth, we consider factors such as scope of operations, format and image, separate franchise agreement, and minimum sales thresholds. We refer to restaurants that do not meet our definition as “alternative formats” and we believe these are helpful to build brand awareness, test new concepts and provide convenience in certain markets.
These metrics are important indicators of the overall direction of our business, including trends in sales and the effectiveness of marketing, operations, and growth initiatives.
The following tables present our consolidated key operating metrics for each of the periods indicated, which have been derived from our internal records. We evaluate our restaurants and assess our business based on these operating metrics. These metrics may differ from those used by other companies in our industry, who may define these metrics differently.
Three Months Ended
September 30,		Nine Months Ended
September 30,
Consolidated Key Operating Metrics 2026202520262025
    System-wide Sales Growth (a)6.2 %6.9 %6.3 %5.1 %
    System-wide Sales (in US$ millions) (a)$12,972 $12,282 $37,185 $34,631 
    Comparable Sales3.8 %4.0 %3.6 %2.2 %
    Net Restaurant Growth3.0 %2.8 %3.0 %2.8 %
    System Restaurant Count at Period End33,401 32,423 33,401 32,423 
(a)System-wide sales growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in system-wide sales, which is reported on a nominal basis.
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Results of Operations for the Three and Nine Months Ended September 30, 2026 and 2025
Tabular amounts in millions of U.S. dollars unless noted otherwise. Totals, variances, and percentage changes may not calculate exactly due to rounding. We calculate the FX Impact by translating prior year results at current year monthly average exchange rates. We analyze these results on a constant currency basis as this helps identify underlying business trends, without distortion from the effects of currency movements.
ConsolidatedThree Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX ImpactNine Months Ended
September 30,		Variance
FX Impact
Variance Excluding FX Impact
20262025 Favorable / (Unfavorable)20262025 Favorable / (Unfavorable)
Revenues:
Supply chain sales$780 $769 $11 $(11)$22 $2,254 $2,112 $142 $13 $129 
Company restaurant sales608 588 20 — 19 1,784 1,746 38 1 37 
Franchise and property revenues814 778 37 (6)43 2,329 2,201 129 20 109 
Advertising revenues and other services323 314 9 (1)10 942 909 33 4 28 
Total revenues2,525 2,449 77 (18)94 7,309 6,968 341 38 303 
Operating costs and expenses:
Supply chain cost of sales618 619 1 9 (8)1,817 1,704 (113)(11)(102)
Company restaurant expenses509 498 (12)— (11)1,494 1,464 (30)(1)(29)
Franchise and property expenses151 147 (3)1 (5)409 421 12 (3)15 
Advertising expenses and other services354 342 (12)1 (14)1,064 1,017 (47)(5)(42)
General and administrative expenses183 170 (13)1 (14)544 549 4 (6)10 
(Income) loss from equity method investments(6)(2)5 — 5 (10)(12)(2)— (2)
Other operating expenses (income), net20 12 (8)(1)(7)(27)244 271 (9)281 
Total operating costs and expenses1,829 1,786 (43)10 (54)5,291 5,387 96 (36)132 
Income from operations696 663 33 (7)41 2,018 1,581 437 2 435 
Interest expense, net125 129 4 — 4 372 391 19 — 19 
Income from continuing operations before income taxes571 534 37 (7)44 1,646 1,190 456 3 454 
Income tax (benefit) expense from continuing operations(133)94 227 1 226 (168)263 431 (1)431 
Net income from continuing operations704 440 264 (6)270 1,814 927 887 2 885 
Net loss from discontinued operations (net of tax of $0)
— 4 4 — 4 — 7 7 — 7 
Net income$704 $436 $268 $(7)$274 $1,814 $920 $894 $1 $892 
Our operating results are impacted by a number of external factors, including consumer spending levels and general economic conditions.
During the three and nine months ended September 30, 2026, the increases in Total revenues were primarily driven by increased system-wide sales across our INTL, BK, TH, and FHS segments and higher Supply chain sales. Results also reflect an unfavorable FX Impact during the three months ended September 30, 2026, and a favorable FX Impact during the nine months ended September 30, 2026.
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During the three months ended September 30, 2026, the increase in Income from operations was primarily driven by higher segment income across our INTL, BK, TH, and FHS segments.
During the nine months ended September 30, 2026, the increase in Income from operations was primarily driven by a net gain on foreign exchange arising from remeasurement of foreign denominated assets and liabilities, primarily related to intercompany financing, compared to a net loss in the prior year, as well as higher segment income across our INTL, BK, TH, and FHS segments.
During the three and nine months ended September 30, 2026, the increases in Net income from continuing operations were primarily driven by an increase in Income from operations and an Income tax benefit from continuing operations compared to Income tax expense from continuing operations in the prior year.
General and Administrative Expenses
Our general and administrative expenses were comprised of the following:
Three Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX ImpactNine Months Ended
September 30,		Variance
FX Impact
Variance Excluding FX Impact
20262025Favorable / (Unfavorable)20262025Favorable / (Unfavorable)
Segment G&A (a):
TH$32 $33 $1 $— $1 $100 $104 $4 $(1)$5 
BK33 30 (3)— (3)97 97 — — — 
PLK19 17 (2)— (2)55 57 2 — 2 
FHS12 12 — — — 38 39 1 — 1 
INTL53 47 (5)— (6)155 145 (10)(4)(5)
RH28 23 (5)— (5)79 70 (9)(1)(8)
RH and BK China Transaction costs2 7 5 — 5 11 29 18 — 18 
Corporate restructuring and advisory fees5 1 (4)— (4)9 7 (2)— (2)
General and administrative expenses$183 $170 $(13)$1 $(14)$544 $549 $4 $(6)$10 
(a)Segment G&A excludes expenses from non-recurring projects and non-operating activities, such as RH and BK China Transaction costs, and Corporate restructuring and advisory fees (as defined below).
In connection with (a) the Carrols Acquisition, the PLK China Acquisition, and the BK China Transactions, and (b) the anticipated refranchising of restaurants held in the RH segment, primarily those acquired in the Carrols Acquisition, in connection with the planned sunset of the RH segment, we incurred non-recurring fees and expenses, consisting primarily of professional fees, compensation-related expenses, and integration costs, all of which are classified as general and administrative expenses in the condensed consolidated statements of operations (“RH and BK China Transaction costs”). We expect to incur additional RH and BK China Transaction costs in 2026.
In connection with certain transformational corporate restructuring initiatives that rationalize our structure and optimize cash movement within our structure, as well as services related to significant tax reform legislation and regulations, we incurred non-operating expenses primarily from professional advisory and consulting services (“Corporate restructuring and advisory fees”).
During the three months ended September 30, 2026, the increase in general and administrative expenses was primarily driven by higher Segment G&A in our INTL, RH, BK, and PLK segments, primarily due to higher compensation-related expenses, and an increase in Corporate restructuring and advisory fees, partially offset by a decrease in RH and BK China Transaction costs.
During the nine months ended September 30, 2026, the decrease in general and administrative expenses was primarily driven by a decrease in RH and BK China Transaction costs and lower Segment G&A in our TH and PLK segments, primarily due to lower compensation-related expenses. These factors were partially offset by higher Segment G&A in our RH and INTL segments, primarily due to higher compensation-related expenses, as well as higher Corporate restructuring and advisory fees. Results also reflect an unfavorable FX Impact.
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(Income) Loss from Equity Method Investments
(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.
The change in (income) loss from equity method investments reflects changes in earnings of our equity method investments during the three and nine months ended September 30, 2026 compared to the prior year periods.
Other Operating Expenses (Income), net
Our other operating expenses (income), net consisted of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Net losses (gains) on disposal of assets, restaurant closures and refranchisings$20 $7 $19 $22 
Litigation settlements (gains) and reserves, net(1)2 4 6 
Net losses (gains) on foreign exchange(11)1 (61)208 
Other, net12 2 11 8 
     Other operating expenses (income), net$20 $12 $(27)$244 
Net losses (gains) on disposal of assets, restaurant closures and refranchisings represent long-lived asset impairments, losses (gains) from asset write-offs and sales of properties, and costs related to restaurant closures and refranchisings. Gains and losses recognized in the current period may reflect certain costs related to closures and refranchisings that occurred in previous periods.
Litigation settlements (gains) and reserves, net primarily reflect accruals, payments made, and proceeds received in connection with litigation and arbitration matters and other business disputes.
Net losses (gains) on foreign exchange consist of remeasurement of foreign denominated assets and liabilities, primarily related to intercompany financing. A substantial portion of this net foreign currency gain or loss relates to the measurement of U.S. dollar intercompany balances in foreign subsidiaries. This gain or loss primarily results from fluctuations in the exchange rate between the euro and U.S. dollar.
Interest Expense, net
Our interest expense, net and the weighted average interest rate on our long-term debt were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Interest expense, net$125 $129 $372 $391 
Weighted average interest rate on long-term debt4.4 %4.4 %4.4 %4.4 %
During the three and nine months ended September 30, 2026, interest expense, net decreased primarily due to a decrease in long-term debt, driven by the voluntary repayment of a portion of Term Loan B during 2025.
Income Tax (Benefit) Expense from Continuing Operations
Our effective tax rate was (23.2)% and 17.6% for the three months ended September 30, 2026 and 2025, respectively, and (10.2)% and 22.1% for the nine months ended September 30, 2026 and 2025, respectively. The changes in our effective tax rates were primarily due to discrete tax benefits resulting from the movements in net deferred tax assets in connection with intra-group reorganizations undertaken in 2026, partially offset by the impact of the administrative guidance issued by the Organization for Economic Cooperation and Development (“OECD”) in 2025.
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Segment Results of Operations for the Three and Nine Months Ended September 30, 2026 and 2025
TH Segment Three Months Ended September 30,Nine Months Ended
September 30,
2026202520262025
System-wide Sales Growth (a)2.0 %4.8 %1.6 %3.0 %
System-wide Sales (a)$2,039 $2,029 $5,780 $5,655 
Comparable Sales1.5 %4.2 %1.0 %2.7 %
Comparable Sales - Canada1.8 %4.2 %1.1 %2.8 %
Net Restaurant Growth1.0 %0.6 %1.0 %0.6 %
System Restaurant Count at Period End4,579 4,532 4,579 4,532 
(a)System-wide sales growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in system-wide sales, which is reported on a nominal basis.
TH SegmentThree Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX ImpactNine Months Ended
September 30,		Variance
FX Impact
Variance Excluding FX Impact
20262025 Favorable / (Unfavorable)20262025 Favorable / (Unfavorable)
Revenues:
Supply chain sales$780 $769 $11 $(11)$22 $2,254 $2,111 $142 $13 $129 
Company restaurant sales11 12 (1)— (1)31 34 (3)— (3)
Franchise and property revenues266 264 3 (4)7 761 744 17 5 12 
Advertising revenues and other services79 80 (1)(1)— 224 222 2 1 — 
Total revenues1,136 1,125 11 (16)27 3,270 3,112 158 20 139 
Supply chain cost of sales618 619 1 9 (8)1,817 1,704 (113)(11)(102)
Company restaurant expenses10 11 1 — 1 28 30 2 — 2 
Segment F&P expenses86 86 — 1 (2)254 246 (7)(2)(6)
Advertising expenses and other services77 77 (1)1 (2)249 236 (13)(2)(12)
Segment G&A32 33 1 — 1 100 104 4 (1)5 
Adjustments:
Cash distributions received from equity method investments4 4 — — — 11 11 — — — 
Adjusted Operating Income317 304 13 (4)17 833 803 30 4 26 
During the three months ended September 30, 2026, the increase in Total revenues was driven by higher Supply chain sales primarily due to increases in equipment sales to franchisees and commodity prices, as well as higher Franchise and property revenues primarily from increased system-wide sales. Results also reflect an unfavorable FX Impact.
During the nine months ended September 30, 2026, the increase in Total revenues was primarily driven by higher Supply chain sales due to increases in commodity prices and equipment sales to franchisees, as well as higher Franchise and property revenues primarily from increased system-wide sales. Results also reflect a favorable FX Impact.
During the three months ended September 30, 2026, the increase in Adjusted Operating Income was primarily driven by tariff refunds and higher Franchise and property revenues. Results also reflect an unfavorable FX Impact.
During the nine months ended September 30, 2026, the increase in Adjusted Operating Income was primarily driven by tariff refunds, revenue growth, and a decrease in Segment G&A. These factors were partially offset by an increase in Supply chain cost of sales, primarily due to higher commodity prices. Adjusted Operating Income was also impacted by increases in Advertising expenses and other services driven by the timing of marketing-related expenditures. Results also reflect a favorable FX Impact.

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BK SegmentThree Months Ended September 30,Nine Months Ended September 30,
2026202520262025
System-wide Sales Growth7.6 %2.3 %7.1 %0.6 %
System-wide Sales$3,178 $2,956 $9,224 $8,608 
Comparable Sales8.3 %3.1 %7.6 %1.1 %
Comparable Sales - US8.4 %3.2 %7.6 %1.2 %
Net Restaurant Growth(0.9)%(1.1)%(0.9)%(1.1)%
System Restaurant Count at Period End6,979 7,043 6,979 7,043 
BK SegmentThree Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX ImpactNine Months Ended
September 30,		Variance
FX Impact
Variance Excluding FX Impact
20262025 Favorable / (Unfavorable)20262025 Favorable / (Unfavorable)
Revenues:
Company restaurant sales$43 $62 $(19)$— $(19)$133 $183 $(50)$— $(50)
Franchise and property revenues (a)199 187 12 — 12 575 537 38 — 37 
Advertising revenues and other services (b)154 138 16 — 16 450 411 39 — 39 
Total revenues396 387 9 — 9 1,157 1,131 26 — 26 
Company restaurant expenses38 59 21 — 21 120 170 50 — 50 
Segment F&P expenses33 35 2 — 2 99 98 (1)— (1)
Advertising expenses and other services156 141 (15)— (15)453 419 (34)— (34)
Segment G&A33 30 (3)— (3)97 97 — — — 
Adjusted Operating Income136 123 13 — 13 388 347 41 — 41 
(a)Franchise and property revenues include intersegment revenues with RH consisting of royalties and rent of $29 million and $86 million during the three and nine months ended September 30, 2026, respectively, and $28 million and $83 million during three and nine months ended September 30, 2025, respectively, which are eliminated in consolidation.
(b)Advertising revenues and other services include intersegment revenues with RH consisting of advertising contributions and tech fees of $22 million and $67 million during the three and nine months ended September 30, 2026, respectively, and $21 million and $63 million during the three and nine months ended September 30, 2025, respectively, which are eliminated in consolidation.
During the three and nine months ended September 30, 2026, the increases in Total revenues were primarily driven by the increase in comparable sales, partially offset by the net impact of refranchisings.
During the three and nine months ended September 30, 2026, the increases in Adjusted Operating Income were primarily driven by higher Franchise and property revenues.
Franchise and property revenues and Segment F&P expenses reflect convention revenues and expenses recognized during the three and nine months ended September 30, 2025. Convention-related revenues and expenses have an immaterial net impact to Adjusted Operating Income.


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PLK SegmentThree Months Ended September 30,Nine Months Ended September 30,
2026202520262025
System-wide Sales Growth(1.0)%0.7 %(2.7)%0.0 %
System-wide Sales$1,503 $1,519 $4,453 $4,571 
Comparable Sales(1.8)%(2.4)%(4.5)%(2.6)%
Comparable Sales - US(2.2)%(2.0)%(4.6)%(2.3)%
Net Restaurant Growth0.0 %2.2 %0.0 %2.2 %
System Restaurant Count at Period End3,542 3,541 3,542 3,541 
PLK SegmentThree Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX ImpactNine Months Ended
September 30,		Variance
FX Impact
Variance Excluding FX Impact
20262025 Favorable / (Unfavorable)20262025 Favorable / (Unfavorable)
Revenues:
Company restaurant sales$55 $44 $11 $— $11 $145 $136 $8 $— $8 
Franchise and property revenues82 81 1 — 1 237 245 (8)— (8)
Advertising revenues and other services68 76 (9)— (9)211 223 (12)— (12)
Total revenues204 201 4 — 4 593 605 (12)— (12)
Company restaurant expenses49 39 (9)— (9)128 118 (10)— (10)
Segment F&P expenses8 3 (6)— (6)14 10 (4)— (4)
Advertising expenses and other services71 79 8 — 8 220 230 11 — 11 
Segment G&A19 17 (2)— (2)55 57 2 — 2 
Adjusted Operating Income58 63 (5)— (5)177 188 (12)— (12)
During the three months ended September 30, 2026, the increase in Total revenues was primarily driven by higher Company restaurant sales due to restaurants acquired during the period, partially offset by lower Advertising revenues and other services due primarily to a decline in advertising fund contributions.
During the nine months ended September 30, 2026, the decrease in Total revenues was primarily driven by a decline in comparable sales, partially offset by higher Company restaurant sales due to restaurants acquired during the period.
During the three months ended September 30, 2026, the decrease in Adjusted Operating Income was primarily driven by a decline in comparable sales and an increase in Segment G&A, partially offset by higher Company restaurant sales.
During the nine months ended September 30, 2026, the decrease in Adjusted Operating Income was primarily driven by a decline in comparable sales.
Franchise and property revenues and Segment F&P expenses reflect convention revenues and expenses recognized during the three and nine months ended September 30, 2026 and the nine months ended September 30, 2025. Convention-related revenues and expenses have an immaterial net impact to Adjusted Operating Income.


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FHS SegmentThree Months Ended September 30,Nine Months Ended September 30,
2026202520262025
System-wide Sales Growth8.3 %10.7 %7.7 %8.1 %
System-wide Sales$360 $332 $1,068 $991 
Comparable Sales1.5 %2.6 %0.5 %0.7 %
Comparable Sales - US2.0 %2.5 %1.0 %0.5 %
Net Restaurant Growth7.8 %7.7 %7.8 %7.7 %
System Restaurant Count at Period End1,509 1,400 1,509 1,400 
FHS SegmentThree Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX ImpactNine Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX Impact
20262025 Favorable / (Unfavorable)20262025 Favorable / (Unfavorable)
Revenues:
Company restaurant sales$12 $11 $1 $— $1 $35 $33 $2 $— $2 
Franchise and property revenues32 30 2 — 2 90 84 5 — 5 
Advertising revenues and other services21 18 3 — 3 61 55 7 — 7 
Total revenues65 60 5 — 5 186 172 14 — 14 
Company restaurant expenses10 9 (1)— (1)30 28 (2)— (2)
Segment F&P expenses4 5 — — — 8 8 — — — 
Advertising expenses and other services22 19 (3)— (3)64 57 (7)— (7)
Segment G&A12 12 — — — 38 39 1 — 1 
Adjusted Operating Income16 14 2 — 2 47 41 6 — 6 
During the three and nine months ended September 30, 2026, the increases in Total revenues and Adjusted Operating Income were primarily driven by the increase in restaurant count.


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INTL SegmentThree Months Ended September 30,Nine Months Ended September 30,
2026202520262025
System-wide Sales Growth (a)9.0 %12.1 %10.2 %10.3 %
System-wide Sales (a)$5,893 $5,447 $16,662 $14,806 
Comparable Sales3.9 %6.5 %5.0 %4.5 %
Comparable Sales - INTL - Burger King3.8 %6.4 %4.8 %4.5 %
Net Restaurant Growth5.6 %5.1 %5.6 %5.1 %
System Restaurant Count at Period End16,792 15,907 16,792 15,907 
(a)System-wide sales growth is calculated on a constant currency basis and therefore will not recalculate to the percentage change in system-wide sales, which is reported on a nominal basis.
INTL SegmentThree Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX ImpactNine Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX Impact
20262025 Favorable / (Unfavorable)20262025 Favorable / (Unfavorable)
Revenues:
Franchise and property revenues $266 $245 $21 $(2)$23 $754 $673 $81 $14 $67 
Advertising revenues and other services23 22 1 — — 63 62 1 3 (2)
Total revenues289 268 22 (2)23 817 735 82 17 65 
Segment F&P expenses6 7 1 — 1 (4)21 25 — 25 
Advertising expenses and other services25 25 — — — 70 70 — (3)3 
Segment G&A53 47 (5)— (6)155 145 (10)(4)(5)
Adjusted Operating Income205 189 17 (2)18 596 499 97 9 88 
During the three and nine months ended September 30, 2026, the increases in Total revenues were primarily driven by higher royalty revenues from Burger King and Popeyes restaurants resulting from the increase in system-wide sales, as well as the resumption of royalty revenues from BK China following the establishment of the BK China JV. For the nine months ended September 30, 2026, results also reflect a favorable FX Impact.
During the three months ended September 30, 2026, the increase in Adjusted Operating Income was driven by revenue growth, partially offset by an increase in Segment G&A.
During the nine months ended September 30, 2026, the increase in Adjusted Operating Income was driven by revenue growth and a decrease in Segment F&P expenses, reflecting net bad debt recoveries in the current year compared to net bad debt expense in the prior year. These factors were partially offset by an increase in Segment G&A. Results also reflect a favorable FX Impact.
Franchise and property revenues and Segment F&P expenses reflect Burger King international convention revenues and expenses recognized during the nine months ended September 30, 2025. Convention-related revenues and expenses have an immaterial net impact to Adjusted Operating Income.
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RH Segment Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
System-wide Sales$488 $464 $1,443 $1,359 
System-wide Sales - BK US $471 $458 $1,403 $1,345 
System-wide Sales - INTL$17 $6 $40 $13 
Comparable Sales7.8 %4.8 %7.1 %2.3 %
Comparable Sales - BK US7.8 %4.8 %7.2 %2.3 %
System Restaurant Count at Period End1,071 1,068 1,071 1,068 
System Restaurant Count at Period End - BK US950 1,012 950 1,012 
System Restaurant Count at Period End - INTL121 56 121 56 
RH SegmentThree Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX ImpactNine Months Ended
September 30,		VarianceFX ImpactVariance Excluding FX Impact
20262025 Favorable / (Unfavorable)20262025 Favorable / (Unfavorable)
Total revenues$487 $459 $28 $— $28 $1,441 $1,360 $81 $1 $80 
Food, beverage and packaging costs148 136 (12)— (12)435 391 (44)— (44)
Restaurant wages and related expenses154 148 (6)— (6)454 445 (9)— (9)
Restaurant occupancy and other expenses (a)126 119 (7)— (7)376 353 (23)— (23)
Company restaurant expenses429 403 (26)— (25)1,265 1,188 (77)(1)(76)
Advertising expenses and other services (b)26 23 (2)— (2)75 68 (7)— (7)
Segment G&A28 23 (5)— (5)79 70 (9)(1)(8)
Adjusted Operating Income5 10 (4)— (4)21 33 (12)(1)(11)
Note: RH KPIs are shown consistently with RBI’s reporting calendar, but in 2025, results from BK restaurants in the statements of operations were shown consistently with the Carrols reporting calendar, which for the three and nine months ended September 30, 2025 were from June 30, 2025 to September 28, 2025 and from December 30, 2024 to September 28, 2025, respectively.
(a)Restaurant occupancy and other expenses include intersegment royalties and property expenses of $30 million and $88 million during the three and nine months ended September 30, 2026, respectively, and $28 million and $83 million for the three and nine months ended September 30, 2025, respectively, which are eliminated in consolidation.
(b)Advertising expenses and other services include intersegment advertising expenses and tech fees of $22 million and $67 million during the three and nine months ended September 30, 2026, respectively, and $21 million and $63 million for the three and nine months ended September 30, 2025, respectively, which are eliminated in consolidation.
The RH segment includes results from (i) Burger King restaurants acquired as part of the Carrols Acquisition and (ii) PLK China and FHS Brazil restaurants. RH segment results reflect the impact of refranchising Carrols Burger King restaurants as well as incremental investments in the PLK China and FHS Brazil start-up businesses.
During the three and nine months ended September 30, 2026, the increases in Total revenues were primarily driven by an increase in BK US comparable sales and an increase in PLK China restaurant count, partially offset by the refranchisings of Carrols Burger King restaurants.
During the three and nine months ended September 30, 2026, the decreases in Adjusted Operating Income were primarily driven by increases in Company restaurant expenses and Segment G&A, partially offset by higher revenues. The increases in Company restaurant expenses reflect higher Carrols Burger King Company restaurant expenses, primarily driven by increased sales, and higher expenses related to scaling our international start-up businesses. For the nine months ended September 30, 2026, the increase in Company restaurant expenses also reflected higher depreciation and amortization expenses.
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Non-GAAP Reconciliations
The table below contains information regarding Adjusted Operating Income, which is a non-GAAP measure. This non-GAAP measure does not have a standardized meaning under U.S. GAAP and may differ from a similarly captioned measure used by other companies in our industry. We believe this non-GAAP measure is useful to investors in assessing our operating performance, as it provides them with the same tools that management uses to evaluate our performance and is responsive to questions we receive from both investors and analysts. By disclosing this non-GAAP measure, we intend to provide investors with a consistent comparison of our operating results and trends for the periods presented. Adjusted Operating Income is defined as income from operations excluding (i) franchise agreement and reacquired franchise rights 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) expenses from non-recurring projects and non-operating activities. For the periods presented, expenses from non-recurring projects and non-operating activities included (i) non-recurring fees and expenses, consisting primarily of professional fees, compensation-related expenses, and integration costs, incurred in connection with (a) the Carrols Acquisition, the PLK China Acquisition, and the BK China Transactions, and (b) the anticipated refranchising of restaurants held in the RH segment, primarily those acquired in the Carrols Acquisition, in connection with the planned sunset of the RH segment; 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. Management believes that these types of expenses are either not related to our underlying profitability drivers or not likely to reoccur in the foreseeable future, and the varied timing, size, and nature of these projects may cause volatility in our results unrelated to the performance of our core business or the trends of our core operations.
Adjusted Operating Income is used by management to measure the operating performance of our business, excluding non-cash and other specifically identified items described above which management believes are not relevant to its assessment of our operating performance. Adjusted Operating Income, as defined above, also represents our measure of segment income for each of our operating segments.
Three Months Ended
September 30,		VarianceNine Months Ended
September 30,		Variance
20262025Favorable / (Unfavorable)20262025Favorable / (Unfavorable)
Income from operations$696 $663 $33 $2,018 $1,581 $437 
Franchise agreement and reacquired franchise rights amortization16 16 — 48 49 1 
RH and BK China Transaction costs2 7 5 11 29 18 
Corporate restructuring and advisory fees5 1 (4)9 7 (2)
Impact of equity method investments (a)(3)2 5 1 (1)(2)
Other operating expenses (income), net20 12 (8)(27)244 271 
Adjusted Operating Income$737 $702 $35 $2,061 $1,910 $151 
Segment income
TH$317 $304 $13 $833 $803 $30 
BK136 123 13 388 347 41 
PLK58 63 (5)177 188 (12)
FHS16 14 2 47 41 6 
INTL205 189 17 596 499 97 
RH5 10 (4)21 33 (12)
Adjusted Operating Income$737 $702 $35 $2,061 $1,910 $151 
(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.
The increases in Adjusted Operating Income for the three and nine months ended September 30, 2026 reflect increases in segment income in our INTL, BK, TH, and FHS segments, partially offset by decreases in segment income in our PLK and RH segments.
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Liquidity and Capital Resources
Our primary sources of liquidity are cash on hand, cash generated by operations, and borrowings available under our Revolving Credit Facility (as defined below). We have used, and may in the future use, our liquidity to make required interest and/or principal payments, to repurchase our common shares, to repurchase Class B exchangeable limited partnership units of Partnership (“Partnership exchangeable units”), to voluntarily prepay, redeem or repurchase our or any of our affiliates’ outstanding debt, to fund acquisitions and other investing activities, such as capital expenditures and joint venture investments, and to pay dividends on our common shares and make distributions on the Partnership exchangeable units. Our liquidity requirements are significant, primarily due to debt service requirements.
As of September 30, 2026, we had cash and cash equivalents of $974 million and borrowing availability of $1,248 million under our senior secured revolving credit facility (the “Revolving Credit Facility”). Based on our current level of operations and available cash, we believe our cash flow from operations, combined with our availability under our Revolving Credit Facility, will provide sufficient liquidity to fund our current obligations, debt service requirements, and capital spending over the next twelve months.
Burger King is executing its multi-year “Reclaim the Flame” plan to accelerate sales growth and drive franchisee profitability. This plan includes investing up to $700 million through year-end 2028, comprised of advertising and digital investments (which we completed in 2024) and high-quality remodels and relocations, restaurant technology, kitchen equipment, and building enhancements (“Royal Reset”). As of September 30, 2026, we have funded $198 million out of up to $550 million planned toward the Royal Reset investments. These amounts are not inclusive of funds applied to remodels of Burger King restaurants acquired in the Carrols Acquisition.
As of September 30, 2026, we had outstanding cross-currency rate swap contracts designated as hedges between the Canadian dollar and U.S. dollar, in which we receive quarterly fixed-rate interest payments on the U.S. dollar aggregate amount of $5,700 million and between the euro and U.S. dollar, in which we receive quarterly fixed-rate interest payments on the U.S. dollar aggregate amount of $2,750 million. We expect to receive $54 million in fixed-rate interest payments in the next twelve months in connection with these outstanding cross-currency swaps.
On August 6, 2025, our board of directors approved a share repurchase authorization of up to $1,000 million of our common shares from September 15, 2025 until September 30, 2027. On September 11, 2026, in furtherance of this share repurchase authorization, we announced that the Toronto Stock Exchange had accepted the notice of our intention to renew our normal course issuer bid, permitting the repurchase of up to 34,404,688 common shares for the 12-month period commencing September 16, 2026 and ending on September 15, 2027. During the nine months ended September 30, 2026, we repurchased 3,101,650 of our common shares for $232 million, and as of September 30, 2026, had $768 million remaining under the share repurchase authorization. Subsequent to September 30, 2026 through October 23, 2026, we repurchased 235,276 of our common shares for $17 million and as of October 23, 2026 had $751 million remaining under the share repurchase authorization.
Pursuant to exchange notices received, Partnership exchanged 6,430,266 Partnership exchangeable units during the nine months ended September 30, 2026. In accordance with the applicable terms of the partnership agreement, Partnership satisfied the exchange notices by repurchasing 2,784,549 Partnership exchangeable units for approximately $214 million in cash and exchanging 3,645,717 Partnership exchangeable units for the same number of newly issued RBI common shares. Each such Partnership exchangeable unit was cancelled upon settlement of the exchange.
We generally provide applicable deferred taxes based on the tax liability or withholding taxes that would be due upon repatriation of cash associated with unremitted earnings. We will continue to monitor our plans for such cash and related foreign earnings but our expectation is to continue to provide taxes on unremitted earnings that we expect to distribute.
On June 20, 2024, Canada enacted tax legislation to restrict the deduction of excessive interest and financing expenses (“EIFEL”) which is effective for taxation years beginning on or after October 1, 2023. As a result, we expect to have restricted interest and financing tax deductions for the current and next few fiscal years, which will continue to increase our cash taxes.

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Debt Instruments and Debt Service Requirements
As of September 30, 2026, our total debt consists primarily of borrowings under our Credit Facilities, amounts outstanding under our Senior Notes, and obligations under finance leases.
As of September 30, 2026, two of our subsidiaries are borrowers under a credit agreement governing our senior secured term loan facilities (the “Term Loan Facilities”), under which $5,662 million was outstanding with a weighted average interest rate of 5.49%. The interest rate applicable to borrowings under our Term Loan A and Revolving Credit Facility is, at our option, either (i) a base rate, subject to a floor of 1.00%, plus an applicable margin varying from 0.00% to 0.50%, or (ii) Term SOFR (Secured Overnight Financing Rate), subject to a floor of 0.00%, plus an applicable margin varying between 0.75% to 1.50%, in each case, determined by reference to a net first lien leverage based pricing grid. The interest rate applicable to borrowings under our Term Loan B is, at our option, either (i) a base rate, subject to a floor of 1.00%, plus an applicable margin of 0.75%, or (ii) Term SOFR, subject to a floor of 0.00%, plus an applicable margin of 1.75%.
Based on the amounts outstanding under the Term Loan Facilities and SOFR as of September 30, 2026, required debt service for the next twelve months is estimated to be approximately $314 million in interest payments and $56 million in principal payments. In addition, based on SOFR as of September 30, 2026, net cash settlements that we expect to receive on our $3,500 million interest rate swaps are estimated to be approximately $43 million for the next twelve months. Based on the amounts outstanding at September 30, 2026, required debt service for the next twelve months on all of the Senior Notes outstanding is approximately $337 million in interest payments and no principal payments.
Restrictions and Covenants
As of September 30, 2026, we were in compliance with all applicable financial debt covenants under the Credit Facilities and the indentures governing our Senior Notes.
Cash Dividends
On October 2, 2026, we paid a dividend of $0.65 per common share and Partnership made a distribution in respect of each Partnership exchangeable unit in the amount of $0.65 per Partnership exchangeable unit.
Our board of directors has declared a cash dividend of $0.65 per common share, which will be paid on January 5, 2027 to common shareholders of record on December 22, 2026. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.65 per Partnership exchangeable unit, and the record date and payment date for distributions on Partnership exchangeable units are the same as the record date and payment date set forth above.
In addition, because we are a holding company, our ability to pay cash dividends on our common shares may be limited by restrictions under our debt agreements. Although we do not have a formal dividend policy, our board of directors may, subject to compliance with the covenants contained in our debt agreements and other considerations, determine to pay dividends in the future.
Outstanding Security Data
As of October 23, 2026, we had outstanding 348,350,731 common shares and one special voting share. The special voting share is held by a trustee, entitling the trustee to that number of votes on matters on which holders of common shares are entitled to vote equal to the number of Partnership exchangeable units outstanding. The trustee is required to cast such votes in accordance with voting instructions provided by holders of Partnership exchangeable units. At any shareholder meeting of the Company, holders of our common shares vote together as a single class with the special voting share except as otherwise provided by law. For information on our share-based compensation and our outstanding equity awards, see Note 15 to the audited consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) and Canadian securities regulatory authorities on February 20, 2026.
There were 102,926,279 Partnership exchangeable units outstanding as of October 23, 2026. The holders of Partnership exchangeable units have the right to require Partnership to exchange all or any portion of such holder’s Partnership exchangeable units for our common shares at a ratio of one share for each Partnership exchangeable unit, subject to our right as the general partner of Partnership to determine to settle any such exchange for a cash payment in lieu of our common shares.
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Comparative Cash Flows
Operating Activities
Cash provided by operating activities from continuing operations was $1,308 million for the nine months ended September 30, 2026, compared to $1,159 million during the prior year period. The change in cash provided by operating activities was primarily driven by increases in segment income in our INTL, BK, TH and FHS segments, a decrease in income tax payments, and a decrease in interest payments, partially offset by an increase in cash used for working capital.
Investing Activities
Cash used for investing activities from continuing operations was $118 million for the nine months ended September 30, 2026, compared to $213 million during the prior year period. The change in cash used for investing activities was primarily driven by the acquisition of BK China in 2025.
Financing Activities
Cash used for financing activities from continuing operations was $1,332 million for the nine months ended September 30, 2026, compared to $952 million during the prior year period. The change in cash used for financing activities was primarily driven by repurchases of RBI common shares and Partnership exchangeable units in 2026 and increases in dividend payments and Partnership exchangeable unit distributions, partially offset by a decrease in repayments of long-term debt.
Contractual Obligations
There have been no significant changes to our contractual obligations as disclosed in our 2025 Annual Report filed on Form 10-K, filed with the SEC and Canadian securities regulatory authorities on February 20, 2026.
Critical Accounting Policies and Estimates
For information regarding our Critical Accounting Policies and Estimates, see the “Critical Accounting Policies and Estimates” section of “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K, filed with the SEC and Canadian securities regulatory authorities on February 20, 2026.
New Accounting Pronouncements
See Note 1 – Description of Business and Organization in the notes to the accompanying unaudited condensed consolidated financial statements.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
There were no material changes during the nine months ended September 30, 2026 to the disclosures made in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and Canadian securities regulatory authorities on February 20, 2026.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
An evaluation was conducted under the supervision and with the participation of management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and Exchange Act Rules 15d-15(e)) as of September 30, 2026. Based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of such date.
Internal Control Over Financial Reporting
The Company’s management, including the CEO and CFO, concluded there were no changes in the Company’s internal control over financial reporting during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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Special Note Regarding Forward-Looking Statements

Certain information contained in this report, including information regarding future financial performance and plans, targets, aspirations, expectations, and objectives of management, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Canadian securities laws. We refer to all of these as forward-looking statements. Forward-looking statements are forward-looking in nature and, accordingly, are subject to risks and uncertainties. These forward-looking statements can generally be identified by the use of words such as “believe”, “anticipate”, “expect”, “intend”, “estimate”, “plan”, “continue”, “will”, “may”, “could”, “would”, “target”, “potential” and other similar expressions and include, without limitation, statements regarding our expectations or beliefs regarding (i) the impact of macro-economic events and their potential to adversely impact our business, results of operations, liquidity, prospects and restaurant operations and those of our franchisees; (ii) our future financial obligations, including annual debt service requirements, capital expenditures and dividend payments, guarantees and indemnification obligations, and our ability and the sources of funds to meet such obligations; (iii) our efforts to identify new investors for PLK China and FHS Brazil and the subsequent sunset of the RH segment; (iv) future RH and BK China Transaction costs; (v) refranchising of Burger King restaurants acquired in the Carrols Acquisition; (vi) our future uses of liquidity, including debt repayments, investment activity (including investments under Burger King's Reclaim the Flame plan), dividend payments and equity repurchases; (vii) our exposure to changes in interest rates and foreign currency exchange rates and the impact of changes in interest rates and foreign currency exchange rates on the amount of our interest payments, future earnings and cash flows, as well as expected cash receipts under cross-currency rate swap contracts and interest rate swaps; (viii) certain accounting and financial-reporting matters, including the impact of changes in accounting standards, the assumptions underlying our critical accounting estimates and the nature, timing, amount, recurrence and impact of certain expenses and other items on our results of operations; (ix) certain tax matters, including our estimates with respect to tax matters and their impact on future periods, and any costs associated with contesting tax liabilities; (x) the adequacy of our cash flow from operations, cash on hand and credit facilities to meet our current requirements; and (xi) certain litigation matters.

Our forward-looking statements, included in this report and elsewhere, represent management’s expectations as of the date that they are made. Our forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. However, these forward-looking statements are subject to a number of risks and uncertainties and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, among other things, risks related to (1) our supply chain operations; (2) increased commodity prices; (3) significant and rapid fluctuations in interest rates and in the currency exchange markets and the effectiveness of our hedging activity; (4) changes in applicable tax laws or interpretations thereof, and our ability to accurately interpret and predict the impact of such changes or interpretations on our financial condition and results; (5) the effectiveness of our marketing, advertising and digital programs and franchisee support of these programs; (6) the effectiveness of our operational and culinary initiatives; (7) our reliance on franchisees, including master franchisees and subfranchisees, to accelerate restaurant growth and execute their development commitments (including for BK China); (8) our relationship with, and the success of, our franchisees and risks related to our franchised business model; (9) our franchisees' financial stability and their ability to access and maintain the liquidity necessary to operate their businesses; (10) evolving legislation and regulations, including in the area of franchise and labor and employment law; (11) global economic or other business conditions that may affect the desire or ability of our guests to purchase our products, such as inflationary pressures, high unemployment levels, declines in median income growth, consumer confidence and consumer discretionary spending and changes in consumer perceptions of dietary health, food safety, brand identity and value; (12) our ability to refranchise restaurants acquired in the Carrols Acquisition and to identify and successfully consummate agreements with new investors for PLK China and FHS Brazil when we plan to do so, and our ability to subsequently sunset the RH segment; (13) the ability to access liquidity under our credit facilities and derivatives, including counterparty risks; (14) our indebtedness, which could adversely affect our financial condition and prevent us from fulfilling our obligations; (15) our ability to successfully estimate the impact of certain accounting matters, including changes to factors underlying our critical accounting estimates and the price and pace of refranchisings; (16) tariffs and their impact on economic conditions or our business; (17) our ownership and leasing of real estate; and (18) risks related to unforeseen events, such as natural disasters or pandemics.

We operate in a very competitive and rapidly changing environment and our inability to successfully manage any of the above risks may permit our competitors to increase their market share and may decrease our profitability. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Finally, our future results will depend upon various other risks and
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uncertainties, including, but not limited to, those detailed in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and Canadian securities regulatory authorities on February 20, 2026, as well as other materials that we from time to time file with, or furnish to, the SEC or file with Canadian securities regulatory authorities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this section and elsewhere in this report. Other than as required under securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.

Part II – Other Information
Item 1. Legal Proceedings
See Part I, Notes to Condensed Consolidated Financial Statements, Note 15, Commitments and Contingencies.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
Following are our monthly share repurchases for the third quarter of Fiscal year 2026:
PeriodTotal Number of Shares Purchased
(in thousands) 		Total Dollar Value of Shares Purchased (1)
(in millions)		Average Price Paid per Share (1)Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
(in thousands)		Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs
(in millions)
July 1, 2026 - July 31, 2026463 $34 74.45 463 $794 
August 1, 2026 - August 31, 202674 5 74.49 74 789 
September 1, 2026 - September 30, 2026280 21 75.04 280 768 
817 $61 817 
(1)Amounts exclude excise taxes.

(2)In August 2025, the Board of Directors authorized repurchases of up to $1,000 million of our common shares from September 15, 2025 until September 30, 2027 and the open market repurchases of the common shares listed in the table above were made pursuant to that authorization. Under the program, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
Item 5. Other Information
During the three months ended September 30, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.
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Item 6. Exhibits
Exhibit
Number
Description
101.INSiXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHiXBRL Taxonomy Extension Schema Document
101.CALiXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFiXBRL Taxonomy Extension Definition Linkbase Document
101.LABiXBRL Taxonomy Extension Label Linkbase Document
101.PREiXBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive File (formatted as iXBRL and contained in Exhibit 101)

* Furnished herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

RESTAURANT BRANDS INTERNATIONAL INC.
(Registrant)
Dated: October 29, 2026By:/s/ Sami Siddiqui
Name:Sami Siddiqui
Title:Chief Financial Officer
(principal financial officer)
(duly authorized officer)
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Exhibit 31.1
CERTIFICATION
I, Joshua Kobza, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Restaurant Brands International Inc.;
2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
/s/ Joshua Kobza
Joshua Kobza
Chief Executive Officer
Dated: October 29, 2026



Exhibit 31.2
CERTIFICATION
I, Sami Siddiqui, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Restaurant Brands International Inc.;
2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Sami Siddiqui
Sami Siddiqui
Chief Financial Officer
Dated: October 29, 2026



Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Restaurant Brands International Inc. (the “Company”) for the quarter ended September 30, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joshua Kobza, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 

/s/ Joshua Kobza
Joshua Kobza
Chief Executive Officer
Dated: October 29, 2026



Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Restaurant Brands International Inc. (the “Company”) for the quarter ended September 30, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sami Siddiqui, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Sami Siddiqui
Sami Siddiqui
Chief Financial Officer
Dated: October 29, 2026