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Restaurant Brands International owns Tim Hortons, Burger King, Popeyes and Firehouse Subs, but independent franchisees operate almost all its restaurants. Customers pay those operators for meals; the operators then pay the company royalties based on restaurant sales and fees for franchise rights. The company also collects rent where it leases or subleases premises to franchisees. Sales at franchised restaurants belong to the operators, not to Restaurant Brands International.
Tim Hortons adds a substantial supply business: the company roasts coffee, makes certain ingredients, and buys and resells food, equipment and other supplies to franchisees, especially in Canada. Supply-chain sales are its largest single revenue category. Sales to diners at company-operated restaurants are another substantial source of revenue. Most of those restaurants came from the Carrols acquisition, and the company plans to return the vast majority of the acquired restaurants to franchise ownership.
The business depends on franchisees maintaining sales, paying their obligations and financing restaurant openings and reinvestment. Internationally, it also relies on master franchise partners to develop markets and oversee local operators. Franchise laws and required approvals govern its ability to sell franchises; noncompliance can lead to bans or suspensions on franchise sales.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
McDonald’s competes worldwide with Restaurant Brands International’s Burger King for quick-service burger customers; both collect sales-based royalties and rent from franchisees. Watch McDonald’s franchised restaurant sales as a comparison for the burger spending that feeds Burger King’s royalty income.
Yum! Brands’ KFC competes directly with Restaurant Brands International’s Popeyes, while its other quick-service brands vie for affordable-meal customers and franchise expansion. Yum collects sales-based fees from franchisees, making KFC’s restaurant sales and openings useful comparisons for Popeyes’ sales and expansion.
Domino’s competes for quick-service meals with Restaurant Brands International’s brands, and both earn money by charging franchisees for brand use and selling them restaurant supplies. Domino’s food and product sales to franchisees, mainly in the U.S. and Canada, offer a comparison for Tim Hortons’ supply-chain revenue rather than burger sales alone.
Tims China depends on Restaurant Brands International’s brand rights to operate and franchise Tim Hortons coffee shops in mainland China, linking its store sales and expansion to the brand owner’s international franchise business. Watch sales of coffee, other drinks and prepared food, alongside store openings, for a direct view of Tim Hortons’ mainland China footprint.
Yum China’s KFC and other quick-service restaurants compete with Restaurant Brands International’s Burger King, Popeyes and Tim Hortons businesses in China. Yum China operates restaurants and licenses franchisees, collecting sales-based royalties; KFC’s restaurant expansion is a concrete comparison for the competition RBI’s China brands face.
Papa Johns’ pizza delivery and carryout restaurants compete with Restaurant Brands International’s brands for quick-service meal purchases, while both collect franchise royalties and sell supplies to their restaurant networks. Its North America commissary revenue—from distributing supplies to restaurants—is a useful comparison for Tim Hortons’ supply-chain business.
Restaurant Brands International’s Burger King depends on Coca-Cola for soft-drink syrup and is contractually committed to buying specified volumes. As of December 31, 2025, RBI estimated about three years remained to complete that commitment, making syrup supply and purchase terms the news to watch.
Coca-Cola Company earningsKO
The Coca-Cola Company’s report may shed light on syrup supply and purchasing conditions, relevant because Burger King is committed to buying specified volumes of its syrup.
Watch The Coca-Cola Company’s comments on syrup supply, input costs and pricing conditions; they can help show the supply and cost pressures Burger King faces in meeting its specified purchase volumes. Stable supply and easing cost pressure would make the commitment easier to manage; disruption or rising costs could mean higher costs or availability risk for Burger King. Coca-Cola may not disclose the specific terms of its commitment with Restaurant Brands International.
Restaurant Brands International Inc. earningsThis company
Most Restaurant Brands International restaurants are franchised, and this report will show whether sales at existing restaurants and new openings together support its royalty and rent income.
Read comparable sales growth alongside net restaurant growth. Comparable sales track sales at established restaurants; net restaurant growth shows the change in the store base. If both are strong, franchisees are selling more at existing locations while new restaurants broaden the base for royalties and rent. If comparable sales are weak but restaurant growth is strong, expansion is masking softer demand at existing stores, which can also strain franchisee economics.
Yum! Brands, Inc. earningsYUM
Yum! Brands’ report will show KFC sales and openings, offering a read on the chicken-meal demand and franchise expansion environment facing Popeyes.
Read KFC comparable sales alongside new restaurant openings. Steady sales and continued openings suggest customer demand and franchisee expansion are holding up, pointing to a lively chicken-market backdrop for Popeyes. Weaker sales or slower openings could signal softer demand or limits on franchisee expansion, making customer competition and growth harder for Popeyes, though the two brands need not perform alike.
Yum China Holdings, Inc. earningsYUMC
Yum China’s report will show KFC sales and expansion in China, helping gauge the competition facing Restaurant Brands International’s brands there.
Look at KFC’s restaurant sales and openings in China. Supported sales and continued expansion show KFC attracting customers and growing its network, intensifying competition for Restaurant Brands International’s Burger King, Popeyes and Tim Hortons businesses there. Weaker sales or expansion would be a milder competitive signal. Yum China’s mix of company-operated and franchised restaurants differs, so its results are not a direct measure of RBI’s China business.
McDonald's Corporation earningsMCD
McDonald’s report will show how its franchised restaurant sales are changing, offering a comparison for Burger King’s sales-linked royalties and rent.
Look at sales at McDonald’s franchised restaurants. Stronger sales suggest burger quick-service spending is holding up in its network, a positive comparison for Burger King’s sales-based royalties and rent. Weaker sales warn that softer customer spending could weigh on Burger King franchisee sales and related income, though brand and market differences mean the two need not move together.
TH International Limited earningsTHCH
Tims China’s sales and openings will show how Tim Hortons is attracting customers in mainland China, directly informing Restaurant Brands International’s brand-licensing opportunity there.
Read sales of coffee, other drinks and prepared food alongside new store openings. Sales growing with openings would show mainland China customer demand keeping pace with the Tim Hortons footprint, supporting Restaurant Brands International’s local franchising and licensing opportunity. More stores but weak sales would mean expansion is running ahead of customer demand, limiting the business case for further brand licensing there.
