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Restaurant Brands International Inc. (RBI), trading under the symbol QSR, is a global leader in the quick service restaurant (QSR) industry. Founded in 2014 following 3G Capital's acquisition of Tim Hortons International, RBI is headquartered in Toronto, Canada. The company boasts over 30,000 restaurants across more than 100 countries, generating approximately $43 billion in system-wide sales in 2023.
RBI owns and operates four iconic brands: Tim Hortons®, Burger King®, Popeyes Louisiana Kitchen®, and Firehouse Subs®. These brands have a rich history of serving their communities, guests, and franchisees with dedication and quality for decades. Tim Hortons leads in the hot brewed coffee and baked goods market in Canada, while Burger King is renowned globally for its flame-grilled burgers. Popeyes is celebrated for its authentic Louisiana-style fried chicken, and Firehouse Subs is consistently rated highly for its quality and flavor.
RBI's revenue streams are diversified, coming from retail sales at company-owned restaurants, royalty fees, lease income from franchised stores, and Tim Hortons' supply chain operations. The company emphasizes growth and innovation across its brands, leveraging global scale and shared best practices to enhance operational efficiency and customer experience.
Recent strategic initiatives include RBI's acquisition of Carrols Restaurant Group, the largest Burger King franchisee in the U.S., which is set to boost the company's footprint and franchisee profitability through the
Firehouse Subs, the American sub sandwich chain, is expanding to Australia through a development and franchise agreement between Restaurant Brands International (RBI) and Retail Food Group (RFG). The expansion plans include opening 165 restaurants across Australia in 10 years, with the first location set to launch in Southeast Queensland in late 2025.
RFG, Australia's largest multi-brand retail food franchisor, will initially open 15 company-owned restaurants in the first three years before launching franchising opportunities in year four. The expansion targets Australia's A$1.7bn sandwich market and is expected to create thousands of jobs across construction, supply chain, distribution, and restaurant operations.
Firehouse Subs, founded in 1994 by former firefighter brothers, currently operates over 1,300 restaurants globally and is known for its steamed hot sandwiches made with premium meats and cheeses sliced in-house.
Restaurant Brands International (QSR) has acquired all equity interests in Burger King China from TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII, (Cartesian) for approximately $158 million in an all-cash transaction. Following this acquisition, RBI now owns nearly 100% of the business.
The company plans to identify a new local operating partner to inject primary capital and become the controlling shareholder, aligning with RBI's strategy of partnering with experienced local operators while maintaining a primarily franchised business. Under TFI's partnership, Burger King expanded from approximately 60 restaurants in 2012 to 1,500 today in China. TFI will continue its operations in Turkey as one of RBI's largest business partners, while Cartesian remains a partner in the Tim Hortons business in China.
Restaurant Brands International (QSR) reported strong financial results for Q4 and full-year 2024. Global system-wide sales grew 5.6% in Q4 and 5.4% for 2024, with comparable sales up 2.5% in Q4, led by International (4.7%) and Tim Hortons Canada (2.5%).
The company's income from operations increased 17.9% year-over-year, while Organic Adjusted Operating Income grew 9%. RBI returned approximately $1.0 billion to shareholders in 2024 while maintaining investment in growth and reaching net leverage targets.
For 2025, RBI declared a target total dividend of $2.48 per common share and partnership exchangeable unit. The company also announced its long-term goals for 2024-2028, including expectations of 3%+ comparable sales growth, 5%+ net restaurant growth, and 8%+ system-wide sales growth.
Firehouse Subs has announced plans to expand into Brazil, aiming to open more than 500 restaurants over the next 10 years, with the first location set to launch in 2025. This marks the brand's entry into South America and is part of a joint venture with Restaurant Brands International (RBI) and Iuri Miranda, former CEO of Zamp S.A.
The expansion builds on Firehouse Subs' recent international growth, following successful launches in Switzerland, Mexico, UAE, and Albania. The brand currently operates over 1,300 restaurants across the U.S., Canada, and Puerto Rico. Known for its premium sandwiches and unique steaming method for meats and cheeses, Firehouse Subs will bring signature products like the Hook & Ladder™ and Firehouse Italian™ to Brazilian customers.
The venture aims to tap into Brazil's growing sandwich market, leveraging RBI's global infrastructure and digital expertise alongside local market knowledge. The expansion is expected to create thousands of jobs over the next decade.
Restaurant Brands International reported Q3 2024 results with consolidated system-wide sales growth of 3.2% year-over-year. The company saw comparable sales increase of 0.3%, with Tim Hortons Canada at +2.7% and International at +1.8%. Financial highlights include Income from Operations of $577 million and Adjusted Operating Income of $652 million, up 6.1% organically. Diluted EPS remained steady at $0.79, while Adjusted Diluted EPS rose 4.6% organically to $0.93. The company remains confident in achieving its 8%+ Adjusted Operating Income growth target for 2024.
Restaurant Brands International (RBI) QSR has announced its plans to release third quarter 2024 financial results on Tuesday, November 5, 2024. The company will host an investor conference call at 8:45 a.m. Eastern Time on the same day. Investors can access the earnings call through a webcast on RBI's investor relations website, where a replay will be available for 30 days after the release. Additionally, investors can join the conference call via dial-in numbers provided for U.S., Canadian, and international callers, using the access code 309027.
Restaurant Brands International Inc. (QSR) has announced the pricing of a $500 million offering of 5.625% First Lien Senior Secured Notes due 2029. The proceeds will be used to redeem the outstanding 5.750% First Lien Senior Secured Notes due 2025. This refinancing is expected to be neutral to net leverage and accretive to interest expense. The new notes will be guaranteed by Restaurant Brands International Partnership and its wholly-owned subsidiaries. The offering is expected to close around September 13, 2024, subject to customary conditions. The notes are being offered to qualified institutional buyers and outside the U.S. under Regulation S, and have not been registered under the Securities Act.
Restaurant Brands International Inc. (RBI) has announced the launch of a $500 million First Lien Senior Secured Notes offering due 2029. The company plans to use the proceeds, along with cash on hand, to redeem its outstanding 5.750% First Lien Senior Secured Notes due 2025. The new Notes will be guaranteed by Restaurant Brands International Partnership and its wholly-owned subsidiaries that guarantee the Issuers' existing senior secured credit facilities. The offering is targeted at qualified institutional buyers in the U.S. and international investors, with the Notes not being registered under the Securities Act.
Restaurant Brands International Inc. (QSR) announced the pricing of a secondary offering of up to 6,528,013 common shares by HL1 17 LP, an affiliate of 3G Capital. The offering is related to the exchange of Class B exchangeable partnership units of RBI LP for an equal number of RBI common shares. BofA Securities is acting as the sole book-running manager and has entered into a forward sale agreement with the Selling Shareholder. The offering is expected to close on August 14, 2024, with the settlement of the forward sale agreement and the Exchange occurring on or before August 30, 2024. RBI will not sell any shares or receive proceeds from the offering. The transaction will not change the aggregate number of Exchangeable Units and RBI common shares.
Restaurant Brands International Inc. (QSR) has announced that its subsidiary, RBI LP, received an exchange notice from HL1 17 LP, an affiliate of 3G Capital, to exchange 6,528,013 Class B exchangeable partnership units for an equal number of RBI common shares. Concurrently, HL1 17 LP has commenced an underwritten registered public offering of up to 6,528,013 common shares. The offering involves a forward sale agreement with BofA Securities, acting as the sole book-running manager. RBI will not sell any shares or receive proceeds from this offering. The exchange and settlement of the forward sale agreement are expected to be completed by August 30, 2024.
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