Overview
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- TickerQSP on OTC2
- IndustryRetail-Eating Places2
- HeadquartersToronto, Canada2
- Incorporated inOntario, Canada4
- Business address130 King Street West, Suite 300, Toronto, A6 M5X 1E14
- Filer categoryLarge accelerated filer4
- Legal formLimited Partnership2
- Kind of organizationLimited partnership2
- LEI529900LKDWGO1K6OAN162
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered address130 King Street West, Suite 300, P.O. Box 339, M5X 1E1 Toronto, Canada2
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We are one of the world’s largest quick service restaurant (“QSR”) companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories as of December 31, 2025. As of the date of this Annual Report on Form 10-K, over 95% of system-wide restaurants were franchised restaurants. Our remaining restaurants are Company restaurants, primarily restaurants we acquired as a part of the Carrols Acquisition, the vast majority of which we plan to refranchise over the coming years. We also operate some other Company restaurants as test locations for new initiatives and to develop operational talent.6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Royalty, Property Revenue, and Franchisor brought in 47% of the revenue Restaurant Brands International Limited Partnership broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Royalty, Property Revenue, and Franchisor | $2.9B | $2.9B | $3.0B |
| Royalty | $1.9B | $1.9B | $2.0B |
| Advertising | $1.2B | $1.2B | $1.2B |
| Franchisor | $132.0M | $142.0M | $151.0M |
Business segments
Tim Hortons brought in 45% of the revenue Restaurant Brands International Limited Partnership broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tim Hortons | $4.0B | $4.0B | $4.2B |
| Restaurant Holdings | $1.1B | $1.8B | |
| Burger King | $1.3B | $1.3B | $1.3B |
| International | $874.0M | $935.0M | $998.0M |
| Popeyes Louisiana Kitchen | $692.0M | $768.0M | $800.0M |
| Firehouse Subs | $187.0M | $214.0M | $232.0M |
Regions
United States brought in 48% of the revenue Restaurant Brands International Limited Partnership broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $2.5B | $3.8B | $4.6B |
| Canada | $3.6B | $3.7B | $3.8B |
| Others | $874.0M | $939.0M | $1.0B |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs83¢$7.9B
- Income tax5¢$483.0M
- Profit11¢$1.1B
Out of $9.4B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending15¢$265.0M
- Dividends paid65¢$1.1B
- Kept or used elsewhere20¢$341.0M
Out of $1.7B of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $9.4B | $8.4B | $7.0B |
| Franchise and property expenses | $552.0M | $544.0M | $512.0M |
| Advertising expenses and other services | $1.4B | $1.3B | $1.3B |
| General and administrative expenses | $741.0M | $733.0M | $704.0M |
| (Income) loss from equity method investments | -$11.0M | -$69.0M | -$8.0M |
| Other operating expenses (income), net | $261.0M | -$59.0M | $55.0M |
| Total operating costs and expenses | $7.2B | $6.0B | $5.0B |
| Income from operations | $2.2B | $2.4B | $2.1B |
| Interest expense, net | $516.0M | $577.0M | $582.0M |
| Loss on early extinguishment of debt | $2.0M | $33.0M | $16.0M |
| Income from continuing operations before income taxes | $1.7B | $1.8B | $1.5B |
| Income tax expense (benefit) from continuing operations | $483.0M | $364.0M | -$265.0M |
| Net income from continuing operations | $1.2B | $1.4B | $1.7B |
| Net loss from discontinued operations (net of tax of $0) | -$126.0M | $0 | $0 |
| Net income | $1.1B | $1.4B | $1.7B |
| Net income attributable to noncontrolling interests | $1.0M | $3.0M | $3.0M |
| Net income attributable to common unitholders | $1.1B | $1.4B | $1.7B |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $1.2B | $1.3B | $1.1B | $1.2B |
| Accounts and notes receivable, net of allowance of $54 and $57, respectively | $794.0M | $698.0M | ||
| Inventories, net | $205.0M | $142.0M | ||
| Prepaids and other current assets | $179.0M | $108.0M | ||
| Assets held for sale - discontinued operations | $489.0M | $0 | ||
| Total current assets | $2.8B | $2.3B | ||
| Property and equipment, net of accumulated depreciation and amortization of $1,245 and $1,087, respectively | $2.3B | $2.2B | ||
| Operating lease assets, net | $2.0B | $1.9B | ||
| Intangible assets, net | $11.2B | $10.9B | ||
| Goodwill | $6.3B | $6.0B | ||
| Other assets, net | $1.0B | $1.4B | ||
| Total assets | $25.6B | $24.6B | ||
| Accounts and drafts payable | $866.0M | $765.0M | ||
| Other accrued liabilities | $1.3B | $1.1B | ||
| Gift card liability | $249.0M | $236.0M | ||
| Current portion of long-term debt and finance leases | $68.0M | $222.0M | ||
| Liabilities held for sale - discontinued operations | $437.0M | $0 | ||
| Total current liabilities | $2.9B | $2.4B | ||
| Long-term debt, net of current portion | $13.2B | $13.5B | ||
| Finance leases, net of current portion | $261.0M | $286.0M | ||
| Operating lease liabilities, net of current portion | $1.9B | $1.8B | ||
| Other liabilities, net | $1.0B | $706.0M | ||
| Deferred income taxes, net | $1.1B | $1.2B | ||
| Total liabilities | $20.5B | $19.8B | ||
| Accumulated other comprehensive income (loss) | -$1.3B | -$1.5B | ||
| Total Partners capital | $5.2B | $4.8B | ||
| Noncontrolling interests | $2.0M | $2.0M | ||
| Total equity | $5.2B | $4.8B | $4.7B | $4.3B |
| Total liabilities and equity | $25.6B | $24.6B | ||
| Financing receivable, allowance for credit loss, current | $54.0M | $57.0M | ||
| Accumulated depreciation and amortization | $1.2B | $1.1B |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $1.2B | $1.3B | $1.1B | $1.2B |
| Accounts and notes receivable, net of allowance of $54 and $57, respectively | $794.0M | $698.0M | ||
| Inventories, net | $205.0M | $142.0M | ||
| Prepaids and other current assets | $179.0M | $108.0M | ||
| Assets held for sale - discontinued operations | $489.0M | $0 | ||
| Total current assets | $2.8B | $2.3B | ||
| Property and equipment, net of accumulated depreciation and amortization of $1,245 and $1,087, respectively | $2.3B | $2.2B | ||
| Operating lease assets, net | $2.0B | $1.9B | ||
| Intangible assets, net | $11.2B | $10.9B | ||
| Goodwill | $6.3B | $6.0B | ||
| Other assets, net | $1.0B | $1.4B | ||
| Total assets | $25.6B | $24.6B | ||
| Accounts and drafts payable | $866.0M | $765.0M | ||
| Other accrued liabilities | $1.3B | $1.1B | ||
| Gift card liability | $249.0M | $236.0M | ||
| Current portion of long-term debt and finance leases | $68.0M | $222.0M | ||
| Liabilities held for sale - discontinued operations | $437.0M | $0 | ||
| Total current liabilities | $2.9B | $2.4B | ||
| Long-term debt, net of current portion | $13.2B | $13.5B | ||
| Finance leases, net of current portion | $261.0M | $286.0M | ||
| Operating lease liabilities, net of current portion | $1.9B | $1.8B | ||
| Other liabilities, net | $1.0B | $706.0M | ||
| Deferred income taxes, net | $1.1B | $1.2B | ||
| Total liabilities | $20.5B | $19.8B | ||
| Accumulated other comprehensive income (loss) | -$1.3B | -$1.5B | ||
| Total Partners capital | $5.2B | $4.8B | ||
| Noncontrolling interests | $2.0M | $2.0M | ||
| Total equity | $5.2B | $4.8B | $4.7B | $4.3B |
| Total liabilities and equity | $25.6B | $24.6B | ||
| Financing receivable, allowance for credit loss, current | $54.0M | $57.0M | ||
| Accumulated depreciation and amortization | $1.2B | $1.1B |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $1.1B | $1.4B | $1.7B |
| Net loss from discontinued operations | $126.0M | $0 | $0 |
| Net income from continuing operations | $1.2B | $1.4B | $1.7B |
| Depreciation and amortization | $301.0M | $264.0M | $191.0M |
| Non-cash loss on early extinguishment of debt | $2.0M | $23.0M | $5.0M |
| Amortization of deferred financing costs and debt issuance discount | $25.0M | $25.0M | $27.0M |
| (Income) loss from equity method investments | -$11.0M | -$69.0M | -$8.0M |
| Loss (gain) on remeasurement of foreign denominated transactions | $209.0M | -$71.0M | $20.0M |
| Net (gains) losses on derivatives | -$198.0M | -$191.0M | -$151.0M |
| Share-based compensation and non-cash incentive compensation expense | $151.0M | $172.0M | $194.0M |
| Deferred income taxes | $97.0M | -$5.0M | -$430.0M |
| Other non-cash adjustments, net | $49.0M | $19.0M | $26.0M |
| Accounts and notes receivable | -$89.0M | $7.0M | -$147.0M |
| Inventories and prepaids and other current assets | -$67.0M | $30.0M | -$43.0M |
| Accounts and drafts payable | $89.0M | -$30.0M | $22.0M |
| Other accrued liabilities and gift card liability | -$7.0M | -$37.0M | $9.0M |
| Tenant inducements paid to franchisees | -$44.0M | -$38.0M | -$32.0M |
| Changes in other long-term assets and liabilities | $6.0M | -$41.0M | -$78.0M |
| Net cash provided by operating activities from continuing operations | $1.7B | $1.5B | $1.3B |
| Payments for additions of property and equipment | -$265.0M | -$201.0M | -$120.0M |
| Net proceeds from disposal of assets, restaurant closures and refranchisings | $38.0M | $34.0M | $37.0M |
| Net payments for acquisition of franchised restaurants, net of cash acquired | -$152.0M | -$540.0M | -$17.0M |
| Settlement/sale of derivatives, net | $76.0M | $74.0M | $112.0M |
| Other investing activities, net | -$15.0M | -$27.0M | -$1.0M |
| Net cash (used for) provided by investing activities from continuing operations | -$318.0M | -$660.0M | $11.0M |
| Proceeds from long-term debt | $0 | $2.5B | $55.0M |
| Repayments of long-term debt and finance leases | -$427.0M | -$2.2B | -$92.0M |
| Payment of financing costs | $0 | -$41.0M | -$44.0M |
| Distributions on Class A common units and Partnership exchangeable units | -$1.1B | -$1.0B | -$990.0M |
| Distributions to RBI for repurchase of RBI common shares | $0 | $0 | -$500.0M |
| Capital contribution from RBI | $33.0M | $78.0M | $60.0M |
| Proceeds from derivatives | $67.0M | $109.0M | $141.0M |
| Other financing activities, net | -$1.0M | -$2.0M | -$4.0M |
| Net cash used for financing activities from continuing operations | -$1.4B | -$625.0M | -$1.4B |
| Net cash used for discontinued operations | -$81.0M | $0 | $0 |
| Effect of exchange rates on cash and cash equivalents | $16.0M | -$23.0M | $1.0M |
| (Decrease) increase in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations | -$105.0M | $195.0M | -$39.0M |
| Increase in cash classified as assets held for sale - discontinued operations | -$66.0M | $0 | $0 |
| Increase (decrease) in cash and cash equivalents | -$171.0M | $195.0M | -$39.0M |
| Interest paid | $714.0M | $785.0M | $761.0M |
| Income taxes paid, net | $450.0M | $293.0M | $290.0M |
| Accruals for additions of property and equipment | $53.0M | $51.0M | $0 |
| Net loss from discontinued operations (net of tax) | $0 |
No quarter-by-quarter statement was filed.
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Corporate structure
Restaurant Brands International Limited Partnership sits at the top of its group. 3 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
- Restaurant Brands International Limited Partnership Toronto, Ontario, Canada
- Carrols Restaurant Group Stake · Syracuse, New York, United States
- PLK Enterprises of Subsidiary · Canada
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.
What it owns
What Restaurant Brands International Limited Partnership reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, net | $2.3B3 Dec 31, 2025 | $2.2B3 Dec 31, 2024 | +3.0% |
| Operating-lease assets (leased space) | $2.0B3 Dec 31, 2025 | $1.9B3 Dec 31, 2024 | +5.9% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Restaurants | 33,0413 Dec 31, 2025 | 32,12511 Dec 31, 2024 | +2.9% |
| Countries it operates in | 1203 Dec 31, 2025 | 12011 Dec 31, 2024 | 0% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Stakes in other companies (equity method) | $111.0M3 Dec 31, 2025 | $113.0M3 Dec 31, 2024 | −1.8% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $6.3B3 Dec 31, 2025 | $6.0B3 Dec 31, 2024 | +5.3% |
| Intangible assets, net (excluding goodwill) | $11.2B3 Dec 31, 2025 | $10.9B3 Dec 31, 2024 | +2.5% |
| Indefinite-lived intangibles (excluding goodwill) | $10.5B3 Dec 31, 2025 | $10.2B3 Dec 31, 2024 | +3.2% |
| Finite-lived intangibles, gross | $1.2B3 Dec 31, 2025 | $1.2B3 Dec 31, 2024 | +0.7% |
| Accumulated amortization | $515.0M3 Dec 31, 2025 | $444.0M3 Dec 31, 2024 | +16.0% |
| Finite-lived intangibles, net | $648.0M3 Dec 31, 2025 | $711.0M3 Dec 31, 2024 | −8.9% |
Inventory
Properties, in its own words
Our general partner’s corporate headquarters are located in Miami, Florida and Toronto, Ontario and consist of approximately 150,000 square feet and approximately 65,000 square feet, respectively, which we lease. We also lease property for brand and other regional offices. Our TH segment is based in Toronto, Ontario, our BK and PLK segments are based in Miami, Florida, our FHS segment is based in Jacksonville, Florida, and our INTL segment is based in Zug, Switzerland.
The table below sets forth the real estate profile of each of our franchised restaurants and Company restaurants by operating segment. As discussed in the Business section, our TH, BK, PLK, and FHS segments include operations for each of these brands in the U.S. and Canada, while our INTL segment includes operations of each of our four brands outside of the U.S. and Canada. In addition to the restaurant properties below, we own five distribution centers and two manufacturing plants in Canada which are included in our TH segment. We also lease one manufacturing plant in the U.S. which is included in our TH segment.
The rest of Item 2
As of December 31, 2025, our restaurant footprint was as follows:
Franchised Restaurants
Sites owned by us and leased to franchisees · 765 · 530 · 34 · — · — · 1,329
Sites leased by us and subleased to franchisees · 2,769 · 554 · 52 · — · 4 · 3,379
Sites owned/leased directly by franchisees · 1,021 · 4,809 · 3,397 · 1,407 · 15,319 · 25,953
Total franchised restaurant sites · 4,555 · 5,893 · 3,483 · 1,407 · 15,323 · 30,661
Company Restaurants
Sites owned by us · 12 · 118 · 11 · — · — · 141
Sites leased by us · 19 · 1,014 · 84 · 42 · 1,080 · 2,239
Total Company restaurant sites (a) · 31 · 1,132 · 95 · 42 · 1,080 · 2,380
Total system-wide restaurant sites · 4,586 · 7,025 · 3,578 · 1,449 · 16,403 · 33,041
(a)BK segment includes 1,005 Carrols BK Company restaurants included in our RH segment. INTL segment includes 1,247 BK China restaurants, consisting of 999 Company restaurants and 248 franchised restaurants, which are included in discontinued operations, 73 PLK China Company restaurants included in our RH segment, and 8 FHS Brazil Company restaurants included in our RH segment. Upon the closing of the Burger King China JV on January 30, 2026, the 999 BK China Company restaurants were reclassified to franchised restaurant sites.
We believe that our existing headquarters and other leased and owned facilities are adequate to meet our current requirements.
Item 2 of the 10-K filed Feb 20, 2026.6
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- PLK Enterprises of Canada, Inc.5
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Aug 10, 20268-K Regulation FD disclosure17
- Aug 6, 20268-K Results of operations18
- Jun 3, 20268-K Shareholder vote19
- May 6, 20268-K Results of operations20
- Feb 12, 20268-K Results of operations21
- Nov 14, 20258-K Entered a material agreement; Regulation FD disclosure22
- Nov 10, 20258-K Impairment; Regulation FD disclosure; Other events23
- Oct 30, 20258-K Results of operations24
- Aug 7, 20258-K Results of operations25
- Jun 3, 20258-K Shareholder vote26
- May 8, 20258-K Results of operations27
- Apr 28, 20258-K Regulation FD disclosure28
Calendar
Coming up
- Around Nov 6, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.
When it reported results
- Aug 6, 2026Reported quarterly or annual results18
- May 6, 2026Reported quarterly or annual results20
- Feb 12, 2026Reported quarterly or annual results21
- Oct 30, 2025Reported quarterly or annual results24
- Aug 7, 2025Reported quarterly or annual results25
- May 8, 2025Reported quarterly or annual results27
- Feb 12, 2025Reported quarterly or annual results29
- Nov 5, 2024Reported quarterly or annual results30
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
74 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 50 major events, 4 other. The latest 20:
- Aug 10, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jun 3, 20268-K EDGAR
- May 22, 2026DEFA14A EDGAR
- May 6, 202610-Q EDGAR
- May 6, 20268-K EDGAR
- Feb 20, 202610-K EDGAR
- Feb 12, 20268-K EDGAR
- Nov 14, 20258-K EDGAR
- Nov 10, 20258-K EDGAR
- Oct 30, 202510-Q EDGAR
- Oct 30, 20258-K EDGAR
- Aug 7, 202510-Q EDGAR
- Aug 7, 20258-K EDGAR
- Jun 25, 2025UPLOAD EDGAR
- Jun 23, 2025CORRESP EDGAR
- Jun 12, 2025UPLOAD EDGAR
- Jun 3, 20258-K EDGAR
- May 8, 202510-Q EDGAR
The 74 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Stakes it holds
Restaurant Brands International Limited Partnership has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).
- Carrols Restaurant GroupSC 13D/A Dec 22, 2022 to May 16, 202431
SEC filer profile
How Restaurant Brands International Limited Partnership is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARRestaurant Brands International Limited Partnership1
- CIK0001618755
- Employer ID (EIN)98-12064316
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
- Incorporated inCanada6
- Fiscal year endsDecember 311
- Industry code (SIC)5812 Retail-Eating Places1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business address130 King Street West, Suite 300, Toronto, A6 M5X 1E11
- Phone(905) 845-65111
- Shares outstanding109,356,045 Partnerships With Exchangeable Units shares; 226,247,786 Common Class A shares as of Feb 13, 20266
- Public float$890.5M as of Jun 30, 20256
- AuditorKPMG LLP, Miami, FL PCAOB ID 185; it also attests to the company’s internal control over financial reporting6
- On EDGAR sinceSep 16, 20141
- Filings298 in all: 8-K (154), 10-Q (35), 4 (15), SC 13D/A (15), DEFA14A (14), 10-K (12), DEF 14A (12), UPLOAD (11)1
All 20 form types
CORRESP (7), 3 (6), ARS (4), S-4/A (4), 8-K/A (2), 3/A (1), 424B3 (1), 8-K12B (1), EFFECT (1), NT 10-K (1), S-4 (1), SC 13D (1)
- Latest filingsAnnual report (10-K) Feb 20, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Apr 23, 2026
Latest 8-K (8-K) Aug 10, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class B Exchangeable Limited Partnership Units | QSP |
From the cover page of the 10-K filed Feb 20, 2026 (Section 12(b) of the Exchange Act).6
Risk factors and legal proceedings
The risks Restaurant Brands International Limited Partnership names in Item 1A of its 10-K filed Feb 20, 2026: 33 risks under these headings, as written.6
- Risks Related to Our Business Operations
- Economic conditions have and may continue to adversely affect consumer discretionary spending and our business and results.
- We face intense competition in our markets, which could negatively impact our business.
- Our results depend on effective marketing and advertising, successful new product launches, and digital engagement.
- If we are unable to effectively manage wellness trends and food safety concerns with respect to our restaurants and the QSR industry in general, the value and relevance of our brands and our business outlook could be adversely impacted.
- The global scope of our business subjects us to risks and costs that may cause our profitability to decline.
- Our operations are subject to fluctuations in foreign currency exchange and interest rates.
- Increases in food, equipment, and commodity costs or shortages or interruptions in supply or delivery thereof could harm our operating results and the results of our franchisees.
- Our results can be adversely affected by unforeseen natural and man-made events, such as adverse weather, natural disasters, pandemics, war or terrorist attacks, or other catastrophic events.
- Our supply chain operations subject us to additional risks and may cause our profitability to decline.
- We and our franchisees may be unable to secure and renew desirable restaurant locations to maintain and grow our restaurant portfolios.
- Our acquisition and operating of material portfolios of Company restaurants exposes us to additional risk and could adversely affect our operating margins and cash flows.
The other 22 risks
- Labor challenges for franchisees and Company restaurants could adversely affect our business.
- If we cannot adequately protect our intellectual property, the value of our brands and our business may be harmed.
- Changes in regulations may adversely affect restaurant operations and our financial results.
- We are subject to increasing and evolving requirements and expectations with respect to social, governance, and environmental sustainability matters, which could expose us to numerous risks.
- We and our franchisees may be adversely affected by changes in climate and weather patterns.
- Risks Related to Our Franchised Business Model
- Our franchised business model presents a number of disadvantages and risks.
- Our future growth and profitability will depend on our ability to successfully accelerate international development with strategic partners and joint ventures.
- Our results are closely tied to the success of independent franchisees, and we have limited influence over their operations.
- If we became subject to joint employer liability with our franchisees, it could increase our potential liability and adversely affect our future profitability.
- Risks Related to Information Technology
- If we are unable to protect the personal information that we gather or fail to comply with privacy and data protection laws and regulations, we could be subject to civil and criminal penalties, suffer reputational harm, and incur substantial costs.
- Information technology system failures or interruptions or breaches of our network security may interrupt our operations, cause reputational harm, subject us to increased operating costs, and expose us to litigation.
- Risks Related to our Indebtedness
- Our leverage and obligations to service our debt could adversely affect our business.
- Risks Related to Taxation
- Unanticipated tax liabilities could adversely affect the taxes we pay and our profitability.
- RBI and Partnership may be treated as U.S. corporations for U.S. federal income tax purposes, which could subject us and Partnership to substantial additional U.S. taxes.
- Future changes to Canadian, U.S. and other foreign tax laws, including future regulations and other interpretive guidance of such tax laws, could materially affect RBI and/or Partnership and adversely affect their anticipated financial positions and results.
- Risks Related to our Partnership Exchangeable Units
- 3G RBH owns approximately 22% of the combined voting power with respect to RBI, and its interests may conflict with or differ from the interests of the other equity holders.
- A unitholder’s percentage ownership in us may be diluted by future issuances of RBI common shares or Partnership exchangeable units, which could reduce the influence of our unitholders over matters on which they are entitled to vote.
- An active trading market for Partnership exchangeable units may not be sustained and they may not trade equally with RBI common shares.
- The exchange of Partnership exchangeable units into RBI common shares is subject to certain restrictions and the value of RBI common shares received in any exchange may fluctuate.
- In certain circumstances, a Limited Partner may lose its limited liability status.
- General Risks
- The loss of key management personnel or our inability to attract and retain new qualified personnel could hurt our business.
- We have been, and in the future may be, subject to litigation that could have an adverse effect on our business.
Legal proceedings
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 guests, as well as disputes over our intellectual property.
See Note 19, “Commitments and Contingencies,” to the accompanying consolidated financial statements included in Part II, Item 8 “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K for more information on certain legal proceedings.
The opening of Item 3, Legal Proceedings.6
Sources
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- 17SEC EDGARRegulation FD disclosure
- 18SEC EDGARResults of operations
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