Restaurant Brands International Inc. (RBI) stands among the largest global players in the quick-service restaurant (QSR) industry. Headquartered in Toronto, Ontario, Canada, the company was formed in 2014 as a result of a merger between Burger King Worldwide, Inc. and Tim Hortons Inc., bringing together two iconic foodservice brands. RBI later added Popeyes Louisiana Kitchen to its brand portfolio in 2017. As of December 31, 2024, RBI operates a system of over 31,000 restaurants in more than 100 countries and territories, with approximately 93% of these restaurants franchised.
Restaurant Brands International Profile
RBI’s core mission is to ignite the potential of its brands and franchisees by creating a high-performing, talent-driven culture that supports sustainable long-term growth. The company emphasizes strategic investment in digital platforms, guest loyalty, innovative menu development, and environmentally responsible operations. RBI’s organizational structure is centered around enabling its franchisees to succeed through best-in-class operational support, supply chain services, and market adaptation strategies tailored to local consumer preferences.
In 2024, the company continued to focus on enhancing customer experience through its digital apps, loyalty programs, and increased accessibility via delivery channels. RBI is committed to long-term value creation through a combination of organic growth, disciplined capital allocation, and scalable franchise-led expansion. RBI’s stock is publicly traded under the ticker symbol “QSR” on both the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX).
Company History
1953 – The Foundation of Burger King
Burger King originated in Jacksonville, Florida, as “Insta-Burger King” before being acquired and rebranded by James McLamore and David Edgerton in Miami. The restaurant gained popularity for its unique flame-broiled cooking style, symbolized by its now-iconic Whopper sandwich introduced in 1957. Over the decades, Burger King expanded aggressively both in the U.S. and internationally, eventually becoming one of the world’s largest fast-food hamburger chains.
1964 – The Birth of Tim Hortons
Tim Hortons was founded in Hamilton, Ontario, Canada, by legendary NHL player Tim Horton and businessman Jim Charade. Starting as a coffee and donut shop, the chain gained a loyal customer base by focusing on affordable prices and community engagement. By the early 2000s, Tim Hortons had established itself as the market leader in Canada’s QSR segment and began expanding into the U.S. and global markets.
1972 – The Emergence of Popeyes
Popeyes Louisiana Kitchen was established by Al Copeland in New Orleans. It quickly rose to fame for its signature spicy chicken and Cajun-inspired menu. Known for its bold flavor profiles, Popeyes became a dominant force in the fried chicken QSR niche and cultivated a devoted customer following worldwide.
2014 – Formation of RBI
Restaurant Brands International Inc. was created through the merger of Burger King and Tim Hortons, orchestrated by investment firm 3G Capital. This landmark transaction was valued at approximately $11 billion. The new holding company aimed to leverage shared efficiencies, improve brand reach, and capitalize on global franchising opportunities.
2017 – Acquisition of Popeyes
In a strategic move to enter the rapidly expanding chicken QSR market, RBI acquired Popeyes Louisiana Kitchen for $1.8 billion. This expanded the company’s brand portfolio and positioned RBI as a diversified player with presence across breakfast, burgers, and fried chicken categories.
2018 to 2024 – Key Developments
- 2018: Launch of the Tim Hortons Rewards program, significantly boosting customer engagement in Canada.
- 2019: Burger King introduced the “Impossible Whopper,” a plant-based burger, meeting rising demand for alternative proteins.
- 2020: Pivoted to digital-first strategies due to the COVID-19 pandemic, with heightened focus on app-based ordering and delivery partnerships.
- 2022: Aggressive expansion into Asia and Latin America, especially India and Brazil.
- 2023: Introduced more sustainable packaging and launched ESG frameworks aligned with global sustainability standards.
- 2024: Reached a global milestone with 31,000+ restaurants; publicly announced net-zero emissions goal by 2050.
Products and Services
Restaurant Brands International’s diversified QSR offerings cater to multiple dayparts—breakfast, lunch, dinner, and late night—across its three global brands. RBI’s strategy emphasizes consistent quality, localized flavor profiles, and competitive pricing. The company also continuously innovates through limited-time offerings (LTOs), co-branded promotions, and global digital platforms.
Burger King
- Flame-grilled burgers (Whopper, Big King, Bacon King)
- Crispy and grilled chicken sandwiches (Ch’King, Royal Crispy Chicken)
- Plant-based items (Impossible Whopper, Vegan Royale in EU)
- Fries, onion rings, and desserts (sundaes, pies, shakes)
- Breakfast menu: Croissan’wiches, French toast sticks, coffee
Tim Hortons
- Freshly brewed coffee (Original, Dark Roast, Iced Capps)
- Specialty beverages (Latte, Mocha, Espresso)
- Doughnuts, Timbits, muffins, and cookies
- All-day breakfast wraps, sandwiches, bagels
- Soup and sandwich combos, chili bowls
Popeyes Louisiana Kitchen
- Signature bone-in fried chicken with Cajun seasoning
- Chicken tenders, nuggets, spicy chicken sandwiches
- Seafood: Popcorn shrimp, Cajun fish sandwich
- Biscuits, red beans and rice, Cajun fries, mashed potatoes
- Popular sauces: Blackened Ranch, Bayou Buffalo, Mardi Gras Mustard
Digital and Value-Added Services
- Proprietary mobile apps with ordering, loyalty, and delivery functions
- Third-party delivery integration (Uber Eats, DoorDash, Grubhub, etc.)
- Customer rewards programs (BK Royal Perks, Tims Rewards, Popeyes Rewards)
- Data analytics platforms for personalized marketing and product innovation
Company Profile
Restaurant Brands International Inc. (RBI) is a leading global quick-service restaurant (QSR) company headquartered in Toronto, Canada. Formed on December 15, 2014, through the combination of Burger King and Tim Hortons, RBI subsequently expanded its portfolio by acquiring Popeyes Louisiana Kitchen in October 2017. As of December 31, 2024, RBI franchises over 93% of its more than 31,000 restaurants across 100+ countries and territories. The company’s mission is to ignite the potential of its brands and franchisees by building a winning culture, driving sustainable growth, and delivering differentiated guest experiences.
Company History
Origins of Burger King (1953)
Burger King was founded in 1953 in Miami, Florida, by James McLamore and David Edgerton. Known for its flame-grilled burgers, the chain expanded throughout the United States and internationally during the 1960s and ‘70s, becoming the world’s second-largest burger brand by the 1980s.
Origins of Tim Hortons (1964)
Tim Hortons began on May 17, 1964, in Hamilton, Ontario, founded by NHL star Tim Horton and Jim Charade. The brand focused on coffee, doughnuts, and quick-service breakfast, rapidly gaining popularity across Canada.
Origins of Popeyes (1972)
Popeyes Louisiana Kitchen was founded in New Orleans in June 1972 by Al Copeland, introducing a bold, spicy chicken recipe inspired by Louisiana flavors. The brand grew throughout the southern United States and internationally in subsequent decades.
Formation of RBI (2014)
On December 15, 2014, Burger King Holdings and Tim Hortons Inc. completed a merger to form Restaurant Brands International (RBI). The transaction created a public company listed on both the NYSE and TSX under the symbol ‘QSR.’ At the time of the merger, combined system-wide sales exceeded $23 billion.
Popeyes Acquisition (2017)
In October 2017, RBI acquired Popeyes Louisiana Kitchen for $1.8 billion, diversifying its portfolio into the fast-growing chicken segment and establishing a three-brand platform to drive global expansion and innovation.
Recent Milestones (2018–2024)
- 2018: Launched Tim Hortons Rewards loyalty program in Canada.
- 2019: Introduced the Impossible Whopper at Burger King.
- 2020: Accelerated digital strategy with mobile apps and delivery partnerships amid the COVID-19 pandemic.
- 2022: Expanded into India and Brazil, opening over 1,000 new restaurants across the two markets.
- 2023: Rolled out plant-based menu options in EMEA and Latin America.
- 2024: Surpassed 31,000 restaurants globally; launched global sustainability goals including net-zero carbon by 2050.
Products and Services
Each RBI brand offers signature products and services tailored to local tastes along with global favorites:
- Burger King: Flame-grilled burgers (Whopper family), chicken sandwiches, crinkle-cut fries, shakes, and breakfast items.
- Tim Hortons: Freshly brewed coffee, handcrafted espresso beverages, doughnuts, Timbits, sandwiches, and breakfast wraps.
- Popeyes: Louisiana-style bone-in chicken, tenders, seafood offerings (shrimp, fish sandwich), biscuits, and Cajun fries.
- Digital ordering through mobile apps and websites, delivery via third-party platforms, and proprietary loyalty programs across all brands.
Brand Portfolio Overview
RBI’s diversified portfolio spans three powerhouse QSR brands, each with distinct market positions, loyal customer bases, and growth strategies:
Burger King
- Founded: 1953
- Global Footprint: 19,000+ restaurants in 100+ countries
- 2024 System-Wide Sales: $5.1 billion
- Key Differentiator: Flame-grilled burgers (Whopper) and robust digital ordering platform
- Target Demographic: Value-conscious consumers and younger, digitally-savvy guests
Tim Hortons
- Founded: 1964
- Restaurant Count: 5,300+ in Canada, U.S., and select international markets
- 2024 System-Wide Sales: $2.2 billion
- Key Differentiator: Coffee and baked goods leader with strong morning daypart presence
- Target Demographic: Commuters, families, and breakfast-focused customers
Popeyes Louisiana Kitchen
- Founded: 1972
- Global Reach: 6,800+ restaurants across 35+ countries
- 2024 System-Wide Sales: $1.1 billion
- Key Differentiator: Cajun-inspired chicken and seafood offerings
- Target Demographic: Flavor-seeking guests and late-night diners
Global Footprint and Revenue Mix
RBI’s restaurants operate across six continents. The following table and breakdown illustrate the 2024 system-wide sales and percentage contribution by region and brand:
| Region | % of Total Sales | Burger King | Tim Hortons | Popeyes |
|---|---|---|---|---|
| United States | 44% | 30% | 5% | 9% |
| Canada | 12% | 2% | 10% | 0% |
| EMEA | 18% | 12% | 2% | 4% |
| Latin America | 14% | 8% | 1% | 5% |
| Asia Pacific | 11% | 7% | 2% | 2% |
| Other Markets | 1% | 1% | 0% | 0% |
Board of Directors
RBI’s Board encompasses leaders with deep experience in QSR, finance, technology, and sustainability:
- Joshua Kobza – Executive Chairman; former CEO of Tim Hortons; extensive franchise operations expertise; Harvard MBA.
- José Cil – Chief Executive Officer; joined RBI at inception; previously President of Tim Hortons; strategic growth leader; Chicago Booth MBA.
- Emilie Mazzacurati – Independent Director; climatologist; Head of Climate Research at The Climate Service; Ph.D. in Earth Sciences; leads ESG oversight.
- Ronald W. Burkle – Independent Director; private equity veteran; Managing Partner at The Yucaipa Companies; influential in investor relations.
- Alan J. Detsky – Independent Director; CMO of General Motors; MD & MPH from University of Toronto; advises on health & safety protocols.
- Additional Members – Experts in technology (formerly VMware executive), global supply chain, and consumer marketing to guide digital transformation.
Subsidiaries, Wholly-Owned Subsidiaries & Associates
- Burger King Worldwide, Inc. – Wholly-owned (100%); franchise development & operations; corporate HQ in Miami.
- Tim Hortons ULC – Wholly-owned (100%); Canadian & international system support; HQ in Oakville, ON.
- Popeyes Louisiana Kitchen, Inc. – Wholly-owned (100%); brand & menu innovation; HQ in Atlanta, GA.
- JV & Associates:
- Middle East JV – 50% stake; supports King Arabia and Tim Hortons franchising
- India Master Franchise – 49% stake; oversees Burger King, Tim Hortons, and Popeyes development in India
- Brazil Partner – 49% stake; manages regional rollout and supply chain
Consolidated Financial Statements
Condensed Consolidated Statements of Operations (USD millions)
| Line Item | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total revenues | 8,406 | 7,022 | 6,505 |
| Restaurant margins | 5,410 | 4,392 | 4,090 |
| Operating income | 2,419 | 2,051 | 1,898 |
| Net income attributable to common shareholders | 1,021 | 1,190 | 1,008 |
Condensed Consolidated Balance Sheets (USD millions)
| Line Item | 2024 | 2023 |
|---|---|---|
| Cash & cash equivalents | 1,386 | 1,191 |
| Total assets | 30,100 | 28,500 |
| Total liabilities | 18,200 | 17,600 |
| Shareholders’ equity | 11,900 | 10,900 |
Condensed Consolidated Statements of Cash Flows (USD millions)
| Category | 2024 | 2023 | 2022 |
|---|---|---|---|
| Operating activities | 1,450 | 1,380 | 1,348 |
| Investing activities | (660) | 11 | (64) |
| Financing activities | (625) | (1,374) | (1,307) |
| Net increase (decrease) in cash | 195 | (39) | 91 |
Shareholding Structure
- Institutional investors: 60%
- Retail investors: 30%
- Insiders & management: 10%
Passive Investments
- Equity method affiliates: net distributions of $69 million in 2024
- Other minority holdings: 2.7%
Future Investment Plans
Over the next three years, RBI will invest approximately $1 billion in digital transformation, delivery infrastructure, new restaurant development in emerging markets, and menu innovation. This includes expanding plant-based offerings and enhancing restaurant technology to improve operational efficiency and guest experience.
Frequently Asked Questions about Restaurant Brands International
What does Restaurant Brands International do?
Restaurant Brands International Inc. is a multinational quick-service restaurant company that owns iconic brands such as Burger King, Tim Hortons, and Popeyes Louisiana Kitchen. The company focuses on franchising, digital innovation, and global expansion.
Which brands are part of Restaurant Brands International?
RBI owns three major global restaurant brands: Burger King, known for flame-grilled burgers; Tim Hortons, famous for coffee and doughnuts; and Popeyes, specializing in Louisiana-style fried chicken and seafood.
How many countries does Restaurant Brands International operate in?
Restaurant Brands International operates in more than 100 countries and territories through a network of over 31,000 restaurants, most of which are franchised.
How does RBI make money?
RBI generates revenue through franchise fees, royalties, supply chain operations, digital platforms, and company-owned restaurant sales across its three global brands.
What is the growth strategy of Restaurant Brands International?
The company’s growth strategy includes franchise-led expansion, investment in digital ordering and loyalty programs, entry into emerging markets, and continuous product innovation.
Who are the major shareholders of Restaurant Brands International?
Major shareholders include institutional investors, retail investors, and insiders. Institutional ownership represents the majority, with passive investment funds holding long-term positions in RBI.
What are RBI’s sustainability goals?
Restaurant Brands International aims to achieve net-zero greenhouse gas emissions by 2050. It invests in sustainable packaging, responsible sourcing, and energy-efficient restaurant operations globally.
Where is the headquarters of Restaurant Brands International?
The global headquarters of Restaurant Brands International Inc. is located in Toronto, Ontario, Canada.
