Restaurant Brands International Inc. (QSR): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of a global quick-service giant, trying to see how Restaurant Brands International Inc. actually prints money across Burger King, Tim Hortons, Popeyes, and Firehouse Subs. Honestly, it's a masterclass in franchising, built on a network of over 32,000 independent operators, which is how they project near $9.37 billion in revenue for 2025. That growth is being heavily fueled by international momentum-that 12.1% system-wide sales jump in Q3 is defintely worth noting-and a digital footprint now hitting over 22 million active users. Below, I've mapped out the nine blocks of their Business Model Canvas, showing exactly how they manage brand equity, supply chain, and real estate to drive that performance, so you can see the mechanics behind the stock ticker.

Restaurant Brands International Inc. (QSR) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Restaurant Brands International Inc. (QSR)'s global scale, which relies heavily on external entities to operate and expand its four major brands. This is where the rubber meets the road for their asset-light, franchise-centric strategy.

Global Network of Independent Franchisees

The sheer scale of Restaurant Brands International Inc. is built upon its independent operator base. As of the second quarter of 2025, the company operated over 32,000 restaurants across more than 120 countries and territories. To maintain this footprint, the vast majority of these locations are franchised; as of December 31, 2024, approximately 93% of the system-wide restaurants were franchised. This structure means the company's success is intrinsically tied to the performance and alignment of these independent business owners.

The company's longer-term algorithm calls for annual 5% or so net unit growth over time, which is entirely dependent on these franchisee relationships.

Strategic Food Suppliers and Supply Frameworks

Consistent product quality across thousands of locations requires deep integration with supply networks. Restaurant Brands International Inc. leverages dedicated product supply frameworks that are essential for the timely production and distribution of goods across its broad regions. While specific names like Sysco or US Foods aren't explicitly detailed as primary partners for 2025 in recent reports, the operational ecosystem is clearly linked to these essential distribution structures to manage ongoing supply chain pressures.

Technology Partners for Digital Infrastructure

Digital transformation is a key strategic priority, involving significant technology partnerships. For instance, in the Asia Pacific region, Restaurant Brands International Inc. has a regional partnership with Ant Group to accelerate digital transformation. This collaboration involves implementing mini program Software-as-a-Service (SaaS) solutions and leveraging Alipay+ for payments and marketing across Tim Hortons, Burger King, and Popeyes. Furthermore, internal modernization efforts, part of the 'Royal Reset' initiative, include integrating cloud-based restaurant management software and AI-powered demand forecasting tools to centralize operations and reduce labor costs.

Third-Party Delivery Providers

The shift to digital ordering and delivery channels is a noted consumer trend the company capitalizes on. This last-mile logistics capability is crucial for meeting modern guest expectations, often facilitated through integrations with third-party platforms, though specific partner names for North America like DoorDash are not detailed in the latest financial disclosures.

New Joint Venture Partner for Burger King China Expansion

A major recent development is the new joint venture to accelerate Burger King's growth in China, a market identified as having significant long-term opportunity. This partnership is structured to inject substantial capital for expansion, marketing, and innovation.

The company is also advancing its plan to transition toward a highly franchised model, including seeking new partners for Popeyes China and Firehouse Subs Brazil.

Restaurant Brands International Inc. (QSR) - Canvas Business Model: Key Activities

Global brand management and marketing for four distinct brands is a core activity for Restaurant Brands International Inc. The company manages TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS® globally. The International segment, which drives 26% of the company's adjusted operating income, saw system-wide sales growth of more than 12% in Q3 2025, supported by 5.1% net restaurant growth in that segment.

Real estate development and new restaurant openings are managed with a focus on quality operators. The company anticipates net restaurant growth around 3% for 2025. For the first quarter of 2025, the reported net restaurant growth was 3.3%. This trend continued with Q2 2025 showing 2.9% net restaurant growth and Q3 2025 reporting 2.8% net restaurant growth. The Burger King U.S. 'Reclaim the Flame' plan involves significant capital deployment for remodels and relocations, with $152 million funded out of up to $550 million planned toward the 'Royal Reset' investments as of June 30, 2025.

Supply chain management and distribution to franchisees involves significant transactional volume. Total system-wide sales for Restaurant Brands International Inc. were nearly $45 billion annually as of the Q1 2025 report. The activity is reflected in intersegment revenues; for the nine months ended September 30, 2025, intersegment revenues with Restaurant Holdings for Supply Chain Sales (included in Total Revenues) are part of the operational flow. Supply Chain Cost of Sales increased due to higher volumes and commodity prices. Beef price inflation is specifically expected to cause a mid-single-digit increase in the total commodity basket for Burger King U.S..

Digital platform development and loyalty program operation is a key driver for engagement. TH Canada has seen its app enhancement and loyalty programs contribute to comparable sales through higher traffic. Across the broader quick-service restaurant industry, operators are pulling in nearly 40% of their sales from loyalty-linked channels, with ambitions to push that to 53% by next year. Franchise and property revenues, which include royalties and rent, totaled $28 million and $83 million during the three and nine months ended September 30, 2025, respectively.

Operational support and training for the franchised system is structured to enhance franchisee profitability. The company aims for overall organic Adjusted Operating Income growth of at least 8% in 2025. A-graded operators, which reflect successful execution of operational standards, achieved a 4-wall EBITDA of $275k. This figure is 30% higher than the system average for all operators. Advertising contributions and tech fees, which support marketing and operational alignment, totaled $21 million and $63 million during the three and nine months ended September 30, 2025, respectively, as intersegment revenue.

• Global brands include TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®.
• Q3 2025 comparable sales acceleration was 4.0%.
• Tim Hortons Canada comparable sales growth was 3.6% in Q2 2025.
• Popeyes U.S. comparable sales saw a 0.9% decline in Q2 2025.
• Firehouse Subs system-wide sales grew 6.3% in Q2 2025.

Restaurant Brands International Inc. (QSR) - Canvas Business Model: Key Resources

Restaurant Brands International Inc. (QSR) relies on a foundation of globally recognized intellectual property and a massive physical footprint. The core value is tied up in the brand equity of its four major quick-service restaurant chains: Burger King, Tim Hortons, Popeyes, and Firehouse Subs.

The operational scale and technological reach represent significant, measurable assets that drive revenue through franchising, royalties, and lease income. Here's a look at the hard numbers underpinning these key resources as of late 2025.

The intellectual property includes the proprietary recipes, the globally registered trademarks for all four brands, and the detailed operating manuals that standardize the guest experience across the network. These manuals are critical for maintaining brand consistency, especially in a heavily franchised model.

The physical assets are substantial, providing a tangible base for the business model. This includes the real estate owned and the long-term lease agreements that secure locations for decades. The total asset base reflects this scale.

• Iconic global brands: Burger King, Tim Hortons, Popeyes, Firehouse Subs.
• Intellectual property: Recipes, trademarks, and operating manuals.
• Total Assets (September 2025): $25.669B USD.
• Net Assets (September 2025): $5.16B USD.

The digital platform is increasingly vital, as digital guests spent 5 times more than non-digital guests on average in 2023, pointing to the high value of that user base. The company is actively managing its physical footprint, with plans to refranchise between 50 and 100 Burger King restaurants in 2025 alone.

Restaurant Brands International Inc. (QSR) - Canvas Business Model: Value Propositions

The core value proposition for Restaurant Brands International centers on delivering a compelling mix of choice, affordability, and ease of access across its global portfolio of over 32,000 restaurants in more than 120 countries and territories. This scale, achieved through brands like Tim Hortons, Burger King, Popeyes, and Firehouse Subs, underpins the ability to offer consistent quality while adapting locally.

The diverse menu strategy is designed to capture traffic across all dayparts and consumer needs, supported by system-wide sales growth of 6.9% in the third quarter of 2025.

• Four distinct, independently operated brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs.
• Complementary offerings spanning breakfast, lunch, dinner, and late-night occasions.
• Global comparable sales accelerated to 4.0% in Q3 2025, showing broad consumer acceptance.

Affordable everyday value is a key driver to pull customers into the restaurants, especially in a competitive pricing environment. The Burger King brand, for instance, actively promotes bundled deals to counter inflationary pressures.

Here's the quick math on recent value offers:

Speed, convenience, and accessibility are non-negotiable for the modern quick-service customer, a focus reflected in significant technology investment across the industry, which Restaurant Brands International leverages.

• 76% of quick-service restaurants have adopted mobile ordering and payment solutions.
• Mobile apps and online platforms account for over 69% of total QSR orders.
• 72% of QSRs utilize mobile apps for ordering convenience.
• 62% of quick service brands have integrated self-service kiosks to streamline in-store operations.

The emphasis on digital channels is also translating to better unit economics, as 60% of operators report higher average order values from digital channels compared to traditional walk-ins. This focus helps maintain brand experience consistency even when transactions are off-premises.

Consistent product quality and brand experience are maintained through global operational standards, though performance varies by region. While the overall system saw a 6.9% consolidated system-wide sales growth in Q3 2025, the international segment showed particular strength, with comparable sales at Burger King International growing by 6.4%.

Localized menu innovation is critical to capturing that international growth, tailoring offerings to local tastes and driving performance in specific markets like Europe, where the international business drives a significant portion of earnings.

The value proposition is a function of these tangible numbers:

Finance: draft 13-week cash view by Friday.

Restaurant Brands International Inc. (QSR) - Canvas Business Model: Customer Relationships

You're looking at how Restaurant Brands International Inc. (QSR) manages the connection with its massive customer base across its global portfolio. The relationship model is heavily weighted toward digital speed and transactional efficiency, which is typical for the quick-service restaurant (QSR) space, but they are pushing harder on retention tools.

Automated, transactional service model (QSR)

The core relationship is fast and automated, driven by high transaction volume. For the third quarter of 2025, Restaurant Brands International Inc. saw consolidated system-wide sales grow by 6.9% year-over-year, hitting approximately $12,282 million for the quarter. This scale demands transactional efficiency. To give you a sense of the digital environment Restaurant Brands International Inc. operates in, over 60% of restaurant orders are now placed through mobile apps industry-wide, making the app the critical touchpoint for speed and control. Furthermore, 60% of diners prefer ordering via mobile apps over traditional methods.

Dedicated loyalty programs (e.g., Tim Hortons Tims Rewards) for retention

Retention is a major focus, especially through dedicated digital loyalty. The search results confirm that the Tim Hortons digital loyalty program continues to drive customer retention as of the third quarter of 2025. This aligns with broader industry trends where 60% of loyalty programs focus on keeping customers coming back. The value proposition is clear: loyalty members in the QSR space generally spend 6% more per visit. The challenge is moving beyond simple rewards, as only 18% of loyalty programs lean on personalization, while 65% rely heavily on discounts.

Here are some relevant operational metrics that frame the scale of these customer interactions:

Digital engagement and personalized offers via mobile apps

Mobile apps are central to deepening the relationship beyond the transaction. Restaurant Brands International Inc.'s brands are competing in a space where 85% of customers are likely to join loyalty programs that offer personalized rewards. For the industry, app users show a 45% higher Customer Lifetime Value (CLV) than web users, which justifies the investment in digital engagement tools like push notifications and personalized offers. Restaurant Brands International Inc. is also seeing its franchisees rely on mobile-friendly loyalty programs, as 85% of QSR and delivery brands use them to drive engagement. If offered, 70% of consumers would use a smartphone app to place orders at QSRs.

• 71% of consumers prefer using restaurant-specific websites or mobile apps over third-party apps.
• 41% of consumers say a loyalty program influences where they eat.
• Frequent QSR customers are 1.5 times more likely to value exclusive rewards.

Customer service for company-owned restaurants (Restaurant Holdings segment)

For the Restaurant Holdings (RH) segment, which includes Carrols Burger King restaurants and FHS Brazil, customer service is directly managed by Restaurant Brands International Inc. The relationship here is more hands-on, though the segment's results are often separated for organic growth reporting. The franchisor still maintains a relationship through intersegment revenue, receiving royalties and rent from the RH segment totaling $83 million for the nine months ended September 30, 2025. Early-stage investments in Popeyes China and Firehouse Brazil resulted in a net Adjusted Operating Income (AOI) drag of $7 million in Q3 2025, which reflects the cost of managing these direct relationships until local partners transition ownership. This segment's performance is a direct reflection of on-the-ground service execution.

Social media and advertising campaigns to build brand love

Building brand love relies on consistent messaging and perceived value. The increase in Total Revenues for Q3 2025 was partially driven by higher Advertising Revenues due to increased advertising fund contributions from franchisees reflecting an increase in the contribution rate. This funding supports brand-building campaigns. In terms of established brand affinity, Burger King U.S. holds an American Customer Satisfaction Index score of 77 as of Q3 2025, which is unchanged from the prior year, showing stable brand affinity despite a competitive domestic environment. The company is definitely focused on marketing firepower as part of its turnaround efforts.

The overall financial health supports these relationship investments:

• Organic Adjusted Operating Income (AOI) growth for Q3 2025 was 8.8%.
• Operating margin for Q3 2025 reached 27.1%.
• The company declared a total dividend of $2.48 per common share for 2025.

Finance: draft 13-week cash view by Friday.

Restaurant Brands International Inc. (QSR) - Canvas Business Model: Channels

Global network of franchised and company-owned physical restaurants

Restaurant Brands International Inc. operates over 32,000 restaurants in more than 120 countries and territories as of the second quarter of 2025.

System Restaurant Count at Period End was 32,229 as of June 30, 2025.

The company's system-wide sales reached $11.853 billion for the second quarter of 2025. For the first nine months of 2025, total revenues were $6.97bn.

Restaurant count by segment as of June 30, 2025:

The Burger King U.S. brand is executing its 'Reclaim the Flame' plan, which includes investing up to $700 million through year-end 2028 for remodels and relocations. In 2024, Burger King remodeled over 370 stores, targeting an 85% modern image by 2028.

Drive-thru windows for high-speed service

For Tim Hortons Canada, drive-through efficiency enhancement reduced weekday morning time to 28 seconds per car.

Proprietary mobile ordering apps and websites

Tim Hortons Canada's digital innovation, including app enhancement and loyalty programs, contributes to comparable sales. The Tim Hortons digital loyalty program continues to drive customer retention.

Third-party food delivery platforms

No specific financial or statistical data regarding third-party food delivery platform usage or revenue share was found in the provided search results.

Retail distribution of CPG products (e.g., Tim Hortons coffee)

Total Revenues for the second quarter of 2025 were driven by higher Supply Chain Sales, which included CPG net sales.

The company's total revenues for the quarter ended September 30, 2025, were $2.45bn.

The following metrics relate to revenues driven by supply chain/CPG activities:

• Total Revenues for Q2 2025: $2.41 billion.
• Total Revenues for Q2 2024: $2.08 billion.

Restaurant Brands International Inc. (QSR) - Canvas Business Model: Customer Segments

You're looking at the customer base for Restaurant Brands International Inc. (QSR) as of late 2025, which is quite segmented across its four major brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs.

The customer base includes mass market consumers who are primarily seeking quick, affordable meals. However, the U.S. consumer environment in Q3 2025 showed a clear split in behavior; the lower-end consumer segment has been softer, showing a persistent drop-off in activity since the summer, while the middle and upper tiers demonstrated more strength in discretionary spending.

International customers are a massive driver of growth for Restaurant Brands International Inc. This segment is crucial, as the CEO noted that the International business, combined with Tim Hortons, generates roughly 70% of the company's earnings. The growth in this area is substantial:

• International system-wide sales grew by 12.1% in Q3 2025 on a constant currency basis.
• Burger King International comparable sales showed a strong increase of 6.4% in Q3 2025.
• Popeyes International is emerging as a significant engine, with year-to-date system sales growth above 30%.

For the segment of Millennials and Gen Z who prioritize digital ordering and convenience, the company is building out its infrastructure. The overall growth outlook includes building on its digital sales capabilities through its mobile apps. This focus supports the convenience-seeking demographic.

Commuters and office workers represent a core group, particularly for the Tim Hortons brand, which is known for coffee and breakfast offerings. Tim Hortons Canada, a significant part of the North American business, posted comparable sales growth of 4.2% in Q3 2025.

Here's a quick look at the Q3 2025 comparable sales performance across key markets, which reflects the varying appeal to different customer groups:

The company's overall consolidated system-wide sales grew by 6.9% year-over-year in Q3 2025. The company is working toward a long-term algorithm calling for more than 3% comparable sales growth annually.

Restaurant Brands International Inc. (QSR) - Canvas Business Model: Cost Structure

You're looking at the major outlays that keep Restaurant Brands International Inc. running across its global portfolio. For a company this large, the cost structure is dominated by things like ingredient costs, labor, and massive ongoing investments in brand revitalization. Honestly, understanding where the money goes is key to seeing the long-term value proposition, especially with the heavy franchise model.

The largest recurring operational cost tied directly to sales from company-owned locations and the associated supply chain is the Cost of Sales. For the twelve months ending September 30, 2025, the Cost of Goods Sold for Restaurant Brands International Inc. was reported at approximately $4.783B. This figure reflects the direct costs of the food, beverage, and packaging used in company-operated restaurants, plus the costs associated with the supply chain operations that serve both company and franchised locations. We know that commodity prices, like beef and coffee, put pressure on this line item, with coffee costs expected to flow through lower in mid to late 2026 due to forward buying strategies.

The company is actively spending significant capital to modernize its assets, which shows up in Capital Expenditures. For the 2025 fiscal year, gross capital spending is expected to remain elevated at about $400 million. This spending is earmarked for necessary upgrades like restaurant remodels, technology enhancements, and digital infrastructure investments, often preceding a refranchising event.

Supporting the franchisee base, particularly for the Burger King brand, involves substantial incentive spending. The Burger King US Reclaim the Flame plan includes significant investment in the Royal Reset initiative, which covers high-quality remodels, relocations, and restaurant technology. The total investment planned for this initiative through year-end 2028 is up to $700 million. As of September 30, 2025, Restaurant Brands International Inc. had funded $160 million out of the up to $550 million planned specifically toward the Royal Reset investments.

Corporate overhead, categorized as General and Administrative expenses (G&A), covers the essential corporate functions supporting the global operation. For the full year 2025, the guidance for Segment G&A, excluding the Restaurant Holdings (RH) segment, was projected to be between $650 million and $670 million. Separately, the RH Segment G&A for 2025 was guided to be approximately $100 million. This G&A spend is a fixed cost base that the company aims to manage through efficiency, as evidenced by reported decreases in Segment G&A in Q3 2025 due to lower compensation-related expenses.

Finally, servicing the company's debt load results in a significant non-operating expense. The guidance for Adjusted Net Interest Expense for 2025 was set at the upper end of a range between $500 million and $520 million. This figure is what management focuses on when assessing the cost of their financing structure.

Here's a quick look at the key 2025 cost structure expectations and recent figures:

The company's cost management strategy seems focused on driving down corporate overhead while strategically investing heavily in the physical assets through the franchisee network. Finance: draft 13-week cash view by Friday.

Restaurant Brands International Inc. (QSR) - Canvas Business Model: Revenue Streams

Restaurant Brands International Inc. derives its top line from a diversified set of streams, heavily weighted toward its franchised model.

The total revenue for the full 2025 fiscal year is forecast around $9.37 billion.

The primary revenue sources are:

• Franchise royalties and initial fees.
• Sales from company-owned restaurants (Restaurant Holdings segment).
• Supply chain sales to franchisees.
• Property revenues from leased locations.

Here's a breakdown of the key components based on recent financial reporting and projections:

Initial franchise fees for Quick-Service Restaurants (QSR) generally fall between $6,250 and $90,000, though specific amounts depend on the brand and location.

The Tim Hortons supply chain operation is designed to smooth commodity volatility, with executives noting the 2025 supply chain margin is expected to be around 19%, down slightly from 19.5% in 2024.

For the third quarter ended September 30, 2025, the total reported revenue was $2.45 billion, up 6.9% from the prior year's third quarter.

The intersegment eliminations show the flow between segments:

• Franchise and property revenues eliminated in consolidation for the nine months ended September 30, 2025, included royalties of $28 million and rent of $83 million.
• For the same nine-month period in 2024, these eliminated revenues were $28 million for royalties and $43 million for rent.

The CEO noted that Tim Hortons and the International business together generate roughly 70% of the company's earnings as of late 2025.

Finance: draft 13-week cash view by Friday.