Restaurant Brands International (RBI) owns and franchises four quick service restaurant (QSR) brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs. RBI operates over 33,000 restaurants across more than 120 countries, with over 95% franchised. RBI's core business model is franchising: it earns royalties, typically 3–6% of gross sales, from franchisees worldwide. This model is highly capital-light with significant operating leverage, as incremental system-wide sales flow through to profit with limited additional costs. Beyond royalties, RBI earns franchise fees and rental income from roughly 4,700 properties it leases or subleases to franchisees. Tim Hortons is operationally more complex — RBI owns and operates the Tim Hortons supply chain in Canada, roasting coffee, manufacturing baked goods, and distributing directly to franchisees, earning a supply chain margin on top of royalties. Tim Hortons is the dominant coffee and breakfast chain in Canada, Burger King is the world's second-largest hamburger chain with a strong international presence, Popeyes is the world's second-largest chicken QSR concept, and Firehouse Subs is a smaller North American sandwich chain. RBI's key growth drivers are same-store sales growth, net new restaurant openings, and G&A discipline. RBI's growth strategy targets 3%+ comparable sales growth, 5%+ net restaurant growth, and 8%+ organic profit growth through 2028, with major initiatives including Burger King U.S. restaurant remodeling and international expansion across all four brands.