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Revenue by Segment
Analyzes revenue from different business segments, highlighting which areas are driving growth and where there might be challenges or opportunities for expansion.
Tim Hortons remains the revenue anchor with recurring seasonal dips—top-line resilience but management warns a growing AOI drag from advertising that could mute profit conversion. Burger King’s revenue has reaccelerated, fueled by U.S. product and international (notably China JV) momentum, supporting margin recovery. Popeyes peaked in 2025 and is showing softer traction consistent with Q1 comps, signaling execution risk until planned initiatives take hold. The appearance of Restaurant Holdings and rising eliminations reflects consolidation/start‑up activity that boosts reported scale while adding near‑term startup losses and intercompany adjustments.
QSR Revenue by Segment
| Date | Eliminations | International | Tim Hortons | Burger King | Popeyes | Firehouse Subs | RH |
|---|---|---|---|---|---|---|---|
| Jun 30, 2026 | -$55.00M | $274.00M | $1.14B | $397.00M | $199.00M | $62.00M | $506.00M |
| Mar 31, 2026 | -$48.00M | $254.00M | $997.00M | $365.00M | $190.00M | $60.00M | $448.00M |
| Dec 31, 2025 | -$51.00M | $263.00M | $1.14B | $383.00M | $196.00M | $60.00M | $480.00M |
| Sep 30, 2025 | -$49.00M | $268.00M | $1.13B | $387.00M | $201.00M | $60.00M | $459.00M |
| Jun 30, 2025 | -$49.00M | $250.00M | $1.08B | $388.00M | $210.00M | $59.00M | $469.00M |
| Mar 31, 2025 | -$48.00M | $218.00M | $903.00M | $356.00M | $194.00M | $54.00M | $432.00M |
| Dec 31, 2024 | -$47.00M | $237.00M | $1.03B | $375.00M | $201.00M | $58.00M | $445.00M |
| Sep 30, 2024 | -$47.00M | $243.00M | $1.04B | $362.00M | $195.00M | $53.00M | $441.00M |
| Jun 30, 2024 | -$24.00M | $233.00M | $1.03B | $364.00M | $194.00M | $53.00M | $230.00M |
| Mar 31, 2024 | $0.00 | $222.00M | $939.00M | $350.00M | $178.00M | $50.00M | $0.00 |
| Dec 31, 2023 | $0.00 | $224.00M | $1.02B | $345.00M | $182.00M | $51.00M | $0.00 |
| Sep 30, 2023 | $0.00 | $0.00 | $1.06B | $538.00M | $188.00M | $51.00M | $0.00 |
| Jun 30, 2023 | $0.00 | $0.00 | $1.02B | $529.00M | $182.00M | $48.00M | $0.00 |
| Mar 31, 2023 | $0.00 | $0.00 | $900.00M | $484.00M | $168.00M | $38.00M | $0.00 |
| Dec 31, 2022 | $0.00 | $0.00 | $993.00M | $490.00M | $170.00M | $36.00M | $0.00 |
| Sep 30, 2022 | $0.00 | $0.00 | $1.03B | $491.00M | $164.00M | $38.00M | $0.00 |
| Jun 30, 2022 | $0.00 | $0.00 | $968.00M | $473.00M | $165.00M | $33.00M | $0.00 |
| Mar 31, 2022 | $0.00 | $0.00 | $829.00M | $443.00M | $148.00M | $31.00M | $0.00 |
| Dec 31, 2021 | $0.00 | $0.00 | $916.00M | $480.00M | $145.00M | $5.00M | $0.00 |
| Sep 30, 2021 | $0.00 | $0.00 | $885.00M | $467.00M | $143.00M | $0.00 | $0.00 |
| Jun 30, 2021 | $0.00 | $0.00 | $831.00M | $459.00M | $148.00M | $0.00 | $0.00 |
| Mar 31, 2021 | $0.00 | $0.00 | $710.00M | $407.00M | $143.00M | $0.00 | $0.00 |
| Dec 31, 2020 | $0.00 | $0.00 | $782.00M | $434.00M | $142.00M | $0.00 | $0.00 |
| Sep 30, 2020 | $0.00 | $0.00 | $762.00M | $433.00M | $142.00M | $0.00 | $0.00 |
| Jun 30, 2020 | $0.00 | $0.00 | $567.00M | $347.00M | $134.00M | $0.00 | $0.00 |
| Mar 31, 2020 | $0.00 | $0.00 | $699.00M | $388.00M | $138.00M | $0.00 | $0.00 |