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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 largest, steady revenue driver but management flagged Q2 marketing headwinds even as development and a new loyalty tie aim to restore momentum. Burger King is the clear growth engine—U.S. outperformance and international expansion are driving outsized system sales and AOI. Popeyes’ international strength masks a material U.S. sales shortfall, so top-line gains aren’t uniformly profitable yet. Restaurant Holdings revenue has ramped since 2024 but is still a modest AOI drag, and rising negative eliminations slightly depress consolidated revenue—watch margin conversion and franchised economics.
QSR Revenue by Segment
| Date | Eliminations | International | Tim Hortons | Burger King | Popeyes | Firehouse Subs | RH |
|---|---|---|---|---|---|---|---|
| Sep 30, 2026 | -$52.00M | $289.00M | $1.14B | $396.00M | $204.00M | $65.00M | $487.00M |
| 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 |
