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Restaurant Brands International Inc
(NYSE:QSR) 

QSR stock logo

Restaurant Brands International Inc. owns, operates, and franchises quick service restaurants under the Tim Hortons (TH), Burger King (BK), and Popeyes (PLK) brands. The company operates through three segments: TH, BK, and PLK. Its restaurants offer blend coffee, tea, espresso-based hot and cold spe...

Founded: 2014
Full Time Employees: 6,300
CEO: José Cil  
Sector: Consumer Cyclical
Industry: Restaurants
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At a glance:
  • Steady System-Wide Sales and Franchise-Led Growth Model: Restaurant Brands International (RBI) primarily grows through franchised restaurants, which supports an asset-light model with recurring royalty revenue and typically lower capital intensity versus company-operated peers.
  • Margin and Earnings Sensitivity to Commodity and Labor Costs: Although the franchise mix can buffer profitability, results can still be influenced by inflation in food, packaging, and labor—both at the company level (e.g., supply chain, corporate costs) and through franchisee health and store-level economics.
  • Unit Development and International Expansion as Key Growth Drivers: Net restaurant openings and development agreements—especially in international markets—are central to RBI’s long-term growth, with brand momentum and real estate availability affecting the pace of new unit additions.
  • Brand Reinvestment and Marketing to Support Traffic: Sustaining comparable sales often depends on consistent menu innovation, value positioning, and marketing effectiveness across its major banners, with competitive intensity in QSR making share gains challenging.
  • Leverage and Capital Allocation Remain Important to the Equity Story: As a franchise-heavy operator, RBI’s capital allocation (dividends, buybacks, debt paydown, and reinvestment) and overall leverage profile can materially influence shareholder returns and valuation.
Bull Thesis:
  • Global Expansion Potential for Core Brands: RBI's portfolio, particularly Burger King and Popeyes, continues to have significant runway for international growth, especially in emerging markets. Successful expansion into new territories can drive long-term revenue and royalty income.
  • Asset-Light Franchise Model Generates Stable Cash Flow: The vast majority of RBI's restaurants are franchised, providing a high-margin, asset-light business model. This generates stable royalty and rental income with lower capital expenditure requirements, leading to strong free cash flow generation.
  • Brand Revitalization and Digital Investments: Initiatives like Burger King's 'Reclaim the Flame' program in the U.S. and Popeyes' 'Ignite' program are focused on improving restaurant image, operational efficiency, and menu innovation. Coupled with investments in digital ordering, loyalty programs, and delivery, these efforts aim to drive comparable sales growth and market share.
  • Diversified Portfolio Mitigates Brand-Specific Risks: With four distinct global brands (Burger King, Tim Hortons, Popeyes, Firehouse Subs), RBI benefits from a diversified revenue stream. Strong performance in one brand or region can offset weaker performance in another, providing overall stability to the business.
Bear Thesis:
  • Intense Competition in the QSR Segment: The quick-service restaurant market is highly competitive, with established global players (McDonald's, Yum! Brands, Starbucks) and numerous regional and local chains. This intense competition can pressure pricing, marketing spend, and market share, particularly in mature markets like the U.S. and Canada.
  • Inflationary Pressures and Franchisee Profitability: Rising costs for labor, food, and energy can squeeze franchisee margins. If franchisees face sustained profitability challenges, it could impact their willingness and ability to invest in restaurant remodels, new technology, or expansion, which are crucial for RBI's growth strategy.
  • Inconsistent Performance Across Brands and Regions: While some brands or regions may perform strongly, others have faced challenges (e.g., historical struggles with Burger King's U.S. market share or Tim Hortons' performance in certain periods). Inconsistent execution or brand relevance can hinder overall company growth and investor confidence.
  • Potential Slowdown in Consumer Discretionary Spending: Economic downturns or persistent high inflation could lead consumers to reduce discretionary spending on dining out. While fast food is generally more resilient, a significant slowdown could impact traffic and average check sizes across RBI's brands.
Main Competitors:
  • McDonald's Corporation ($MCD) (McDonald's restaurants (Big Mac, Quarter Pounder, McCafe, Egg McMuffin, McChicken)), McDonald's is a global fast-food giant that directly competes with Burger King in the burger segment, offering similar menu items, value propositions, and drive-thru convenience. It also competes with Tim Hortons through its McCafe offerings and breakfast menu, and indirectly with Popeyes through its chicken sandwich and other chicken items, vying for the same quick-service customer base and prime real estate locations worldwide.
  • Yum! Brands, Inc. ($YUM) (KFC (Kentucky Fried Chicken), Pizza Hut, Taco Bell), Yum! Brands is a major global QSR operator. Its KFC brand is a direct and primary competitor to Popeyes Louisiana Kitchen in the fried chicken segment, both globally and in key markets. They compete for market share, customer visits, and franchisee investment, often in similar geographic locations. While other brands like Pizza Hut and Taco Bell don't directly overlap with RBI's core offerings, they compete for the broader QSR dollar.
  • Starbucks Corporation ($SBUX) (Starbucks coffee shops (coffee, espresso beverages, pastries, breakfast sandwiches)), Starbucks is the leading global coffeehouse chain and a direct competitor to Tim Hortons, especially in Canada and other international markets. They compete for morning and afternoon beverage and food occasions, offering a wide range of coffee, tea, baked goods, and breakfast/lunch items. Starbucks' strong brand loyalty and premium positioning challenge Tim Hortons' value-oriented approach.
  • Chick-fil-A, Inc. (Chick-fil-A restaurants (chicken sandwiches, nuggets, waffle fries)), Chick-fil-A is a highly successful, privately held fast-food chain primarily focused on chicken, making it a formidable competitor to Popeyes Louisiana Kitchen in the U.S. market. Known for its strong customer service, operational efficiency, and popular chicken sandwich, Chick-fil-A consistently outperforms many QSR competitors in sales per unit and customer satisfaction, posing a significant challenge for market share in the chicken segment.
Moat:
Restaurant Brands International (RBI) operates in highly competitive quick-service restaurant (QSR) segments, where its brands (Burger King, Tim Hortons, Popeyes, Firehouse Subs) face intense rivalry. Main competitors include global giants like McDonald's and Yum! Brands, which possess vast resources, extensive global footprints, and established market positions across multiple categories. Specialized leaders such as Starbucks and Chick-fil-A also pose significant threats by dominating specific niches (coffee and chicken, respectively) through strong brand loyalty, operational excellence, and innovative offerings. Competition revolves around menu innovation, value propositions, speed of service, digital engagement, brand loyalty, and securing prime real estate, all while navigating evolving consumer preferences and economic pressures. RBI's multi-brand strategy aims to capture diverse customer segments, but each brand must continuously innovate and execute to maintain and grow market share against these formidable rivals.
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 
                                                  
      revenues:
    		                                              
      supply chain sales
    		686,000,000 797,000,000 769,000,000 732,000,000 611,000,000 700,000,000 699,000,000 682,000,000                                       
      company restaurant sales
    		559,000,000 602,000,000 588,000,000 600,000,000 558,000,000 576,000,000 567,000,000 347,000,000                                       
      franchise and property revenues
    		722,000,000 759,000,000 778,000,000 760,000,000 663,000,000 725,000,000 735,000,000 747,000,000 712,000,000 740,000,000 753,000,000 742,000,000 668,000,000 672,000,000 698,000,000 676,000,000 615,000,000 651,000,000 639,000,000 614,000,000 548,000,000 795,000,000 796,000,000 642,000,000 722,000,000 852,000,000 834,000,000 811,000,000 744,000,000 772,600,000 766,200,000 757,200,000 706,000,000 628,000,000 577,000,000 530,600,000 450,200,000 542,200,000 489,300,000 481,600,000 428,000,000 501,200,000 473,800,000 473,600,000 432,500,000  
      advertising revenues and other services
    		297,000,000 308,000,000 314,000,000 318,000,000 277,000,000 295,000,000 290,000,000 304,000,000 298,000,000 313,000,000 313,000,000 289,000,000 254,000,000 274,000,000 269,000,000 255,000,000 227,000,000                              
      total revenues
    		2,264,000,000 2,466,000,000 2,449,000,000 2,410,000,000 2,109,000,000 2,296,000,000 2,291,000,000 2,080,000,000 1,739,000,000 1,820,000,000 1,837,000,000 1,775,000,000 1,590,000,000 1,689,000,000 1,726,000,000 1,639,000,000 1,451,000,000 1,546,000,000 1,495,000,000 1,438,000,000 1,260,000,000 1,358,000,000 1,337,000,000 1,048,000,000 1,225,000,000 1,479,000,000 1,458,000,000 1,400,000,000 1,266,000,000 1,384,500,000 1,375,300,000 1,343,400,000 1,253,800,000 1,234,200,000 1,208,600,000 1,132,700,000 1,000,600,000 1,111,400,000 1,075,700,000 1,040,200,000 918,500,000 1,057,000,000 1,019,700,000 1,041,400,000 932,000,000  
      yoy
    		7.35% 7.40% 6.90% 15.87% 21.28% 26.15% 24.71% 17.18% 9.37% 7.76% 6.43% 8.30% 9.58% 9.25% 15.45% 13.98% 15.16% 13.84% 11.82% 37.21% 2.86% -8.18% -8.30% -25.14% -3.24% 6.83% 6.01% 4.21% 0.97% 12.18% 13.79% 18.60% 25.30% 11.05% 12.35% 8.89% 8.94% 5.15% 5.49% -0.12% -1.45%      
      qoq
    		-8.19% 0.69% 1.62% 14.27% -8.14% 0.22% 10.14% 19.61% -4.45% -0.93% 3.49% 11.64% -5.86% -2.14% 5.31% 12.96% -6.14% 3.41% 3.96% 14.13% -7.22% 1.57% 27.58% -14.45% -17.17% 1.44% 4.14% 10.58% -8.56% 0.67% 2.37% 7.15% 1.59% 2.12% 6.70% 13.20% -9.97% 3.32% 3.41% 13.25% -13.10% 3.66% -2.08% 11.74%   
      operating costs and expenses:
    		                                              
      cost of sales
    		564,000,000 659,000,000 619,000,000 589,000,000 496,000,000 564,000,000 559,000,000 540,000,000 606,000,000 643,000,000 630,000,000 612,000,000 550,000,000 619,000,000 615,000,000 584,000,000 494,000,000 532,000,000 490,000,000 467,000,000 401,000,000 454,000,000 418,000,000 339,000,000 399,000,000 479,000,000 475,000,000 453,000,000 406,000,000 470,100,000 469,900,000 448,900,000 429,100,000 473,400,000 493,300,000 460,200,000 423,400,000 448,300,000 455,000,000 435,800,000 388,200,000 454,900,000 446,600,000 475,900,000 436,500,000  
      company restaurant expenses
    		477,000,000 504,000,000 498,000,000 498,000,000 468,000,000 480,000,000 473,000,000 286,000,000                                       
      franchise and property expenses
    		119,000,000 131,000,000 147,000,000 144,000,000 130,000,000 150,000,000 134,000,000 134,000,000 126,000,000 140,000,000 119,000,000 130,000,000 123,000,000 126,000,000 137,000,000 125,000,000 130,000,000 131,000,000 121,000,000 121,000,000 116,000,000 140,000,000 128,000,000 134,000,000 126,000,000 139,000,000 133,000,000 135,000,000 133,000,000 107,600,000 107,600,000 102,400,000 104,400,000 134,400,000 118,500,000 113,700,000 111,000,000 123,900,000 111,900,000 114,100,000 104,200,000 138,000,000 114,400,000 125,600,000 130,000,000  
      advertising expenses and other services
    		341,000,000 341,000,000 342,000,000 364,000,000 311,000,000 358,000,000 327,000,000 334,000,000 311,000,000 364,000,000 326,000,000 312,000,000 271,000,000 295,000,000 276,000,000 259,000,000 247,000,000                              
      general and administrative expenses
    		180,000,000 192,000,000 170,000,000 188,000,000 191,000,000 199,000,000 176,000,000 185,000,000 173,000,000 197,000,000 169,000,000 163,000,000 175,000,000 196,000,000 156,000,000 146,000,000 133,000,000 167,000,000 123,000,000 113,000,000 105,000,000                          
      loss from equity method investments
    		-2,000,000 1,000,000 -2,000,000 -5,000,000 -5,000,000  3,000,000 -69,000,000 -3,000,000 -27,000,000 1,000,000 11,000,000 7,000,000 14,000,000 8,000,000 9,000,000 13,000,000 -8,000,000 7,000,000 3,000,000 2,000,000 3,000,000 18,000,000 16,000,000 2,000,000  -11,000,000 2,000,000 -2,000,000 -5,100,000 -3,800,000 1,200,000 -14,300,000 -3,500,000 -4,100,000 900,000 -5,700,000 -3,600,000 -2,600,000 4,500,000 -18,500,000 -1,600,000 1,000,000 5,300,000 -2,800,000  
      other operating expenses (income)
    		-21,000,000 17,000,000 12,000,000 149,000,000 83,000,000 -90,000,000 42,000,000 7,000,000 -18,000,000 35,000,000 10,000,000 -7,000,000 17,000,000 93,000,000 -27,000,000 -25,000,000 -16,000,000 57,000,000 -16,000,000 8,000,000 -42,000,000 46,000,000 54,000,000 21,000,000 -16,000,000 34,000,000 -30,000,000 3,000,000 -17,000,000 -1,400,000 26,100,000 -29,400,000 12,700,000 27,100,000 21,500,000 46,800,000 13,800,000 -38,900,000 8,700,000 -11,300,000 40,800,000 23,300,000 9,400,000 34,200,000 35,500,000  
      total operating costs and expenses
    		1,658,000,000 1,845,000,000 1,786,000,000 1,927,000,000 1,674,000,000 1,661,000,000 1,714,000,000 1,417,000,000 1,195,000,000 1,352,000,000 1,255,000,000 1,221,000,000 1,143,000,000 1,343,000,000 1,165,000,000 1,098,000,000 1,001,000,000 1,130,000,000 962,000,000 950,000,000 818,000,000 985,000,000 920,000,000 805,000,000 836,000,000 968,000,000 887,000,000 909,000,000 832,000,000 868,000,000 898,100,000 840,700,000 833,200,000 728,200,000 729,300,000 718,300,000 664,400,000 619,800,000 655,200,000 616,200,000 587,900,000 735,000,000 675,700,000 743,100,000 710,200,000  
      income from operations
    		606,000,000 621,000,000 663,000,000 483,000,000 435,000,000 635,000,000 577,000,000 663,000,000 544,000,000 468,000,000 582,000,000 554,000,000 447,000,000 346,000,000 561,000,000 541,000,000 450,000,000 416,000,000 533,000,000 488,000,000 442,000,000 373,000,000 417,000,000 243,000,000 389,000,000 511,000,000 571,000,000 491,000,000 434,000,000 516,500,000 477,200,000 502,700,000 420,600,000 506,000,000 479,300,000 414,400,000 336,200,000 491,600,000 420,500,000 424,000,000 330,600,000 322,000,000 344,000,000 298,300,000 221,800,000  
      yoy
    		39.31% -2.20% 14.90% -27.15% -20.04% 35.68% -0.86% 19.68% 21.70% 35.26% 3.74% 2.40% -0.67% -16.83% 5.25% 10.86% 1.81% 11.53% 27.82% 100.82% 13.62% -27.01% -26.97% -50.51% -10.37% -1.06% 19.66% -2.33% 3.19% 2.08% -0.44% 21.31% 25.10% 2.93% 13.98% -2.26% 1.69% 52.67% 22.24% 42.14% 49.05%      
      qoq
    		-2.42% -6.33% 37.27% 11.03% -31.50% 10.05% -12.97% 21.88% 16.24% -19.59% 5.05% 23.94% 29.19% -38.32% 3.70% 20.22% 8.17% -21.95% 9.22% 10.41% 18.50% -10.55% 71.60% -37.53% -23.87% -10.51% 16.29% 13.13% -15.97% 8.24% -5.07% 19.52% -16.88% 5.57% 15.66% 23.26% -31.61% 16.91% -0.83% 28.25% 2.67% -6.40% 15.32% 34.49%   
      operating margin %
    		26.77% 25.18% 27.07% 20.04% 20.63% 27.66% 25.19% 31.87% 31.28% 25.71% 31.68% 31.21% 28.11% 20.49% 32.50% 33.01% 31.01% 26.91% 35.65% 33.94% 35.08% 27.47% 31.19% 23.19% 31.76% 34.55% 39.16% 35.07% 34.28% 37.31% 34.70% 37.42% 33.55% 41.00% 39.66% 36.59% 33.60% 44.23% 39.09% 40.76% 35.99% 30.46% 33.74% 28.64% 23.80%  
      interest expense
    		123,000,000 125,000,000 129,000,000 132,000,000 130,000,000 135,000,000 147,000,000 147,000,000 148,000,000 152,000,000 143,000,000 145,000,000 142,000,000 144,000,000 133,000,000 129,000,000 127,000,000 127,000,000 128,000,000 126,000,000 124,000,000 132,000,000 129,000,000 128,000,000 119,000,000 126,000,000 137,000,000 137,000,000 132,000,000 130,200,000 134,900,000 129,800,000 140,100,000 136,800,000 136,000,000 128,000,000 111,400,000 117,300,000 117,300,000 117,200,000 115,100,000 116,000,000 116,000,000 123,800,000 123,900,000  
      income from continuing operations before income taxes
    		483,000,000 494,000,000 534,000,000 351,000,000 305,000,000                                          
      income tax expense from continuing operations
    		38,000,000 220,000,000 94,000,000 87,000,000 82,000,000                                          
      net income from continuing operations
    		445,000,000 274,000,000 440,000,000 264,000,000 223,000,000                                          
      net loss from discontinued operations
    		 119,000,000 4,000,000 1,000,000 2,000,000                                          
      net income
    		445,000,000 155,000,000 436,000,000 263,000,000 221,000,000 361,000,000 357,000,000 399,000,000 328,000,000 726,000,000 364,000,000 351,000,000 277,000,000 336,000,000 530,000,000 346,000,000 270,000,000 262,000,000 329,000,000 391,000,000 271,000,000 139,000,000 223,000,000 164,000,000 224,000,000 257,000,000 351,000,000 257,000,000 246,000,000 301,200,000 249,800,000 314,200,000 278,800,000 578,400,000 246,800,000 243,500,000 166,600,000 301,400,000 238,600,000 247,600,000 168,300,000 184,500,000 182,900,000 90,800,000 50,900,000  
      yoy
    		101.36% -57.06% 22.13% -34.09% -32.62% -50.28% -1.92% 13.68% 18.41% 116.07% -31.32% 1.45% 2.59% 28.24% 61.09% -11.51% -0.37% 88.49% 47.53% 138.41% 20.98% -45.91% -36.47% -36.19% -8.94% -14.67% 40.51% -18.20% -11.76% -47.93% 1.22% 29.03% 67.35% 91.90% 3.44% -1.66% -1.01% 63.36% 30.45% 172.69% 230.65%      
      qoq
    		187.10% -64.45% 65.78% 19.00% -38.78% 1.12% -10.53% 21.65% -54.82% 99.45% 3.70% 26.71% -17.56% -36.60% 53.18% 28.15% 3.05% -20.36% -15.86% 44.28% 94.96% -37.67% 35.98% -26.79% -12.84% -26.78% 36.58% 4.47% -18.33% 20.58% -20.50% 12.70% -51.80% 134.36% 1.36% 46.16% -44.72% 26.32% -3.63% 47.12% -8.78% 0.87% 101.43% 78.39%   
      net income margin %
    		19.66% 6.29% 17.80% 10.91% 10.48% 15.72% 15.58% 19.18% 18.86% 39.89% 19.81% 19.77% 17.42% 19.89% 30.71% 21.11% 18.61% 16.95% 22.01% 27.19% 21.51% 10.24% 16.68% 15.65% 18.29% 17.38% 24.07% 18.36% 19.43% 21.76% 18.16% 23.39% 22.24% 46.86% 20.42% 21.50% 16.65% 27.12% 22.18% 23.80% 18.32% 17.46% 17.94% 8.72% 5.46%  
      net income attributable to noncontrolling interests
    		107,000,000 42,000,000 121,000,000 74,000,000 62,000,000 102,000,000 105,000,000 119,000,000 98,000,000 218,000,000 112,000,000 110,000,000 88,000,000 107,000,000 170,000,000 110,000,000 87,000,000 83,000,000 108,000,000 132,000,000 92,000,000 48,000,000 78,000,000 58,000,000 80,000,000 92,000,000 150,000,000 115,000,000 111,000,000 138,200,000 116,200,000 146,600,000 131,000,000 363,200,000 87,900,000 86,500,000 48,900,000 115,500,000 84,800,000 89,200,000 50,800,000 65,300,000 65,800,000 13,700,000 -9,700,000  
      net income attributable to common shareholders
    		338,000,000 113,000,000 315,000,000 189,000,000 159,000,000 259,000,000 252,000,000 280,000,000 230,000,000 508,000,000 252,000,000 241,000,000 189,000,000 229,000,000 360,000,000 236,000,000 183,000,000 179,000,000 221,000,000 259,000,000 179,000,000 91,000,000 145,000,000 106,000,000 144,000,000 165,000,000 201,000,000 142,000,000 135,000,000 163,000,000 133,600,000 167,600,000 147,800,000 395,000,000 91,400,000 89,500,000 50,200,000 118,400,000 86,300,000 90,900,000 50,000,000 51,700,000 49,600,000 9,600,000 -8,100,000  
      earnings per common share
    		                                              
      basic net income per share from continuing operations
    		0.98 0.6 0.97 0.58 0.49                                          
      basic net loss per share from discontinued operations
    		 -0.26 -0.01                                            
      basic net income per share
    		0.98 0.33 0.96 0.58 0.49                                          
      diluted net income per share from continuing operations
    		0.97 0.6 0.96 0.58 0.49                                          
      diluted net loss per share from discontinued operations
    		 -0.27 -0.01                                            
      diluted net income per share
    		0.97 0.34 0.96 0.57 0.49                                          
      weighted-average shares outstanding
    		                                              
      basic
    		347 329 328 328 326 319,000,000 319,000,000 317,000,000 314,000,000 312,000,000 314,000,000 312,000,000 309,000,000 307,000,000 306,000,000 308,000,000 309,000,000 310,000,000 311,000,000 307,000,000 306,000,000 302,000,000 303,000,000 301,000,000 299,000,000 268,000,000 267,000,000 255,000,000 252,000,000 249,000,000 250,500,000 249,300,000 245,900,000 237,000,000 236,600,000 235,800,000 234,700,000 232,900,000 233,900,000 233,500,000 230,000,000 203,500,000 202,400,000 202,400,000 202,200,000  
      diluted
    		459 457 457 457 456 454,000,000 454,000,000 453,000,000 453,000,000 456,000,000 459,000,000 458,000,000 456,000,000 455,000,000 454,000,000 455,000,000 458,000,000 464,000,000 465,000,000 466,000,000 465,000,000 468,000,000 470,000,000 469,000,000 469,000,000 469,000,000 470,000,000 469,000,000 467,000,000 473,000,000 474,900,000 474,100,000 473,900,000 477,400,000 478,600,000 478,000,000 476,500,000 470,000,000 470,600,000 470,100,000 468,400,000 476,000,000 476,500,000 476,400,000 467,200,000  
      loss on early extinguishment of debt
    		      1,000,000 32,000,000   16,000,000        11,000,000       19,000,000 4,000,000       43,400,000 58,200,000  20,400,000      400,000 39,900,000 -300,000  
      income before income taxes
    		     500,000,000 429,000,000 484,000,000 396,000,000 316,000,000 423,000,000 409,000,000 305,000,000 202,000,000 428,000,000 412,000,000 323,000,000 289,000,000 394,000,000 362,000,000 318,000,000 143,000,000 288,000,000 115,000,000 270,000,000 366,000,000 430,000,000 354,000,000 302,000,000 386,300,000 342,300,000 372,900,000 280,500,000 325,800,000 285,100,000 286,400,000 204,400,000 374,300,000 303,200,000 306,800,000 215,500,000 206,000,000 227,600,000 134,600,000 98,200,000  
      income tax expense
    		     139,000,000 72,000,000 85,000,000 68,000,000 -410,000,000 59,000,000 58,000,000 28,000,000 -134,000,000 -102,000,000 66,000,000 53,000,000 27,000,000 65,000,000 -29,000,000 47,000,000 4,000,000 65,000,000 -49,000,000 46,000,000 109,000,000 79,000,000 97,000,000 56,000,000 85,100,000 92,500,000 58,700,000 1,700,000 -252,600,000 38,300,000 42,900,000 37,800,000 72,900,000 64,600,000 59,200,000 47,200,000 21,500,000 44,700,000 43,800,000 47,300,000  
      earnings per common share
    		                                              
      basic
    		     800,000 790,000 890,000 730,000 1,630,000 800,000 770,000 610,000 750,000 1,180,000 770,000 590,000 570,000 710,000 840,000 590,000 300,000 480,000 350,000 480,000 550,000 760,000 560,000 530,000 650,000 530,000 670,000 600,000 1,660,000 390,000 380,000 210,000 500,000 370,000 390,000 220,000 250,000 250,000 50,000 -40,000  
      diluted
    		     790,000 790,000 880,000 720,000 1,600,000 790,000 770,000 610,000 740,000 1,170,000 760,000 590,000 570,000 700,000 840,000 580,000 300,000 470,000 350,000 480,000 550,000 750,000 550,000 530,000 640,000 530,000 660,000 590,000 1,590,000 370,000 370,000 210,000 490,000 360,000 380,000 210,000 250,000 240,000 50,000 -40,000  
      sales
    		        729,000,000 767,000,000 771,000,000 744,000,000 668,000,000 743,000,000 759,000,000 708,000,000 609,000,000 660,000,000 621,000,000 590,000,000 507,000,000 563,000,000 541,000,000 406,000,000 503,000,000 627,000,000 624,000,000 589,000,000 522,000,000 611,900,000 609,100,000 586,200,000 547,800,000 606,200,000 631,600,000 602,100,000 550,400,000 569,200,000 586,400,000 558,600,000 490,500,000 555,800,000 545,900,000 567,800,000 499,500,000  
      advertising revenues
    		                 235,000,000 235,000,000 234,000,000 205,000,000                          
      advertising expenses
    		                 251,000,000 237,000,000 238,000,000 236,000,000                          
      selling, general and administrative expenses
    		                     342,000,000 302,000,000 295,000,000 325,000,000 316,000,000 320,000,000 316,000,000 312,000,000 296,800,000 298,300,000 317,600,000 301,300,000 96,800,000 100,100,000 96,700,000 121,900,000 90,100,000 82,200,000 73,100,000 73,200,000 120,400,000 104,300,000 102,100,000 111,000,000  
      preferred share dividends
    		                                 50,625,000 67,500,000 67,500,000 67,500,000 50,625,000 67,500,000 67,500,000 67,500,000 50,925,000 67,500,000 67,500,000 68,700,000  
      cash dividends declared per common share
    		                             337,500 450,000 450,000 450,000 142,500 200,000 190,000 180,000 112,500 160,000 150,000 140,000 77,500 120,000 100,000   
      earnings per common share:
    		                                              
      basic
    		     800,000 790,000 890,000 730,000 1,630,000 800,000 770,000 610,000 750,000 1,180,000 770,000 590,000 570,000 710,000 840,000 590,000 300,000 480,000 350,000 480,000 550,000 760,000 560,000 530,000 650,000 530,000 670,000 600,000 1,660,000 390,000 380,000 210,000 500,000 370,000 390,000 220,000 250,000 250,000 50,000 -40,000  
      diluted
    		     790,000 790,000 880,000 720,000 1,600,000 790,000 770,000 610,000 740,000 1,170,000 760,000 590,000 570,000 700,000 840,000 580,000 300,000 470,000 350,000 480,000 550,000 750,000 550,000 530,000 640,000 530,000 660,000 590,000 1,590,000 370,000 370,000 210,000 490,000 360,000 380,000 210,000 250,000 240,000 50,000 -40,000  
      dividends per common share
    		                                            90,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 
                                                    
        assets
      		                                              
        current assets:
      		                                              
        cash and cash equivalents
      		1,012,000,000 1,163,000,000 1,206,000,000 1,026,000,000 899,000,000 1,334,000,000 1,176,000,000 942,000,000 1,049,000,000 1,139,000,000 1,310,000,000 1,213,000,000 1,033,000,000 1,178,000,000 946,000,000 838,000,000 895,000,000 1,087,000,000 1,773,000,000 1,762,000,000 1,563,000,000 1,560,000,000 1,919,000,000 1,540,000,000 2,498,000,000 1,533,000,000 1,732,000,000 1,028,000,000 902,000,000 913,000,000 1,143,500,000 987,500,000 852,400,000 1,073,400,000 3,607,100,000 3,435,500,000 923,900,000 1,460,400,000 1,274,400,000 998,100,000 825,900,000 757,800,000 975,500,000 688,900,000 1,021,900,000 1,803,200,000 
        accounts and notes receivable
      		767,000,000 794,000,000 761,000,000 778,000,000 677,000,000 698,000,000 693,000,000 737,000,000 749,000,000 749,000,000 692,000,000 639,000,000 612,000,000 614,000,000 598,000,000 551,000,000 593,000,000 547,000,000 537,000,000 535,000,000 519,000,000 536,000,000 589,000,000 520,000,000 414,000,000 527,000,000 472,000,000 476,000,000 441,000,000 452,000,000 481,400,000 441,800,000 467,600,000 455,900,000 421,900,000 388,800,000 362,000,000 403,500,000         
        inventories
      		203,000,000 205,000,000 216,000,000 167,000,000 159,000,000 142,000,000 169,000,000 160,000,000 152,000,000 166,000,000 160,000,000 171,000,000 145,000,000 133,000,000 129,000,000 114,000,000 108,000,000 96,000,000 96,000,000 99,000,000 98,000,000 96,000,000 87,000,000 96,000,000 85,000,000 84,000,000 83,000,000 81,000,000 74,000,000 75,000,000 91,800,000 85,500,000 74,600,000 78,000,000 91,900,000 89,500,000 83,300,000 71,800,000         
        prepaids and other current assets
      		172,000,000 179,000,000 201,000,000 195,000,000 150,000,000 108,000,000 217,000,000 191,000,000 121,000,000 119,000,000 221,000,000 167,000,000 103,000,000 123,000,000 251,000,000 65,000,000 90,000,000 86,000,000 178,000,000 132,000,000 111,000,000 72,000,000 85,000,000 71,000,000 62,000,000 52,000,000 86,000,000 69,000,000 63,000,000 60,000,000 48,700,000 116,100,000 87,800,000 59,000,000 108,100,000 106,900,000 122,200,000 103,600,000         
        assets held for sale - discontinued operations
      		 489,000,000 631,000,000 622,000,000 645,000,000                                          
        total current assets
      		2,154,000,000 2,830,000,000 3,015,000,000 2,788,000,000 2,530,000,000 2,282,000,000 2,255,000,000 2,030,000,000 2,071,000,000 2,173,000,000 2,383,000,000 2,190,000,000 1,893,000,000 2,048,000,000 1,924,000,000 1,568,000,000 1,686,000,000 1,816,000,000 2,584,000,000 2,528,000,000 2,291,000,000 2,264,000,000 2,680,000,000 2,227,000,000 3,059,000,000 2,196,000,000 2,373,000,000 1,654,000,000 1,480,000,000 1,500,000,000 1,765,400,000 1,630,900,000 1,482,400,000 1,749,600,000 4,339,800,000 4,113,500,000 1,577,100,000 2,097,000,000 1,877,200,000 1,640,500,000 1,473,000,000 1,369,500,000 1,641,600,000 1,404,300,000 1,723,300,000 2,661,100,000 
        property and equipment
      		2,261,000,000 2,303,000,000 2,260,000,000 2,243,000,000 2,217,000,000 2,236,000,000 2,229,000,000 2,213,000,000 1,929,000,000 1,952,000,000 1,904,000,000 1,957,000,000 1,943,000,000 1,950,000,000 1,913,000,000 1,984,000,000 2,023,000,000 2,035,000,000 2,013,000,000 2,033,000,000 2,028,000,000 2,031,000,000 1,975,000,000 1,958,000,000 1,939,000,000 2,007,000,000 1,981,000,000 2,007,000,000 2,011,000,000 1,996,000,000 2,054,100,000 2,033,900,000 2,072,700,000 2,133,300,000 2,158,200,000 2,153,500,000 2,140,400,000 2,054,700,000 2,095,800,000 2,140,500,000 2,169,600,000 2,150,600,000 2,212,000,000 2,393,000,000 2,400,500,000 2,539,600,000 
        operating lease assets
      		1,972,000,000 1,961,000,000 1,907,000,000 1,909,000,000 1,862,000,000 1,852,000,000 1,870,000,000 1,874,000,000 1,141,000,000 1,122,000,000 1,060,000,000 1,094,000,000 1,075,000,000 1,082,000,000 1,056,000,000 1,113,000,000 1,137,000,000 1,130,000,000 1,118,000,000 1,143,000,000 1,140,000,000 1,152,000,000 1,122,000,000 1,117,000,000 1,115,000,000 1,176,000,000 1,147,000,000 1,154,000,000 1,148,000,000                  
        intangible assets
      		11,079,000,000 11,190,000,000 11,130,000,000 11,279,000,000 10,932,000,000 10,922,000,000 11,347,000,000 11,266,000,000 10,970,000,000 11,107,000,000 10,946,000,000 11,120,000,000 11,005,000,000 10,991,000,000 10,831,000,000 11,296,000,000 11,451,000,000 11,417,000,000 10,652,000,000 10,820,000,000 10,742,000,000 10,701,000,000 10,415,000,000 10,288,000,000 10,085,000,000 10,563,000,000 10,439,000,000 10,543,000,000 10,427,000,000 10,463,000,000 10,821,000,000 10,736,400,000 10,904,600,000 11,062,200,000 11,121,800,000 10,841,600,000 10,293,500,000 9,228,000,000 9,434,000,000 9,541,200,000 9,539,500,000 9,147,800,000 9,408,900,000 8,898,100,000 8,819,700,000 9,441,100,000 
        goodwill
      		6,251,000,000 6,306,000,000 6,221,000,000 6,301,000,000 6,099,000,000 5,986,000,000 6,187,000,000 6,140,000,000 5,702,000,000 5,775,000,000 5,681,000,000 5,772,000,000 5,700,000,000 5,688,000,000 5,605,000,000 5,866,000,000 6,050,000,000 6,006,000,000 5,743,000,000 5,831,000,000 5,781,000,000 5,739,000,000 5,571,000,000 5,498,000,000 5,376,000,000 5,651,000,000 5,579,000,000 5,625,000,000 5,555,000,000 5,486,000,000 5,680,000,000 5,619,900,000 5,693,500,000 5,782,300,000 5,810,300,000 5,683,700,000 5,787,300,000 4,675,100,000 4,762,000,000 4,815,700,000 4,797,700,000 4,574,400,000 4,617,300,000 5,437,900,000 5,360,200,000 5,851,300,000 
        other assets
      		1,163,000,000 1,025,000,000 1,136,000,000 1,168,000,000 1,241,000,000 1,354,000,000 1,183,000,000 1,326,000,000 1,332,000,000 1,262,000,000 1,103,000,000 1,000,000,000 827,000,000 905,000,000 1,145,000,000 845,000,000 743,000,000 762,000,000 739,000,000 806,000,000 808,000,000 824,000,000 707,000,000 866,000,000 1,006,000,000 719,000,000 683,000,000 695,000,000 622,000,000 642,000,000 606,800,000 531,900,000 539,400,000 424,800,000 421,300,000 363,100,000 279,000,000 260,300,000 924,300,000 877,400,000 865,500,000 1,051,600,000 1,031,500,000 763,600,000 936,600,000 530,400,000 
        total assets
      		24,880,000,000 25,615,000,000 25,669,000,000 25,688,000,000 24,881,000,000 24,632,000,000 25,071,000,000 24,849,000,000 23,145,000,000 23,391,000,000 23,077,000,000 23,133,000,000 22,526,000,000 22,746,000,000 22,557,000,000 22,754,000,000 23,172,000,000 23,246,000,000 22,928,000,000 23,241,000,000 22,857,000,000 22,777,000,000 22,533,000,000 22,016,000,000 22,629,000,000 22,360,000,000 22,249,000,000 21,725,000,000 21,293,000,000 20,141,000,000 20,985,300,000 20,614,800,000 20,759,500,000 21,223,500,000 23,927,500,000 23,236,900,000 20,822,400,000 19,124,900,000 19,193,400,000 19,121,800,000 18,956,500,000 18,411,100,000 19,034,700,000 19,027,700,000 19,375,400,000 21,164,000,000 
        liabilities and shareholders’ equity
      		                                              
        current liabilities:
      		                                              
        accounts and drafts payable
      		813,000,000 866,000,000 826,000,000 763,000,000 697,000,000 765,000,000 754,000,000 720,000,000 734,000,000 790,000,000 693,000,000 735,000,000 679,000,000 758,000,000 696,000,000 705,000,000 637,000,000 614,000,000 592,000,000 575,000,000 488,000,000 464,000,000 523,000,000 470,000,000 484,000,000 644,000,000 510,000,000 486,000,000 451,000,000 513,000,000 467,000,000 474,400,000 416,400,000 412,900,000 365,200,000 376,100,000 391,400,000 369,800,000 352,100,000 359,900,000 361,300,000 361,500,000 337,500,000 250,800,000 233,900,000 223,000,000 
        other accrued liabilities
      		1,099,000,000 1,271,000,000 1,277,000,000 1,135,000,000 1,029,000,000 1,141,000,000 1,158,000,000 1,099,000,000 893,000,000 1,005,000,000 1,132,000,000 975,000,000 901,000,000 1,001,000,000 959,000,000 783,000,000 917,000,000 947,000,000 910,000,000 812,000,000 805,000,000 835,000,000 883,000,000 596,000,000 779,000,000 790,000,000 797,000,000 699,000,000 689,000,000 637,000,000 678,400,000 662,700,000 636,600,000 838,200,000 530,600,000 492,100,000 496,400,000 469,300,000 506,800,000 473,200,000 479,600,000 441,300,000 608,600,000 492,400,000 465,000,000 318,800,000 
        gift card liability
      		191,000,000 249,000,000 170,000,000 189,000,000 183,000,000 236,000,000 170,000,000 181,000,000 187,000,000 248,000,000 159,000,000 174,000,000 174,000,000 230,000,000 148,000,000 163,000,000 169,000,000 221,000,000 137,000,000 149,000,000 147,000,000 191,000,000 108,000,000 112,000,000 106,000,000 168,000,000 94,000,000 106,000,000 112,000,000 167,000,000 95,300,000 102,500,000 107,300,000 214,900,000 130,300,000 139,500,000 139,100,000 194,400,000 124,200,000 131,400,000 132,500,000 168,500,000 112,600,000 125,800,000 125,900,000 187,000,000 
        current portion of long-term debt and finance leases
      		75,000,000 68,000,000 116,000,000 221,000,000 218,000,000 222,000,000 126,000,000 617,000,000 110,000,000 101,000,000 87,000,000 132,000,000 128,000,000 127,000,000 117,000,000 112,000,000 105,000,000 96,000,000 113,000,000 113,000,000 112,000,000 111,000,000 107,000,000 106,000,000                       
        liabilities held for sale - discontinued operations
      		 437,000,000 458,000,000 446,000,000 500,000,000                                          
        total current liabilities
      		2,178,000,000 2,891,000,000 2,847,000,000 2,754,000,000 2,627,000,000 2,364,000,000 2,208,000,000 2,617,000,000 1,924,000,000 2,144,000,000 2,071,000,000 2,016,000,000 1,882,000,000 2,116,000,000 1,920,000,000 1,763,000,000 1,828,000,000 1,878,000,000 1,752,000,000 1,649,000,000 1,552,000,000 1,601,000,000 1,621,000,000 1,284,000,000 1,472,000,000 1,703,000,000 2,177,000,000 1,383,000,000 1,346,000,000 1,408,000,000 1,320,300,000 1,318,400,000 1,239,100,000 1,655,000,000 1,257,700,000 1,204,700,000 1,274,900,000 1,210,700,000 1,189,900,000 1,146,700,000 1,109,700,000 1,121,000,000 1,215,700,000 1,002,600,000 939,800,000 1,925,200,000 
        long-term debt
      		13,228,000,000 13,250,000,000 13,415,000,000 13,428,000,000 13,441,000,000 13,455,000,000 13,571,000,000 13,092,000,000 12,832,000,000 12,854,000,000 12,862,000,000 12,801,000,000 12,821,000,000 12,839,000,000 12,853,000,000 12,881,000,000 12,903,000,000 12,916,000,000 12,379,000,000 12,375,000,000 12,386,000,000 12,397,000,000 12,300,000,000 12,310,000,000 12,822,000,000                      
        finance leases, net of current portion
      		253,000,000 261,000,000 269,000,000 282,000,000 280,000,000 286,000,000 305,000,000 302,000,000 308,000,000 312,000,000 305,000,000 315,000,000 310,000,000 311,000,000 310,000,000 326,000,000 337,000,000 333,000,000 328,000,000 326,000,000 318,000,000 315,000,000 304,000,000 299,000,000 283,000,000 288,000,000 279,000,000 284,000,000 287,000,000                  
        operating lease liabilities, net of current portion
      		1,916,000,000 1,900,000,000 1,842,000,000 1,835,000,000 1,783,000,000 1,770,000,000 1,775,000,000 1,768,000,000 1,075,000,000 1,059,000,000 1,003,000,000 1,036,000,000 1,019,000,000 1,027,000,000 1,003,000,000 1,053,000,000 1,074,000,000 1,070,000,000 1,056,000,000 1,078,000,000 1,075,000,000 1,082,000,000 1,054,000,000 1,046,000,000 1,039,000,000 1,089,000,000 1,055,000,000 1,056,000,000 1,046,000,000                  
        other liabilities
      		931,000,000 1,034,000,000 977,000,000 1,094,000,000 733,000,000 706,000,000 931,000,000 823,000,000 862,000,000 996,000,000 864,000,000 960,000,000 895,000,000 872,000,000 1,044,000,000 1,477,000,000 1,689,000,000 1,822,000,000 1,898,000,000 2,110,000,000 2,089,000,000 2,236,000,000 1,917,000,000 1,810,000,000 1,774,000,000 1,698,000,000 1,598,000,000 1,730,000,000 1,531,000,000 1,547,000,000 1,738,500,000 1,664,200,000 1,820,400,000 1,455,100,000 1,354,000,000 1,178,900,000 806,000,000 784,900,000 903,500,000 891,700,000 918,500,000 795,900,000 848,400,000 633,800,000 743,100,000 644,100,000 
        deferred income taxes
      		1,083,000,000 1,120,000,000 1,154,000,000 1,205,000,000 1,193,000,000 1,208,000,000 1,242,000,000 1,296,000,000 1,309,000,000 1,296,000,000 1,308,000,000 1,327,000,000 1,288,000,000 1,313,000,000 1,388,000,000 1,345,000,000 1,380,000,000 1,374,000,000 1,407,000,000 1,444,000,000 1,435,000,000 1,425,000,000 1,422,000,000 1,415,000,000 1,487,000,000 1,564,000,000 1,509,000,000 1,575,000,000 1,563,000,000 1,519,000,000 1,524,700,000 1,400,800,000 1,432,900,000 1,508,100,000 2,200,300,000 2,198,000,000 2,089,200,000 1,715,100,000 1,648,700,000 1,631,200,000 1,613,400,000  81,300,000 104,300,000 96,800,000 85,600,000 
        total liabilities
      		19,589,000,000 20,456,000,000 20,504,000,000 20,598,000,000 20,057,000,000 19,789,000,000 20,032,000,000 19,898,000,000 18,310,000,000 18,661,000,000 18,413,000,000 18,455,000,000 18,215,000,000 18,478,000,000 18,518,000,000 18,845,000,000 19,211,000,000 19,393,000,000 18,820,000,000 18,982,000,000 18,855,000,000 19,056,000,000 18,618,000,000 18,164,000,000 18,877,000,000 18,101,000,000 18,186,000,000 17,765,000,000 17,520,000,000 16,523,000,000 16,590,900,000 16,390,500,000 16,517,100,000 16,662,900,000 16,354,300,000 16,065,700,000 13,928,100,000 12,339,300,000 12,377,300,000 12,306,400,000 12,320,800,000 12,201,400,000 12,432,900,000 12,186,400,000 12,561,700,000 13,543,800,000 
        shareholders’ equity:
      		                                              
        common shares, no par value; unlimited shares authorized at march 31, 2026 and december 31, 2025; 347,325,114 shares issued and outstanding at march 31, 2026; 346,323,165 shares issued and outstanding at december 31, 2025
      		2,902,000,000                                              
        retained earnings
      		1,903,000,000 1,795,000,000 1,902,000,000 1,794,000,000 1,811,000,000 1,860,000,000 1,794,000,000 1,734,000,000 1,640,000,000 1,599,000,000 1,268,000,000 1,198,000,000 1,134,000,000 1,121,000,000 1,062,000,000 871,000,000 804,000,000 791,000,000 779,000,000 728,000,000 635,000,000 622,000,000 692,000,000 708,000,000 761,000,000 775,000,000 762,000,000 704,000,000 692,000,000 674,000,000 626,000,000 607,800,000 553,900,000 650,600,000 541,100,000 497,600,000 453,300,000 445,700,000 367,400,000 318,800,000 263,300,000 245,800,000 220,500,000 190,400,000 201,300,000  
        accumulated other comprehensive income
      		-1,062,000,000 -1,020,000,000 -1,023,000,000 -946,000,000 -1,125,000,000 -1,107,000,000 -858,000,000 -804,000,000 -747,000,000 -706,000,000 -627,000,000 -591,000,000 -716,000,000 -679,000,000 -713,000,000 -586,000,000 -573,000,000 -710,000,000 -753,000,000 -679,000,000 -719,000,000 -854,000,000 -997,000,000 -1,025,000,000 -1,113,000,000 -763,000,000 -864,000,000 -717,000,000 -775,000,000 -800,000,000 -596,300,000 -647,400,000 -572,500,000 -475,700,000 -425,100,000 -578,100,000 -666,600,000 -698,300,000 -594,900,000 -540,400,000 -568,700,000 -733,700,000 -561,100,000 -420,300,000 -440,000,000 -111,700,000 
        total restaurant brands international inc. shareholders’ equity
      		3,743,000,000 3,634,000,000 3,381,000,000 3,317,000,000 3,116,000,000 3,110,000,000 3,236,000,000 3,068,000,000 2,969,000,000 2,866,000,000 2,908,000,000 2,854,000,000 2,575,000,000 2,499,000,000 2,313,000,000 2,214,000,000 2,290,000,000 2,237,000,000 2,516,000,000 2,561,000,000 2,370,000,000 2,167,000,000 2,343,000,000 2,285,000,000 2,185,000,000 2,490,000,000 2,358,000,000 1,857,000,000 1,729,000,000 1,611,000,000 2,185,400,000 2,076,800,000 2,078,000,000 2,226,400,000 2,135,600,000 1,922,500,000 1,773,700,000 1,702,500,000 1,708,300,000 1,701,600,000 1,602,400,000 1,336,600,000 1,454,000,000 1,544,500,000 1,527,700,000 1,870,900,000 
        noncontrolling interests
      		1,548,000,000 1,525,000,000 1,784,000,000 1,773,000,000 1,708,000,000 1,733,000,000 1,803,000,000 1,883,000,000 1,866,000,000 1,864,000,000 1,756,000,000 1,824,000,000 1,736,000,000 1,769,000,000 1,726,000,000 1,695,000,000 1,671,000,000 1,616,000,000 1,592,000,000 1,698,000,000 1,632,000,000 1,554,000,000 1,572,000,000 1,567,000,000 1,567,000,000 1,769,000,000 1,705,000,000 2,103,000,000 2,044,000,000 2,007,000,000 2,209,000,000 2,147,500,000 2,164,400,000 2,334,200,000 2,140,600,000 1,951,700,000 1,823,600,000 1,786,100,000 1,810,800,000 1,816,800,000 1,736,300,000 1,576,100,000 1,850,800,000 1,999,800,000 1,989,000,000 2,452,300,000 
        total shareholders’ equity
      		5,291,000,000 5,159,000,000 5,165,000,000 5,090,000,000 4,824,000,000 4,843,000,000 5,039,000,000 4,951,000,000 4,835,000,000 4,730,000,000 4,664,000,000 4,678,000,000 4,311,000,000 4,268,000,000 4,039,000,000 3,909,000,000 3,961,000,000 3,853,000,000 4,108,000,000 4,259,000,000 4,002,000,000 3,721,000,000 3,915,000,000 3,852,000,000 3,752,000,000 4,259,000,000 4,063,000,000 3,960,000,000 3,773,000,000 3,618,000,000 4,394,400,000 4,224,300,000 4,242,400,000 4,560,600,000 4,276,200,000 3,874,200,000 3,597,300,000 3,488,600,000 3,519,100,000 3,518,400,000 3,338,700,000 2,912,700,000 3,304,800,000 3,544,300,000 3,516,700,000 4,323,200,000 
        total liabilities and shareholders’ equity
      		24,880,000,000 25,615,000,000 25,669,000,000 25,688,000,000 24,881,000,000 24,632,000,000 25,071,000,000 24,849,000,000 23,145,000,000 23,391,000,000 23,077,000,000 23,133,000,000 22,526,000,000 22,746,000,000 22,557,000,000 22,754,000,000 23,172,000,000 23,246,000,000 22,928,000,000 23,241,000,000 22,857,000,000 22,777,000,000 22,533,000,000 22,016,000,000 22,629,000,000 22,360,000,000 22,249,000,000 21,725,000,000 21,293,000,000 20,141,000,000 20,985,300,000 20,614,800,000 20,759,500,000              
        commitments and contingencies
      		                                              
        common shares, no par value; unlimited shares authorized at december 31, 2025 and december 31, 2024; 346,323,165 shares issued and outstanding at december 31, 2025; 324,426,589 shares issued and outstanding at december 31, 2024
      		 2,859,000,000                                             
        common shares, no par value; unlimited shares authorized at september 30, 2025 and december 31, 2024; 327,807,087 shares issued and outstanding at september 30, 2025; 324,426,589 shares issued and outstanding at december 31, 2024
      		  2,502,000,000                                            
        common shares, no par value; unlimited shares authorized at june 30, 2025 and december 31, 2024; 327,777,360 shares issued and outstanding at june 30, 2025; 324,426,589 shares issued and outstanding at december 31, 2024
      		   2,469,000,000                                           
        common shares, no par value; unlimited shares authorized at march 31, 2025 and december 31, 2024; 327,629,161 shares issued and outstanding at march 31, 2025; 324,426,589 shares issued and outstanding at december 31, 2024
      		    2,430,000,000                                          
        common shares, no par value; unlimited shares authorized at december 31, 2024 and december 31, 2023; 324,426,589 shares issued and outstanding at december 31, 2024; 312,454,851 shares issued and outstanding at december 31, 2023
      		     2,357,000,000                                         
        common shares, no par value; unlimited shares authorized at september 30, 2024 and december 31, 2023; 323,704,500 shares issued and outstanding at september 30, 2024; 312,454,851 shares issued and outstanding at december 31, 2023
      		      2,300,000,000                                        
        common shares, no par value; unlimited shares authorized at june 30, 2024 and december 31, 2023; 316,897,975 shares issued and outstanding at june 30, 2024; 312,454,851 shares issued and outstanding at december 31, 2023
      		       2,138,000,000                                       
        common shares, no par value; unlimited shares authorized at march 31, 2024 and december 31, 2023; 316,382,439 shares issued and outstanding at march 31, 2024; 312,454,851 shares issued and outstanding at december 31, 2023
      		        2,076,000,000                                      
        common shares, no par value; unlimited shares authorized at december 31, 2023 and december 31, 2022; 312,454,851 shares issued and outstanding at december 31, 2023; 307,142,436 shares issued and outstanding at december 31, 2022
      		         1,973,000,000                                     
        common shares, no par value; unlimited shares authorized at september 30, 2023 and december 31, 2022; 317,837,606 shares issued and outstanding at september 30, 2023; 307,142,436 shares issued and outstanding at december 31, 2022
      		          2,267,000,000                                    
        common shares, no par value; unlimited shares authorized at june 30, 2023 and december 31, 2022; 312,203,465 shares issued and outstanding at june 30, 2023; 307,142,436 shares issued and outstanding at december 31, 2022
      		           2,247,000,000                                   
        net investment in property leased to franchisees
      		            83,000,000 82,000,000 83,000,000 82,000,000 82,000,000 80,000,000 79,000,000 80,000,000 67,000,000 66,000,000 63,000,000 62,000,000 49,000,000 48,000,000 47,000,000 47,000,000 50,000,000 54,000,000 58,000,000 61,800,000 66,900,000 71,300,000 76,100,000 81,500,000 85,300,000 91,900,000 100,100,000 106,500,000 111,200,000 117,200,000 123,400,000 130,800,000 135,100,000 140,500,000 
        common shares, no par value; unlimited shares authorized at march 31, 2023 and december 31, 2022; 311,171,545 shares issued and outstanding at march 31, 2023; 307,142,436 shares issued and outstanding at december 31, 2022
      		            2,157,000,000                                  
        common shares, no par value; unlimited shares authorized at december 31, 2022 and december 31, 2021; 307,142,436 shares issued and outstanding at december 31, 2022; 309,025,068 shares issued and outstanding at december 31, 2021
      		             2,057,000,000                                 
        common shares, no par value; unlimited shares authorized at september 30, 2022 and december 31, 2021; 305,859,367 shares issued and outstanding at september 30, 2022; 309,025,068 shares issued and outstanding at december 31, 2021
      		              1,964,000,000                                
        common shares, no par value; unlimited shares authorized at june 30, 2022 and december 31, 2021; 305,743,537 shares issued and outstanding at june 30, 2022; 309,025,068 shares issued and outstanding at december 31, 2021
      		               1,929,000,000                               
        common shares, no par value; unlimited shares authorized at march 31, 2022 and december 31, 2021; 308,684,403 shares issued and outstanding at march 31, 2022; 309,025,068 shares issued and outstanding at december 31, 2021
      		                2,059,000,000                              
        common shares, no par value; unlimited shares authorized at december 31, 2021 and december 31, 2020; 309,025,068 shares issued and outstanding at december 31, 2021; 304,718,749 shares issued and outstanding at december 31, 2020
      		                 2,156,000,000                             
        common shares, no par value; unlimited shares authorized at september 30, 2021 and december 31, 2020; 315,065,839 shares issued and outstanding at september 30, 2021; 304,718,749 shares issued and outstanding at december 31, 2020
      		                  2,490,000,000                            
        common shares, no par value; unlimited shares authorized at june 30, 2021 and december 31, 2020; 308,040,537 shares issued and outstanding at june 30, 2021; 304,718,749 shares issued and outstanding at december 31, 2020
      		                   2,512,000,000                           
        common shares, no par value; unlimited shares authorized at march 31, 2021 and december 31, 2020; 306,959,241 shares issued and outstanding at march 31, 2021; 304,718,749 shares issued and outstanding at december 31, 2020
      		                    2,454,000,000                          
        common shares, no par value; unlimited shares authorized at december 31, 2020 and december 31, 2019; 304,718,749 shares issued and outstanding at december 31, 2020; 298,281,081 shares issued and outstanding at december 31, 2019
      		                     2,399,000,000                         
        common shares, no par value; unlimited shares authorized at september 30, 2020 and december 31, 2019; 303,877,203 shares issued and outstanding at september 30, 2020; 298,281,081 shares issued and outstanding at december 31, 2019
      		                      2,648,000,000                        
        common shares, no par value; unlimited shares authorized at june 30, 2020 and december 31, 2019; 302,623,813 shares issued and outstanding at june 30, 2020; 298,281,081 shares issued and outstanding at december 31, 2019
      		                       2,602,000,000                       
        current portion of long term-debt and finance leases
      		                        103,000,000                      
        common shares, no par value; unlimited shares authorized at march 31, 2020 and december 31, 2019; 299,767,716 shares issued and outstanding at march 31, 2020; 298,281,081 shares issued and outstanding at december 31, 2019
      		                        2,537,000,000                      
        current portion of long term debt and finance leases
      		                         101,000,000 776,000,000 92,000,000 94,000,000                  
        term debt, net of current portion
      		                         11,759,000,000 11,568,000,000 11,737,000,000 11,747,000,000 11,823,000,000 11,766,800,000 11,776,000,000 11,788,100,000 11,800,900,000 11,303,600,000 11,252,900,000 9,531,500,000 8,410,200,000 8,421,300,000 8,425,200,000 8,465,600,000 8,462,300,000 8,471,700,000 8,651,800,000 8,961,000,000 8,936,700,000 
        common shares, no par value; unlimited shares authorized at december 31, 2019 and december 31, 2018; 298,281,081 shares issued and outstanding at december 31, 2019; 251,532,493 shares issued and outstanding at december 31, 2018
      		                         2,478,000,000                     
        common shares, no par value; unlimited shares authorized at september 30, 2019 and december 31, 2018; 298,095,767 shares issued and outstanding at september 30, 2019; 251,532,493 shares issued and outstanding at december 31, 2018
      		                          2,460,000,000                    
        common shares, no par value; unlimited shares authorized at june 30, 2019 and december 31, 2018; 255,630,895 shares issued and outstanding at june 30, 2019; 251,532,493 shares issued and outstanding at december 31, 2018
      		                           1,870,000,000                   
        common shares, no par value; unlimited shares authorized at march 31, 2019 and december 31, 2018; 253,828,112 shares issued and outstanding at march 31, 2019; 251,532,493 shares issued and outstanding at december 31, 2018
      		                            1,812,000,000                  
        current portion of long term debt and capital leases
      		                             91,000,000 79,600,000 78,800,000 78,800,000 78,200,000 77,500,000 76,300,000 110,100,000 93,900,000 94,100,000 94,900,000 57,600,000 56,100,000 56,500,000 46,300,000 39,100,000 80,100,000 
        capital leases, net of current portion
      		                             226,000,000 240,600,000 231,100,000 236,600,000 243,800,000 238,700,000 231,200,000 226,500,000 218,400,000 213,900,000 211,600,000 213,600,000 203,400,000 207,900,000 161,400,000 161,500,000 175,700,000 
        common shares, no par value; unlimited shares authorized at december 31, 2018 and december 31, 2017; 251,532,493 shares issued and outstanding at december 31, 2018; 243,899,476 shares issued and outstanding at december 31, 2017
      		                             1,737,000,000                 
        common shares, no par value; unlimited shares authorized at september 30, 2018 and december 31, 2017; 251,120,351 shares issued and outstanding at september 30, 2018; 243,899,476 shares issued and outstanding at december 31, 2017
      		                              2,155,700,000                
        common shares, no par value; unlimited shares authorized at june 30, 2018 and december 31, 2017; 249,567,271 shares issued and outstanding at june 30, 2018; 243,899,476 shares issued and outstanding at december 31, 2017
      		                               2,116,400,000               
        common shares, no par value; unlimited shares authorized at march 31, 2018 and december 31, 2017; 249,101,633 shares issued and outstanding at march 31, 2018; 243,899,476 shares issued and outstanding at december 31, 2017
      		                                2,096,600,000              
        advertising fund restricted assets
      		                                 83,300,000 110,800,000 92,800,000 85,700,000 57,700,000 57,700,000 44,700,000 50,900,000 57,500,000 58,600,000 54,000,000 44,400,000 53,000,000 
        derivative assets
      		                                    659,800,000 717,900,000         
        liabilities, redeemable preferred shares and shareholders’ equity
      		                                              
        advertising fund liabilities
      		                                 110,800,000 154,100,000 120,700,000 137,900,000 83,300,000 112,700,000 87,300,000 78,700,000 48,400,000 53,100,000 48,300,000 40,200,000 45,600,000 
        redeemable preferred shares; no par value; 68,530,939 shares authorized, issued and outstanding at december 31, 2016
      		                                              
        common shares, no par value; unlimited shares authorized at december 31, 2017 and december 31, 2016; 243,899,476 shares issued and outstanding at december 31, 2017; 234,236,678 shares issued and outstanding at december 31, 2016
      		                                 2,051,500,000             
        total liabilities, redeemable preferred shares and shareholders’ equity
      		                                 21,223,500,000 23,927,500,000 23,236,900,000 20,822,400,000 19,124,900,000 19,193,400,000 19,121,800,000 18,956,500,000 18,411,100,000 19,034,700,000 19,027,700,000 19,375,400,000 21,164,000,000 
        redeemable preferred shares; no par value; 68,530,939 shares authorized, issued and outstanding at september 30, 2017 and december 31, 2016
      		                                  3,297,000,000            
        common shares, no par value; unlimited shares authorized at september 30, 2017 and december 31, 2016; 237,278,477 shares issued and outstanding at september 30, 2017; 234,236,678 shares issued and outstanding at december 31, 2016
      		                                  2,019,600,000            
        redeemable preferred shares; no par value; 68,530,939 shares authorized, issued and outstanding at june 30, 2017 and december 31, 2016
      		                                   3,297,000,000           
        common shares, no par value; unlimited shares authorized at june 30, 2017 and december 31, 2016; 236,247,377 shares issued and outstanding at june 30, 2017; 234,236,678 shares issued and outstanding at december 31, 2016
      		                                   2,003,000,000           
        redeemable preferred shares; no par value; 68,530,939 shares authorized, issued and outstanding at march 31, 2017 and december 31, 2016
      		                                    3,297,000,000          
        common shares, no par value; unlimited shares authorized at march 31, 2017 and december 31, 2016; 235,479,654 shares issued and outstanding at march 31, 2017; 234,236,678 shares issued and outstanding at december 31, 2016
      		                                    1,987,000,000          
        redeemable preferred shares; no par value; 68,530,939 shares authorized, issued and outstanding at december 31, 2016 and december 31, 2015
      		                                     3,297,000,000         
        common shares, no par value; unlimited shares authorized at december 31, 2016 and 2015; 234,236,678 shares issued and outstanding at december 31, 2016; 225,707,588 shares issued and outstanding at december 31, 2015
      		                                     1,955,100,000         
        trade and notes receivable, net of allowance of 14.1 million and 14.2 million, respectively
      		                                      374,300,000        
        inventories and other current assets
      		                                      170,800,000 217,500,000 229,800,000 132,200,000 154,700,000 196,900,000 198,700,000 194,900,000 
        redeemable preferred shares; 43.775848 par value; 68,530,939 shares authorized, issued and outstanding at september 30, 2016 and december 31, 2015
      		                                      3,297,000,000        
        common shares, no par value; unlimited shares authorized at september 30, 2016 and december 31, 2015; 234,097,876 shares issued and outstanding at september 30, 2016; 225,707,588 shares issued and outstanding at december 31, 2015
      		                                      1,935,800,000        
        trade and notes receivable, net of allowance of 13.9 million and 14.2 million, respectively
      		                                       380,200,000       
        redeemable preferred shares; 43.775848 par value; 68,530,939 shares authorized, issued and outstanding at june 30, 2016 and december 31, 2015
      		                                       3,297,000,000       
        common shares, no par value; unlimited shares authorized at june 30, 2016 and december 31, 2015; 233,740,606 shares issued and outstanding at june 30, 2016; 225,707,588 shares issued and outstanding at december 31, 2015;
      		                                       1,923,200,000       
        trade and notes receivable, net of allowance of 15.5 million and 14.2 million, respectively
      		                                        366,400,000      
        redeemable preferred shares; 43.775848 par value; 68,530,939 shares authorized, issued and outstanding at march 31, 2016 and december 31, 2015
      		                                        3,297,000,000      
        common shares, no par value; unlimited shares authorized at march 31, 2016 and december 31, 2015; 233,004,921 shares issued and outstanding at march 31, 2016; 225,707,588 shares issued and outstanding at december 31, 2015;
      		                                        1,907,800,000      
        restricted cash and cash equivalents
      		                                             84,500,000 
        trade and notes receivable, net of allowance of 14.2 million and 20.1 million, respectively
      		                                         422,000,000     
        accrued advertising
      		                                         45,200,000 47,400,000 39,000,000 35,700,000 25,900,000 
        redeemable preferred shares; 43.775848 par value; 68,530,939 shares authorized, issued and outstanding at december 31, 2015 and december 31, 2014
      		                                         3,297,000,000     
        common shares, no par value; unlimited shares authorized at december 31, 2015 and december 31, 2014; 225,707,588 shares issued and outstanding at december 31, 2015; 202,052,741 shares issued and outstanding at december 31, 2014
      		                                         1,824,500,000     
        trade and notes receivable, net of allowance of 11.7 million and 20.1 million, respectively
      		                                          371,500,000    
        redeemable preferred shares; 43.775848 par value; 68,530,939 shares authorized, issued and outstanding at september 30, 2015 and december 31, 2014
      		                                          3,297,000,000    
        common shares; no par value; unlimited shares authorized; 202,411,121 shares issued and outstanding at september 30, 2015; 202,052,741 shares issued and outstanding at december 31, 2014
      		                                          1,794,600,000    
        trade and notes receivable, net of allowance of 14.8 million and 20.1 million, respectively
      		                                           360,200,000   
        redeemable preferred shares; 43.775848 par value; 68,530,939 shares authorized, issued and outstanding at june 30, 2015 and december 31, 2014
      		                                           3,297,000,000   
        common shares; no par value; unlimited shares authorized; 202,411,121 shares issued and outstanding at june 30, 2015; 202,052,741 shares issued and outstanding at december 31, 2014
      		                                           1,774,400,000   
        trade and notes receivable, net of allowance of 18.0 million and 20.1 million, respectively
      		                                            361,500,000  
        redeemable preferred shares; 43.775848 par value; 68,530,939 shares authorized, issued and outstanding at march 31, 2015 and december 31, 2014;
      		                                            3,297,000,000  
        common shares; no par value; unlimited shares authorized; 202,304,385 shares issued and outstanding at march 31, 2015; 202,052,741 shares issued and outstanding at december 31, 2014;
      		                                            1,766,400,000  
        trade and notes receivable
      		                                             439,900,000 
        tim hortons notes
      		                                             1,044,800,000 
        redeemable preferred shares; 43.775848 par value; 68,530,939 shares authorized, issued and outstanding at december 31, 2014; 0 authorized, issued and outstanding at december 31, 2013
      		                                             3,297,000,000 
        common shares, no par value at december 31, 2014, 0.01 par value at december 31, 2013, unlimited shares authorized at december 31, 2014, 2,000,000,000 shares authorized at december 31, 2013, 202,052,741 shares issued and outstanding at december 31, 2014; 352,161,950 shares issued at december 31, 2013
      		                                             1,755,000,000 
        additional paid-in capital
      		                                              
        (accumulated deficit) retained earnings
      		                                             227,600,000 
        treasury stock
      		                                              
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 
                                                     
          cash flows from operating activities:
        		                                             
          net income
        		445,000,000 155,000,000 436,000,000 263,000,000 221,000,000 361,000,000 357,000,000 399,000,000 328,000,000 726,000,000 364,000,000 351,000,000 277,000,000 336,000,000 530,000,000 346,000,000 270,000,000 262,000,000 329,000,000 391,000,000 271,000,000 139,000,000 223,000,000 164,000,000 224,000,000 257,000,000 351,000,000 257,000,000 246,000,000 301,200,000 249,800,000 314,200,000 278,800,000 578,400,000 246,800,000 243,500,000 166,600,000 301,400,000 238,600,000 247,600,000 168,300,000 184,500,000 183,400,000 92,900,000 50,900,000 
          net loss from discontinued operations
        		 119,000,000 4,000,000 1,000,000 2,000,000                                         
          net income from continuing operations
        		445,000,000 274,000,000 440,000,000 264,000,000 223,000,000                                         
          depreciation and amortization
        		78,000,000 76,000,000 77,000,000 77,000,000 71,000,000 77,000,000 79,000,000 59,000,000 49,000,000 49,000,000 47,000,000 49,000,000 46,000,000 47,000,000 46,000,000 48,000,000 49,000,000 51,000,000 50,000,000 51,000,000 49,000,000 50,000,000 48,000,000 46,000,000 45,000,000 46,000,000 47,000,000 45,000,000 47,000,000 42,500,000 44,900,000 45,600,000 47,000,000 46,200,000 46,200,000 45,300,000 43,400,000 43,100,000 43,300,000 43,600,000 42,100,000 44,200,000 35,700,000 51,200,000 50,900,000 
          amortization of deferred financing costs and debt issuance discount
        		6,000,000 6,000,000 6,000,000 7,000,000 6,000,000 6,000,000 7,000,000 6,000,000 6,000,000 6,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 6,000,000 7,000,000 7,000,000 7,000,000 6,000,000 6,000,000 7,000,000 7,000,000 8,000,000 7,000,000 7,100,000 7,400,000 7,300,000 7,200,000 7,500,000 8,500,000 8,200,000 8,500,000 9,800,000 9,800,000 9,600,000 9,700,000 9,900,000 9,700,000 8,300,000 7,000,000 
          loss from equity method investments
        		-2,000,000 1,000,000 -2,000,000 -5,000,000 -5,000,000 0 3,000,000 -69,000,000 -3,000,000 -27,000,000 1,000,000 11,000,000 7,000,000 14,000,000 8,000,000 9,000,000 13,000,000 -8,000,000   2,000,000         -5,100,000 -3,800,000 1,200,000 -14,300,000 -3,500,000 -4,100,000 900,000 -5,700,000 -3,600,000 -2,600,000 4,500,000 -18,500,000 -1,600,000 3,200,000 5,300,000 -2,800,000 
          loss on remeasurement of foreign denominated transactions
        		-30,000,000 1,000,000 1,000,000 132,000,000 75,000,000 -86,000,000 44,000,000 -6,000,000 -23,000,000 31,000,000 -18,000,000 -1,000,000 8,000,000 78,000,000 -30,000,000 -31,000,000 -21,000,000 -18,000,000   -43,000,000         -13,700,000 -3,100,000 -32,600,000 16,400,000 12,600,000 17,600,000 36,700,000 10,400,000 -36,200,000 -2,900,000 -9,000,000 28,000,000 5,900,000 3,600,000 9,400,000 18,100,000 
          net losses on derivatives
        		-41,000,000 -47,000,000 -49,000,000 -51,000,000 -51,000,000 -51,000,000 -49,000,000 -50,000,000 -41,000,000 -40,000,000 -39,000,000 -38,000,000 -34,000,000 -26,000,000 -10,000,000 9,000,000 18,000,000 22,000,000   20,000,000         -15,600,000 -9,600,000 -16,700,000 1,900,000 7,900,000 8,200,000 9,100,000 5,800,000 6,000,000 5,900,000 5,900,000 3,500,000 3,500,000 3,500,000 31,600,000 15,000,000 
          share-based compensation and non-cash incentive compensation expense
        		35,000,000 38,000,000 32,000,000 33,000,000 48,000,000 48,000,000 37,000,000 41,000,000 46,000,000 53,000,000 49,000,000 47,000,000 45,000,000 43,000,000 34,000,000 32,000,000 27,000,000                             
          deferred income taxes
        		-49,000,000 116,000,000 -27,000,000 -7,000,000 15,000,000 11,000,000 -26,000,000 -8,000,000 18,000,000 -383,000,000 -7,000,000 -12,000,000 -28,000,000 -31,000,000   -16,000,000 -40,000,000 11,000,000 10,000,000 14,000,000 -88,000,000 11,000,000 -100,000,000 -31,000,000 74,000,000 -39,000,000 -15,000,000 38,000,000 22,900,000 64,200,000 -39,100,000 -19,000,000 -739,300,000 -25,500,000 7,100,000 15,300,000 45,500,000 24,100,000   82,500,000 -22,300,000 -54,500,000 -38,000,000 
          other non-cash adjustments
        		-11,000,000 5,000,000 13,000,000 20,000,000 11,000,000                                         
          changes in current assets and liabilities, excluding acquisitions and dispositions:
        		                                             
          accounts and notes receivable
        		30,000,000 -23,000,000 6,000,000 -87,000,000 15,000,000 -50,000,000 48,000,000 15,000,000 -6,000,000 -61,000,000 -57,000,000 -21,000,000 -8,000,000 -17,000,000 -97,000,000 50,000,000 -46,000,000 -3,000,000 -6,000,000 -7,000,000 24,000,000 53,000,000 -47,000,000 -130,000,000 94,000,000 -46,000,000 9,000,000 -30,000,000 14,000,000 19,300,000 -36,500,000 20,800,000 15,400,000 -30,700,000 -27,100,000 -20,400,000 47,800,000         
          inventories and prepaids and other current assets
        		-5,000,000 9,000,000 -46,000,000 9,000,000 -39,000,000 29,000,000 -13,000,000 7,000,000 7,000,000 6,000,000 -4,000,000 -25,000,000 -20,000,000 6,000,000 -40,000,000 -5,000,000 -22,000,000 15,000,000 2,000,000 -1,000,000 -4,000,000 11,000,000 7,000,000 -15,000,000 -13,000,000 19,000,000 -24,000,000 3,000,000 -13,000,000 9,300,000 -700,000 -8,600,000 -7,000,000 15,400,000 -1,400,000 -2,700,000 -8,400,000         
          accounts and drafts payable
        		-42,000,000 31,000,000 64,000,000 45,000,000 -51,000,000 15,000,000 25,000,000 -24,000,000 -46,000,000 84,000,000 -31,000,000 50,000,000 -81,000,000 56,000,000 14,000,000 81,000,000 18,000,000 20,000,000 26,000,000 84,000,000 19,000,000 -73,000,000 48,000,000 -22,000,000 -136,000,000 127,000,000 25,000,000 29,000,000 -69,000,000 65,000,000 -12,600,000 61,400,000 -72,800,000 50,300,000 -20,900,000 -24,100,000 14,600,000 15,700,000 4,400,000 13,400,000 -6,000,000 52,400,000 99,500,000 14,900,000 24,400,000 
          other accrued liabilities and gift card liability
        		-176,000,000 55,000,000 93,000,000 32,000,000 -187,000,000 134,000,000 39,000,000 -35,000,000 -175,000,000 71,000,000 73,000,000 -12,000,000 -123,000,000 111,000,000 125,000,000 -108,000,000 -91,000,000 145,000,000 45,000,000 -10,000,000 -113,000,000 28,000,000 1,000,000 54,000,000 -67,000,000 34,000,000 81,000,000 -40,000,000 -126,000,000 64,600,000 63,800,000 27,300,000 -374,700,000 521,500,000 2,800,000 -81,600,000 -82,600,000         
          tenant inducements paid to franchisees
        		-8,000,000 -18,000,000 -12,000,000 -8,000,000 -6,000,000 -15,000,000 -12,000,000 -6,000,000 -5,000,000 -17,000,000 -6,000,000 -3,000,000 -6,000,000 -13,000,000 -7,000,000 -4,000,000 -2,000,000 -15,000,000 -4,000,000   -15,000,000 -2,000,000 -2,000,000 -3,000,000 -41,000,000 -5,000,000                   
          changes in other long-term assets and liabilities
        		-3,000,000 29,000,000 -4,000,000 -12,000,000 -7,000,000                                         
          net cash from operating activities from continuing operations
        		227,000,000 555,000,000 592,000,000 449,000,000 118,000,000 481,000,000 540,000,000 334,000,000 148,000,000 403,000,000 433,000,000 392,000,000 95,000,000 423,000,000 398,000,000 435,000,000 234,000,000 471,000,000 510,000,000 479,000,000 266,000,000 313,000,000 412,000,000 60,000,000 136,000,000 565,000,000 436,000,000 321,000,000 154,000,000 491,900,000 385,700,000 398,400,000 -111,000,000 568,500,000 332,500,000 205,400,000 275,600,000 350,000,000 413,700,000 322,000,000 183,300,000 254,400,000 442,200,000 246,500,000 261,700,000 
          capital expenditures
        		0 0 0 0 0 0 -55,000,000 -43,000,000 -26,000,000 -47,000,000 -25,000,000 -30,000,000 -18,000,000 -48,000,000 -24,000,000 -18,000,000 -10,000,000 -36,000,000 -24,000,000 -31,000,000 -15,000,000 -46,000,000 -32,000,000 -20,000,000 -19,000,000 -30,000,000 -18,000,000 -9,000,000 -5,000,000 -32,700,000 -31,700,000 -14,600,000 -7,000,000 -19,800,000 -5,200,000 -7,600,000 -4,100,000 -15,500,000 -5,400,000 -7,200,000 -5,600,000 -32,400,000 -25,900,000 -27,600,000 -29,400,000 
          free cash flows
        		227,000,000 555,000,000 592,000,000 449,000,000 118,000,000 481,000,000 485,000,000 291,000,000 122,000,000 356,000,000 408,000,000 362,000,000 77,000,000 375,000,000 374,000,000 417,000,000 224,000,000 435,000,000 486,000,000 448,000,000 251,000,000 267,000,000 380,000,000 40,000,000 117,000,000 535,000,000 418,000,000 312,000,000 149,000,000 459,200,000 354,000,000 383,800,000 -118,000,000 548,700,000 327,300,000 197,800,000 271,500,000 334,500,000 408,300,000 314,800,000 177,700,000 222,000,000 416,300,000 218,900,000 232,300,000 
          cash flows from investing activities:
        		                                             
          payments for additions of property and equipment
        		-58,000,000 -102,000,000 -61,000,000 -38,000,000 -64,000,000                                         
          net proceeds from disposal of assets, restaurant closures, and refranchisings
        		21,000,000 12,000,000 14,000,000 2,000,000 10,000,000  10,000,000 5,000,000 2,000,000  10,000,000 9,000,000 4,000,000  1,000,000 6,000,000 4,000,000  0 3,000,000 11,000,000  4,000,000 1,000,000 4,000,000  0 18,000,000 4,000,000                 
          net payments for acquisition of franchised restaurants, net of cash acquired
        		 0 0 -1,000,000 -151,000,000                                         
          settlement/sale of derivatives
        		16,000,000 18,000,000 18,000,000 19,000,000 21,000,000 20,000,000 19,000,000 19,000,000 16,000,000 72,000,000 12,000,000 14,000,000 14,000,000 49,000,000 13,000,000 6,000,000 3,000,000 3,000,000 1,000,000 -1,000,000 2,000,000 4,000,000 7,000,000 10,000,000 12,000,000 7,000,000 2,000,000 4,000,000 11,000,000 5,800,000 0 8,200,000 3,000,000 500,000 -200,000 766,800,000 5,200,000         
          other investing activities
        		-12,000,000 -33,000,000    -2,000,000 -24,000,000   -17,000,000 0   0 -10,000,000 -29,000,000 4,000,000 1,000,000 -10,000,000 0 -5,000,000        1,000,000 700,000 100,000 100,000 100,000 2,800,000 -2,600,000 1,100,000 -800,000 1,000,000 200,000 -400,000 2,200,000 1,600,000 -200,000 800,000 1,500,000 
          net cash from investing activities from continuing operations
        		-33,000,000 -105,000,000 -11,000,000 -18,000,000 -184,000,000                                         
          cash flows from financing activities:
        		                                             
          repayments of long-term debt and finance leases
        		-28,000,000 -229,000,000 -132,000,000 -33,000,000 -33,000,000 -26,000,000 -525,000,000 -1,615,000,000 -24,000,000 -13,000,000 -11,000,000 -36,000,000 -32,000,000  -24,000,000 -26,000,000 -21,000,000        -25,000,000 -1,976,000,000 -242,000,000 -25,000,000 -23,000,000                 
          payment of common share dividends and partnership exchangeable unit distributions
        		-283,000,000 -282,000,000 -282,000,000 -282,000,000 -262,000,000 -262,000,000 -261,000,000                                       
          repurchase of common shares
        		-32,000,000         -385,000,000    0 0 -165,000,000 -161,000,000 -369,000,000                            
          proceeds from stock option exercises
        		28,000,000 13,000,000 0 7,000,000 13,000,000 7,000,000 11,000,000 21,000,000 39,000,000 8,000,000 3,000,000 43,000,000 6,000,000 14,000,000 3,000,000 1,000,000 3,000,000 0 4,000,000 36,000,000 20,000,000 22,000,000 19,000,000 11,000,000 30,000,000 3,000,000 19,000,000 38,000,000 42,000,000 8,100,000 23,900,000 3,800,000 25,200,000 11,200,000 5,200,000 4,300,000 8,000,000  1,800,000 4,200,000 6,500,000  0 1,200,000 400,000 
          proceeds from derivatives
        		10,000,000 15,000,000 18,000,000 17,000,000 17,000,000 24,000,000 28,000,000 29,000,000 28,000,000 41,000,000 37,000,000 34,000,000 29,000,000 26,000,000 14,000,000 0 -6,000,000 -6,000,000   -16,000,000     6,000,000                    
          other financing activities
        		-1,000,000     0 0 -1,000,000 -1,000,000 -1,000,000 -1,000,000   0 -1,000,000 -1,000,000 -1,000,000 -1,000,000 -1,000,000 -3,000,000 1,000,000 -1,000,000 1,000,000 -1,000,000 -1,000,000   4,000,000 6,000,000 3,700,000 3,100,000 -1,200,000 -600,000 -3,900,000 -3,900,000 -1,200,000 -1,100,000 -6,200,000 -300,000 -2,000,000 3,100,000 -1,700,000 -3,200,000 -2,100,000 1,400,000 
          net cash from financing activities from continuing operations
        		-306,000,000 -484,000,000 -397,000,000 -290,000,000 -265,000,000                                         
          net cash from discontinued operations
        		-27,000,000 -29,000,000 33,000,000 -59,000,000 -26,000,000                                         
          effect of exchange rates on cash and cash equivalents
        		-3,000,000 1,000,000 -4,000,000 16,000,000 3,000,000 -19,000,000 4,000,000 -4,000,000 -4,000,000 4,000,000 -7,000,000   3,000,000 -19,000,000 -11,000,000 -1,000,000 0 -12,000,000 4,000,000 5,000,000 13,000,000 9,000,000 7,000,000 -23,000,000 9,000,000 -5,000,000 6,000,000 6,000,000 -9,600,000 5,200,000 -7,300,000 -8,300,000 1,300,000 9,400,000 10,000,000 3,300,000 -17,000,000 8,400,000 -7,700,000 13,900,000 -16,300,000 -4,400,000 6,200,000 -59,000,000 
          increase in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations
        		-142,000,000 -62,000,000                                            
          increase in cash classified as assets held for sale - discontinued operations
        		-9,000,000 19,000,000 -33,000,000 29,000,000 -81,000,000                                         
          increase in cash and cash equivalents
        		-151,000,000 -43,000,000    158,000,000 234,000,000 -107,000,000 -90,000,000 -171,000,000 97,000,000 180,000,000 -145,000,000 232,000,000 108,000,000 -57,000,000 -192,000,000 -686,000,000 11,000,000 199,000,000 3,000,000 -359,000,000 379,000,000 -958,000,000 965,000,000 -199,000,000 704,000,000 126,000,000 -11,000,000 -230,100,000 156,000,000 135,100,000 -245,000,000 -2,533,700,000 171,600,000 2,511,600,000 -536,500,000 186,000,000 276,300,000 172,200,000 68,100,000 -217,700,000 286,600,000 -333,000,000 -781,300,000 
          cash and cash equivalents at beginning of period
        		1,163,000,000 0 0 0 1,334,000,000 0 0 0 1,139,000,000 0 0 0 1,178,000,000 0 0 0 1,087,000,000 0 0 0 1,560,000,000 0 0 0 1,533,000,000 0 0 0 913,000,000 -400,000 0 0 1,097,400,000 0 0 0 1,460,400,000 0 0 0 757,800,000 0 0 0 1,803,200,000 
          cash and cash equivalents at end of period
        		1,012,000,000 -43,000,000 180,000,000 127,000,000 899,000,000 158,000,000 234,000,000 -107,000,000 1,049,000,000 -171,000,000 97,000,000 180,000,000 1,033,000,000 232,000,000 108,000,000 -57,000,000 895,000,000 -686,000,000 11,000,000 199,000,000 1,563,000,000 -359,000,000 379,000,000 -958,000,000 2,498,000,000 -199,000,000 704,000,000 126,000,000 902,000,000 -230,500,000 156,000,000 135,100,000 852,400,000 -2,533,700,000 171,600,000 2,511,600,000 923,900,000 186,000,000 276,300,000 172,200,000 825,900,000 -217,700,000 286,600,000 -333,000,000 1,021,900,000 
          supplemental cash flow disclosures:
        		                                             
          interest paid
        		137,000,000 200,000,000 154,000,000 207,000,000 153,000,000 216,000,000 179,000,000 220,000,000 170,000,000 217,000,000 164,000,000 217,000,000 163,000,000 169,000,000 109,000,000 134,000,000 75,000,000 123,000,000 83,000,000 126,000,000 72,000,000 148,000,000 81,000,000 130,000,000 104,000,000 151,000,000 141,000,000 152,000,000 140,000,000 150,500,000 136,900,000 144,700,000 128,900,000 107,000,000 134,600,000 125,500,000 80,100,000 121,200,000 86,200,000 117,300,000 82,400,000 122,500,000 61,000,000 136,300,000 88,500,000 
          income taxes paid
        		137,000,000 81,000,000 84,000,000 95,000,000 190,000,000 31,000,000 76,000,000 99,000,000 87,000,000 106,000,000 38,000,000 85,000,000 61,000,000 98,000,000 57,000,000 78,000,000 42,000,000 67,000,000 47,000,000 46,000,000 96,000,000 104,000,000 103,000,000 12,000,000 48,000,000 77,000,000 44,000,000 82,000,000 45,000,000 59,200,000 -200,000 70,000,000 304,000,000 10,900,000 72,400,000 92,800,000 24,100,000 66,000,000 16,700,000 29,000,000 47,600,000 116,500,000 12,200,000 36,700,000 42,900,000 
          accruals for additions of property and equipment
        		28,000,000 3,000,000 28,000,000 4,000,000 18,000,000                                         
          non-cash loss on early extinguishment of debt
        		     0 1,000,000                                       
          proceeds from long-term debt
        		     0 500,000,000   0 53,000,000    0 1,000,000 1,000,000                             
          payment of financing costs
        		     -3,000,000 -6,000,000   -1,000,000        -12,000,000    -33,000,000 0   -37,000,000        -5,900,000 -10,000,000 -15,200,000 -31,800,000     0 0   
          decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations
        		   98,000,000 -354,000,000                                         
          decrease in cash and cash equivalents
        		   127,000,000 -435,000,000                                         
          adjustments to reconcile net income to net cash from operating activities:
        		                                             
          other
        		     15,000,000 -1,000,000 -2,000,000 7,000,000 7,000,000 25,000,000 -7,000,000 1,000,000 11,000,000 6,000,000 -7,000,000 9,000,000 -2,000,000 -2,000,000 -4,000,000 -8,000,000 5,000,000 3,000,000 24,000,000 -4,000,000 5,000,000 4,000,000 -6,000,000 3,000,000 -6,100,000 6,800,000 600,000 3,700,000 5,200,000 3,000,000 6,200,000 3,600,000         
          other long-term assets and liabilities
        		     -13,000,000 1,000,000 -15,000,000 -14,000,000 -102,000,000   4,000,000 -199,000,000 -159,000,000 -8,000,000 21,000,000 -5,000,000 12,000,000 -91,000,000 6,000,000 13,000,000 20,000,000 -24,000,000 14,000,000 41,000,000 14,000,000 61,000,000 22,000,000 43,800,000 2,400,000 3,700,000 -6,900,000 60,300,000 -7,200,000 -7,600,000 -5,300,000 -19,800,000 3,900,000 11,600,000 -1,400,000 5,700,000 -9,000,000 -1,000,000 -24,500,000 
          net proceeds from disposal of assets, restaurant closures and refranchisings
        		                                             
          payment for purchase of carrols restaurant group, net of cash acquired
        		     0 0                                       
          net payments for acquisition of franchised restaurants
        		     -2,000,000 -7,000,000                                       
          payment for purchase of firehouse subs, net of cash acquired
        		                                             
          net cash from investing activities
        		     -44,000,000 -57,000,000 -528,000,000 -31,000,000 22,000,000 -3,000,000   2,000,000 -20,000,000 -47,000,000 1,000,000 -1,034,000,000 -33,000,000 -29,000,000 -7,000,000 -46,000,000 -21,000,000 -9,000,000 -3,000,000 -37,000,000 -16,000,000 12,000,000 11,000,000 -16,300,000 -29,200,000 -400,000 1,900,000 -5,900,000 6,000,000 766,800,000 -1,624,700,000 7,600,000 7,500,000 5,000,000 6,800,000 -21,500,000 -15,500,000 -57,200,000 32,700,000 
          proceeds from issuance of common shares
        		                                             
          net cash from financing activities
        		     -260,000,000 -253,000,000 91,000,000 -203,000,000 -600,000,000 -326,000,000 -208,000,000 -240,000,000 -196,000,000 -251,000,000 -434,000,000 -426,000,000 -123,000,000 -454,000,000 -255,000,000 -261,000,000 -639,000,000 -21,000,000 -1,016,000,000 855,000,000 -736,000,000 289,000,000 -213,000,000 -182,000,000 -696,100,000 -205,700,000 -255,600,000 -127,600,000 -3,097,600,000 -176,300,000 1,529,400,000 809,300,000 -154,600,000 -153,300,000 -147,100,000 -135,900,000 -434,300,000 -135,700,000 -528,500,000 -1,016,700,000 
          payments for property and equipment
        		      -55,000,000 -43,000,000 -26,000,000 -47,000,000 -25,000,000 -30,000,000 -18,000,000 -48,000,000 -24,000,000 -18,000,000 -10,000,000 -36,000,000 -24,000,000 -31,000,000 -15,000,000 -46,000,000 -32,000,000 -20,000,000 -19,000,000 -30,000,000 -18,000,000 -9,000,000 -5,000,000 -32,700,000 -31,700,000 -14,600,000 -7,000,000 -19,800,000 -5,200,000 -7,600,000 -4,100,000 -15,500,000 -5,400,000 -7,200,000 -5,600,000 -32,400,000 -25,900,000 -27,600,000 -29,400,000 
          net payments from acquisition of franchised restaurants
        		        -23,000,000                                     
          payment of dividends on common shares and distributions on partnership exchangeable units
        		        -245,000,000 -249,000,000 -249,000,000 -249,000,000 -243,000,000 -243,000,000 -243,000,000 -244,000,000 -241,000,000 -244,000,000 -246,000,000 -245,000,000 -239,000,000 -243,000,000 0 -484,000,000 -232,000,000  -232,000,000 -230,000,000 -207,000,000                 
          premiums paid and non-cash loss on early extinguishment of debt
        		                 0                43,200,000            
          net payment for purchase of firehouse subs, net of cash acquired
        		                                             
          net payments in connection with purchase of firehouse subs
        		              0                               
          proceeds from revolving line of credit and long-term debt
        		                 533,000,000     0 500,000,000 1,085,000,000                     
          repayments of revolving line of credit, long-term debt and finance leases
        		                 -24,000,000 -811,000,000 -27,000,000 -27,000,000  -26,000,000                       
          repurchase of partnership exchangeable units
        		                                             
          share-based compensation expense
        		                  22,000,000 18,000,000 22,000,000 19,000,000 16,000,000 20,000,000 19,000,000 12,000,000 17,000,000 17,000,000 22,000,000 8,700,000 12,700,000 13,300,000 13,300,000 10,300,000 10,800,000 10,700,000 16,500,000 9,200,000 9,800,000 9,700,000 6,400,000 13,900,000 14,400,000 7,000,000 15,500,000 
          (income) income from equity method investments
        		                     3,000,000 18,000,000 16,000,000 2,000,000 0   -2,000,000                 
          (gain) loss on remeasurement of foreign denominated transactions
        		                      44,000,000 18,000,000 -8,000,000  -35,000,000                   
          net (gains) losses on derivatives
        		                     18,000,000 15,000,000 5,000,000 -6,000,000 -6,000,000 -9,000,000 -14,000,000 -20,000,000                 
          (payments) proceeds from derivatives
        		                     -17,000,000 -15,000,000 -12,000,000 -2,000,000                     
          gain on remeasurement of foreign denominated transactions
        		                            -15,000,000                 
          proceeds from issuance of long-term debt
        		                         1,500,000,000        1,500,000,000 1,300,000,000 1,750,000,000 1,300,000,000         
          net payment for purchase of popeyes, net of cash acquired
        		                                 0 0 0 -1,635,900,000         
          payments in connection with redemption of preferred shares
        		                             100,000 0 -26,500,000 -33,600,000             
          payment of dividends on common and preferred shares and distributions on partnership exchangeable units
        		                             -210,900,000 -210,100,000 -210,100,000 -96,900,000 -211,600,000 -155,300,000 -150,700,000 -145,900,000         
          proceeds from disposal of assets, restaurant closures and refranchisings
        		                                             
          return of investment on direct financing leases
        		                             3,700,000 4,000,000 4,100,000 4,200,000 4,100,000 4,000,000 3,700,000 4,100,000 4,100,000 4,400,000 4,000,000 4,100,000 4,200,000 4,100,000 4,000,000 4,000,000 
          repayments of long-term debt and capital leases
        		                             -8,100,000 -22,600,000 -21,600,000 -21,700,000 -1,051,500,000 -1,312,300,000 -57,800,000 -319,900,000         
          excess tax benefits from share-based compensation
        		                                             
          supplemental cashflow disclosures:
        		                                             
          proceeds from disposal of assets, restaurant closures, and refranchisings
        		                               1,800,000 1,600,000  10,000,000 2,800,000 6,800,000         
          restricted cash and cash equivalents
        		                                             
          advertising fund restricted assets and fund liabilities
        		                                 -16,800,000 16,800,000 -25,900,000 27,200,000         
          redemption of preferred shares
        		                                             
          non-cash investing and financing activities:
        		                                             
          acquisition of property with capital lease obligations
        		                                 13,100,000 5,300,000 4,000,000 13,700,000 9,600,000 14,200,000 2,900,000 5,400,000 6,300,000 2,500,000 3,400,000 4,500,000 
          non-cash loss on extinguishment of debt
        		                                    17,900,000         
          loss on early extinguishment of debt
        		                                         0 400,000 39,900,000 -300,000 
          net payment for purchase of tim hortons, net of cash acquired
        		                                             
          proceeds from issuance of preferred shares
        		                                             
          proceeds from stock option/warrant exercises
        		                                             
          amortization of defined benefit pension and postretirement items
        		                                      -700,000 -600,000 -600,000     
          net losses on refranchisings and dispositions of assets
        		                                      1,000,000 -400,000 9,400,000 11,200,000 -5,200,000 -1,800,000 1,200,000 
          bad debt expense (recoveries)
        		                                      600,000 -400,000 -300,000 3,200,000 200,000 -1,500,000 2,200,000 
          acquisition accounting impact on cost of sales
        		                                         0 -300,000   
          reclassification of restricted cash to cash and cash equivalents
        		                                          0 0 79,200,000 
          trade and notes receivable
        		                                      -1,400,000 -12,400,000 33,800,000 -61,900,000 -24,500,000 4,300,000 55,600,000 
          inventories and other current assets
        		                                      66,400,000 9,600,000 -79,000,000 14,300,000 -10,100,000 8,000,000 -3,000,000 
          accrued advertising
        		                                      19,800,000 -100,000 -15,700,000 3,100,000 23,600,000 6,400,000 -200,000 
          other accrued liabilities
        		                                      -6,300,000 -21,100,000 3,600,000 -116,000,000 136,300,000 30,100,000 5,800,000 
          proceeds from refranchisings, disposition of assets and restaurant closures
        		                                      4,900,000 6,000,000 7,200,000 2,700,000 6,200,000 6,200,000 4,500,000 
          settlement of derivatives
        		                                      3,400,000 2,600,000 -1,100,000  300,000 -40,600,000 52,100,000 
          proceeds from senior notes
        		                                         0 0   
          repayments of term debt, tim hortons notes and capital leases
        		                                      -18,100,000 -17,400,000 -17,200,000  -18,200,000 -1,571,800,000 -1,020,600,000 
          dividends paid on common shares and preferred shares
        		                                      -136,700,000 -131,900,000 -128,300,000 -123,600,000 -114,300,000   
          proceeds from issuance of shares
        		                                         0 0 0 2,100,000 
          net payments for acquired and disposed franchisee operations, net of cash acquired
        		                                             
          proceeds from term debt
        		                                             
          repayments of term debt, senior notes, discount notes and capital leases
        		                                             
          repurchases of common stock
        		                                             
          investments in unconsolidated affiliates
        		                                             
          amortization of cost of sales step-up
        		                                            4,700,000 
          dividends paid on common stock
        		                                             
          amortization of inventory step-up
        		                                             
          net investment in direct financing leases