Investment Rating - The report indicates a stable investment environment for the restaurant sector, with a focus on brand value growth and resilience despite economic pressures [20][23]. Core Insights - The global restaurant sector's brand value reached a record $190.1 billion in 2026, with McDonald's leading at $42.6 billion, marking a 5% increase [10][30]. - Chick-fil-A emerged as the fastest-growing brand, with a 44% increase in brand value to $8.1 billion, driven by strong revenue and expansion [36]. - Haidilao retained its title as the strongest brand with a Brand Strength Index (BSI) score of 89.5/100, despite a slight decline in its score [49]. Sector Overview - The restaurant sector has shown resilience, with a collective brand value increase of approximately 20% since 2015, driven by changing consumer habits towards takeout and delivery [20][21]. - Technology investments, including AI-enabled forecasting and digital ordering, have become essential for growth, particularly in the US market [22]. - There is a noted disconnect between brand value growth and Brand Strength Index scores, indicating pressures on pricing and consumer trust [23]. Valuation Analysis - The top 10 restaurant brands remain stable, with minor shifts in rankings based on brand value growth rates rather than fundamental changes in competitive positions [25][34]. - McDonald's, Starbucks, and KFC maintain their top three positions, with brand values of $42.6 billion, $37 billion, and $16.5 billion respectively [30][31]. - Subway and Chick-fil-A showed significant growth, with Subway's brand value increasing by 18% and Chick-fil-A's by 44% [28][36]. Brand Strength Analysis - Haidilao is recognized as the strongest restaurant brand globally, followed closely by Greggs and McDonald's, with BSI scores of 89.5, 88.2, and 88.1 respectively [52][54]. - The report highlights the importance of local relevance and consumer perceptions in driving brand strength, as seen with Jollibee's performance in the Philippines [58]. Sustainability Analysis - Sustainability is increasingly influencing consumer choices, contributing to 6.4% of consideration in the restaurant sector [64]. - Brands like Chili's and Mixue are noted for their strong sustainability perceptions, which are linked to higher quality and credibility among consumers [65]. Brand Value Ranking - The report lists the top 10 most valuable restaurant brands for 2026, with McDonald's, Starbucks, and KFC leading the rankings [30][71]. - Notable newcomers include Mixue, valued at $4.6 billion, reflecting a strong focus on affordability and rapid expansion [44].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36786 RESTAURANT BRANDS INTERNATIONAL INC. (Exact name of Registrant as Specified in Its Charter) (State or Other ...

Investment Activity Summary - Pershing Square Capital Management acquired over 2.67 million shares of Meta Platforms (META), totaling $1.76 billion in the fourth quarter of 2025 [1] - The firm sold its entire stake in Chipotle Mexican Grill, Inc. (CMG), which was previously valued at approximately $844.2 million [2] - Pershing reduced its holdings in Alphabet (GOOG) and Uber (UBER), trimming shares significantly in both companies [2][4] Company Performance - Meta Platforms (META) is currently trading around $643, down more than 10% over the past year [1] - Chipotle Mexican Grill, Inc. (CMG) is trading at about $38, down 29% in the past year [2] - Alphabet's Class C shares (GOOG) are trading around $303, up more than 63% year-to-date [3] - Uber is trading for approximately $72, down more than 10% in the past year [4] - Restaurant Brands International Inc (QSR) is trading at about $68, up nearly 7% in the past year [4] Asset Management Overview - Pershing Square Capital Management has a total of $15.5 billion in assets under management [5]

Core Insights - International stocks outperformed U.S. stocks in 2025 after a decade of U.S. dominance, driven by currency fluctuations and a changing geopolitical environment [1] - Three international stocks are highlighted as potential strong performers in 2026: Restaurant Brands, Alibaba, and MercadoLibre [1] Group 1: Restaurant Brands (QSR) - Restaurant Brands was formed from a merger between Tim Horton's and Burger King, and has since acquired Popeye's and Firehouse Subs [1] - The company has shown slight weakness in recent quarters but is expected to benefit from a trade-down trend in dining due to inflation, potentially increasing foot traffic and margins [1] - The stock is considered a defensive growth option, currently trading at a discount to historical levels despite year-over-year revenue and earnings growth [1] Group 2: Alibaba (BABA) - Alibaba is a leading global growth stock with significant potential, driven by its core e-commerce business and artificial intelligence initiatives [1] - The company reported an 8% year-over-year revenue growth, with over 20% growth in its international e-commerce segment, which is a high-margin area [1] - Free cash flow margins reached 20% due to cost discipline, indicating strong financial health and future growth prospects [1] Group 3: MercadoLibre (MELI) - MercadoLibre is a major e-commerce and fintech player in Latin and South America, providing exposure to approximately $1 trillion in GDP [1] - The company achieved 35% year-over-year growth in its e-commerce business, supported by a 40% growth in its Mercado Pago segment [1] - With around $5 billion in annual free cash flow and world-class margins of about 12%, MercadoLibre is viewed as a strong investment opportunity [1]

Core Viewpoint - The stock market in 2026 is characterized by exceptional difficulty for investors, particularly due to market volatility, indicating that this is not a time for passive investment strategies [1]. Group 1: Market Conditions - The current market environment is marked by significant volatility, making it challenging for investors to navigate [1]. Group 2: Analyst Background - Gary Alexander has extensive experience in covering technology companies on Wall Street and has worked in Silicon Valley, providing him with insights into industry trends [1]. - He has been a contributor to Seeking Alpha since 2017 and has been quoted in various web publications, indicating his influence and reach within the investment community [1].

Core Insights - Popeyes has experienced a decline in performance since Q3 2024, despite a positive trend in same-store sales following the successful launch of its chicken sandwich in 2019 [3] - The company is shifting its marketing strategy to focus on value offerings to attract price-sensitive consumers, similar to strategies employed by competitors like McDonald's [4] - Popeyes aims to enhance operational consistency and customer engagement, with a focus on its core menu items, including hand-battered and fried chicken [6][9] Company Strategy - Restaurant Brands International (RBI) has increased the Popeyes field operations team by 75% and initiated restaurant coaching visits to support underperforming locations [5] - The company plans to host its first general manager experience rallies across the U.S. in the spring to further engage with franchisees and improve performance [5] - Popeyes is prioritizing its core offerings and intends to provide more details on its strategic plans during the investor day on February 26 [6] Leadership and Management Changes - Peter Purdue, former COO of Burger King U.S., has been appointed as president for Popeyes U.S. and Canada, with a focus on raising operational consistency and rebuilding the leadership team [9] - The company is confident in its ability to return to strong performance levels through disciplined execution and sustained focus on its strengths [7] Market Comparison - The revival of Popeyes is seen as feasible, drawing parallels to Yum Brands' successful turnaround of KFC through menu innovation and value offerings [8] - KFC's recent strategies, including the introduction of Kwench beverages and refined chicken tenders, highlight the importance of product innovation in driving sales growth [8] Sales Performance - U.S. comparable sales for Popeyes fell by 4.9% in the fourth quarter, with a 3.2% dip in comparable sales despite a net increase of 1.6% in unit count [9]

Core Viewpoint - Restaurant Brands International Inc. (NYSE:QSR) is a significant player in the fast-food industry, owning brands like Burger King, Tim Hortons, and Popeyes, and competes with McDonald's and Yum! Brands [1] Financial Performance - TD Cowen adjusted its price target for QSR from $74 to $72 following the Q4 2025 earnings call, indicating a strategic reassessment of the company's financial outlook [2] - The stock's current price of $66.35 reflects a decrease of approximately 6.15%, with a drop of $4.35 [2][5] Stock Performance - During trading, QSR's stock fluctuated between a low of $65.90 and a high of $69.47, with a yearly high of $73.70 and a low of $58.71 [3] - The company's market capitalization is approximately $21.75 billion, showcasing its substantial market presence [3] Investor Interest - The trading volume for QSR today is 9,099,036 shares, indicating active investor interest following the recent earnings call [4][5]

Core Insights - The company achieved an 8.3% organic adjusted operating income growth, marking the third consecutive year of approximately 8% growth despite a challenging consumer environment [1] Company Performance - Tim Hortons Canada outperformed the broader industry by nearly two percentage points, driven by a record cold beverage mix and improved speed of service across all dayparts [1] - The international segment experienced double-digit system-wide sales growth, supported by the transition of Burger King China to a new local partner and scaling Popeyes into a $2,000,000,000 run-rate business [1] - Burger King US outperformed the burger QSR industry in nine of the last twelve quarters, attributed to the 'Reclaim the Flame' initiative and successful family-oriented marketing campaigns like the SpongeBob activation [1] - Management acknowledged a performance gap at Popeyes US, indicating a need to return to operational basics and refocus on core products such as bone-in chicken and tenders [1] Strategic Initiatives - The strategic simplification of the portfolio continued with the acquisition of Burger King China equity and the acceleration of Burger King US refranchising efforts ahead of the original schedule [1]

Core Insights - Fast food earnings week showcased strong performance from major players, particularly McDonald's and Restaurant Brands International, highlighting the competitive landscape in the industry [1] McDonald's Performance - Global same-store sales increased by 5.7% in Q4, surpassing the expected 3.7%, with U.S. comps rising 6.8%, marking the largest increase in about two years [2] - Revenue grew by 10% to $7.01 billion, with adjusted EPS reaching $3.12, exceeding the expected $3.05 [2] - Operating margins are projected to be in the mid-to-high 40% range, indicating strong profitability [2] - Strategies included subsidizing "extra value" meals, reviving the Monopoly promotion, and launching a Grinch holiday campaign that resulted in the highest single sales day in company history [3] - Despite concerns over GLP-1 medications affecting appetite, McDonald's reported no material impact on sales, with protein items still performing well [3] Restaurant Brands International (RBI) Performance - RBI reported Q4 adjusted EPS of 96 cents, slightly above expectations, with revenue of $2.47 billion, exceeding the anticipated $2.41 billion [6] - Same-store sales rose by 3.1%, with organic revenue increasing by 6.5% after adjusting for currency and refranchising [6] - International same-store sales surged by 6.1%, with Burger King's international comps climbing 5.8%, outperforming the expected 3.7% [6] - Domestically, Tim Hortons saw comps grow by 2.9%, below the 3.8% forecast, while Popeyes experienced a decline of 4.8%, indicating a need for strategic changes [7] - RBI closed its Burger King China joint venture, with private equity firm CPE acquiring approximately 83%, while RBI retains a minority stake and board representation [8]

Core Viewpoint - Restaurant Brands reported a decline in stock price by 6% following the release of its fourth-quarter earnings, despite exceeding revenue and adjusted earnings per share expectations [1] Financial Performance - The company reported fourth-quarter revenue of $2.47 billion [1] - Adjusted earnings per share were $0.96, surpassing market expectations [1] Same-Store Sales - Same-store sales for Burger King increased by 3.1%, contributing positively to overall performance [1] - However, same-store sales for Popeyes experienced a decline of 4.8%, which negatively impacted the company's outlook [1]