Restaurant Brands International
26 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Suppliers
BK U.S. distributors
depends on · approximately 92% of BK restaurantsnamed as a riskAs of December 31, 2025, BK uses seven distributors in the U.S., four of which service approximately 92% of BK restaurants, and PLK uses ten broadline distributors in the U.S. of which four service approximately 83% of PLK restaurants, with additional distributors for poultry.Business (Item 1)
FHS U.S. distributors
depends on · approximately 83% of the FHS restaurantsnamed as a riskAs of December 31, 2025, FHS uses five distributors in the U.S., three of which serviced approximately 83% of the FHS restaurants, and one distributor for FHS restaurants in Canada.Business (Item 1)
The Coca-Cola Company
depends on · approximately $156 millionBurger King is obligated to purchase a specified number of gallons of soft drink syrup under volume commitment agreements with The Coca-Cola Company and Dr. Pepper/Snapple, Inc.Business (Item 1)
Dr. Pepper/Snapple, Inc.
depends on · approximately $156 millionBurger King is obligated to purchase a specified number of gallons of soft drink syrup under volume commitment agreements with The Coca-Cola Company and Dr. Pepper/Snapple, Inc.Business (Item 1)
Tim Hortons suppliers
depends onnamed as a riskAs of December 31, 2025, we have only one or a few suppliers to service each category of products sold at our TH restaurants, and the loss of any one of these suppliers would likely adversely affect our business.Risk factors (Item 1A)
Partners and platforms
Burger King China JV
earns from · approximately 17%CPE now owns approximately 83% of Burger King China JV, while we own approximately 17% and have a seat on its board of directors.Business (Item 1)
Third-party delivery services
depends onnamed as a riskIf the third-party delivery services that we utilize cease or curtail their operations, increase their fees, or give greater priority or promotions on their platforms to our competitors, our delivery business and our sales may be negatively impacted.Risk factors (Item 1A)
BK and PLK purchasing cooperatives
depends onnamed as a riskWe do not control these purchasing cooperatives, and if they do not properly manage suppliers or cease operations, the relevant supply chain could experience significant disruption.Risk factors (Item 1A)
Other companies
SOFR
exposed to its price · approximately $18 millionnamed as a riskBased on the portion of our variable rate debt balance in excess of the notional amount of the interest rate swaps and SOFR as of December 31, 2025, a hypothetical 1.00% increase in SOFR would increase our annual interest paid by approximately $18 million.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Carrols Acquisition
operates in · approximately 5% of our total restaurantsnamed as a riskAs of the date of this Annual Report on Form 10-K, we directly operated approximately 5% of our total restaurants, primarily as a result of the Carrols Acquisition in May 2024.Risk factors (Item 1A)
3G Restaurant Brands Holdings LP
approximately 22% of the combined voting powernamed as a risk3G Restaurant Brands Holdings LP (“3G RBH”) currently owns approximately 22% of the combined voting power in RBI.Risk factors (Item 1A)
Places
Canada
concentrated innamed as a riskThe majority of TH’s operations, income, revenues, expenses and cash flows are denominated in Canadian dollars, which we translate to U.S. dollars for financial reporting purposes.Market risk (Item 7A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Popeyes China
operates innamed as a riskSimilarly, while we expect over time to find new franchisees for the former Carrols restaurants and partners for PLK China and FHS Brazil, we may be unable to source and onboard experienced local partners in the expected time frames.Risk factors (Item 1A)
Commodities and inputs
Canadian dollar
exposed to its price · $5,700 millionnamed as a riskWe designated cross-currency rate swaps with a notional value of $5,700 million between Canadian dollar and U.S. dollar and cross-currency rate swaps with a notional value of $2,750 million between the Euro and U.S. dollar, as net investment hedges of a portion of our equity in foreign operations in those currencies.Market risk (Item 7A)
Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more
Euro
exposed to its price · $2,750 millionnamed as a riskWe designated cross-currency rate swaps with a notional value of $5,700 million between Canadian dollar and U.S. dollar and cross-currency rate swaps with a notional value of $2,750 million between the Euro and U.S. dollar, as net investment hedges of a portion of our equity in foreign operations in those currencies.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Beef
exposed to its pricenamed as a riskSuch increases in commodity costs, including coffee costs and beef costs, may materially and adversely affect our business and operating results, our reputation, and our relationships with franchisees, customers, and suppliers.Risk factors (Item 1A)
Coffee beans
exposed to its pricenamed as a riskFor example, the cost of beef has been elevated due principally to herd rebuilding cycles, and the cost of coffee beans has been elevated due principally to climate conditions and tariffs.Risk factors (Item 1A)
Regulators
U.S. Federal Trade Commission
subject tonamed as a riskWe are subject to various provincial, state and foreign laws, as well as regulations of the U.S. Federal Trade Commission, that govern the offer and sale of a franchise and regulate certain aspects of the franchise relationship, including terminations and the refusal to renew franchises.Risk factors (Item 1A)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
National Labor Relations Board
subject tonamed as a riskIn the event of a finding of joint employment by the National Labor Relations Board or applicable state authorities, our operating costs may increase as a result of required modifications to business practices, increased litigation, governmental investigations or proceedings, administrative enforcement actions, fines, and civil liability.Risk factors (Item 1A)
Also named by AZO, BBW, BBY, DKS, FDX, FDXF, ODFL, RRGB and 3 more
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15% global minimum taxnamed as a riskThe adoption of the “Pillar Two” framework by countries in which we operate may increase our future cash taxes, adversely impacting our effective tax rate and financial results.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
U.S. Internal Revenue Code Section 7874
subject tonamed as a riskEven so, the IRS may assert that we should be treated as a U.S. corporation (and, therefore, a U.S. tax resident) for U.S. federal income tax purposes pursuant to complex rules under Section 7874 of the U.S. Internal Revenue Code of 1986, as amended.Risk factors (Item 1A)
Also named by KKR
Investment Canada Act
subject tonamed as a riskThis may discourage a potential acquirer from proposing or completing a transaction that may otherwise present a premium to shareholders.Risk factors (Item 1A)
Also named by CDE
Canada Bill C-59 (EIFEL)
subject tonamed as a riskThe EIFEL rules have been implemented and as a result, we have restricted interest and financing deductions, which can be carried forward indefinitely.Risk factors (Item 1A)
Canada Competition Act
subject tonamed as a riskWe and our franchisees are and may become subject to changing rules, regulations, and consumer or investor expectations with respect to these matters and across different regions, including extended producer responsibility obligations that relate to our product packaging, reporting requirements under the European Union’s Corporate Sustainability Reporting Directive, and environmental representation standards and enforcement under Canada's amended Competition Act.Risk factors (Item 1A)
Technology
GLP-1 weight loss medications
named as a riskOther factors that drive the value of each of our brands include (i) our business practices, including practices with respect to animal welfare, natural resources, sustainability, and other environmental or social concerns, (ii) negative publicity arising from the conclusions of nutritional, health, scientific, and other studies, (iii) negative perceptions or litigation relating to health risks such as obesity, (iv) changing wellness trends, dietary preferences, or consumer perceptions, including as a result of developments in or increased adoption of weight loss medications such as GLP inhibitors, and (v) health campaigns that promote alternatives to our products.Risk factors (Item 1A)