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QSR & Coffee

Burger King

Parent: Restaurant Brands International · Public parent; mostly franchised

NYSE / TSX: QSR$77.52-0.2%close Nov. 9, 2026
Credit rating · Restaurant Brands International (borrower 1011778 B.C. ULC)BB+ High yield
S&P BB+Moody’s Ba3
AAAAAABBBBBBCCCD
Investment gradeHigh yield

S&P Global, as of Upgraded May 18, 2026 (parent borrower, 1011778 B.C. ULC) · Outlook stable. Source: S&P Global Ratings

Rating shown is for parent Restaurant Brands International (borrower 1011778 B.C. ULC), not for Burger King on its own.

Founded1954Source: Wikidata
EmployeesNot verifiedNo verified source
Locations20,030Sept. 30, 2026; source: Restaurant Brands International Form 10-Q
HeadquartersToronto, OntarioQSR & Coffee

New Initiatives

How the real estate strategy is changing: openings, closures, formats, remodels, relocations and refranchising.

  • Burger King is refranchising restaurants acquired with Carrols Restaurant Group to local operators as part of its turnaround.

    Source: CNBC

Burger King is a hamburger quick-service chain owned by Restaurant Brands International, which also owns Tim Hortons, Popeyes and Firehouse Subs. Most U.S. restaurants are run by franchisees, so the lease guarantor on a given property is often a franchisee entity rather than the parent.

Store count

20,030 as of Sept. 30, 2026
+1.2%/yr annualized over 2.7 yrs (Dec 2023 to Sep 2026)
  1. 16,7672017
  2. 17,7962018
  3. 18,8382019
  4. 18,6252020
  5. 19,2472021
  6. 19,7892022
  7. 19,3842023
  8. 19,7322024
  9. 19,9002025
  10. 20,030Latest

Burger King restaurants worldwide. Counts as reported at each period end. Sources: QSR Form 10-K, fiscal year ended 2023-12-31; QSR Form 10-K, fiscal year ended 2024-12-31; QSR Form 10-K, fiscal year ended 2025-12-31; Restaurant Brands International Form 10-Q and 6 earlier sources.

Ownership history

  1. 2010

    3G Capital takes Burger King private Source: Wikipedia: Burger King

  2. 2012

    Returns to public markets Source: Wikipedia: Burger King

  3. 2014

    Combines with Tim Hortons to form Restaurant Brands International Source: Wikipedia: Restaurant Brands International

SEC Filings

Filings by parent Restaurant Brands International Inc.. Burger King does not file on its own. All filings on EDGAR

PeriodFormFiledDocument
Fiscal year ended Dec. 31, 202510-KFeb. 20, 2026View on sec.gov
Fiscal year ended Dec. 31, 202410-KFeb. 21, 2025View on sec.gov
Fiscal year ended Dec. 31, 202310-KFeb. 22, 2024View on sec.gov
Fiscal year ended Dec. 31, 202210-KFeb. 22, 2023View on sec.gov
Latest quarter, period ended Sept. 30, 202610-QOct. 29, 2026View on sec.gov

Credit ratings

AgencyRatingOutlookAs ofSource
S&P GlobalBB+StableUpgraded May 18, 2026 (parent borrower, 1011778 B.C. ULC)S&P Global Ratings
Moody’sBa3StableJune 3, 2026 (parent borrower, 1011778 B.C. ULC)Moody’s Ratings

Bond market context

Issuer bond yieldUnavailable. No free, licensed source for individual bond yields.
BB index effective yield6.73% (Nov. 6, 2026; ICE BofA BB US High Yield Index)
BB index spread (OAS)208 bps over Treasuries; 195 bps a year earlier (FRED)
10-year Treasury4.88% (Nov. 9, 2026)

The index row shows the yield on BB-rated U.S. corporate bonds as a group, the closest free benchmark for this rating category. It is not the yield on this company’s own bonds.

Share prices, Yahoo Finance, as of Nov. 9, 2026. Bond index yields and spreads, ICE BofA US corporate and high yield indices, ICE Data Indices, LLC, via FRED, Federal Reserve Bank of St. Louis. 10-year yield, U.S. Department of the Treasury.

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