RBI makes money almost entirely from franchising rather than operating restaurants directly: franchise royalties, advertising and other services, property revenue, supply-chain sales, and brand development agreements, plus a smaller base of company-operated locations. The portfolio spans four brands built through acquisition -- Burger King (combined with Tim Hortons to form RBI itself in 2014, a $11.4 billion transaction led by 3G Capital), Popeyes ($1.8 billion, 2017), and Firehouse Subs ($1.0 billion, 2021) -- plus an International segment and Restaurant Holdings unit. Tim Hortons is the largest single contributor, accounting for more than 40% of quarterly revenue and roughly a third of RBI system-wide sales (about $8 billion in 2025), making it the second-biggest brand behind Burger King by system sales. In 2024, RBI took the more capital-intensive step of acquiring Carrols Restaurant Group, a large US Burger King franchisee, for about $1.0 billion -- not a permanent shift away from franchising, but a turnaround project to remodel underperforming restaurants before refranchising them back out to operators. RBI multi-brand structure creates internal competition for capital allocation, with the board and management team weighing investment priorities across Burger King turnaround needs, Tim Hortons Canadian market defense, Popeyes international expansion, and Firehouse Subs early-stage growth simultaneously.