Restaurant Brands vs Wingstop: Revenue, Profit and Business Model
Restaurant Brands had $9.4B of annual revenue in FY2025 and $1.1B of net income. Wingstop had $696.9M of annual revenue in FY2025 and $174.3M of net income.
Latest financial snapshot
Restaurant Brands
- Latest annual revenue
- $9.4B (FY2025)
- Net income
- $1.1B
- Net margin
- 11.4%
- Revenue growth
- +9.6% a year, FY2016–FY2025
Wingstop
- Latest annual revenue
- $696.9M (FY2025)
- Net income
- $174.3M
- Net margin
- 25.0%
- Revenue growth
- +23.6% a year, FY2016–FY2025
Financial summary
Restaurant Brands
RBI reported FY2025 total revenues of $9.434 billion, up 12.2% from $8.406 billion in 2024, largely because the Carrols restaurants and Burger King China were consolidated for more of the year. Net income from continuing operations was $1.201 billion and total net income was $1.075 billion after a $126 million loss from discontinued operations. Adjusted operating income rose to $2.584 billion, and RBI returned about $1.1 billion to shareholders. In Q2 2026 revenue rose 4.5% to about $2.52 billion, system-wide sales grew 6.4% and comparable sales grew 3.8%. Restaurant Brands International (RBI) is a colossal Canadian-American multinational fast food holding company, commanding a massive market valuation generally exceeding $30 billion.
Wingstop
Revenue rose 11.4% to $696.9 million in fiscal 2025 (ended December 27, 2025). GAAP net income jumped 60.3% to $174.3 million, but that figure includes a one-time gain on the sale of Wingstop's minority stake in Lemon Pepper Holdings, its UK master franchisee; adjusted net income grew 3.8% to $114.5 million and adjusted EBITDA rose 15.2% to $244.2 million. In Q2 2026 (ended June 27, 2026) revenue grew 6.4% to $185.6 million and net income rose 16.9% to $31.3 million, as new restaurants offset a 7.5% drop in domestic same store sales. Wingstop Inc. is an incredibly fast-growing American multinational chain of aviation-themed restaurants specializing entirely in chicken wings, commanding a massive market valuation exceeding $10 billion.
Revenue and profit by year
Restaurant Brands
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $9.4B | $1.1B | 11.4% | +12.2% | Source |
| FY2024 | $8.4B | $1.4B | 17.2% | +19.7% | Source |
| FY2023 | $7B | $1.7B | 24.5% | +7.9% | Source |
| FY2022 | $6.5B | $1.5B | 22.8% | +13.3% | Source |
| FY2021 | $5.7B | $1.3B | 21.8% | +15.5% | Source |
| FY2020 | $5B | $750M | 15.1% | -11.3% | Source |
| FY2019 | $5.6B | $1.1B | 19.8% | +4.6% | Source |
| FY2018 | $5.4B | $1.1B | 21.4% | +17.1% | Source |
| FY2017 | $4.6B | $1.2B | 27.0% | +10.4% | Source |
| FY2016 | $4.1B | $956M | 23.1% | — | Source |
Wingstop
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $696.9M | $174.3M | 25.0% | +11.4% | Source |
| FY2024 | $625.8M | $108.7M | 17.4% | +36.0% | Source |
| FY2023 | $460.1M | $70.2M | 15.3% | +28.7% | Source |
| FY2022 | $357.5M | $52.9M | 14.8% | +26.6% | Source |
| FY2021 | $282.5M | $42.7M | 15.1% | +13.5% | Source |
| FY2020 | $248.8M | $23.3M | 9.4% | +24.6% | Source |
| FY2019 | $199.7M | $20.5M | 10.3% | +30.4% | Source |
| FY2018 | $153.2M | $21.7M | 14.2% | +14.9% | Source |
| FY2017 | $133.3M | $23.9M | 18.0% | +29.0% | Source |
| FY2016 | $103.3M | $13.8M | 13.3% | — | Source |
Where the revenue comes from
Restaurant Brands
- Franchise royaltiesCore
Ongoing fees based on franchisee restaurant sales.
- Advertising and other services
Meaningful
Advertising fund contributions, technology, and service-related revenues.
- Supply chain and property revenue
Meaningful
Distribution, manufacturing, rent, and property-related activity in certain markets.
- Company-operated restaurants
Elevated after Carrols
Restaurant sales from company-operated units, including acquired Carrols restaurants before refranchising.
Wingstop
- Royalty revenue, franchise fees and other
~47% (Q4 2025)
Royalties on franchisee sales, development and franchise fees, and vendor rebates. This line was $81.9 million in Q4 2025.
- Advertising fees
Not disclosed here
Contributions to the national advertising fund, set at 5.5% of sales from fiscal 2025. These fees pay for system-wide marketing.
- Company-owned restaurant sales
Not disclosed here
Food and beverage sales at company-owned restaurants, which numbered 57 at the end of Q2 2026.
Business model and strategy
Restaurant Brands
How it makes money
RBI makes most of its profit by franchising. Franchisees build and run the vast majority of its 33,000+ restaurants (over 90% of system restaurants are franchised) and pay RBI royalties and advertising contributions based on their sales.
Growth strategy
RBI's growth plan has three parts: lift Burger King U.S. sales through remodels, advertising and operations under the Reclaim the Flame program; refranchise the restaurants acquired with Carrols once they are remodeled; and accelerate International unit growth through master franchisees and joint ventures, including the CPE-led Burger King China venture that targets more than 4,000 restaurants by 2035.
Competitive advantage
RBI's advantage is brand scale plus a capital-light structure. Four established brands give it multiple growth paths across burgers, coffee, chicken and subs, while master franchise partners fund most international openings. Tim Hortons' dense Canadian network and its integrated supply chain also give RBI a cash-generating home market that few rivals can replicate.
Wingstop
How it makes money
Wingstop earns most of its money from franchisees rather than from selling food itself. It reports three revenue lines: royalty revenue, franchise fees and other; advertising fees paid into the national advertising fund (5.5% of sales since fiscal 2025); and sales at a small group of company-owned restaurants (57 at the end of Q2 2026).
Growth strategy
Growth rests on new franchised units in the US and abroad (102 net openings in Q2 2026, six new international markets in 2025), the Smart Kitchen platform installed in all 2,586 domestic restaurants during 2025, the national Club Wingstop loyalty launch in 2026, and flavor and value promotions.
Competitive advantage
Wingstop's edge comes from a franchised, low-capital model, a digital ordering base that handles roughly seven in ten orders, a simple menu, and a development pipeline that added 493 net new restaurants in 2025.
Questions about Restaurant Brands vs Wingstop
Which company has higher revenue — Restaurant Brands International Inc. or Wingstop Inc.?
Restaurant Brands International Inc. had $9.4B (FY2025), while Wingstop Inc. had $696.9M (FY2025). By latest annual revenue, Restaurant Brands International Inc. is the larger business, with Wingstop Inc. showing a smaller revenue base.
What is the market cap of Restaurant Brands International Inc. vs Wingstop Inc.?
Restaurant Brands International Inc. has a market capitalisation of $35.0B. A public market cap figure for Wingstop Inc. was not available (it may be privately held).
How does revenue per employee compare for Restaurant Brands International Inc. and Wingstop Inc.?
Wingstop Inc. generates $594k / employee in revenue per employee. A comparable figure for Restaurant Brands International Inc. requires matching employee and revenue data from the same reporting period.
How do Restaurant Brands International Inc. and Wingstop Inc. make money?
Restaurant Brands International Inc. and Wingstop Inc. generate revenue in fundamentally different ways. Restaurant Brands International Inc.: RBI makes most of its profit by franchising. Wingstop Inc.: Wingstop earns most of its money from franchisees rather than from selling food itself.
Is Restaurant Brands International Inc. bigger than Wingstop Inc.?
By last reported revenue, Restaurant Brands International Inc. ($9.4B (FY2025)) is the larger company compared to Wingstop Inc. ($696.9M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Restaurant Brands vs Wingstop overview