Restaurant Brands International Management

Management criteria checks 2/4

Restaurant Brands International's CEO is Josh Kobza, appointed in Mar 2023, has a tenure of 1.75 years. total yearly compensation is $28.97M, comprised of 3.1% salary and 96.9% bonuses, including company stock and options. directly owns 0.21% of the company’s shares, worth CA$91.46M. The average tenure of the management team and the board of directors is 4.5 years and 3.9 years respectively.

Key information

Josh Kobza

Chief executive officer

US$29.0m

Total compensation

CEO salary percentage	3.1%
CEO tenure	1.8yrs
CEO ownership	0.2%
Management average tenure	4.5yrs
Board average tenure	3.9yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Josh Kobza's remuneration changed compared to Restaurant Brands International's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	US$1b
Jun 30 2024	n/a	n/a	US$1b
Mar 31 2024	n/a	n/a	US$1b
Dec 31 2023	US$29m	US$890k	US$1b
Sep 30 2023	n/a	n/a	US$911m
Jun 30 2023	n/a	n/a	US$1b
Mar 31 2023	n/a	n/a	US$1b
Dec 31 2022	US$13m	US$832k	US$1b
Sep 30 2022	n/a	n/a	US$958m
Jun 30 2022	n/a	n/a	US$819m
Mar 31 2022	n/a	n/a	US$842m
Dec 31 2021	US$12m	US$771k	US$838m
Sep 30 2021	n/a	n/a	US$750m
Jun 30 2021	n/a	n/a	US$674m
Mar 31 2021	n/a	n/a	US$521m
Dec 31 2020	US$16m	US$677k	US$486m
Sep 30 2020	n/a	n/a	US$560m
Jun 30 2020	n/a	n/a	US$616m
Mar 31 2020	n/a	n/a	US$652m
Dec 31 2019	US$17m	US$644k	US$643m
Sep 30 2019	n/a	n/a	US$641m
Jun 30 2019	n/a	n/a	US$574m
Mar 31 2019	n/a	n/a	US$599m
Dec 31 2018	US$2m	US$600k	US$612m
Sep 30 2018	n/a	n/a	US$844m
Jun 30 2018	n/a	n/a	US$801m
Mar 31 2018	n/a	n/a	US$724m
Dec 31 2017	US$5m	US$600k	US$626m

Compensation vs Market: Josh's total compensation ($USD28.97M) is above average for companies of similar size in the Canadian market ($USD7.76M).

Compensation vs Earnings: Josh's compensation has increased by more than 20% in the past year.

CEO

Josh Kobza (37 yo)

1.8yrs

Tenure

US$28,967,541

Compensation

Mr. Joshua Kobza, also known as Josh, had been Chief Operating Officer at Restaurant Brands International Inc., the General Partner of Restaurant Brands International Limited Partnership since January 23,...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
J. Doyle	Executive Chairman	2.1yrs	no data	0.19% CA$ 83.8m
Joshua Kobza	Chief Executive Officer	1.8yrs	US$28.97m	0.21% CA$ 91.5m
Axel Schwan	President of Tim Hortons - Canada & U.S.	5.2yrs	US$8.46m	0.031% CA$ 13.5m
Thomas Curtis	President of Burger King U.S. & Canada	3.8yrs	US$5.39m	0.017% CA$ 7.3m
Sami Siddiqui	Chief Financial Officer	less than a year	US$4.47m	0.061% CA$ 26.4m
Jacqueline Friesner	Controller & Chief Accounting Officer	10yrs	no data	0.047% CA$ 20.5m
Kendall Peck	Head of Investor Relations	no data	no data	no data
Jill Granat	General Counsel & Corporate Secretary	10yrs	US$4.89m	0.12% CA$ 52.6m
Jeff Housman	Chief People & Services Officer	7.8yrs	no data	0.030% CA$ 13.0m
Duncan Stanley Fulton	Chief Corporate Officer	6.5yrs	no data	0.0085% CA$ 3.7m
Chris Brigleb	Head of IR	no data	no data	no data
Katerina Glyptis	President of Tim Hortons US	1.5yrs	no data	no data

4.5yrs

Average Tenure

50yo

Average Age

Experienced Management: QSR's management team is considered experienced (4.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
J. Doyle	Executive Chairman	2.1yrs	no data	0.19% CA$ 83.8m
Alexandre Behring da Costa	Independent Director	10.9yrs	US$140.00k	0.046% CA$ 19.8m
Maximilien de Limburg Stirum	Independent Director	4.5yrs	US$132.16k	0% CA$ 0
Thecla Sweeney	Independent Director	2.9yrs	US$100.00k	0.00042% CA$ 181.7k
Daniel Schwartz	Independent Director	10yrs	US$100.00k	0.43% CA$ 184.7m
Jason Melbourne	Independent Director	4.3yrs	US$144.33k	0% CA$ 0
Ali Hedayat	Lead Independent Director	8.4yrs	US$184.33k	0.0023% CA$ 1.0m
Marc Lemann	Independent Director	3.5yrs	US$100.00k	0.0046% CA$ 2.0m
Cristina Farjallat	Independent Director	1.9yrs	US$375.89k	0% CA$ 0
Jordana Fribourg	Independent Director	1.6yrs	US$336.66k	0% CA$ 0

3.9yrs

Average Tenure

52yo

Average Age

Experienced Board: QSR's board of directors are considered experienced (3.9 years average tenure).

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/22 17:02
End of Day Share Price	2024/12/20 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Restaurant Brands International Inc. is covered by 51 analysts. 25 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Jim Marrone	Accountability Research Corporation
John Staszak	Argus Research Company
David Tarantino	Baird

Restaurant Brands International Management

Management criteria checks 2/4

Key information

Recent management updates

General Counsel & Corporate Secretary recently sold CA$2.2m worth of stock

Insider recently sold CA$3.4m worth of stock

Restaurant Brands International Inc. Announces CFO Changes

Restaurant Brands International Inc. Announces CFO Changes

Chief Executive Officer recently sold CA$3.7m worth of stock

Chief Executive Officer recently sold CA$1.8m worth of stock

Recent updates

Restaurant Brands International Inc. to Report Q4, 2024 Results on Feb 12, 2025

Upcoming dividend of US$0.58 per share

General Counsel & Corporate Secretary recently sold CA$2.2m worth of stock

Third quarter dividend of US$0.58 announced

Third quarter 2024 earnings: EPS and revenues miss analyst expectations

Restaurant Brands International Inc. Declares Dividend for the Fourth Quarter of 2024, Payable on January 3, 2025

New minor risk - Shareholder dilution

Upcoming dividend of US$0.58 per share

Insider recently sold CA$3.4m worth of stock

Now 21% overvalued after recent price rise

Restaurant Brands International Inc. has completed a Follow-on Equity Offering in the amount of $445.928568 million.

Restaurant Brands International Inc. has filed a Follow-on Equity Offering.

Second quarter dividend of US$0.58 announced

Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

Now 21% overvalued

Upcoming dividend of US$0.58 per share

Restaurant Brands International Inc. (NYSE:QSR) completed the acquisition of remaining 85% stake in Carrols Restaurant Group, Inc. (NasdaqGS:TAST) from Cambridge Franchise Holdings, LLC, BlackRock, Inc. (NYSE:BLK) and others.

Now 22% overvalued

First quarter dividend of US$0.58 announced

First quarter 2024 earnings: EPS and revenues exceed analyst expectations

Restaurant Brands International Inc. Announces CFO Changes

Restaurant Brands International Inc. Announces CFO Changes

Upcoming dividend of US$0.58 per share

Chief Executive Officer recently sold CA$3.7m worth of stock

Fourth quarter dividend of US$0.58 announced

Restaurant Brands International Inc. Declares Dividend for the First Quarter of 2024, Payable on April 4, 2024

Price target increased by 12% to CA$108

Full year 2023 earnings: EPS exceeds analyst expectations

Restaurant Brands International Inc. (NYSE:QSR) entered into an agreement to acquire remaining 85% stake in Carrols Restaurant Group, Inc. (NasdaqGS:TAST) from Cambridge Franchise Holdings, LLC and others for approximately $470 million.

Restaurant Brands International Inc. (NYSE:QSR) entered into an agreement to acquire remaining 85% stake in Carrols Restaurant Group, Inc. (NasdaqGS:TAST) from Cambridge Franchise Holdings, LLC and others.

Restaurant Brands International Inc. (NYSE:QSR) entered into an agreement to acquire unknown remaining majority stake in Carrols Restaurant Group, Inc. (NasdaqGS:TAST) from Cambridge Franchise Holdings, LLC and others

Chief Executive Officer recently sold CA$1.8m worth of stock

Restaurant Brands International Inc. to Report Q3, 2024 Results on Nov 05, 2024

Upcoming dividend of US$0.55 per share at 3.0% yield

Restaurant Brands International Inc. Declares Dividend for the Fourth Quarter of 2023, Payable on January 4, 2024

Third quarter 2023 earnings: EPS and revenues miss analyst expectations

Upcoming dividend of US$0.55 per share at 3.3% yield

Restaurant Brands International Inc. to Report Q3, 2023 Results on Nov 03, 2023

Restaurant Brands International Inc. (NYSE:QSR) announces an Equity Buyback for $1,000 million worth of its shares.

Restaurant Brands International Inc. has completed a Follow-on Equity Offering.

Second quarter 2023 earnings: EPS and revenues exceed analyst expectations

Price target increased by 17% to CA$106

Restaurant Brands International Inc. to Report Q2, 2023 Results on Aug 08, 2023

Upcoming dividend of US$0.55 per share at 2.9% yield

Chief Financial Officer recently sold CA$1.5m worth of stock

Insider recently sold CA$3.3m worth of stock

First quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat

Price target decreased by 7.5% to CA$83.47

Upcoming dividend of US$0.55 per share at 3.6% yield

Insider recently sold CA$123k worth of stock

Restaurant Brands International Inc. Declares Dividend for the First Quarter of 2023, Payable on April 5, 2023

Full year 2022 earnings: Revenues and EPS in line with analyst expectations

Restaurant Brands International Inc. to Report Q4, 2022 Results on Feb 14, 2023

Chief Executive Officer recently sold CA$1.9m worth of stock

High number of new directors

Restaurant Brands International Inc. Announces Board Changes

Upcoming dividend of US$0.54 per share

McWin Food Ecosystem Fund managed by McWin sro completed the acquisition of BK SEE Poland S.A. from Restaurant Brands International Inc. (NYSE:QSR).

Insider recently sold CA$1.3m worth of stock

Investor sentiment improved over the past week

Restaurant Brands International Inc. announced that it expects to receive $30.385 million in funding from LODGEPOLE 231 LLC

High number of new directors

Price target increased to CA$86.88

Third quarter 2022 earnings: EPS and revenues exceed analyst expectations

Restaurant Brands International Inc. Declares Dividend, Payable January 4, 2023

Now 21% undervalued

Restaurant Brands International Inc. to Report Q3, 2022 Results on Nov 03, 2022

Chief Financial Officer recently sold CA$1.2m worth of stock

Upcoming dividend of US$0.54 per share