QSR owns four brands – Burger King, Tim Hortons, Popeyes, and Firehouse Subs. While registered as a Canadian company, it’s really an American company in substance and is headquartered in Miami. In 2025 its 33,000 locations generated $47 billion in system-wide sales and $9.4 billion in revenue. It mostly follows a fully-franchised business model and operates relatively few locations directly.