RESTAURANT BRANDS INTL INC QSR
COM · Common Stock · CUSIP 76131D103 · ISIN CA76131D1033
- SectorConsumer discretionary
- IndustryRetail-Eating Places
- HeadquartersMiami, FL
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($193.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $64.26. Options: 22 managers hold calls ($106.3m notional), 23 hold puts ($92.5m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 397 |
| Q4 2022 | 428 |
| Q1 2023 | 434 |
| Q2 2023 | 435 |
| Q3 2023 | 444 |
| Q4 2023 | 468 |
| Q1 2024 | 463 |
| Q2 2024 | 447 |
| Q3 2024 | 465 |
| Q4 2024 | 451 |
| Q1 2025 | 462 |
| Q2 2025 | 457 |
| Q3 2025 | 466 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 208 | 195 |
| Q1 2024 | 200 | 217 |
| Q2 2024 | 191 | 227 |
| Q3 2024 | 213 | 207 |
| Q4 2024 | 184 | 214 |
| Q1 2025 | 240 | 200 |
| Q2 2025 | 230 | 209 |
| Q3 2025 | 243 | 199 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $306.4m | $101.0m | 0.33 |
| Q1 2025 | $280.1m | $90.5m | 0.32 |
| Q2 2025 | $108.4m | $59.5m | 0.55 |
| Q3 2025 | $106.3m | $92.5m | 0.87 |
Biggest buyers
| BAUPOST GROUP LLC/MA | Added | +4.2m |
| MORGAN STANLEY | Added | +2.7m |
| EdgePoint Investment Group Inc. | Added | +2.0m |
| CITADEL ADVISORS LLC | New | +1.9m |
| Corvex Management LP | Added | +1.5m |
| JPMORGAN CHASE & CO | Added | +1.5m |
| MUFG Securities EMEA plc | New | +1.0m |
| Point72 Asset Management, L.P. | New | +870.1k |
| BANK OF MONTREAL /CAN/ | Added | +802.2k |
| Fiera Capital Corp | Added | +724.5k |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -19.1m |
| 1832 Asset Management L.P. | Reduced | -3.7m |
| Capital World Investors | Reduced | -2.6m |
| FIL Ltd | Reduced | -1.3m |
| Connor, Clark & Lunn Investment Management Ltd. | Reduced | -1.2m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Sold out | -1.1m |
| RDST Capital LLC | Sold out | -968.1k |
| Woodline Partners LP | Sold out | -948.5k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -756.5k |
| Capital Research Global Investors | Reduced | -552.8k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $24.2m377.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $23.6m367.8k shares |
| CITADEL ADVISORS LLC | Added | $14.8m230.8k shares |
| Walleye Trading LLC | Reduced | $5.1m79.8k shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $5.1m795 shares |
| GROUP ONE TRADING LLC | Added | $4.8m75.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $4.5m69.7k shares |
| WOLVERINE TRADING, LLC | Added | $4.0m61.1k shares |
| SIG North Trading, ULC | Added | $3.8m59.0k shares |
| IMC-Chicago, LLC | Added | $3.7m58.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $22.0m342.6k shares |
| Balyasny Asset Management L.P. | New | $15.9m247.5k shares |
| CITADEL ADVISORS LLC | Reduced | $10.2m159.0k shares |
| BANK OF MONTREAL /CAN/ | Added | $8.4m130.3k shares |
| Polar Asset Management Partners Inc. | New | $6.2m70.0k shares |
| WOLVERINE TRADING, LLC | Added | $4.9m74.8k shares |
| TORONTO DOMINION BANK | Reduced | $4.4m68.5k shares |
| JANE STREET GROUP, LLC | Reduced | $2.2m34.9k shares |
| SIG North Trading, ULC | Reduced | $2.1m32.7k shares |
| SIMPLEX TRADING, LLC | Added | $2.0m31.9k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
3G Restaurant Brands Holdings General Partner Ltd.
13D · may seek influence
-0.8 pts · filed 2026-08-12
Stated purposeItem 4 of Schedule 13D is hereby amended to add the following language: As noted above, 3G RBH delivered to RBI LP an exchange notice to exchange 2,784,549 Exchangeable Units held by 3G RBH. The exchange notice became irrevocable on August 10, 2026 with respect to 2,784,549 Exchangeable Units. As announced by the Issuer on August 10, 2026, upon receipt of the exchange notice, the Issuer, in its capacity as general partner of RBI LP, elected to have RBI LP satisfy the 2026 Exchange by repurchasing 2,784,549 Exchangeable Units for cash. The 2026 Exchange will be effected as of the close of business on August 31, 2026. The Reporting Persons continue to hold 94,373,170 Exchangeable Units, for which they have not submitted any exchange notice. Except as set forth in this Schedule 13D and in … Full filing |
21.3% |
| Pershing Square Capital Management, L.P. 13D · may seek influence +1.3 pts · filed 2026-05-08 | 7.8% |
| BlackRock, Inc. 13G · institution +1.1 pts · filed 2026-01-21 | 7.0% |
Fell to 5% or below in the last year: EdgePoint Investment Group Inc. (5.0%, 2026-08-14)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 11 | $4.1m | — |
| Q1 2024 | 0 | — | 10 | $51.7m | — |
| Q2 2024 | 0 | — | 2 | $19.1m | — |
| Q3 2024 | 0 | — | 2 | $3.0m | — |
| Q4 2024 | 0 | — | 11 | $11.6m | — |
| Q1 2025 | 0 | — | 10 | $34.8m | — |
| Q2 2025 | 0 | — | 1 | $4.9m | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| Capital World Investors 0.35% of their portfolio | 40.4m $2.6bn | Reduced -2.6m |
| ROYAL BANK OF CANADA 0.26% of their portfolio | 23.1m $1.5bn | Reduced -19.1m |
| Pershing Square Capital Management, L.P. 10.04% of their portfolio | 22.9m $1.5bn | Reduced -85.4k |
| VANGUARD GROUP INC 0.02% of their portfolio | 15.6m $1.0bn | Added +335.8k |
| EdgePoint Investment Group Inc. 7.14% of their portfolio | 14.9m $955.9m | Added +2.0m |
| BANK OF MONTREAL /CAN/ 0.33% of their portfolio | 12.1m $777.6m | Added +802.2k |
| GOLDMAN SACHS GROUP INC 0.09% of their portfolio | 10.2m $656.5m | Added +331.3k |
| FMR LLC 0.03% of their portfolio | 8.8m $562.7m | Reduced -325.0k |
| BAUPOST GROUP LLC/MA 11.05% of their portfolio | 8.3m $529.3m | Added +4.2m |
| BlackRock, Inc. 0.01% of their portfolio | 7.3m $467.9m | Added +177.2k |
| MORGAN STANLEY 0.03% of their portfolio | 6.8m $435.3m | Added +2.7m |
| TD Asset Management Inc 0.29% of their portfolio | 5.5m $353.3m | Added +19.0k |
| Beutel, Goodman & Co Ltd. 2.02% of their portfolio | 5.2m $335.9m | Reduced -390.2k |
| Fiera Capital Corp 1.03% of their portfolio | 4.9m $317.2m | Added +724.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 4.9m $323.0m | Added +625.0k |
| FIL Ltd 0.23% of their portfolio | 4.5m $286.7m | Reduced -1.3m |
| Invesco Ltd. 0.04% of their portfolio | 3.6m $233.3m | Added +345.5k |
| NATIONAL BANK OF CANADA /FI/ 0.26% of their portfolio | 3.6m $231.5m | Added +40.9k |
| Davis Selected Advisers 1.19% of their portfolio | 3.5m $227.2m | Added +122.7k |
| Meritage Group LP 6.01% of their portfolio | 3.3m $210.4m | Unchanged |
| JARISLOWSKY, FRASER Ltd 1.15% of their portfolio | 3.3m $209.4m | Reduced -148.1k |
| STATE STREET CORP 0.01% of their portfolio | 3.1m $202.0m | Added +123.0k |
| 1832 Asset Management L.P. 0.34% of their portfolio | 3.1m $199.6m | Reduced -3.7m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 3.0m $195.3m | Added +1.5m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.13% of their portfolio | 2.9m $185.9m | Added +43.7k |
| CIBC WORLD MARKET INC. 0.37% of their portfolio | 2.8m $180.0m | Added +98.1k |
| Canoe Financial LP 2.31% of their portfolio | 2.5m $161.8m | Reduced -16.7k |
| Corvex Management LP 5.53% of their portfolio | 2.4m $154.5m | Added +1.5m |
| CIBC Asset Management Inc 0.40% of their portfolio | 2.2m $138.8m | Reduced -131.0k |
| Capital Research Global Investors 0.02% of their portfolio | 2.0m $130.8m | Reduced -552.8k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.9m $124.1m | Reduced -404.7k |
| CITADEL ADVISORS LLC 0.10% of their portfolio | 1.9m $121.5m | New |
| MACKENZIE FINANCIAL CORP 0.15% of their portfolio | 1.9m $121.4m | Reduced -34.3k |
| Burgundy Asset Management Ltd. 1.04% of their portfolio | 1.7m $110.3m | Added +156.2k |
| Legal & General Group Plc 0.02% of their portfolio | 1.6m $103.4m | Added +102.4k |
| SCOTIA CAPITAL INC. 0.41% of their portfolio | 1.5m $96.2m | Added +1.7k |
| River Road Asset Management, LLC 1.05% of their portfolio | 1.5m $93.6m | Added +595.8k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.3m $80.6m | Added +157.3k |
| TORONTO DOMINION BANK 0.16% of their portfolio | 1.2m $80.2m | Added +95.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.06% of their portfolio | 1.2m $77.9m | Added +387.4k |
| TD Waterhouse Canada Inc. 0.50% of their portfolio | 1.2m $76.8m | Reduced -65.6k |
| Duquesne Family Office LLC 1.85% of their portfolio | 1.1m $72.6m | Added +380.4k |
| GUARDIAN CAPITAL LP 2.33% of their portfolio | 1.1m $72.0m | Reduced -23.4k |
| BANK OF NOVA SCOTIA 0.12% of their portfolio | 1.0m $67.3m | Reduced -253.2k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.0m $66.4m | Added +193.5k |
| MUFG Securities EMEA plc 1.64% of their portfolio | 1.0m $65.3m | New |
| UBS Group AG 0.01% of their portfolio | 988.4k $63.4m | Added +525.3k |
| Aviso Financial Inc. 2.54% of their portfolio | 973.3k $62.4m | Added +14.8k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 933.4k $59.9m | Added +22.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 931.5k $59.8m | Added +23.5k |
| Swiss National Bank 0.03% of their portfolio | 895.4k $57.5m | Reduced -50.3k |
| Epoch Investment Partners, Inc. 0.31% of their portfolio | 878.3k $56.3m | Reduced -49.1k |
| Point72 Asset Management, L.P. 0.12% of their portfolio | 870.1k $55.8m | New |
| Alberta Investment Management Corp 0.40% of their portfolio | 866.1k $55.5m | Reduced -204.4k |
| Man Group plc 0.10% of their portfolio | 786.1k $50.4m | Added +164.8k |
| INTACT INVESTMENT MANAGEMENT INC. 1.47% of their portfolio | 759.4k $48.7m | Added +72.8k |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 711.8k $45.7m | Added +259.9k |
| Nuveen, LLC 0.01% of their portfolio | 706.7k $45.3m | Added +7.2k |
| CIDEL ASSET MANAGEMENT INC 2.53% of their portfolio | 688.1k $44.2m | Added +18.4k |
| AXA Investment Managers S.A. 0.11% of their portfolio | 643.6k $41.3m | First filing |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 630.0k $40.4m | Added +51.6k |
| LETKO, BROSSEAU & ASSOCIATES INC 0.66% of their portfolio | 600.5k $38.5m | Added +127.6k |
| GW&K Investment Management, LLC 0.34% of their portfolio | 591.1k $37.9m | Reduced -8.2k |
| Federation des caisses Desjardins du Quebec 0.14% of their portfolio | 570.5k $36.6m | Reduced -77.6k |
| CONTINENTAL GRAIN CO 10.37% of their portfolio | 559.2k $35.9m | Unchanged |
| MUFG SECURITIES (CANADA), LTD. 0.97% of their portfolio | 542.4k $34.8m | Reduced -13.0k |
| Balyasny Asset Management L.P. 0.06% of their portfolio | 494.1k $31.7m | Added +265.1k |
| MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 4.81% of their portfolio | 484.1k $43.2m | Added +21.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 482.9k $31.0m | Reduced -3.1k |
| Scheer, Rowlett & Associates Investment Management Ltd. 1.64% of their portfolio | 430.1k $27.6m | Reduced -45.1k |
| JANUS HENDERSON GROUP PLC 0.01% of their portfolio | 425.1k $27.3m | Reduced -26.6k |
| MIC Capital Management UK LLP 4.95% of their portfolio | 386.2k $24.8m | Unchanged |
| Squarepoint Ops LLC 0.05% of their portfolio | 381.1k $24.4m | Added +346.9k |
| CAPITAL INTERNATIONAL SARL 0.39% of their portfolio | 354.9k $22.8m | Added +24.3k |
| Baskin Financial Services Inc. 1.65% of their portfolio | 349.8k $22.4m | Added +3.2k |
| Amundi 0.01% of their portfolio | 330.2k $22.7m | Reduced -11.0k |
| Addenda Capital Inc. 0.86% of their portfolio | 321.5k $29.0m | Reduced -2.8k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 309.0k $19.8m | Reduced -6.2k |
| Cannell & Spears LLC 0.36% of their portfolio | 301.0k $19.3m | Reduced -50.6k |
| Soroban Capital Partners LP 0.16% of their portfolio | 300.0k $19.2m | Unchanged |
| BANK OF NOVA SCOTIA TRUST CO 1.78% of their portfolio | 299.0k $19.2m | Added +8.2k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 298.3k $19.1m | Added +11.6k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 293.3k $18.8m | Added +271.9k |
| Dana Investment Advisors, Inc. 0.52% of their portfolio | 276.4k $17.7m | Added +77.3k |
| Rockefeller Capital Management L.P. 0.03% of their portfolio | 256.9k $16.5m | Reduced -181.7k |
| AVIVA PLC 0.03% of their portfolio | 235.0k $15.1m | Added +1.7k |
| CAPITAL INTERNATIONAL LTD /CA/ 0.54% of their portfolio | 232.8k $14.9m | Added +75 |
| Capital International, Inc./CA/ 0.11% of their portfolio | 220.7k $14.2m | Added +30.3k |
| CANADA LIFE ASSURANCE Co 0.02% of their portfolio | 217.1k $14.1m | Added +1.5k |
| Korea Investment CORP 0.03% of their portfolio | 215.5k $13.8m | Reduced -10.7k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 196.1k $12.6m | Added +66.6k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.07% of their portfolio | 188.7k $12.1m | Added +11.1k |
| Galibier Capital Management Ltd. 4.02% of their portfolio | 188.1k $12.1m | Reduced -20.9k |
| FIRST MANHATTAN CO. LLC. 0.03% of their portfolio | 180.5k $11.7m | Added +6.1k |
| State of Tennessee, Department of Treasury 0.04% of their portfolio | 177.5k $11.4m | Reduced -2.5k |
| CITIGROUP INC 0.01% of their portfolio | 169.5k $10.9m | Added +57.1k |
| BARCLAYS PLC 0.00% of their portfolio | 157.7k $10.1m | Reduced -4.5k |
| ALTA CAPITAL MANAGEMENT LLC/ 0.55% of their portfolio | 154.9k $9.9m | Added +7.3k |
| Cadence Bank 0.59% of their portfolio | 150.6k $9.7m | Added +39.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 149.6k $9.6m | Added +17.4k |