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 ($293.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $72.76. Options: 28 managers hold calls ($222.2m notional), 20 hold puts ($71.9m).
Trends to Q2 2026
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 |
| Q4 2025 | 506 |
| Q1 2026 | 550 |
| Q2 2026 | 580 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 213 | 207 |
| Q4 2024 | 184 | 214 |
| Q1 2025 | 240 | 200 |
| Q2 2025 | 230 | 209 |
| Q3 2025 | 243 | 199 |
| Q4 2025 | 266 | 178 |
| Q1 2026 | 322 | 186 |
| Q2 2026 | 320 | 215 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $106.3m | $92.5m | 0.87 |
| Q4 2025 | $96.0m | $66.2m | 0.69 |
| Q1 2026 | $111.8m | $88.0m | 0.79 |
| Q2 2026 | $222.2m | $71.9m | 0.32 |
Biggest buyers
| PERSHING SQUARE INC. | New | +25.8m |
| BlackRock, Inc. | Added | +7.2m |
| NOMURA HOLDINGS INC | New | +3.4m |
| Blue Sparrow, LLC /DE | New | +2.4m |
| BANK OF MONTREAL /CAN/ | Added | +2.3m |
| ROYAL BANK OF CANADA | Added | +1.9m |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +1.3m |
| D. E. Shaw & Co., Inc. | Added | +1.0m |
| Capital World Investors | Added | +1.0m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Added | +994.5k |
Biggest sellers
| MORGAN STANLEY | Reduced | -2.5m |
| EdgePoint Investment Group Inc. | Reduced | -2.2m |
| TD Asset Management Inc | Reduced | -1.5m |
| BAUPOST GROUP LLC/MA | Reduced | -1.3m |
| Davis Selected Advisers | Reduced | -798.8k |
| Beutel, Goodman & Co Ltd. | Reduced | -673.9k |
| CIBC WORLD MARKET INC. | Reduced | -653.7k |
| Public Sector Pension Investment Board | Reduced | -621.3k |
| FEDERATED HERMES, INC. | Reduced | -529.4k |
| Fiera Capital Corp | Reduced | -523.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $52.5m724.3k shares |
| JANE STREET GROUP, LLC | Added | $30.8m425.1k shares |
| CITADEL ADVISORS LLC | Added | $21.2m292.3k shares |
| GOLDMAN SACHS GROUP INC | New | $18.1m250.0k shares |
| IMC-Chicago, LLC | Added | $14.2m196.1k shares |
| CITIGROUP INC | New | $12.2m168.9k shares |
| SIMPLEX TRADING, LLC | Added | $9.1m125.4k shares |
| GROUP ONE TRADING LLC | Added | $8.8m121.0k shares |
| WELLS FARGO & COMPANY/MN | New | $7.9m108.9k shares |
| SIG North Trading, ULC | Reduced | $5.7m78.3k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $22.3m307.2k shares |
| CITADEL ADVISORS LLC | Added | $11.6m159.9k shares |
| BANK OF MONTREAL /CAN/ | New | $7.4m102.5k shares |
| JANE STREET GROUP, LLC | Reduced | $5.6m77.9k shares |
| IMC-Chicago, LLC | Added | $5.0m69.4k shares |
| Polar Asset Management Partners Inc. | Added | $3.7m50.5k shares |
| SIMPLEX TRADING, LLC | Added | $3.5m48.9k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $3.3m45.5k shares |
| SIG North Trading, ULC | Reduced | $1.6m21.9k shares |
| GROUP ONE TRADING LLC | Added | $1.6m21.5k 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 since 1 Apr 2026
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 2024 | 0 | — | 11 | $11.6m | — |
| Q1 2025 | 0 | — | 10 | $34.8m | — |
| Q2 2025 | 0 | — | 1 | $4.9m | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 12 | $8.5m | — |
| Q1 2026 | 0 | — | 10 | $37.4m | — |
| Q2 2026 | 0 | — | 0 | — | — |
| Q3 2026 | 0 | — | 2 | $9.8m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-04 | Schwan Axel Pres., Tim Hortons US & Canada | Sold | $4.7m57.6k shares |
| 2026-08-21 | CURTIS THOMAS BENJAMIN Pres., BK US & CA | Sold | $5.2m64.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| Capital World Investors 0.38% of their portfolio | 43.9m $3.2bn | Added +1.0m |
| PERSHING SQUARE INC. 9.62% of their portfolio | 25.8m $1.9bn | New |
| ROYAL BANK OF CANADA 0.25% of their portfolio | 20.2m $1.5bn | Added +1.9m |
| EdgePoint Investment Group Inc. 9.40% of their portfolio | 17.2m $1.2bn | Reduced -2.2m |
| BlackRock, Inc. 0.02% of their portfolio | 15.2m $1.1bn | Added +7.2m |
| BANK OF MONTREAL /CAN/ 0.30% of their portfolio | 11.3m $818.5m | Added +2.3m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 10.5m $760.8m | Added +178.4k |
| FMR LLC 0.03% of their portfolio | 8.4m $610.5m | Added +159.2k |
| GOLDMAN SACHS GROUP INC 0.06% of their portfolio | 7.3m $530.1m | Added +197.2k |
| BAUPOST GROUP LLC/MA 9.04% of their portfolio | 6.8m $489.6m | Reduced -1.3m |
| Fiera Capital Corp 1.62% of their portfolio | 6.2m $446.7m | Reduced -523.3k |
| CIBC WORLD MARKET INC. 0.75% of their portfolio | 6.1m $442.8m | Reduced -653.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 5.9m $436.1m | Added +305.8k |
| MORGAN STANLEY 0.02% of their portfolio | 4.8m $351.3m | Reduced -2.5m |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 4.8m $345.9m | Reduced -162.7k |
| Beutel, Goodman & Co Ltd. 2.36% of their portfolio | 4.4m $320.8m | Reduced -673.9k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.17% of their portfolio | 4.2m $306.1m | Added +1.3m |
| TD Asset Management Inc 0.26% of their portfolio | 4.2m $301.6m | Reduced -1.5m |
| PLATINUM PARAMOUNT INVESTMENT LTD. 42.44% of their portfolio | 4.1m $298.7m | Unchanged |
| NORGES BANK 0.03% of their portfolio | 3.8m $277.0m | Not comparable |
| NATIONAL BANK OF CANADA /FI/ 0.23% of their portfolio | 3.6m $262.5m | Added +96.6k |
| Invesco Ltd. 0.02% of their portfolio | 3.4m $246.9m | Reduced -138.6k |
| NOMURA HOLDINGS INC 1.04% of their portfolio | 3.4m $244.6m | New |
| STATE STREET CORP 0.01% of their portfolio | 3.4m $246.5m | Reduced -146.0k |
| Canoe Financial LP 3.01% of their portfolio | 3.4m $243.1m | Added +6.9k |
| 1832 Asset Management L.P. 0.29% of their portfolio | 3.2m $232.5m | Reduced -380.0k |
| VANGUARD FIDUCIARY TRUST CO 0.05% of their portfolio | 3.1m $225.0m | Added +32.8k |
| FIL Ltd 0.16% of their portfolio | 3.0m $217.2m | Reduced -510.6k |
| CITADEL ADVISORS LLC 0.12% of their portfolio | 2.9m $212.3m | Added +850.7k |
| Davis Selected Advisers 0.87% of their portfolio | 2.8m $203.0m | Reduced -798.8k |
| Vanguard Global Advisers, LLC 0.09% of their portfolio | 2.6m $190.7m | Added +231.3k |
| Capital Research Global Investors 0.03% of their portfolio | 2.5m $182.3m | Added +5.3k |
| TD Waterhouse Canada Inc. 0.47% of their portfolio | 2.5m $177.0m | Added +112.3k |
| Blue Sparrow, LLC /DE 1.68% of their portfolio | 2.4m $173.3m | New |
| UBS Group AG 0.03% of their portfolio | 2.2m $159.9m | Added +704.3k |
| Connor, Clark & Lunn Investment Management Ltd. 0.27% of their portfolio | 2.0m $143.3m | Added +824.4k |
| LONDON CO OF VIRGINIA 0.81% of their portfolio | 2.0m $142.2m | Reduced -41.6k |
| TORONTO DOMINION BANK 0.23% of their portfolio | 1.9m $138.0m | Added +138.0k |
| Cullen Capital Management, LLC 1.26% of their portfolio | 1.8m $128.3m | Added +664.4k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.7m $125.6m | Added +55.3k |
| Legal & General Group Plc 0.02% of their portfolio | 1.6m $115.7m | Reduced -130.2k |
| MACKENZIE FINANCIAL CORP 0.16% of their portfolio | 1.6m $161.9m | Reduced -96.5k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.4m $104.5m | Added +67.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.08% of their portfolio | 1.4m $101.8m | Added +303.5k |
| Corvex Management LP 2.85% of their portfolio | 1.3m $91.7m | Reduced -313.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 1.2m $85.1m | Added +994.5k |
| D. E. Shaw & Co., Inc. 0.05% of their portfolio | 1.1m $82.2m | Added +1.0m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.1m $80.3m | Added +58.3k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.1m $78.7m | Added +19.2k |
| Swiss National Bank 0.04% of their portfolio | 1.0m $75.1m | Reduced -69.8k |
| BANK OF NOVA SCOTIA 0.11% of their portfolio | 1.0m $73.9m | Reduced -77.0k |
| SCOTIA CAPITAL INC. 0.27% of their portfolio | 985.6k $71.3m | Reduced -334.9k |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 983.9k $71.3m | Added +76.5k |
| Aviso Financial Inc. 2.47% of their portfolio | 980.8k $71.1m | Reduced -9.7k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 952.7k $69.1m | Reduced -15.3k |
| GUARDIAN CAPITAL LP 1.66% of their portfolio | 942.7k $68.4m | Reduced -36.8k |
| Alberta Investment Management Corp 0.36% of their portfolio | 869.1k $63.0m | Reduced -12.0k |
| CIBC Asset Management Inc 0.14% of their portfolio | 843.1k $61.6m | Reduced -440.7k |
| Epoch Investment Partners, Inc. 0.33% of their portfolio | 799.6k $58.0m | Reduced -33.7k |
| Nuveen, LLC 0.01% of their portfolio | 783.5k $56.8m | Added +18.1k |
| RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio | 766.7k $55.6m | Added +137.9k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.04% of their portfolio | 765.8k $55.5m | Added +81.7k |
| Caisse de depot et placement du Quebec 0.08% of their portfolio | 739.9k $53.7m | Unchanged |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.05% of their portfolio | 708.2k $51.3m | Reduced -44.5k |
| CAPITAL INTERNATIONAL SARL 0.68% of their portfolio | 666.6k $48.3m | Added +15.9k |
| LETKO, BROSSEAU & ASSOCIATES INC 0.69% of their portfolio | 643.3k $46.6m | Reduced -26.3k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 637.9k $46.3m | Added +87.8k |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 632.0k $45.8m | Added +614.4k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.06% of their portfolio | 576.2k $41.8m | Added +452.6k |
| GW&K Investment Management, LLC 0.32% of their portfolio | 569.4k $41.3m | Reduced -9.1k |
| CONTINENTAL GRAIN CO 9.05% of their portfolio | 559.2k $40.5m | Unchanged |
| INTACT INVESTMENT MANAGEMENT INC. 1.11% of their portfolio | 539.9k $39.2m | Reduced -108.8k |
| CIDEL ASSET MANAGEMENT INC 1.84% of their portfolio | 526.1k $38.1m | Reduced -167.0k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 516.5k $37.5m | Added +54.7k |
| MUFG SECURITIES (CANADA), LTD. 0.96% of their portfolio | 491.3k $35.6m | Reduced -22.4k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 485.8k $35.2m | Reduced -27.6k |
| Amundi 0.01% of their portfolio | 464.1k $33.7m | Added +35.6k |
| VAN ECK ASSOCIATES CORP 0.02% of their portfolio | 439.2k $31.8m | Added +130.4k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.19% of their portfolio | 425.6k $30.8m | Added +132.0k |
| Jupiter Topco LLC 0.01% of their portfolio | 425.3k $30.8m | First filing |
| Federation des caisses Desjardins du Quebec 0.09% of their portfolio | 424.0k $30.6m | Added +8.6k |
| NATIXIS ADVISORS, LLC 0.03% of their portfolio | 406.4k $29.5m | Added +336.4k |
| JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio | 395.4k $29.4m | Added +362.7k |
| BARCLAYS PLC 0.01% of their portfolio | 394.8k $28.6m | Added +97.3k |
| MIC Capital Management UK LLP 7.10% of their portfolio | 386.2k $28.0m | Unchanged |
| Public Sector Pension Investment Board 0.07% of their portfolio | 385.1k $27.9m | Reduced -621.3k |
| CAPITAL INTERNATIONAL LTD /CA/ 0.88% of their portfolio | 371.6k $26.9m | Added +942 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.05% of their portfolio | 365.7k $27.1m | Added +71.1k |
| MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 3.61% of their portfolio | 357.5k $36.8m | Reduced -95.9k |
| Scheer, Rowlett & Associates Investment Management Ltd. 1.85% of their portfolio | 355.6k $25.8m | Reduced -3.6k |
| Rockefeller Capital Management L.P. 0.04% of their portfolio | 351.8k $25.5m | Added +11.2k |
| Baskin Financial Services Inc. 1.92% of their portfolio | 336.9k $24.4m | Reduced -4.2k |
| AustralianSuper Pty Ltd 0.10% of their portfolio | 329.4k $23.9m | Reduced -89.4k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 318.3k $23.1m | Reduced -7.8k |
| Addenda Capital Inc. 0.88% of their portfolio | 312.2k $32.4m | Added +2.0k |
| Capital International, Inc./CA/ 0.16% of their portfolio | 307.8k $22.3m | Added +12.9k |
| BANK OF NOVA SCOTIA TRUST CO 1.78% of their portfolio | 295.6k $21.4m | Reduced -32.8k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 286.2k $20.8m | Added +117.8k |
| Cannell & Spears LLC 0.37% of their portfolio | 284.9k $20.7m | Reduced -21.9k |
| PICTON MAHONEY ASSET MANAGEMENT 0.18% of their portfolio | 264.9k $19.2m | Added +139.2k |