v3.26.1
Intangible Assets, net and Goodwill
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net and Goodwill Intangible Assets, net and Goodwill
Intangible assets, net and goodwill consist of the following (in millions):

As of
March 31, 2026December 31, 2025
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$727 $(418)$309 $732 $(413)$319 
   Reacquired franchise rights362 (64)298 368 (56)312 
   Favorable leases63 (46)17 63 (46)17 
      Subtotal1,152 (528)624 1,163 (515)648 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,148 $— $6,148 $6,224 $— $6,224 
   Burger King brand
2,136 — 2,136 2,147 — 2,147 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,455 — 10,455 10,542 — 10,542 
Intangible assets, net$11,079 $11,190 
Goodwill:
TH segment$3,949 $3,995 
BK segment358 358 
PLK segment844 844 
FHS segment194 194 
INTL segment542 545 
RH segment364 370 
      Total$6,251 $6,306 
Amortization expense on intangible assets totaled $17 million for the three months ended March 31, 2026 and 2025. Additionally, the change in intangible asset and goodwill balances reflects the impact of foreign currency translation during the three months ended March 31, 2026.