| Schedule of Intangible Assets and Goodwill |
Intangible assets, net and goodwill consist of the following (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | March 31, 2026 | | December 31, 2025 | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | | Identifiable assets subject to amortization: | | | | | | | | | | | | | Franchise agreements | $ | 727 | | | $ | (418) | | | $ | 309 | | | $ | 732 | | | $ | (413) | | | $ | 319 | | | Reacquired franchise rights | 362 | | | (64) | | | 298 | | | 368 | | | (56) | | | 312 | | | Favorable leases | 63 | | | (46) | | | 17 | | | 63 | | | (46) | | | 17 | | | Subtotal | 1,152 | | | (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 | | | Subtotal | 10,455 | | | — | | | 10,455 | | | 10,542 | | | — | | | 10,542 | | | Intangible assets, net | | | | | $ | 11,079 | | | | | | | $ | 11,190 | | | | | | | | | | | | | | | Goodwill: | | | | | | | | | | | | | TH segment | $ | 3,949 | | | | | | | $ | 3,995 | | | | | | | BK segment | 358 | | | | | | | 358 | | | | | | | PLK segment | 844 | | | | | | | 844 | | | | | | | FHS segment | 194 | | | | | | | 194 | | | | | | | INTL segment | 542 | | | | | | | 545 | | | | | | | RH segment | 364 | | | | | | | 370 | | | | | | | Total | $ | 6,251 | | | | | | | $ | 6,306 | | | | | |
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