v3.26.1
Intangible Assets, net and Goodwill
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets, net and Goodwill Intangible Assets, net and Goodwill
Intangible assets, net and goodwill consist of the following (in millions):

As of
June 30, 2026December 31, 2025
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$722 $(423)$299 $732 $(413)$319 
   Reacquired franchise rights362 (72)290 368 (56)312 
   Favorable leases62 (47)15 63 (46)17 
      Subtotal1,146 (542)604 1,163 (515)648 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,041 $— $6,041 $6,224 $— $6,224 
   Burger King brand
2,129 — 2,129 2,147 — 2,147 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,341 — 10,341 10,542 — 10,542 
Intangible assets, net$10,945 $11,190 
Goodwill:
TH segment$3,883 $3,995 
BK segment358 358 
PLK segment844 844 
FHS segment193 194 
INTL segment540 545 
RH segment365 370 
      Total$6,183 $6,306 
Amortization expense on intangible assets totaled $17 million and $18 million for the three months ended June 30, 2026 and 2025, respectively. Amortization expense on intangible assets totaled $34 million and $35 million for the six months ended June 30, 2026 and 2025, respectively. Additionally, the change in intangible asset and goodwill balances reflects the impact of foreign currency translation during the six months ended June 30, 2026.