Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Change in Contract Liabilities

The following table reflects the change in contract liabilities on a consolidated basis between December 31, 2025 and June 30, 2026 (in millions):



Balance at December 31, 2025	$	517
Recognized during period and included in the contract liability balance at the beginning of the year	(31)
Increase, excluding amounts recognized as revenue during the period	15

Impact of foreign currency translation	(5)
Balance at June 30, 2026	$	496

Schedule of Estimated Revenues Expected to be Recognized

The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) on a consolidated basis as of June 30, 2026 (in millions):



Remainder of 2026	$	27
2027	51
2028	48
2029	46
2030	43
Thereafter	281
Total	$	496

Schedule of Disaggregation of Total Revenues

The following tables disaggregate revenue by segment (in millions). Totals in the following tables may not calculate exactly due to rounding.


	Three Months Ended June 30, 2026
	TH		BK		PLK		FHS		INTL		RH		ELIM (a)		Total
Supply chain sales	$	788	$	—	$	—	$	—	$	—	$	—	$	—	$	788
Company restaurant sales	11		44		46		12		—		505		—		617
Royalties	90		135		73		20		241		—		(23)		537
Property revenues	165		61		4		—		—		—		(8)		222
Franchise fees and other revenue	8		2		4		9		11		—		—		34
Advertising revenues and other services	76		155		72		21		22		—		(24)		322
Total revenues	$	1,137	$	397	$	199	$	62	$	274	$	506	$	(55)	$	2,520

(a)Represents elimination of intersegment revenues that consists of royalties, property, and advertising and other services revenue recognized by BK and INTL from intersegment transactions with RH.


	Six Months Ended June 30, 2026
	TH		BK		PLK		FHS		INTL		RH		ELIM (a)		Total
Supply chain sales	$	1,474	$	—	$	—	$	—	$	—	$	—	$	—	$	1,474
Company restaurant sales	20		90		90		23		—		953		—		1,176
Royalties	167		255		142		40		464		—		(43)		1,025
Property revenues	311		117		7		—		1		—		(15)		420
Franchise fees and other revenue	17		5		7		18		24		—		—		70
Advertising revenues and other services	145		295		143		40		40		—		(45)		619
Total revenues	$	2,134	$	762	$	389	$	121	$	528	$	953	$	(103)	$	4,784


	Three Months Ended June 30, 2025
	TH		BK		PLK		FHS		INTL		RH		ELIM (a)		Total
Supply chain sales	$	732	$	—	$	—	$	—	$	—	$	—	$	—	$	732
Company restaurant sales	12		61		46		11		—		469		—		600
Royalties	89		124		76		19		213		—		(21)		500
Property revenues	166		55		4		—		—		—		(6)		219
Franchise fees and other revenue	7		3		7		9		15		—		—		41
Advertising revenues and other services	78		144		77		20		21		—		(22)		318
Total revenues	$	1,083	$	388	$	210	$	59	$	250	$	469	$	(49)	$	2,410


	Six Months Ended June 30, 2025
	TH		BK		PLK		FHS		INTL		RH		ELIM (a)		Total
Supply chain sales	$	1,343	$	—	$	—	$	—	$	—	$	—	$	—	$	1,343
Company restaurant sales	22		121		93		22		—		901		—		1,158
Royalties	162		238		148		37		400		—		(40)		945
Property revenues	303		107		7		—		1		—		(15)		404
Franchise fees and other revenue	15		5		9		17		27		—		—		74
Advertising revenues and other services	142		273		147		36		40		—		(42)		595
Total revenues	$	1,987	$	744	$	404	$	113	$	468	$	901	$	(97)	$	4,519