Duncan Fulton - 06 Jan 2026 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Role: Chief Corporate Officer
Signature: /s/ Jill Granat, as Attorney-in-Fact for Duncan Fulton
Issuer symbol: QSR
Transactions as of: 06 Jan 2026
Net transactions value: -$119,799
Form type: 4
Filing time: 08 Jan 2026, 16:31:50 UTC
Previous filing: 05 Jan 2026
Next filing: 24 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Fulton Duncan	Chief Corporate Officer	C/O RESTAURANT BRANDS INTERNATIONAL INC., 5707 BLUE LAGOON DRIVE, MIAMI	/s/ Jill Granat, as Attorney-in-Fact for Duncan Fulton	08 Jan 2026	0001908102

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	QSR	Common Shares	Award	$0	+30	+0.07%	$0.000000	42,504	06 Jan 2026	Direct	F1
transaction	QSR	Common Shares	Sale	$119,799	-1,775	-4.2%	$67.48	40,728	07 Jan 2026	Direct	F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	QSR	Restricted Share Units	Award	$0	+23	+0.93%	$0.000000	2,457	06 Jan 2026	Common Shares	23		Direct	F7, F8, F9
transaction	QSR	Performance Share Units	Award	$0	+221	+0.93%	$0.000000	24,070	06 Jan 2026	Common Shares	221		Direct	F10, F11
transaction	QSR	Restricted Share Units	Award	$0	+47	+0.93%	$0.000000	5,149	06 Jan 2026	Common Shares	47		Direct	F7, F8, F12
transaction	QSR	Performance Share Units	Award	$0	+196	+0.93%	$0.000000	21,257	06 Jan 2026	Common Shares	196		Direct	F11, F13
transaction	QSR	Restricted Share Units	Award	$0	+45	+0.93%	$0.000000	4,877	06 Jan 2026	Common Shares	45		Direct	F7, F8, F14
transaction	QSR	Performance Share Units	Award	$0	+220	+0.93%	$0.000000	23,866	06 Jan 2026	Common Shares	220		Direct	F11, F15
holding	QSR	Option (Right to Buy)						60,000	06 Jan 2026	Common Shares	60,000	$63.64	Direct	F4, F5
holding	QSR	Option (Right to Buy)						15,000	06 Jan 2026	Common Shares	15,000	$66.31	Direct	F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents shares settled from dividend equivalent rights that accrued on a vested restricted share unit award in respect of dividends that were paid after the vesting of the award with a record date prior to the vesting of the award.
F2	Represents shares sold to cover withholding tax obligations on the settlement of the previously reported vesting of the Reporting Person's restricted share units.
F3	The reported shares were sold in Canadian dollars at a price of CAD $93.28 per share. The sale price was converted into its U.S. dollar equivalent using the Bank of Canada daily exchange rate on the sale date.
F4	The options were issued with an exercise price of CAD $82.81. The reported exercise price represents the U.S. dollar equivalent.
F5	These options are fully vested and exercisable.
F6	The options were issued with an exercise price of CAD $88.03. The reported exercise price represents the U.S. dollar equivalent.
F7	Each restricted share unit represents a contingent right to receive one common share.
F8	Represents dividend equivalent rights that accrued on the underlying award of restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate.
F9	These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
F10	The shares reported represent an award of performance based restricted share units ("2023 PBRSUs") granted to the Reporting Person. The 2023 PBRSUs will have a performance period beginning January 1, 2023 and ending December 31, 2025 and to the extent earned will vest on February 22, 2026. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
F11	Represents dividend equivalent rights that accrued on the underlying award of performance based restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable performance based restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the performance based restricted share units to which they relate.
F12	These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
F13	The shares reported represent an award of performance based restricted share units ("2024 PBRSUs") granted to the Reporting Person. The 2024 PBRSUs will have a performance period beginning February 23, 2024 and ending February 23, 2027 and to the extent earned will vest on March 15, 2027. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
F14	These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026, December 15, 2027 and December 15, 2028.
F15	The shares reported represent an award of performance based restricted share units ("2025 PBRSUs") granted to the Reporting Person. The 2025 PBRSUs have a performance period beginning on February 28, 2025 and ending on February 28, 2028 and to the extent earned will vest on March 15, 2028. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.