SEC Filing Analysis: Restaurant Brands International Inc. (QSR)

Executive Summary

• Trading Significance: Low
• Key Takeaway: EVP Jill Granat elected to receive 50% of her 2025 bonus in stock ($187k value), demonstrating alignment with shareholders, though the transaction size is immaterial to the stock price.
• Market Impact: Neutral/Slightly Positive Sentiment.

Company Information

Field	Value
Company	Restaurant Brands International Inc.
Ticker Symbol	QSR
CIK	0001618756
Industry	Retail - Eating Places

Insider Information

Field	Value
Name	Jill Granat
CIK	0001552022
Title/Position	EVP, General Counsel & Secretary
Relationship	Officer

Transaction Details

Field	Value
Form Type	4
Transaction Date	2026-02-25
Transaction Code	A (Grant/Award)
Security Type	Common Shares
Shares Involved	2,719 (Bonus Swap)
Price Per Share	$68.81
Total Value	$187,094.39
Shares Owned After	478,845
Ownership Type	Direct

Note: The filer also received 13,949 RSUs and 42,145 PSUs as part of this compensation package.

Financial Impact Assessment

Transaction Materiality

Metric	Value
Transaction Value	$187,094
% of Market Cap	0.0006%
Shares Transacted	2,719
% of Shares Outstanding	0.0008%
Materiality Assessment	Low

Impact Evaluation

• Market Cap Context: With a market cap of $32.57B, this $187k transaction is quantitatively negligible.
• Ownership Concentration: The insider holds ~478k shares, representing ~0.14% of shares outstanding. This transaction increases her stake marginally.
• Dilution Impact: The associated grants (approx. 56k shares total) represent roughly 0.017% of shares outstanding, resulting in minimal dilution.

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral
• Reasoning: While the "Bonus Swap" indicates the insider is willing to take equity over cash (a bullish signal), the volume is too low to move the price of a large-cap stock like QSR.

Volume & Sentiment

• Expected Volume Impact: None.
• Sentiment Indicator: Neutral to Slightly Bullish (due to the voluntary election of stock over cash).

Additional Context

Transaction Notes

• Special Circumstances: The transaction is part of the "2025 Bonus Swap Program." The insider used 50% of her net bonus to purchase shares at market price ($68.81) and received a matching grant of RSUs (multiplier of 2.25x) and PSUs. This is a structured compensation event.