Pershing Square Capital Management, L.P. — RESTAURANT BRANDS INTERNATIONAL, INC. QSR: Quarterly 13F Position History
Pershing Square Capital Management, L.P. has reported RESTAURANT BRANDS INTERNATIONAL, INC. (QSR) on 41 13F-HR filings in Pactolio's tracked window, first appearing in Q1 2016. As of Q1 2026, the position is sized at 22,645,483 shares ($1.67B market value, 12.20% of the equity book). Quarter-over-quarter share count change: 221,290 (-1.0%) .
- 22,645,483Shares Held (Latest Filing)
- $1.67BReported Market Value (Latest Filing)
- 12.20%Portfolio Weight (% of 13F Equity Book)
- 221,290Quarter-over-Quarter Share Change
- +$113.3MQuarter-over-Quarter Value Change
- 39,150,551Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 41 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 22,645,483 | 221,290 | -1.0% | $1.67B | 12.20% | $73.90 |
| Q4 2025 | 22,866,773 | 48,723 | -0.2% | $1.56B | 10.05% | $68.23 |
| Q3 2025 | 22,915,496 | 85,418 | -0.4% | $1.47B | 10.04% | $64.14 |
| Q2 2025 | 23,000,914 | 0 | — | $1.52B | 11.11% | $66.29 |
| Q1 2025 | 23,000,914 | 0 | — | $1.53B | 12.85% | $66.64 |
| Q4 2024 | 23,000,914 | 0 | — | $1.50B | 11.88% | $65.18 |
| Q3 2024 | 23,000,914 | 141,628 | -0.6% | $1.66B | 12.84% | $72.12 |
| Q2 2024 | 23,142,542 | 205,593 | -0.9% | $1.63B | 15.64% | $70.37 |
| Q1 2024 | 23,348,135 | 0 | — | $1.86B | 17.24% | $79.45 |
| Q4 2023 | 23,348,135 | 0 | — | $1.82B | 17.55% | $78.13 |
| Q3 2023 | 23,348,135 | 0 | — | $1.56B | 14.82% | $66.62 |
| Q2 2023 | 23,348,135 | 846,031 | -3.5% | $1.81B | 16.73% | $77.52 |
| Q1 2023 | 24,194,166 | 0 | — | $1.62B | 15.90% | $67.14 |
| Q4 2022 | 24,194,166 | 0 | — | $1.56B | 17.81% | $64.67 |
| Q3 2022 | 24,194,166 | +371,525 | +1.6% | $1.29B | 16.33% | $53.18 |
| Q2 2022 | 23,822,641 | 41,990 | -0.2% | $1.19B | 16.01% | $50.15 |
| Q1 2022 | 23,864,631 | 72,617 | -0.3% | $1.39B | 13.41% | $58.39 |
| Q4 2021 | 23,937,248 | 0 | — | $1.45B | 13.73% | $60.68 |
| Q3 2021 | 23,937,248 | +240,331 | +1.0% | $1.46B | 15.48% | $61.19 |
| Q2 2021 | 23,696,917 | 229,735 | -1.0% | $1.53B | 14.26% | $64.44 |
| Q1 2021 | 23,926,652 | 1,111,875 | -4.4% | $1.56B | 14.87% | $65.00 |
| Q4 2020 | 25,038,527 | 80,489 | -0.3% | $1.53B | 15.30% | $61.11 |
| Q3 2020 | 25,119,016 | 0 | — | $1.44B | 16.37% | $57.51 |
| Q2 2020 | 25,119,016 | +10,034,712 | +66.5% | $1.37B | 17.70% | $54.63 |
| Q1 2020 | 15,084,304 | 0 | — | $603.8M | 9.19% | $40.03 |
| Q4 2019 | 15,084,304 | 0 | — | $961.9M | 14.68% | $63.77 |
| Q3 2019 | 15,084,304 | 556,761 | -3.6% | $1.07B | 17.13% | $71.14 |
| Q2 2019 | 15,641,065 | 2,701,638 | -14.7% | $1.09B | 16.21% | $69.54 |
| Q1 2019 | 18,342,703 | 1,342,899 | -6.8% | $1.19B | 17.78% | $65.11 |
| Q4 2018 | 19,685,602 | 1,158,317 | -5.6% | $1.03B | 17.28% | $52.30 |
| Q3 2018 | 20,843,919 | 0 | — | $1.24B | 23.72% | $59.28 |
| Q2 2018 | 20,843,919 | 3,476,376 | -14.3% | $1.26B | 21.65% | $60.30 |
| Q1 2018 | 24,320,295 | 2,180,434 | -8.2% | $1.38B | 28.65% | $56.92 |
| Q4 2017 | 26,500,729 | 0 | — | $1.63B | 27.74% | $61.48 |
| Q3 2017 | 26,500,729 | 12,649,822 | -32.3% | $1.69B | 33.10% | $63.88 |
| Q2 2017 | 39,150,551 | 0 | — | $2.45B | 40.71% | $62.54 |
| Q1 2017 | 39,150,551 | 0 | — | $2.18B | 36.61% | $55.74 |
| Q4 2016 | 39,150,551 | 0 | — | $1.87B | 31.55% | $47.66 |
| Q3 2016 | 39,150,551 | 0 | — | $1.75B | 32.24% | $44.58 |
| Q2 2016 | 39,150,551 | 0 | — | $1.63B | 21.68% | $41.60 |
| Q1 2016 | 39,150,551 | — | — | $1.52B | 17.17% | $38.83 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did Pershing Square Capital Management, L.P. first disclose a QSR position in 13F-HR filings?
Pershing Square Capital Management, L.P. first reported RESTAURANT BRANDS INTERNATIONAL, INC. (QSR) on its 13F-HR filing for the period ending 2016-03-31 (Q1 2016). The position has appeared on 41 reported quarters within Pactolio's tracked window.
What was Pershing Square Capital Management, L.P.'s most recent quarter-over-quarter share-count change in QSR?
Between Q4 2025 and Q1 2026, Pershing Square Capital Management, L.P. reduced its QSR position by 221,290 shares (-1.0%), leaving 22,645,483 shares at a market value of $1.67B.
Does the implied price-per-share represent Pershing Square Capital Management, L.P.'s cost basis in QSR?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.