Pershing Square Capital Management, L.P.: RESTAURANT BRANDS INTERNATIONAL, INC. (QSR): Quarterly 13F Position History
As of Q1 2026, Pershing Square Capital Management, L.P. reported 22,645,483 shares of RESTAURANT BRANDS INTERNATIONAL, INC. (QSR), worth $1.7B and representing 12.2% of its 13F equity book. Quarter-over-quarter share count change: 221,290 (-1.0%) . The position first appeared in Q1 2016 and has been disclosed across 41 13F-HR filings in Pactolio's tracked window.
- 22,645,483Shares Held (Latest Filing)
- $1.7BReported Market Value (Latest Filing)
- 12.2%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% | $1.7B | 12.2% | $73.9 |
| Q4 2025 | 22,866,773 | 48,723 | -0.2% | $1.6B | 10.0% | $68.2 |
| Q3 2025 | 22,915,496 | 85,418 | -0.4% | $1.5B | 10.0% | $64.1 |
| Q2 2025 | 23,000,914 | 0 | — | $1.5B | 11.1% | $66.3 |
| Q1 2025 | 23,000,914 | 0 | — | $1.5B | 12.8% | $66.6 |
| Q4 2024 | 23,000,914 | 0 | — | $1.5B | 11.9% | $65.2 |
| Q3 2024 | 23,000,914 | 141,628 | -0.6% | $1.7B | 12.8% | $72.1 |
| Q2 2024 | 23,142,542 | 205,593 | -0.9% | $1.6B | 15.6% | $70.4 |
| Q1 2024 | 23,348,135 | 0 | — | $1.9B | 17.2% | $79.5 |
| Q4 2023 | 23,348,135 | 0 | — | $1.8B | 17.5% | $78.1 |
| Q3 2023 | 23,348,135 | 0 | — | $1.6B | 14.8% | $66.6 |
| Q2 2023 | 23,348,135 | 846,031 | -3.5% | $1.8B | 16.7% | $77.5 |
| Q1 2023 | 24,194,166 | 0 | — | $1.6B | 15.9% | $67.1 |
| Q4 2022 | 24,194,166 | 0 | — | $1.6B | 17.8% | $64.7 |
| Q3 2022 | 24,194,166 | +371,525 | +1.6% | $1.3B | 16.3% | $53.2 |
| Q2 2022 | 23,822,641 | 41,990 | -0.2% | $1.2B | 16.0% | $50.1 |
| Q1 2022 | 23,864,631 | 72,617 | -0.3% | $1.4B | 13.4% | $58.4 |
| Q4 2021 | 23,937,248 | 0 | — | $1.5B | 13.7% | $60.7 |
| Q3 2021 | 23,937,248 | +240,331 | +1.0% | $1.5B | 15.5% | $61.2 |
| Q2 2021 | 23,696,917 | 229,735 | -1.0% | $1.5B | 14.3% | $64.4 |
| Q1 2021 | 23,926,652 | 1,111,875 | -4.4% | $1.6B | 14.9% | $65.0 |
| Q4 2020 | 25,038,527 | 80,489 | -0.3% | $1.5B | 15.3% | $61.1 |
| Q3 2020 | 25,119,016 | 0 | — | $1.4B | 16.4% | $57.5 |
| Q2 2020 | 25,119,016 | +10,034,712 | +66.5% | $1.4B | 17.7% | $54.6 |
| Q1 2020 | 15,084,304 | 0 | — | $603.8M | 9.2% | $40.0 |
| Q4 2019 | 15,084,304 | 0 | — | $961.9M | 14.7% | $63.8 |
| Q3 2019 | 15,084,304 | 556,761 | -3.6% | $1.1B | 17.1% | $71.1 |
| Q2 2019 | 15,641,065 | 2,701,638 | -14.7% | $1.1B | 16.2% | $69.5 |
| Q1 2019 | 18,342,703 | 1,342,899 | -6.8% | $1.2B | 17.8% | $65.1 |
| Q4 2018 | 19,685,602 | 1,158,317 | -5.6% | $1.0B | 17.3% | $52.3 |
| Q3 2018 | 20,843,919 | 0 | — | $1.2B | 23.7% | $59.3 |
| Q2 2018 | 20,843,919 | 3,476,376 | -14.3% | $1.3B | 21.7% | $60.3 |
| Q1 2018 | 24,320,295 | 2,180,434 | -8.2% | $1.4B | 28.6% | $56.9 |
| Q4 2017 | 26,500,729 | 0 | — | $1.6B | 27.7% | $61.5 |
| Q3 2017 | 26,500,729 | 12,649,822 | -32.3% | $1.7B | 33.1% | $63.9 |
| Q2 2017 | 39,150,551 | 0 | — | $2.4B | 40.7% | $62.5 |
| Q1 2017 | 39,150,551 | 0 | — | $2.2B | 36.6% | $55.7 |
| Q4 2016 | 39,150,551 | 0 | — | $1.9B | 31.6% | $47.7 |
| Q3 2016 | 39,150,551 | 0 | — | $1.7B | 32.2% | $44.6 |
| Q2 2016 | 39,150,551 | 0 | — | $1.6B | 21.7% | $41.6 |
| Q1 2016 | 39,150,551 | — | — | $1.5B | 17.2% | $38.8 |
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 $1.7B.
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.