NYSE : QSR
Restaurant Brands International Inc. — Financial statements
Consumer Discretionary · Restaurants · United States
Last price 72.41 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 32.68B
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Financial statements
Restaurant Brands International Inc. (QSR) reported revenue of 9.78B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 9.78B | 9.43B | 8.41B | 7.02B | 6.50B | 5.74B |
| Cost of Revenue | 6.42B | 6.24B | 5.38B | 4.22B | 3.91B | 3.37B |
| Gross Profit | 3.36B | 3.19B | 3.02B | 2.80B | 2.60B | 2.37B |
| Selling, General & Admin | 701.00M | 690.00M | 691.00M | 647.00M | 561.00M | 450.00M |
| Other Operating Expenses | 13.00M | 10.00M | 9.00M | 18.00M | 14.00M | |
| Operating Expenses | 714.00M | 700.00M | 700.00M | 665.00M | 575.00M | 450.00M |
| Operating Income | 2.64B | 2.49B | 2.32B | 2.14B | 2.02B | 1.92B |
| Interest Expense | -522.00M | -547.00M | -616.00M | -622.00M | -540.00M | -508.00M |
| Interest & Investment Income | 25.00M | 31.00M | 39.00M | 40.00M | 7.00M | 3.00M |
| Earnings From Equity Investments | 9.00M | 11.00M | 69.00M | 8.00M | -44.00M | -4.00M |
| Currency Exchange Gain (Loss) | 60.00M | -209.00M | 71.00M | -20.00M | 4.00M | 76.00M |
| EBT Excluding Unusual Items | 2.21B | 1.78B | 1.89B | 1.54B | 1.45B | 1.49B |
| Merger & Restructuring Charges | -19.00M | -37.00M | -22.00M | -19.00M | -24.00M | -18.00M |
| Gain (Loss) on Sale of Assets | -32.00M | -35.00M | -3.00M | -16.00M | -4.00M | -2.00M |
| Legal Settlements | -5.00M | -7.00M | -1.00M | -11.00M | -81.00M | |
| Other Unusual Items | -18.00M | -16.00M | -53.00M | -54.00M | -46.00M | -27.00M |
| Pretax Income | 2.14B | 1.68B | 1.81B | 1.45B | 1.36B | 1.36B |
| Income Tax Expense | 52.00M | 483.00M | 364.00M | -265.00M | -117.00M | 110.00M |
| Earnings From Continuing Operations | 2.09B | 1.20B | 1.45B | 1.72B | 1.48B | 1.25B |
| Earnings From Discontinued Operations | -119.00M | -126.00M | ||||
| Net Income to Company | 1.97B | 1.07B | 1.45B | 1.72B | 1.48B | 1.25B |
| Minority Interest in Earnings | -469.00M | -299.00M | -424.00M | -528.00M | -474.00M | -415.00M |
| Net Income | 1.50B | 776.00M | 1.02B | 1.19B | 1.01B | 838.00M |
| Net Income to Common | 1.50B | 776.00M | 1.02B | 1.19B | 1.01B | 838.00M |
| Shares Outstanding (Basic) | 344.75M | 329.00M | 319.00M | 312.00M | 307.00M | 310.00M |
| Shares Outstanding (Diluted) | 459.25M | 457.00M | 454.00M | 456.00M | 455.00M | 464.00M |
| EPS (Basic) | 4.35 | 2.36 | 3.20 | 3.81 | 3.28 | 2.70 |
| EPS (Diluted) | 4.29 | 2.35 | 3.18 | 3.76 | 3.25 | 2.69 |
| Free Cash Flow | 1.53B | 1.30B | 1.30B | 1.20B | 1.39B | 1.62B |
| Free Cash Flow Per Share | 3.34 | 2.85 | 2.87 | 2.64 | 3.06 | 3.49 |
| Dividend Per Share | 2.57 | 2.48 | 2.32 | 2.20 | 2.16 | 2.12 |
| Gross Margin | 34.33% | 33.85% | 35.97% | 39.90% | 39.94% | 41.37% |
| Operating Margin | 27.03% | 26.43% | 27.65% | 30.43% | 31.10% | 33.52% |
| Profit Margin | 15.35% | 8.23% | 12.15% | 16.95% | 15.50% | 14.60% |
| Free Cash Flow Margin | 15.69% | 13.80% | 15.49% | 17.13% | 21.37% | 28.23% |
| EBITDA | 2.95B | 2.79B | 2.59B | 2.33B | 2.21B | 2.12B |
| EBITDA Margin | 30.15% | 29.62% | 30.79% | 33.15% | 34.02% | 37.03% |
| D&A For EBITDA | 305.00M | 301.00M | 264.00M | 191.00M | 190.00M | 201.00M |
| EBIT | 2.64B | 2.49B | 2.32B | 2.14B | 2.02B | 1.92B |
| EBIT Margin | 27.03% | 26.43% | 27.65% | 30.43% | 31.10% | 33.52% |
| Effective Tax Rate | 2.43% | 28.68% | 20.12% | 8.07% | ||
| Revenue as Reported | 9.78B | 9.43B | 8.41B | 7.02B | 6.50B | 5.74B |
| Advertising Expenses | 1.29B | 1.27B | 1.20B | 1.03B | 962.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 974.00M | 1.16B | 1.33B | 1.14B | 1.18B | 1.09B |
| Trading Asset Securities | 8.00M | 1.00M | ||||
| Cash & Short-Term Investments | 1.01B | 1.17B | 1.33B | 1.14B | 1.18B | 1.09B |
| Receivables | 763.00M | 794.00M | 698.00M | 749.00M | 614.00M | 547.00M |
| Inventory | 237.00M | 205.00M | 142.00M | 166.00M | 133.00M | 96.00M |
| Prepaid Expenses | 295.00M | 171.00M | 99.00M | 119.00M | 116.00M | 84.00M |
| Other Current Assets | 5.00M | 489.00M | 8.00M | 7.00M | 2.00M | |
| Total Current Assets | 2.31B | 2.83B | 2.28B | 2.17B | 2.05B | 1.82B |
| Property, Plant & Equipment | 4.25B | 4.26B | 4.09B | 3.07B | 3.03B | 3.17B |
| Long-Term Investments | 309.00M | 169.00M | 307.00M | 353.00M | 447.00M | 194.00M |
| Goodwill | 6.17B | 6.31B | 5.99B | 5.78B | 5.69B | 6.01B |
| Other Intangible Assets | 10.88B | 11.19B | 10.92B | 11.11B | 10.99B | 11.42B |
| Long-Term Accounts Receivable | 80.00M | |||||
| Other Long-Term Assets | 1.35B | 856.00M | 1.05B | 909.00M | 540.00M | 568.00M |
| Total Assets | 25.26B | 25.61B | 24.63B | 23.39B | 22.75B | 23.25B |
| Accounts Payable | 816.00M | 866.00M | 765.00M | 790.00M | 758.00M | 614.00M |
| Accrued Expenses | 455.00M | 498.00M | 371.00M | 389.00M | 359.00M | 322.00M |
| Current Portion of Long-Term Debt | 56.00M | 32.00M | 187.00M | 67.00M | 95.00M | 62.00M |
| Current Portion of Leases | 248.00M | 236.00M | 228.00M | 181.00M | 169.00M | 174.00M |
| Current Income Taxes Payable | 262.00M | 188.00M | 228.00M | 129.00M | 190.00M | 106.00M |
| Current Unearned Revenue | 262.00M | 326.00M | 307.00M | 325.00M | 273.00M | 269.00M |
| Other Current Liabilities | 318.00M | 745.00M | 278.00M | 263.00M | 272.00M | 331.00M |
| Total Current Liabilities | 2.42B | 2.89B | 2.36B | 2.14B | 2.12B | 1.88B |
| Long-Term Debt | 13.18B | 13.25B | 13.46B | 12.85B | 12.84B | 13.14B |
| Long-Term Leases | 2.18B | 2.16B | 2.06B | 1.37B | 1.34B | 1.40B |
| Long-Term Unearned Revenue | 537.00M | 562.00M | 571.00M | 612.00M | 584.00M | 568.00M |
| Pension & Post-Retirement Benefits | 25.00M | 23.00M | 23.00M | 34.00M | 40.00M | 47.00M |
| Long-Term Deferred Tax Liabilities | 1.05B | 1.12B | 1.21B | 1.30B | 1.31B | 1.37B |
| Other Long-Term Liabilities | 333.00M | 449.00M | 112.00M | 350.00M | 248.00M | 987.00M |
| Total Liabilities | 19.73B | 20.46B | 19.79B | 18.66B | 18.48B | 19.39B |
| Common Stock | 2.69B | 2.86B | 2.36B | 1.97B | 2.06B | 2.16B |
| Retained Earnings | 2.49B | 1.79B | 1.86B | 1.60B | 1.12B | 791.00M |
| Comprehensive Income & Other | -1.24B | -1.02B | -1.11B | -706.00M | -679.00M | -710.00M |
| Total Common Equity | 3.94B | 3.63B | 3.11B | 2.87B | 2.50B | 2.24B |
| Minority Interest | 1.59B | 1.52B | 1.73B | 1.86B | 1.77B | 1.62B |
| Shareholders' Equity | 5.53B | 5.16B | 4.84B | 4.73B | 4.27B | 3.85B |
| Total Liabilities & Equity | 25.26B | 25.61B | 24.63B | 23.39B | 22.75B | 23.25B |
| Total Debt | 15.67B | 15.68B | 15.93B | 14.47B | 14.44B | 14.78B |
| Net Cash (Debt) | -14.66B | -14.51B | -14.59B | -13.33B | -13.26B | -13.69B |
| Net Cash Per Share | -31.93 | -31.75 | -32.14 | -29.24 | -29.15 | -29.50 |
| Filing Date Shares Outstanding | 348.35M | 346.50M | 324.98M | 313.35M | 307.95M | 309.63M |
| Total Common Shares Outstanding | 348.60M | 346.32M | 324.43M | 312.45M | 307.14M | 309.03M |
| Working Capital | -107.00M | -61.00M | -82.00M | 29.00M | -68.00M | -62.00M |
| Book Value Per Share | 11.30 | 10.49 | 9.59 | 9.17 | 8.14 | 7.24 |
| Tangible Book Value | -13.11B | -13.86B | -13.80B | -14.02B | -14.18B | -15.19B |
| Tangible Book Value Per Share | -37.60 | -40.03 | -42.53 | -44.86 | -46.17 | -49.14 |
| Land | 160.00M | 173.00M | 131.00M | 105.00M | 112.00M | |
| Buildings | 490.00M | 372.00M | 91.00M | 20.00M | ||
| Machinery | 607.00M | 570.00M | 535.00M | 476.00M | 432.00M | |
| Construction In Progress | 124.00M | 116.00M | 62.00M | 52.00M | 30.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.50B | 776.00M | 1.02B | 1.19B | 1.01B | 838.00M |
| Depreciation & Amortization | 305.00M | 301.00M | 264.00M | 191.00M | 190.00M | 201.00M |
| Other Amortization | 24.00M | 25.00M | 25.00M | 27.00M | 28.00M | 27.00M |
| Loss (Gain) on Equity Investments | -9.00M | -11.00M | -69.00M | -8.00M | 44.00M | 4.00M |
| Stock-Based Compensation | 142.00M | 151.00M | 172.00M | 194.00M | 136.00M | 102.00M |
| Other Operating Activities | 35.00M | 584.00M | 199.00M | -2.00M | 420.00M | 416.00M |
| Change in Accounts Receivable | -50.00M | -89.00M | 7.00M | -147.00M | -110.00M | 8.00M |
| Change in Inventory | -46.00M | -67.00M | 30.00M | -43.00M | -61.00M | 12.00M |
| Change in Accounts Payable | -4.00M | 89.00M | -30.00M | 22.00M | 169.00M | 149.00M |
| Change in Other Net Operating Assets | -34.00M | -45.00M | -116.00M | -101.00M | -334.00M | -31.00M |
| Operating Cash Flow | 1.82B | 1.57B | 1.50B | 1.32B | 1.49B | 1.73B |
| Capital Expenditures | -283.00M | -265.00M | -201.00M | -120.00M | -100.00M | -106.00M |
| Sale of Property, Plant & Equipment | 66.00M | 38.00M | 34.00M | 37.00M | 12.00M | 16.00M |
| Cash Acquisitions | -10.00M | -152.00M | -540.00M | -17.00M | -12.00M | -1.00B |
| Other Investing Activities | 4.00M | 61.00M | 47.00M | 111.00M | 36.00M | -9.00M |
| Investing Cash Flow | -223.00M | -318.00M | -660.00M | 11.00M | -64.00M | -1.10B |
| Long-Term Debt Issued | 2.45B | 55.00M | 2.00M | 1.33B | ||
| Long-Term Debt Repaid | -427.00M | -2.19B | -92.00M | -94.00M | -889.00M | |
| Net Debt Issued (Repaid) | -315.00M | -427.00M | 260.00M | -37.00M | -92.00M | 446.00M |
| Issuance of Common Stock | 57.00M | 33.00M | 78.00M | 60.00M | 51.00M | 60.00M |
| Repurchase of Common Stock | -444.00M | -500.00M | -326.00M | -551.00M | ||
| Common Dividends Paid | -1.16B | -1.11B | -1.03B | -990.00M | -971.00M | -974.00M |
| Dividends Paid | -1.16B | -1.11B | -1.03B | -990.00M | -971.00M | -974.00M |
| Other Financing Activities | 43.00M | 66.00M | 66.00M | 93.00M | 31.00M | -74.00M |
| Financing Cash Flow | -1.82B | -1.44B | -625.00M | -1.37B | -1.31B | -1.09B |
| Foreign Exchange Rate Adjustments | -10.00M | 16.00M | -23.00M | 1.00M | -28.00M | -3.00M |
| Net Cash Flow | -232.00M | -171.00M | 195.00M | -39.00M | 91.00M | -473.00M |
| Free Cash Flow | 1.53B | 1.30B | 1.30B | 1.20B | 1.39B | 1.62B |
| Free Cash Flow Margin | 15.69% | 13.80% | 15.49% | 17.13% | 21.37% | 28.23% |
| Free Cash Flow Per Share | 3.34 | 2.85 | 2.87 | 2.64 | 3.06 | 3.49 |
| Levered Free Cash Flow | 1.59B | 1.39B | 1.47B | 1.12B | 1.25B | 1.37B |
| Unlevered Free Cash Flow | 1.90B | 1.71B | 1.83B | 1.48B | 1.56B | 1.66B |
| Cash Interest Paid | 668.00M | 714.00M | 785.00M | 761.00M | 487.00M | 404.00M |
| Cash Income Tax Paid | 378.00M | 450.00M | 293.00M | 290.00M | 275.00M | 256.00M |
| Change in Working Capital | -134.00M | -112.00M | -109.00M | -269.00M | -336.00M | 138.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 33.68B | 22.37B | 21.10B | 24.38B | 19.78B | 19.12B |
| Enterprise Value | 48.35B | 38.78B | 37.70B | 39.22B | 34.98B | 33.22B |
| Last Close Price | 74.64 | 66.43 | 61.15 | 70.93 | 56.91 | 51.40 |
| PE Ratio | 17.42 | 28.82 | 20.66 | 20.49 | 19.63 | 22.82 |
| Forward PE | 17.32 | 17.31 | 17.95 | 24.01 | 21.86 | 20.80 |
| PS Ratio | 3.45 | 2.37 | 2.51 | 3.47 | 3.04 | 3.33 |
| PB Ratio | 6.60 | 4.33 | 4.36 | 5.15 | 4.63 | 4.96 |
| P/FCF Ratio | 21.96 | 17.18 | 16.20 | 20.27 | 14.23 | 11.80 |
| P/OCF Ratio | 18.54 | 14.27 | 14.04 | 18.43 | 13.28 | 11.08 |
| PEG Ratio | 2.04 | 2.17 | 1.95 | 2.97 | 2.94 | 1.75 |
| EV/Sales Ratio | 4.95 | 4.11 | 4.49 | 5.59 | 5.38 | 5.79 |
| EV/EBITDA Ratio | 16.40 | 13.88 | 14.57 | 16.85 | 15.81 | 15.63 |
| EV/EBIT Ratio | 18.30 | 15.55 | 16.22 | 18.35 | 17.29 | 17.26 |
| EV/FCF Ratio | 31.52 | 29.78 | 28.95 | 32.60 | 25.16 | 20.50 |
| Debt / Equity Ratio | 2.83 | 3.04 | 3.29 | 3.06 | 3.38 | 3.83 |
| Debt / EBITDA Ratio | 5.32 | 5.61 | 6.15 | 6.22 | 6.53 | 6.95 |
| Debt / FCF Ratio | 10.22 | 12.04 | 12.23 | 12.03 | 10.39 | 9.12 |
| Net Debt / Equity Ratio | 2.65 | 2.81 | 3.01 | 2.82 | 3.11 | 3.55 |
| Net Debt / EBITDA Ratio | 4.97 | 5.19 | 5.64 | 5.73 | 5.99 | 6.44 |
| Net Debt / FCF Ratio | 9.56 | 11.14 | 11.21 | 11.08 | 9.54 | 8.45 |
| Asset Turnover | 0.38 | 0.38 | 0.35 | 0.30 | 0.28 | 0.25 |
| Inventory Turnover | 28.34 | 35.97 | 34.95 | 28.23 | 34.12 | 35.05 |
| Quick Ratio | 0.73 | 0.68 | 0.86 | 0.88 | 0.85 | 0.87 |
| Current Ratio | 0.96 | 0.98 | 0.96 | 1.01 | 0.97 | 0.97 |
| Return on Equity (ROE) | 39.05% | 24.02% | 30.19% | 38.19% | 36.50% | 33.09% |
| Return on Assets (ROA) | 6.48% | 6.20% | 6.05% | 5.79% | 5.50% | 5.23% |
| Return on Invested Capital (ROIC) | 12.85% | 9.09% | 9.90% | 12.01% | 11.54% | 10.35% |
| Return on Capital Employed (ROCE) | 11.60% | 11.00% | 10.40% | 10.10% | 9.80% | 9.00% |
| Earnings Yield | 5.74% | 3.47% | 4.84% | 4.88% | 5.10% | 4.38% |
| FCF Yield | 4.55% | 5.82% | 6.17% | 4.93% | 7.03% | 8.47% |
| Dividend Yield | 3.48% | 3.84% | 3.57% | 2.82% | 3.35% | 3.43% |
| Payout Ratio | 60.67% | 142.78% | 100.78% | 83.19% | 96.33% | 116.23% |
| Buyback Yield / Dilution | -0.66% | -0.66% | 0.44% | -0.22% | 1.94% | 0.85% |
| Total Shareholder Return | 2.83% | 3.18% | 4.01% | 2.60% | 5.29% | 4.28% |