Restaurant Brands International (QSR) Financials

$67.80 +1.06 (+1.59%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$67.78 -0.02 (-0.04%)

As of 07:32 AM Eastern

Annual Income Statements for Restaurant Brands International

This table shows Restaurant Brands International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	104	346	626	612	643	486	838	1,008	1,190	1,021
Consolidated Net Income / (Loss)	512	956	1,235	1,144	1,111	750	1,253	1,482	1,718	1,445
Net Income / (Loss) Continuing Operations	512	956	1,235	1,144	1,111	750	1,253	1,482	1,718	1,445
Total Pre-Tax Income	674	1,200	1,101	1,382	1,452	816	1,363	1,365	1,453	1,809
Total Operating Income	1,192	1,667	1,735	1,917	2,007	1,422	1,879	1,898	2,051	2,419
Total Gross Profit	2,243	1,965	2,248	3,117	3,257	3,358	3,849	4,193	4,587	4,898
Total Revenue	4,052	4,146	4,576	5,357	5,603	4,968	5,739	6,505	7,022	8,406
Operating Revenue	4,052	4,146	4,576	5,357	5,603	4,968	5,739	6,505	7,022	8,406
Total Cost of Revenue	1,810	2,181	2,328	2,240	2,346	1,610	1,890	2,312	2,435	3,508
Operating Cost of Revenue	1,810	1,727	1,850	1,818	1,813	1,610	1,890	2,312	2,435	3,508
Total Operating Expenses	1,051	298	513	1,200	1,250	1,936	1,966	2,295	2,544	2,479
Selling, General & Admin Expense	438	319	416	1,214	406	407	484	631	704	733
Marketing Expense	-	-	-	-	865	-	986	1,077	1,273	1,330
Other Operating Expenses / (Income)	613	-21	97	-14	-21	1,529	496	587	567	416
Total Other Income / (Expense), net	-518	-467	-634	-535	-555	-606	-520	-533	-590	-610
Interest Expense	40	0.00	122	0.00	23	98	11	0.00	16	33
Interest & Investment Income	-478	-467	-512	-535	-532	-508	-509	-533	-574	-577
Income Tax Expense	162	244	-134	238	341	66	110	-117	-265	364
Net Income / (Loss) Attributable to Noncontrolling Interest	137	340	587	532	468	264	415	474	528	424
Basic Earnings per Share	$0.51	$1.48	$2.64	$2.46	$2.40	$1.61	$2.71	$3.28	$3.82	$3.21
Weighted Average Basic Shares Outstanding	203.50M	233M	237M	249M	268M	302M	310M	307M	312M	319M
Diluted Earnings per Share	$0.50	$1.45	$2.54	$2.42	$2.37	$1.60	$2.69	$3.25	$3.76	$3.18
Weighted Average Diluted Shares Outstanding	476M	470M	477M	473M	469M	468M	464M	455M	456M	454M
Weighted Average Basic & Diluted Shares Outstanding	203.70M	233.50M	237.20M	251.56M	298.43M	305.14M	309.63M	307.95M	313.35M	452.02M
Cash Dividends to Common per Share	$0.44	$0.62	$0.78	$1.80	$2.00	$2.08	$2.12	$2.16	$2.20	$2.32

This table shows Restaurant Brands International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	360	229	189	241	252	508	230	280	252	259
Consolidated Net Income / (Loss)	530	336	277	351	364	726	328	399	357	361
Net Income / (Loss) Continuing Operations	530	336	277	351	364	726	328	399	357	361
Total Pre-Tax Income	428	202	305	409	423	316	396	484	429	500
Total Operating Income	561	346	447	554	582	468	544	663	577	635
Total Gross Profit	1,111	1,070	1,040	851	1,207	1,489	1,133	1,254	1,259	1,252
Total Revenue	1,726	1,689	1,590	1,775	1,837	1,820	1,739	2,080	2,291	2,296
Operating Revenue	1,726	1,689	1,590	1,775	1,837	1,820	1,739	2,080	2,291	2,296
Total Cost of Revenue	615	619	550	924	630	331	606	826	1,032	1,044
Operating Cost of Revenue	615	619	550	924	630	331	606	826	1,032	1,044
Total Operating Expenses	550	724	593	297	624	1,030	589	591	679	620
Selling, General & Admin Expense	156	196	175	163	169	197	173	185	176	199
Other Operating Expenses / (Income)	118	233	147	134	129	157	105	406	176	-271
Total Other Income / (Expense), net	-133	-144	-142	-145	-160	-143	-148	-179	-151	-132
Interest & Investment Income	-133	-144	-142	-145	-144	-143	-148	-147	-150	-132
Income Tax Expense	-102	-134	28	58	59	-410	68	85	72	139
Net Income / (Loss) Attributable to Noncontrolling Interest	170	107	88	110	112	218	98	119	105	102
Basic Earnings per Share	$1.18	$0.74	$0.61	$0.77	$0.80	$1.64	$0.73	$0.89	$0.79	$0.80
Weighted Average Basic Shares Outstanding	306M	307M	309M	312M	314M	312M	314M	317M	319M	319M
Diluted Earnings per Share	$1.17	$0.73	$0.61	$0.77	$0.79	$1.59	$0.72	$0.88	$0.79	$0.79
Weighted Average Diluted Shares Outstanding	454M	455M	456M	458M	459M	456M	453M	453M	454M	454M
Weighted Average Basic & Diluted Shares Outstanding	305.90M	307.95M	311.25M	312.28M	312.03M	313.35M	316.38M	450.60M	450.76M	452.02M

This table details how cash moves in and out of Restaurant Brands International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-1,045	684	-379	-184	620	27	-473	91	-39	195
Net Cash From Operating Activities	1,205	1,250	1,391	1,165	1,476	921	1,726	1,490	1,323	1,503
Net Cash From Continuing Operating Activities	1,205	1,250	1,391	1,165	1,476	921	1,726	1,490	1,323	1,503
Net Income / (Loss) Continuing Operations	512	956	1,235	1,144	1,111	750	1,253	1,482	1,718	1,445
Consolidated Net Income / (Loss)	512	956	1,235	1,144	1,111	750	1,253	1,482	1,718	1,445
Depreciation Expense	182	172	182	180	185	189	201	190	191	264
Amortization Expense	35	39	33	29	29	26	27	28	27	25
Non-Cash Adjustments To Reconcile Net Income	195	1.00	261	-94	-32	358	92	160	54	-155
Changes in Operating Assets and Liabilities, net	281	82	-320	-94	183	-402	153	-370	-667	-76
Net Cash From Investing Activities	-62	27	-858	-44	-30	-79	-1,103	-64	11	-660
Net Cash From Continuing Investing Activities	-62	27	-858	-44	-30	-79	-1,103	-64	11	-660
Purchase of Property, Plant & Equipment	-115	-34	-37	-86	-62	-117	-106	-100	-120	-201
Acquisitions	0.00	0.00	-1,636	-	0.00	0.00	-1,004	-12	-17	-540
Sale of Property, Plant & Equipment	20	30	26	8.00	8.00	12	16	12	37	34
Sale and/or Maturity of Investments	31	28	772	17	24	33	5.00	71	112	74
Other Investing Activities, net	3.70	3.00	17	17	0.00	-7.00	-14	-35	-1.00	-27
Net Cash From Financing Activities	-2,115	-591	-936	-1,285	-842	-821	-1,093	-1,307	-1,374	-625
Net Cash From Continuing Financing Activities	-2,115	-591	-936	-1,285	-842	-821	-1,093	-1,307	-1,374	-625
Repayment of Debt	-2,713	-75	-2,815	-132	-2,316	-4,753	-912	-97	-140	-2,233
Repurchase of Common Equity	-294	0.00	-330	-561	0.00	-380	-551	-326	-500	0.00
Payment of Dividends	-362	-538	-664	-728	-901	-959	-974	-971	-990	-1,029
Issuance of Debt	1,250	0.00	5,850	75	2,250	5,235	1,335	2.00	55	2,450
Issuance of Common Equity	-	-	-	-	-	0.00	0.00	30	0.00	0.00
Other Financing Activities, net	3.50	22	29	61	125	36	9.00	55	201	187
Effect of Exchange Rate Changes	-74	-2.00	24	-20	16	6.00	-	-	1.00	-23
Cash Interest Paid	408	407	447	561	584	463	404	487	761	785
Cash Income Taxes Paid	208	159	200	433	248	267	256	275	290	293

This table details how cash moves in and out of Restaurant Brands International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	108	232	-145	180	97	-171	-90	-107	234	158
Net Cash From Operating Activities	398	423	95	392	433	403	148	334	540	481
Net Cash From Continuing Operating Activities	398	423	95	392	433	403	148	334	540	481
Net Income / (Loss) Continuing Operations	530	336	277	351	364	726	328	399	357	361
Consolidated Net Income / (Loss)	530	336	277	351	364	726	328	399	357	361
Depreciation Expense	46	47	46	49	47	49	49	59	79	77
Amortization Expense	7.00	7.00	7.00	7.00	7.00	6.00	6.00	6.00	7.00	6.00
Non-Cash Adjustments To Reconcile Net Income	1.00	107	21	9.00	17	7.00	-19	-70	23	-89
Changes in Operating Assets and Liabilities, net	-186	-74	-256	-24	-2.00	-385	-216	-60	74	126
Net Cash From Investing Activities	-20	2.00	0.00	-8.00	-3.00	22	-31	-528	-57	-44
Net Cash From Continuing Investing Activities	-20	2.00	0.00	-8.00	-3.00	22	-31	-528	-57	-44
Purchase of Property, Plant & Equipment	-24	-48	-18	-30	-25	-47	-26	-43	-55	-77
Acquisitions	-	-	0.00	-	-	-17	-23	-508	-7.00	-2.00
Sale of Property, Plant & Equipment	1.00	1.00	4.00	9.00	10	14	2.00	5.00	10	17
Sale and/or Maturity of Investments	13	49	14	14	12	72	16	19	19	20
Other Investing Activities, net	-10	-	-	-	-	-	-	-	-24	-2.00
Net Cash From Financing Activities	-251	-196	-240	-208	-326	-600	-203	91	-253	-260
Net Cash From Continuing Financing Activities	-251	-196	-240	-208	-326	-600	-203	91	-253	-260
Repayment of Debt	-25	-23	-32	-38	-55	-15	-25	-1,648	-531	-29
Payment of Dividends	-243	-243	-243	-249	-249	-249	-245	-261	-261	-262
Other Financing Activities, net	17	40	35	77	40	49	67	50	39	31
Effect of Exchange Rate Changes	-19	-	0.00	-	-	4.00	-4.00	-	-	-19
Cash Interest Paid	109	169	163	217	164	217	170	220	179	216
Cash Income Taxes Paid	57	98	61	85	38	106	87	99	76	31

This table presents Restaurant Brands International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	18,411	19,125	21,224	20,141	22,360	22,777	23,246	22,746	23,391	24,632
Total Current Assets	1,370	2,097	1,750	1,500	2,196	2,264	1,816	2,048	2,173	2,282
Cash & Equivalents	758	1,460	1,097	913	1,533	1,560	1,087	1,178	1,139	1,334
Note & Lease Receivable	422	404	489	452	527	536	547	614	749	698
Inventories, net	81	72	78	75	84	96	96	133	166	142
Prepaid Expenses	51	104	86	60	52	72	86	123	119	108
Plant, Property, & Equipment, net	2,151	2,055	2,133	1,996	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	14,891	14,973	17,341	16,645	20,164	20,513	21,430	20,698	21,218	22,350
Goodwill	4,574	4,675	5,782	5,486	5,651	5,739	6,006	5,688	5,775	5,986
Intangible Assets	9,148	9,228	11,062	10,463	10,563	10,701	11,417	10,991	11,107	10,922
Other Noncurrent Operating Assets	1,052	978	426	642	3,902	4,007	3,927	4,019	4,336	5,442
Total Liabilities & Shareholders' Equity	18,411	19,125	21,224	20,141	22,360	22,777	23,246	22,746	23,391	24,632
Total Liabilities	12,201	12,339	16,663	16,523	18,101	19,056	19,393	18,478	18,661	19,789
Total Current Liabilities	1,121	1,211	1,655	1,408	1,703	1,601	1,878	2,116	2,144	2,364
Short-Term Debt	56	94	78	91	101	111	96	127	101	222
Accounts Payable	362	370	496	513	644	464	614	758	790	765
Accrued Expenses	703	747	1,081	804	790	835	947	1,001	1,005	1,141
Other Current Liabilities	-	-	-	-	168	191	221	230	248	236
Total Noncurrent Liabilities	11,080	11,129	15,008	15,115	16,398	17,455	17,515	16,362	16,517	17,425
Long-Term Debt	8,462	8,410	11,801	11,823	11,759	12,397	12,916	12,839	12,854	13,455
Noncurrent Deferred & Payable Income Tax Liabilities	1,619	1,715	1,508	1,519	1,564	1,425	1,374	1,313	1,296	1,208
Other Noncurrent Operating Liabilities	796	785	1,455	1,547	3,075	3,633	3,225	2,210	2,367	2,762
Commitments & Contingencies	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,913	3,489	4,561	3,618	4,259	3,721	3,853	4,268	4,730	4,843
Total Preferred & Common Equity	1,337	1,703	2,227	1,611	2,490	2,167	2,237	2,499	2,866	3,110
Total Common Equity	1,337	1,703	2,227	1,611	2,490	2,167	2,237	2,499	2,866	3,110
Common Stock	1,825	1,955	2,052	1,737	2,478	2,399	2,156	2,057	1,973	2,357
Retained Earnings	246	446	651	674	775	622	791	1,121	1,599	1,860
Accumulated Other Comprehensive Income / (Loss)	-734	-698	-476	-800	-763	-854	-710	-679	-706	-1,107
Noncontrolling Interest	1,576	1,786	2,334	2,007	1,769	1,554	1,616	1,769	1,864	1,733

This table presents Restaurant Brands International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	22,557	22,526	23,133	23,077	23,145	24,849	25,071
Total Current Assets	1,924	1,893	2,190	2,383	2,071	2,030	2,255
Cash & Equivalents	946	1,033	1,213	1,310	1,049	942	1,176
Note & Lease Receivable	598	612	639	692	749	737	693
Inventories, net	129	145	171	160	152	160	169
Prepaid Expenses	251	103	167	221	121	191	217
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	20,633	20,633	20,943	20,694	21,074	22,819	22,816
Goodwill	5,605	5,700	5,772	5,681	5,702	6,140	6,187
Intangible Assets	10,831	11,005	11,120	10,946	10,970	11,266	11,347
Other Noncurrent Operating Assets	4,114	3,845	4,051	4,067	4,402	5,413	5,282
Total Liabilities & Shareholders' Equity	22,557	22,526	23,133	23,077	23,145	24,849	25,071
Total Liabilities	18,518	18,215	18,455	18,413	18,310	19,898	20,032
Total Current Liabilities	1,920	1,882	2,016	2,071	1,924	2,617	2,208
Short-Term Debt	117	128	132	87	110	617	126
Accounts Payable	696	679	735	693	734	720	754
Accrued Expenses	959	901	975	1,132	893	1,099	1,158
Other Current Liabilities	148	174	174	159	187	181	170
Total Noncurrent Liabilities	16,598	16,333	16,439	16,342	16,386	17,281	17,824
Long-Term Debt	12,853	12,821	12,801	12,862	12,832	13,092	13,571
Noncurrent Deferred & Payable Income Tax Liabilities	1,388	1,288	1,327	1,308	1,309	1,296	1,242
Other Noncurrent Operating Liabilities	2,357	2,224	2,311	2,172	2,245	2,893	3,011
Total Equity & Noncontrolling Interests	4,039	4,311	4,678	4,664	4,835	4,951	5,039
Total Preferred & Common Equity	2,313	2,575	2,854	2,908	2,969	3,068	3,236
Total Common Equity	2,313	2,575	2,854	2,908	2,969	3,068	3,236
Common Stock	1,964	2,157	2,247	2,267	2,076	2,138	2,300
Retained Earnings	1,062	1,134	1,198	1,268	1,640	1,734	1,794
Accumulated Other Comprehensive Income / (Loss)	-713	-716	-591	-627	-747	-804	-858
Noncontrolling Interest	1,726	1,736	1,824	1,756	1,866	1,883	1,803

This table displays calculated financial ratios and metrics derived from Restaurant Brands International's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	238.02%	2.31%	10.37%	17.07%	4.59%	-11.33%	15.52%	13.35%	7.95%	19.71%
EBITDA Growth	354.40%	33.28%	3.83%	9.03%	4.47%	-26.29%	28.71%	0.43%	7.23%	19.35%
EBIT Growth	558.31%	39.83%	4.08%	10.49%	4.69%	-29.15%	32.14%	1.01%	8.06%	17.94%
NOPAT Growth	614.09%	46.70%	46.54%	-18.46%	-3.23%	-14.89%	32.16%	19.30%	17.68%	-20.32%
Net Income Growth	290.01%	86.83%	29.18%	-7.37%	-2.88%	-32.49%	67.07%	18.28%	15.92%	-15.89%
EPS Growth	121.55%	190.00%	75.17%	-4.72%	-2.07%	-32.49%	68.13%	20.82%	15.69%	-15.43%
Operating Cash Flow Growth	364.64%	3.75%	11.28%	-16.25%	26.70%	-37.60%	87.41%	-13.67%	-11.21%	13.61%
Free Cash Flow Firm Growth	122.36%	-45.81%	-58.80%	246.96%	-13.67%	-31.80%	-49.48%	188.29%	8.55%	-33.22%
Invested Capital Growth	-11.19%	-0.89%	9.63%	-3.21%	-1.74%	0.57%	7.56%	1.76%	3.05%	3.87%
Revenue Q/Q Growth	18.73%	1.33%	2.75%	2.90%	1.71%	-2.38%	3.39%	2.25%	1.90%	6.00%
EBITDA Q/Q Growth	45.66%	9.87%	0.79%	0.24%	-0.05%	-7.57%	2.13%	-3.38%	5.73%	7.76%
EBIT Q/Q Growth	55.32%	11.35%	0.77%	0.57%	-0.25%	-8.85%	2.34%	-3.56%	6.32%	7.42%
NOPAT Q/Q Growth	279.30%	9.07%	35.67%	-22.61%	-2.73%	0.29%	1.33%	7.98%	26.76%	-22.97%
Net Income Q/Q Growth	1,047.59%	13.96%	28.86%	-19.50%	-3.81%	-13.59%	10.89%	5.26%	29.37%	-20.17%
EPS Q/Q Growth	121.01%	20.83%	75.17%	-28.19%	-4.05%	-13.04%	11.16%	5.18%	29.66%	-20.10%
Operating Cash Flow Q/Q Growth	44.44%	6.53%	18.37%	-4.50%	5.20%	-21.48%	10.08%	-3.12%	-1.49%	5.47%
Free Cash Flow Firm Q/Q Growth	0.00%	11.18%	247.07%	-4.97%	-19.94%	-22.30%	-51.72%	165.14%	15.65%	3.27%
Invested Capital Q/Q Growth	-1.31%	-1.57%	-0.89%	-3.21%	-0.61%	1.85%	6.41%	-0.04%	1.49%	-2.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.35%	47.40%	49.13%	58.19%	58.13%	67.59%	67.07%	64.46%	65.32%	58.27%
EBITDA Margin	34.77%	45.30%	42.61%	39.69%	39.64%	32.95%	36.71%	32.53%	32.31%	32.22%
Operating Margin	29.42%	40.21%	37.92%	35.79%	35.82%	28.62%	32.74%	29.18%	29.21%	28.78%
EBIT Margin	29.42%	40.21%	37.92%	35.79%	35.82%	28.62%	32.74%	29.18%	29.21%	28.78%
Profit (Net Income) Margin	12.63%	23.06%	26.99%	21.36%	19.83%	15.10%	21.83%	22.78%	24.47%	17.19%
Tax Burden Percent	75.93%	79.67%	112.17%	82.78%	76.52%	91.91%	91.93%	108.57%	118.24%	79.88%
Interest Burden Percent	56.53%	71.99%	63.46%	72.09%	72.35%	57.38%	72.54%	71.92%	70.84%	74.78%
Effective Tax Rate	24.07%	20.33%	-12.17%	17.22%	23.48%	8.09%	8.07%	-8.57%	-18.24%	20.12%
Return on Invested Capital (ROIC)	6.03%	9.45%	13.27%	10.52%	10.44%	8.94%	11.35%	12.95%	14.88%	11.46%
ROIC Less NNEP Spread (ROIC-NNEP)	1.16%	4.53%	5.47%	6.54%	6.50%	3.70%	7.20%	8.07%	8.89%	7.42%
Return on Net Nonoperating Assets (RNNOA)	1.36%	5.26%	8.99%	18.34%	17.77%	9.86%	21.74%	23.55%	23.31%	18.73%
Return on Equity (ROE)	7.39%	14.71%	22.26%	28.86%	28.21%	18.80%	33.09%	36.50%	38.19%	30.19%
Cash Return on Invested Capital (CROIC)	17.89%	10.35%	4.09%	13.78%	12.20%	8.37%	4.06%	11.20%	11.87%	7.66%
Operating Return on Assets (OROA)	6.00%	8.88%	8.58%	9.25%	9.44%	6.30%	8.17%	8.25%	8.89%	10.07%
Return on Assets (ROA)	2.57%	5.09%	6.11%	5.52%	5.23%	3.32%	5.45%	6.44%	7.45%	6.02%
Return on Common Equity (ROCE)	1.72%	3.44%	7.62%	13.49%	14.69%	10.97%	19.24%	21.28%	22.77%	18.85%
Return on Equity Simple (ROE_SIMPLE)	38.28%	56.15%	58.95%	71.01%	44.62%	34.61%	56.01%	59.30%	59.94%	46.46%
Net Operating Profit after Tax (NOPAT)	905	1,328	1,946	1,587	1,536	1,307	1,727	2,061	2,425	1,932
NOPAT Margin	22.34%	32.03%	42.53%	29.62%	27.41%	26.31%	30.10%	31.68%	34.54%	22.99%
Net Nonoperating Expense Percent (NNEP)	4.87%	4.92%	7.80%	3.98%	3.94%	5.24%	4.15%	4.88%	5.99%	4.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	11.96%	13.71%	10.43%
Cost of Revenue to Revenue	44.65%	52.60%	50.87%	41.81%	41.87%	32.41%	32.93%	35.54%	34.68%	41.73%
SG&A Expenses to Revenue	10.80%	7.69%	9.09%	22.66%	7.25%	8.19%	8.43%	9.70%	10.03%	8.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.92%	7.19%	11.21%	22.40%	22.31%	38.97%	34.26%	35.28%	36.23%	29.49%
Earnings before Interest and Taxes (EBIT)	1,192	1,667	1,735	1,917	2,007	1,422	1,879	1,898	2,051	2,419
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,409	1,878	1,950	2,126	2,221	1,637	2,107	2,116	2,269	2,708
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.42	5.19	5.59	6.76	6.52	7.61	7.85	7.43	8.23	9.45
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.46	2.13	2.56	2.03	2.90	3.32	3.06	2.85	3.36	3.50
Price to Earnings (P/E)	56.82	25.54	18.72	17.80	25.24	33.93	20.96	18.41	19.83	28.78
Dividend Yield	1.51%	1.64%	1.58%	4.15%	3.67%	3.83%	3.80%	3.56%	2.91%	3.56%
Earnings Yield	1.76%	3.92%	5.34%	5.62%	3.96%	2.95%	4.77%	5.43%	5.04%	3.48%
Enterprise Value to Invested Capital (EV/IC)	1.32	1.51	1.63	1.63	1.94	1.98	1.97	2.00	2.25	2.53
Enterprise Value to Revenue (EV/Rev)	4.61	5.10	5.45	4.50	5.06	5.84	5.42	4.94	5.31	5.17
Enterprise Value to EBITDA (EV/EBITDA)	13.26	11.25	12.80	11.35	12.75	17.71	14.76	15.18	16.43	16.05
Enterprise Value to EBIT (EV/EBIT)	15.67	12.67	14.39	12.59	14.11	20.39	16.55	16.92	18.17	17.96
Enterprise Value to NOPAT (EV/NOPAT)	20.64	15.91	12.83	15.20	18.45	22.18	18.01	15.58	15.37	22.49
Enterprise Value to Operating Cash Flow (EV/OCF)	15.51	16.90	17.94	20.71	19.19	31.48	18.02	21.55	28.17	28.91
Enterprise Value to Free Cash Flow (EV/FCFF)	6.96	14.53	41.66	11.61	15.78	23.69	50.30	18.02	19.26	33.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.40	1.29	2.81	3.36	2.78	3.36	3.38	3.04	2.74	2.82
Long-Term Debt to Equity	1.40	1.27	2.79	3.33	2.76	3.33	3.35	3.01	2.72	2.78
Financial Leverage	1.17	1.16	1.64	2.81	2.74	2.67	3.02	2.92	2.62	2.52
Leverage Ratio	2.87	2.89	3.64	5.23	5.40	5.66	6.08	5.66	5.13	5.02
Compound Leverage Factor	1.62	2.08	2.31	3.77	3.90	3.25	4.41	4.07	3.63	3.75
Debt to Total Capital	58.41%	56.24%	73.77%	77.04%	73.58%	77.07%	77.15%	75.24%	73.25%	73.85%
Short-Term Debt to Total Capital	0.38%	0.61%	0.47%	0.58%	0.63%	0.68%	0.57%	0.74%	0.57%	1.20%
Long-Term Debt to Total Capital	58.04%	55.64%	73.29%	76.46%	72.95%	76.39%	76.58%	74.50%	72.68%	72.65%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	32.64%	32.78%	13.48%	12.74%	10.97%	9.58%	9.58%	10.26%	10.54%	9.36%
Common Equity to Total Capital	8.95%	10.98%	12.75%	10.22%	15.45%	13.35%	13.26%	14.50%	16.21%	16.79%
Debt to EBITDA	6.19	4.64	6.22	5.71	5.34	7.64	6.18	6.13	5.71	5.05
Net Debt to EBITDA	5.61	3.84	5.65	5.28	4.65	6.69	5.66	5.57	5.21	4.56
Long-Term Debt to EBITDA	6.15	4.59	6.18	5.67	5.29	7.57	6.13	6.07	5.67	4.97
Debt to NOPAT	9.63	6.57	6.23	7.65	7.72	9.57	7.53	6.29	5.34	7.08
Net Debt to NOPAT	8.73	5.42	5.67	7.08	6.72	8.38	6.90	5.72	4.87	6.39
Long-Term Debt to NOPAT	9.57	6.50	6.19	7.59	7.66	9.49	7.48	6.23	5.30	6.96
Altman Z-Score	0.76	1.02	0.94	1.03	1.16	1.02	1.10	1.23	1.45	1.66
Noncontrolling Interest Sharing Ratio	76.78%	76.61%	65.78%	53.26%	47.94%	41.64%	41.85%	41.68%	40.38%	37.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.22	1.73	1.07	1.07	1.29	1.41	0.97	0.97	1.01	0.97
Quick Ratio	1.05	1.54	0.98	0.97	1.21	1.31	0.87	0.85	0.88	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,684	1,454	599	2,079	1,795	1,224	618	1,783	1,935	1,292
Operating Cash Flow to CapEx	1,258.93%	31,250.00%	12,645.45%	1,493.59%	2,733.33%	877.14%	1,917.78%	1,693.18%	1,593.98%	900.00%
Free Cash Flow to Firm to Interest Expense	67.09	0.00	4.91	0.00	78.03	12.49	56.21	0.00	120.94	39.16
Operating Cash Flow to Interest Expense	30.12	0.00	11.40	0.00	64.17	9.40	156.91	0.00	82.69	45.55
Operating Cash Flow Less CapEx to Interest Expense	27.73	0.00	11.31	0.00	61.83	8.33	148.73	0.00	77.50	40.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.22	0.23	0.26	0.26	0.22	0.25	0.28	0.30	0.35
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	14.27	28.49	31.08	29.28	29.51	17.89	19.69	20.19	16.29	22.78
Fixed Asset Turnover	1.77	1.97	2.19	2.59	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	6.19	5.96	5.38	4.44	4.06	2.91	3.51	3.37	3.15	4.51
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	25.58	12.81	11.74	12.47	12.37	20.40	18.54	18.08	22.41	16.02
Days Payable Outstanding (DPO)	58.95	61.19	67.87	82.21	90.01	125.60	104.09	108.30	116.02	80.90
Cash Conversion Cycle (CCC)	-33.37	-48.38	-56.13	-69.74	-77.64	-105.19	-85.55	-90.22	-93.61	-64.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,116	13,990	15,337	14,845	14,586	14,669	15,778	16,056	16,546	17,186
Invested Capital Turnover	0.27	0.30	0.31	0.36	0.38	0.34	0.38	0.41	0.43	0.50
Increase / (Decrease) in Invested Capital	-1,779	-126	1,347	-492	-259	83	1,109	278	490	640
Enterprise Value (EV)	18,683	21,125	24,961	24,126	28,326	28,991	31,101	32,115	37,274	43,456
Market Capitalization	5,904	8,837	11,719	10,892	16,230	16,489	17,560	18,558	23,594	29,380
Book Value per Share	$6.60	$7.27	$8.82	$6.41	$8.35	$7.13	$7.10	$8.17	$9.19	$6.90
Tangible Book Value per Share	($61.19)	($52.11)	($62.09)	($57.05)	($46.04)	($46.97)	($48.20)	($46.35)	($44.92)	($30.61)
Total Capital	14,932	15,508	16,434	15,758	16,119	16,229	16,865	17,234	17,685	18,520
Total Debt	8,722	8,723	12,123	12,140	11,860	12,508	13,012	12,966	12,955	13,677
Total Long-Term Debt	8,666	8,629	12,045	12,049	11,759	12,397	12,916	12,839	12,854	13,455
Net Debt	7,907	7,204	11,026	11,227	10,327	10,948	11,925	11,788	11,816	12,343
Capital Expenditures (CapEx)	96	4.00	11	78	54	105	90	88	83	167
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-511	-538	-913	-730	-939	-786	-1,053	-1,119	-1,009	-1,194
Debt-free Net Working Capital (DFNWC)	305	980	184	183	594	774	34	59	130	140
Net Working Capital (NWC)	249	886	106	92	493	663	-62	-68	29	-82
Net Nonoperating Expense (NNE)	394	372	711	443	425	557	474	579	707	487
Net Nonoperating Obligations (NNO)	7,907	7,204	11,026	11,227	10,327	10,948	11,925	11,788	11,816	12,343
Total Depreciation and Amortization (D&A)	217	211	215	209	214	215	228	218	218	289
Debt-free, Cash-free Net Working Capital to Revenue	-12.60%	-12.97%	-19.95%	-13.63%	-16.76%	-15.82%	-18.35%	-17.20%	-14.37%	-14.20%
Debt-free Net Working Capital to Revenue	7.52%	23.64%	4.02%	3.42%	10.60%	15.58%	0.59%	0.91%	1.85%	1.67%
Net Working Capital to Revenue	6.13%	21.38%	2.32%	1.72%	8.80%	13.35%	-1.08%	-1.05%	0.41%	-0.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.51	$1.48	$2.64	$2.46	$2.40	$1.61	$2.71	$3.28	$3.82	$3.21
Adjusted Weighted Average Basic Shares Outstanding	203.50M	232.90M	237M	249M	268M	302M	310M	307M	312M	319M
Adjusted Diluted Earnings per Share	$0.50	$1.45	$2.54	$2.42	$2.37	$1.60	$2.69	$3.25	$3.76	$3.18
Adjusted Weighted Average Diluted Shares Outstanding	476M	470M	477.40M	473M	469M	468M	464M	455M	456M	454M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	231.67M	234.64M	243.94M	251.56M	298.43M	305.14M	309.63M	307.95M	313.35M	452.02M
Normalized Net Operating Profit after Tax (NOPAT)	905	1,328	1,215	1,587	1,536	1,307	1,727	1,329	1,436	1,932
Normalized NOPAT Margin	22.34%	32.03%	26.54%	29.62%	27.41%	26.31%	30.10%	20.42%	20.45%	22.99%
Pre Tax Income Margin	16.63%	28.94%	24.06%	25.80%	25.91%	16.43%	23.75%	20.98%	20.69%	21.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	29.81	0.00	14.22	0.00	87.26	14.51	170.82	0.00	128.19	73.30
NOPAT to Interest Expense	22.63	0.00	15.95	0.00	66.77	13.34	157.03	0.00	151.57	58.55
EBIT Less CapEx to Interest Expense	27.41	0.00	14.13	0.00	84.91	13.44	162.64	0.00	123.00	68.24
NOPAT Less CapEx to Interest Expense	20.24	0.00	15.86	0.00	64.42	12.27	148.85	0.00	146.38	53.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	70.82%	56.28%	53.77%	63.64%	81.10%	127.87%	77.73%	65.52%	57.63%	71.21%
Augmented Payout Ratio	128.22%	56.28%	80.49%	112.67%	81.10%	178.53%	121.71%	87.52%	86.73%	71.21%

This table displays calculated financial ratios and metrics derived from Restaurant Brands International's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.45%	9.25%	9.58%	8.30%	6.43%	7.76%	9.37%	17.18%	24.71%	26.15%
EBITDA Growth	4.07%	-15.61%	-1.19%	2.35%	3.58%	30.75%	19.80%	19.34%	4.25%	37.28%
EBIT Growth	5.25%	-16.83%	-0.67%	2.40%	3.74%	35.26%	21.70%	19.68%	-0.86%	35.68%
NOPAT Growth	56.09%	52.60%	7.92%	4.64%	-27.91%	86.82%	10.99%	14.96%	-4.13%	-57.36%
Net Income Growth	61.09%	28.24%	2.59%	1.45%	-31.32%	116.07%	18.41%	13.68%	-1.92%	-50.28%
EPS Growth	67.14%	28.07%	3.39%	1.32%	-32.48%	117.81%	18.03%	14.29%	0.00%	-50.31%
Operating Cash Flow Growth	-21.96%	-10.19%	-59.40%	-9.89%	8.79%	-4.73%	55.79%	-14.80%	24.71%	19.35%
Free Cash Flow Firm Growth	-2,669.25%	140.65%	133.25%	122.64%	148.18%	96.69%	-119.93%	-646.84%	-397.84%	-131.02%
Invested Capital Growth	8.34%	1.76%	0.95%	2.08%	1.49%	3.05%	3.09%	8.05%	7.71%	3.87%
Revenue Q/Q Growth	5.31%	-2.14%	-5.86%	11.64%	3.49%	-0.93%	-4.45%	19.61%	10.14%	0.22%
EBITDA Q/Q Growth	3.02%	-34.85%	25.00%	22.00%	4.26%	-17.77%	14.53%	21.54%	-8.93%	8.30%
EBIT Q/Q Growth	3.70%	-38.32%	29.19%	23.94%	5.05%	-19.59%	16.24%	21.88%	-12.97%	10.05%
NOPAT Q/Q Growth	52.90%	-17.15%	-29.46%	17.11%	5.34%	114.69%	-58.09%	21.30%	-12.15%	-4.52%
Net Income Q/Q Growth	53.18%	-36.60%	-17.56%	26.71%	3.70%	99.45%	-54.82%	21.65%	-10.53%	1.12%
EPS Q/Q Growth	53.95%	-37.61%	-16.44%	26.23%	2.60%	101.27%	-54.72%	22.22%	-10.23%	0.00%
Operating Cash Flow Q/Q Growth	-8.51%	6.28%	-77.54%	312.63%	10.46%	-6.93%	-63.28%	125.68%	61.68%	-10.93%
Free Cash Flow Firm Q/Q Growth	13.35%	154.96%	-14.98%	-44.09%	84.41%	124.37%	-108.61%	-1,434.16%	-0.44%	76.63%
Invested Capital Q/Q Growth	-0.01%	-0.04%	1.07%	1.05%	-0.58%	1.49%	1.10%	5.92%	-0.89%	-2.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.37%	63.35%	65.41%	47.94%	65.71%	81.81%	65.15%	60.29%	54.95%	54.53%
EBITDA Margin	35.57%	23.68%	31.45%	34.37%	34.62%	28.74%	34.45%	35.00%	28.94%	31.27%
Operating Margin	32.50%	20.49%	28.11%	31.21%	31.68%	25.71%	31.28%	31.88%	25.19%	27.66%
EBIT Margin	32.50%	20.49%	28.11%	31.21%	31.68%	25.71%	31.28%	31.88%	25.19%	27.66%
Profit (Net Income) Margin	30.71%	19.89%	17.42%	19.77%	19.81%	39.89%	18.86%	19.18%	15.58%	15.72%
Tax Burden Percent	123.83%	166.34%	90.82%	85.82%	86.05%	229.75%	82.83%	82.44%	83.22%	72.20%
Interest Burden Percent	76.29%	58.38%	68.23%	73.83%	72.68%	67.52%	72.79%	73.00%	74.35%	78.74%
Effective Tax Rate	-23.83%	-66.34%	9.18%	14.18%	13.95%	-129.75%	17.17%	17.56%	16.78%	27.80%
Return on Invested Capital (ROIC)	16.58%	13.93%	10.50%	11.19%	11.61%	25.45%	11.28%	11.52%	9.82%	9.95%
ROIC Less NNEP Spread (ROIC-NNEP)	15.13%	11.91%	9.43%	10.15%	10.45%	22.49%	10.25%	10.31%	8.80%	9.15%
Return on Net Nonoperating Assets (RNNOA)	42.24%	34.76%	27.39%	28.21%	28.42%	59.00%	26.67%	26.22%	21.90%	23.08%
Return on Equity (ROE)	58.82%	48.69%	37.90%	39.40%	40.03%	84.45%	37.95%	37.74%	31.72%	33.03%
Cash Return on Invested Capital (CROIC)	4.35%	11.20%	12.02%	11.01%	10.34%	11.87%	11.90%	7.11%	7.39%	7.66%
Operating Return on Assets (OROA)	9.09%	5.79%	8.17%	9.22%	9.57%	7.83%	9.82%	9.93%	8.30%	9.68%
Return on Assets (ROA)	8.59%	5.63%	5.07%	5.84%	5.98%	12.14%	5.92%	5.98%	5.13%	5.50%
Return on Common Equity (ROCE)	34.86%	28.39%	22.29%	23.25%	24.01%	50.35%	23.00%	23.21%	20.08%	20.62%
Return on Equity Simple (ROE_SIMPLE)	60.87%	0.00%	57.83%	52.35%	45.67%	0.00%	59.58%	59.22%	55.93%	0.00%
Net Operating Profit after Tax (NOPAT)	695	576	406	475	501	1,075	451	547	480	458
NOPAT Margin	40.25%	34.07%	25.53%	26.79%	27.26%	59.08%	25.91%	26.28%	20.96%	19.97%
Net Nonoperating Expense Percent (NNEP)	1.45%	2.02%	1.07%	1.04%	1.16%	2.96%	1.03%	1.21%	1.02%	0.81%
Return On Investment Capital (ROIC_SIMPLE)	-	3.34%	-	-	-	6.08%	-	-	-	2.48%
Cost of Revenue to Revenue	35.63%	36.65%	34.59%	52.06%	34.30%	18.19%	34.85%	39.71%	45.05%	45.47%
SG&A Expenses to Revenue	9.04%	11.60%	11.01%	9.18%	9.20%	10.82%	9.95%	8.89%	7.68%	8.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.87%	42.87%	37.30%	16.73%	33.97%	56.59%	33.87%	28.41%	29.64%	27.00%
Earnings before Interest and Taxes (EBIT)	561	346	447	554	582	468	544	663	577	635
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	614	400	500	610	636	523	599	728	663	718
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.65	7.43	7.73	8.20	6.94	8.23	8.28	7.26	10.04	9.45
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.42	2.85	3.00	3.45	2.93	3.36	3.43	2.98	4.10	3.50
Price to Earnings (P/E)	16.06	18.41	19.63	22.96	22.14	19.83	19.97	17.53	25.59	28.78
Dividend Yield	4.27%	3.56%	3.36%	2.90%	3.39%	2.91%	2.83%	3.21%	3.18%	3.56%
Earnings Yield	6.23%	5.43%	5.09%	4.36%	4.52%	5.04%	5.01%	5.70%	3.91%	3.48%
Enterprise Value to Invested Capital (EV/IC)	1.81	2.00	2.07	2.25	2.06	2.25	2.29	2.08	2.67	2.53
Enterprise Value to Revenue (EV/Rev)	4.58	4.94	5.05	5.45	4.87	5.31	5.35	4.94	5.90	5.17
Enterprise Value to EBITDA (EV/EBITDA)	13.31	15.18	15.90	17.39	15.64	16.43	16.19	14.85	18.63	16.05
Enterprise Value to EBIT (EV/EBIT)	14.81	16.92	17.71	19.36	17.40	18.17	17.85	16.36	20.79	17.96
Enterprise Value to NOPAT (EV/NOPAT)	15.27	15.58	16.02	17.42	17.54	15.37	15.58	14.57	18.67	22.49
Enterprise Value to Operating Cash Flow (EV/OCF)	18.95	21.55	24.84	28.24	24.99	28.17	27.86	28.01	32.86	28.91
Enterprise Value to Free Cash Flow (EV/FCFF)	43.34	18.02	17.28	20.67	20.06	19.26	19.56	30.43	37.42	33.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.21	3.04	3.00	2.76	2.78	2.74	2.68	2.77	2.72	2.82
Long-Term Debt to Equity	3.18	3.01	2.97	2.74	2.76	2.72	2.65	2.64	2.69	2.78
Financial Leverage	2.79	2.92	2.90	2.78	2.72	2.62	2.60	2.54	2.49	2.52
Leverage Ratio	5.58	5.66	5.52	5.34	5.24	5.13	4.99	4.98	4.96	5.02
Compound Leverage Factor	4.26	3.31	3.77	3.95	3.81	3.46	3.64	3.64	3.69	3.95
Debt to Total Capital	76.25%	75.24%	75.02%	73.44%	73.52%	73.25%	72.80%	73.47%	73.11%	73.85%
Short-Term Debt to Total Capital	0.69%	0.74%	0.74%	0.75%	0.49%	0.57%	0.62%	3.31%	0.67%	1.20%
Long-Term Debt to Total Capital	75.57%	74.50%	74.28%	72.69%	73.03%	72.68%	72.18%	70.16%	72.43%	72.65%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	10.15%	10.26%	10.06%	10.36%	9.97%	10.54%	10.50%	10.09%	9.62%	9.36%
Common Equity to Total Capital	13.60%	14.50%	14.92%	16.21%	16.51%	16.21%	16.70%	16.44%	17.27%	16.79%
Debt to EBITDA	5.92	6.13	6.14	6.09	6.03	5.71	5.47	5.51	5.45	5.05
Net Debt to EBITDA	5.49	5.57	5.65	5.52	5.42	5.21	5.02	5.14	4.98	4.56
Long-Term Debt to EBITDA	5.87	6.07	6.08	6.03	5.99	5.67	5.42	5.27	5.40	4.97
Debt to NOPAT	6.80	6.29	6.18	6.10	6.77	5.34	5.26	5.41	5.46	7.08
Net Debt to NOPAT	6.30	5.72	5.69	5.53	6.08	4.87	4.83	5.04	4.99	6.39
Long-Term Debt to NOPAT	6.74	6.23	6.12	6.04	6.72	5.30	5.21	5.17	5.41	6.96
Altman Z-Score	0.93	1.00	1.09	1.21	1.13	1.22	1.30	1.13	1.47	1.42
Noncontrolling Interest Sharing Ratio	40.73%	41.68%	41.19%	40.98%	40.01%	40.38%	39.38%	38.50%	36.68%	37.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.00	0.97	1.01	1.09	1.15	1.01	1.08	0.78	1.02	0.97
Quick Ratio	0.80	0.85	0.87	0.92	0.97	0.88	0.93	0.64	0.85	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-541	298	253	141	261	585	-50	-773	-777	-182
Operating Cash Flow to CapEx	1,730.43%	900.00%	678.57%	1,866.67%	2,886.67%	1,221.21%	616.67%	878.95%	1,200.00%	801.67%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	16.30	0.00	0.00	-24.17	-776.84	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	27.06	0.00	0.00	10.44	540.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	26.13	0.00	0.00	9.25	495.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.28	0.29	0.30	0.30	0.30	0.31	0.31	0.33	0.35
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	18.75	20.19	27.23	26.56	26.30	16.29	16.77	14.46	16.99	22.78
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	3.27	3.37	5.24	5.26	5.47	3.15	3.53	3.29	3.86	4.51
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	19.47	18.08	13.40	13.74	13.88	22.41	21.76	25.24	21.48	16.02
Days Payable Outstanding (DPO)	111.46	108.30	69.72	69.43	66.71	116.02	103.52	110.96	94.48	80.90
Cash Conversion Cycle (CCC)	-91.99	-90.22	-56.31	-55.69	-52.83	-93.61	-81.76	-85.72	-73.00	-64.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,063	16,056	16,227	16,398	16,303	16,546	16,728	17,718	17,560	17,186
Invested Capital Turnover	0.41	0.41	0.41	0.42	0.43	0.43	0.44	0.44	0.47	0.50
Increase / (Decrease) in Invested Capital	1,236	278	153	334	240	490	501	1,320	1,257	640
Enterprise Value (EV)	29,139	32,115	33,557	36,942	33,564	37,274	38,341	36,914	46,821	43,456
Market Capitalization	15,389	18,558	19,905	23,398	20,169	23,594	24,582	22,264	32,497	29,380
Book Value per Share	$7.56	$8.17	$8.36	$9.17	$9.31	$9.19	$9.46	$9.70	$7.18	$6.90
Tangible Book Value per Share	($46.19)	($46.35)	($45.88)	($45.10)	($43.93)	($44.92)	($43.64)	($45.32)	($31.73)	($30.61)
Total Capital	17,009	17,234	17,260	17,611	17,613	17,685	17,777	18,660	18,736	18,520
Total Debt	12,970	12,966	12,949	12,933	12,949	12,955	12,942	13,709	13,697	13,677
Total Long-Term Debt	12,853	12,839	12,821	12,801	12,862	12,854	12,832	13,092	13,571	13,455
Net Debt	12,024	11,788	11,916	11,720	11,639	11,816	11,893	12,767	12,521	12,343
Capital Expenditures (CapEx)	23	47	14	21	15	33	24	38	45	60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-825	-1,119	-894	-907	-911	-1,009	-792	-912	-1,003	-1,194
Debt-free Net Working Capital (DFNWC)	121	59	139	306	399	130	257	30	173	140
Net Working Capital (NWC)	4.00	-68	11	174	312	29	147	-587	47	-82
Net Nonoperating Expense (NNE)	165	240	129	124	137	349	123	148	123	97
Net Nonoperating Obligations (NNO)	12,024	11,788	11,916	11,720	11,639	11,816	11,893	12,767	12,521	12,343
Total Depreciation and Amortization (D&A)	53	54	53	56	54	55	55	65	86	83
Debt-free, Cash-free Net Working Capital to Revenue	-12.97%	-17.20%	-13.46%	-13.38%	-13.22%	-14.37%	-11.04%	-12.20%	-12.65%	-14.20%
Debt-free Net Working Capital to Revenue	1.90%	0.91%	2.09%	4.51%	5.79%	1.85%	3.58%	0.40%	2.18%	1.67%
Net Working Capital to Revenue	0.06%	-1.05%	0.17%	2.57%	4.53%	0.41%	2.05%	-7.85%	0.59%	-0.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.18	$0.74	$0.61	$0.77	$0.80	$1.64	$0.73	$0.89	$0.79	$0.80
Adjusted Weighted Average Basic Shares Outstanding	306M	307M	309M	312M	314M	312M	314M	317M	319M	319M
Adjusted Diluted Earnings per Share	$1.17	$0.73	$0.61	$0.77	$0.79	$1.59	$0.72	$0.88	$0.79	$0.79
Adjusted Weighted Average Diluted Shares Outstanding	454M	455M	456M	458M	459M	456M	453M	453M	454M	454M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	305.90M	307.95M	311.25M	312.28M	312.03M	313.35M	316.38M	450.60M	450.76M	452.02M
Normalized Net Operating Profit after Tax (NOPAT)	393	242	406	475	501	328	451	547	480	458
Normalized NOPAT Margin	22.75%	14.34%	25.53%	26.79%	27.26%	18.00%	25.91%	26.28%	20.96%	19.97%
Pre Tax Income Margin	24.80%	11.96%	19.18%	23.04%	23.03%	17.36%	22.77%	23.27%	18.73%	21.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	36.38	0.00	0.00	20.72	577.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	31.30	0.00	0.00	17.08	480.16	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	35.44	0.00	0.00	19.53	532.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	30.36	0.00	0.00	15.89	435.16	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	69.03%	65.52%	65.35%	65.46%	74.10%	57.63%	56.08%	55.26%	56.13%	71.21%
Augmented Payout Ratio	118.39%	87.52%	65.35%	65.46%	82.76%	86.73%	56.08%	55.26%	77.40%	71.21%

Frequently Asked Questions About Restaurant Brands International's Financials

When does Restaurant Brands International's fiscal year end?

According to the most recent income statement we have on file, Restaurant Brands International's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Restaurant Brands International's net income changed over the last 9 years?

Restaurant Brands International's net income appears to be on an upward trend, with a most recent value of $1.45 billion in 2024, rising from $511.70 million in 2015. The previous period was $1.72 billion in 2023. Find out what analysts predict for Restaurant Brands International in the coming months.

What is Restaurant Brands International's operating income?

Restaurant Brands International's total operating income in 2024 was $2.42 billion, based on the following breakdown:

Total Gross Profit: $4.90 billion
Total Operating Expenses: $2.48 billion

How has Restaurant Brands International revenue changed over the last 9 years?

Over the last 9 years, Restaurant Brands International's total revenue changed from $4.05 billion in 2015 to $8.41 billion in 2024, a change of 107.4%.

How much debt does Restaurant Brands International have?

Restaurant Brands International's total liabilities were at $19.79 billion at the end of 2024, a 6.0% increase from 2023, and a 62.2% increase since 2015.

How much cash does Restaurant Brands International have?

In the past 9 years, Restaurant Brands International's cash and equivalents has ranged from $757.80 million in 2015 to $1.56 billion in 2020, and is currently $1.33 billion as of their latest financial filing in 2024.

How has Restaurant Brands International's book value per share changed over the last 9 years?

Over the last 9 years, Restaurant Brands International's book value per share changed from 6.60 in 2015 to 6.90 in 2024, a change of 4.5%.

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This page (NYSE:QSR) was last updated on 5/7/2025 by MarketBeat.com Staff

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Restaurant Brands International (QSR) Financials

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Restaurant Brands International (QSR) Financials

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