Restaurant Brands International (QSR) Financials

$81.68 +1.63 (+2.03%)

Closing price 03:59 PM Eastern

Extended Trading

$82.24 +0.57 (+0.70%)

As of 05:35 PM 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	104	346	626	612	643	486	838	1,008	1,190	1,021	776
Consolidated Net Income / (Loss)	512	956	1,235	1,144	1,111	750	1,253	1,482	1,718	1,445	1,075
Net Income / (Loss) Continuing Operations	512	956	1,235	1,144	1,111	750	1,253	1,482	1,718	1,445	1,201
Total Pre-Tax Income	674	1,200	1,101	1,382	1,452	816	1,363	1,365	1,453	1,809	1,684
Total Operating Income	1,192	1,667	1,735	1,917	2,007	1,422	1,879	1,898	2,051	2,419	2,202
Total Gross Profit	2,243	1,965	2,248	3,117	3,257	3,358	3,849	4,193	4,587	4,898	5,103
Total Revenue	4,052	4,146	4,576	5,357	5,603	4,968	5,739	6,505	7,022	8,406	9,434
Operating Revenue	4,052	4,146	4,576	5,357	5,603	4,968	5,739	6,505	7,022	8,406	9,434
Total Cost of Revenue	1,810	2,181	2,328	2,240	2,346	1,610	1,890	2,312	2,435	3,508	4,331
Operating Cost of Revenue	1,810	1,727	1,850	1,818	1,813	1,610	1,890	2,312	2,435	3,508	4,331
Total Operating Expenses	1,051	298	513	1,200	1,250	1,936	1,966	2,295	2,544	2,479	2,912
Selling, General & Admin Expense	438	319	416	1,214	406	407	484	631	704	733	741
Marketing Expense	-	-	-	-	865	-	986	1,077	1,273	1,330	1,358
Other Operating Expenses / (Income)	613	-21	97	-14	-21	1,529	496	587	567	416	813
Total Other Income / (Expense), net	-518	-467	-634	-535	-555	-606	-520	-533	-598	-610	-507
Interest Expense	40	0.00	122	0.00	23	98	11	0.00	16	33	2.00
Interest & Investment Income	-478	-467	-512	-535	-532	-508	-509	-533	-582	-577	-505
Income Tax Expense	162	244	-134	238	341	66	110	-117	-265	364	483
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	0.00	0.00	-126
Net Income / (Loss) Attributable to Noncontrolling Interest	137	340	587	532	468	264	415	474	528	424	299
Basic Earnings per Share	$0.51	$1.48	$2.64	$2.46	$2.40	$1.61	$2.71	$3.28	$3.82	$3.21	$2.36
Weighted Average Basic Shares Outstanding	203.50M	233M	237M	249M	268M	302M	310M	307M	312M	319M	329M
Diluted Earnings per Share	$0.50	$1.45	$2.54	$2.42	$2.37	$1.60	$2.69	$3.25	$3.76	$3.18	$2.35
Weighted Average Diluted Shares Outstanding	476M	470M	477M	473M	469M	468M	464M	455M	456M	454M	457M
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	455.86M
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	$2.48

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	241	252	508	230	280	252	259	159	189	315	113
Consolidated Net Income / (Loss)	351	364	726	328	399	357	361	221	263	436	155
Net Income / (Loss) Continuing Operations	351	364	726	328	399	357	361	223	264	440	274
Total Pre-Tax Income	409	423	316	396	484	429	500	305	351	534	494
Total Operating Income	554	582	468	544	663	577	635	435	483	663	621
Total Gross Profit	851	1,207	1,489	1,133	1,254	1,259	1,252	1,145	1,323	1,332	1,303
Total Revenue	1,775	1,837	1,820	1,739	2,080	2,291	2,296	2,109	2,410	2,449	2,466
Operating Revenue	1,775	1,837	1,820	1,739	2,080	2,291	2,296	2,109	2,410	2,449	2,466
Total Cost of Revenue	924	630	331	606	826	1,032	1,044	964	1,087	1,117	1,163
Operating Cost of Revenue	924	630	331	606	826	1,032	1,044	964	1,087	1,117	1,163
Total Operating Expenses	297	624	1,030	592	591	679	620	710	840	671	691
Selling, General & Admin Expense	163	169	197	173	185	176	199	191	188	170	192
Other Operating Expenses / (Income)	134	129	157	108	72	176	-271	519	288	159	-153
Total Other Income / (Expense), net	-145	-160	-143	-145	-179	-151	-132	-130	-132	-129	-116
Interest & Investment Income	-145	-144	-143	-145	-147	-150	-132	-130	-132	-129	-114
Income Tax Expense	58	59	-410	68	85	72	139	82	87	94	220
Net Income / (Loss) Discontinued Operations	-	-	-	0.00	0.00	0.00	-	-2.00	-1.00	-4.00	-119
Net Income / (Loss) Attributable to Noncontrolling Interest	110	112	218	98	119	105	102	62	74	121	42
Basic Earnings per Share	$0.77	$0.80	$1.64	$0.73	$0.89	$0.79	$0.80	$0.49	$0.58	$0.96	$0.33
Weighted Average Basic Shares Outstanding	312M	314M	312M	314M	317M	319M	319M	326M	328M	328M	329M
Diluted Earnings per Share	$0.77	$0.79	$1.59	$0.72	$0.88	$0.79	$0.79	$0.49	$0.57	$0.96	$0.33
Weighted Average Diluted Shares Outstanding	458M	459M	456M	453M	453M	454M	454M	456M	457M	457M	457M
Weighted Average Basic & Diluted Shares Outstanding	312.28M	312.03M	313.35M	316.38M	450.60M	450.76M	452.02M	454.63M	454.78M	454.80M	455.86M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-1,045	684	-379	-184	620	27	-473	91	-39	195	-105
Net Cash From Operating Activities	1,205	1,250	1,391	1,165	1,476	921	1,726	1,490	1,323	1,503	1,714
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	1,714
Net Income / (Loss) Continuing Operations	512	956	1,235	1,144	1,111	750	1,253	1,482	1,718	1,445	1,201
Consolidated Net Income / (Loss)	512	956	1,235	1,144	1,111	750	1,253	1,482	1,718	1,445	1,075
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	0.00	0.00	-126
Depreciation Expense	182	172	182	180	185	189	201	190	191	264	301
Amortization Expense	35	39	33	29	29	26	27	28	27	25	25
Non-Cash Adjustments To Reconcile Net Income	195	1.00	261	-94	-32	358	92	160	54	-155	158
Changes in Operating Assets and Liabilities, net	281	82	-320	-94	183	-402	153	-370	-667	-76	29
Net Cash From Investing Activities	-62	27	-858	-44	-30	-79	-1,103	-64	11	-660	-318
Net Cash From Continuing Investing Activities	-62	27	-858	-44	-30	-79	-1,103	-64	11	-660	-318
Purchase of Property, Plant & Equipment	-115	-34	-37	-86	-62	-117	-106	-100	-120	-201	-265
Acquisitions	0.00	0.00	-1,636	-	0.00	0.00	-1,004	-12	-17	-540	-152
Sale of Property, Plant & Equipment	20	30	26	8.00	8.00	12	16	12	37	34	38
Sale and/or Maturity of Investments	31	28	772	17	24	33	5.00	71	112	74	76
Other Investing Activities, net	3.70	3.00	17	17	0.00	-7.00	-14	-35	-1.00	-27	-15
Net Cash From Financing Activities	-2,115	-591	-936	-1,285	-842	-821	-1,093	-1,307	-1,374	-625	-1,436
Net Cash From Continuing Financing Activities	-2,115	-591	-936	-1,285	-842	-821	-1,093	-1,307	-1,374	-625	-1,436
Repayment of Debt	-2,713	-75	-2,815	-132	-2,316	-4,753	-912	-97	-140	-2,233	-428
Repurchase of Common Equity	-294	0.00	-330	-561	0.00	-380	-551	-326	-500	0.00	0.00
Payment of Dividends	-362	-538	-664	-728	-901	-959	-974	-971	-990	-1,029	-1,108
Issuance of Debt	1,250	0.00	5,850	75	2,250	5,235	1,335	2.00	55	2,450	0.00
Other Financing Activities, net	3.50	22	29	61	125	36	9.00	55	201	187	100
Effect of Exchange Rate Changes	-74	-2.00	24	-20	16	6.00	-	-	1.00	-23	16
Other Net Changes in Cash	-	-	-	-	-	-	-3.00	-28	0.00	0.00	-81
Cash Interest Paid	408	407	447	561	584	463	404	487	761	785	714
Cash Income Taxes Paid	208	159	200	433	248	267	256	275	290	293	450

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	180	97	-171	-90	-107	234	158	-354	98	213	-62
Net Cash From Operating Activities	392	433	403	148	334	540	481	118	449	592	555
Net Cash From Continuing Operating Activities	392	433	403	148	334	540	481	118	449	592	555
Net Income / (Loss) Continuing Operations	351	364	726	328	399	357	361	223	264	440	274
Consolidated Net Income / (Loss)	351	364	726	328	399	357	361	221	263	436	155
Net Income / (Loss) Discontinued Operations	-	-	-	0.00	-	-	-	-2.00	-1.00	-4.00	-119
Depreciation Expense	49	47	49	49	59	79	77	71	77	77	76
Amortization Expense	7.00	7.00	6.00	6.00	6.00	7.00	6.00	6.00	7.00	6.00	6.00
Non-Cash Adjustments To Reconcile Net Income	9.00	17	7.00	-19	-70	23	-89	72	121	-17	-18
Changes in Operating Assets and Liabilities, net	-24	-2.00	-385	-216	-60	74	126	-254	-20	86	217
Net Cash From Investing Activities	-8.00	-3.00	22	-31	-528	-57	-44	-184	-18	-11	-105
Net Cash From Continuing Investing Activities	-8.00	-3.00	22	-31	-528	-57	-44	-184	-18	-11	-105
Purchase of Property, Plant & Equipment	-30	-25	-47	-26	-43	-55	-77	-64	-38	-61	-102
Sale of Property, Plant & Equipment	9.00	10	14	2.00	5.00	10	17	10	2.00	14	12
Sale and/or Maturity of Investments	14	12	72	16	19	19	20	21	19	18	18
Other Investing Activities, net	-	-	-	-	-	-24	-2.00	-	-	18	-33
Net Cash From Financing Activities	-208	-326	-600	-203	91	-253	-260	-265	-290	-397	-484
Net Cash From Continuing Financing Activities	-208	-326	-600	-203	91	-253	-260	-265	-290	-397	-484
Repayment of Debt	-38	-55	-15	-25	-1,648	-531	-29	-33	-32	-133	-230
Payment of Dividends	-249	-249	-249	-245	-261	-261	-262	-262	-282	-282	-282
Other Financing Activities, net	77	40	49	67	50	39	31	30	24	18	28
Effect of Exchange Rate Changes	-	-	4.00	-4.00	-	-	-19	-	-	-4.00	1.00
Other Net Changes in Cash	-	-	-	0.00	-	-	-	-26	-59	33	-29
Cash Interest Paid	217	164	217	170	220	179	216	153	207	154	200
Cash Income Taxes Paid	85	38	106	87	99	76	31	190	95	84	81

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	2025
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	12/31/2025
Total Assets	18,411	19,125	21,308	20,141	22,360	22,777	23,246	22,746	23,391	24,632	25,615
Total Current Assets	1,370	2,097	1,727	1,500	2,196	2,264	1,816	2,048	2,173	2,282	2,830
Cash & Equivalents	758	1,460	1,097	913	1,533	1,560	1,087	1,178	1,139	1,334	1,163
Note & Lease Receivable	422	404	489	452	527	536	547	614	749	698	794
Inventories, net	81	72	78	75	84	96	96	133	166	142	205
Prepaid Expenses	51	104	63	60	52	72	86	123	119	108	179
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	489
Plant, Property, & Equipment, net	2,151	2,055	2,133	1,996	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	14,891	14,973	17,448	16,645	20,164	20,513	21,430	20,698	21,218	22,350	22,785
Goodwill	4,574	4,675	5,782	5,486	5,651	5,739	6,006	5,688	5,775	5,986	6,306
Intangible Assets	9,148	9,228	11,062	10,463	10,563	10,701	11,417	10,991	11,107	10,922	11,190
Other Noncurrent Operating Assets	1,052	978	533	642	3,902	4,007	3,927	4,019	4,336	5,442	5,289
Total Liabilities & Shareholders' Equity	18,411	19,125	21,308	20,141	22,360	22,777	23,246	22,746	23,391	24,632	25,615
Total Liabilities	12,201	12,339	16,997	16,523	18,101	19,056	19,393	18,478	18,661	19,789	20,456
Total Current Liabilities	1,121	1,211	1,621	1,408	1,703	1,601	1,878	2,116	2,144	2,364	2,891
Short-Term Debt	56	94	78	91	101	111	96	127	101	222	68
Accounts Payable	362	370	496	513	644	464	614	758	790	765	866
Accrued Expenses	703	747	1,047	804	790	835	947	1,001	1,005	1,141	1,271
Other Current Liabilities	-	-	-	-	168	191	221	230	248	236	249
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	437
Total Noncurrent Liabilities	11,080	11,129	15,376	15,115	16,398	17,455	17,515	16,362	16,517	17,425	17,565
Long-Term Debt	8,462	8,410	11,801	11,823	11,759	12,397	12,916	12,839	12,854	13,455	13,250
Noncurrent Deferred & Payable Income Tax Liabilities	1,619	1,715	1,450	1,519	1,564	1,425	1,374	1,313	1,296	1,208	1,120
Other Noncurrent Operating Liabilities	796	785	1,881	1,547	3,075	3,633	3,225	2,210	2,367	2,762	3,195
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	4,311	3,618	4,259	3,721	3,853	4,268	4,730	4,843	5,159
Total Preferred & Common Equity	1,337	1,703	2,095	1,611	2,490	2,167	2,237	2,499	2,866	3,110	3,634
Total Common Equity	1,337	1,703	2,095	1,611	2,490	2,167	2,237	2,499	2,866	3,110	3,634
Common Stock	1,825	1,955	2,052	1,737	2,478	2,399	2,156	2,057	1,973	2,357	2,859
Retained Earnings	246	446	519	674	775	622	791	1,121	1,599	1,860	1,795
Accumulated Other Comprehensive Income / (Loss)	-734	-698	-476	-800	-763	-854	-710	-679	-706	-1,107	-1,020
Noncontrolling Interest	1,576	1,786	2,216	2,007	1,769	1,554	1,616	1,769	1,864	1,733	1,525

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	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	22,557	22,526	23,133	23,077	23,145	24,849	25,071	24,881	25,688	25,669
Total Current Assets	1,924	1,893	2,190	2,383	2,071	2,030	2,255	2,530	2,788	3,015
Cash & Equivalents	946	1,033	1,213	1,310	1,049	942	1,176	899	1,026	1,206
Note & Lease Receivable	598	612	639	692	749	737	693	677	778	761
Inventories, net	129	145	171	160	152	160	169	159	167	216
Prepaid Expenses	251	103	167	221	121	191	217	150	195	201
Other Current Nonoperating Assets	-	-	-	-	-	-	-	645	622	631
Plant, Property, & Equipment, net	0.00	0.00	0.00	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	22,351	22,900	22,654
Goodwill	5,605	5,700	5,772	5,681	5,702	6,140	6,187	6,099	6,301	6,221
Intangible Assets	10,831	11,005	11,120	10,946	10,970	11,266	11,347	10,932	11,279	11,130
Other Noncurrent Operating Assets	4,114	3,845	4,051	4,067	4,402	5,413	5,282	5,320	5,320	5,303
Total Liabilities & Shareholders' Equity	22,557	22,526	23,133	23,077	23,145	24,849	25,071	24,881	25,688	25,669
Total Liabilities	18,518	18,215	18,455	18,413	18,310	19,898	20,032	20,057	20,598	20,504
Total Current Liabilities	1,920	1,882	2,016	2,071	1,924	2,617	2,208	2,627	2,754	2,847
Short-Term Debt	117	128	132	87	110	617	126	218	221	116
Accounts Payable	696	679	735	693	734	720	754	697	763	826
Accrued Expenses	959	901	975	1,132	893	1,099	1,158	1,029	1,135	1,277
Other Current Liabilities	148	174	174	159	187	181	170	183	189	170
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	500	446	458
Total Noncurrent Liabilities	16,598	16,333	16,439	16,342	16,386	17,281	17,824	17,430	17,844	17,657
Long-Term Debt	12,853	12,821	12,801	12,862	12,832	13,092	13,571	13,441	13,428	13,415
Noncurrent Deferred & Payable Income Tax Liabilities	1,388	1,288	1,327	1,308	1,309	1,296	1,242	1,193	1,205	1,154
Other Noncurrent Operating Liabilities	2,357	2,224	2,311	2,172	2,245	2,893	3,011	2,796	3,211	3,088
Total Equity & Noncontrolling Interests	4,039	4,311	4,678	4,664	4,835	4,951	5,039	4,824	5,090	5,165
Total Preferred & Common Equity	2,313	2,575	2,854	2,908	2,969	3,068	3,236	3,116	3,317	3,381
Total Common Equity	2,313	2,575	2,854	2,908	2,969	3,068	3,236	3,116	3,317	3,381
Common Stock	1,964	2,157	2,247	2,267	2,076	2,138	2,300	2,430	2,469	2,502
Retained Earnings	1,062	1,134	1,198	1,268	1,640	1,734	1,794	1,811	1,794	1,902
Accumulated Other Comprehensive Income / (Loss)	-713	-716	-591	-627	-747	-804	-858	-1,125	-946	-1,023
Noncontrolling Interest	1,726	1,736	1,824	1,756	1,866	1,883	1,803	1,708	1,773	1,784

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	238.02%	2.31%	10.37%	17.07%	4.59%	-11.33%	15.52%	13.35%	7.95%	19.71%	12.23%
EBITDA Growth	354.40%	33.28%	3.83%	9.03%	4.47%	-26.29%	28.71%	0.43%	7.23%	19.35%	-6.65%
EBIT Growth	558.31%	39.83%	4.08%	10.49%	4.69%	-29.15%	32.14%	1.01%	8.06%	17.94%	-8.97%
NOPAT Growth	614.09%	46.70%	46.54%	-18.46%	-3.23%	-14.89%	32.16%	19.30%	17.68%	-20.32%	-18.73%
Net Income Growth	290.01%	86.83%	29.18%	-7.37%	-2.88%	-32.49%	67.07%	18.28%	15.92%	-15.89%	-25.61%
EPS Growth	121.55%	190.00%	75.17%	-4.72%	-2.07%	-32.49%	68.13%	20.82%	15.69%	-15.43%	-26.10%
Operating Cash Flow Growth	364.64%	3.75%	11.28%	-16.25%	26.70%	-37.60%	87.41%	-13.67%	-11.21%	13.61%	14.04%
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%	15.64%
Invested Capital Growth	-11.19%	-0.89%	9.63%	-3.21%	-1.74%	0.57%	7.56%	1.76%	3.05%	3.87%	0.44%
Revenue Q/Q Growth	18.73%	1.33%	2.75%	2.90%	1.71%	-2.38%	3.39%	2.25%	1.90%	6.00%	1.84%
EBITDA Q/Q Growth	45.66%	9.87%	0.79%	0.24%	-0.05%	-7.57%	2.13%	-3.38%	5.73%	7.76%	-0.59%
EBIT Q/Q Growth	55.32%	11.35%	0.77%	0.57%	-0.25%	-8.85%	2.34%	-3.56%	6.32%	7.42%	-0.63%
NOPAT Q/Q Growth	279.30%	9.07%	35.67%	-22.61%	-2.73%	0.29%	1.33%	7.98%	26.76%	-22.97%	-7.01%
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%	-16.08%
EPS Q/Q Growth	121.01%	20.83%	75.17%	-28.19%	-4.05%	-13.04%	11.16%	5.18%	29.66%	-20.10%	-16.37%
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%	4.51%
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%	-22.64%
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%	-0.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.35%	47.40%	49.13%	58.19%	58.13%	67.59%	67.07%	64.46%	65.32%	58.27%	54.09%
EBITDA Margin	34.77%	45.30%	42.61%	39.69%	39.64%	32.95%	36.71%	32.53%	32.31%	32.22%	26.80%
Operating Margin	29.42%	40.21%	37.92%	35.79%	35.82%	28.62%	32.74%	29.18%	29.21%	28.78%	23.34%
EBIT Margin	29.42%	40.21%	37.92%	35.79%	35.82%	28.62%	32.74%	29.18%	29.21%	28.78%	23.34%
Profit (Net Income) Margin	12.63%	23.06%	26.99%	21.36%	19.83%	15.10%	21.83%	22.78%	24.47%	17.19%	11.40%
Tax Burden Percent	75.93%	79.67%	112.17%	82.78%	76.52%	91.91%	91.93%	108.57%	118.24%	79.88%	63.84%
Interest Burden Percent	56.53%	71.99%	63.46%	72.09%	72.35%	57.38%	72.54%	71.92%	70.84%	74.78%	76.48%
Effective Tax Rate	24.07%	20.33%	-12.17%	17.22%	23.48%	8.09%	8.07%	-8.57%	-18.24%	20.12%	28.68%
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%	9.12%
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%	5.06%
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%	12.38%
Return on Equity (ROE)	7.39%	14.71%	22.26%	28.86%	28.21%	18.80%	33.09%	36.50%	38.19%	30.19%	21.50%
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%	8.68%
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%	8.76%
Return on Assets (ROA)	2.57%	5.09%	6.11%	5.52%	5.23%	3.32%	5.45%	6.44%	7.45%	6.02%	4.28%
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%	14.49%
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%	0.00%
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	1,570
NOPAT Margin	22.34%	32.03%	42.53%	29.62%	27.41%	26.31%	30.10%	31.68%	34.54%	22.99%	16.65%
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%	4.05%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	11.96%	13.71%	10.43%	8.50%
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%	45.91%
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%	7.85%
R&D to Revenue	0.00%	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%	30.87%
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	2,202
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	2,528
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	8.54
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	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	3.29
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	39.99
Dividend Yield	1.51%	1.64%	1.58%	4.15%	3.67%	3.83%	3.80%	3.56%	2.91%	3.56%	3.63%
Earnings Yield	1.76%	3.92%	5.34%	5.62%	3.96%	2.95%	4.77%	5.43%	5.04%	3.48%	2.50%
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	2.59
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	4.74
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	17.69
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	20.30
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	28.47
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	26.09
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	29.92
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	2.58
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	2.57
Financial Leverage	1.17	1.16	1.64	2.81	2.74	2.67	3.02	2.92	2.62	2.52	2.44
Leverage Ratio	2.87	2.89	3.64	5.23	5.40	5.66	6.08	5.66	5.13	5.02	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	3.84
Debt to Total Capital	58.41%	56.24%	73.77%	77.04%	73.58%	77.07%	77.15%	75.24%	73.25%	73.85%	72.08%
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%	0.37%
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%	71.71%
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%	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%	8.25%
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%	19.67%
Debt to EBITDA	6.19	4.64	6.22	5.71	5.34	7.64	6.18	6.13	5.71	5.05	5.27
Net Debt to EBITDA	5.61	3.84	5.65	5.28	4.65	6.69	5.66	5.57	5.21	4.56	4.81
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	5.24
Debt to NOPAT	9.63	6.57	6.23	7.65	7.72	9.57	7.53	6.29	5.34	7.08	8.48
Net Debt to NOPAT	8.73	5.42	5.67	7.08	6.72	8.38	6.90	5.72	4.87	6.39	7.74
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	8.44
Altman Z-Score	0.76	1.02	0.94	1.03	1.16	1.02	1.10	1.23	1.45	1.66	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%	32.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.22	1.73	1.07	1.07	1.29	1.41	0.97	0.97	1.01	0.97	0.98
Quick Ratio	1.05	1.54	0.98	0.97	1.21	1.31	0.87	0.85	0.88	0.86	0.68
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	1,494
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%	755.07%
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	747.21
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	857.00
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	743.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.22	0.23	0.26	0.26	0.22	0.25	0.28	0.30	0.35	0.38
Accounts Receivable Turnover	0.00	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	24.96
Fixed Asset Turnover	1.77	1.97	2.19	2.59	0.00	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	5.31
Days Sales Outstanding (DSO)	0.00	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	14.62
Days Payable Outstanding (DPO)	58.95	61.19	67.87	82.21	90.01	125.60	104.09	108.30	116.02	80.90	68.73
Cash Conversion Cycle (CCC)	-33.37	-48.38	-56.13	-69.74	-77.64	-105.19	-85.55	-90.22	-93.61	-64.87	-54.11
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	17,262
Invested Capital Turnover	0.27	0.30	0.31	0.36	0.38	0.34	0.38	0.41	0.43	0.50	0.55
Increase / (Decrease) in Invested Capital	-1,779	-126	1,347	-492	-259	83	1,109	278	490	640	76
Enterprise Value (EV)	18,683	21,125	24,961	24,126	28,326	28,991	31,101	32,115	37,274	43,456	44,711
Market Capitalization	5,904	8,837	11,719	10,892	16,230	16,489	17,560	18,558	23,594	29,380	31,031
Book Value per Share	$6.60	$7.27	$8.82	$6.41	$8.35	$7.13	$7.10	$8.17	$9.19	$6.90	$7.99
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)	($30.48)
Total Capital	14,932	15,508	16,434	15,758	16,119	16,229	16,865	17,234	17,685	18,520	18,477
Total Debt	8,722	8,723	12,123	12,140	11,860	12,508	13,012	12,966	12,955	13,677	13,318
Total Long-Term Debt	8,666	8,629	12,045	12,049	11,759	12,397	12,916	12,839	12,854	13,455	13,250
Net Debt	7,907	7,204	11,026	11,227	10,327	10,948	11,925	11,788	11,816	12,343	12,155
Capital Expenditures (CapEx)	96	4.00	11	78	54	105	90	88	83	167	227
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-511	-538	-913	-730	-939	-786	-1,053	-1,119	-1,009	-1,194	-1,156
Debt-free Net Working Capital (DFNWC)	305	980	184	183	594	774	34	59	130	140	7.00
Net Working Capital (NWC)	249	886	106	92	493	663	-62	-68	29	-82	-61
Net Nonoperating Expense (NNE)	394	372	711	443	425	557	474	579	707	487	495
Net Nonoperating Obligations (NNO)	7,907	7,204	11,026	11,227	10,327	10,948	11,925	11,788	11,816	12,343	12,103
Total Depreciation and Amortization (D&A)	217	211	215	209	214	215	228	218	218	289	326
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%	-12.25%
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%	0.07%
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%	-0.65%
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	$2.36
Adjusted Weighted Average Basic Shares Outstanding	203.50M	232.90M	237M	249M	268M	302M	310M	307M	312M	319M	329M
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	$2.35
Adjusted Weighted Average Diluted Shares Outstanding	476M	470M	477.40M	473M	469M	468M	464M	455M	456M	454M	457M
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	$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	455.86M
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	1,570
Normalized NOPAT Margin	22.34%	32.03%	26.54%	29.62%	27.41%	26.31%	30.10%	20.42%	20.45%	22.99%	16.65%
Pre Tax Income Margin	16.63%	28.94%	24.06%	25.80%	25.91%	16.43%	23.75%	20.98%	20.69%	21.52%	17.85%
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	1,101.00
NOPAT to Interest Expense	22.63	0.00	15.95	0.00	66.77	13.34	157.03	0.00	151.57	58.55	785.21
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	987.50
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	671.71
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%	103.07%
Augmented Payout Ratio	128.22%	56.28%	80.49%	112.67%	81.10%	178.53%	121.71%	87.52%	86.73%	71.21%	103.07%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.30%	6.43%	7.76%	9.37%	17.18%	24.71%	26.15%	21.28%	15.87%	6.90%	7.40%
EBITDA Growth	2.35%	3.58%	30.75%	19.80%	19.34%	4.25%	37.28%	-14.52%	-22.12%	12.52%	-2.09%
EBIT Growth	2.40%	3.74%	35.26%	21.70%	19.68%	-0.86%	35.68%	-20.04%	-27.15%	14.90%	-2.20%
NOPAT Growth	4.64%	-27.91%	86.82%	10.99%	14.96%	-4.13%	-57.36%	-29.41%	-33.53%	13.77%	-24.87%
Net Income Growth	1.45%	-31.32%	116.07%	18.41%	13.68%	-1.92%	-50.28%	-32.62%	-34.09%	22.13%	-57.06%
EPS Growth	1.32%	-32.48%	117.81%	18.03%	14.29%	0.00%	-50.31%	-31.94%	-35.23%	21.52%	-58.23%
Operating Cash Flow Growth	-9.89%	8.79%	-4.73%	55.79%	-14.80%	24.71%	19.35%	-20.27%	34.43%	9.63%	15.38%
Free Cash Flow Firm Growth	122.64%	148.18%	96.69%	-119.93%	-646.84%	-397.84%	-131.02%	-679.45%	170.37%	201.60%	247.88%
Invested Capital Growth	2.08%	1.49%	3.05%	3.09%	8.05%	7.71%	3.87%	4.25%	-1.02%	-1.38%	0.44%
Revenue Q/Q Growth	11.64%	3.49%	-0.93%	-4.45%	19.61%	10.14%	0.22%	-8.14%	14.27%	1.62%	0.69%
EBITDA Q/Q Growth	22.00%	4.26%	-17.77%	14.53%	21.54%	-8.93%	8.30%	-28.69%	10.74%	31.57%	-5.76%
EBIT Q/Q Growth	23.94%	5.05%	-19.59%	16.24%	21.88%	-12.97%	10.05%	-31.50%	11.03%	37.27%	-6.33%
NOPAT Q/Q Growth	17.11%	5.34%	114.69%	-58.09%	21.30%	-12.15%	-4.52%	-30.63%	14.22%	50.38%	-36.95%
Net Income Q/Q Growth	26.71%	3.70%	99.45%	-54.82%	21.65%	-10.53%	1.12%	-38.78%	19.00%	65.78%	-64.45%
EPS Q/Q Growth	26.23%	2.60%	101.27%	-54.72%	22.22%	-10.23%	0.00%	-37.97%	16.33%	68.42%	-65.63%
Operating Cash Flow Q/Q Growth	312.63%	10.46%	-6.93%	-63.28%	125.68%	61.68%	-10.93%	-75.47%	280.51%	31.85%	-6.25%
Free Cash Flow Firm Q/Q Growth	-44.09%	84.41%	124.37%	-108.61%	-1,434.16%	-0.44%	76.63%	-116.47%	238.51%	45.02%	-65.99%
Invested Capital Q/Q Growth	1.05%	-0.58%	1.49%	1.10%	5.92%	-0.89%	-2.13%	1.47%	0.56%	-1.25%	-0.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.94%	65.71%	81.81%	65.15%	60.29%	54.95%	54.53%	54.29%	54.90%	54.39%	52.84%
EBITDA Margin	34.37%	34.62%	28.74%	34.45%	35.00%	28.94%	31.27%	24.28%	23.53%	30.46%	28.51%
Operating Margin	31.21%	31.68%	25.71%	31.28%	31.88%	25.19%	27.66%	20.63%	20.04%	27.07%	25.18%
EBIT Margin	31.21%	31.68%	25.71%	31.28%	31.88%	25.19%	27.66%	20.63%	20.04%	27.07%	25.18%
Profit (Net Income) Margin	19.77%	19.81%	39.89%	18.86%	19.18%	15.58%	15.72%	10.48%	10.91%	17.80%	6.29%
Tax Burden Percent	85.82%	86.05%	229.75%	82.83%	82.44%	83.22%	72.20%	72.46%	74.93%	81.65%	31.38%
Interest Burden Percent	73.83%	72.68%	67.52%	72.79%	73.00%	74.35%	78.74%	70.11%	72.67%	80.54%	79.55%
Effective Tax Rate	14.18%	13.95%	-129.75%	17.17%	17.56%	16.78%	27.80%	26.89%	24.79%	17.60%	44.53%
Return on Invested Capital (ROIC)	11.19%	11.61%	25.45%	11.28%	11.52%	9.82%	9.95%	7.75%	7.79%	11.85%	7.65%
ROIC Less NNEP Spread (ROIC-NNEP)	10.15%	10.45%	22.49%	10.25%	10.31%	8.80%	9.15%	6.96%	6.99%	10.96%	6.10%
Return on Net Nonoperating Assets (RNNOA)	28.21%	28.42%	59.00%	26.67%	26.22%	21.90%	23.08%	17.65%	17.56%	26.49%	14.91%
Return on Equity (ROE)	39.40%	40.03%	84.45%	37.95%	37.74%	31.72%	33.03%	25.39%	25.34%	38.34%	22.56%
Cash Return on Invested Capital (CROIC)	11.01%	10.34%	11.87%	11.90%	7.11%	7.39%	7.66%	6.38%	10.21%	11.08%	8.68%
Operating Return on Assets (OROA)	9.22%	9.57%	7.83%	9.82%	9.93%	8.30%	9.68%	7.54%	7.22%	9.89%	9.46%
Return on Assets (ROA)	5.84%	5.98%	12.14%	5.92%	5.98%	5.13%	5.50%	3.83%	3.93%	6.50%	2.36%
Return on Common Equity (ROCE)	23.25%	24.01%	50.35%	23.00%	23.21%	20.08%	20.62%	16.00%	16.12%	24.86%	15.21%
Return on Equity Simple (ROE_SIMPLE)	52.35%	45.67%	0.00%	59.58%	59.22%	55.93%	0.00%	42.94%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	475	501	1,075	451	547	480	458	318	363	546	344
NOPAT Margin	26.79%	27.26%	59.08%	25.91%	26.28%	20.96%	19.97%	15.08%	15.07%	22.31%	13.97%
Net Nonoperating Expense Percent (NNEP)	1.04%	1.16%	2.96%	1.03%	1.21%	1.02%	0.81%	0.79%	0.80%	0.89%	1.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	6.08%	-	-	-	2.48%	1.72%	1.94%	2.92%	1.86%
Cost of Revenue to Revenue	52.06%	34.30%	18.19%	34.85%	39.71%	45.05%	45.47%	45.71%	45.10%	45.61%	47.16%
SG&A Expenses to Revenue	9.18%	9.20%	10.82%	9.95%	8.89%	7.68%	8.67%	9.06%	7.80%	6.94%	7.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.73%	33.97%	56.59%	33.87%	28.41%	29.64%	27.00%	33.67%	34.85%	27.40%	28.02%
Earnings before Interest and Taxes (EBIT)	554	582	468	544	663	577	635	435	483	663	621
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	610	636	523	599	728	663	718	512	567	746	703
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.20	6.94	8.23	8.28	7.26	10.04	9.45	9.67	9.09	8.63	8.54
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	0.00
Price to Revenue (P/Rev)	3.45	2.93	3.36	3.43	2.98	4.10	3.50	3.43	3.31	3.15	3.29
Price to Earnings (P/E)	22.96	22.14	19.83	19.97	17.53	25.59	28.78	31.71	35.08	31.64	39.99
Dividend Yield	2.90%	3.39%	2.91%	2.83%	3.21%	3.18%	3.56%	3.54%	3.62%	3.80%	3.63%
Earnings Yield	4.36%	4.52%	5.04%	5.01%	5.70%	3.91%	3.48%	3.15%	2.85%	3.16%	2.50%
Enterprise Value to Invested Capital (EV/IC)	2.25	2.06	2.25	2.29	2.08	2.67	2.53	2.56	2.54	2.50	2.59
Enterprise Value to Revenue (EV/Rev)	5.45	4.87	5.31	5.35	4.94	5.90	5.17	5.08	4.89	4.67	4.74
Enterprise Value to EBITDA (EV/EBITDA)	17.39	15.64	16.43	16.19	14.85	18.63	16.05	17.01	18.10	17.02	17.69
Enterprise Value to EBIT (EV/EBIT)	19.36	17.40	18.17	17.85	16.36	20.79	17.96	19.30	20.91	19.53	20.30
Enterprise Value to NOPAT (EV/NOPAT)	17.42	17.54	15.37	15.58	14.57	18.67	22.49	24.75	27.50	25.63	28.47
Enterprise Value to Operating Cash Flow (EV/OCF)	28.24	24.99	28.17	27.86	28.01	32.86	28.91	30.27	28.04	26.39	26.09
Enterprise Value to Free Cash Flow (EV/FCFF)	20.67	20.06	19.26	19.56	30.43	37.42	33.63	40.88	24.74	22.40	29.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.76	2.78	2.74	2.68	2.77	2.72	2.82	2.83	2.68	2.62	2.58
Long-Term Debt to Equity	2.74	2.76	2.72	2.65	2.64	2.69	2.78	2.79	2.64	2.60	2.57
Financial Leverage	2.78	2.72	2.62	2.60	2.54	2.49	2.52	2.54	2.51	2.42	2.44
Leverage Ratio	5.34	5.24	5.13	4.99	4.98	4.96	5.02	4.97	5.03	4.97	5.02
Compound Leverage Factor	3.95	3.81	3.46	3.64	3.64	3.69	3.95	3.49	3.66	4.01	4.00
Debt to Total Capital	73.44%	73.52%	73.25%	72.80%	73.47%	73.11%	73.85%	73.90%	72.84%	72.37%	72.08%
Short-Term Debt to Total Capital	0.75%	0.49%	0.57%	0.62%	3.31%	0.67%	1.20%	1.18%	1.18%	0.62%	0.37%
Long-Term Debt to Total Capital	72.69%	73.03%	72.68%	72.18%	70.16%	72.43%	72.65%	72.72%	71.66%	71.75%	71.71%
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%	0.00%
Noncontrolling Interests to Total Capital	10.36%	9.97%	10.54%	10.50%	10.09%	9.62%	9.36%	9.24%	9.46%	9.54%	8.25%
Common Equity to Total Capital	16.21%	16.51%	16.21%	16.70%	16.44%	17.27%	16.79%	16.86%	17.70%	18.08%	19.67%
Debt to EBITDA	6.09	6.03	5.71	5.47	5.51	5.45	5.05	5.21	5.55	5.32	5.27
Net Debt to EBITDA	5.52	5.42	5.21	5.02	5.14	4.98	4.56	4.87	5.13	4.85	4.81
Long-Term Debt to EBITDA	6.03	5.99	5.67	5.42	5.27	5.40	4.97	5.13	5.46	5.28	5.24
Debt to NOPAT	6.10	6.77	5.34	5.26	5.41	5.46	7.08	7.58	8.43	8.01	8.48
Net Debt to NOPAT	5.53	6.08	4.87	4.83	5.04	4.99	6.39	7.08	7.80	7.30	7.74
Long-Term Debt to NOPAT	6.04	6.72	5.30	5.21	5.17	5.41	6.96	7.46	8.29	7.94	8.44
Altman Z-Score	1.21	1.13	1.22	1.30	1.13	1.47	1.42	1.41	1.39	1.41	1.45
Noncontrolling Interest Sharing Ratio	40.98%	40.01%	40.38%	39.38%	38.50%	36.68%	37.57%	37.00%	36.41%	35.15%	32.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.09	1.15	1.01	1.08	0.78	1.02	0.97	0.96	1.01	1.06	0.98
Quick Ratio	0.92	0.97	0.88	0.93	0.64	0.85	0.86	0.60	0.66	0.69	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	141	261	585	-50	-773	-777	-182	-393	544	789	268
Operating Cash Flow to CapEx	1,866.67%	2,886.67%	1,221.21%	616.67%	878.95%	1,200.00%	801.67%	218.52%	1,247.22%	1,259.57%	616.67%
Free Cash Flow to Firm to Interest Expense	0.00	16.30	0.00	0.00	-24.17	-776.84	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	27.06	0.00	0.00	10.44	540.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	26.13	0.00	0.00	9.25	495.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.30	0.30	0.31	0.31	0.33	0.35	0.37	0.36	0.37	0.38
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	26.56	26.30	16.29	16.77	14.46	16.99	22.78	24.86	25.24	21.88	24.96
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	5.26	5.47	3.15	3.53	3.29	3.86	4.51	5.40	5.57	5.33	5.31
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	13.74	13.88	22.41	21.76	25.24	21.48	16.02	14.68	14.46	16.68	14.62
Days Payable Outstanding (DPO)	69.43	66.71	116.02	103.52	110.96	94.48	80.90	67.55	65.58	68.46	68.73
Cash Conversion Cycle (CCC)	-55.69	-52.83	-93.61	-81.76	-85.72	-73.00	-64.87	-52.87	-51.12	-51.78	-54.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,398	16,303	16,546	16,728	17,718	17,560	17,186	17,439	17,537	17,317	17,262
Invested Capital Turnover	0.42	0.43	0.43	0.44	0.44	0.47	0.50	0.51	0.52	0.53	0.55
Increase / (Decrease) in Invested Capital	334	240	490	501	1,320	1,257	640	711	-181	-243	76
Enterprise Value (EV)	36,942	33,564	37,274	38,341	36,914	46,821	43,456	44,591	44,533	43,279	44,711
Market Capitalization	23,398	20,169	23,594	24,582	22,264	32,497	29,380	30,123	30,137	29,170	31,031
Book Value per Share	$9.17	$9.31	$9.19	$9.46	$9.70	$7.18	$6.90	$6.89	$7.30	$7.43	$7.99
Tangible Book Value per Share	($45.10)	($43.93)	($44.92)	($43.64)	($45.32)	($31.73)	($30.61)	($30.78)	($31.37)	($30.72)	($30.48)
Total Capital	17,611	17,613	17,685	17,777	18,660	18,736	18,520	18,483	18,739	18,696	18,477
Total Debt	12,933	12,949	12,955	12,942	13,709	13,697	13,677	13,659	13,649	13,531	13,318
Total Long-Term Debt	12,801	12,862	12,854	12,832	13,092	13,571	13,455	13,441	13,428	13,415	13,250
Net Debt	11,720	11,639	11,816	11,893	12,767	12,521	12,343	12,760	12,623	12,325	12,155
Capital Expenditures (CapEx)	21	15	33	24	38	45	60	54	36	47	90
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-907	-911	-1,009	-792	-912	-1,003	-1,194	-778	-771	-922	-1,156
Debt-free Net Working Capital (DFNWC)	306	399	130	257	30	173	140	121	255	284	7.00
Net Working Capital (NWC)	174	312	29	147	-587	47	-82	-97	34	168	-61
Net Nonoperating Expense (NNE)	124	137	349	123	148	123	97	97	100	110	189
Net Nonoperating Obligations (NNO)	11,720	11,639	11,816	11,893	12,767	12,521	12,343	12,615	12,447	12,152	12,103
Total Depreciation and Amortization (D&A)	56	54	55	55	65	86	83	77	84	83	82
Debt-free, Cash-free Net Working Capital to Revenue	-13.38%	-13.22%	-14.37%	-11.04%	-12.20%	-12.65%	-14.20%	-8.87%	-8.47%	-9.95%	-12.25%
Debt-free Net Working Capital to Revenue	4.51%	5.79%	1.85%	3.58%	0.40%	2.18%	1.67%	1.38%	2.80%	3.07%	0.07%
Net Working Capital to Revenue	2.57%	4.53%	0.41%	2.05%	-7.85%	0.59%	-0.98%	-1.11%	0.37%	1.81%	-0.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.77	$0.80	$1.64	$0.73	$0.89	$0.79	$0.80	$0.49	$0.58	$0.96	$0.33
Adjusted Weighted Average Basic Shares Outstanding	312M	314M	312M	314M	317M	319M	319M	326M	328M	328M	329M
Adjusted Diluted Earnings per Share	$0.77	$0.79	$1.59	$0.72	$0.88	$0.79	$0.79	$0.49	$0.57	$0.96	$0.33
Adjusted Weighted Average Diluted Shares Outstanding	458M	459M	456M	453M	453M	454M	454M	456M	457M	457M	457M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	312.28M	312.03M	313.35M	316.38M	450.60M	450.76M	452.02M	454.63M	454.78M	454.80M	455.86M
Normalized Net Operating Profit after Tax (NOPAT)	475	501	328	451	547	480	458	318	363	546	344
Normalized NOPAT Margin	26.79%	27.26%	18.00%	25.91%	26.28%	20.96%	19.97%	15.08%	15.07%	22.31%	13.97%
Pre Tax Income Margin	23.04%	23.03%	17.36%	22.77%	23.27%	18.73%	21.78%	14.46%	14.56%	21.80%	20.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	36.38	0.00	0.00	20.72	577.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	31.30	0.00	0.00	17.08	480.16	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	35.44	0.00	0.00	19.53	532.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	30.36	0.00	0.00	15.89	435.16	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	65.46%	74.10%	57.63%	56.08%	55.26%	56.13%	71.21%	78.18%	88.77%	84.93%	103.07%
Augmented Payout Ratio	65.46%	82.76%	86.73%	56.08%	55.26%	77.40%	71.21%	78.18%	88.77%	84.93%	103.07%

Financials Breakdown Chart

Key Financial Trends

Here are key takeaways for Restaurant Brands International (NYSE: QSR) based on the last four years of quarterly statements (2022–2025). The bullets focus on trends that could affect investors, with positives shown first, then neutral, then negatives.

Revenue growth across the period: Operating revenue rose from about $1.69B in 2022 to roughly $2.47B by 2025 Q4, reflecting expanding sales across brands.
Strong operating cash flow in late 2025: Net cash from continuing operating activities was about $555M in 2025 Q4 (and around $592M in 2025 Q3), indicating improved cash generation from core operations.
Positive near-term free cash flow in latest quarter: After capex (approx. $102M in 2025 Q4), free cash flow was roughly $450M, suggesting cash available for debt service, dividends, or buybacks.
Consistent cash dividend payments: The company continues to pay a quarterly dividend of $0.62 per share (cash dividends per share feature), supporting income-oriented investors.
Large balance-sheet intangibles and goodwill: As of 2025, intangible assets (~$11.1B) and goodwill (~$6.22B) comprise a sizable portion of noncurrent assets, which can raise impairment risk if brand performance deteriorates.
Significant leverage remains: Long-term debt around $13.4B and a sizable total liability load imply ongoing leverage; this can influence financing flexibility and interest costs.
Quarterly earnings volatility: Net income and earnings per share vary across quarters, reflecting seasonality and mix of operations across brands, making near-term profitability less predictable.
Gross margin and operating margins show volatility: Margin dynamics shifted in 2024 (gross and operating margins weaker than some prior periods) before partial recovery in 2025; this margin variability can impact earnings quality.
Net income to common shareholders can be uneven: In some quarters, earnings attributable to common shareholders were notably lower than peak periods, signaling earnings volatility that may concern some investors.
Financing outflows dominate in some periods: Net cash from financing activities often shows meaningful outflows (dividends, debt repayments), which can pressure liquidity if operating cash flow slows or capex accelerates.

05/05/26 05:41 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Restaurant Brands International's Financials

When does Restaurant Brands International's financial year end?

According to the most recent income statement we have on file, Restaurant Brands International's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Restaurant Brands International's net income changed over the last 10 years?

Restaurant Brands International's net income appears to be on an upward trend, with a most recent value of $1.08 billion in 2025, rising from $511.70 million in 2015. The previous period was $1.45 billion in 2024. See where experts think Restaurant Brands International is headed by visiting Restaurant Brands International's forecast page.

What is Restaurant Brands International's operating income?

Restaurant Brands International's total operating income in 2025 was $2.20 billion, based on the following breakdown:

Total Gross Profit: $5.10 billion
Total Operating Expenses: $2.91 billion

How has Restaurant Brands International's revenue changed over the last 10 years?

Over the last 10 years, Restaurant Brands International's total revenue changed from $4.05 billion in 2015 to $9.43 billion in 2025, a change of 132.8%.

How much debt does Restaurant Brands International have?

Restaurant Brands International's total liabilities were at $20.46 billion at the end of 2025, a 3.4% increase from 2024, and a 67.7% increase since 2015.

How much cash does Restaurant Brands International have?

In the past 10 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 $1.16 billion as of their latest financial filing in 2025.

How has Restaurant Brands International's book value per share changed over the last 10 years?

Over the last 10 years, Restaurant Brands International's book value per share changed from 6.60 in 2015 to 7.99 in 2025, a change of 21.0%.

Related Companies

Financial statements for NYSE:QSR last updated on 2/21/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Restaurant Brands International (QSR) Financials

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