QSR · Restaurant Brands International Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $9.43B | $8.41B | $7.02B | $6.50B | $5.74B | $4.97B |
| Cost of Revenue | - | - | $2.44B | $2.31B | $1.89B | $1.61B |
| Gross Profit | - | - | $4.59B | $4.19B | $3.85B | $3.36B |
| R&D | - | - | - | - | - | - |
| SG&A | $741.00M | $733.00M | $704.00M | $631.00M | $407.00M | $1.26B |
| Total Operating Expenses | $7.23B | $5.99B | $4.97B | $4.61B | $3.86B | $3.55B |
| D&A | $301.00M | $264.00M | $191.00M | $190.00M | $201.00M | $189.00M |
| Operating Income | $2.20B | $2.42B | $2.05B | $1.90B | $1.88B | $1.42B |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $483.00M | $364.00M | ($265.00M) | ($117.00M) | $110.00M | $66.00M |
| Net Income | $1.07B | $1.45B | $1.72B | $1.48B | $1.25B | $486.00M |
| EPS - Basic | $2.36 | $3.21 | $3.82 | $3.28 | $2.71 | $1.61 |
| EPS - Diluted | $2.35 | $3.18 | $3.76 | $3.25 | $2.69 | $1.60 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.16B | $1.33B | $1.14B | $1.18B | $1.09B | $1.56B |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | $205.00M | $142.00M | $166.00M | $133.00M | $96.00M | $96.00M |
| Accounts Payable | $866.00M | $765.00M | $790.00M | $758.00M | $614.00M | $464.00M |
| Current Assets | $2.83B | $2.28B | $2.17B | $2.05B | $1.82B | $2.26B |
| Total Assets | $25.61B | $24.63B | $23.39B | $22.75B | $23.25B | $22.78B |
| Current Liabilities | $2.89B | $2.36B | $2.14B | $2.12B | $1.88B | $1.60B |
| Long-term Debt | $13.25B | $13.46B | $12.85B | $12.84B | $12.92B | $12.40B |
| Total Liabilities | $20.46B | $19.79B | $18.66B | $18.48B | $19.39B | $19.06B |
| Stockholders' Equity | $3.63B | $3.11B | $2.87B | $2.50B | $2.24B | $2.17B |
| Retained Earnings | $1.79B | $1.86B | $1.60B | $1.12B | $791.00M | $622.00M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.71B | $1.50B | $1.32B | $1.49B | $1.73B | $921.00M |
| Investing Cash Flow | ($318.00M) | ($660.00M) | $11.00M | ($64.00M) | ($1.10B) | ($79.00M) |
| Financing Cash Flow | ($1.44B) | ($625.00M) | ($1.37B) | ($1.31B) | ($1.09B) | ($821.00M) |
| CapEx | $265.00M | $201.00M | $120.00M | $100.00M | $106.00M | $117.00M |
| Free Cash Flow | $1.45B | $1.30B | $1.20B | $1.39B | $1.62B | $804.00M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | 65.3% | 64.5% | 67.1% | 67.6% |
| Operating margin | 23.3% | 28.8% | 29.2% | 29.2% | 32.7% | 28.6% |
| EBITDA margin | 26.5% | 31.9% | 31.9% | 32.1% | 36.2% | 32.4% |
| Net margin | 11.4% | 17.2% | 24.5% | 22.8% | 21.8% | 9.8% |
| Free cash flow margin | 15.4% | 15.5% | 17.1% | 21.4% | 28.2% | 16.2% |
| FCF / Net income | 1.35 | 0.90 | 0.70 | 0.94 | 1.29 | 1.65 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 7.9% | 8.7% | 10.0% | 9.7% | 7.1% | 25.4% |
| Effective tax rate | 31.0% | 20.1% | -18.2% | -8.6% | 8.1% | 12.0% |
| Return on assets | 4.2% | 5.9% | 7.3% | 6.5% | 5.4% | 2.1% |
| Return on equity | 29.6% | 46.5% | 59.9% | 59.3% | 56.0% | 22.4% |
| Return on invested capital | 9.0% | 11.7% | 13.0% | 12.4% | 11.4% | 8.6% |
| Liquidity | ||||||
| Current ratio | 0.98 | 0.97 | 1.01 | 0.97 | 0.97 | 1.41 |
| Quick ratio | 0.91 | 0.91 | 0.94 | 0.91 | 0.92 | 1.35 |
| Cash ratio | 0.40 | 0.56 | 0.53 | 0.56 | 0.58 | 0.97 |
| Leverage | ||||||
| Debt / Equity | 3.65 | 4.33 | 4.48 | 5.14 | 5.77 | 5.72 |
| Debt / Assets | 0.52 | 0.55 | 0.55 | 0.56 | 0.56 | 0.54 |
| Debt / EBITDA | 5.29 | 5.01 | 5.73 | 6.15 | 6.21 | 7.70 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 7.05 | 7.92 | 8.16 | 9.10 | 10.39 | 10.51 |
| Liabilities / Assets | 0.80 | 0.80 | 0.80 | 0.81 | 0.83 | 0.84 |
| Efficiency | ||||||
| Asset turnover | 0.37 | 0.34 | 0.30 | 0.29 | 0.25 | 0.22 |
| Inventory turnover | - | - | 14.67 | 17.38 | 19.69 | 16.77 |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | 25d | 21d | 19d | 22d |
| Days payable outstanding | - | - | 118d | 120d | 119d | 105d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 29.0x | 20.5x | 20.8x | 19.9x | 22.6x | 38.2x |
| P / B | 8.6x | 9.5x | 12.4x | 11.8x | 12.6x | 13.2x |
| P / S | 3.3x | 3.5x | 5.1x | 4.5x | 4.9x | 5.8x |
| EV / EBITDA | 17.3x | 15.5x | 21.1x | 19.7x | 19.2x | 24.5x |
| Growth | ||||||
| Revenue growth (YoY) | 12.2% | 19.7% | 7.9% | 13.3% | 15.5% | -11.3% |
| Revenue CAGR (3y) | 13.2% | 13.6% | 12.2% | 5.1% | 2.3% | 2.8% |
| Revenue CAGR (5y) | 13.7% | 8.5% | 5.6% | 7.3% | 6.7% | 4.2% |
| Gross profit growth (YoY) | - | - | 9.4% | 8.9% | 14.6% | -11.4% |
| Operating income growth (YoY) | -9.0% | 17.9% | 8.1% | 1.0% | 32.1% | -29.1% |
| Net income growth (YoY) | -25.6% | -15.9% | 15.9% | 18.3% | 157.8% | -24.4% |
| EPS growth (YoY) | -26.1% | -15.4% | 15.7% | 20.8% | 68.1% | -32.5% |
| EPS CAGR (3y) | -10.2% | 5.7% | 33.0% | 11.1% | 3.6% | -14.3% |
| EPS CAGR (5y) | 8.0% | 6.1% | 9.2% | 5.1% | 13.2% | 26.2% |
| FCF growth (YoY) | 11.3% | 8.2% | -13.5% | -14.2% | 101.5% | -43.1% |
| FCF CAGR (5y) | 12.5% | -1.6% | 2.2% | 2.4% | 5.6% | -5.9% |
| Book value growth (YoY) | 16.8% | 8.5% | 14.7% | 11.7% | 3.2% | -13.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$9.43B totalTim Hortons$4.25B · 45.0%
Restaurant Holdings$1.84B · 19.5%
Burger King$1.32B · 14.0%
International Segment$998.00M · 10.6%
Popeyes Louisiana Kitchen$800.00M · 8.5%
Firehouse Subs$232.00M · 2.5%
Product / service
$7.47B totalRoyalty Property Revenueand Franchisor$2.96B · 39.6%
Product$2.91B · 38.9%
Advertising$1.22B · 16.3%
Royalty$339.00M · 4.5%
Franchisor$29.00M · 0.4%
Sales Revenue$18.00M · 0.2%
Geographic
$9.43B totalUS$4.56B · 48.3%
CA$3.85B · 40.8%
Others$1.03B · 10.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.77
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Retail-Eating Places
Comparing Restaurant Brands International Inc. against the 5 most active filers in the same SIC group.
Dividends
$2.51/share trailing 12 months · +6.4% YoY
| Ex-date | Per share |
|---|---|
| Mar 19, 2026 | $0.6500 |
| Dec 23, 2025 | $0.6200 |
| Sep 23, 2025 | $0.6200 |
| Jun 24, 2025 | $0.6200 |
| Mar 21, 2025 | $0.6200 |
| Dec 20, 2024 | $0.5800 |
| Sep 20, 2024 | $0.5800 |
| Jun 21, 2024 | $0.5800 |
| Mar 20, 2024 | $0.5800 |
| Dec 20, 2023 | $0.5500 |
| Sep 19, 2023 | $0.5500 |
| Jun 21, 2023 | $0.5500 |
| Mar 21, 2023 | $0.5500 |
| Dec 20, 2022 | $0.5400 |
| Sep 20, 2022 | $0.5400 |
| Jun 21, 2022 | $0.5400 |
| Mar 22, 2022 | $0.5400 |
| Dec 20, 2021 | $0.5300 |
| Sep 20, 2021 | $0.5300 |
| Jun 22, 2021 | $0.5300 |
| Mar 22, 2021 | $0.5300 |
| Dec 18, 2020 | $0.5200 |
| Sep 17, 2020 | $0.5200 |
| Jun 16, 2020 | $0.5200 |