Restaurant Brands International Inc. (QSR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.04	$1.07	+2.9%	—	$2.5B	—
Q1 26	$0.83	$0.86	+3.6%	—	$2.3B	—
Q4 25	$0.95	$0.96	+1.1%	—	$2.5B	—
Q3 25	$1	$1.03	+3.0%	—	$2.4B	—
Q2 25	$0.97	$0.94	-3.1%	—	$2.4B	—
Q1 25	$0.78	$0.75	-3.8%	—	$2.1B	—
Q4 24	$0.79	$0.81	+2.5%	—	$2.3B	—
Q3 24	$0.95	$0.93	-2.1%	—	$2.3B	—
Q2 24	$0.86	$0.86	0.0%	—	$2.1B	—
Q1 24	$0.72	$0.73	+1.4%	—	$1.7B	—
Q4 23	$0.74	$0.75	+1.4%	—	$1.8B	—
Q3 23	$0.85	$0.9	+5.9%	—	$1.8B	—
Q2 23	$0.77	$0.85	+10.4%	—	$1.8B	—
Q1 23	$0.64	$0.75	+17.2%	—	$1.6B	—
Q4 22	$0.74	$0.72	-2.7%	—	$1.7B	—
Q3 22	$0.8	$0.96	+20.0%	—	$1.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.36	—	—	$9.4B	—
FY24	—	$3.21	—	—	$8.4B	—
FY23	—	$3.82	—	—	$7B	—
FY22	—	$3.28	—	—	$6.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.1B	$4.6B	$5.4B	$5.6B	$5B	$5.7B	$6.5B	$7B	$8.4B	$9.4B
YoY change	+2.31%	+10.4%	+17.1%	+4.59%	-11.3%	+15.5%	+13.3%	+7.95%	+19.7%	+12.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.1B	4.6B	5.4B	5.6B	5B	5.7B	6.5B	7B	8.4B	9.4B
Cost of revenue	2.2B	2.3B	2.2B	3.2B	3B	3.4B	3.9B	4.2B	5.4B	6.2B
Gross profit	2B	2.2B	3.1B	2.4B	2B	2.4B	2.6B	2.8B	3B	3.2B
Gross margin	47.4%	49.1%	58.2%	42.7%	39.7%	41.4%	39.9%	39.9%	36%	33.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	281M	329M	1.1B	387M	388M	450M	561M	647M	691M	690M
Operating expenses	281.1M	330M	1.1B	383M	380M	450M	575M	665M	700M	700M
Operating income	1.7B	1.9B	1.9B	2B	1.6B	1.9B	2B	2.1B	2.3B	2.5B
Operating margin	40.1%	41.4%	36.3%	35.5%	31.7%	33.5%	31.1%	30.4%	27.6%	26.4%
Non-operating income, net	5M	-282M	-30M	-6M	-250M	-56M	-125M	-102M	62M	-293M
Pretax income	1.2B	1.1B	1.4B	1.5B	816M	1.4B	1.4B	1.5B	1.8B	1.7B
Income tax	244M	-134M	238M	341M	66M	110M	-117M	-265M	364M	483M
Net income	956M	1.2B	1.1B	1.1B	750M	1.3B	1.5B	1.7B	1.4B	1.1B
Net margin	23.1%	27%	21.4%	19.8%	15.1%	21.8%	22.8%	24.5%	17.2%	11.4%
EBITDA	1.8B	2.1B	2.1B	2.2B	1.7B	2.1B	2.1B	2.3B	2.7B	2.8B
EPS	1.48	2.64	2.46	2.4	1.61	2.71	3.28	3.82	3.21	2.36
Diluted EPS	1.45	2.54	2.42	2.37	1.6	2.69	3.25	3.76	3.18	2.35

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.8B	1.8B	1.7B	2.1B	2.3B	2.3B	2.1B	2.4B	2.4B	2.5B	2.3B	2.5B
Cost of revenue	1.1B	1.1B	1B	1.3B	1.5B	1.6B	1.4B	1.6B	1.6B	1.6B	1.5B	1.7B
Gross profit	762M	673M	696M	786M	798M	744M	704M	815M	843M	831M	763M	869M
Gross margin	41.5%	37%	40%	37.8%	34.8%	32.4%	33.4%	33.8%	34.4%	33.7%	33.7%	34.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	164M	199M	167M	170M	169M	185M	184M	167M	162M	178M	172M	176M
Operating expenses	161M	204M	170M	174M	170M	186M	187M	170M	164M	180M	177M	170M
Operating income	601M	492M	526M	612M	628M	558M	517M	645M	679M	651M	586M	699M
Operating margin	32.7%	27%	30.2%	29.4%	27.4%	24.3%	24.5%	26.8%	27.7%	26.4%	25.9%	27.7%
Non-operating income, net	-35M	-24M	18M	19M	-52M	77M	-82M	-162M	-16M	-33M	20M	17M
Pretax income	423M	316M	396M	484M	429M	500M	305M	351M	534M	494M	483M	592M
Income tax	59M	-410M	68M	85M	72M	139M	82M	87M	94M	220M	38M	-73M
Net income	364M	726M	328M	399M	357M	361M	221M	263M	436M	155M	445M	665M
Net margin	19.8%	39.9%	18.9%	19.2%	15.6%	15.7%	10.5%	10.9%	17.8%	6.29%	19.7%	26.4%
EBITDA	653M	573M	583M	743M	706M	639M	595M	726M	761M	729M	666M	777M
EPS	0.8	1.63	0.73	0.89	0.79	0.8	0.49	0.58	0.96	0.34	0.98	1.46
Diluted EPS	0.79	1.6	0.72	0.88	0.79	0.79	0.49	0.57	0.96	0.34	0.97	1.45

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	14.6B	13B	17.1B	—	18.8B	19.9B	24.4B	20.8B	22.4B	32.7B
Enterprise value	—	25.8B	24.4B	29B	—	32.3B	33.2B	37.8B	35.4B	37B	41.1B
Shares outstanding	232.9M	237M	249M	268M	302M	310M	307M	312M	319M	329M	329M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	11.8	11.4	15.4	—	15	13.4	14.2	14.4	20.9	17.9
P/S	—	3.18	2.43	3.05	—	3.28	3.05	3.47	2.47	2.38	3.37
P/B	—	3.19	3.6	4.01	—	4.88	4.65	5.15	4.29	4.35	6.48
EV/EBITDA	—	12.4	11.4	13.3	—	15.4	15.4	16.1	13.3	13.2	14
EV/Sales	—	5.65	4.56	5.18	—	5.64	5.1	5.38	4.21	3.92	4.24
Earnings yield	—	8.48%	8.78%	6.5%	—	6.66%	7.46%	7.05%	6.95%	4.79%	5.57%
FCF yield	—	9.29%	8.29%	8.27%	—	8.61%	7%	4.94%	6.26%	6.46%	5.24%
PEG	—	—	—	—	—	—	—	—	—	—	0.12

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	47.4%	49.1%	58.2%	42.7%	39.7%	41.4%	39.9%	39.9%	36%	33.8%	34.5%
Operating margin	40.1%	41.4%	36.3%	35.5%	31.7%	33.5%	31.1%	30.4%	27.6%	26.4%	27.7%
Net margin	23.1%	27%	21.4%	19.8%	15.1%	21.8%	22.8%	24.5%	17.2%	11.4%	13.1%
ROE	14.1%	27.1%	31.6%	26.1%	20.2%	32.5%	34.7%	36.3%	29.8%	20.8%	34.8%
ROA	5%	5.82%	5.68%	4.97%	3.29%	5.39%	6.52%	7.34%	5.87%	4.2%	6.45%
ROIC	9.24%	12%	10.7%	9.4%	8.88%	10.2%	11.5%	11.8%	9.54%	9.03%	11.3%
Return on tangible assets	-11%	-9.91%	-9.73%	-11%	-7.42%	-10.8%	-14%	-16.6%	-15.7%	-11.5%	-18.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.73	1.06	1.07	1.29	1.41	0.97	0.97	1.01	0.97	0.98	1.01
Quick ratio	1.67	1.01	1.01	1.24	1.35	0.92	0.91	0.94	0.91	0.91	0.92
Debt / equity	1.33	2.71	3.41	3.16	3.8	3.79	3.4	3.07	3.29	3.04	2.9
Debt / assets	0.47	0.58	0.61	0.6	0.62	0.63	0.64	0.62	0.65	0.61	0.63
Net debt / EBITDA	4.14	5.42	5.35	5.48	7.36	6.45	6.2	5.69	5.47	5.17	4.98
Interest coverage	3.78	3.18	3.65	3.78	2.66	3.83	3.67	3.44	4.06	4.23	5.16
Effective tax rate	20.3%	0%	17.2%	23.5%	8.09%	8.07%	0%	0%	20.1%	28.7%	13.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.8	19.3	21.5	20.9	16.5	18.5	21.2	22.5	26.4	28.7	28.6
EPS (basic)	1.48	2.64	2.46	2.4	1.61	2.71	3.28	3.82	3.21	2.36	2.36
EPS (diluted)	1.45	2.54	2.42	2.37	1.6	2.69	3.25	3.76	3.18	2.35	3.98
Book value per share	29.1	19.2	14.5	15.9	12.3	12.4	13.9	15.2	15.2	15.7	11
FCF per share	5.22	5.71	4.33	5.28	2.66	5.23	4.53	3.86	4.08	4.4	3.55
Cash per share	6.27	4.63	3.67	5.72	5.17	3.51	3.84	3.65	4.18	3.53	3.16
Capex per share	0.15	0.16	0.35	0.23	0.39	0.34	0.33	0.38	0.63	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.82%	0.81%	1.61%	1.11%	2.36%	1.85%	1.54%	1.71%	2.39%	—	—
Capex / operating cash flow	2.68%	4.53%	5.81%	4.19%	14.1%	7.14%	7.98%	8.42%	10.7%	—	—
Payout ratio	56.3%	53.8%	63.6%	81.1%	127.9%	77.7%	65.5%	57.6%	71.2%	103.1%	63.8%
Dividend yield	—	4.56%	5.59%	5.27%	—	5.18%	4.89%	4.06%	4.95%	4.94%	3.64%

Yield

3.64%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.65

ex-dividend Sep 18, 2026

Payout ratio

64%

of earnings

Dividend growth

10 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 18, 2026	$0.65
Jun 23, 2026	$0.65
Mar 19, 2026	$0.65
Dec 23, 2025	$0.62
Sep 23, 2025	$0.62
Jun 24, 2025	$0.62

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.8B	$1.8B	$1.7B	$2.1B	$2.3B	$2.3B	$2.1B	$2.4B	$2.4B	$2.5B	$2.3B	$2.5B
YoY change	+6.43%	+7.76%	+9.37%	+17.2%	+24.7%	+26.2%	+21.3%	+15.9%	+6.9%	+7.4%	+7.35%	+4.56%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.5B	1.1B	913M	1.5B	1.6B	1.1B	1.2B	1.1B	1.3B	1.2B
Receivables	403.5M	489M	452M	527M	536M	547M	614M	749M	698M	794M
Inventory	71.8M	78M	75M	84M	96M	96M	133M	166M	142M	205M
Total current assets	2.1B	1.8B	1.5B	2.2B	2.3B	1.8B	2B	2.2B	2.3B	2.8B
Property, plant & equipment	965.3M	961M	851M	2B	2B	2B	1.9B	1.9B	2.8B	2.8B
Goodwill & intangibles	27.8B	33.7B	31.9B	32.4B	32.9B	34.8B	33.4B	33.8B	33.8B	35B
Total assets	19.1B	21.2B	20.1B	22.4B	22.8B	23.2B	22.7B	23.4B	24.6B	25.6B
Accounts payable	369.8M	496M	513M	644M	464M	614M	758M	790M	765M	866M
Short-term debt	93.9M	78M	91M	227M	248M	236M	264M	248M	415M	268M
Total current liabilities	1.2B	1.7B	1.4B	1.7B	1.6B	1.9B	2.1B	2.1B	2.4B	2.9B
Long-term debt	8.9B	12.3B	12.2B	13.2B	13.9B	14.4B	14.2B	14.3B	15.5B	15.4B
Total liabilities	12.3B	16.7B	16.5B	18.1B	19.1B	19.4B	18.5B	18.7B	19.8B	20.5B
Shareholders' equity	6.8B	4.6B	3.6B	4.3B	3.7B	3.9B	4.3B	4.7B	4.8B	5.2B
Total debt	9B	12.4B	12.3B	13.5B	14.1B	14.6B	14.5B	14.5B	16B	15.7B
Net debt	7.5B	11.3B	11.4B	11.9B	12.6B	13.5B	13.3B	13.4B	14.6B	14.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.3B	1.1B	1B	942M	1.2B	1.3B	899M	1B	1.2B	1.2B	1B	1.1B
Receivables	692M	749M	749M	737M	693M	698M	677M	778M	761M	794M	767M	800M
Inventory	160M	166M	152M	160M	169M	142M	159M	167M	216M	205M	203M	224M
Total current assets	2.4B	2.2B	2.1B	2B	2.3B	2.3B	2.5B	2.8B	3B	2.8B	2.2B	2.3B
Property, plant & equipment	3B	1.9B	3.1B	4.1B	4.1B	2.8B	4.1B	4.2B	4.2B	2.8B	4.2B	4.2B
Goodwill & intangibles	33.3B	33.8B	33.3B	34.8B	35.1B	33.8B	34.1B	35.2B	34.7B	35B	34.7B	34.3B
Total assets	23.1B	23.4B	23.1B	24.8B	25.1B	24.6B	24.9B	25.7B	25.7B	25.6B	24.9B	25B
Accounts payable	693M	790M	734M	720M	754M	765M	697M	763M	826M	866M	813M	884M
Short-term debt	227M	248M	258M	804M	322M	415M	413M	422M	316M	268M	286M	294M
Total current liabilities	2.1B	2.1B	1.9B	2.6B	2.2B	2.4B	2.6B	2.8B	2.8B	2.9B	2.2B	2.3B
Long-term debt	14.2B	14.3B	14.3B	15.2B	15.7B	15.5B	15.5B	15.6B	15.6B	15.4B	15.4B	15.4B
Total liabilities	18.4B	18.7B	18.3B	19.9B	20B	19.8B	20.1B	20.6B	20.5B	20.5B	19.6B	19.6B
Shareholders' equity	4.7B	4.7B	4.8B	5B	5B	4.8B	4.8B	5.1B	5.2B	5.2B	5.3B	5.4B
Total debt	14.4B	14.5B	14.5B	16B	16B	16B	15.9B	16B	15.9B	15.7B	15.7B	15.7B
Net debt	13.1B	13.4B	13.5B	15.1B	14.8B	14.6B	15B	15B	14.7B	14.5B	14.7B	14.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	956M	1.2B	1.1B	1.1B	750M	1.3B	1.5B	1.7B	1.4B	1.2B
Depreciation & amortization	172M	182M	180M	185M	189M	201M	190M	191M	264M	301M
Stock-based compensation	35M	48M	48M	74M	84M	102M	136M	194M	172M	151M
Change in working capital	3M	62M	96M	70M	-17M	-58M	-516M	-268M	-4M	-150M
Operating cash flow	1.3B	816M	1.5B	1.5B	830M	1.5B	1.3B	1.4B	1.9B	1.7B
Capital expenditure	-34M	-37M	-86M	-62M	-117M	-106M	-100M	-120M	-201M	—
Investing cash flow	27M	-858M	-28M	-30M	-79M	-1.1B	-64M	11M	-660M	-53M
Dividends paid	-538M	-664M	-728M	-901M	-959M	-974M	-971M	-990M	-1B	-1.1B
Share repurchases	0	-3B	-60M	0	0	-551M	-326M	-500M	0	0
Financing cash flow	-605M	-3.7B	-1.5B	-960M	-376M	-707M	-1.4B	-1.4B	-703M	-1.5B
Net change in cash	692M	-3.7B	-29M	489M	375M	-326M	-231M	3M	515M	192M
Free cash flow	1.2B	1.4B	1.1B	1.4B	804M	1.6B	1.4B	1.2B	1.3B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	364M	726M	328M	399M	357M	361M	223M	264M	443M	274M	445M	665M
Depreciation & amortization	47M	49M	49M	59M	79M	77M	71M	77M	77M	76M	78M	77M
Stock-based compensation	49M	53M	46M	41M	37M	48M	48M	33M	32M	38M	35M	35M
Change in working capital	-61M	-157M	-13M	7M	36M	-34M	-31M	-90M	-44M	15M	22M	-94M
Operating cash flow	418M	284M	436M	496M	483M	463M	337M	449M	592M	555M	227M	530M
Capital expenditure	-25M	-47M	-26M	-43M	-55M	-77M	-64M	—	—	—	—	—
Investing cash flow	-15M	-50M	-31M	-547M	-76M	-64M	-184M	1M	50M	-3M	25M	24M
Dividends paid	-249M	-249M	-245M	-261M	-261M	-262M	-262M	-282M	-282M	-282M	-283M	-296M
Share repurchases	-115M	-385M	—	—	—	0	—	—	—	—	-32M	-138M
Financing cash flow	-329M	-608M	-242M	-1.9B	-264M	-267M	-278M	-297M	-397M	-497M	-334M	-454M
Net change in cash	74M	-374M	163M	-1.9B	143M	132M	-125M	153M	245M	55M	-82M	100M
Free cash flow	408M	356M	122M	291M	485M	404M	54M	411M	531M	453M	169M	479M

Restaurant Brands International Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement