Restaurant Brands International Inc. QSR

Consumer discretionary SIC 5812 - Retail-Eating Places NAICS Accommodation and Food Services › Food Services and Drinking Places › Restaurants and Other Eating Places derived NYSE

We are one of the world's largest quick service restaurant ("QSR") companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories as of December 31, 2025. As of the date of this Annual Report on Form 10-K, over 95% of system-wide restaurants were franchised restaurants. Our remaining restaurants are Company restaurants, primarily restaurants we acquired as a part of the Carrols Acquisition, the vast majority of which we plan to refranchise over the coming years. We also operate some other Company restaurants as test locations for new initiatives and to develop operational talent.

We own and franchise four iconic brands, Tim Hortons®, Burger King®, Popeyes®, and Firehouse Subs®. Our four iconic brands have complementary daypart mixes and product platforms that benefit from global scale and sharing of best practices while preserving the independence and rich heritage of each brand.

Last close 75.34 2026-10-23
Market cap $26.22B estimated share count
52-week range 64.52 - 81.96

Valuation FY2025 figures against the last close

P/S2.8x
P/E32.1x
P/FCF18.1x
EV/EBITDA15.9x
Dividend yield4.2%
Diluted EPS2.35

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Canada
  • Other
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 4.6B (48.3%) 48% United States Canada, FY2025: 3.8B (40.8%) 41% Canada Other, FY2025: 1B (10.9%) 11% Other FY2024 United States, FY2024: 3.8B (45.0%) 45% Canada, FY2024: 3.7B (43.8%) 44% Other, FY2024: 939M (11.2%) 11% FY2023 United States, FY2023: 2.5B (35.9%) 36% Canada, FY2023: 3.6B (51.7%) 52% Other, FY2023: 874M (12.4%) 12%
Region FY2025FY2024FY2023
United States $4.56B $3.78B $2.52B
Canada $3.85B $3.68B $3.63B
Other $1.03B $939.0M $874.0M

As the company reported it, from the “Segment Reporting and Geographical Information - Revenues by Operating Segment and Country (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $9.43B$8.41B$7.02B$6.50B$5.74B$4.97B$5.60B$5.36B$4.58B$4.15B
Cost of revenue ——$2.44B$2.31B$1.89B$1.61B$1.81B$1.82B$1.85B$1.73B
Gross profit ——$4.59B$4.19B$3.85B$3.36B$3.79B$3.54B$2.73B$2.42B
SG&A $741.0M$733.0M$704.0M$631.0M$484.0M$407.0M$406.0M$1.21B$416.0M$319.0M
Total operating expenses $7.23B$5.99B$4.97B$4.61B$3.86B$3.55B$3.60B$3.44B$2.84B$2.48B
Operating income $2.20B$2.42B$2.05B$1.90B$1.88B$1.42B$2.01B$1.92B$1.74B$1.67B
Pre-tax income $1.68B$1.81B$1.45B$1.36B$1.36B$816.0M$1.45B$1.38B$1.10B$1.20B
Income tax $483.0M$364.0M$265.0M$117.0M$110.0M$66.0M$341.0M$238.0M$134.0M$244.0M
Net income $1.07B$1.45B$1.72B$1.48B$1.25B$750.0M$1.11B$1.14B$1.24B$956.0M
EPS, basic 2.363.213.823.282.711.612.402.462.641.48
EPS, diluted 2.353.183.763.252.691.602.372.422.541.45
Shares, diluted (wtd. avg.) 457.0M454.0M456.0M455.0M464.0M468.0M469.0M473.0M477.0M470.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.16B$1.33B$1.14B$1.18B$1.09B$1.56B$1.53B$913.0M$1.10B$1.48B
Inventory $205.0M$142.0M$166.0M$133.0M$96.0M$96.0M$84.0M$75.0M$78.0M$71.8M
Total current assets $2.83B$2.28B$2.17B$2.05B$1.82B$2.26B$2.20B$1.50B$1.73B$2.10B
Property, plant and equipment $1.22B$1.18B$1.33B$1.40B$1.51B$1.52B$2.01B$2.00B$2.13B$2.05B
Goodwill $6.31B$5.99B$5.78B$5.69B$6.01B$5.74B$5.65B$5.49B$5.78B$4.68B
Other intangibles $11.19B$10.92B$11.11B$10.99B$11.42B$10.70B$10.56B$10.46B$11.06B$9.23B
Total assets $25.61B$24.63B$23.39B$22.75B$23.25B$22.78B$22.36B$20.14B$21.31B$19.12B
Accounts payable $866.0M$765.0M$790.0M$758.0M$614.0M$464.0M$644.0M$513.0M$496.0M$369.8M
Short-term debt $32.0M$187.0M$67.0M$95.0M$62.0M$79.0M$74.0M$70.0M$57.0M$74.8M
Total current liabilities $2.89B$2.36B$2.14B$2.12B$1.88B$1.60B$1.70B$1.41B$1.62B$1.21B
Long-term debt $13.25B$13.46B$12.85B$12.84B$12.92B$12.40B$11.76B$11.82B$11.80B$8.41B
Total liabilities $20.46B$19.79B$18.66B$18.48B$19.39B$19.06B$18.10B$16.52B$17.00B$12.34B
Retained earnings $1.79B$1.86B$1.60B$1.12B$791.0M$622.0M$775.0M$674.0M$519.0M$445.7M
Total equity $3.63B$3.11B$4.73B$4.27B$3.85B$3.72B$4.26B$3.62B$4.56B$3.49B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.71B$1.50B$1.32B$1.49B$1.73B$921.0M$1.48B$1.17B$1.39B$1.25B
Depreciation and amortisation $210.0M$186.0M$137.0M$135.0M$148.0M$140.0M$136.0M$148.0M$150.0M$144.0M
Stock-based compensation $151.0M$172.0M$194.0M$136.0M$102.0M$84.0M$74.0M$48.0M$48.0M$35.0M
Capital expenditure $265.0M$201.0M$120.0M$100.0M$106.0M$117.0M$62.0M$86.0M$37.0M$34.0M
Investing cash flow -$318.0M-$660.0M$11.0M-$64.0M-$1.10B-$79.0M-$30.0M-$44.0M-$858.0M$27.0M
Financing cash flow -$1.44B-$625.0M-$1.37B-$1.31B-$1.09B-$821.0M-$842.0M-$1.28B-$936.0M-$591.0M
Dividends paid $1.11B$1.03B$990.0M$971.0M$974.0M$959.0M$901.0M$728.0M$664.0M$538.0M
Buybacks $0$0$500.0M$326.0M$551.0M$0$0———

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-171760.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2.5B 5B 7.5B 10B Revenue, FY2016: 4.1B Gross profit, FY2016: 2.4B Net income, FY2016: 956M Revenue, FY2017: 4.6B Gross profit, FY2017: 2.7B Net income, FY2017: 1.2B Revenue, FY2018: 5.4B Gross profit, FY2018: 3.5B Net income, FY2018: 1.1B Revenue, FY2019: 5.6B Gross profit, FY2019: 3.8B Net income, FY2019: 1.1B Revenue, FY2020: 5B Gross profit, FY2020: 3.4B Net income, FY2020: 750M Revenue, FY2021: 5.7B Gross profit, FY2021: 3.8B Net income, FY2021: 1.3B Revenue, FY2022: 6.5B Gross profit, FY2022: 4.2B Net income, FY2022: 1.5B Revenue, FY2023: 7B Gross profit, FY2023: 4.6B Net income, FY2023: 1.7B Revenue, FY2024: 8.4B Net income, FY2024: 1.4B Revenue, FY2025: 9.4B Net income, FY2025: 1.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $4.15B $4.58B $5.36B $5.60B $4.97B $5.74B $6.50B $7.02B $8.41B $9.43B
Gross profit $2.42B $2.73B $3.54B $3.79B $3.36B $3.85B $4.19B $4.59B — —
Net income $956.0M $1.24B $1.14B $1.11B $750.0M $1.25B $1.48B $1.72B $1.45B $1.07B

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Regulation FD disclosure Item 7.01
  • Material impairment The company has written down the carrying value of an asset - often goodwill from an acquisition that did not work out. Item 2.06
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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