Restaurant Brands International Inc. QSR
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2.36 | 3.21 | 3.82 | 3.28 | 2.71 | 1.61 | 2.40 | 2.46 | 2.64 | 1.48 |
| EPS, diluted | 2.35 | 3.18 | 3.76 | 3.25 | 2.69 | 1.60 | 2.37 | 2.42 | 2.54 | 1.45 |
| Shares, diluted (wtd. avg.) | $457.0M | $454.0M | $456.0M | $455.0M | $464.0M | $468.0M | $469.0M | $473.0M | $477.0M | $470.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 5812
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|---|---|---|---|---|
| MCD | MCDONALDS CORP | $180.94B | 21.4x | 3.7% |
| CMG | CHIPOTLE MEXICAN GRILL INC | $46.77B | 32.4x | 5.4% |
| YUM | YUM BRANDS INC | $41.13B | 27.2x | 8.8% |
| DRI | DARDEN RESTAURANTS INC | $24.74B | 20.9x | 9.4% |
| ARMK | Aramark | $14.97B | 46.5x | 6.4% |
| YUMC | Yum China Holdings, Inc. | $14.93B | 17.4x | 4.4% |
| TXRH | Texas Roadhouse, Inc. | $12.44B | 31.1x | 9.4% |
| EAT | BRINKER INTERNATIONAL, INC | $9.62B | 21.2x | 7.9% |