NYSE · Financial Statements

Restaurant Brands International Inc. (QSR) Financial Statements

$75.34 NYSE: QSR Market Cap $26.28B

Restaurant Brands International Inc. most recently reported annual revenue of $9.4B, net profit of $776.0M. Revenue grew at an average annual rate of 13.7% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Restaurant Brands International Inc.: Revenue rose from $4.1B in 2016 to $9.4B in 2025, a change of +127.5% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 40.2% to 23.7%, a shift of -16.5 percentage points; the most recent year shows net profit of $776.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$4.1B$4.6B$5.4B$5.6B$5.0B$5.7B$6.5B$7.0B$8.4B$9.4B
Operating Expenses$2.5B$2.8B$3.4B$3.6B$3.5B$3.9B$4.6B$5.0B$6.0B$7.2B
Operating Profit$1.7B$1.7B$1.9B$2.0B$1.4B$1.9B$1.9B$2.1B$2.4B$2.2B
Operating Margin40.2%37.9%35.8%35.8%28.6%32.7%29.2%29.2%28.8%23.7%
Other Income$-467.0M$-634.0M$-535.0M$-555.0M$-606.0M$-516.0M$-533.0M$-598.0M$-610.0M$-554.0M
Interest$450.0M$508.0M$591.0M$596.0M$484.0M$428.0M$542.0M$766.0M$804.0M$516.0M
Depreciation$172.0M$182.0M$180.0M$185.0M$189.0M$201.0M$190.0M$191.0M$264.0M$224.0M
Profit Before Tax$1.2B$1.1B$1.4B$1.5B$816.0M$1.4B$1.4B$1.5B$1.8B$1.7B
Tax$20.3M$-12.2M$17.2M$23.5M$8.1M$8.1M$-8.6M$-18.2M$20.1M$28.7M
Net Profit$616.0M$648.0M$612.0M$643.0M$486.0M$838.0M$1.0B$1.2B$1.0B$776.0M
EPS$1.45$2.54$2.42$2.37$1.60$2.69$3.25$3.76$3.18$2.35
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '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
Operating Expenses$1.3B$1.4B$1.2B$1.4B$1.7B$1.7B$1.7B$1.9B$1.8B$1.8B$1.7B$1.8B
Operating Profit$582.0M$468.0M$544.0M$663.0M$577.0M$635.0M$435.0M$483.0M$673.0M$647.0M$611.0M$699.0M
Operating Margin31.7%25.7%31.3%31.9%25.2%27.7%20.6%20.0%27.5%26.2%27.0%27.7%
Interest$195.0M$202.0M$200.0M$204.0M$206.0M$194.0M$186.0M$187.0M$18.0M$125.0M$171.0M$170.0M
Profit Before Tax$423.0M$316.0M$396.0M$484.0M$429.0M$500.0M$305.0M$351.0M$534.0M$494.0M$483.0M$592.0M
Tax$13.9M$-129.8M$17.2M$17.6M$16.8M$27.8M$26.9M$24.8M$17.6M$44.5M$7.9M$-12.3M
Net Profit$252.0M$508.0M$230.0M$280.0M$252.0M$259.0M$159.0M$189.0M$315.0M$113.0M$338.0M$507.0M
EPS$0.79$1.60$0.72$0.88$0.78$0.79$0.48$0.58$0.95$0.25$0.74$1.45

Over the 10 years reported for Restaurant Brands International Inc., borrowings increased from $9.0B in 2016 to $17.6B in 2025, cash stood at $1.2B in the latest year, shareholders' equity was $2.9B, current assets covered current liabilities 0.98 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$19.1B$21.2B$20.1B$22.4B$22.8B$23.2B$22.7B$23.4B$24.6B$25.6B
Current Assets$2.1B$1.8B$1.5B$2.2B$2.3B$1.8B$2.0B$2.2B$2.3B$2.8B
Cash$1.5B$1.1B$913.0M$1.5B$1.6B$1.1B$1.2B$1.1B$1.3B$1.2B
Inventory$72.0M$78.0M$75.0M$84.0M$96.0M$96.0M$133.0M$166.0M$142.0M$205.0M
Receivables$404.0M$489.0M$452.0M$527.0M$536.0M$547.0M$614.0M$749.0M$698.0M$794.0M
Fixed Assets$2.1B$2.1B$2.0B$3.2B$3.2B$3.2B$3.0B$3.1B$4.1B$4.3B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$0$0$271.0M$324.0M$607.0M$360.0M$390.0M$169.0M
Other Assets$4.7B$5.8B$5.5B$5.7B$5.7B$6.0B$5.7B$5.8B$6.0B$6.3B
Total Liabilities$12.3B$16.7B$16.5B$18.1B$19.1B$19.4B$18.5B$18.7B$19.8B$20.5B
Current Liabilities$1.2B$1.7B$1.4B$1.7B$1.6B$1.9B$2.1B$2.1B$2.4B$2.9B
Borrowings$9.0B$12.4B$12.3B$13.5B$14.1B$14.6B$14.5B$14.5B$16.0B$17.6B
Other Liabilities$3.3B$4.3B$4.2B$4.6B$4.9B$4.8B$4.0B$4.1B$3.8B$2.9B
Equity$2.0B$2.1B$1.7B$2.5B$2.4B$2.2B$2.1B$2.0B$2.4B$2.9B
Reserves$5.0B$2.2B$1.6B$2.5B$2.2B$2.2B$2.5B$2.9B$3.1B$3.6B

For Restaurant Brands International Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $1.4B; free cash flow was positive in 10 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$1.3B$1.4B$1.2B$1.5B$921.0M$1.7B$1.5B$1.3B$1.5B$1.7B
Investing Cash Flow$-7.0M$-894.0M$-130.0M$-92.0M$-196.0M$-1.2B$-164.0M$-109.0M$-861.0M$-664.0M
Financing Cash Flow$4.0M$-3.4B$-619.0M$-27.0M$-420.0M$-625.0M$-295.0M$-407.0M$66.0M$66.0M
Net Cash Flow$703.0M$-387.0M$-184.0M$620.0M$27.0M$-473.0M$91.0M$-39.0M$195.0M$-171.0M
Free Cash Flow$1.2B$1.3B$1.1B$1.4B$804.0M$1.6B$1.4B$1.2B$1.3B$1.4B

Valuation & Return Ratios

MetricValue
PEG Ratio1.66
EV / EBITDA14.09
FCF Yield6.33%
Quick Ratio0.92
Interest Coverage5.43
Return 1Y15.21%
Return 3Y24.15%
Return 5Y45.26%

Restaurant Brands International Inc. (QSR) financials — frequently asked questions

What is Restaurant Brands International Inc.'s annual revenue?

Restaurant Brands International Inc. (QSR) reported annual revenue of $9.4B in its most recent fiscal year.

What is Restaurant Brands International Inc.'s net profit?

Restaurant Brands International Inc. (QSR) reported net profit of $776.0M in its most recent fiscal year.

What is QSR EV/EBITDA?

Restaurant Brands International Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 14.09.

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